Vault Minerals (VAU) H2 2025 earnings summary

Executive summary

• Achieved a net profit after tax of $237.0 million for FY25, reversing a $5.4 million loss in FY24.

• Revenue rose to $1.43 billion, driven by full-year contributions from Mount Monger and Deflector operations and higher gold prices.

• FY25 marked the first full year post-acquisition of Silver Lake Resources, with successful integration and operational focus.

• Gold sales totaled 385,232 ounces at an average price of A$3,684/oz, with production from Leonora, Deflector, and Mount Monger.

Financial highlights

• Underlying EBITDA surged to $619.4 million from $192.7 million year-over-year.

• Gross profit reached $319.7 million, up from $90.4 million in FY24.

• All-in sustaining cost (AISC) for gold was A$2,422/oz.

• Cash and cash equivalents increased by $245.4 million to $674.2 million.

• Total assets grew to $2.44 billion, with liabilities reduced to $444.3 million after debt repayment.

Outlook and guidance

• Leonora’s King of the Hills plant expansion to 7.5Mtpa is underway, with Stage 1 completion targeted for Q4 FY26 and Stage 2 for Q2 FY27.

• Santa Open Pit Complex at Mount Monger expected to provide base load mill feed through FY30.

• Sugar Zone in Ontario progressing toward a low-capital restart, with permitting and resource modeling ongoing.

• Business strategy focuses on top quartile shareholder returns and organic growth through project optimization and exploration.