Vault Minerals reported group underlying EBITDA of $953.3 million for the 2026 fiscal year, marking a 54% increase compared to $619.4 million in FY25.

The stronger earnings performance was underpinned by group gold production of 336,540 ounces and gold sales totaling 334,904 ounces. Vault generated $487.8 million in free cash flow across the period while funding ongoing capital works and exploration. The company closed out the financial year with $841.6 million in cash and bullion and held no debt, representing a $155.7 million increase from $685.9 million at 30 June 2025.

Underlying net profit before tax reached $619.1 million, up 121% on the prior corresponding period, while statutory net profit after tax landed at $278.4 million. The statutory result factored in the early, internally funded settlement of all outstanding gold hedges scheduled for delivery in H2 FY26 and Q1 FY27, which cost $203.9 million to eliminate across two tranches.

During the year, Vault returned $126.8 million to shareholders through the purchase of 12.0 million shares for $53.9 million and a maiden unfranked interim dividend of 7 cents per share, which amounted to $72.9 million. The company elected not to declare a final dividend for FY26.

Operational capital investments included $153.4 million directed toward the King of the Hills processing facility upgrade in Leonora, $99.3 million for underground mine development, $45.8 million for open-pit waste stripping, and $25.0 million for exploration. The King of the Hills Stage 2 processing plant upgrade remains on budget and ahead of schedule, with commissioning scheduled to commence in September 2026. The plant modifications are projected to lift throughput capacity by approximately 50% and support a 34% increase in Leonora gold production.

Standalone production guidance for FY27 is set at 355,000 to 375,000 ounces at an all-in sustaining cost of A$3,150 to A$3,350 per ounce.

In corporate developments, Vault agreed to merge with Genesis Minerals Limited to combine complementary Leonora operations under single ownership. The transaction is on track for completion in November 2026.

Read the full announcement: FY26 Financial Results Summary