Kaiser Reef Limited (ASX: KAU) has released an operational update outlining the commencement of a substantial drilling program across the Union Hill waste dumps at the Maldon Gold Project in central Victoria (Figure 1). The Project includes multiple historical high-grade underground mines and an operating 200ktpa processing plant at Porcupine Flat.

October 2025 marked a pivot for Kaiser Reef (ASX: KAU). At Henty (Tasmania), Ore Reserves rose 29% to 199 koz @ 3.28 g/t, while the plant proved ~400 ktpa—about one-third above nameplate—via low-capex debottlenecking. At Maldon–Union Hill (Victoria), shallow in-pit drilling confirmed high-grade continuity along the Eaglehawk Reef over ~160 m strike, supporting near-term underground access and platform drilling. More ounces, faster milling, clearer pipeline. Focus now: sustain

Kaiser Reef Limited (ASX: KAU) has marked its first full quarter since acquiring the Henty Gold Mine, with reconciled production reported for 1 July–30 September 2025. Alongside the steadying of Henty as the core asset, the quarter featured renewed activity at Maldon and a strategic transition at A1, setting a clearer operational footing across the portfolio.

If there was ever a time when a company needed to make a statement, it’s in the first weeks after acquiring a new asset. And for Kaiser Reef Limited (ASX:KAU), their early run at the Henty Gold Mine hasn’t just been good—it’s been headline-worthy.

When a junior gold producer strategically adds a proven asset like the Henty Gold Mine to its portfolio, it doesn’t just reshape the company—it often redefines its position in the gold space.

The conversion of Kaiser Reef Limited (ASX:KAU) into a gold producer through one transaction in a top-tier market is highly commendable. This action suggests that the management might have completed the best deal I've witnessed in my thirty years in this field. To add to the commendation, this deal was done at a rising bullish sentiment for gold.