Vault Minerals (VAU) H2 2024 earnings summary

Executive summary

• Completed transformational merger with Silver Lake on 19 June 2024, creating a diversified mid-tier gold miner with enhanced scale and financial strength.

• FY24 results include 12 days of Silver Lake operations; balance sheet and outlook reflect the combined group.

• Post-merger, balance sheet strengthened with $442.5 million in cash and deposits, $11.2 million in bullion, and no corporate debt after repaying the $92.9 million project finance facility post period end.

• FY25 guidance targets 390,000–430,000 ounces of gold sales at an AISC of A$2,250–A$2,450/oz, an 84% y-o-y increase in sales guidance.

Financial highlights

• FY24 gold sales rose 35% y-o-y to 223,498 ounces, driven by a 29% increase at King of the Hills.

• Revenue increased 47% y-o-y to A$620 million, with gross profit up 221% to A$90.4 million.

• Underlying operational EBITDA doubled to A$225.5 million (+103% y-o-y), with a margin of 36%.

• Statutory net loss after tax of A$5.4 million, but underlying profit after tax of A$48.5 million after adjusting for A$43.4 million in one-off merger costs.

• Cashflow from operations surged 342% y-o-y to A$206.6 million.

Outlook and guidance

• FY25 gold sales guidance: 390,000–430,000 ounces at AISC of A$2,250–A$2,450/oz.

• Segment guidance: King of the Hills 210,000–230,000 oz (AISC A$2,100–A$2,300), Deflector 95,000–105,000 oz (AISC A$2,250–A$2,450), Mount Monger 85,000–95,000 oz (AISC A$2,600–A$2,800).

• Capital and exploration budgets include A$105m for underground development, A$25m for growth capital, and A$17–20m for exploration.