What Vault Minerals Limited (ASX:VAU) shareholders face ahead of the 11 November scheme meeting on the Genesis merger

Sonal Goyal

28 October 2026 12:27 AM AEDT

What Vault Minerals Limited (ASX:VAU) shareholders face ahead of the 11 November scheme meeting on the Genesis merger

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Key Highlights

Default consideration is 0.7629 new Genesis shares plus approximately A$0.5125 in cash for each Vault share, with all-cash and all-scrip elections subject to scaleback.
The independent expert, BDO Corporate Finance, concluded the scheme is in the best interests of shareholders absent a superior offer.
The scheme meeting is on 11 November 2026, followed by a second court hearing.

Vault Minerals Limited (ASX:VAU) is a Western Australian gold producer whose shareholders will vote on 11 November 2026 on a scheme of arrangement under which Genesis Minerals would acquire the company. The scheme booklet was registered with ASIC on 6 October 2026 and dispatch was completed on 14 October. Default consideration is 0.7629 new Genesis shares plus approximately A$0.5125 in cash for each Vault share, with alternative all-cash and all-scrip elections available but subject to scaleback mechanisms. An independent expert has endorsed the terms. \

What the company actually does

Vault Minerals is the renamed Red 5 Limited, which adopted its current name on 27 September 2024 after combining with Silver Lake Resources. It operates the King of the Hills and Darlot mines in the Leonora region of Western Australia, the Deflector gold-copper operation in the Murchison, and the Mount Monger operations east of Kalgoorlie. It also holds the Sugar Zone underground mine in Ontario, Canada, where operations restarted on 1 July 2026. Group output is reported across the Australian regions, with Sugar Zone accounted for separately as a restart asset rather than a steady-state contributor.

Latest verified developments

The corporate sequence was contested. On 5 May 2026 Vault and Regis Resources announced a merger to create a new senior gold producer. On 6 July Vault received what it described as a superior proposal from Genesis Minerals; Regis responded within its matching-rights period and on 13 July confirmed it would not proceed. Vault and Genesis announced agreed terms on 14 July 2026, and an ACCC waiver followed on 27 August. The Supreme Court of Western Australia approved convening the scheme meeting on 5 October, the booklet was registered the following day, and dispatch finished on 14 October. BDO Corporate Finance, the independent expert, concluded the scheme is in the best interests of shareholders in the absence of a superior offer.

Financial and operational evidence

For the financial year ended 30 June 2026, Vault reported metal sales revenue of A$1,880.2 million and statutory net profit after tax of A$278.4 million, against A$1,432.1 million and A$237.0 million in FY25. Gold production was 336,540 ounces at an all-in sustaining cost of A$2,924 per ounce. Cash and bullion stood at A$841.6 million at 30 June 2026, excluding gold in circuit and concentrate. The September 2026 quarter produced 76,849 ounces at A$3,529 per ounce, lifting cash and bullion to A$886.7 million. FY27 guidance is 355,000 to 375,000 ounces at A$3,150 to A$3,350 per ounce. Within the quarter, Leonora delivered 44,467 ounces at A$2,885 per ounce, Deflector 17,062 ounces plus 76 tonnes of copper, and Mount Monger 15,320 ounces.

Risks and pressure points

The scheme remains conditional on shareholder approval and a second court hearing. Part of the consideration is Genesis scrip, so the value received would move with the Genesis share price. Operationally, September-quarter group all-in sustaining costs of A$3,529 per ounce were above the FY26 average, with Deflector at A$4,987 per ounce including a non-cash inventory charge. An incident at the King of the Hills site was reported on 8 April 2026. Sugar Zone remains pre-restart, with a plant restart planned for the first quarter of FY28 and mined material currently feeding stockpiles.

Milestones to watch

The scheme meeting on 11 November 2026 is the immediate event, followed by the second court hearing and, if approved, implementation. The company obtained an extension of time to hold its annual general meeting and dispatch its annual report, so that timing could remain in focus. Operationally, exploration drilling at the Sugar Zone TT8 target was due to begin in late October 2026. Sugar Zone underground development, 340 metres in the September quarter, is a further measure.

FAQs

Q: When is the scheme meeting?

A:11 November 2026. The booklet was registered with ASIC on 6 October 2026 and dispatch finished on 14 October.

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