Kaiser Reef Limited reported a production milestone and ongoing progress at the A1 Mine and at the Maldon processing plant. Key Recent achievements include: 100th Gold Bar Poured; Replacement leach tank and direct drive agitator installed at Maldon increasing efficiency and operational availability; Remote controlled and non-remote loaders purchased to increase production capability; High Voltage (HV) service power drill holes, Pilot and Reaming nearing completion with power distribution planned for First Quarter CY2023; Unexpected high-grade gold intercepted in the HV drilling including results: 0.7m @ 44.8 g/t gold from 55.8 metres, 0.4m @ 27.0 g/t gold from 64.6 metres, 0.2 @ 25.9 g/t gold from 24 metres, 0.2 @ 22.9 g/t gold from 60.1 metres. Kaiser poured the 100th gold bar from production at the A1 Gold Mine in Victoria. This is a credit to the whole Kaiser team! The Company continues progress towards stable and long-life operations supported by deep drill intercepts, where 69 g/t gold was intercepted 115m below the current level of operations and approximately 50m below the deepest known historical workings at A1. The progress toward improving the mine and the processing plant have been extensive and necessary and are expected to continue to support long term, high-grade and profitable operations from the A1 Mine. Power Infrastructure: The High Voltage (HV) power holes are another of several important infrastructure investments Kaiser has initiated. This drilling comprises a series of holes, firstly drilled to
avoid areas of historical mining with a diamond pilot hole and then followed up with a 135 mm reamed out service hole that will be used to instal the HV power cables down to facilitate a major electrical power upgrade which will debottleneck mining operations. The planned programme has 4 holes drilled on separate levels and is currently 70% complete. Associated power infrastructure items have arrived on site including power cable, substations, ring main units with the power distribution board being presently manufactured locally. Generators have been ordered and can be supported by hire units if there is an unexpected delay. The first HV pilot drill hole, UGSH-020, is indicative of the prolific nature of gold mineralisation at A1. The hole was designed to avoid areas of historical mining, it none the less intercepted numerous zones of strong mineralisation, including visible gold. Process Plant: The upgrade work at the Maldon processing plant is continuing with numerous major improvement initiatives underway. The most recent achievement is the installation of a new leach tank and direct drive agitator system.