Kaiser Reef Ltd · ASX:KAU
Kaiser Reef — IMARC 2026
34 slides from Kaiser Reef's conference presentation, Oct 27, 2026
Slide 1: Company Update & IMARC – 27 October 2026
ASX : KAU Company Update & IMARC – 27 October 2026 rsonal use only PROFITABLE PRODUCTION. DISTRICT-SCALE GROWTH POTENTIAL. An established, dual-asset Australian gold producer ASX: KAU 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Kaiser Reef Limited (“Kaiser”) (ASX: KAU). This document contains background information about Kaiser current as at the date of this presentation. The presentation is in summary form and does not purport to be all-inclusive or complete. Recipients sh
Slide 3: Kaiser Reef – Key Takeaways
KAISER REEF – Key Takeaways Maldon: The Growth Engine rsonal use only Henty: Profitable Production 1.75Moz produced historically at 28g/t Au 26.0koz Au delivered in FY2026 District-scale exploration, first in over 170 years, now Targeting 30,000oz in FY2027 underway ~6 year reserve life — exploratio
Slide 4: Producing Gold at Two Operational Australian Assets
Producing Gold at Two Operational Australian Assets HENTY GOLD MINE Flagship Production Asset rsonal use only ✓ FY2026 = 26.0koz Au, plus 25.9koz Ag (poured) ✓ Current Reserve of 1.9Mt @ 3.2g/t Au for 198koz ✓ Current Resource of 4.2Mt @ 3.2g/t Au for 429koz ✓ Exploration upside MALDON GOLD PROJECT
Slide 5: Corporate Overview
Corporate Overview Capital Structure Shares on Issue 605M 2.5% rsonal use only Board and Share Price (23/10/2026) $0.160 Management Market Capitalisation $97M 19.6% Catalyst Metals (ASX:CYL) Financial Position Jack Yetiv HNW Cash & Bullion (30/09/2026) $40.0M 42.3% Gold Loan (repaid in full, October
Slide 6: Proven Team with Operational Track Record
Proven Team with Operational Track Record Across Northern Star, Rio Tinto & Zinifex Experienced company director with 30+ years 40+ years in global resources, including 18 rsonal use only across ASX-listed and private businesses years in mining. Former Chief Development spanning resources, industria
Slide 7: Henty Gold Mine
HENTY GOLD MINE rsonal use only FLAGSHIP PRODUCTION ASSET 1.4 Million Ounces Poured – More to Come ASX: KAU 7
Slide 8: Mineral-Rich, Supportive Mining Jurisdiction
Mineral-Rich, Supportive Mining Jurisdiction West Coast Tasmania — Regional Operations # Project Company Commodity Status Mill Resource rsonal use only 1 Henty Kaiser Reef (ASX:KAU) Gold Active 0.3Mtpa 429koz Au 3.2g/t Au 2 Rosebery MMG Base Metals/Silver Active 1.1Mtpa 2.1Mt Zn, 89Moz Ag 7.0% Zn, 9
Slide 9: Henty: Project Assets
Henty: Project Assets West Coast 81km2 of highly >1.4Moz rsonal use only Tasmania prospective tenure Historical Production since Supportive Jurisdiction 3 Active Mining & 1996 2 Exploration Leases +6.5km existing decline infrastructure in place Newly appointed Exploration Manager 4.23Mt @ 3.2g/t >30
Slide 10: Henty Gold Mine – Established Mining Operation
Henty Gold Mine Established Mining Operation rsonal use only » 30 years of continuous operation — established workforce, de-risked infrastructure, no greenfield risk » Well-established, high-quality infrastructure, above and below ground » Experienced, residential mining workforce » Longhole open st
Slide 11: Henty: Exploration Upside – In Mine
Henty: Exploration Upside – In Mine Second underground rsonal use only diamond drill operating to drive Resource and Reserve Maintenance Henty mineralisation domains and planned mining (Ore Reserve and LOM designs) – long section looking west (ASX: 7 September 2026) ASX: KAU KAISER REEF - October 20
Slide 12: Henty Gold Mine Regional Exploration
Henty Gold Mine Regional Exploration rsonal use only Extensive Henty Fault Position Exploration Manager appointed Numerous historical occurrences with Data consolidation and gap analysis limited follow-up in progress ASX: KAU KAISER REEF - October 2026 12
Slide 13: Henty Summary
Henty Summary Proven Ore System PROJECT SCALE 01 Henty has produced >1.4Moz since beginning production in 1996. The 2026 Reserve rsonal use only update replaced mining depletion, maintaining a ~6 year mine life on Reserves alone. >1.4Moz Historical production @ ~8.9g/t Au average Kaiser’s Underpinni
Slide 14: Maldon Gold Project – The Growth Engine
MALDON GOLD PROJECT rsonal use only THE GROWTH ENGINE Already Built ASX: KAU 14
Slide 15: Victoria's Golden Triangle
Maldon: Victoria’s Golden Triangle Victoria has produced more than rsonal use only 2,400 tonnes of gold (>77Moz) The majority has come from the Golden Triangle Maldon sits in the heart of Victoria’s Golden Triangle For its size, Victoria has produced more gold than any other state in Australia — abo
Slide 16: Maldon Project Assets
Maldon: Project Assets Victoria’s 1.75Moz 151km2 of rsonal use only Golden Triangle prospective tenure Historical Production 2 Mining & @ 28g/t Au 2 Exploration Leases average grade Surface drilling underway Underground 1.31Mt @ 4.4g/t 200ktpa For 187koz Access Existing decline CIL Processing Facili
Slide 17: Strategy
Maldon: Strategy Bigger Picture View First Real Exploration Program rsonal use only • Recognition of the scale of the overall project and its potential. This has • The first coordinated major exploration program at Maldon after over been set as the operational envelope 170 years of fragmented owners
Slide 18: Soil Survey – Target Generation
Maldon: Soil Survey – Target Generation 2.7km2 4 trends 4.4km rsonal use only Survey Complete Anomalous N–S Trends Defined Anomalism across the full extent of Kaiser’s tenure North of Union Hill Mine – infill to 40 × 40m Cumberland, North of England, Sailors, Ivy Anomalism extended across MIN5146 an
Slide 19: Airborne Geophysics
Maldon: Airborne Geophysics 59km² 35m Complete rsonal use only Survey Area Line Spacing Data Acquisition Low-altitude helicopter magnetics & radiometrics Close-spaced, high-resolution data Interpretation underway Survey ■ Heli-mag and radiometric survey completed August 2026 ■ Covers the broader Mal
Slide 20: Waste Dump to Stockpile Conversion
Maldon: Waste Dump to Stockpile Conversion 566,000t @ 0.48g/t Au = 8,649oz Au rsonal use only January 2026 drilling converted historical waste dumps into a formal stockpile estimate Underpins continued processing at Porcupine Flat through to 2030 @ 10,000t per month throughput A1 tailings (next slid
Slide 21: A1 Tailings – Higher-Grade Feed
Maldon: A1 Tailings – Higher-Grade Feed 77kt @ 1.25g/t Au = 3,100oz Au rsonal use only 28 air-core holes – Inferred Mineral Resource for historical tailings (JORC 2012), August 2026 Higher-grade feed to complement the Union Hill stockpile Testing to date indicates above 80% recovery Reclaim plans be
Slide 22: Drill Program Underway
Maldon: Drill Program Underway Dual Drilling Strategy – Surface and Underground Surface drilling commenced June 2026; underground drilling commenced August 2026 rsonal use only Union Hill North – Linscott’s Reef 1 Drilled – surface holes from the northern extent of Union Hill; now also being targete
Slide 23: Drilling Now – Surface & Underground
Maldon: Drilling Now Surface & Underground rsonal use only » Underground: drilling from the new Northern Drill Drive at Union Hill – Linscott’s and Eaglehawk first, Ladies Reef next » Surface: ~4,350m diamond program at Union Hill North, Nuggetty and Nuggetty South » Linscott’s Reef surface drilling
Slide 24: Eaglehawk Reef Line
Maldon: Eaglehawk Reef Line » Near 3km decline into the mining area » Re-establishment of long-term drill access and • Fully Permitted potential production platform in progress • Dewatered rsonal use only • Underground development commenced August 2026 ASX: KAU KAISER REEF - October 2026 25
Slide 25: Beehive Reef Line
Maldon: Beehive Reef Line » Largely Untested rsonal use only » Union Hill Decline to the east ASX: KAU KAISER REEF - October 2026 26
Slide 26: Victoria Reef Line
Maldon: Victoria Reef Line » Largely Untested rsonal use only ASX: KAU KAISER REEF - October 2026 27
Slide 27: Nuggetty and Nuggetty South Drilling
Maldon: Nuggetty and Nuggetty South Drilling Extremely High-Grade System. Nuggetty Reef has produced an rsonal use only estimated 301koz at approximately 187g/t Au New plunge interpretation – previously untested geometry identified from recent modelling. 170m of untested strike between areas of know
Slide 28: Operating, Fully Permitted, Fully Equipped, Ready to Scale
Operating, Fully Permitted, Fully Equipped, Ready to Scale Porcupine Flat Processing Plant rsonal use only » Conventional CIL circuit » 200ktpa hard rock capacity » Fully permitted and operating » Low-grade base load feed with ore purchase top-up » Strategic infrastructure in Victoria’s Golden Trian
Slide 29: Assets and Permits in Place
Assets and Permits in Place The hard-to-replicate parts of a mining operation are already held and working. A new entrant would need years of approvals and capital to stand these up. rsonal use only Tenure Mineral Resource Processing Plant Underground Access MIN5146 and MIN5528 granted, plus Union H
Slide 30: Maldon Summary
Maldon Summary Proven High-Grade System PROJECT SCALE 01 1.75Moz historical reef production at 28g/t Au average. Nuggetty Reef produced an rsonal use only estimated 301koz at ~187g/t Au — an extremely high-grade system. The mineralised system is established; the task now is modern, well-funded explo
Slide 31: Key Takeaways: A Compelling Re-Rate Opportunity
KEY TAKEAWAYS A COMPELLING RE-RATE OPPORTUNITY rsonal use only Henty: Profitable Production 26.0koz Au delivered in FY2026 Targeting 30,000oz in FY2027 ~6 year reserve life — exploration upside Maldon: The Growth Engine 1.75Moz produced historically at 28g/t Au District-scale exploration, first in o
Slide 32: Contact
ASX : KAU rsonal use only Contact BRAD VALIUKAS | MANAGING DIRECTOR P: +61 (8) 9481 0389 E: admin@kaiserreef.com.au KAISERREEF.COM.AU ASX: KAU 33
Slide 33: Appendix: Resources and Reserves
APPENDIX: Resources and Reserves rsonal use only *Stockpile data has been rounded to the nearest 10,000 tonnes, 0.01g/t and 100 ounces. *Data has been rounded to the nearest 10,000 tonnes, 0.01g/t and 1,000 ounces. Rounding variations may occur. Rounding variations may occur. ^KAU:ASX – 07/09/2026 #
Slide 34: Competent Person Statements
Competent Person Statements The information in this presentation that relates to exploration results, data quality, geological interpretations and Mineral Resources and rsonal use only Ore Reserves for the Henty Gold Mine was first released in the Company's announcements dated 24 March, 16 & 26 May,