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- Last 2026-11-06
- A$5.84
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Annual Report to shareholdersLatest Annual Report
- Quarterly Activities ReportLatest Four Activities Reports
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Sign in or enter a guest codeAnnouncements
Latest 12 of 27All sources ▸- Notification of cessation of securities - GMDOther
- Application for quotation of securities - GMDOther
- Scheme Booklet registered with ASICTransaction
- Court Approves Scheme Meeting and Scheme Booklet DespatchOther
- Update - Notification of buy-back - VAUOther
- 2026 Resource and Reserve StatementResource Update
- Notification of cessation of securities - VAUOther
- ACCC Waiver Received for Merger with GenesisTransaction
- FY26 Financial Results SummaryResults
- Appendix 4E and Annual Financial StatementsResults
- Annual Report to shareholdersOther
- Quarterly Activities ReportOperations
Event calendar · next 12 months
8 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| 2026-10-13 to 2027-06-30 | FY27 resource drilling programme | Exploration | Company Guided | High | Reserve replacement matters most at Deflector and Darlot; inferred tonnes are not equivalent to bankable mine life. |
| 2026-11-11 | Genesis merger shareholder vote | Transaction | Confirmed | High | Completion requires shareholder approval and remaining scheme conditions; deal failure re-exposes standalone economics. |
| 2026-11-26 | Indicative merger implementation | Transaction | Company Guided | High | Default scrip consideration exposes holders to Genesis share price and post-combination execution. |
| 2026-12-01 to 2026-12-31 | Payment of accrued FY26 Australian income tax | Financing | Company Guided | High | AUD81.4m cash tax liability reduces cash available for growth; deducted in equity bridge once. |
| 2027-01-01 | Leonora open-pit owner-operator transition | Production | Company Guided | High | Fleet delivery and mine productivity must support lower cash costs after the capital outlay. |
| 2027-01-01 to 2027-06-30 | Merged group strategic plan | Corporate Action | Company Guided | High | Synergy choices become testable through published ore routing, capital and operating plans; contingent on completion. |
| 2027-06-01 to 2027-09-30 | Sugar Zone southern tailings facility completion | Construction Or Commissioning | Company Guided | High | Seasonal works and permitted storage precede sustainable restart; execution rather than funding is the main gate. |
| 2027-07-01 to 2027-09-30 | Sugar Zone processing restart | Production | Company Guided | High | Q1 FY28 processing target, with 40–44koz FY28 production outlook; no current producing value assumed. |
Executive roster
As of 2026-08-20Background checks ▸Current full-year KMP roster; historical CEO succession announcement superseded by latest disclosed roster.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Luke Tonkin | Managing Director and CEO | Executive Director · Chief Executive | — | Appendix 4E and Annual Financial Statements |
| Struan Richards | Chief Financial Officer | Finance | — | Appendix 4E and Annual Financial Statements |
| Len Eldridge | Corporate Development Officer | Commercial | — | Appendix 4E and Annual Financial Statements |
| David Berg | General Counsel and Company Secretary | Company Secretary | — | Appendix 4E and Annual Financial Statements |
| Steve Harvey | Chief Operating Officer | Operations | — | Appendix 4E and Annual Financial Statements |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Leonora: King of the Hills and Darlot
AU
Producer100% ownedGold
Issuer reported gold production and AISC; copper and silver by-product credits already included. Annualising this quarter is a run-rate, not guidance.
- Production annualised (attributable)
- 195.6k ozd
- Production (last FY, 100%)
- 179.7k oz
- AISC (latest quarter)
- A$2,556/oz
- AISC margin at spot
- 56.4%m
- Delivery vs guidance
- —
- Reserve life
- 15.3 yrsd
- Head grade
- 1.20 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred | 162.4M t ore | 1.2 g/t Au | Gold | 2026-06-30 |
| Ore Reserve | Proved and Probable | 128.5M t ore | 0.7 g/t Au | Gold | 2026-06-30 |
Milestones1
- Stage2 processing upgrade commissioning, guided September2026; completion confirmation unavailable at cutoff
Pending · High materiality
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| FY27 standalone operating and investment outlook | Operating Plan | Current | 2026-07-29 | Operating guidance and development programme; no published project NPV or complete engineered life-of-mine cash-flow model. |
Material
Mount Monger
AU
Producer100% ownedGold
Issuer reported gold production and AISC; copper and silver by-product credits already included. Annualising this quarter is a run-rate, not guidance.
- Production annualised (attributable)
- 85.4k ozd
- Production (last FY, 100%)
- 79.2k oz
- AISC (latest quarter)
- A$3,143/oz
- AISC margin at spot
- 46.3%m
- Delivery vs guidance
- —
- Reserve life
- 7.6 yrsd
- Head grade
- 2.20 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred | 32.8M t ore | 3.4 g/t Au | Gold | 2026-06-30 |
| Ore Reserve | Proved and Probable | 11.1M t ore | 1.7 g/t Au | Gold | 2026-06-30 |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| FY27 standalone operating and investment outlook | Operating Plan | Current | 2026-07-29 | Operating guidance and development programme; no published project NPV or complete engineered life-of-mine cash-flow model. |
Material
Deflector and Rothsay
AU
Producer100% ownedGoldCopper
Issuer reported gold production and AISC; copper and silver by-product credits already included. Annualising this quarter is a run-rate, not guidance.
- Production annualised (attributable)
- 76.4k ozd
- Production (last FY, 100%)
- 77.6k oz
- AISC (latest quarter)
- A$3,761/oz
- AISC margin at spot
- 35.8%m
- Delivery vs guidance
- —
- Reserve life
- 2.2 yrsd
- Head grade
- 3.10 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred | 3.9M t ore | 7.4 g/t Au | Gold | 2026-06-30 |
| Ore Reserve | Proved and Probable | 1.7M t ore | 3.1 g/t Au | Gold | 2026-06-30 |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| FY27 standalone operating and investment outlook | Operating Plan | Current | 2026-07-29 | Operating guidance and development programme; no published project NPV or complete engineered life-of-mine cash-flow model. |
Material
Sugar Zone
CA
Care And Maintenance100% ownedGold
Processing remains suspended; underground development restarted 1 July 2026 and tailings approvals received. Restart investment does not imply current production.
- Nameplate capacity
- —
- Restart capex
- —
- Contained metal (attributable)
- 1.3m ozd
- Last production year
- —
- Target restart
- —
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred | 4.8M t ore | 8.1 g/t Au | Gold | 2026-06-30 |
| Ore Reserve | Proved and Probable | 2.4M t ore | 5.1 g/t Au | Gold | 2026-06-30 |
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Closure Plan Amendment | Ontario | Granted | — | Yes |
| Amended sewage Environmental Compliance Approval | Ontario | Granted | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| FY27 standalone operating and investment outlook | Operating Plan | Current | 2026-07-29 | Operating guidance and development programme; no published project NPV or complete engineered life-of-mine cash-flow model. |
Other
Mt Zephyr exploration joint operation
AU
Early Explorer80% ownedGold
Non-core joint-operation interest; no separable resource or operating economics assigned.
- Ownership
- 80%
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Darlot South/CIO joint operation
AU
Early Explorer49% ownedGold
Darlot Mining Company holds49%; South Darlot Mines Pty Ltd holds51%, per annual physical page100. No separate published development schedule.
- Ownership
- 51%
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Darlot South B joint operation
AU
Early Explorer83.5% ownedGold
Non-core joint-operation interest; no separable resource or operating economics assigned.
- Ownership
- 83.5%
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Product and spec
- —
- Nameplate capacity
- —
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
- Product and spec
- —
- Nameplate capacity
- —
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
- Investee
- —
- Holding
- —
- Shares held
- —
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- —
- Product and spec
- —
- Nameplate capacity
- —
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
- Ownership
- 40%
- Description
- —
- Book value
- —
- Product and spec
- —
- Nameplate capacity
- —
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares | Ordinary Share | 1B | — | — |
| Performance rights; expiry and vesting conditions vary, conservatively fully diluted | Performance Right | 18.4M | — | — |
KPI history
Operating metrics · Deflector and Rothsay
| Metric | Unit | Trend | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|
| Deflector and Rothsay production | oz Au | 22,767 | 17,766 | 18,016 | 19,101 | |
| Deflector and Rothsay aisc | AUD/oz Au sold | 2,443 | 3,831 | 3,288 | 3,761 |
KPI history
Operating metrics · Leonora: King of the Hills and Darlot
| Metric | Unit | Trend | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|
| Leonora: King of the Hills and Darlot production | oz Au | 46,530 | 40,889 | 43,349 | 48,899 | |
| Leonora: King of the Hills and Darlot aisc | AUD/oz Au sold | 2,652 | 2,858 | 2,848 | 2,556 |
KPI history
Operating metrics · Mount Monger
| Metric | Unit | Trend | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|
| Mount Monger production | oz Au | 22,809 | 17,865 | 17,213 | 21,338 | |
| Mount Monger aisc | AUD/oz Au sold | 2,705 | 3,196 | 3,108 | 3,143 |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|
| Group aisc | AUD/oz Au sold | 2,657 | 2,613 | 3,160 | 3,006 | 2,968 | |
| Group production | oz Au | 98,459 | 92,087 | 76,520 | 78,578 | 89,338 | |
| Audited cash and cash equivalents, excludes bullion | AUD | 674,237,000 | — | — | — | 825,784,000 |
Operating metric source table36
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Group aisc | Company | Jun 2025 | Quarter | 2,657 AUD/oz Au sold | Reported |
| Group production | Company | Jun 2025 | Quarter | 98,459 oz Au | Reported |
| Leonora: King of the Hills and Darlot production | Vau Leonora | Sep 2025 | Quarter | 46,530 oz Au | Reported |
| Leonora: King of the Hills and Darlot aisc | Vau Leonora | Sep 2025 | Quarter | 2,652 AUD/oz Au sold | Reported |
| Leonora: King of the Hills and Darlot production | Vau Leonora | Dec 2025 | Quarter | 40,889 oz Au | Reported |
| Leonora: King of the Hills and Darlot aisc | Vau Leonora | Dec 2025 | Quarter | 2,858 AUD/oz Au sold | Reported |
| Leonora: King of the Hills and Darlot production | Vau Leonora | Mar 2026 | Quarter | 43,349 oz Au | Reported |
| Leonora: King of the Hills and Darlot aisc | Vau Leonora | Mar 2026 | Quarter | 2,848 AUD/oz Au sold | Reported |
| Leonora: King of the Hills and Darlot production | Vau Leonora | Jun 2026 | Quarter | 48,899 oz Au | Reported |
| Leonora: King of the Hills and Darlot aisc | Vau Leonora | Jun 2026 | Quarter | 2,556 AUD/oz Au sold | Reported |
| Mount Monger production | Vau Mount Monger | Sep 2025 | Quarter | 22,809 oz Au | Reported |
| Mount Monger aisc | Vau Mount Monger | Sep 2025 | Quarter | 2,705 AUD/oz Au sold | Reported |
| Mount Monger production | Vau Mount Monger | Dec 2025 | Quarter | 17,865 oz Au | Reported |
| Mount Monger aisc | Vau Mount Monger | Dec 2025 | Quarter | 3,196 AUD/oz Au sold | Reported |
| Mount Monger production | Vau Mount Monger | Mar 2026 | Quarter | 17,213 oz Au | Reported |
| Mount Monger aisc | Vau Mount Monger | Mar 2026 | Quarter | 3,108 AUD/oz Au sold | Reported |
| Mount Monger production | Vau Mount Monger | Jun 2026 | Quarter | 21,338 oz Au | Reported |
| Mount Monger aisc | Vau Mount Monger | Jun 2026 | Quarter | 3,143 AUD/oz Au sold | Reported |
| Deflector and Rothsay production | Vau Deflector | Sep 2025 | Quarter | 22,767 oz Au | Reported |
| Deflector and Rothsay aisc | Vau Deflector | Sep 2025 | Quarter | 2,443 AUD/oz Au sold | Reported |
| Deflector and Rothsay production | Vau Deflector | Dec 2025 | Quarter | 17,766 oz Au | Reported |
| Deflector and Rothsay aisc | Vau Deflector | Dec 2025 | Quarter | 3,831 AUD/oz Au sold | Reported |
| Deflector and Rothsay production | Vau Deflector | Mar 2026 | Quarter | 18,016 oz Au | Reported |
| Deflector and Rothsay aisc | Vau Deflector | Mar 2026 | Quarter | 3,288 AUD/oz Au sold | Reported |
| Deflector and Rothsay production | Vau Deflector | Jun 2026 | Quarter | 19,101 oz Au | Reported |
| Deflector and Rothsay aisc | Vau Deflector | Jun 2026 | Quarter | 3,761 AUD/oz Au sold | Reported |
| Group production | Company | Sep 2025 | Quarter | 92,087 oz Au | Reported |
| Group aisc | Company | Sep 2025 | Quarter | 2,613 AUD/oz Au sold | Reported |
| Group production | Company | Dec 2025 | Quarter | 76,520 oz Au | Reported |
| Group aisc | Company | Dec 2025 | Quarter | 3,160 AUD/oz Au sold | Reported |
| Group production | Company | Mar 2026 | Quarter | 78,578 oz Au | Reported |
| Group aisc | Company | Mar 2026 | Quarter | 3,006 AUD/oz Au sold | Reported |
| Group production | Company | Jun 2026 | Quarter | 89,338 oz Au | Reported |
| Group aisc | Company | Jun 2026 | Quarter | 2,968 AUD/oz Au sold | Reported |
| Audited cash and cash equivalents, excludes bullion | Company | 2025-06-30 | Point In Time | 674,237,000 AUD | Reported |
| Audited cash and cash equivalents, excludes bullion | Company | 2026-06-30 | Point In Time | 825,784,000 AUD | Reported |
Company guidance8
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Gold Production | vau-leonora | FY27 | 198,000 | 208,000 oz Au/year | Current |
| AISC | vau-leonora | FY27 | 2,750 | 2,950 AUD/oz Au sold | Current |
| Gold Production | vau-mount-monger | FY27 | 83,000 | 89,000 oz Au/year | Current |
| AISC | vau-mount-monger | FY27 | 2,950 | 3,150 AUD/oz Au sold | Current |
| Gold Production | vau-deflector | FY27 | 74,000 | 78,000 oz Au/year | Current |
| AISC | vau-deflector | FY27 | 4,300 | 4,500 AUD/oz Au sold | Current |
| Gold Production | Company | FY27 | 355,000 | 375,000 oz Au/year | Current |
| AISC | Company | FY27 | 3,150 | 3,350 AUD/oz Au sold | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-07 | BuybackVau Ordinary Fully Paid | A$53.9M | 12M | A$4.497 | Completed | Final 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 |
| 2026-02-26 | Dividend | A$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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
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
Luke Tonkin
Managing Director and CEO
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.
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
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
Investigation into death of contractor at Daisy Milano gold mine · Investigation status, 17 June 2022
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.
Struan Richards
Chief Financial Officer
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.
Len Eldridge
Corporate Development Officer
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.
David Berg
General Counsel and Company Secretary
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.
Steve Harvey
Chief Operating Officer
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.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-07 · 1,034,565,895 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 35.27% | 364,931,524 | |
| 2 | 19.01% | 196,680,145 | |
| 3 | 17.17% | 177,654,140 | |
| 4 | 2.95% | 30,548,634 | |
| 5 | 2.00% | 20,683,171 | |
| 6 | 1.32% | 13,615,248 | |
| 7 | 1.05% | 10,845,062 | |
| 8 | 0.70% | 7,227,683 | |
| 9 | 0.68% | 6,989,460 | |
| 10 | 0.63% | 6,567,231 | |
| 11 | 0.45% | 4,624,000 | |
| 12 | 0.41% | 4,285,817 | |
| 13 | 0.32% | 3,293,630 | |
| 14 | 0.30% | 3,071,593 | |
| 15 | 0.25% | 2,584,616 | |
| 16 | 0.20% | 2,096,636 | |
| 17 | 0.15% | 1,600,000 | |
| 18 | 0.15% | 1,584,334 | |
| 19 | 0.14% | 1,488,406 | |
| 20 | 0.14% | 1,400,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 6.62%Voting power | 2026-08-21 | |
| 6.39%Voting power | 2026-06-19 | |
| 6.02%Voting power | 2026-03-12 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- Registered nominee accounts conceal underlying beneficial owners; repeated HSBC names are distinguished by rank.
- Macquarie and UBS ceased substantial status on 22 October and 22 September 2026 respectively; neither cessation establishes a zero holding.
- Later trades below disclosure thresholds can change ownership without new notices.
Sources
- Annual Report 2026
Vault Minerals via ASX · Published 2026-10-27 · Accessed 2026-10-31
20 registered accounts as of 7 September 2026 and substantial-holder summary.
PDF pages 107–108
- State Street change in substantial holding
State Street via ASX · Published 2026-08-25 · Accessed 2026-10-31
68,450,202 shares and 6.62% voting power at 21 August 2026.
page 1, visually reviewed
- Van Eck becoming a substantial holder
Van Eck via ASX · Published 2026-06-24 · Accessed 2026-10-31
66,110,915 shares and 6.39% voting power at 19 June 2026.
page 1, visually reviewed
- Vanguard change in substantial holding
Vanguard via ASX · Published 2026-03-18 · Accessed 2026-10-31
62,676,701 shares and 6.020% voting power at 12 March 2026.
page 1, visually reviewed
- Macquarie ceasing to be a substantial holder
Macquarie via ASX · Published 2026-10-27 · Accessed 2026-10-31
Macquarie ceased substantial status on 22 October 2026; this is not necessarily a zero holding.
page 1
- UBS ceasing to be a substantial holder
UBS via ASX · Published 2026-09-24 · Accessed 2026-10-31
UBS ceased substantial status on 22 September 2026; this is not necessarily a zero holding.
page 1
Disclosed activity
Insider transactions
Trading activity1 buy · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2025-08-25 | Russell Clark
Details & evidence for Russell Clark on 2025-08-25On-market trade; notice states $0.5025 per share with no currency code. Pre-consolidation units. As disclosed: On-market trade; notice states $0.5025 per share with no currency code.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | PurchaseOrdinary shares | 20,000 | —Not Disclosed | — | — |
| 2025-04-28 | Luke TonkinCynthton Pty Ltd as trustee for the Cynthton Family Trust
Details & evidence for Luke Tonkin on 2025-04-28Issue of performance rights under Employee Incentive Plan for nil consideration. Pre-consolidation units. As disclosed: Issue of performance rights under Employee Incentive Plan for nil consideration.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | GrantFY25 performance rights | 5,103,117 | —Non Cash | — | — |
The closest covered peers
Peer comparison
Peer comparison pending
No peer comparison has been saved for this company.
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
AI Analyst Report
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory30 documents
VAU latest eligible ordinary-share local close 13 October2026Market Data · HighExtracted
Latest eligible local raw close from miners.reference_price; observation is dated13 October, not a live24 October price.
- Document ID
- doc-vau-20261013-market
- Published UTC
- 2026-10-13T06:10:00Z
- Projects
- —
- Commodities
- —
GMD latest eligible ordinary-share local close 13 October2026Market Data · HighExtracted
Latest eligible local raw close from miners.reference_price; observation is dated13 October, not a live24 October price.
- Document ID
- doc-vau-20261013-gmd-market
- Published UTC
- 2026-10-13T06:10:00Z
- Projects
- —
- Commodities
- —
Notification of cessation of securities - GMDOther · HighPartial
Cutoff-eligible original counterparty/benchmark evidence supporting the independent conditional economic model; no other analyst models or values used.
- Document ID
- doc-vau-gmd-2026-10-08-cessation-of-securities
- Published UTC
- 2026-10-08T02:46:45.000Z
- Projects
- —
- Commodities
- gold
Application for quotation of securities - GMDOther · HighPartial
Cutoff-eligible original counterparty/benchmark evidence supporting the independent conditional economic model; no other analyst models or values used.
- Document ID
- doc-vau-gmd-20261008-quotation
- Published UTC
- 2026-10-08T03:10:50.000Z
- Projects
- —
- Commodities
- gold
Scheme Booklet registered with ASICTransaction · HighPartial
Cutoff-eligible original counterparty/benchmark evidence supporting the independent conditional economic model; no other analyst models or values used.
- Document ID
- doc-vau-20261006-scheme
- Published UTC
- 2026-10-06T08:54:42Z
- Projects
- —
- Commodities
- gold
Court Approves Scheme Meeting and Scheme Booklet DespatchOther · HighPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20261005-court
- Published UTC
- 2026-10-05T05:06:11.000Z
- Projects
- —
- Commodities
- gold
Resources and Energy Quarterly September 2026Other · HighPartial
Cutoff-eligible original counterparty/benchmark evidence supporting the independent conditional economic model; no other analyst models or values used. Publication day is verified;00:00UTC is a date-only serialization convention, not a verified release hour.
- Document ID
- doc-vau-20261002-req
- Published UTC
- 2026-10-02T00:00:00Z
- Projects
- —
- Commodities
- gold
Update - Notification of buy-back - VAUOther · MediumPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260907-6a1342486
- Published UTC
- 2026-09-07T01:20:00.000Z
- Projects
- —
- Commodities
- gold
2026 Resource and Reserve StatementResource Update · HighPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260903-6a1341962
- Published UTC
- 2026-09-02T22:16:08.000Z
- Projects
- —
- Commodities
- gold
Notification of cessation of securities - VAUOther · MediumExtracted
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260902-6a1341865
- Published UTC
- 2026-09-02T05:16:15.000Z
- Projects
- —
- Commodities
- gold
ACCC Waiver Received for Merger with GenesisTransaction · MediumExtracted
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260827-6a1340736
- Published UTC
- 2026-08-27T07:47:16.000Z
- Projects
- —
- Commodities
- gold
FY26 Financial Results SummaryResults · HighExtracted
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260820-fy26-summary
- Published UTC
- 2026-08-20T05:29:53Z
- Projects
- —
- Commodities
- gold
Appendix 4E and Annual Financial StatementsResults · HighPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260820-fy26-annual
- Published UTC
- 2026-08-20T05:27:48Z
- Projects
- —
- Commodities
- gold
Annual Report to shareholdersOther · HighPartial
Cutoff-eligible original counterparty/benchmark evidence supporting the independent conditional economic model; no other analyst models or values used.
- Document ID
- doc-vau-gmd-2026-08-20-annual-report
- Published UTC
- 2026-08-20T05:00:28Z
- Projects
- —
- Commodities
- gold
Quarterly Activities ReportOperations · HighPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260729-jun26-quarter
- Published UTC
- 2026-07-28T22:16:59Z
- Projects
- —
- Commodities
- gold
Quarterly Activities Report - June 2026Other · HighPartial
Cutoff-eligible original counterparty/benchmark evidence supporting the independent conditional economic model; no other analyst models or values used.
- Document ID
- doc-vau-gmd-2026-07-28-quarterly-activities-report
- Published UTC
- 2026-07-27T22:25:09Z
- Projects
- —
- Commodities
- gold
Vault Obtains Key Approvals for Sugar ZonePermitting · MediumExtracted
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260724-6a1335182
- Published UTC
- 2026-07-23T22:19:25.000Z
- Projects
- —
- Commodities
- gold
Genesis & Vault agree to merge, creating a new gold majorTransaction · HighPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260714-6a1333731
- Published UTC
- 2026-07-13T22:45:25.000Z
- Projects
- —
- Commodities
- gold
All gold hedges extinguished with no dilutionOther · MediumExtracted
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260626-6a1331162
- Published UTC
- 2026-06-26T02:08:42.000Z
- Projects
- —
- Commodities
- gold
Corporate Update - June 2026Presentation · MediumPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260615-6a1329363
- Published UTC
- 2026-06-14T22:22:44.000Z
- Projects
- —
- Commodities
- gold
Resources total 18.9Moz, including 4.4Moz in ReservesOther · HighPartial
Cutoff-eligible original counterparty/benchmark evidence supporting the independent conditional economic model; no other analyst models or values used.
- Document ID
- doc-vau-gmd-2026-05-05-resources-and-reserves
- Published UTC
- 2026-05-04T23:12:57.000Z
- Projects
- —
- Commodities
- gold
Quarterly Activities ReportOperations · MediumPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260422-mar26-quarter
- Published UTC
- 2026-04-21T22:18:42Z
- Projects
- —
- Commodities
- gold
HY26 Financial Results - Maiden dividend declaredResults · MediumPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260226-hy26-summary
- Published UTC
- 2026-02-25T21:04:47Z
- Projects
- —
- Commodities
- gold
Appendix 4D and Interim Financial ReportResults · MediumPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260226-hy26-accounts
- Published UTC
- 2026-02-25T21:04:22Z
- Projects
- —
- Commodities
- gold
Quarterly Activities ReportOperations · MediumPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20260121-dec25-quarter
- Published UTC
- 2026-01-20T21:23:07Z
- Projects
- —
- Commodities
- gold
Quarterly Activities ReportOperations · MediumPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20251023-sep25-quarter
- Published UTC
- 2025-10-22T21:19:53Z
- Projects
- —
- Commodities
- gold
Annual Report to shareholdersResults · MediumPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20251015-fy25-report
- Published UTC
- 2025-10-15T01:55:05Z
- Projects
- —
- Commodities
- gold
Full-Year Financial Results to 30 June 2025Results · MediumPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20250821-fy25-summary
- Published UTC
- 2025-08-20T22:12:55Z
- Projects
- —
- Commodities
- gold
Appendix 4E and FY25 Annual Financial StatementsResults · MediumPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20250821-fy25-accounts
- Published UTC
- 2025-08-20T22:02:10Z
- Projects
- —
- Commodities
- gold
Quarterly Activities ReportOperations · MediumPartial
Original issuer release; current run independently re-established the material factual rows from the V8 page cache and inspected core tables.
- Document ID
- doc-vau-20250728-jun25-quarter
- Published UTC
- 2025-07-28T03:54:21Z
- Projects
- —
- Commodities
- gold
Evidence facts94
953300000 AUD
2026-06-300 AUD
2026-06-30825784000 AUD
2026-06-302138327000 AUD
2026-06-301926607000 AUD
2026-06-30278409000 AUD
2026-06-30887959000 AUD
2026-06-30364465000 AUD
2026-06-3074347000 AUD
2026-06-30100 %
2026-06-30100 %
2026-06-30100 %
2026-06-30100 %
2026-06-3080 %
2026-06-3051 %
2026-06-3083.5 %
2026-06-303280000 AUD
2026-06-3040 %
2026-06-3010223 oz Au
2026-06-26523494000 AUD
2026-06-30179666 oz
2026-06-3048899 oz
2026-06-302556 AUD/oz
2026-06-301.2 g/t
2026-06-3093.6 %
2026-06-301353126 t
2026-06-30203000 oz/year
2027-06-3079225 oz
2026-06-3021338 oz
2026-06-303143 AUD/oz
2026-06-302.2 g/t
2026-06-3095 %
2026-06-30322213 t
2026-06-3086000 oz/year
2027-06-3077649 oz
2026-06-3019101 oz
2026-06-303761 AUD/oz
2026-06-303.1 g/t
2026-06-3096.4 %
2026-06-30195654 t
2026-06-3076000 oz/year
2027-06-3010233 oz Au
2026-06-26162364000 t
2026-06-301.2 g/t
2026-06-306316000 oz
2026-06-30397000 oz
2026-06-304190000 oz
2026-06-30128462000 t
2026-06-300.6636564113029534 g/t
2026-06-302741000 oz
2026-06-3032828000 t
2026-06-303.4 g/t
2026-06-303593000 oz
2026-06-30703000 oz
2026-06-301673000 oz
2026-06-3011055000 t
2026-06-301.7 g/t
2026-06-30602000 oz
2026-06-303869000 t
2026-06-307.4 g/t
2026-06-30921000 oz
2026-06-30203000 oz
2026-06-30509000 oz
2026-06-301709000 t
2026-06-303.1 g/t
2026-06-30170000 oz
2026-06-304810000 t
2026-06-308.1 g/t
2026-06-301251000 oz
2026-06-300 oz
2026-06-30801000 oz
2026-06-302436000 t
2026-06-305.1 g/t
2026-06-30398000 oz
2026-06-301034565895 shares
2026-09-021052937220 shares
2026-09-02935247000 AUD
2026-06-3029000000 AUD
2026-06-30164593000 AUD
2026-06-30137674000 AUD
2026-06-30285000 oz Au/year
2026-06-301175011513 shares
2026-10-136297 AUD/oz Au
2026-06-305607 AUD/oz Au
2026-06-300.7629 GMD shares/VAU share
2026-10-130.5125 AUD/VAU share
2026-10-13284768000 AUD
2026-10-13475500000 AUD
2026-10-1386627000 AUD
2026-10-139491000 AUD
2026-10-1310000000 AUD
2026-10-1320000000 AUD
2026-10-136.09 AUD/share
2026-10-137.39 AUD/share
2026-10-13