Vault Minerals

What Vault Minerals does

Vault Minerals Limited (ASX: VAU) is an Australian-domiciled intermediate gold producer formed in 2023 through the merger of equals between Silver Lake Resources and Red 5, and rebranded to the Vault Minerals identity in November 2024. The company operates four gold assets across two jurisdictions: the Leonora Operations (King of the Hills open pit and underground plus the Darlot satellite mine, with a 5.0 Mtpa KOTH processing facility powered by a 30 MW hybrid gas-solar power station) in the Goldfields region of Western Australia; the Mount Monger Operations (Daisy, Mount Belches and Aldiss mining centres with a 1.3 Mtpa Randalls processing facility) east of Kalgoorlie; the Deflector Gold-Copper Operations (Deflector and Rothsay underground mines with an 0.8 Mtpa processing facility delivering 97.3 per cent gold recovery and 77.3 per cent copper recovery) in the Midwest region; and the Sugar Zone Gold Project in Ontario, Canada, being advanced as a production restart candidate at approximately 0.30-0.35 Mtpa throughput. Ore processing relies on conventional carbon-in-leach (CIL) and carbon-in-pulp (CIP) extraction, SAG grinding, three-stage crushing and sulphide flotation circuits.

The business model is straightforward commodity production: Vault Minerals extracts gold and copper, sells the output at prevailing spot market prices to refiners, commodity traders and industrial buyers through established global commodity trading channels, and generates revenue on a transaction basis with pricing dictated by London Bullion Market Association reference pricing. FY24 production delivered approximately 455 koz of gold sales (Leonora 212 koz, Deflector 139 koz, Mount Monger 97 koz) and 1,037 tonnes of copper, with All-In Sustaining Costs ranging from A$1,459/oz at Deflector (the lowest-cost operation, benefiting from copper by-product credits) to A$2,176/oz at Mount Monger. As a publicly listed entity on the ASX, the go-to-market motion centres on investor relations, capital markets engagement, ASX announcements, and operational excellence to drive free cash flow rather than branded consumer marketing. Group Ore Reserves stand at approximately 3.4 Moz gold and Mineral Resources at approximately 12 Moz gold as at 30 June 2024.

On 4 May 2026, Vault Minerals entered into a definitive all-share merger agreement with Regis Resources to create Australia's third-largest listed gold producer at an enterprise value of approximately A$10.7 billion. The combined entity is expected to operate five mines in Western Australia and two growth projects, produce 700,000 ounces of gold annually, and unlock over A$500 million in corporate tax benefits, with Vault shareholders receiving a 10.7 per cent premium. The transaction remains subject to shareholder and regulatory approvals. Vault Minerals is headquartered in South Perth, Western Australia, employs 251-500 staff, and is led by Managing Director Luke Tonkin with Non-Executive Chair Russell Clark.

Name

Vault Minerals

Legal name

Vault Minerals Limited

Website

https://vaultminerals.com

Company type

Public

Founded year

2023

Operating status

Operating

Headcount range

251–500 employees

Short description

Vault Minerals is an ASX-listed intermediate gold producer operating three Western Australian gold-copper operations and a Canadian gold project, with FY24 gold sales of approximately 455,000 ounces. The company is merging with Regis Resources to form Australia's third-largest listed gold producer.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Gold Ore and Silver Ore Mining (212220), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH)

Keywords

• Gold mining operations
• Gold production
• Copper by-product
• Intermediate gold producer
• Mineral processing

Headquarters

HQ city

South Perth

HQ country

Australia

HQ region

Oceania

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Gold Sales: Primary revenue stream from selling gold produced at Australian operations (Leonora, Deflector, Mount Monger). FY24 total gold sales of approximately 455 koz. Gold is sold as a commodity at market prices.
2. Copper Sales: By-product revenue from copper production at the Deflector operations. FY24 copper production of approximately 1,037 tonnes from Deflector underground mine.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Vault Minerals engages in gold exploration, mine development, production, and the sale of gold and gold-copper concentrate. The company operates four gold mining assets producing approximately 455 koz of gold annually, with by-product copper from the Deflector operation. Production is processed through conventional CIL, CIP, SAG grinding, and flotation circuits at established processing facilities across Western Australia and Ontario, Canada.

Product overview

Vault Minerals is a leading intermediate gold producer with a diversified portfolio of four gold mining operations: three major operations in Western Australia (Leonora Operations, Mount Monger Operations, and Deflector Operations) plus an advanced gold production restart project in Ontario, Canada (Sugar Zone). The Leonora Operations serve as the core long-life asset, featuring the flagship King of the Hills mine with a 5.0 Mtpa processing plant. Mount Monger and Deflector provide supplementary high-grade ore sources, while Sugar Zone represents a growth opportunity. In FY24, the company delivered total gold sales of approximately 455 koz, with Group Ore Reserves of approximately 3.4 Moz gold and Mineral Resources of approximately 12 Moz gold.

Differentiator

Problem solved

Functional benefit

Products and services

• Leonora Operations Gold mining operations located approximately 900 km north-east of Perth in Western Australia's Goldfields region, comprising the King of the Hills (KOTH) open pit and underground mines, the Darlot satellite underground mine, and the KOTH processing facility. The facility is a conventional CIL plant with SAG grinding mill, gyratory crusher and 380-room village, powered by a 30MW hybrid gas-solar power station, with throughput capacity of approximately 5.0 Mtpa. In FY24, delivered approximately 212 koz gold sales at AISC of A$2,043/oz.
• Mount Monger Operations Gold mining operations located approximately 580 km north-east of Perth in the Goldfields Region of Western Australia, comprising the Daisy, Mount Belches, and Aldiss mining centres, and the Randalls processing facility. The Randalls facility has a comminution circuit comprising 3-stage crushing with primary and secondary ball mills leading to conventional gravity and CIL circuits, with throughput capacity of approximately 1.3 Mtpa and 89.7% gold recovery. In FY24, delivered approximately 97 koz gold sales at AISC of A$2,176/oz.
• Deflector Operations Gold-Copper operations located approximately 450 km north of Perth in the Midwest Region of Western Australia, comprising the Deflector and Rothsay underground mines and the Deflector processing facility. The facility has a three-stage crushing circuit with single ball mill comminution, gravity circuit for gold recovery, and sulphide flotation circuit with CIP circuit, with throughput capacity of approximately 0.8 Mtpa achieving 97.3% gold recovery and 77.3% copper recovery. In FY24, delivered approximately 139 koz gold sales and 1,037 t copper at AISC of A$1,459/oz.
• Sugar Zone Gold Project Advanced gold production restart project located in Ontario, Canada, approximately 30 km north of White River and midway between Thunder Bay and Sault St. Marie. A high-grade underground operation with two-stage crusher and ball mill comminution circuit with gravity circuit and sulphide flotation circuit producing gold concentrate, with installed capacity of approximately 0.35 Mtpa and permitted capacity of approximately 0.55 Mtpa. The project is evaluating production restart scenarios at 0.30-0.35 Mtpa throughput.

Quantifiable outcome

• FY24 total gold sales of approximately 455 koz
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Regis ResourcesflagshipStrategic or Co-development Partner · 4 May 2026All-share merger agreement announced May 4, 2026, creating Australia's third-largest listed gold producer valued at approximately A$10.7 billion. The combined entity will operate five mines in Western Australia and two growth projects, producing 700,000 ounces of gold annually and unlocking over A$500 million in corporate tax benefits. Vault shareholders to receive 10.7% premium. Merger reflects ongoing consolidation among mid-tier gold producers driven by surging bullion prices.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Regis Resources: ASX-listed mid-tier gold producer operating the Duketon and McPhillamys mines in Western Australia and New South Wales. Directly comparable to Vault as the announced all-share merger partner with similar production scale and WA operational exposure.
• Ramelius Resources: ASX-listed intermediate gold producer operating the Mt Magnet, Edna May, and Tampia mines in Western Australia. Closely comparable to Vault as a similarly sized WA-focused mid-tier producer targeting ~250-300 koz annual output.
• Westgold Resources: ASX-listed mid-tier gold producer with the Bryah, Meekatharra, and Cue goldfields in Western Australia. Comparable to Vault as a WA-focused mid-tier producer with multiple processing hubs and underground/open-pit mining mix.
• Capricorn Metals: ASX-listed gold producer operating the Karlawinda mine in Western Australia with the Mt Gibson development project. Comparable to Vault as a single-asset WA gold producer of similar size, recently pursuing growth via acquisition.
• Dacian Gold: ASX-listed gold producer operating the Mt Morgans mine in Western Australia. Comparable to Vault as a WA-focused intermediate gold producer of similar scale, with potential consolidation appeal.
• Pantoro Limited: ASX-listed gold producer with the Norseman gold project in Western Australia. Comparable to Vault as a smaller WA-focused gold producer operating in similar geological settings within the Eastern Goldfields.
• Silver Lake Resources: ASX-listed gold producer (now merged into Vault) that previously operated the Mount Monger and Deflector gold mines. Historically directly comparable as Vault's predecessor entity, and the corporate lineage underpins current operations.

Broad incumbents

• Northern Star Resources: Australia's largest gold producer operating the Kalgoorlie, Jundee, and Yandal mines in WA plus KCGM Super Pit. Comparable to Vault as a major WA gold incumbent that dwarfs Vault in scale and represents the dominant consolidator in the WA gold sector.
• Evolution Mining: ASX-listed major gold producer operating Cowal, Mungari, Mt Rawdon, Mt Carlton, and Ernest Henry mines. Comparable to Vault as a multi-asset Australian gold producer of greater scale pursuing growth through both organic and M&A pathways.
• Newmont Corporation: World's largest gold miner with Australian operations including Boddington and Tanami. Comparable to Vault as the global incumbent in gold mining that has historically targeted WA assets and where several Vault directors previously held senior roles.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/VaultMinerals
• LinkedInlinkedin.com/company/vault-minerals-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vault Minerals