The Vault Minerals Ltd (ASX: VAU) share price is in focus after the company lodged a key regulatory permit for its Sugar Zone project restart, targeting underground development in Q1 FY27 and gold production in Q1 FY28.
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What did Vault Minerals report?
- Lodgement of Closure Plan Amendment (CPA) for Ontario's Sugar Zone mine, following Ministry invitation
- Draft Sewage Environmental Compliance Approval (ECA) for Southern Tailings Management Facility received
- Updated underground Mineral Resource: 4.8Mt at 8.0g/t for 1.23 million ounces of gold as at 30 June 2025
- Ore Reserve: 2.3Mt at 5.4g/t for 389,000 ounces supporting 7-year mine life and annual ~50,000oz production
- Extensive exploration: ~114,000m drilled since August 2023, identifying new mining front (Sugar Zone South)
What else do investors need to know?
Vault's latest CPA submission signifies a critical step toward restarting Sugar Zone operations after an exhaustive review and consultation with First Nations partners. The CPA will be displayed publicly on Ontario's registry for up to 45 days before filing, which is expected to trigger the commencement of Q1 FY27 development.
Significant infrastructure refurbishments are complete, with upgrades to mine and plant facilities and a new mining fleet readied. Recruitment of the senior operational team is progressing, while seasonal exploration focused on new surface targets continues to uncover promising zones.
Vault's restart will proceed under an owner-operator model, with a 9–12 month development phase establishing safe access for stope production and providing construction material for its new tailings facility. The mine is permitted for higher capacity, offering future expansion optionality.
What's next for Vault Minerals?
Looking ahead, Vault will focus on securing final government approvals and beginning site works, including tailings dam construction and mine development. Underground mining is on track to restart in early FY27, with first gold production targeted for Q1 FY28.
Further resource conversion and exploration upside remain, as high-grade mineralisation is open in multiple directions. As in-mine drilling resumes, the company may extend the mine's life beyond its current seven-year plan.
Vault Minerals share price snapshot
Over the past 12 months, Vault Minerals shares have risen 37%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 1% over the same period.
