Cashflow and a successful integration program delivered a strong first full year for Vault Minerals, which has announced a maiden share buy-back scheme and the planned exit of its managing director.
Vault posted an operating cashflow for the 2024–25 financial year (FY25) of $560.2 million, alongside adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of $619.4 million and net profit after tax (NPAT) of $237 million.
Vault’s EBITDA increased 221 per cent on the previous year, generating an EBITDA margin of 43 per cent.
Other highlights included group gold production of 380,985 ounces with gold sales of 385,232 at an all-in sustaining cost (AISC) of $2422 per ounce; group sales revenue of $1.43 billion, with an average realised price of $3684 per ounce; and cash and bullion holdings of $685.9 million, with no debt.
The company said the result highlighted the cash generation potential of Vault’s diverse operating portfolio.
“FY25 saw a significant re-set program implemented at the long-life Leonora operation, culminating in … a targeted 20 per cent increase in peak output on FY25 levels,” the company said.
“The work completed through FY25 has resulted in a stronger and more resilient business which has provided the board with the confidence to announce the first buy-back in Vault’s short history.”
It cited the work undertaken to optimise its Leonora operation as a key factor in its rollout of a share buy-back program.
“The buy-back is a disciplined mechanism to return capital and reflects the board’s confidence in the strong balance sheet and cash generation outlook of the group,” the company said.
Vault also announced that chief executive officer (CEO) and managing director Luke Tonkin will step down within the next 12 months.
Tonkin was appointed as Vault’s boss following the merger with Silver Lake Resources in June 2024.
Before this, Tonkin had been the managing director of Silver Lake since 2014.
Vault chair Russell Clark said Tonkin had provided “dedicated and inspirational leadership” in his 11 years with the company and “introduced a discipline to the business that has seen it grow and prosper”.
“In the past 12 months he has overseen the successful integration of Red 5 and Silver Lake to form Vault,” Clark said.
“Re-engineering the KOTH mine site as a lower grade bulk open pit operation with mine life now stretching out almost 20 years is a significant achievement with increased reserves, better mining practices, renewed exploration and the expansion of the processing plant to treat 50 per cent more ore annually.”
Tonkin will continue in the CEO and managing director role until his successor is appointed, and a handover is completed.
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Want to connect with the mining industry? Register to attend AIMEX and WA Mining Conference.
Want to connect with the mining industry? Register to attend AIMEX and WA Mining Conference.
Want to connect with the mining industry? Register to attend AIMEX and WA Mining Conference.
Want to connect with the mining industry? Register to attend AIMEX and WA Mining Conference.
