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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
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1M
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YTD
—
1Y
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Fair value
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Upside
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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

People, delivery and responsibility

Management background checks

Evidence through 2026-10-31

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

Vault’s management presides over a gold-producing business with disclosed financial results and material operating-safety history. Available evidence does not establish personal fault for the incidents.

Decision-relevant facts

Material summary

Individual involvement and employer context shown separately

Luke Tonkin

Managing Director and CEO

Current
Full background report for Luke Tonkin
SafetyDocumented · High materiality

2014 Murchison injury and corporate fine

The Western Australian regulator says Silver Lake Resources was fined A$58,000 after a worker was seriously injured at its Murchison facility in April 2014. Silver Lake’s annual report lists Tonkin as director of operations from October 2013.

Role overlaps event; causation unproven · The offence concerns Silver Lake and the operational role overlapped. The sources do not establish his personal involvement or fault.

2014 annual report · PDF physical p25, printed p24, Luke Tonkin director biography and 14 October 2013 appointment
SafetyDocumented · High materiality

2021 Daisy Complex contractor death

Silver Lake reported a contractor died at Daisy Complex in June 2021 and resumed operations on 21 June while the investigation continued. ABC reported the investigation remained ongoing in June 2022; its final outcome and cause were not established in this review.

Role overlaps event; causation unproven · Tonkin was managing director. No source establishes individual fault or the cause of death.

Incident at Daisy Complex underground mine · p1, fatality and CEO response
Resumption of full operations at Daisy Complex · p1, resumption and ongoing investigation
SafetyDocumented · High materiality

2026 King of the Hills road fatality

Vault reported a subcontractor died in an April 2026 access-road crash, operations were suspended, and police and the regulator were investigating. The issuer described the driver’s injuries as minor; ABC described them as serious.

Role overlaps event; causation unproven · The team member held an executive role during the company event. No personal role in the crash or fault is established, and the reporting discrepancy and final inquiry outcome remain unresolved.

Incident at King of the Hills mine site · p1, incident and issuer account
WorkSafe investigates fatal crash · 8 April account and police/regulator investigation
Company SuccessIssuer Reported · Medium materiality

FY2026 company result

Vault reported FY2026 statutory net profit of A$278.4 million compared with A$237.0 million in FY2025. The report notes one-off effects in statutory profit; individual contribution and commodity effects are not isolated.

Role overlaps event; causation unproven · Tonkin was MD/CEO; this is a company outcome, not independent evidence of personal contribution.

2026 annual report · Physical p16, Results of Operations; visually inspected
Evidence gaps · 3
  • Partial screening: separate named-person searches for each required topic and comprehensive former-employer, legal, fraud, environment, safety and governance research are incomplete.
  • Independent credentials, exact role dates, individual responsibility and prior-employer outcomes remain unverified.
  • Independent corroboration of the issuer’s executive biographies, all former employers, and current role continuity remain incomplete.

Full background report

Luke Tonkin

Managing Director and CEO

Career chronology

  • 2026 per issuer report; exact role commencement not verified in this review: Vault Minerals — Managing Director and CEO. 2026 annual report (Physical p25 and p35, executive KMP roles and service agreements); Corporate update June 2026 (p3, management team)

Contributions and company outcomes

FY2026 company result

FY2026 · issuer reported · medium materiality

Vault reported FY2026 statutory net profit of A$278.4 million compared with A$237.0 million in FY2025. The report notes one-off effects in statutory profit; individual contribution and commodity effects are not isolated.

Attribution: Role overlaps event; causation unproven. Tonkin was MD/CEO; this is a company outcome, not independent evidence of personal contribution.

Relevance: Provides a financial outcome during leadership tenure.

2026 annual report (Physical p16, Results of Operations; visually inspected)

Industrial safety

2014 Murchison injury and corporate fine

2013–2019 · documented · high materiality

The Western Australian regulator says Silver Lake Resources was fined A$58,000 after a worker was seriously injured at its Murchison facility in April 2014. Silver Lake’s annual report lists Tonkin as director of operations from October 2013.

Attribution: Role overlaps event; causation unproven. The offence concerns Silver Lake and the operational role overlapped. The sources do not establish his personal involvement or fault.

Relevance: A serious past operating incident and corporate outcome are relevant to oversight assessment.

Mining company fined following incident that seriously injured worker (Regulator notice, incident and fine); 2014 annual report (PDF physical p25, printed p24, Luke Tonkin director biography and 14 October 2013 appointment)

2021 Daisy Complex contractor death

2021–2022 · documented · high materiality

Silver Lake reported a contractor died at Daisy Complex in June 2021 and resumed operations on 21 June while the investigation continued. ABC reported the investigation remained ongoing in June 2022; its final outcome and cause were not established in this review.

Attribution: Role overlaps event; causation unproven. Tonkin was managing director. No source establishes individual fault or the cause of death.

Relevance: Relevant operating safety history with explicit investigation limitations.

Incident at Daisy Complex underground mine (p1, fatality and CEO response); Resumption of full operations at Daisy Complex (p1, resumption and ongoing investigation); Investigation into death of contractor at Daisy Milano gold mine (Investigation status, 17 June 2022)

2026 King of the Hills road fatality

2026 · documented · high materiality

Vault reported a subcontractor died in an April 2026 access-road crash, operations were suspended, and police and the regulator were investigating. The issuer described the driver’s injuries as minor; ABC described them as serious.

Attribution: Role overlaps event; causation unproven. The team member held an executive role during the company event. No personal role in the crash or fault is established, and the reporting discrepancy and final inquiry outcome remain unresolved.

Relevance: An operating safety event with unresolved investigation.

Incident at King of the Hills mine site (p1, incident and issuer account); WorkSafe investigates fatal crash (8 April account and police/regulator investigation)

Suitability for the current role

Current role and evidence limits

2026 · analyst inference · low materiality

The issuer lists Luke Tonkin as Managing Director and CEO. Detailed independent verification of earlier roles and qualifications remains incomplete.

Attribution: Responsibility not applicable. This reflects the issuer-listed role and an assessment of relevance, not independently verified career or qualifications.

Relevance: The role is relevant to management responsibilities.

2026 annual report (Physical p25 and p35, executive KMP roles and service agreements); Corporate update June 2026 (p3, management team)

Evidence gaps

  • Partial screening: separate named-person searches for each required topic and comprehensive former-employer, legal, fraud, environment, safety and governance research are incomplete.

  • Independent credentials, exact role dates, individual responsibility and prior-employer outcomes remain unverified.

  • Independent corroboration of the issuer’s executive biographies, all former employers, and current role continuity remain incomplete.

Struan Richards

Chief Financial Officer

Current
Full background report for Struan Richards

No supported material findings selected. See this executive’s report and evidence gaps.

Evidence gaps · 3
  • Partial screening: separate named-person searches for each required topic and comprehensive former-employer, legal, fraud, environment, safety and governance research are incomplete.
  • Independent credentials, exact role dates, individual responsibility and prior-employer outcomes remain unverified.
  • Independent corroboration of the issuer’s executive biographies, all former employers, and current role continuity remain incomplete.

Full background report

Struan Richards

Chief Financial Officer

Career chronology

  • 2026 per issuer report; exact role commencement not verified in this review: Vault Minerals — Chief Financial Officer. 2026 annual report (Physical p25 and p35, executive KMP roles and service agreements); Corporate update June 2026 (p3, management team)

Suitability for the current role

Current role and evidence limits

2026 · analyst inference · low materiality

The issuer lists Struan Richards as Chief Financial Officer. Detailed independent verification of earlier roles and qualifications remains incomplete.

Attribution: Responsibility not applicable. This reflects the issuer-listed role and an assessment of relevance, not independently verified career or qualifications.

Relevance: The role is relevant to management responsibilities.

2026 annual report (Physical p25 and p35, executive KMP roles and service agreements); Corporate update June 2026 (p3, management team)

Evidence gaps

  • Partial screening: separate named-person searches for each required topic and comprehensive former-employer, legal, fraud, environment, safety and governance research are incomplete.

  • Independent credentials, exact role dates, individual responsibility and prior-employer outcomes remain unverified.

  • Independent corroboration of the issuer’s executive biographies, all former employers, and current role continuity remain incomplete.

Len Eldridge

Corporate Development Officer

Current
Full background report for Len Eldridge

No supported material findings selected. See this executive’s report and evidence gaps.

Evidence gaps · 3
  • Partial screening: separate named-person searches for each required topic and comprehensive former-employer, legal, fraud, environment, safety and governance research are incomplete.
  • Independent credentials, exact role dates, individual responsibility and prior-employer outcomes remain unverified.
  • Independent corroboration of the issuer’s executive biographies, all former employers, and current role continuity remain incomplete.

Full background report

Len Eldridge

Corporate Development Officer

Career chronology

  • 2026 per issuer report; exact role commencement not verified in this review: Vault Minerals — Corporate Development Officer. 2026 annual report (Physical p25 and p35, executive KMP roles and service agreements); Corporate update June 2026 (p3, management team)

Suitability for the current role

Current role and evidence limits

2026 · analyst inference · low materiality

The issuer lists Len Eldridge as Corporate Development Officer. Detailed independent verification of earlier roles and qualifications remains incomplete.

Attribution: Responsibility not applicable. This reflects the issuer-listed role and an assessment of relevance, not independently verified career or qualifications.

Relevance: The role is relevant to management responsibilities.

2026 annual report (Physical p25 and p35, executive KMP roles and service agreements); Corporate update June 2026 (p3, management team)

Evidence gaps

  • Partial screening: separate named-person searches for each required topic and comprehensive former-employer, legal, fraud, environment, safety and governance research are incomplete.

  • Independent credentials, exact role dates, individual responsibility and prior-employer outcomes remain unverified.

  • Independent corroboration of the issuer’s executive biographies, all former employers, and current role continuity remain incomplete.

David Berg

General Counsel and Company Secretary

Current
Full background report for David Berg

No supported material findings selected. See this executive’s report and evidence gaps.

Evidence gaps · 3
  • Partial screening: separate named-person searches for each required topic and comprehensive former-employer, legal, fraud, environment, safety and governance research are incomplete.
  • Independent credentials, exact role dates, individual responsibility and prior-employer outcomes remain unverified.
  • Independent corroboration of the issuer’s executive biographies, all former employers, and current role continuity remain incomplete.

Full background report

David Berg

General Counsel and Company Secretary

Career chronology

  • 2026 per issuer report; exact role commencement not verified in this review: Vault Minerals — General Counsel and Company Secretary. 2026 annual report (Physical p25 and p35, executive KMP roles and service agreements); Corporate update June 2026 (p3, management team)

Suitability for the current role

Current role and evidence limits

2026 · analyst inference · low materiality

The issuer lists David Berg as General Counsel and Company Secretary. Detailed independent verification of earlier roles and qualifications remains incomplete.

Attribution: Responsibility not applicable. This reflects the issuer-listed role and an assessment of relevance, not independently verified career or qualifications.

Relevance: The role is relevant to management responsibilities.

2026 annual report (Physical p25 and p35, executive KMP roles and service agreements); Corporate update June 2026 (p3, management team)

Evidence gaps

  • Partial screening: separate named-person searches for each required topic and comprehensive former-employer, legal, fraud, environment, safety and governance research are incomplete.

  • Independent credentials, exact role dates, individual responsibility and prior-employer outcomes remain unverified.

  • Independent corroboration of the issuer’s executive biographies, all former employers, and current role continuity remain incomplete.

Steve Harvey

Chief Operating Officer

Current
Full background report for Steve Harvey
SafetyDocumented · High materiality

2026 King of the Hills road fatality

Vault reported a subcontractor died in an April 2026 access-road crash, operations were suspended, and police and the regulator were investigating. The issuer described the driver’s injuries as minor; ABC described them as serious.

Role overlaps event; causation unproven · The team member held an executive role during the company event. No personal role in the crash or fault is established, and the reporting discrepancy and final inquiry outcome remain unresolved.

Incident at King of the Hills mine site · p1, incident and issuer account
WorkSafe investigates fatal crash · 8 April account and police/regulator investigation
Evidence gaps · 3
  • Partial screening: separate named-person searches for each required topic and comprehensive former-employer, legal, fraud, environment, safety and governance research are incomplete.
  • Independent credentials, exact role dates, individual responsibility and prior-employer outcomes remain unverified.
  • Independent corroboration of the issuer’s executive biographies, all former employers, and current role continuity remain incomplete.

Full background report

Steve Harvey

Chief Operating Officer

Career chronology

  • 2026 per issuer report; exact role commencement not verified in this review: Vault Minerals — Chief Operating Officer. 2026 annual report (Physical p25 and p35, executive KMP roles and service agreements); Corporate update June 2026 (p3, management team)

Industrial safety

2026 King of the Hills road fatality

2026 · documented · high materiality

Vault reported a subcontractor died in an April 2026 access-road crash, operations were suspended, and police and the regulator were investigating. The issuer described the driver’s injuries as minor; ABC described them as serious.

Attribution: Role overlaps event; causation unproven. The team member held an executive role during the company event. No personal role in the crash or fault is established, and the reporting discrepancy and final inquiry outcome remain unresolved.

Relevance: An operating safety event with unresolved investigation.

Incident at King of the Hills mine site (p1, incident and issuer account); WorkSafe investigates fatal crash (8 April account and police/regulator investigation)

Suitability for the current role

Current role and evidence limits

2026 · analyst inference · low materiality

The issuer lists Steve Harvey as Chief Operating Officer. Detailed independent verification of earlier roles and qualifications remains incomplete.

Attribution: Responsibility not applicable. This reflects the issuer-listed role and an assessment of relevance, not independently verified career or qualifications.

Relevance: The role is relevant to management responsibilities.

2026 annual report (Physical p25 and p35, executive KMP roles and service agreements); Corporate update June 2026 (p3, management team)

Evidence gaps

  • Partial screening: separate named-person searches for each required topic and comprehensive former-employer, legal, fraud, environment, safety and governance research are incomplete.

  • Independent credentials, exact role dates, individual responsibility and prior-employer outcomes remain unverified.

  • Independent corroboration of the issuer’s executive biographies, all former employers, and current role continuity remain incomplete.