Vault Minerals is setting the stage for a step-change in gold production and cash generation, outlining a three-year plan that leans on plant expansions, mine restarts and a fully self-funded investment program.
Its gold production for financial year 2026 (FY26) is forecast between 332,000 and 360,000 ounces at a cost of $2650 to $2850 per ounce.
While output is expected to dip short term – driven by a planned shift to owner-mining at Deflector – the company has stated that production will accelerate from FY27 as key infrastructure at Leonora ramps up and Sugar Zone comes back online.
Leonora remains the cornerstone of the strategy. A $122 million upgrade to the King of the Hills (KoTH) plant is on track for completion in Q2 FY27, lifting throughput to over 7.5 mtpa by FY28. FY26 production at Leonora is expected to remain stable year-on-year, with additional ore stockpiled ahead of expanded capacity.
The recommencement of production at Sugar Zone is scheduled for late 2027, pending final regulatory approval. Vault expects the site to contribute up to 44,000 ounces in FY28.
Capital investment for FY26 totals $278 million, nearly half allocated to Leonora, and includes major underground equipment purchases at Deflector. Exploration will be stepped up across all assets, with a $30 million budget focused on near-mine targets and resource extensions.
Importantly, Vault says all operations, projects and exploration will be internally funded.
With its hedge book set to fully unwind in Q1 FY27, the company expects to benefit from increased leverage to spot gold prices.
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