Vault Minerals (VAU) Q4 2025 earnings summary

Executive summary

• Quarterly gold production rose 13% quarter-over-quarter to 98,459 ounces, with sales of 95,976 ounces at an average realized price of A$4,219/oz and AISC of A$2,657/oz.

• FY25 gold production totaled 380,985 ounces, with sales of 385,232 ounces at an average realized price of A$3,684/oz and AISC of A$2,422/oz.

• Underlying free cash flow for the quarter was $92.3 million after $46.5 million in growth capital investment; cash and bullion increased by $61.4 million to $685.9 million, with no debt.

• KoTH open pit Ore Reserve increased 33% to 2.2 million ounces, supporting a 50% plant throughput expansion by late Q2 FY27.

Financial highlights

• Quarterly average realized gold price increased 11% quarter-over-quarter to A$4,219/oz.

• All-in sustaining cost (AISC) for the quarter was A$2,657/oz; FY25 AISC was A$2,422/oz.

• Cash and bullion at quarter end stood at $685.9 million, excluding $35.8 million of gold in circuit and concentrate.

• Interim stamp duty payment of $30.9 million related to the Silver Lake Resources merger was made during the quarter.

Outlook and guidance

• FY26 guidance will be released in the September quarter.

• Hedge book to be materially delivered through FY26, with 56% of outstanding hedged ounces scheduled for H1 FY26; company will exit FY26 largely unhedged.

• Stage 2 KoTH plant upgrade brought forward, targeting 7.5mtpa throughput from late Q2 FY27 and ~20% increase in peak output over FY25.