Vault Minerals (VAU) H1 2026 earnings summary

Executive summary

• Statutory net loss after tax of $35.2 million for H1 FY26, compared to a $119.3 million profit in H1 FY25, driven by a one-off $172.7 million expense from early settlement of gold hedge contracts.

• Underlying profit before tax rose 93% year-over-year to $211.7 million, and underlying EBITDA increased to $384.5 million from $267.4 million, with a 47% margin.

• Gold production totaled 168,607 ounces, with sales of 169,274 ounces at an average realized price of A$4,508/oz and AISC of A$2,865/oz.

• Revenue for the half-year was $817.3 million, up 20% from $678.8 million year-over-year, reflecting higher gold prices.

• Maiden unfranked dividend of 7 cents per share (~$73 million) declared, with ongoing share buy-backs totaling $14.3 million.

Financial highlights

• Revenue: $817.3 million (up from $678.8 million year-over-year).

• Statutory net loss after tax: $35.2 million (vs. $119.3 million profit year-over-year).

• Underlying EBITDA: $384.5 million (up from $267.4 million year-over-year), margin 47%.

• Gross profit: $227.9 million (vs. $126.2 million year-over-year).

• Cash and cash equivalents: $530.0 million at period end (down from $674.2 million at June 2025); cash and bullion at $537.3 million, no debt.

• Net cash from operating activities: $284.8 million.

• Total assets: $2.36 billion (down from $2.44 billion at June 2025).

Outlook and guidance

• FY26 production guidance reaffirmed at 332,000–360,000 ounces.

• Stage 1 of King of the Hills plant expansion to be commissioned end of March quarter; Stage 2 on track for Q2 FY27, targeting 7.5–8.0 Mtpa throughput.

• Deflector operation ramping up to steady-state production in Q4 FY26.

• Full exposure to gold price in H2 FY26 expected to drive a step change in free cash flow.

• Future dividends beyond FY26 expected to be franked as company anticipates a cash tax paying position in FY27.