The Vault Minerals Ltd (ASX: VAU) share price is in focus after the company reported a 44% jump in first-half FY26 EBITDA to $384.5 million and declared its inaugural interim dividend of 7 cents per share.
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What did Vault Minerals report?
- Revenue rose 20% to $817.3 million for H1 FY26
- EBITDA up 44% to $384.5 million, with a 47% margin
- Statutory NPAT recorded a loss of $35.2 million (down from $119.3 million profit in H1 FY25)
- Gold sales fell by 15% to 169,274 ounces
- Operating cash flow up 20% to $284.8 million
- Interim dividend declared at 7 cents per share, totalling $73 million
What else do investors need to know?
Vault Minerals finished the half with a strong balance sheet—$537.3 million in cash and bullion and no debt—after significant investment in growth projects. The period saw elevated capex, largely for the King of the Hills (KoTH) plant expansion, which is tracking ahead of schedule for September 2026 commissioning.
Production in the year to date reached 306,542 ounces across Leonora, Mount Monger, and Deflector, with full-year guidance set at 332,000 to 360,000 ounces. The company has also initiated a share buyback program ($33 million deployed) and closed legacy gold hedges, giving more exposure to spot prices from H2 FY26.
On the corporate front, Vault agreed to merge with Regis Resources Ltd (ASX: RRL) under a scheme of arrangement, creating a top-tier Australian gold producer with over 700,000 ounces annual output, pending shareholder and court approvals in the second half of 2026.
What's next for Vault Minerals?
Looking ahead, Vault expects to ramp up production as major projects like the KoTH plant upgrade and Spanish Galleon underground access come online. Capital spending is set to step down in FY27, positioning the company for improved margins.
Management noted further organic growth options across the portfolio. Restart of the Sugar Zone mine is expected during FY27, and regulatory milestones for tailings and approvals are progressing on track.
Vault Minerals share price snapshot
Over the past 12 months, Vault Minerals shares have risen 45%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 3% over the same period.
