28/01/2021 - 15:00

Kaiser Reef relists after pouring first gold

28/01/2021 - 15:00

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Perth-based Kaiser Reef has relisted on the ASX as the newest gold producer after commencing mining operations in Victoria.

Kaiser Reef has poured first gold from its recently acquired A1 mine in Victoria. Photo: Supplied

Perth-based Kaiser Reef has relisted on the Australian Securities Exchange as the newest gold producer after commencing mining operations in Victoria.

Kaiser, which last traded at 41 cents in mid-September, closed up more than 18 per cent to trade at 48 cents.

The company poured first gold from its A1 mine, which it recently acquired from Centennial Mining along with a 150,000-tonnes per annum processing plant and goldfield.

Its relisting follows a $7.5 million capital raising used to complete a full review of Centennial’s assets, which Kaiser had agreed to buy in October last year.

The company directed some of those proceeds towards enhancing operations at A1, as well as conducting exploration in both Victoria and NSW.

“The company is currently drilling prospective mineralisation at the A1 mine and plans to prudently increase production from the existing reduced rate to utilise the processing plants’ full capacity,” Kaiser said in an ASX announcement.

It said the recent capital raising had provided the business with a healthy cash position and zero debt.

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