Vault Minerals (VAU) Q4 2024 earnings summary

Executive summary

• Achieved quarterly gold production of 108,693 oz and copper production of 177 t, with sales of 110,818 oz gold and 165 t copper at A$3,175/oz; full-year gold production reached 453,519 oz and copper 1,067 t, including legacy Silver Lake mines.

• All three operations met or exceeded FY24 guidance, highlighting the strength of the newly consolidated portfolio post-merger with Silver Lake.

• Merger with Silver Lake completed on 19 June 2024; integration progressing, including repayment of project loan facility.

Financial highlights

• Cash and bullion at quarter end totaled $453.7 million, with $92.9 million debt repaid post-quarter, leaving Red 5 debt-free.

• Underlying free cash flow for the quarter was $76.6 million, adjusted for merger costs and investment sales.

• Listed investments valued at $159 million as of 30 July 2024.

• Group net cash, bullion, and liquid investments position at $520 million.

Outlook and guidance

• FY25 sales, cost, and capital expenditure guidance to be provided with FY24 financial results in August.

• Ongoing exploration and drilling programs aim to increase operational flexibility and extend life of mine.