Nova High Grade Gold Target Reached

Kaiser Reef Limited ("Kaiser" or "the Company") is pleased to announce that the decline at the high-grade A1 Gold Mine has successfully reached the Nova Zone at the extremities of the historic mining. This marks a milestone for Kaiser, signalling a new chapter in the Company’s operations with miners having focused on extracting “remnant” ore for the past 30 years.

The A1 Gold Mine, has operated almost continuously since 1861, and historically produced approximately 800 ounces of gold per vertical metre, with some levels exceeding 1,000 ounces per vertical metre, a benchmark for significant gold mines. Most of the ore was exploited in the first 100 year mining phase. Modern remnant mining over the past 30 years however has been limited to producing less than 237 ounces per vertical metre.

Kaiser has now reached a critical target, termed the "Nova Zone," which has never been mined before:

✓ Reached new previously unmined levels

✓ The best ore is now in-situ and not historically exploited

✓ Facilitates modern mine planning for increased production

✓ Power Systems Upgraded

✓ Ventilation Works Upgraded/Ongoing

✓ Mineralisation Open at Depth

✓ Diamond Drilling Imminent

Significant capital expenditure, estimated at over $24 million, including supporting infrastructure, has been invested to reach these new levels. The transition to mining the primary ore, with the best material not having been previously mined, and access to the potentially substantially higher “ounces per vertical meter” enjoyed historically is a major achievement (Figure 1 and 2). Additionally, substantial upgrades to the infrastructure— including enhanced ventilation and high-voltage power systems—have been implemented to support the development work at the mine

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