Vault Minerals (VAU) Investor Presentation summary

Strategic positioning and growth outlook

• Positioned as a long-life, intermediate gold producer with diversified assets in Australia and Canada, targeting 400,000 ounces annual production within three years, underpinned by Leonora and Sugar Zone projects.

• Merger of Silver Lake and Red 5 in June 2024 created a business with significant scale, organic growth, and a streamlined capital structure.

• Leonora district provides an 18-year asset base, with Mount Monger offering over five years of production, and Sugar Zone restart planned post-regulatory approval.

• Extensive infrastructure and two high-return organic growth projects support production and margin expansion.

• Management has a proven track record in achieving guidance, free cash flow generation, and growth delivery.

Financial strength and capital management

• Maintains a strong balance sheet with $703 million in cash and no debt as of September 2025, enabling internal funding of growth and exploration.

• Initiated an on-market share buyback for up to 10% of shares, reflecting confidence in free cash flow and value proposition.

• FY25 financial results show 72% increase in gold sales, 131% revenue growth, and NPAT of $237 million.

• Free cash flow generation and disciplined capital allocation support sustainable shareholder returns.

Operational performance and production guidance

• FY26 guidance targets consolidated gold production of 332,000–360,000 ounces at an all-in sustaining cost (AISC) of A$2,650–A$2,850/oz.

• Q1 FY26 saw $94 million invested in growth and exploration, with 92,087 ounces produced and $28.1 million in free cash flow.

• Leonora, Mount Monger, and Deflector are key contributors, with Leonora expected to deliver 185,000–200,000 ounces in FY26.

• Sugar Zone restart is contingent on regulatory approval for a new tailings facility, with production to recommence in FY28.