• 5,534oz of gold produced across Henty and Maldon
• Cash balance increased by A$2.5M to A$45.6M
• Henty production below target due to lower-than-expected stoping grades

Kaiser Reef Limited (ASX: KAU), a profitable, multi-asset Australian gold producer, has provided an overview of activities for the quarter ending 31 March 2026. The company delivered 5,534oz of gold production across its Henty and Maldon operations, closing the quarter with a cash balance of A$45.6M, an increase of A$2.5M. At Henty, the company produced 5,188oz of gold, but this was below target due to lower-than-expected stoping grades in the second half of the quarter. Corrective measures have been implemented, and stoping performance is expected to return to target in the June quarter. At Maldon, the company produced 346oz of gold and has commenced a second shift to double throughput capacity, with ample low-grade mill feed available. The company continues to progress exploration and development activities at both assets, including refurbishment of the Union Hill decline at Maldon and ongoing underground drilling at Henty. Kaiser Reef remains fully leveraged to the prevailing spot gold price after delivering its final gold call option during the quarter.

Kaiser Reef remains 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.