How Kaiser Reef’s Q4 Gold Surge Sets Up a 30,000oz Annual Target

Strong Quarter at Henty and Maldon

Kaiser Reef Limited has delivered a solid quarterly performance for the three months ending December 2025, with its flagship Henty Gold Mine in Tasmania producing 6,946 ounces of gold and 6,526 ounces of silver. This marks the second consecutive strong quarter under Kaiser’s stewardship, reinforcing the mine’s role as a reliable cash generator.

Meanwhile, the Maldon Gold Project in Victoria contributed a steady 715 ounces of gold, benefiting from consistent processing throughput and supplemented by ore purchases. The company also completed two drilling programs at Maldon during the quarter, signalling ongoing exploration efforts to sustain and potentially grow production.

Financial Strength and Debt Reduction

Kaiser Reef’s financial position improved notably, with the cash balance increasing by A$13.7 million to a robust A$43.1 million. This cash injection provides the company with flexibility to reinvest in its operations and exploration pipeline. Additionally, the company reduced its outstanding gold loan by 312 ounces, leaving a balance of 1,040 ounces owed, and only two call options remain to be fulfilled with Auramet.

Managing Director Brad Valiukas highlighted that by early March, Kaiser will be fully exposed to the gold price, removing hedging constraints and allowing the company to capitalise directly on any upward price movements. This financial and operational positioning comes at a time when gold prices are surging, offering a favourable backdrop for the company’s growth ambitions.

Looking Ahead – Growth and Exploration

Looking forward, Kaiser Reef is targeting a consistent annual production run rate exceeding 30,000 ounces of gold starting from the next financial year. This goal is supported by ongoing investments in drilling, infrastructure, and equipment at Henty, aimed at sustaining and potentially expanding output.

The company’s portfolio includes multiple assets with exploration upside, including the Union Hill Gold Mine and the transitioning A1 Gold Mine at Maldon. With a solid balance sheet, a strong production base, and a pipeline of development opportunities, Kaiser Reef is well positioned to navigate the evolving gold market landscape.