Vault Minerals (VAU) Q4 2026 earnings summary

Executive summary

• Achieved quarterly gold production of 89,338 ounces and sales of 87,922 ounces at an average realised price of A$6,311/oz and AISC of A$2,968/oz; full-year production reached 336,540 ounces with sales of 334,901 ounces at A$5,557/oz and AISC of A$2,924/oz.

• Announced a merger with Genesis Minerals Limited to create a top 20 global gold producer, consolidating Leonora operations and targeting significant operational synergies.

• Generated underlying free cash flow of $219 million for the quarter, closing FY26 with $842 million in cash and bullion, no debt, and no gold hedge exposure.

Financial highlights

• Returned $74.3 million to shareholders via maiden dividend and buybacks; settled all remaining gold hedges for $31.2 million.

• FY26 growth capital expenditure totaled $48.1 million, mainly for KoTH processing upgrades, waste stripping, and transition to owner-operated mining.

• Quarterly AISC: Leonora A$2,556/oz, Mount Monger A$3,143/oz, Deflector A$3,761/oz.

Outlook and guidance

• FY27 standalone guidance: 355,000–375,000 ounces at AISC of A$3,150–A$3,350/oz; FY28 outlook: 380,000–400,000 ounces.

• Leonora production expected to rise with KoTH Stage 2 upgrade commissioning in September 2026, supporting a 34% uplift.

• Sugar Zone to commence production in Q1 FY28 after regulatory approvals and tailings facility construction.