• Drilling program completed at Union Hill waste dump, with 163 RC holes over 2,212 metres
• Estimated waste dump volume of over 410,000 m³
• Assay results expected in early 2026, with potential to convert waste dump to low-grade stockpile

Kaiser Reef Limited (ASX: KAU) has announced the completion of a drilling program targeting the historical Union Hill waste dumps at the Maldon Gold Project. The program involved 163 RC holes over 2,212 metres, covering a waste dump footprint of over 50,000 m² and an estimated volume of more than 410,000 m³. This follows up on earlier channel sampling work that returned an average grade of 0.6 g/t Au. The Company is now awaiting the final assay results, which are expected in early 2026. If the drilling results are positive, the waste dump material could potentially be converted into a substantial low-grade stockpile. In addition to the Union Hill waste dump, Kaiser Reef has an unknown volume of waste dump material at the nearby Nuggetty deposit, covering an area of approximately 16,000 m². Rock chip sampling at Nuggetty returned an average grade of 1.8 g/t Au, and the Company is actively investigating the potential for processing this material as well. With historical gold production of 1.75 Moz at 28 g/t, the Maldon Gold Project represents a significant district-scale opportunity for Kaiser Reef, with numerous historical mines and workings that remain largely underexplored.

Successful conversion of the Union Hill and Nuggetty waste dumps to low-grade stockpiles could allow Kaiser Reef to continue operating the 200,000 tpa Porcupine Flat processing plant profitably, while it explores the broader Maldon Gold Project and works towards a potential restart of mining.