Vault Minerals (VAU) Investor presentation summary

Strategic positioning and growth outlook

• Positioned as a long-life, high-yield gold producer with diversified operations and organic growth potential, targeting an 18% production increase to 400,000 ounces by FY28, underpinned by an 18-year asset in the Leonora district and an average 11-year portfolio reserve life.

• Internally funded investments accelerate the inflection point, enabling transformational free cash flow growth and supporting increased shareholder returns through dividends and ongoing buybacks.

• KoTH plant upgrade is on schedule for completion in December 2026, set to deliver the dominant regional processing facility and drive life-of-mine (LOM) extensions and growth.

• Exploration success across the portfolio is extending mine life and supporting reserve growth, with high-grade results and new mining areas identified.

• Proven management team with a track record of meeting guidance, generating free cash flow, and delivering growth.

Financial performance and capital management

• H1 FY26 gold sales were 169,274 ounces, down 15% year-on-year, but average realized price rose 34% to A$4,508/oz, driving a 20% increase in revenue to $817.3 million and a 44% rise in EBITDA to $384.5 million.

• Underlying profit before tax nearly doubled to $211.7 million, while statutory NPAT was negative due to non-cash items; operating cash flow increased 20% to $284.8 million.

• Elevated capital investment in FY26, with $278 million in consolidated capex and $30 million in exploration, primarily for KoTH plant expansion and operational improvements.

• Initiated a dividend (7 cents per share, $73 million) and commenced a $33 million share buyback, reflecting a disciplined capital allocation framework.

• Retired $93 million legacy debt and closed legacy hedges, providing full leverage to gold prices for H2 FY26.

Operational highlights and asset base

• Leonora, Mount Monger, and Deflector are the core producing assets, with FY26 production guidance of 185,000–200,000 oz (Leonora), 75,000–82,000 oz (Mount Monger), and 72,000–78,000 oz (Deflector).

• KoTH open pit and underground operations provide 18 years of baseload ore feed, with plant upgrades increasing throughput to 7.5–8.0 Mtpa by FY27.

• Mount Monger’s Santa Open Pits underpin a 6-year LOM, with declining strip ratios and increasing grades expected to boost cash margins.

• Deflector transitioning to owner-operator model, with new mining fronts and high-grade lode discoveries supporting LOM extensions.

• Sugar Zone restart contingent on regulatory approval for a new tailings facility, with a 389,000 oz reserve supporting a 7-year LOM and significant exploration upside.