KAISER REEF LIMITED — Capital/Financing Update 2021

Jan 27, 2021

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28 January 2021

Kaiser Reef Limited ASX: KAU

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

Kaiser Reef: Re-commences trading on the ASX and first gold pour

Shares on Issue 114,898,877

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

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

Kaiser Reef Limited ( Kaiser Reef or the Company ) is extremely pleased to announce the re-commencement of trading following the successful transition from a gold exploration company into a high-grade gold miner and producer, with the first gold pour stamped KAU001 (Figure 1).

Today Kaiser re-lists on the Australian Securities Exchange ( ASX ), following the oversubscribed capital raising of $7,500,000 which provides a healthy cash position and no debt.

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Figure 1: First gold pour – KAU001

In addition to gold production, following the acquisition of the operating gold mine and processing plant of Centennial Mining Limited, the Company remains focussed on continued exploration

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activities at its NSW projects. Kaiser will also commence exploration programs at its newly acquired Victorian tenements that were acquired as part of the acquisition. The Company is currently drilling prospective mineralisation at the A1 Mine and plans to prudently increase production from the existing reduced rate to utilise the processing plants full capacity.

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Figure 2: Pouring Gold at the Maldon Processing Plant

The completed transaction delivers Kaiser a 100% interest in the operating A1 Gold mine, Maldon gold processing plant and Maldon gold exploration project. The Maldon gold field, which currently has established infrastructure in place, including a150,000 tpa CIP gold processing plant. The A1 and Maldon projects have historically produced in excess of 2 million ounces of gold at very high grades. Part of the use of funds raised by the Prospectus offering will be dedicated to enhancing operations at A1 and conducting exploration at A1 and Maldon.

The Company is genuinely excited by the operating platform, exploration opportunities and strategic benefits that these assets represent. There is a lot of work that needs to be completed to bring the production back up to the full mill capacity but the depth of

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experience and talent in the Centennial team is impressive and will support this target. With the current workforce, existing infrastructure, rich ore bodies and strong gold price, the Board is extremely excited looking forward. We thank shareholders for their support through this complex acquisition and very strong participation in the Prospectus Offer.

Authorised by:

Jonathan Downes Executive Director

Future Performance

This announcement may contain certain forward-looking statements and opinion. Forwardlooking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of the Company and which are subject to change without notice and could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Nothing contained in this announcement nor any information made available to you is, or and shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Kaiser Reef.