KAISER REEF LIMITED — Investor Presentation 2021

Jan 27, 2021

Victorian High Grade Gold Producer and Explorer January ASX.KAU

Disclaimer

FOR CONSIDERATION

This presentation has been prepared by Kaiser Reef Limited “Kaiser” (ASX: KAU). This document contains background information about Kaiser current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. The presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. The presentation also does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Kaiser has a prospectus on issue and available. Investment decisions should be based upon detailed reading and understanding of the prospectus and applications should use the application form contained in that prospectus. Recipients should seek professional advice when deciding if an investment is appropriate. All securities involve risks which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, Kaiser, its officers, employees, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise are accepted.

This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Kaiser. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law, Kaiser does not undertaken any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions, or circumstances on which any such forward looking statement is based.

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration results for the Stuart Town Project is based on information compiled by Ms Elizabeth Laursen (B. ESc (Hons)., GradDipAppFin, MAIG, MSEG). Ms Laursen is a member of the Australian Institute of Geoscientists and is contract employee of Kaiser Reef Limited. Ms Laursen has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves’. Mrs Laursen consents to the inclusion in this report of the matters based on their information in the form and context in which they appear.

COMPETENT PERSONS DISCLOSURE

Ms Laursen is a contractor of Kaiser Reef Limited and currently holds securities in the company.

Yes – we are now a gold producer!

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Kaiser Summary

Building a high quality Victorian and NSW focused gold production and exploration company

Kaiser holds

• 100% ownership of a suite of assets

• High Grade Gold Production

• Operating high-grade mine (A1 Mine)

• Operating processing plant (Maldon)

• Exceptional exploration potential (A1 and Maldon, Stuart Town and Macquarie North)

• Talented and dedicated operations team

• Proven Board & Management

• Healthy cash position of ~$10M and debt free

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Kaiser Reef Limited – Gold Miner and Explorer

Kaiser the Miner (VIC)

• Previous owner, Centennial was in Voluntary Administration - Complex process but this was also the opportunity

• Historic production of +2.0M ounces of gold across 2 goldfields on the LFB

• Operating mine and processing plant

• Excellent exploration potential

• Raised $7.5M and Kaiser now wholly owns the Centennial Assets (Assets)

Kaiser the Explorer (NSW)

• Listed on the ASX in February 2020

• Commenced exploration activities in the LFB in NSW

• During process identified compelling and strategically attractive acquisition

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The Centennial Assets – Victoria (+2Moz gold historic production)

The A1 Mine

• The operating A1 Mine gold mine ( last 18 months mined 11.4 g/t gold )

• A1 has been operating most of the period since its discovery in 1861

• The A1 has excellent exploration potential

• Exploring the Queens Lode at the A1 mine ( currently drilling) as a priority development prospect

The Process Plant

• +150,000 t/pa CIP gold processing plant located at Maldon

• Reduced mining rate whilst under Administration (~20% of capacity) – opportunity to ramp up production

• Strategically surrounded by active gold explorers

The Maldon Goldfield

• Historic production of ~1.7M ounces of gold at 28 g/t gold head grade. Union Hill Mine/Eagle Field Reef System at Maldon ( on care and maintenance )

• Nuggety Reef Mine (produced 301,000 oz gold at 187 g/t gold - previous scoping study )

The Strategy – Victoria Assets

A1 Mine

• Commence resource and reserve drilling

• Exploiting the Queens Lode at the A1 mine (increased mining rate) – Kaiser is targeting a ramp up production.

• Explore and develop below historic workings

Maldon

• Currently reduced mining rate under administration (~20% of capacity)

• Strong Exploration Potential from:

• Union Hill Mine/Eagle Field Reef System at Maldon ( on care and maintenance )

• Nuggety Mine at Maldon ( previous scoping study )

Targeting strong margins per ounce of gold

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Visible gold from A1 mine Q4 2020

Drawing on resources from 2 major Victorian Gold Fields to supply wholly owned mill

Opportunity for rapid production from discovery – minimal CAPEX

The A1 Mine

Fact

• Discovered 1861 and in production of majority of time since

• Production of ~500,000 ounces of gold at an average grade of 25.9 g/t gold

• Provided the processing plant with ore grading 11.4 g/t gold over the past 18 months

Opportunity

• No reserves and minimal resources under administration – exploration a priority to build resource base

• Mineralisation remains open at depth –exceptional exploration opportunity

• Drilling has commenced…

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The A1 Mine

• Looking to expand resources, define reserves and increase production rate

• First target for bulk mining – the Queens Lode

• Resource drilling commenced – decline on standby

Historic drill hits at Queens include:*

• A1UDH-325: 11.9m @ 16.3 g/t gold

• L7-008: 25.0m @ 7.3 g/t gold

• Opportunity to increase mining rate by mid-2021, supplementing the current Air Leg mining by utilising Long-hole Open Stoping methods

• Substantial tonnage and production increases sought

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INSET AREA FROM PREVIOUS IMAGE

Section showing Queen’s drilling program in relation to known extent of Queen’s mineralisation (blue), the Magenta Zone (pink) and historical workings (light green). Section looking to the east.

• Drill holes announced to the ASX:CTL, 2 November 2017 Centennial

The Processing Plant – Maldon “Porcupine Flat”

• Wholly owned 150,000 tpa Carbon in Pulp (CIP) gold processing plant

• Located on the Maldon Goldfield, Victoria

• Historically strong gold recoveries

• Important strategic location with numerous surrounding gold explorers

• Operating below capacity – plans to ramp up production, opportunity to be expanded

• Discovery to integrated production opportunity

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The Maldon Goldfield

• Wholly owned major historic high-grade goldfield

• Located at the township of Maldon Gold Field, Victoria

• Maldon supplementary gold operations could support increased production

• Numerous priority exploration targets such as Union Hill and Nuggety Reef

• Existing decline into Union Hill on care and maintenance

• Portal established at Nuggety Reef – but no drive developed as yet

• Historically Nuggety Reef was one of Australia's highest grade mines with recorded production of 301,000 Oz at 187 g/t gold

• Results from previous drilling returned extremely high gold grades down dip

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• With established processing plant, infrastructure, expertise and equipment – the path from discovery to production should be fast

The Maldon Goldfield

Reef Name Production (ozs)	Reef Name Production (ozs)
Eaglehawk Reef	491,400
Nuggetty Reef	301,000
German Reef	270,300
North British Reef	242,000
Beehive Reef	231,000
Victoria & Derby Reefs	145,253
Wilsons Reef	61,500
Total	1,742,453

Significant historic production since discovery

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The Maldon Goldfield – Numerous Exploration Opportunities

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13

The Victorian assets complement the Companies existing NSW exploration assets which are also in the Lachlan Fold Belt (LFB).

• Stuart Town

• North Macquarie

Highly Prospective Lachlan Ford Belt Projects

Stuart Town Goldfield

• Located on trend between Cadia and Boda on the LFB

• Huge/high grade soil anomalism

• Large scale geophysical targets modelled at shallow depth and not yet drill untested

• Coincident with very large number of historic gold production/source undetermined

Macquarie North Project

• Extensive unexplored geophysical targets

• Obscured by overburden, so effectively untested

• On the Macquarie Arc, the host of several large scale copper-gold mines

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Stuart Town

Stuart Town - Exploration

• 100% ownership

• Production commenced in 1850’s with no records kept until the field was largely depleted in 1875

• Over 80 documented gold occurrences within the prospect area (Stuart Town represents one of the densest

concentration of historic gold occurrences mapped in New South Wales)

• Located on trend between Cadia (Newcrest) and Boda (Alkane) on the LFB

• Large Town Common with no Native Title claims offers excellent access for exploration

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Stuart Town

Stuart Town - Exploration

• Coincident gravity and magnetic target directly below gold workings

• High tenor soil results

• Large scale/high order soil anomalism

• Large scale geophysical targets modelled at shallow depth and not yet drill tested

• Coincident with very large number of historic gold production/source undetermined

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Macquarie North

Macquarie North - Exploration

• Northern End of the Macquarie Arc – part of the LFB

• The Macquarie Arc hosts some of Australia's largest copper/gold mines

• Government modelling interprets ~80km strike of Prospective Cu-Au porphyry belt and Macquarie Arc intrusions

• Large scale geophysical targets not yet drill tested

• Obscured by shallow to medium depth of overburden – obscuring obvious mineralisation

• Ideal target to apply modern geophysical exploration techniques

• Large scale target and potential styles on mineralisation

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Undervalued Gold Miner - Capital Structure

Heavily oversubscribed recent Capital raising of $7.5 million @ $0.30 per share

Tight capital structure and compelling value Enterprise Value delivers strong leverage to success

Share Price	$0.30
Total shares	114,898,877
Pro-forma cash	$9,600,000
Market Capitalisation	$34,469,663
Enterprise Value	$24,869,663

Uses of Funds

Allocation of funds
Expenditure on Victorian Projects	4,820,500
Infrastructure Costs	2,266,500
Expenditure on NSW Projects	667,000
Cash expenses of the Acquisition and Offer	1,350,000
Administration and working capital costs	1,730,947

Experienced Board

Adrian Byass (Bsc Geol Hons, B Econ, MAIG and FSEG) Non-Executive Chairman

Jonathan Downes (Bsc Geol, MAIG) Executive Director

* 12,094,800 Options exercisable at between $0.30 and $0.50

David Palumbo (Bcom, CA, GAICD)

Non-Executive Director and Company Secretary

Summary

High-Grade Victorian gold producer complements existing gold exploration assets

Assets exited from administration. Debt free and with much stronger gold price (~AUD$2400) compared to when the company went into administration (AUD$1600 oz)

• Wholly owned gold processing plant

• Exceptional exploration and development opportunities

• Clear path to increased production with defined exploration targets

• Currently drilling Queens prospect

• Proven Mining and Processing Team and Board & Management

• ~ $10M solid cash backing at listing/no debt

• Tight capital structure/very low enterprise value

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