Kaiser Reef delivered 6,000 ounces of gold in Q2 2026, maintained a robust A$37.2 million cash position, and advanced exploration at its Maldon Gold Project with new drilling and soil survey results.
- 6,000oz gold produced across Henty and Maldon
- Strong cash and bullion position of A$37.2 million
- Maldon exploration identifies multiple soil anomalies
- Union Hill decline refurbishment underway
- New CFO appointed to support growth
Quarterly Production Steady Amid Operational Adjustments
Kaiser Reef Limited (ASX:KAU) produced a combined 6,000 ounces of gold in the quarter ending 30 June 2026, with the bulk coming from its Tasmanian Henty operation at 5,563 ounces and 437 ounces from the Maldon Gold Project in Victoria. Henty overcame early grade control challenges and stoping delays related to remnant mining, which pushed some ounces into the next quarter. Despite these hiccups, the company reaffirmed its FY27 production guidance of 32,000 ounces from both assets.
Robust Balance Sheet Supports Strategic Investments
Closing the quarter with A$37.2 million in cash and bullion, Kaiser Reef strengthened its financial footing while continuing to invest in infrastructure and exploration. Key expenditures included the expansion of tailings storage facilities at Henty, strategic land acquisitions at Maldon, and preparatory work for the Union Hill decline refurbishment. The company also reduced its gold loan by 312 ounces, lowering outstanding debt to 416 ounces, and completed deferred payments to Catalyst Metals Limited, reflecting disciplined financial management.
Maldon Exploration Accelerates with Soil Surveys and Drilling
Exploration activity at Maldon gained momentum with the identification of multiple gold and arsenic anomalies across a 4.4-kilometre strike on tenement MIN5146. A phase two infill soil survey at 40m x 40m spacing has been completed, with results pending release after the quarter. Surface diamond drilling commenced with an initial 4,350-metre program targeting four key prospects, including the newly established Quill target, which returned 8 metres at 4.16 g/t gold from 10 metres in prior aircore drilling. Drilling is expected to extend through the remainder of 2026, with additional targets such as Union Hill North and Nuggetty also in the pipeline.
Union Hill Decline Refurbishment Progresses
Refurbishment work at the Union Hill underground decline is underway, focusing on establishing a new northern drilling platform to access untested sections of the Eaglehawk and Ladies Reefs. This infrastructure upgrade aims to unlock additional high-grade mineralisation and support long-term mine life extension. Preparatory community engagement and environmental safeguards are in place, including the installation of a wheel wash to address minor environmental incidents.
Leadership Strengthened with Key Appointments
Kaiser Reef appointed Tony Muir as Chief Financial Officer in July 2026, bringing over 20 years of mining sector financial leadership experience. This move consolidates the executive team as the company advances its dual-asset strategy. Colin Skidmore was also appointed Henty Exploration Manager, reinforcing operational expertise at the flagship Tasmanian mine.
Bottom Line?
Kaiser's solid production and cash position underpin its disciplined growth strategy, with exploration and infrastructure investments at Maldon and Henty setting the stage for potential reserve expansion.
Questions in the middle?
- Will assay results from ongoing Maldon drilling confirm new high-grade zones?
- How will the Union Hill decline refurbishment impact production timelines and costs?
- Can Kaiser sustain production growth while managing capital expenditure and debt repayments?