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2026-11-06
◂ Monitor KAU ASX

Kaiser Reef Limited

Producer · Gold · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.15
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$90.8M
EV
A$67.2M
Cash
A$37M
Debt
A$13.6M
4 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$37M Self Funding
Debt A$13.6M Net cash A$23.4M
Basic shares 605.3M 2026-03-16
Runway Self Funding Appendix 5B reports positive relevant operating inflow and therefore no finite runway calculation.

Liquidity

Financial position

A$37.025m cash and A$0.2m bullion at 30 June 2026, with a further A$8.0m of environmental-bond restricted cash kept outside the equity bridge; A$13.618m financing drawn and 2,600oz deferred Henty consideration remain.

Inventory composition3

Union Hill stockpile contains an estimated 8.6koz Au; quarter-end bullion was reported at A$0.2m. A1 tailings add an Inferred 77,427t at 1.25g/t; no carrying or realizable value is disclosed.

Union Hill low-grade surface stockpile available for Maldon plant feed
— carrying · 570,000 tonnes
Gold bullion on hand at quarter end
A$200K carrying
A1 historical tailings stockpile on hand; reclamation planning in progress
— carrying · 77,427 tonnes

Capital structure

Ownership and dilution

Ordinary shares
605.3M
Fully diluted
677.6M

The 16 March 2026 Appendix 2A reports 605,322,399 ordinary shares after 5,934,868 options were exercised; adding 62,230,136 remaining options and 10,000,000 rights gives 677,552,535 fully diluted shares.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share605.3M——
Unquoted options across eight classesOption62.2M——
Performance rights across two classesPerformance Right10MA$0—

KPI history

Operating metrics · Henty Gold Mine

Production shown
02,2724,5446,8179,089Quarter ended 30 September 2025: 8,115 oz AuQuarter ended 30 September 2025Quarter ended 31 December 2025: 6,946 oz AuQuarter ended 31 December 2025Quarter ended 31 March 2026: 5,188 oz AuQuarter ended 31 March 2026Quarter ended 30 June 2026: 5,563 oz AuQuarter ended 30 June 2026
MetricUnitTrendQuarter ended 30 September 2025Quarter ended 31 December 2025Quarter ended 31 March 2026Quarter ended 30 June 2026
Productionoz AuQuarter ended 30 September 2025: 8,115 oz AuQuarter ended 31 December 2025: 6,946 oz AuQuarter ended 31 March 2026: 5,188 oz AuQuarter ended 30 June 2026: 5,563 oz Au8,1156,9465,1885,563
Operating metric source table8
MetricProjectPeriodPeriod typeValueStatus
ProductionHentyQuarter ended 30 September 2025Quarter8,115 oz AuReported
ProductionHentyQuarter ended 31 December 2025Quarter6,946 oz AuReported
ProductionHentyQuarter ended 31 March 2026Quarter5,188 oz AuReported
ProductionHentyQuarter ended 30 June 2026Quarter5,563 oz AuReported
ProductionMaldonQuarter ended 30 June 2026Quarter437 oz AuReported
ProductionCompanyFY2026Year27,766 oz AuReported
AISCCompanyFY2026Year4,720 AUD/oz AuReported
RevenueCompanyFY2026Year164,407,459 AUDReported
Company guidance3
MetricProjectPeriodLowHighStatus
Gold ProductionCompanyFY202732,00032,000 oz AuCurrent
Gold Production TargethentyFY202730,00030,000 oz AuCurrent
Gold Production TargethentyFY202835,00035,000 oz AuCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-03-16RaisingA$1.1M5.9M—Completed—
2025-05-16Ann. 2025-03-24RaisingA$30M214.3M—Completed—
2025-05-15Ann. 2025-03-24DebtA$10M——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

2025 annual report and Henty acquisition terms reconciled through July quarterly, March hedge closeout, August Flynn framework and September reserve statement. Undisclosed volume or pricing is not inferred.

3% Henty NSR excluding transport and refining; embedded only in Henty forecast royalties.

Royalty · Active
Counterparties
Triple Flag
Applies to
Henty Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
NSR rate: 3 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

1% gold-metal royalty; embedded only in Henty forecast royalties.

Royalty · Active
Counterparties
Franco-Nevada
Applies to
Henty Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
gold metal royalty: 1 percent of gold metal
How it affects our valuation

No valuation treatment is available for this arrangement.

State royalty is 1.9% base plus profit component to 5.35%; Henty DCF uses a conservative combined royalty envelope.

Royalty · Active
Counterparties
State of Tasmania
Applies to
Henty Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
base rate: 1.9 percent of net sales
current maximum: 5.35 percent of net sales
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional production-zone royalty; no identified Darwin production so no separate base cash charge.

Royalty · Active
Counterparties
Catalyst Metals Limited
Applies to
Henty Gold Mine · Gold
Economic direction
Burden
Period
From 2025-05-15; no end date stated
Key terms
Darwin Target Zone NSR: 0.5 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Deferred acquisition consideration of 2,600oz remaining is deducted only in the equity bridge.

Other · Active
Counterparties
Catalyst Metals Limited
Applies to
Henty Gold Mine · Gold
Economic direction
Burden
Period
From 2025-11-15; no end date stated
Key terms
remaining gold: 2,600 oz Au
monthly delivery: 50 oz Au/month
How it affects our valuation

No valuation treatment is available for this arrangement.

Catalyst may acquire 50% of Maldon processing plant vehicle after the contractual waiting period or specified trigger; mining interest remains with Kaiser until any exercise.

Joint Venture · Conditional
Counterparties
Catalyst Metals Limited
Applies to
Maldon Gold Project · Gold
Economic direction
Mixed
Period
From 2025-05-15; no end date stated
Key terms
potential Catalyst plant interest: 50 percent
nominal exercise consideration: 1 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Auramet takes Henty gold at market-based rates until at least March 2027, extended if delivery obligations remain; prepayment economics only for prepaid volumes.

Offtake · Active
Counterparties
Auramet International Inc
Applies to
Henty Gold Mine · Gold
Economic direction
Burden
Period
2025-05-15 to 2027-03-31
Key terms
production under offtake: 100 percent
prepayment pricing discount: 7.5 USD/oz Au
How it affects our valuation

No valuation treatment is available for this arrangement.

All gold calls settled by February 2026; no live price caps after 1 March.

Commodity Hedge · Terminated
Counterparties
Auramet International Inc
Applies to
Henty Gold Mine · Gold
Economic direction
Burden
Period
2025-09-01 to 2026-02-28
Key terms
calls settled: 6,000 oz Au
strike: 5,300 AUD/oz Au
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Nonbinding ore or concentrate purchase framework; no committed volumes, margins, or processing cash flows.

Offtake · Announced
Counterparties
Flynn Gold Limited
Applies to
Henty Gold Mine · Gold
Economic direction
Benefit
Period
From 2026-08-06; no end date stated
Key terms
binding commitment: —
committed volume: — tonnes
How it affects our valuation

No valuation treatment is available for this arrangement.