Kaiser Reef Limited
Kaiser Reef Limited is an ASX-listed gold producer operating the Henty Gold Mine in Tasmania and the historic Maldon Gold Project in Victoria (which includes the fully-permitted Union Hill underground mine and a 200,000tpa processing plant; the Maldon goldfield has historically produced 1.75Moz at 28g/t). Kaiser produced ~6,000oz gold in the June 2026 quarter (~5,563oz Henty, ~437oz Maldon) and guides to 32,000oz for FY27. The company's separate A1 Gold Mine (Victoria) was placed on care and maintenance in 2026 following a strategic review of lower-grade Nova Zone production. FY2025 revenue of A$34.83M (up 47% YoY).
Notable vs. Peers
- Financials score of 10/10 is stronger than the peer average of 6.5/10.
- Trading within 2% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Construction Milestones
4 of 5 reached- Reached — date not disclosed · Source
- Not yet reached · Recorded, but disputed: not counted as reached · Source
- Apr 2021 · Source
- Jan 2021 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)9/10
Tasmania: Fraser PPI 2025 is 87.51 of 100 (rank 15 of 68), which maps to 9 on this site's scale. Victoria / Tasmania, Australia -- Tier-1 mining jurisdiction.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Henty Gold Mine.
Nearby producing mine (20%)10/10
Rosebery (MMG Limited) is 11 km away -- within shared-mill trucking range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:8.9/10
Nearest producing mine: Rosebery (MMG Limited), 11 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Managing Director of Kaiser Reef Limited. Mining engineer with 25 years of operations, management and executive experience across underground and open-pit operations in multiple commodities, including corporate and management roles at Northern Star Resources Limited, Focus Minerals Ltd and Mincor Resources NL.
Executive Director of Kaiser Reef Limited. Over 40 years in the global resources industry, including 18 years dedicated to mining. Previously Chief Development Officer at Zinifex Limited, where he managed smelter operations and the Dugald River Mine restart. Currently chairs Whittle Consulting Group's board.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Kaiser Reef's touted "strategic partnership with Catalyst Metals" turns out to be a commercial ore-purchase agreement for processing ore through Catalyst's Henty Gold Mine (announced August 6, 2026), not an investment or shareholding by Catalyst. We found several Change of Director's Interest Notice filings in 2026 but could not confirm whether they represent genuine share purchases or option-related changes.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Kaiser Reef produces gold from the Henty gold mine in Tasmania and the Maldon gold project in Victoria, which includes the permitted Union Hill underground mine and a 200,000 tpa processing plant; its A1 mine at Maldon was placed on care and maintenance in 2026. In the June 2026 quarter it produced about 6,000 oz of gold (about 5,563 oz from Henty and 437 oz from Maldon), and it guides to 32,000 oz for FY27. Henty's resource, updated in September 2026 with information to 30 June 2026, has 366,000 oz of gold indicated, with no measured category, plus 62,000 oz inferred, while Maldon's resource is entirely inferred.