Vault Minerals (RKM0) 2025 Earnings Call Presentation

Company Overview - Vault Minerals has a strong financial position with A$686 million in cash and no debt as of June 30, 2025 [11] - The company's market capitalization is A$2,585 million based on a share price of A$038 as of July 30, 2025, with 6,802 million shares on issue [13] - Vault Minerals FY25 production was 381koz at an AISC of A$2,422/oz [13] Operations and Growth - The company is undertaking a King of the Hills (KoTH) plant expansion targeting a ~20% increase in peak production relative to FY25 [11, 28] - Vault Minerals plans to double resource definition drilling in Leonora with over 100,000m planned for FY26, a greater than 100% increase on FY25 [11, 22] - The Leonora Stage 1 plant expansion is expected to be online by June 2026, with a capacity of 6Mtpa [19] - The Leonora Stage 2 plant expansion is expected to be online in FY28+, with a capacity of 75Mtpa [19] Hedging and Financials - The company's hedge book was reduced to 132,504 ounces at A$2,876 per ounce as of June 30, 2025 [24] - 41% of FY25 sales, or 158,684 ounces, were delivered into the hedge book at an average price of A$2,680/oz [24] - 92% of the remaining hedges are to be delivered in FY26 and completed in Q1 FY27, leading to increased exposure to spot gold pricing [24] Resources and Reserves - The company has total Mineral Resources of +127 Moz Au [17] - The company has total Ore Reserves of +39 Moz Au [17]