• Final 1,000oz Au delivered to Auramet at A$5,300/oz Au
• All gold call options have now been exercised and settled
• No remaining price caps in place, fully exposed to spot gold prices

Kaiser Reef Limited (ASX: KAU) (Kaiser or the Company) has provided an update on the status of call options issued to Auramet International Inc (Auramet), as part of funding the Henty Gold Mine (Henty) acquisition. The final 1,000oz Au has been delivered to Auramet at A$5,300/oz Au, completing the total 6,000oz Au delivered over the last 6 months. All gold call options have now been exercised and settled, with no remaining price caps in place. As a result, Kaiser is now fully exposed to prevailing spot gold prices, which are currently above A$7,000/oz Au. The outstanding gold loan balance has been reduced to 832oz Au, with eight monthly repayments of 104oz remaining and final repayment due in October 2026. Kaiser's Quarterly Activities Report for the quarter ending 31 December 2025 highlighted a cash balance increase of $13.7 million, after a $3.3 million impact from the call options on realised gold revenue. Kaiser intends to continue strengthening the balance sheet and grow the business organically with targeted investment, while being in a great position to take advantage of inorganic opportunities.

Kaiser intends to both continue strengthening the balance sheet and grow the business organically with targeted investment, while being in a great position to take advantage of inorganic opportunities.