The Vault Minerals Ltd (ASX: VAU) share price is in focus today after the company announced it has begun commissioning the Stage 1 upgrade of its King of the Hills (KoTH) processing plant, confirming the project is on time and on budget.
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What did Vault Minerals report?
- Stage 1 KoTH plant upgrade commissioning has commenced, increasing plant throughput capacity to ~6.0 million tonnes per annum (mtpa)
- New primary crusher and conveyor belt extension installation completed
- Wet plant upgrades, including four additional CIL tanks and a new tailings booster pump, are in operation
- Stage 1 power station upgrade finalised with two new gas-fired gensets
- ~15mt of stockpiled ore at KoTH, containing ~180,000 ounces, as of 28 February 2026
What else do investors need to know?
Stage 2 of the KoTH plant upgrade remains on schedule and budget, targeting completion in the second quarter of FY27. This second phase is planned to lift total plant capacity to between 7.5 and 8.0 Mtpa throughout the second half of FY27.
The upgrade is projected to boost throughput by about 50% at a competitive capital intensity of $57 per tonne of increased annual capacity. Vault Minerals also highlighted the flexibility provided by its substantial stockpiles, which help ensure ongoing mill feed despite possible supply disruptions linked to ongoing tensions in the Middle East.
What's next for Vault Minerals?
Looking ahead, Vault Minerals will focus on finalising commissioning of the Stage 1 upgrades, with the first ore set to feed through the new crusher by 31 March 2026. Management will also continue advancing the Stage 2 expansion, keeping the project on time and within budget.
By expanding throughput capacity and securing a long-term, CPI-linked gas supply for its power station, the company aims to enhance operational resilience and steady production despite broader market uncertainties.
Vault Minerals share price snapshot
Over the past 12 months, Vault Minerals shares have risen 39%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 7% over the same period.
