Vault Minerals (VAU) H2 2025 earnings summary

Executive summary

• Achieved group gold production of 380,985 ounces and gold sales of 385,232 ounces for FY25, marking the first full year post-merger.

• Delivered strong cash flow and completed successful integration of assets, supporting a maiden share buy-back of up to 10% of shares.

• Implemented an optimized Leonora operating strategy targeting a 20% increase in peak output over FY25 levels.

Financial highlights

• Group sales revenue reached $1.43 billion, up 131% year-over-year, with an average realized gold price of A$3,684/oz.

• Adjusted EBITDA rose 221% to $619.4 million, with a 43% EBITDA margin.

• Net profit after tax was $237.0 million, compared to a loss of $5.4 million in FY24.

• Cash and bullion at period end totaled $685.9 million, up 51% year-over-year, with no debt.

• Operating cash flow for the year was $540.1 million, up 161% from the prior year.

Outlook and guidance

• Hedge book deliveries will reduce significantly, with full extinguishment expected in Q1 FY27, increasing exposure to spot gold prices.

• Expected to be in a tax payable position in FY26, with payment due December 2026, based on prevailing gold prices.