Vault Minerals (VAU) Q1 2027 TU earnings summary

Executive summary

• Q1 FY27 gold production was 76,849 oz; sales were 79,085 oz at an average realised price of A$6,023/oz and AISC of A$3,529/oz.

• Operations generated underlying free cash flow of $95.7m before the $50.7m Regis Resources break fee; closing cash and bullion were $886.7m, with no corporate debt or gold hedge exposure.

• Key growth milestones included the KoTH stage 2 processing upgrade and Sugar Zone underground development; quarterly operating results were affected by weather and underground manning and equipment constraints.

Financial highlights

• Gold sales exceeded production at 79,085 oz versus 76,849 oz; average realised sales price was A$6,023/oz and group AISC was A$3,529/oz.

• Underlying free cash flow was $95.7m, excluding the $50.7m break fee paid following termination of the proposed Regis Resources transaction.

• Cash and bullion increased $45.1m to $886.7m, including $10.3m of bullion and excluding $33.6m of gold in circuit and concentrate at net realisable value.

Outlook and guidance

• Standalone FY27 guidance is 355,000–375,000 oz at A$3,150–A$3,350/oz AISC; FY28 production is targeted at 380,000–400,000 oz.

• FY27 production guidance by operation: Leonora 198,000–208,000 oz; Mount Monger 83,000–89,000 oz; Deflector 74,000–78,000 oz.

• Sugar Zone underground development is expected to ramp up in coming months, supporting a planned plant restart in Q1 FY28; KoTH full processing rates are expected from November 2026 after performance testing.