AUS
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UK
CA
USA
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Highlights
- VAU recorded a 139% YoY increase in revenue to AUD 678.8 million in 1HFY25, while EBITDA rose 179% YoY to AUD 267.4 million.
- A Stage 2 plant upgrade to boost capacity to 7.5 mtpa by FY27.
- FY25 production guidance has been reaffirmed at 390k–410k ounces.
Vault Minerals Limited (ASX:VAU) is engaged in gold and copper exploration, development, and operations across Australia and Canada. In the half-year ended 31 December 2024 (1HFY25), the company achieved a remarkable turnaround in its financials, with a 139% YoY surge in sales revenue, reaching AUD 678.8 million, up from AUD 283.5 million in the same period last year. The company’s EBITDA rose to AUD 267.4 million during the period, representing a 179% YoY increase, while net profit after tax (NPAT) jumped 311% YoY to AUD 119.3 million.
The company produced 195,417 ounces and sold 199,428 ounces of gold in 1HFY25, sourced from its Leonora, Deflector, and Mount Monger operations. At the end of the reported period, cash and bullion holdings reached AUD 575.6 million, with no debt.
The EBITDA margin stood at 39.8%, which outperformed both the industry median of 38.6% and the previous year’s margin of 34.4%. Moreover, Vault's current ratio increased to 3.37, more than doubling from the previous half.
Recent Updates
On 26 May 2025, the company announced a significant update to its Leonora-based King of the Hills (KoTH) project, with a 33% increase in open pit ore reserves to 2.2 million ounces, extending the mine life to 18 years.
A Stage 2 plant upgrade, estimated at AUD 92 million, will expand processing capacity to 7.5 million tonnes per annum (mtpa) by FY27. This is expected to improve gold recovery rates and reduce unit costs. The upgrade will complement existing Stage 1 enhancements and is funded internally, supported by VAU’s cash flow.
Drilling at KoTH and Darlot supports the conversion of Inferred Resources to Indicated status.
March Quarter Performance
In the quarter ended 31 March 2025, the company recorded gold production of 87,110 ounces and gold sales of 89,827 ounces at an average price of AUD 3,812/oz. The all-in sustaining cost (AISC) stood at AUD 2,553/oz for the quarter.
Year-to-date gold production reached 282,526 ounces, with an average sales price of AUD 3,506/oz. Cash and bullion increased to AUD 624.5 million, and underlying free cash flow was reported at AUD 51.7 million.
FY25 Guidance Reaffirmed
Vault has reaffirmed its FY25 production guidance, targeting gold sales of 390,000 to 410,000 ounces at an AISC between AUD 2,250 and 2,450/oz. This outlook is supported by anticipated production growth in the fourth quarter from Mount Monger and Leonora.
Stage 1 and 2 plant upgrades are projected to increase capacity to 7.5mtpa, creating peak gold output of 235,000 ounces and decreasing unit costs.
Share performance of VAU
VAU shares closed 2.15% lower at AUD 0.455 per share on 27 May 2025. In the last three months, VAU’s share price has increased by almost 13.75%, while on a year-to-date basis, it has recorded a rise of nearly 37.88%.
52-week high of VAU is AUD 0.50, recorded on 7 May 2025, and 52-week low is AUD 0.28, recorded on 10 September 2024.
Support and Resistance Summary
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 27 May 2025. The reference data in this report has been partly sourced from EODHD/Others.
Technical Indicators Defined:
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Disclaimer
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