Vault Minerals Limited (ASX: VAU) delivered a solid operational close to its 2026 fiscal year, producing 89,338 ounces of gold during the June quarter. This result brought the company’s full-year output to 336,540 ounces, meeting its annual production targets. While all-in sustaining costs (AISC) for the group settled at A$2,968 per ounce for the quarter, slightly exceeding the upper end of the guided range, the producer maintained a robust balance sheet. The company closed the year with A$842 million in cash and bullion, having successfully settled all remaining gold hedges and initiated significant capital investments across its asset base.

The end of the quarter was defined by major corporate and operational shifts for the company. Alongside its steady production performance, the group recently entered into a scheme implementation deed for a merger with Genesis Minerals Limited. This combination is intended to consolidate Leonora operations under unified ownership. Management emphasised the dual nature of this period, balancing ongoing site execution with significant strategic realignment.

"The June quarter marked a transformational period for Vault, culminating shortly after quarter end in the receipt of a merger proposal from Genesis Minerals Limited."

"Importantly, alongside this significant corporate activity, Vault delivered a strong operational close to FY26, achieving production guidance for the year, with AISC marginally above the upper end of the guided range."

— Executive Management

Looking ahead, the company has set FY27 production guidance at 355,000 to 375,000 ounces. A central driver of this anticipated growth is the King of the Hills (KoTH) operation. The stage two processing plant upgrade at KoTH remains on track for commissioning in September 2026, which is expected to boost throughput capacity by approximately 50%. Furthermore, Leonora operations are set to transition to an owner-operator mining model on 1 January 2027, a shift intended to enhance productivity and lower mining costs in the coming year.

Operations at other sites continue to advance, with specific milestones established for the upcoming fiscal periods. At the Sugar Zone project, recent regulatory approvals for the Southern Tailings Management Facility have cleared the path for a restart of activities. Underground development has already commenced, and the company expects the operation to return to production in the first quarter of fiscal year 2028.

As the merger process continues toward its scheduled implementation in the second quarter of the 2027 fiscal year, Vault remains focused on its operational commitments. The company’s planned capital expenditure for the coming year is heavily weighted toward these growth initiatives, including fleet acquisition and infrastructure debottlenecking, ensuring the business is positioned for the projected production uplift in FY28 and beyond.

Read the full announcement: Quarterly Activities Report