The Vault Minerals Ltd (ASX: VAU) share price is in focus today after the company reported March quarter gold production of 78,578 ounces, quarterly free cash flow of $229 million, and a maiden interim dividend paid in April.
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What did Vault Minerals report?
- Gold production: 78,578 ounces for the quarter; 247,203 ounces year-to-date
- Gold sales: 77,707 ounces at an average realised price of A$6,987 per ounce
- All-in Sustaining Cost (AISC): A$3,006 per ounce for the quarter; A$2,909 per ounce YTD
- Quarterly free cash flow: $229 million, up 1,808% quarter-on-quarter
- Maiden interim dividend: 7 cents per share ($73 million), paid in April
- Cash and bullion: $728 million at quarter end, with no debt
What else do investors need to know?
Vault completed Stage 1 of its King of the Hills (KoTH) plant upgrade in March, with the new crushing circuit ramping up and demonstrating increased throughput ahead of Stage 2 commissioning in FY27. Capital investment for growth remains elevated but is focused on KoTH expansion and supporting projects at Deflector and Leonora regions.
The company continued its share buyback, deploying $39.6 million in the quarter and purchasing 8.8 million shares, positioning Vault among the highest yielding mid-cap gold producers in Australia. Exploration results across the portfolio are encouraging, especially at KoTH and Darlot, underpinning strategies to keep production strong beyond FY28.
What's next for Vault Minerals?
Vault is on track to deliver its FY26 production guidance of 332,000–360,000 ounces at an AISC between A$2,650 and A$2,850 per ounce. The KoTH Stage 2 processing plant upgrade is on schedule and on budget for commissioning in Q2 FY27, targeting a ~50% increase in throughput and a 34% lift in Leonora region gold production.
Further exploration and resource definition drilling at KoTH, Darlot, and Deflector aims to extend mine life and support sustained production. Preparations are also underway for a restart at Sugar Zone in Canada once permitting is complete.
Vault Minerals share price snapshot
Over the past 12 months, the Vault Minerals share price has risen 45%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 14% over the same period.
