I have been a keen follower of the Kaiser Reef Limited (ASX: KAU) story which was literally an overnight transition to become a profitable Australian gold producer operating in Tasmania and Victoria. The Company owns and operates the Henty Gold Mine in Tasmania and the Maldon Gold Project in Victoria, including the Union Hill Gold Mine and the Porcupine Flat Processing Plant.

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