Join our daily newsletter At The Bell to receive exclusive market insights
- Kaiser Reef (KAU) hit the ground running today after successfully re-listing on the Australian Securities Exchange (ASX)
- The former gold exploration company has reinvented itself, undergoing the transition to become a gold miner and producer
- Kaiser Reef has already achieved its first gold pour, with the maiden gold pour being stamped KAU001
- The company has returned with no debt and a healthy cash position, thanks to an oversubscribed $7.5 million capital raise
- Kaiser Reef closed 18.29 per cent higher, to trade at 48.5 cents
Kaiser Reef (KAU) hit the ground running today after successfully re-listing on the Australian Securities Exchange (ASX).
The former gold ore mine exploration company has reinvented itself, undergoing the transition to become a gold miner and producer. Kaiser Reef has already achieved its first gold pour, with the maiden gold pour being stamped KAU001.
The company has returned to the ASX with no debt and a healthy cash position. This is due in part to a recent oversubscribed capital raise, which produced $7.5 million in proceeds.
Despite its transition to gold production, Kaiser Reef will still maintain some focus on ongoing exploration activities at its projects in New South Wales. The company will also begin new exploration programs at Victorian tenements, which it gained after acquiring an operating gold mine and processing plant from Centennial Mining.
Kaiser Reef also gained a 100 per cent interest in the operating A1 Gold mine, Maldon gold processing plant, and Maldon Gold Exploration Project. In a press release to the market, the company expressed its excitement about the operating platform, exploration opportunities, and strategic benefits of these assets.
“There is a lot of work that needs to be completed to bring the production back up to the full mill capacity but the depth of experience and talent in the Centennial team is impressive and will support this target,” the announcement read.
“With the current workforce, existing infrastructure, rich ore bodies and strong gold price, the Board is extremely excited looking forward. We thank shareholders for their support through this complex acquisition and very strong participation in the prospectus offer,” the company added.
Kaiser Reef closed 18.29 per cent higher to trade at 48.5 cents at market close.
