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Vault Minerals (VAU) investor relations material
Vault Minerals Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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