Vault Minerals (VAU) H2 2026 earnings summary

Executive summary

• FY26 marked a transformational year, highlighted by a merger agreement with Genesis Minerals to consolidate Leonora operations and create a top 3 Australian gold miner and top 20 globally.

• Delivered on production guidance with group gold production of 336,540 ounces and sales of 334,904 ounces.

• Returned $126.8 million to shareholders via share buybacks and a maiden interim dividend.

Financial highlights

• Revenue rose 31% year-over-year to $1,880.2 million, driven by higher realised gold prices.

• Underlying EBITDA increased 54% to $953.3 million, with a margin of 50%.

• Underlying net profit before tax surged 121% to $619.1 million.

• Statutory net profit after tax was $278.4 million, up 17% year-over-year, impacted by early settlement of gold hedges.

• Operating cash flow grew 64% to $888.0 million; free cash flow was $487.8 million.

Outlook and guidance

• Standalone FY27 guidance: 355,000–375,000 ounces at AISC of A$3,150–A$3,350/oz.

• FY28 production expected to grow to 380,000–400,000 ounces.