Kaiser Reef : Investor Presentation RIU 2022

ersonal use only

ASX:KAU

High Grade Gold

In Victoria

1. Producer with Outstanding Exploration Potential

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 theaccuracy and completeness of the information, statements and opinions contained in this presentation.

onlyThis 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 a so 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 pr spectus 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.

useThis 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 unc rtainties, 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 undertake 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 ba ed.

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration results 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 ersonalinc usion in this report of the matters based on their information in the form and context in which they appear.

COMPETENT PERSONS DISCLOSURE

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

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KAISER SUMMARY

only	A Victorian focused gold company
	• 100% ownership of gold production and exploration assets
	in NSW and VIC with historical gold production in excess of
use	2.5 million oz gold from within our tenements*
• Continuing high-grade gold production
	• Blue chip exploration ground
	• Talented and dedicated operations team
	• Proven Board & Management
	• Leveraged market capitalisation of ~$28M @ 20cps

ersonal	* Maldon 1.7M, Stuart Town 0.17M, A1 0.64M gold production. See Prospectus November 2020.
2/16/2022
PRESENTATION TITLE

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VICTORIAN ASSETS SUMMARY

The Maldon Goldfield - world class exploration target

• Historic production of ~1.7M ounces gold at 28 g/t within KAU tenure, only+2M oz within greater field
• Modern decline being utilised to access underground drill targets and support any future mining operation
• Fantastic sections of the goldfield such as Nuggety Reef Mine produced 301,000 oz gold at 187 g/t gold

The A1 Gold Mine

• 100% owned operating high-grade gold mine

• Discovered in 1861, A1 is so rich that it has been operating for most of the time since discovery

• Excellent exploration potential with deep drilling showing extension of the
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gold-bearing intrusive dyke hundreds of metres below workings
• Decline progressing to allow mining of Queens Lode in Q1 2022
The Maldon Process Plant
• CIP gold processing plant that treats A1 ore with excess capacity
• Strategically surrounded by active gold explorers and stranded resources
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STRATEGY TO CREATE VALUE

Kaiser owns the assets and has the team to create real shareholder returns and value. We plan to do this through:

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EXPLORATION (MALDON & A1)

• Continue drilling at Union Hill/Nuggety (Maldon) with aim to generate JORC resources in H1 2022
• Union Hill is an outstanding exploration target with modern decline allowing efficient access
• Continue to define near and medium- term production areas within A1 to allow confidence in longer term mine planning

PRODUCTION (A1 MINE)

• Continue to access new areas for handheld and mechanical mining
• Build quarter-on-quarter growth in production
• Reduce production costs through identified initiatives

INTERACTION

• Seek JV partners for NSW exploration assets whilst we focus on Victorian part of LFB
• Strengthen relationships with local communities, groups and government as new owners

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