Vault Minerals (VAU) Q1 2025 earnings summary

Executive summary

• Achieved group gold production of 97,493 oz and sales of 102,529 oz at A$2,231/oz AISC and A$3,162/oz average realised price for the September 2024 quarter.

• Merger of Silver Lake and Red 5 delivered a diversified mid-tier gold producer with a strengthened capital structure and no debt.

• Significant investment in open pit waste stripping at Leonora and Mount Monger positions operations for higher ore grades and tonnes in H2 FY25 and FY26.

• Group Mineral Resources increased 99% y-o-y to 12.3 Moz and Ore Reserves up 39% y-o-y to 3.4 Moz post-merger.

Financial highlights

• Cash and bullion rose by $69.7m to $523.4m at quarter end, excluding $33.7m of gold in circuit and concentrate.

• Underlying free cash flow for the quarter was $35.0m, highlighting strong operational cash generation.

• Repayment of $92.9m project finance facility and sale of treasury shares for $136.8m simplified capital structure.

Outlook and guidance

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

• Engineering studies for Leonora plant expansion to 6mtpa expected to complete and be considered for investment approval in Q3 FY25.

• Exploration and development activities underway at King of the Hills and Sugar Zone to support future growth.