Vault Minerals (VAU) Q1 2026 earnings summary

Executive summary

• Quarterly gold production reached 92,087 ounces, with sales of 91,477 ounces at an average realised price of A$4,446/oz and AISC of A$2,613/oz, aligning with expectations and supporting FY26 guidance of 332,000–360,000 ounces at AISC A$2,650–2,850/oz.

• Underlying free cash flow for the quarter was $28.1 million after $94.1 million in growth capital and exploration, and $9.3 million spent on share buybacks; quarter-end cash and bullion stood at $703.3 million with no debt.

• A 31% increase in Group Ore Reserves to 4.0 million ounces post-FY25 mine depletion was reported, with significant exploration and drilling programs underway, especially in the Leonora district.

Financial highlights

• Group AISC for the quarter was A$2,613/oz, with segment AISC: Leonora A$2,652/oz, Mount Monger A$2,705/oz, Deflector A$2,443/oz.

• Average realised gold price was A$4,446/oz, including 34,417 ounces delivered into the hedge book at A$2,949/oz.

• Cash and bullion increased by $17.4 million to $703.3 million at quarter end, excluding $46.8 million of gold in circuit and concentrate.

• No debt at quarter end.

Outlook and guidance

• FY26 production guidance is 332,000–360,000 ounces at AISC of A$2,650–2,850/oz.

• Leonora guidance: 185,000–200,000 ounces at A$2,250–2,450/oz; Mount Monger: 75,000–82,000 ounces at A$3,100–3,300/oz; Deflector: 72,000–78,000 ounces at A$3,300–3,500/oz.

• KoTH processing plant upgrades on schedule to increase throughput by ~50% to 7.5–8.0mtpa from Q2 FY27.

• Hedge book to be largely extinguished by FY27, positioning for stronger free cash flow.