Kaiser Reef: Henty Growth, Maldon Potential & A1 Update (KAU.ASX)

Kaiser Reef (KAU.ASX) is shaping up as a genuine ASX small-cap growth story. In this interview-style analysis, James Whelan sits down with Kaiser Reef’s new managing director Brad Valiukas to unpack how the company is turning an exploration-led portfolio into a production-led growth machine. Kaiser Reef owns and operates the Henty Gold Mine in Tasmania, a long-life underground operation with a 300,000 tpa processing plant, plus the Maldon Gold Project in Victoria, which includes the Union Hill Gold Mine and a 200,000 tpa processing facility, plus a strong exploration footprint across the historic Maldon Goldfield. The September quarterly update highlights continued strength at Henty and meaningful progress at Maldon, underscoring a transition from exploration focus to a bigger, self-funded growth business.

Brad explains his background as a mining engineer with extensive production and operational experience, and why Kaiser’s asset mix is a strong fit for delivering the next phase of growth. The conversation covers: the Kaiser's path from exploration to production, optimising Henty, and setting up Maldon for district-scale growth. You’ll hear how the team plans to push throughputs, manage fixed costs, and feed the “beast” at the top end while expanding underground capacity.

Key takeaways from the September quarterly production report include: just over 8,100 ounces produced at a head grade of 4.12 g/t with recoveries around 90%, underscoring solid operating momentum post-acquisition. The team is already testing additional crushing capacity to lift throughput and improve cost efficiency, with spare milling capacity available for near-term optimisation. An ongoing resource and reserve refresh on the underground at Henty will feed the longer-term plan to grow both production and reserves.

Drilling at Maldon is underway, focusing on district-scale expansion opportunities that could underpin a broader production pipeline. The company remains self-funded with a debt-free balance sheet and is pursuing multiple growth avenues across Henty and Maldon, while acknowledging that the A1 project is transitioning to care and maintenance. This context positions Kaiser well for both near-term cash flow and longer-term growth opportunities.

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