High Grade Drill Results

Kaiser Reef Limited (ASX:KAU) (“Kaiser” or the “Company”) is pleased to report encouraging drilling results from the ongoing A1 Mine diamond drilling programme and also updates from the Maldon development project.

The drill holes from A1 continue to target both near term mining and new deeper medium- term discoveries. Kaiser is delighted that the ongoing drilling is delivering the intended results which are to provide mining team with an increased range of mining options. These new lode positions are key to the ongoing development and expansion plans for future production.

A1 Mine Drilling Results

This batch of drilling results from the ongoing A1 Mine programme returned further excellent high-grade results such as:

A1UDH-477: 0.8m @ 157.6 g/t gold

A1UDH-479: 0.5m @ 154.3 g/t gold

A1UDH-480: 0.2m @ 19.2 g/t gold

A1UDH-481: 1.9m @ 17.5 g/t gold

A1UDH-482: 1.5m @ 11.8 g/t gold

See the table of drill results included in this release for a complete list of zones of gold mineralisation intercepted. This is following the intervals returned in the last releases to the ASX that included better results including an interval of A1UDH-472: 4.6m @ 135.7 g/t gold (ASX - 2 May 2022) and A1UDH-476: 1.92m @ 43.2 g/t gold (ASX – 10 June 2022).

These results (Figure 2) provide critical mine planning information for future mining of the previously identified reef systems as well as suggesting potential discoveries of several new reef systems.

The drilling programme is ongoing as per the 2021 plan with the rig(s) moving between A1 and Maldon to allow processing of drill core, final assays and ongoing Mineral resource Estimate calculations.

Assay results with geological descriptions of anomalous intersections are presented in the table below, with typical assay turnaround of approximately 40 days. A1UDH-480, -481, - 482 results have now been received. All of the drill holes intercepted the high-grade Sovereign Reef just below the drill cuddy as expected. There were several other significant intersections in A1AUD-481. Unfortunately, A1UDH-480 and -481 intersected old workings of Duke’s and Queens Reef stopes respectively and were abandoned. A1UDH-482 encouragingly did intersect the Perseverance Reef (0.9 m @ 12.74 g/t).

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