Highlights

  • Vault Minerals shares fell 1.36% to AUD 5.46, with free cash flow of AUD 12 million reported for the December quarter.
  • PLS Group declined 0.23% to AUD 4.30, securing a two-year offtake agreement with Canmax for 150,000 tonnes per year of spodumene.
  • Macquarie Research issued Outperform ratings on VAU and PLS, setting target prices at AUD 7.70 and AUD 5.00, respectively.

Shares of Vault Minerals Ltd (ASX:VAU) and PLS Group Ltd (ASX: PLS) have seen recent declines. Vault Minerals shares traded at AUD 5.46, down 1.36% on 17 February, while PLS Group fell slightly to AUD 4.30, a decrease of 0.23%. Both stocks have posted yearly gains—Vault up 107% and PLS up 93%—but have retreated sharply over the past month. Institutional analyst, including Macquarie Research, continue to issue positive recommendations.

Vault Minerals’ Quarterly Update and Outlook

Vault Minerals’ December 2025 quarterly report highlighted production of 76,520 ounces of gold, with sales slightly higher at 77,798 ounces at an average realised price of AUD 4,582 per ounce and an all-in sustaining cost (AISC) of AUD 3,160 per ounce. Year-to-date production reached 168,607 ounces, generating free cash flow of AUD 12 million for the quarter.

Key growth initiatives include the KoTH processing plant expansion, scheduled for integration by the end of March 2026, which is expected to gradually ramp up throughput to 6.0mtpa in Q4 FY26. Stage 1 and 2 plant upgrades could increase capacity by 50% to 7.5–8.0mtpa in FY27. Drilling programs at Deflector and Leonora operations are ongoing to identify additional ore feed and extend mine life.

Macquarie Research has issued an Outperform rating on VAU with a target price of AUD 7.70.

PLS Group Secures Offtake Agreement

PLS Group has entered a multi-year offtake agreement with Canmax Technologies Co., Ltd, covering 150,000 tonnes per annum of spodumene concentrate starting in CY26. The deal includes a USD 1,000/t floor price and a USD 100 million unsecured interest-free prepayment, providing both downside protection and operational flexibility.

The agreement strengthens near-term liquidity and reinforces PLS’ position in the lithium market. Macquarie Research has assigned an Outperform rating to PLS with a target price of AUD 5.00, suggesting potential gains above the current AUD 4.30 share price.

Mining Sector Moves and Investor Considerations

Both Vault and PLS have experienced monthly pullbacks and follows strong annual gains. These retracements may offer investors opportunities to enter high-growth mining stocks at more attractive valuations. Macquarie’s target prices indicate upside potential for both names.

Despite recent declines, Vault Minerals and PLS Group continue to report operational progress and secure agreements that support near-term growth. Analyst ratings point to potential upside, suggesting that current price levels may offer a buying opportunity for investors seeking exposure to gold and lithium sectors on the ASX.

Frequently Asked Questions (F&Q)

  1. What are the current prices for Vault Minerals and PLS Group?
    Vault Minerals closed at AUD 5.46, down 1.36%, and PLS Group at AUD 4.30, down 0.23% on 17 February 2026.
  2. What target prices have analysts set?
    Macquarie Research assigned an Outperform rating for VAU with a target of AUD 7.70, and for PLS with a target of AUD 5.00.
  3. What recent developments support these mining stocks?
    Vault reported strong gold production and cash flow with ongoing plant expansions, while PLS secured a multi-year lithium offtake agreement with Canmax, including a floor price and USD 100 million prepayment.