Vault Minerals (VAU) H1 2025 earnings summary

Executive summary

• Net profit after tax for H1 FY25 was $119.3 million, up 311% year-over-year, driven by the first six months of combined operations post-acquisition of Silver Lake Resources and Red 5 Limited.

• Revenue rose to $678.8 million, up 139% year-over-year, with 199,428 gold ounces sold at an average price of A$3,369/oz.

• Group gold production reached 195,417 ounces, with all three producing centres (Leonora, Deflector, Mount Monger) contributing positive EBITDA.

• Group EBITDA reached $267.4 million, up 179% year-over-year, with a margin of 39.4%.

• H1 FY25 marks the first full reporting period post-merger, highlighting robust cash generation and operational integration.

Financial highlights

• Net profit after tax: $119.3 million (H1 FY25) vs $29.0 million (H1 FY24).

• Revenue: $678.8 million (H1 FY25) vs $283.5 million (H1 FY24).

• EBITDA: $267.4 million (H1 FY25) vs $95.7 million (H1 FY24).

• Gross profit: $126.2 million (H1 FY25) vs $45.7 million (H1 FY24).

• All-in sustaining cost (AISC): A$2,249/oz, up 12% year-over-year, reflecting investment in waste stripping for future ore and grade improvement.

Outlook and guidance

• FY25 gold sales guidance tightened to 390,000–410,000 ounces at an AISC of A$2,250–A$2,450/oz.

• Board approved $80 million capex for King of the Hills process plant re-engineering to increase throughput and lower costs.

• Significant investment in open pit waste stripping positions operations for increased ore access and production in H2 FY25 and FY26.

• Capital expenditure in H2 FY25 will include $8 million for KoTH expansion and $6 million for Deflector’s Spanish Galleon development, both excluded from AISC.

• Released maiden merged-Group sales, AISC, and growth capex guidance, with the Group positioned to deliver into guidance.