KAISER REEF LIMITED — Capital/Financing Update 2020

Apr 23, 2020

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Kaiser Reef Limited

24[rh] April 2020

Company Announcements

ASX: KAU

Shares on Issue 33,450,001

Australian Securities Exchange Level 40, Central Park, 152-158 St Georges Terrace PERTH WA 6000

Kaiser Secures Macquarie North Copper/Gold Project

Directors & Management

Chairman

Adrian Byass

Executive Director Jonathan Downes

Non Executive Director & Company Secretary David Palumbo

Principal Place of Business

Unit 3, Churchill Court 335 Hay Street Subiaco WA 6008

Registered Office Level 11 216 St Georges Terrace Perth WA 6000

Kaiser Reef Limited (ASX: KAU) ( Kaiser or the Company ) is pleased to announce that it has secured further exploration tenure over the northern extent of the highly endowed and prospective Macquarie Arc. The Macquarie Arc is located within the Lachlan Fold Belt, New South Wales, the “Macquarie North” project.

The licence applications, ELA 5948 and ELA 5949, are considered prospective for porphyry copper gold styles of mineralisation and are considered by the Board to be highly prospective (Figure 1).

The licences cover 80 kilometres of interpreted[1] strike of the Macquarie Arc, identified as being prospective for copper-gold porphyry mineralisation. The project lies to the north of licences held by FMG Resources Pty Ltd and Kincora Copper Australia Pty Ltd. The prospective target rocks are intrusive igneous rocks associated with copper and gold mineralisation in the belt and are overlain by sediments of variable depth with negligible historic exploration, despite being located in a Tier 1 low sovereign risk terrain.

“ The Macquarie permissive tract comprises volcanic, volcaniclastic, and minor exposed intrusive igneous rocks of the Macquarie Arc. The nine known deposits in this tract are now estimated to contain a total of about 13.5 million metric tons of copper and 1,700 metric tons of gold. This tract is estimated to contain 6.9±3.5 undiscovered deposits for a total of about 16 deposits in an area of about 41,500 km. ”[2 ]

1. East Lachlan Porphyry Cu-Au mineral potential map. Based on nine predictive maps and probability modelling. Source www.geoscience.nsw.gov.au N.S.W Department of Planning, Industry and Environment

2. USGS, Global Mineral Resource Assessment, Porphyry Copper Assessment of Eastern Australia, Scientific Investigations Report 2010-5090-L

T 08 9481 0389 E admin@kaiserreef.com.au

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It is extraordinary that a mineral terrain of this potential within Australia, one of the premier mining districts in the world, remains so untested. While the Company’s focus remains at the gold endowed district of Stuart Town, Kaiser is excited to have secured this greenfield project and will work towards exploration as soon as practical.

Whilst the Company is not aware of any reason why the exploration licences will not be granted in due course (anticipated within three months), investors are cautioned that there is a risk the exploration licences will not be granted.

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Figure 1: Kaiser Reef Limited tenement applications over total magnetic intensity with blue showing Government porphyry copper-gold potential predictive map1, and with red Macquarie Arc intrusions1.

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About Kaiser

The New South Wales Lachlan Fold Belt is an extensive and prospective series of geological units that is currently enjoying an exploration renaissance. Kaiser considers that the wholly owned Stuart Town Project, located between Cadia and Alkane’s new gold discovery – the Boda Project, and within the Lachlan Fold Belt is highly prospective. The view that the project is prospective for gold is supported by the extensive number of historic gold mines located in the region.

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Kaiser Reef’s Stuart Town Project Licences and gold occurrences.

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Stuart Town Gold Project location in New South Wales.

For further information please contact: admin@kaiserreef.com.au

Authorised by: Jonathan Downes Executive Director