Vault Minerals Reports 9 Percent Rise in 2026 Ore Reserves to 3.9 Million Ounces

Ore Reserves Climb Amid Ongoing Mine Depletion

Vault Minerals Limited (ASX:VAU) reported a solid 9% year-on-year increase in its Group Ore Reserves to 3.9 million ounces of gold as at 30 June 2026, even after accounting for FY26 mine depletion of nearly 400,000 ounces. The Group’s Mineral Resources held steady at 12.1 million ounces, reflecting a stable foundation for future reserve growth.

The upgraded Ore Reserves underpin a standalone production outlook through to FY29, with significant upside potential from the sizeable Mineral Resource inventory and established tenements near existing infrastructure. This positions Vault well for sustained output in tier 1 mining jurisdictions.

Leonora Operations Drive Reserve Growth

Leonora’s Ore Reserves increased by 7% post FY26 depletion to 2.7 million ounces, led by a 48% surge at the Darlot underground mine and replacement of depletion at the King of the Hills (KoTH) underground. The KoTH underground Mineral Resource itself expanded 30% net of depletion, boosted by resource growth within the primary granodiorite host and new mineralisation in adjacent sedimentary units.

During FY26, Leonora saw 64,839 metres of underground drilling at KoTH and Darlot, which not only contributed to the resource and reserve update but also highlighted substantial upside from resource extensions and new mineralised structures. The Darlot underground Ore Reserves rose 48% net of depletion, driven by expansion in the Lords Felsics zone, with ventilation upgrades underway to support life-of-mine plans.

Deflector Underground Reserves Surge 58 Percent

The Deflector region posted a remarkable 58% increase in underground Ore Reserves net of FY26 depletion, lifting reserves to 141,000 ounces within a broader 170,000-ounce Ore Reserve. This growth was fuelled by exploration success at the Contact Lode and reserve conversion at Deflector Main and South West lodes, more than offsetting depletion.

Deflector’s Mineral Resources remained broadly consistent net of depletion, supported by a 25% increase in underground drilling during FY26. Exploration along the Gullewa trend, outside current Mineral Resources, presents further potential for mine life extension. Meanwhile, Rothsay’s Ore Reserves increased 47% net of depletion despite constrained drilling due to rig availability.

Mount Monger Reserves Up 15 Percent with Rumbles Growth

Mount Monger’s Ore Reserves expanded 15% net of depletion to 602,000 ounces, driven by reserve growth at the Rumbles open pit and replacement at the Daisy Complex. The Rumbles pit is scheduled to commence in Q4 FY27, extending open pit feed beyond FY28 and improving mill feed grades through higher-grade ore.

Underground Ore Reserves at Mount Belches remained steady at 114,000 ounces, with potential for future restart to boost grades. Overall, Mount Monger’s Mineral Resources held steady at 3.6 million ounces.

Sugar Zone Restart and Exploration Momentum

Underground development at the Sugar Zone restarted on 1 July 2026, with Mineral Resources of 1.25 million ounces and Ore Reserves of 398,000 ounces remaining materially unchanged. The Ore Reserves support an average annual production of approximately 50,000 ounces over a seven-year mine life.

Exploration continues to target extensions along the southern Sugar Zone mine corridor and the TT8 regional prospect, where maiden drilling confirmed mineralisation continuity and potential for open pit development. Vault has approved a $44 million exploration budget for FY27, including 187 kilometres of drilling across its portfolio, with capacity to accelerate follow-up drilling subject to success.

Robust Sampling, Modelling, and Operational Assumptions

The resource and reserve estimates comply with the 2012 JORC Code, supported by extensive drilling, sampling, and quality assurance protocols across Vault’s operations. Mining methods range from open pit to underground stoping, with metallurgical recoveries averaging above 90% at key sites. The estimates incorporate conservative gold price assumptions of A$3,750/oz for Australian assets and C$3,563/oz for the Canadian Sugar Zone.

Vault’s infrastructure and approvals are in place to support current and planned operations, with ongoing investments in processing upgrades and mine development. The company maintains a strong focus on exploration-led growth, leveraging its contiguous land holdings and existing infrastructure to unlock further value.