Top Page
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 | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 107.36M | 34.83M | 23.74M | 30.71M | 22.80M | 5.09M |
| Gross Profit | 30.09M | 143.29K | -3.27M | 3.01M | 5.87M | -3.17M |
| EBITDA | 38.87M | -307.27K | -1.74M | 4.93M | 4.54M | -10.47M |
| Net Income | 1.95M | -20.24M | -5.53M | 1.17M | -2.26M | -11.81M |
Balance Sheet | ||||||
| Total Assets | 136.31M | 120.26M | 30.24M | 32.30M | 29.57M | 26.57M |
| Cash, Cash Equivalents and Short-Term Investments | 43.11M | 24.76M | 1.11M | 3.23M | 6.58M | 4.79M |
| Total Debt | 14.28M | 9.89M | 599.82K | 543.37K | 267.84K | 281.33K |
| Total Liabilities | 58.57M | 51.66M | 6.14M | 7.08M | 6.76M | 6.39M |
| Stockholders Equity | 77.74M | 68.60M | 24.10M | 25.22M | 22.81M | 20.17M |
Cash Flow | ||||||
| Free Cash Flow | 17.53M | -7.56M | -4.86M | -4.12M | -3.02M | -5.30M |
| Operating Cash Flow | 35.35M | 5.13M | 467.76K | 5.26M | 5.65M | -2.48M |
| Investing Cash Flow | -54.23M | -33.53M | -5.33M | -9.39M | -8.59M | -9.69M |
| Financing Cash Flow | 37.79M | 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$113.75M | 3.56 | 14.07% | 4.01% | 24.48% | 97.18% | |
64 Neutral | AU$682.01M | 1.81 | 121.31% | ― | 117.95% | ― | |
64 Neutral | AU$67.35M | 0.76 | 30.00% | ― | 22.40% | -93.75% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | AU$148.30M | 4.74 | 2.67% | ― | 46.74% | -47.98% | |
48 Neutral | AU$307.33M | 5.17 | -20.84% | ― | 11.43% | -238.93% | |
46 Neutral | AU$139.89M | 26.76 | -1.46% | ― | ― | 71.98% |
Kaiser Reef Ltd Corporate Events
Kaiser Reef Limited has notified the ASX of a proposed placement involving the issuance of up to 3 million unlisted options. The options are split into two equal tranches, with 1.5 million exercisable at $0.60 and 1.5 million at $0.75, each carrying a four-year term from the date of issue.
The new securities are scheduled for issue on 30 June 2026, subject to ASX processes and applicable listing rules. This proposed options issue is intended to support the company’s capital management and may provide additional incentive or funding flexibility for the business over the medium term.
The most recent analyst rating on (AU:KAU) stock is a Sell 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 has renewed the employment contract of Managing Director Brad Valiukas, securing his ongoing leadership after his successful transition from Executive Director – Operations in October last year. Valiukas, a mining engineer with more than 25 years’ experience across underground and open-pit operations and multiple commodities, brings a track record of mine start-ups, turnarounds and senior roles at Northern Star Resources, Focus Minerals and Mincor Resources.
The board credited Valiukas with strengthening the company and sharpening its strategic direction, noting that the Henty Gold Mine is on track for one of its best production years in recent times. At the same time, he is leading a systematic, multi-pronged development push at the Maldon Gold Project, and his renewed contract, including a mix of fixed pay, performance incentives and proposed option grants, is intended to support continuity of leadership and maintain operational momentum.
The most recent analyst rating on (AU:KAU) stock is a Sell 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 has issued 5,934,868 fully paid ordinary shares following the exercise of unlisted options, and has lodged a notice under section 708A(5) of the Corporations Act to permit on-sale of these securities without a prospectus. The company confirms it is up to date with its financial reporting and continuous disclosure obligations and states there is no excluded information that investors would reasonably require for assessing its financial position or the rights attached to the new shares.
This administrative step supports liquidity for option holders and clarifies the regulatory status of the new shares, without altering the company’s disclosed financial or operational outlook. The board has formally authorised the announcement, reinforcing that the issuance and disclosure processes are being conducted in compliance with Australian corporate and market regulations.
The most recent analyst rating on (AU:KAU) stock is a Sell 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 Ltd has applied for ASX quotation of 5,934,868 new ordinary fully paid shares, with an issue date of 16 March 2026. The securities arise from the exercise of options or conversion of other convertible instruments, increasing the company’s quoted share capital and potentially broadening its shareholder base.
The application, lodged as a new announcement under ASX Appendix 2A, formalises the listing of these additional securities under the company’s existing ticker KAU. The move reflects ongoing capital structure activity, which may enhance liquidity in the stock and provide additional funding flexibility for Kaiser Reef’s future corporate and operational needs.
The most recent analyst rating on (AU:KAU) stock is a Sell 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 Ltd has released its interim financial report for the half year ended 31 December 2025, providing consolidated statements of profit or loss, financial position, cash flows and changes in equity. The report package also includes the directors’ report, auditor’s independence declaration, directors’ declaration and an independent auditor’s review, underscoring ongoing regulatory compliance and transparency for shareholders.
The structured disclosure of half-year results gives investors a formal snapshot of the company’s financial health and capital structure at the period’s midpoint. By presenting independently reviewed information and additional data for public listed companies, Kaiser Reef aims to support market confidence and informed decision-making among stakeholders.
The most recent analyst rating on (AU:KAU) stock is a Sell 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 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.