Kaiser Reef Ltd (KAU) AI Stock Analysis

• Market Cap: AU$187.86M
• Dividend Yield: N/A
• Average Volume (3M): 2.91M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.03
• Revenue Growth: 46.74%
• EPS Growth: -47.98%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.04
• Shares Outstanding: 596,387,500
• 10 Day Avg. Volume: 3,280,891
• 30 Day Avg. Volume: 2,907,890
• PEG Ratio: -0.92
• Price to Book (P/B): 1.43
• Price to Sales (P/S): 2.81
• P/FCF Ratio: -12.96
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: AU$0.32 ▲(7.00% Upside)

The score is held back primarily by weak profitability (negative margins/ROE) and negative free cash flow despite very strong revenue growth. Technicals are moderately supportive with price holding above longer-term moving averages and a positive MACD, while valuation remains pressured due to a negative P/E and no dividend yield data.

Positive Factors

Revenue Growth

A 156.96% revenue surge signals meaningful production or sales expansion, increasing scale and the potential to dilute fixed costs. Sustained top-line momentum over months can underpin improved unit economics, fund reinvestment, and support operational scaling if margins recover.

Conservative Leverage

Low debt-to-equity provides structural financial flexibility, lowering default and refinancing risk during commodity cycles. Over the next several months this conservatism should help the company absorb cash flow volatility, access capital on better terms, and prioritize project investment or deleveraging.

Operating Cash Flow

Positive operating cash flow shows the mining operations are generating cash from core activities, while improving free cash flow growth suggests operational cash conversion is trending better. This durability supports near-term funding of capital needs and reduces reliance on external financing.

Negative Factors

Negative Profitability

Persistently negative EBIT and net margins reflect underlying cost or operational inefficiencies—likely high unit costs, low recovery or elevated overheads. Without structural margin improvement, losses will persist, undermining reinvestment capacity and long-term sustainability despite revenue growth.

Negative Return on Equity

A negative ROE indicates the company is destroying shareholder capital rather than creating it. Over a multi-month horizon this impairs investor confidence, narrows funding options, and can limit ability to raise equity on acceptable terms, constraining growth and strategic flexibility.

Negative Free Cash Flow

Negative free cash flow means capital expenditures and other uses exceed operating cash, creating a structural funding need. This raises execution risk: the company may require external capital or higher leverage, which can dilute shareholders or increase financial strain during commodity price or operational setbacks.

Kaiser Reef Ltd Business Overview & Revenue Model

Company Description

Kaiser Reef Limited engages in the exploration, development, and production of gold projects in Australia. The company holds a 100% interest in the Stuart Town project; and Macquarie North project located in the Lachlan Fold Belt, New South Wales. It also holds a 100% interest in the Maldon Goldfield located within the central portion of the Bendigo-Ballarat zone of the Lachlan Fold Belt; and the A1 Gold Mine located in Eastern Victoria. Kaiser Reef Limited was incorporated in 2019 and is based in Subiaco, Australia.

How the Company Makes Money

Kaiser Reef generates revenue primarily through the sale of gold and silver extracted from its mining operations. The company has established its revenue model around producing and selling these precious metals at market prices, which fluctuate based on global supply and demand dynamics. Key revenue streams include direct sales of mined gold and silver, as well as potential revenue from any joint ventures or partnerships that facilitate exploration and development of new mining sites. Additionally, the company may benefit from strategic alliances with other mining entities or service providers, which can enhance operational efficiency and reduce costs, ultimately contributing to its earnings.

Kaiser Reef Ltd Financial Statement Overview

Summary

Strong revenue growth (156.96%) is a clear positive, but profitability remains weak with negative EBIT and net income margins. The balance sheet shows conservative leverage (low debt-to-equity), yet negative ROE indicates poor shareholder returns. Operating cash flow is positive, but negative free cash flow adds funding and execution risk.

Income Statement

Kaiser Reef Ltd has shown significant revenue growth of 156.96% in the latest period, indicating strong top-line expansion. However, the company is struggling with profitability, as evidenced by negative EBIT and net income margins, which suggest operational inefficiencies and high costs relative to revenue.

Balance Sheet

The company maintains a low debt-to-equity ratio, indicating conservative leverage and a strong equity base. However, the negative return on equity highlights challenges in generating returns for shareholders, which is a concern for long-term financial health.

Cash Flow

While operating cash flow is positive, the company faces challenges with negative free cash flow, indicating potential issues with capital expenditures or cash management. The free cash flow growth rate is positive, suggesting some improvement, but the overall cash flow position remains weak.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.42M	34.83M	23.74M	30.71M	22.80M	5.09M
Gross Profit	71.65K	143.29K	-3.27M	3.01M	5.87M	-3.17M
EBITDA	-153.64K	-307.27K	-1.74M	4.93M	4.54M	-10.47M
Net Income	-10.12M	-20.24M	-5.53M	1.17M	-2.26M	-11.81M
Balance Sheet
Total Assets	120.26M	120.26M	30.24M	32.30M	29.57M	26.57M
Cash, Cash Equivalents and Short-Term Investments	24.76M	24.76M	1.11M	3.23M	6.58M	4.79M
Total Debt	9.89M	9.89M	599.82K	543.37K	267.84K	281.33K
Total Liabilities	51.66M	51.66M	6.14M	7.08M	6.76M	6.39M
Stockholders Equity	68.60M	68.60M	24.10M	25.22M	22.81M	20.17M
Cash Flow
Free Cash Flow	-3.78M	-7.56M	-4.86M	-4.12M	-3.02M	-5.30M
Operating Cash Flow	2.56M	5.13M	467.76K	5.26M	5.65M	-2.48M
Investing Cash Flow	-33.53M	-33.53M	-5.33M	-9.39M	-8.59M	-9.69M
Financing Cash Flow	48.05M	48.05M	2.75M	764.86K	4.74M	16.95M

Kaiser Reef Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:KAU, the sentiment is Positive. The current price of 0.3 is below the 20-day moving average (MA) of 0.33, above the 50-day MA of 0.30, and above the 200-day MA of 0.23, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 56.48 is Neutral, neither overbought nor oversold. The STOCH value of 35.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:KAU.

Kaiser Reef Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RND	80 Outperform	AU$162.10M	12.34	13.04%	4.01%	24.48%	97.18%
FML	64 Neutral	AU$1.07B	25.58	22.29%	―	117.95%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
KSN	59 Neutral	AU$92.51M	-37.10	-2.72%	―	22.40%	-93.75%
DLI	56 Neutral	AU$168.58M	-49.02	-1.53%	―	―	71.98%
KAU	54 Neutral	AU$187.86M	-6.54	-43.66%	―	46.74%	-47.98%
BCN	52 Neutral	AU$457.19M	-30.24	-20.84%	―	11.43%	-238.93%

Kaiser Reef Ltd Corporate Events

Kaiser Reef Lifts Cash, Grows Henty Reserves and Advances Drilling in Strong December Quarter

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 Seeks ASX Quotation for 2.5 Million New Shares

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 Director Increases Indirect Shareholding Through Rights Conversion

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 Completes Union Hill Waste Dump Drilling at Maldon Gold Project

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.

Kaiser Reef to Commence Drilling at Union Hill Waste Dumps

Kaiser Reef Limited has announced a new drilling program targeting the Union Hill waste dumps at the Maldon Gold Project. This initiative is part of a broader strategy to explore and potentially convert waste dump material into a low-grade stockpile, supporting the profitability of their processing plant. The company is also investigating the Nuggetty deposit, with ongoing work to assess the potential for processing additional waste dump material. These efforts are expected to enhance the company’s operational capabilities and contribute to a potential restart of mining activities.

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 Ltd Highlights Risks in Gold Exploration and Development

Kaiser Reef Ltd has issued a company update emphasizing the inherent risks and uncertainties associated with mineral exploration and production. The announcement underscores that while the company is actively engaged in identifying viable ore deposits, there is no guarantee of economic exploitation, reflecting the high-risk nature of their operations.

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.