Kaiser Reef Limited reported that the large 144 km2 exploration licence has been granted which covers an area substantially larger than the combined Maldon mining licences and provides access to the uniquely exploration target around the Nuggety Reef Mine. Accessing ideal drilling positions has been extremely challenging from within Kaiser's very narrow mining licence (MIN5528) which covers the Nuggety Reef project. Kaiser has keenly awaited the grant of its large surrounding exploration licence that will facilitate far more effective drilling in the future.

The aim of future drilling at the Nuggety Mine will be to test down dip positions near the granite contact and following the down plunge positions of the Nuggety Mine. Drilling will also be designed to delineate the bismuth mineralisation trend and coincident for a high-grade gold mineralisation. Kaiser is currently undertaking a major infrastructure programme at the A1 Mine site including the installation of a high voltage power upgrade, expanded underground remote mining fleet and ongoing development to facilitate upcoming mining opportunities.

While this is the immediate focus, exploration drilling permits will be sought and drilling will be conducted once the infrastructure programme has been implemented. The Maldon Goldfield is wholly owned by Kaiser and it is a priority plan to bring the Union Hill mine at Maldon back into production. The following update and summary of Maldon is provided.

Further engineering and future planning were conducted at Union Hill and a review of certain key infrastructure was undertaken. The work conducted was limited due to a focus on the A1 production ramp up. Further work at Maldon is ongoing.

o High Grade Drill Results such as 2.2m @ 10.3 g/t gold, including 0.4m @ 52.8 g/t gold (ASX release dated 1 March 2022) o Geophysical Exploration Targets Identified Kaiser announced the first results from drilling at the Nuggety Reef historic gold mine, located at the northern end of the Union Hill gold mine in Maldon, Victoria on 1 March 2022. Nuggety was one of, if not the, highest grade significant Australian gold mine with recorded production of 301,000 ounces at 187 g/t recovered gold. The Nuggetty Reef was discovered in 1856 and produced 301,000 ounces of gold from 50,000 tonnes of ore averaging 187 g/t Au over a 10-year period.

The reef was mined over a strike length of 350 metres with four shafts, sunk to a maximum depth of 238m. The Nuggety Reef is contained within the broader Nuggetty shear zone and is the most northern reef and mine in the Maldon Goldfield. The deposit is truncated by the Harcourt Granodiorite to the north and at depth, forming a south plunging footwall.

Nuggetty is situated within steep eastern dipping metasediments that have been contact metamorphosed to cordierite - andalusite hornfels. The mine workings strike north - south and comprise of 2 sub-vertical east dipping quartz reefs, referred to as the west reef and the east reef. These structures are joined at depth by near flat en-echelon reefs.

Kaiser has already conducted a small surface diamond drilling (4 holes) programme that targeted a better understanding of the mineralisation controls in both the eastern and western reefs at Nuggety, which are located within the main north-south Nuggetty shear zone. The drilling positions were compromised and limited at the time. Drilling was following up NUGD01 0.44m @ 205 g/t Au and NUDG02 which returned 1.4m @ 9.78 g/t Au The plan view of the reef area shows the main Nuggety envelope as defined by logging and arsenic assays and another trending in a north-north-eastern direction with associated gold mineralisation.

promoted bismuth assays, one of these is the high gold zone, up to 52.8 g/t gold in NG_SDH_002 The promoted bismuth mineralisation appears to also define a north-north-eastern trend identified by gold and arsenic; this trend appears to be associated but subsidiary to the main Nuggety trend. promoted bismuth appears to be an important indicator element in this district. Modelling of these mineralised trends has identified an untested target with significant up and down plunge extents, additional to deeper down plunge trends within the main Nuggety mine trend.

The Nuggety shear zone continues to the south and the prospective target contact with the Harcourt granite remains essentially untested down plunge. This recently identified north- north-eastern trend is also a high priority target. Further to the south, the underground drilling rig is continuing exploration from underground positions within the Union Hill decline.

The granting of the exploration licence will also allow Kaiser to follow up on the identified priority geophysical targets and regional high grade gold drill intercepts at Maldon. Although overprinted by granitic fluids, the style of the reef mineralisation seen at Maldon is similar to other Central Victorian fields, including Fosterville and Bendigo. High grade gold is found in plunging shoots.

Additionally, some parts of Kaisers Exploration Licence are under cover, including a gravity ridge like the one on the eastern side of the main Maldon field. The field may contain undiscovered high-grade shoots, which do not ‘daylight' and have not been found by previous mining. Very little drilling of targets other than for extensions of known shoots has been undertaken.

In 1979 an IP survey conducted by Scintrex on behalf of CEC shows that at least some of the mineralisation is chargeable and resistive. An anomaly that was drilled in DDH05 by CEC returned 2m 23.9g/t in a previously unknown reef There is a real opportunity to use modern exploration techniques to target economic mineralisation.