Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • VAU reports FY25 gold sales of 385,230 oz, 1.2% below lower end of guidance.
  • The company completes first full year post-merger, investing across Leonora, Deflector, and Mt Monger.
  •  Vault ends FY25 with AUD 685.9 million cash and bullion, no debt, after AUD 30.9 million stamp duty payment

Vault Minerals Limited (ASX:VAU) is an Australian gold producer formed through the merger of Silver Lake Resources and Red 5 Limited. Its portfolio includes the Leonora operations, Mount Monger, and Deflector in Western Australia, with a focus on multi-asset gold production and development

The company has released its preliminary fourth quarter (Q4) and full-year FY25 sales results, marking the company’s first full financial year following the merger between Silver Lake Resources Limited and Red 5 Limited, which was completed in June 2024.

In Q4 FY25, Vault reported preliminary gold sales of 95,974 ounces, bringing total FY25 sales to 385,230 ounces of gold. This figure falls slightly short by approximately 1.2% of the company’s lower-end sales guidance for the year. Group all-in sustaining costs (AISC) have yet to be finalised and will be detailed in the company’s June 2025 Quarterly Report, expected later in July.

FY25 gold and copper sales were distributed across Vault’s three operational hubs as follows:

  • Leonora operations contributed the largest share with 193,817 ounces of gold sold.
  • Deflector recorded 108,526 ounces of gold and 492 tonnes of copper.
  • Mount Monger reported 82,887 ounces of gold sales.

The company’s first full year of operations post-merger included several capital investments across its asset base, funded internally. At Mount Monger, development began on the Santa and Flora Dora open pits. At Leonora, work commenced on processing plant upgrades at King of the Hills, while at Deflector, Vault initiated access development to the Spanish Galleon zone. These projects are aimed at sustaining future production levels and extending operational life across multiple assets.

Vault also addressed merger-related obligations during the quarter. The company paid an interim stamp duty assessment of AUD 30.9 million arising from the merger with Silver Lake Resources. This payment was aligned with the AUD 33.5 million previously accounted for in the company’s June 2024 financial statements.

Despite the stamp duty payment, Vault reported cash flow generation of AUD 61.4 million for the quarter. This figure accounts for the sale and delivery of 37,085 ounces of gold under the company’s hedge book, at an average realised price of AUD 2,781 per ounce.

As of 30 June 2025, Vault held AUD 685.9 million in cash and bullion and reported no outstanding debt, giving it a net cash position at the close of the financial year.

This financial update follows a transitional year for Vault Minerals after completing a significant merger in 2024. 

Shares of Vault Minerals closed 4.29% lower at AUD 0.40 per share on 3 July 2025, following the release of the preliminary results.