Vault Minerals (VAU) Q2 2026 earnings summary

Executive summary

• Quarterly gold production reached 76,520 ounces, with sales of 77,798 ounces at an average realised price of A$4,582/oz and AISC of A$3,160/oz; YTD production was 168,607 ounces at AISC of A$2,865/oz.

• Strong operating results driven by a diversified portfolio and strategic investments, positioning for a step change in free cash generation as the investment cycle nears completion.

• Stage 1 of the KoTH processing plant expansion is on schedule for commissioning at the end of the current quarter, with Stage 2 to follow in Q2 FY27, increasing throughput capacity by ~50%.

Financial highlights

• Underlying free cash flow for the quarter was $12 million, after delivering 40,545 ounces into the hedge book at A$2,926/oz.

• Cash and bullion at quarter end stood at $537.3 million, excluding $44.8 million of gold in circuit and concentrate.

• Growth capital expenditure for the quarter was $82 million, mainly for KoTH plant expansion and Deflector mining fleet acquisition.

• Share buy-backs totaled $5 million for 1.02 million shares during the quarter.

Outlook and guidance

• FY26 production guidance reaffirmed at 332,000–360,000 ounces of gold.

• Expected ~11% increase in gold production by FY28 as investment cycle completes.

• KoTH plant upgrades to deliver 7.5–8.0 Mtpa throughput from Q2 FY27.

• Vault is now materially unhedged, with only 10,223 ounces remaining for delivery in Q1 FY27.