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Kaiser Reef Ltd
(Sydney:KAU)
Kaiser Reef Ltd (KAU) vs. iShares MSCI Australia ETF (EWA)
Kaiser Reef Ltd Business Overview & Revenue Model
Kaiser Reef Ltd Financial Statement Overview
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 34.83M | 23.74M | 30.71M | 22.80M | 5.09M |
| Gross Profit | 143.29K | -3.27M | 3.01M | 5.87M | -3.17M |
| EBITDA | -307.27K | -1.74M | 4.93M | 4.54M | -10.47M |
| Net Income | -20.24M | -5.53M | 1.17M | -2.26M | -11.81M |
Balance Sheet | |||||
| Total Assets | 120.26M | 30.24M | 32.30M | 29.57M | 26.57M |
| Cash, Cash Equivalents and Short-Term Investments | 24.76M | 1.11M | 3.23M | 6.58M | 4.79M |
| Total Debt | 9.89M | 599.82K | 543.37K | 267.84K | 281.33K |
| Total Liabilities | 51.66M | 6.14M | 7.08M | 6.76M | 6.39M |
| Stockholders Equity | 68.60M | 24.10M | 25.22M | 22.81M | 20.17M |
Cash Flow | |||||
| Free Cash Flow | -7.56M | -4.86M | -4.12M | -3.02M | -5.30M |
| Operating Cash Flow | 5.13M | 467.76K | 5.26M | 5.65M | -2.48M |
| Investing Cash Flow | -33.53M | -5.33M | -9.39M | -8.59M | -9.69M |
| Financing Cash Flow | 48.05M | 2.75M | 764.86K | 4.74M | 16.95M |
Kaiser Reef Ltd Technical Analysis
Kaiser Reef Ltd Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | AU$147.88M | 7.84 | 13.04% | 4.01% | 24.48% | 97.18% | |
64 Neutral | AU$1.05B | 1.81 | 22.29% | ― | 117.95% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | AU$164.99M | -30.15 | -1.53% | ― | ― | 71.98% | |
54 Neutral | AU$248.75M | -4.84 | -43.66% | ― | 46.74% | -47.98% | |
53 Neutral | AU$92.55M | -41.72 | -2.72% | ― | 22.40% | -93.75% | |
52 Neutral | AU$457.49M | 5.17 | -20.84% | ― | 11.43% | -238.93% |
Kaiser Reef Ltd Corporate Events
Kaiser Reef has completed delivery of all 6,000 gold call options issued to financier Auramet International at A$5,300 per ounce as part of funding its 2025 acquisition of the Henty Gold Mine. With these options fully exercised and settled, the company now has no remaining gold price caps and is fully exposed to the prevailing spot gold price, currently above A$7,000 per ounce, while continuing to repay its remaining gold loan and reduce other transaction-related liabilities.
Management said the completion of the option obligations, alongside systematic reduction of the Auramet gold loan, deferred payments and environmental bond commitments, has further strengthened Kaiser’s balance sheet. The company plans to use its improved financial flexibility and leverage to strong gold prices to continue organic growth through targeted investment in its existing assets, while remaining well positioned to pursue potential inorganic expansion opportunities.
The most recent analyst rating on (AU:KAU) stock is a Hold with a A$0.39 price target. To see the full list of analyst forecasts on Kaiser Reef Ltd stock, see the AU:KAU Stock Forecast page.
Kaiser Reef has issued 3,000,000 fully paid ordinary shares following the exercise of unlisted options and has lodged the necessary notice under section 708A(5) of the Corporations Act 2001. By providing this notice, the company confirms that these shares can be on-sold without a prospectus, signalling compliance with continuous disclosure and financial reporting obligations.
The announcement underscores that the new shares were issued without a disclosure document, but fall within the statutory exemption because Kaiser Reef is up to date with its reporting requirements. This move modestly expands the company’s share capital and provides additional liquidity for investors, while reinforcing regulatory compliance and transparency around the new securities.
The most recent analyst rating on (AU:KAU) stock is a Sell with a A$0.35 price target. To see the full list of analyst forecasts on Kaiser Reef Ltd stock, see the AU:KAU Stock Forecast page.
Kaiser Reef Ltd has lodged an application with the ASX for the quotation of 3,000,000 new ordinary fully paid shares under its existing ticker KAU, with an issue date of 24 February 2026. The new securities arise from the exercise or conversion of existing options or other convertible securities, modestly expanding the company’s listed capital base and potentially affecting shareholder dilution and market liquidity.
While the announcement is largely procedural, the additional quoted shares may support Kaiser Reef’s capital structure by formalising previously committed equity. This step can facilitate trading of the new stock on-market and signals completion of an equity-related milestone, though the release provides no further strategic or operational commentary on how the additional capital will be deployed.
The most recent analyst rating on (AU:KAU) stock is a Sell with a A$0.35 price target. To see the full list of analyst forecasts on Kaiser Reef Ltd stock, see the AU:KAU Stock Forecast page.
Kaiser Reef has reclassified the historical Union Hill waste dumps at its Maldon Gold Project into an inferred low-grade stockpile estimated at 566,000 tonnes grading 0.48 grams per tonne gold, containing about 8,649 ounces. This stockpile is already being reclaimed and processed through the Porcupine Flat plant, which in January treated only Union Hill low-grade material and produced 152.3 ounces at 90.7% recovery.
The newly defined stockpile is expected to support continued processing at Porcupine Flat at around 10,000 tonnes per month through to 2030, providing a profitable operational base while broader exploration and potential mine restart studies advance. Kaiser has also strengthened its Maldon team with new exploration and project managers, is restoring site services at Union Hill, and has started permitting to reclaim additional surface stockpiles at Nuggetty as part of a forthcoming strategic plan centered on sustained processing operations.
The most recent analyst rating on (AU:KAU) stock is a Hold with a A$0.30 price target. To see the full list of analyst forecasts on Kaiser Reef Ltd stock, see the AU:KAU Stock Forecast page.
Kaiser Reef reported a strong December 2025 quarter, delivering 6,946 ounces of gold and 6,526 ounces of silver from Henty and 715 ounces of gold from Maldon, while increasing its closing cash balance by A$13.7 million to A$43.1 million. The company outlined a 29% increase in Henty’s ore reserve to 1.89Mt at 3.28g/t for 199,000 ounces of gold, extending mine life beyond six years and underpinning a targeted production rate above 30,000 ounces of gold per year from FY 2026, supported by active reinvestment in drilling, infrastructure and equipment. At Maldon, processing performance improved with steady feed from historical dumps and purchased ore, and two drill programs at Eaglehawk Reef, including in-pit and “waste dump” drilling, returned significant gold intercepts, reinforcing the project’s exploration upside. Kaiser also continued to strengthen its balance sheet by reducing its outstanding gold loan and nearing the end of call option obligations, leaving it close to full exposure to the gold price, which, combined with robust production and a growing exploration and development pipeline, enhances its positioning to benefit from a strong gold market for shareholders and other stakeholders.
The most recent analyst rating on (AU:KAU) stock is a Hold with a A$0.36 price target. To see the full list of analyst forecasts on Kaiser Reef Ltd stock, see the AU:KAU Stock Forecast page.
Kaiser Reef Limited has applied to the ASX for quotation of 2.5 million fully paid ordinary shares, with the security code KAU. The new shares, issued on 9 January 2026 following the exercise or conversion of existing options or other convertible securities, will expand the company’s quoted capital base and may modestly improve liquidity for shareholders once admitted to trading.
The most recent analyst rating on (AU:KAU) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Kaiser Reef Ltd stock, see the AU:KAU Stock Forecast page.
Kaiser Reef Limited has disclosed a change in director Steven Formica’s indirect holdings, reflecting the conversion of performance-based securities into ordinary equity. Formica, through a controlled entity, has converted 625,000 Tranche 1 Performance Rights into 625,000 fully paid ordinary shares at nil consideration, increasing his indirect shareholding while reducing his performance rights. The transaction, triggered by vesting of the rights, consolidates the director’s equity position and aligns his interests more closely with shareholders via a higher proportion of ordinary shares relative to performance-linked instruments.
The most recent analyst rating on (AU:KAU) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Kaiser Reef Ltd stock, see the AU:KAU Stock Forecast page.
Kaiser Reef Limited has completed a drilling program at the Union Hill waste dump within the Maldon Gold Project, drilling 163 holes over 2,212 meters. The company is assessing the potential to convert the waste dump into a low-grade stockpile, which could support the profitable operation of its processing plant and exploration efforts. Initial results are promising, with systematic sampling indicating an average grade of 0.6g/t Au. The company is also investigating waste dump material at the nearby Nuggetty deposit, with ongoing processing potential.
The most recent analyst rating on (AU:KAU) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Kaiser Reef Ltd stock, see the AU:KAU Stock Forecast page.