Vault Minerals (VAU) Diggers & Dealers Mining Forum 2025 summary

Financial Position and Capital Allocation

• Maintains AUD 686 million in cash and no debt, supporting internal funding for key projects through FY 2026.

• Focuses on free cash flow generation over production targets, aiming for a new phase of cash flow harvest in FY 2027.

• No need for deleveraging anticipated due to strong balance sheet.

• KoTH plant expansion investment of $172 million over FY26–H1 FY27 is fully funded from internal resources.

• Maintains a disciplined approach to capital management, prioritizing balance sheet strength and sustainable shareholder returns.

Operational Performance and Expansion

• King of the Hills plant expansion underway, targeting a 40% throughput increase to 7.5 Mtpa, completion expected in Q2 FY 2027.

• Board-approved expansions at KoTH target a ~20% increase in peak production by FY27, with Stage 1 completion in Q4 FY26 and Stage 2 in Q2 FY27.

• Mount Monger and Deflector operations contribute cash flow and flexibility, with Mount Monger set for significant free cash flow in FY 2027-2028.

• Modern, low-cost processing facility with upgrades to further reduce costs and increase competitiveness.

• Portfolio includes extensive infrastructure and a large, contiguous land package in Australia and Canada, supporting organic and inorganic growth.

Exploration and Resource Growth

• High-impact exploration at Leonora and Sugar Zone, with over 100,000 m of drilling planned for Leonora in FY 2026.

• Sugar Zone's new high-grade Sugar South zone extends 500 m south, with resource modeling underway.

• Regional satellite prospects along a 12 km trend being drilled, with programs across four prospects in FY 2026.

• Darlot underground drilling continues to deliver high-grade results, opening new mining fronts and extending known lodes.

• Sugar Zone’s 1.28Moz Mineral Resource remains open in multiple directions, with a 5km mineralised corridor offering significant exploration upside.