Vault Minerals (VAU) investor relations material

Executive summary

• Quarterly gold production reached 78,578 ounces, with sales of 77,707 ounces at an average realised price of A$6,987/oz and AISC of A$3,006/oz for the March 2026 quarter.

• Year-to-date production totaled 247,203 ounces, with sales of 246,981 ounces at an average realised price of A$5,288/oz and AISC of A$2,909/oz.

• Underlying free cash flow surged to $229 million for the quarter, up 1,808% quarter-over-quarter, following the close-out of gold hedges.

• Cash and bullion at quarter end stood at $728 million, with no debt.

• A maiden interim dividend of 7cps ($73 million) was paid, and $39.6 million was deployed for share buybacks.

Financial highlights

• Quarterly gold sales averaged A$6,987/oz, with group AISC at A$3,006/oz.

• Year-to-date group AISC was A$2,909/oz, reflecting operational efficiencies.

• Free cash flow for the quarter was $229 million, driven by strong production and higher gold prices.

• Growth capital expenditure for the quarter totaled $68.5 million, mainly for KoTH plant upgrades and fleet acquisitions.

Outlook and guidance

• FY26 production guidance reaffirmed at 332,000–360,000 ounces at AISC of A$2,650–A$2,850/oz.

• KoTH Stage 2 upgrade on schedule for Q2 FY27, targeting a ~50% increase in throughput and a 34% rise in Leonora gold output.

• Sugar Zone restart expected in Q1 FY27, pending tailings facility permit.