Highlights

  • September quarter production of 6,263 ounces from Henty (5,692 oz) and Maldon (572 oz); Henty also produces 5,259 oz of silver.
  • Revenue of A$33.5 million on sales of 5,529 ounces at an average price of A$6,067 per ounce; all-in sustaining cost A$4,991 per ounce.
  • Gold loan of 1,872 ounces to Auramet fully repaid; Kaiser is now unhedged with full exposure to spot gold prices.
  • Cash and bullion of A$40 million at 30 September; Henty FY27 production target 30,000 ounces; Maldon underground development continues.

Clean balance sheet, record cash position, no hedging. Kaiser Reef (ASX:KAU) enters the December quarter in its best financial shape to date after a September quarter that combined solid production with the full repayment of its gold loan to Auramet. The company's quarterly report, filed 28 October 2026, also signals a production uplift target at Henty and accelerating development at Maldon.

September Quarter Production

Henty mine in Tasmania produced 5,692 ounces of gold and 5,259 ounces of silver in the September quarter. The Victorian Maldon project contributed 572 ounces. Group production totalled 6,263 ounces. The split between the two mines reflects their different development stages: Henty is a mature, deep underground mine operating at its target rate, while Maldon is still building its underground infrastructure at the Union Hill deposit.

Revenue and Costs

Kaiser sold 5,529 ounces during the quarter at an average realised price of A$6,067 per ounce, generating revenue of A$33.5 million. The difference between production and sales reflects in-quarter bullion held on hand. All-in sustaining cost was A$4,991 per ounce — below the realised price by A$1,076 per ounce. AISC includes site operating costs, sustaining capital and royalties but excludes the non-sustaining capital being spent on Maldon development.

Gold Loan Repaid: Now Unhedged

Kaiser drew a gold loan from Auramet Consulting to help fund production build-up at Henty, with 1,872 ounces outstanding at the start of the quarter. The full amount has been repaid in the September quarter using production and existing cash, and Kaiser is now unhedged. That means 100% of future production will be sold at spot prices, giving shareholders direct leverage to gold price movements in either direction. The company had previously been required to deliver fixed ounces to Auramet at a predetermined price, capping upside.

Cash and Guidance

Cash and bullion combined stood at A$40 million at 30 September — A$33.1 million in cash and A$6.9 million in bullion on hand — up from A$32.2 million at 30 June. The 2P ore reserve stands at 198,000 ounces Probable; the total mineral resource is 429,000 ounces. For FY27, Henty is targeting 30,000 ounces, up from a FY26 outcome of 26,000 ounces. At Maldon, underground development at Union Hill continues, and 4,350 metres of surface diamond drilling is planned to add resource confidence for the broader Maldon district.