Vault Pays $30.9M Stamp Duty, Eyes Growth After Merger Integration
Vault Minerals reported preliminary FY25 gold sales just shy of guidance, while making key operational investments and strengthening its balance sheet post-merger.
- FY25 gold sales of 385,230 ounces, 1.2% below guidance
- Significant investments in Mount Monger and Leonora operations
- Paid $30.9 million stamp duty related to Silver Lake merger
- Generated $61.4 million cash flow after stamp duty payment
- Ended FY25 with $685.9 million cash and bullion, zero debt
Preliminary Sales Results
Vault Minerals Limited has released its preliminary sales figures for the fourth quarter and full fiscal year 2025, marking its first full year following the merger of Silver Lake Resources and Red 5 Limited. The company reported total gold sales of 385,230 ounces for FY25, slightly below the lower end of its guidance by 1.2%. The fourth quarter alone contributed nearly 96,000 ounces, underscoring steady production despite the transitional year.
Operational Highlights and Investments
FY25 was a year of significant groundwork for Vault’s future growth. The company advanced several key projects, including the opening of the Santa and Flora Dora pits at Mount Monger and upgrades to the King of the Hills processing plant in Leonora. Additionally, development work began on the Spanish Galleon access at Deflector, positioning Vault to enhance output in coming years. These internally funded investments reflect a strategic focus on operational efficiency and resource expansion.
Financial Position and Merger Costs
Vault’s balance sheet remains robust despite merger-related costs. During Q4, the company paid an interim stamp duty assessment of $30.9 million, closely aligned with prior financial statement provisions. Impressively, Vault generated $61.4 million in cash flow after this payment and the delivery of 37,085 ounces into its hedge book at an average price of A$2,781 per ounce. At fiscal year-end, Vault held cash and bullion totaling $685.9 million and maintained a debt-free position, providing a strong financial platform for future initiatives.
Looking Ahead
While the final all-in sustaining costs for FY25 are pending release in the upcoming June quarterly report, Vault’s preliminary results suggest a stable operational performance during a pivotal year. The company’s investments in mining and processing infrastructure signal confidence in long-term growth, even as it navigates the complexities of integrating two major mining entities. Investors will be watching closely for how these developments translate into production efficiency and cost management in FY26.
Bottom Line?
Vault Minerals closes FY25 with solid sales and a fortified balance sheet, setting the stage for growth post-merger.
Questions in the middle?
- How will the pending all-in sustaining costs impact Vault’s profitability metrics for FY25?
- What production gains can be expected from the new pits and processing upgrades in FY26?
- How will Vault manage its hedge book strategy amid fluctuating gold prices?
