• Refurbishment of Union Hill Mine decline to commence, allowing drilling of untested sections of Ladies and Eaglehawk Reefs
• Tailings Storage Facility sterilisation drilling program returns high-grade gold results
• Soil sampling survey and airborne geophysics planned to generate new targets

Kaiser Reef Ltd is pleased to announce drilling results and an exploration update for its Maldon Gold Project. Key highlights include:- Refurbishment of the Union Hill Mine decline is scheduled to begin in early May, with a new drilling platform to be established 250m down the decline to target untested sections of the Ladies and Eaglehawk Reefs.- A 1090m aircore drilling program has been completed at the proposed site for the Tailings Storage Facility 4 expansion. Drilling returned significant gold results, including 8m @ 2.99g/t Au from 10m, 1m @ 16.99g/t Au from 6m, and 5m @ 2.71g/t Au from 0m.- Kaiser has completed a soil sampling survey covering 2.7km2 of prospective ground to the north of Maldon, with initial results expected in the coming weeks. An airborne magnetic and radiometric survey is also scheduled for Q1 FY'27 to complement the soil survey.- Drilling plans are being finalised for the Nuggetty South prospect, targeting a 170m gap in previous drilling along a newly interpreted shallow plunge. Drilling is also planned around the Nuggetty adit to test mineralisation up to 120m below the adit level.- A resistivity survey is underway at the historical Nuggetty Mining Centre, building on a successful trial survey that mapped unknown mine workings.

Kaiser is focused on disciplined production growth, reserve expansion, and leveraging its dual processing infrastructure in Tier-1 Australian jurisdictions to deliver sustainable cash flow and long-term shareholder value.