Vault Minerals has reported gold production of 92,087 ounces and sales of 91,477 ounces in the September 2025 quarter, as the Australian miner eyes a year of “transformational free cash flow growth.”
The company reported in its September quarterly report it achieved an average realised gold price of $4446 per ounce and an all-in sustaining cost (AISC) of $2613 per ounce, keeping it on track to meet its 2025-26 financial year (FY26) guidance of 332,000–360,000 ounces at $2650–$2850 per ounce.
Vault generated $28.1 million in underlying free cash flow during the quarter and ended September with $703.3 million in cash and bullion, with no debt. The miner also continued to deliver value to shareholders through its $9.3 million on-market buyback, repurchasing 14.4 million shares.
“Vault is approaching a period of transformational free cash flow growth with the rapidly approaching hedge book extinguishment,” the company said.
“The material step down in deliveries in the second half of FY26 positions Vault to build momentum through strong half-on-half free cash growth as the company enters FY27 materially unhedged.”
The Leonora operations were a standout, producing 46,511 ounces at an AISC of $2652 per ounce and setting a record throughput of 1.47 million tonnes at the King of the Hills (KoTH) processing plant.
KoTH’s Stage 1 and 2 upgrades remain on time and budget, expected to boost capacity by around 50 per cent to 7.5–8.0 million tonnes per annum from the second quarter of FY27.
At Mount Monger, production reached 22,809 ounces at $2705 per ounce, supported by stronger ore output from the Santa open pit complex. In the Deflector region, Vault produced 22,767 ounces of gold and 115 tonnes of copper at $2443 per ounce, marking a record production quarter for the Rothsay mine.
Vault also began transitioning the Deflector underground to an owner-operator model, investing $11.5 million in new mining equipment to improve long-term efficiency.
Vault’s group ore reserves jumped 31 per cent to 4 million ounces, underpinned by a major exploration push. The company has budgeted 116,000 metres of drilling for FY26, a 100 per cent increase from the previous year, focused on growth at its Leonora operations.
Meanwhile, at Sugar Zone, surface drilling will recommence after visible gold was confirmed in recent sampling, targeting mineralisation south of the Sugar South discovery.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
