KAISER REEF LIMITED — Director's Dealing 2023

Sep 13, 2023

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity	Kaiser Reef Limited
ABN	38 635 910 271

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Stewart Howe
Date of last notice	28 November 2022

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	-
Date of change	12 September 2023
No. of securities held prior to change	Direct(i) 312,500 Fully Paid Ordinary Shares(ii) 200,000 Unlisted Options exercisable at $0.52on or before 16 December 2024(iii) 200,000 Unlisted Options exercisable at $0.60on or before 16 December 2024(iv) 100,000 Class 3 Performance Rights100,000 Class 4 Performance Rights
Class	(iv) Performance Rights

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Number acquired	-
Number disposed	-
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	N/A
No. of securities held after change	Direct(i) 312,500 Fully Paid Ordinary Shares(ii) 200,000 Unlisted Options exercisable at $0.52on or before 16 December 2024(iii) 200,000 Unlisted Options exercisable at $0.60on or before 16 December 2024
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Lapsing of Class 3 and Class 4 Performance Rightsdue to the set performance milestones not beingachieved before expiry date.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder(if issued securities)	N/A
Date of change	N/A
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract in relationto which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation	N/A
Interest after change	N/A

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Part 3 –[+] Closed period

art 3 –+Closed period
Were the interests in the securities or contracts detailed abovetraded during a+closed period where prior written clearancewas required?	N/A
If so, was prior written clearance provided to allow the trade toproceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 3

11/3/2002