Production and Cash Balance Update

• Henty Gold Mine produced 5,188oz Au, Maldon Gold Project produced 346oz Au
• Closing cash position of A$45.6M after debt reduction and capital management
• Henty production below target due to lower-than-expected stoping grades

Kaiser Reef Limited (ASX: KAU), a profitable, multi-asset Australian gold producer with operations in Tasmania and Victoria, has provided an update on its production for the quarter ending 31 March 2026 and corresponding closing cash position. The company's Henty Gold Mine produced 5,188oz of gold and 4,810oz of silver during the quarter, while the Maldon Gold Project produced 346oz of gold. Kaiser's closing cash position at the end of the quarter was A$45.6M, after the company reduced its gold loan by approximately 312oz (A$2.2M net effect), closed out call options (A$3.7M net effect), and made a deferred payment to Catalyst (150oz Au, A$1.1M net effect). The company continued to invest in both the Henty and Maldon operations. Kaiser's Managing Director, Brad Valiukas, commented that while Henty's production was below target due to lower-than-expected stoping grades in the second half of the quarter, the overall outcome speaks to the underlying robustness of the business. At Maldon, the company is adding a second shift to double throughput capacity, with ample low-grade mill feed available. Kaiser heads into the June quarter with a fully funded balance sheet, clear operational priorities at both assets, and a gold price environment that continues to generate strong returns for its shareholders.

Kaiser Reef expects stoping performance at the Henty Gold Mine to return to target in the June quarter of 2026. The company also expects the Maldon Gold Project to be near self-funding, including for exploration, moving forward.

Kaiser Reef's strategy remains unchanged: disciplined production growth, reserve expansion, and building long-term value from its dual-asset platform in Tier-1 Australian jurisdictions.