Genesis Minerals Limited (GMD) and Vault Minerals Limited (VAU) have entered a binding agreement to merge, forming a new Australian gold major. Under the terms of the scheme of arrangement, Vault shareholders will receive 0.7629 new Genesis shares plus A$0.475 in cash for each share held. This deal values the transaction at approximately A$5.6 billion, creating a combined entity with an estimated pro-forma market capitalisation of A$12.6 billion. The board of Vault has unanimously recommended the deal, which follows the termination of a previous merger proposal with Regis Resources.

The combined group aims to become a top-three Australian gold producer, targeting annual output of 600,000 to 700,000 ounces. By consolidating operations in the Leonora district of Western Australia, the companies expect to unlock approximately A$2.0 billion in synergies. These savings are primarily driven by integrating processing infrastructure, specifically enabling the processing of ore from multiple projects through existing mills to avoid redundant capital expenditure, while rationalising administrative and corporate overheads.

"This transaction represents a truly logical combination of assets to create the third largest Australian gold producer, and represents a genuine win-win for all shareholders and stakeholders, unlocking significant unique synergies through the optimisation of complementary assets. We are creating a strong platform for continued growth and shareholder returns"

"Genesis' proposal reflects the quality of Vault's portfolio and the strategic value of our Leonora assets. The combination of complementary operations and infrastructure in the Leonora district is expected to enhance scale and unlock value that would be more difficult to realise on a standalone basis. The Vault Board believes the transaction delivers a compelling outcome for shareholders, offering an attractive premium and exposure to the value creation potential of the combined group."

— Raleigh Finlayson, Genesis Executive Chair, and Luke Tonkin, Vault Managing Director

Following the implementation of the merger, the new entity will hold 33.6 million ounces in Mineral Resources and 9.4 million ounces in Ore Reserves. The company is well-capitalised to support this transition, reporting a pro-forma net cash position of A$611 million and total liquidity of A$1.4 billion. To maintain transparency during this transition, the company is hosting an investor call on 14 July 2026 at 11:00 AM AEDT.

Looking ahead, the company has flagged further operational updates to follow the completion of the merger. Management intends to release a new strategic plan in the first half of 2027. This roadmap is expected to focus on long-term portfolio optimisation, including further assessments of ore and mill efficiency across the combined asset base. The integration will rely on shared technical expertise and the rationalisation of procurement and supply chains across the region to drive sustained value.

Read the full announcement: Genesis & Vault agree to merge, creating a new gold major