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2026-11-06
◂ Monitor VAU ASX

Vault Minerals Limited

Producer · Gold · AU · CA Rating locked: sign in to view v8 · vau-20261024t182409-full
Last 2026-11-06
A$5.84
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$6B
EV
A$5.2B
Cash
A$825.8M
Debt
A$0
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$825.8M2025-06-30: 674,237,000 A$2026-06-30: 825,784,000 A$ Self Funding
Debt A$0 Net cash A$825.8M
Basic shares 1B 2026-09-02
Runway Self Funding FY26 cash from operations887.959m; income tax payment begins after cutoff. A negative-burn runway ratio is not meaningful for these operating assets.

Liquidity

Financial position

Audited June cash825.784m and no corporate borrowings. Current model separately dates accrued81.398m tax, residual leases, FY27 investment and stockpile builds. October cash900.084m is an explicitly bounded analyst bridge, not reported cash.

Inventory composition1

June inventories446.511m comprise199.642m current and246.869m non-current. Opening model net operating working capital309.576m equals inventories plus21.051m receivables less157.986m payables. Asset allocations are estimates; no inventory double credit in the equity bridge.

Current and non-current inventories
A$446.5M carrying

Capital structure

Ownership and dilution

Ordinary shares
1B
Fully diluted
1.1B

Ordinary1,034,565,895 plus18,371,325 performance rights equals1,052,937,220 diluted shares, based on September2 cessation. November2025 6.5:1 consolidation retained. Rights receive no exercise proceeds. Scheme performance rights vest and convert before consideration.

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share1B——
Performance rights; expiry and vesting conditions vary, conservatively fully dilutedPerformance Right18.4M——

KPI history

Operating metrics · Deflector and Rothsay

Deflector and Rothsay production shown
06,37512,75019,12425,499Sep 2025: 22,767 oz AuSep 2025Dec 2025: 17,766 oz AuDec 2025Mar 2026: 18,016 oz AuMar 2026Jun 2026: 19,101 oz AuJun 2026
MetricUnitTrendSep 2025Dec 2025Mar 2026Jun 2026
Deflector and Rothsay productionoz AuSep 2025: 22,767 oz AuDec 2025: 17,766 oz AuMar 2026: 18,016 oz AuJun 2026: 19,101 oz Au22,76717,76618,01619,101
Deflector and Rothsay aiscAUD/oz Au soldSep 2025: 2,443 AUD/oz Au soldDec 2025: 3,831 AUD/oz Au soldMar 2026: 3,288 AUD/oz Au soldJun 2026: 3,761 AUD/oz Au sold2,4433,8313,2883,761

KPI history

Operating metrics · Leonora: King of the Hills and Darlot

Leonora: King of the Hills and Darlot production shown
013,69227,38341,07554,767Sep 2025: 46,530 oz AuSep 2025Dec 2025: 40,889 oz AuDec 2025Mar 2026: 43,349 oz AuMar 2026Jun 2026: 48,899 oz AuJun 2026
MetricUnitTrendSep 2025Dec 2025Mar 2026Jun 2026
Leonora: King of the Hills and Darlot productionoz AuSep 2025: 46,530 oz AuDec 2025: 40,889 oz AuMar 2026: 43,349 oz AuJun 2026: 48,899 oz Au46,53040,88943,34948,899
Leonora: King of the Hills and Darlot aiscAUD/oz Au soldSep 2025: 2,652 AUD/oz Au soldDec 2025: 2,858 AUD/oz Au soldMar 2026: 2,848 AUD/oz Au soldJun 2026: 2,556 AUD/oz Au sold2,6522,8582,8482,556

KPI history

Operating metrics · Mount Monger

Mount Monger production shown
06,38712,77319,16025,546Sep 2025: 22,809 oz AuSep 2025Dec 2025: 17,865 oz AuDec 2025Mar 2026: 17,213 oz AuMar 2026Jun 2026: 21,338 oz AuJun 2026
MetricUnitTrendSep 2025Dec 2025Mar 2026Jun 2026
Mount Monger productionoz AuSep 2025: 22,809 oz AuDec 2025: 17,865 oz AuMar 2026: 17,213 oz AuJun 2026: 21,338 oz Au22,80917,86517,21321,338
Mount Monger aiscAUD/oz Au soldSep 2025: 2,705 AUD/oz Au soldDec 2025: 3,196 AUD/oz Au soldMar 2026: 3,108 AUD/oz Au soldJun 2026: 3,143 AUD/oz Au sold2,7053,1963,1083,143

KPI history

Operating metrics · Company

Group production shown
027,56955,13782,706110,274Jun 2025: 98,459 oz AuJun 2025Sep 2025: 92,087 oz AuSep 2025Dec 2025: 76,520 oz AuDec 2025Mar 2026: 78,578 oz AuMar 2026Jun 2026: 89,338 oz AuJun 2026
MetricUnitTrendJun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Group aiscAUD/oz Au soldJun 2025: 2,657 AUD/oz Au soldSep 2025: 2,613 AUD/oz Au soldDec 2025: 3,160 AUD/oz Au soldMar 2026: 3,006 AUD/oz Au soldJun 2026: 2,968 AUD/oz Au sold2,6572,6133,1603,0062,968
Group productionoz AuJun 2025: 98,459 oz AuSep 2025: 92,087 oz AuDec 2025: 76,520 oz AuMar 2026: 78,578 oz AuJun 2026: 89,338 oz Au98,45992,08776,52078,57889,338
Audited cash and cash equivalents, excludes bullionAUDJun 2025: 674,237,000 AUDJun 2026: 825,784,000 AUD674,237,000———825,784,000
Operating metric source table36
MetricProjectPeriodPeriod typeValueStatus
Group aiscCompanyJun 2025Quarter2,657 AUD/oz Au soldReported
Group productionCompanyJun 2025Quarter98,459 oz AuReported
Leonora: King of the Hills and Darlot productionVau LeonoraSep 2025Quarter46,530 oz AuReported
Leonora: King of the Hills and Darlot aiscVau LeonoraSep 2025Quarter2,652 AUD/oz Au soldReported
Leonora: King of the Hills and Darlot productionVau LeonoraDec 2025Quarter40,889 oz AuReported
Leonora: King of the Hills and Darlot aiscVau LeonoraDec 2025Quarter2,858 AUD/oz Au soldReported
Leonora: King of the Hills and Darlot productionVau LeonoraMar 2026Quarter43,349 oz AuReported
Leonora: King of the Hills and Darlot aiscVau LeonoraMar 2026Quarter2,848 AUD/oz Au soldReported
Leonora: King of the Hills and Darlot productionVau LeonoraJun 2026Quarter48,899 oz AuReported
Leonora: King of the Hills and Darlot aiscVau LeonoraJun 2026Quarter2,556 AUD/oz Au soldReported
Mount Monger productionVau Mount MongerSep 2025Quarter22,809 oz AuReported
Mount Monger aiscVau Mount MongerSep 2025Quarter2,705 AUD/oz Au soldReported
Mount Monger productionVau Mount MongerDec 2025Quarter17,865 oz AuReported
Mount Monger aiscVau Mount MongerDec 2025Quarter3,196 AUD/oz Au soldReported
Mount Monger productionVau Mount MongerMar 2026Quarter17,213 oz AuReported
Mount Monger aiscVau Mount MongerMar 2026Quarter3,108 AUD/oz Au soldReported
Mount Monger productionVau Mount MongerJun 2026Quarter21,338 oz AuReported
Mount Monger aiscVau Mount MongerJun 2026Quarter3,143 AUD/oz Au soldReported
Deflector and Rothsay productionVau DeflectorSep 2025Quarter22,767 oz AuReported
Deflector and Rothsay aiscVau DeflectorSep 2025Quarter2,443 AUD/oz Au soldReported
Deflector and Rothsay productionVau DeflectorDec 2025Quarter17,766 oz AuReported
Deflector and Rothsay aiscVau DeflectorDec 2025Quarter3,831 AUD/oz Au soldReported
Deflector and Rothsay productionVau DeflectorMar 2026Quarter18,016 oz AuReported
Deflector and Rothsay aiscVau DeflectorMar 2026Quarter3,288 AUD/oz Au soldReported
Deflector and Rothsay productionVau DeflectorJun 2026Quarter19,101 oz AuReported
Deflector and Rothsay aiscVau DeflectorJun 2026Quarter3,761 AUD/oz Au soldReported
Group productionCompanySep 2025Quarter92,087 oz AuReported
Group aiscCompanySep 2025Quarter2,613 AUD/oz Au soldReported
Group productionCompanyDec 2025Quarter76,520 oz AuReported
Group aiscCompanyDec 2025Quarter3,160 AUD/oz Au soldReported
Group productionCompanyMar 2026Quarter78,578 oz AuReported
Group aiscCompanyMar 2026Quarter3,006 AUD/oz Au soldReported
Group productionCompanyJun 2026Quarter89,338 oz AuReported
Group aiscCompanyJun 2026Quarter2,968 AUD/oz Au soldReported
Audited cash and cash equivalents, excludes bullionCompany2025-06-30Point In Time674,237,000 AUDReported
Audited cash and cash equivalents, excludes bullionCompany2026-06-30Point In Time825,784,000 AUDReported
Company guidance8
MetricProjectPeriodLowHighStatus
Gold Productionvau-leonoraFY27198,000208,000 oz Au/yearCurrent
AISCvau-leonoraFY272,7502,950 AUD/oz Au soldCurrent
Gold Productionvau-mount-mongerFY2783,00089,000 oz Au/yearCurrent
AISCvau-mount-mongerFY272,9503,150 AUD/oz Au soldCurrent
Gold Productionvau-deflectorFY2774,00078,000 oz Au/yearCurrent
AISCvau-deflectorFY274,3004,500 AUD/oz Au soldCurrent
Gold ProductionCompanyFY27355,000375,000 oz Au/yearCurrent
AISCCompanyFY273,1503,350 AUD/oz Au soldCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-07BuybackVau Ordinary Fully PaidA$53.9M12MA$4.497CompletedFinal notice:11,979,600 securities bought forAUD53,877,826.88, high6.00 and low3.59. Completion is historical; latest capital denominator already reflects cancellations.Until 2026-09-07
2026-02-26DividendA$72.9M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Signed merger, audited FX hedge, terminated gold hedge, royalty cash-cost rows, joint operations and controlled minority holding reviewed. Counterparty-specific royalty/refining schedules are not fully disclosed; their cash costs retained in issuer AISC.

Conditional scheme default0.7629 new Genesis shares and approximatelyAUD0.5125 cash per VAU share; cash depends on record-date securities. Mixed-election alternatives are scale-back dependent. Booklet provides fees, tax consolidation and financing terms.

Other · Conditional
Counterparties
Genesis Minerals Limited
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Default scrip ratio: 0.76 GMD shares/VAU share
Original cash component: 0.48 AUD/VAU share
Rounded default cash after dividend adjustment: 0.51 AUD/VAU share
How it affects our valuation

No valuation treatment is available for this arrangement.

5.9bnJPY hedge covers80% of7.375bnJPY equipment currency exposure at107.373JPY/AUD. Model varies the unhedged20% of that finite equipment acquisition only, endingAugust2027.

FX Hedge · Active
Counterparties
Hitachi equipment currency counterparties (bank identities not disclosed)
Applies to
Leonora: King of the Hills and Darlot
Economic direction
Mixed
Period
Through 2027-08-31; start date not stated
Key terms
Hedged amount: 5,900,000,000 JPY
Coverage: 80 %
Weighted fixed exchange rate: 107.37 JPY/AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Cash royalties are embedded in issuer AISC. Model separates an effective revenue-linked royalty from residual cost without a second charge.

Royalty · Active
Applies to
Leonora: King of the Hills and Darlot · Mount Monger · Deflector and Rothsay · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Leonora FY26 royalties: 219 AUD/oz Au sold
Mount Monger FY26 royalties: 166 AUD/oz Au sold
Deflector FY26 royalties: 176 AUD/oz Au sold
How it affects our valuation

No valuation treatment is available for this arrangement.

Current legal economic interest retained from cited issuer note. No separately sourced cash-generating programme; no incremental stand-alone value assigned.

Joint Venture · Active
Counterparties
Ardea Exploration Pty Ltd
Applies to
Mt Zephyr exploration joint operation · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Ownership: 80 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Vault subsidiary Darlot Mining Company holds49% in this joint operation. No separately disclosed resource or development schedule.

Joint Venture · Active
Counterparties
South Darlot Mines Pty Ltd
Applies to
Darlot South/CIO joint operation · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Ownership: 49 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Current legal economic interest retained from cited issuer note. No separately sourced cash-generating programme; no incremental stand-alone value assigned.

Joint Venture · Active
Counterparties
Panaust Limited and minority partner
Applies to
Darlot South B joint operation · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Ownership: 83.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Current legal economic interest retained from cited issuer note. No separately sourced cash-generating programme; no incremental stand-alone value assigned.

Other · Active
Counterparties
Other SHIC shareholders
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Gold forward deliveries fully extinguished26June2026. Cash203.924m settlement is in audited closing cash and is not paid again.

Commodity Hedge · Terminated
Applies to
Company-wide · Gold
Economic direction
Burden
Period
Through 2026-06-26; start date not stated
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.