Vault Minerals (VAU) H2 2025 earnings summary

Executive summary

• Achieved first full year of operations post-merger, integrating assets from Red 5 and Silver Lake Resources.

• Group gold production reached 380,985 ounces, with sales of 385,232 ounces at an AISC of A$2,422/oz.

• Revenue totaled $1.43 billion, with underlying EBITDA of $619.4 million, up 221% year-over-year.

• Net profit after tax was $237.0 million, reversing a prior year loss.

• Ended the year with $685.9 million in cash and bullion, and no debt.

Financial highlights

• Revenue: $1,432.1 million, up from $620.0 million year-over-year.

• Net profit after tax: $237.0 million (prior year: $5.4 million loss).

• Underlying EBITDA: $619.4 million (prior year: $192.7 million).

• Gross operating profit: $319.7 million.

• Cash flow from operations: $540.1 million.

• All-in Sustaining Cost (AISC): A$2,422/oz.

• Earnings per share: 3.48 cents (basic).

Outlook and guidance

• KoTH processing plant expansion to 7.5Mtpa by late 2026, targeting a 50% throughput increase.

• Sugar Zone restart planned, with ongoing exploration for resource growth.

• Mount Monger expected to enter a period of margin growth as strip ratios fall and grades improve.

• Deflector transitioning to the Spanish Galleon zone, approaching yield phase.

• Focus on disciplined capital allocation and continued operational integration.