Vault Minerals has marked what it described as a “transformational period” over the few months, reporting strong gold production and culminating in a merger that sets the company up for continued growth across core assets. The company produced over 89,000 ounces during the June 2026 quarter at an all-in sustaining cost (AISC) of $2,968 per ounce, bringing full-year production within guidance at an AISC of $2,924 per ounce. Strong gold prices supported significant cash generation, with Vault achieving quarterly gold sales of 87,922 ounces at an average realised price of $6,311 per ounce. The company generated underlying free cash flow of $219 million during the quarter and finished the year with cash and bullion of $842 million. The company’s operations in Leonora, Western Australia, was the largest contributor to FY26 production, delivering 179,666 ounces of gold at an AISC of $2,723 per ounce. The operation is expected to remain a key growth driver, with the King of the Hills (KoTH) Stage 2 processing plant upgrade on budget and ahead of schedule for commissioning in September 2026. The upgrade is expected to increase processing capacity by approximately 50 per cent and support a 34 per cent uplift in gold production. Outside of Leonora, Vault’s other operations continued to provide a strong contribution during FY26. Mount Monger produced 79,225 ounces of gold for the year at an AISC of $3,025 per ounce, with production supported by the Daisy underground operation and expected to continue through FY27. The Deflector region delivered 77,649 ounces of gold at an AISC of $3,282 per ounce, alongside 88 tonnes of copper, with ongoing underground development and exploration supporting future mine life. The company is also progressing its Sugar Zone operation, where underground development commenced in July 2026 ahead of a planned production restart in Q1 FY28. Vault is also progressing growth initiatives across its portfolio, including the Tower Hill open pit project where mining is underway and the Bruno Lewis project, with open pit work scheduled to commence in the current quarter. The company has provided standalone FY27 guidance of 355,000 to 375,000 ounces of gold at an AISC of $3,150 to $3,350 per ounce, with production expected to grow further to 380,000 to 400,000 ounces in FY28. Following the end of the quarter, Vault entered into a proposed merger with Genesis Minerals, creating a potential top 20 global gold producer with expected production of around 600,000 to 700,000 ounces annually. Vault said the combination has the potential to unlock significant operational synergies while establishing a larger Australian gold producer with a strengthened growth pipeline.
