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