Vault Minerals’ Reserve Growth Hinges on Sugar Zone Regulatory Approval and KoTH Drilling

Strong Reserve Growth Across Key Operations

Vault Minerals Limited has delivered a robust update to its Mineral Resources and Ore Reserves as at 30 June 2025, reporting a 31% increase in Group Ore Reserves to 4.0 million ounces of gold, net of FY25 mine depletion. Mineral Resources also rose modestly by 3% to 12.2 million ounces. This growth is anchored by significant reserve expansions at the Leonora Operations, Sugar Zone, and Mount Monger.

At Leonora, Ore Reserves surged 39% to 2.8 million ounces, driven largely by the King of The Hills (KoTH) open pit expansion and increased underground reserves at Darlot. The KoTH open pit now contains 110 million tonnes at 0.61 g/t gold for 2.2 million ounces, a 43% increase post depletion. Underground drilling at KoTH has extended mineralisation beyond previous resource boundaries, with high-grade intercepts such as 5.62m at 31.6 g/t gold reinforcing the potential for further resource growth.

Processing Upgrades and Exploration Investment

Vault is progressing a two-stage upgrade of the KoTH processing facility, on schedule and within budget, to boost mill throughput from approximately 5 million tonnes per annum (mtpa) in FY25 to over 7.5 mtpa by the second quarter of FY27. This upgrade is expected to reduce unit processing costs and improve metallurgical recoveries, enhancing project economics.

Exploration investment for FY26 is budgeted at $30 million, with a strong focus on Leonora. The company plans to drill approximately 116,000 metres targeting resource definition and extensions at KoTH and Darlot underground mines, alongside regional exploration along a 12-kilometre strike of under-explored mineralisation. The capacity exists to accelerate drilling contingent on exploration success.

Sugar Zone Restart Hinges on Regulatory Approval

Sugar Zone’s Ore Reserves increased 20% to 389,000 ounces following successful drilling at Sugar South, which adds a new shallow, high-grade production front. Sugar South remains open along strike and at depth, offering further upside potential. The restart of mining operations at Sugar Zone is contingent on regulatory approval for the construction of the Southern Tailings Management Facility (STMF). Subject to timely approval, mine development is slated to begin in July 2026 with production expected by November 2027.

The addition of Sugar South provides a third production front approximately 23% higher grade than existing reserves, with existing mining and processing permits providing sufficient capacity to incorporate this new zone. Underground development prior to processing is expected to generate around 13,000 ounces for immediate processing once the STMF is complete.

Mount Monger and Deflector Operations Show Solid Performance

Mount Monger Operations reported a 28% increase in Ore Reserves to 629,000 ounces, supported by successful infill and extensional drilling at the Rumbles open pit within the Mount Belches Mining Centre. This growth supports consistent production forecasts through FY26 and beyond, with declining strip ratios improving mining efficiency.

Deflector Operations saw an 11% increase in Ore Reserves to 192,000 ounces, with underground reserves rising 70% net of depletion. Reserve conversion at Deflector South West offsets depletion at Deflector Main, highlighting ongoing potential for reserve growth through targeted underground drilling.

Strategic Outlook and Market Leverage

Vault Minerals’ large resource and reserve base positions the company well to leverage a constructive gold price environment. Free cash flow is expected to grow significantly in the second half of FY26 as hedge deliveries decline ahead of the hedge book’s exhaustion in Q1 FY27. The company’s focus on expanding reserves, upgrading processing infrastructure, and advancing regulatory approvals underpins a positive outlook for production growth and value creation.