S&P/ASX 200 Index (ASX: XJO) gold stock Vault Minerals Ltd (ASX: VAU) has been making some very happy investors in recent months.
Though not so much today.
In morning trade on Friday, Vault shares are down 1.2%, trading for 68 cents apiece.
This comes amid broader weakness in the gold sector today, with the S&P/ASX All Ordinaries Gold Index (ASX: XGD) down 0.9% at this same time. That's likely due to a modest 0.2% decline in the gold price since Wednesday's new all-time highs. Gold is currently fetching US$3,859.64 per ounce, according to data from Bloomberg.
Despite today's dip, shares in the ASX 200 gold stock remain up 112.5% since this time last year.
As you may know, Vault came into being following the merger of Red 5 and Silver Lake Resources in June 2024. The miner, which today commands a market cap of $4.6 billion, began trading under the name Vault last September.
And before market open this morning, Vault revealed that it's on track to meet its FY 2026 guidance.
Here's what's happening.
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ASX 200 gold stock on track for FY 2026 guidance
In its preliminary first-quarter FY 2026 sales results, Vault reported gold sales of 91,477 ounces from its three producing mines.
That broke down to 46,476 ounces of gold sales from Leonora; 22,338 ounces of gold sales from Mount Monger, and 22,663 ounces of gold sales from Deflector, which also achieved 110 tonnes of copper sales.
The ASX 200 gold stock noted that this is line with its FY 2026 guidance of 332,000 ounces to 360,000 ounces of gold sales.
Vault released its FY 2026 guidance on 22 September, which saw the miner forecast lower production than in FY 2025, with production then ramping up again over the following years.
As the Motley Fool reported on the day, Vault said:
Gold production for FY26 would be in the range of 332,000 to 360,000 ounces, down from the 380,985 ounces produced last financial year.
But gold production would bounce back in the following two financial years, initially to a range of 360,000 to 390,000 ounces, then to 370,000 to 400,000 ounces.
On the balance sheet
The ASX 200 gold stock also reported on the strength of its balance sheet, with Vault ending the quarter with cash and bullion of $703 million and no debt. Underlying free cash generation came in at $28 million.
Management noted, "Vault is approaching a period of transformational free cash flow growth with the hedge book extinguishment rapidly approaching."
Indeed, with gold prices resetting new record highs almost every week this year, the miner should benefit as its hedge unwinds, and it can sell all of its gold at (or closer to) the spot price.
The ASX 200 gold stock will report on its all-in sustaining costs (AISC) with the release of its September quarterly report, scheduled for later in October.
