High Grade A1 Mine Drill Results

Kaiser Reef Limited (ASX:KAU) (“Kaiser” or the “Company”) is pleased to report further encouraging drilling results from the ongoing A1 Mine diamond drilling programme. The drill holes are targeting near term and deeper lode positions, including extensions to the recently discovered “Sovereign” Lode which is currently being mined. The Sovereign Lode is currently providing high-grade gold ore from several mining fronts and its discovery is the result of Kaiser’s aggressive drilling and development into the deeper regions of the mine.

A1 Mine Drilling Results – New Discovery “Sovereign Reef”

The first drill hole from the A1 Mine drilling programme returned an exceptionally high- grade interval of A1UDH-472: 4.6m @ 135.7 g/t gold from 36m (ASX - 2 May 2022).

This hole was targeting near term mining targets to the south of the Queens lode where very little previous drilling has been conducted. Further results from near this position have returned unexpectedly numerous zones of deeper mineralisation and a best intercept of: A1UDH-476: 1.92m @ 43.2 g/t gold (82.9 g x m’s) – see Table of drill results. These results are very encouraging (Figure 2). This particular interval represents an interpreted extension of the Sovereign Lode. The drilling programme is ongoing.

Figure 1: Miners inspecting the newly discovered "Sovereign” high-grade gold reef at the A1 Mine

Figure 2: Long section looking west showing drilling traces (green), workings and the interpreted main dyke shape (purple)

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