KAISER REEF LIMITED — Earnings Release 2021

Jul 4, 2021

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ASX RELEASE

5 July 2021

A1 GOLD MINE DELIVERS RECORD REVENUES FOR KAISER

Highlights

• Strong uplift in June revenue for the A1 Gold Mine

• Mining at the recently accessed 19 Intermediate level has delivered strong early production

• July production has started with a substantial amount of tonnes of ore estimated at the run of mine pads at both A1 and at the Maldon processing plant

Kaiser Reef Limited (ASX:KAU) (“ Kaiser” or “the Company” ) is pleased to announce a strong uplift in revenues for the A1 Gold mine during the month of June. The revenues exceeded the mine operating costs and bodes well for the Company’s ongoing ramp up strategy. Key production results from June are presented in Table 1.

Mining at the recently accessed 19 Intermediate level ( “19INT” ) has delivered a strong early production. Accessing the 19INT is significant as it is the first new level and ore to be accessed in several years. This provides growing confidence that the operations will continue to deliver high-grade ore to Kaiser’s processing plant at Maldon, where ramp-up planning and staffing has also commenced in anticipation of stronger production.

Kaiser’s production during June processed ore which also included some liberated gold from a mill reline. Production from July has started strongly with a substantial amount of tonnes of ore estimated at the run of mine (ROM) pads at both A1 and at the Maldon processing plant.

Table 1: Key Production results from the Month of June

	Unit	June 2021
Ore milled	t	2,377
Grade	g/t	9.55
Recovery	%	94.2
Goldproduction	oz	688
Gold sales	oz	630
Cash cost	A$/oz	(1,574)
Average goldprice achieved	A$/oz	2,384
Operating cash contribution*	A$	418,241

* Excludes capital expenditure and corporate costs

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The costs exclude the development costs of the decline and exploration drilling, which are ongoing. Nevertheless, Kaiser is pleased to commence the new financial year on a strong footing and is very pleased with the ramp up progress which highlights the potential for the A1 Mine to continue to mine and process high grade gold ore.

The decline development has suffered a slower development rate as a higher-thanexpected production from the 19INT resulted in a diversion of mining resources.

More complete details regarding the production for the Quarter will be released in the full Quarterly Report for the period ending 30 June 2021.

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A recent gold pour (generally conducted on a weekly basis)

Authorised for release by Jonathan Downes.

For further information: Jonathan Downes Jane Morgan Executive Director Investor & Media Relations admin@kaiserreef.com.au jm@janemorganmanagement.com.au +61404 555 618

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Future Performance

This announcement may contain certain forward-looking statements and opinion. Forward-looking 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 .