Vault Minerals Reports 12.1Moz Resource, 3.9Moz Reserve

Vault Minerals Limited (ASX:VAU) reported its group Mineral Resources and Ore Reserves as at 30 June 2026. Group Mineral Resources total 12.1 million ounces of gold and 14,900 tonnes of copper, which the release describes as materially consistent year on year in both absolute terms and net of mine depletion. Group Ore Reserves total 3.9 million ounces of gold and 3,000 tonnes of copper. FY26 mine depletion was 398,800 ounces of gold. The release states the Ore Reserve movement in two ways: the highlights and the opening paragraph give a 9 per cent year-on-year increase net of that depletion, while the Ore Reserves section of the same document gives an 11 per cent increase on the same basis and describes Ore Reserves as materially unchanged year on year in absolute terms. Ore Reserve estimates for the Western Australian operations are based on a gold price assumption of A$3,750 an ounce, consistent with the prior year, and the Sugar Zone Ore Reserves on an assumption of C$3,563 an ounce.

By operation, Leonora hosts Mineral Resources of 6.3 million ounces and Ore Reserves of 2.7 million ounces of gold, with FY26 mine depletion of 227,108 ounces. The release gives the Leonora Ore Reserve movement two ways, as a 7 per cent increase post depletion in the highlights and as a 6 per cent year-on-year increase after accounting for depletion in the Leonora section, and attributes the outcome to growth at Darlot and replacement of depletion at the King of the Hills underground mine; 64,839 metres were drilled at the King of the Hills and Darlot underground operations during FY26. The King of the Hills underground Mineral Resource totals 499,000 ounces, a 30 per cent increase after accounting for FY26 mine depletion of 48,205 ounces and a 16 per cent increase on an absolute basis. Mount Monger Ore Reserves total 602,000 ounces, which the release states is a 15 per cent increase after accounting for FY26 mine depletion of 104,135 ounces and a 4 per cent decrease on an absolute basis year on year, with depletion substantially offset by Ore Reserve conversion at the Daisy Complex and Reserve growth at the Rumbles open pit following a 23-hole, 4,500 metre drill program. At Deflector, the release attributes Ore Reserve growth to exploration success at the Contact Lode and Ore Reserve conversion within the Deflector Main and Deflector South West lodes, which more than offset mine depletion; underground Ore Reserves are 141,000 ounces within a Deflector region Ore Reserve of 170,000 ounces, and 51,830 metres of underground drilling were completed at Deflector in FY26, a 25 per cent increase on the prior year. At Rothsay, drilling was constrained by rig availability during FY26 and recommenced following the mobilisation of a rig in March. The Sugar Zone estimates are materially unchanged from the 30 June 2025 estimate, with restart activities progressing and underground development commencing on 1 July 2026. Vault states that Ore Reserves underpin a three-year standalone production outlook out to FY29, and that FY27 exploration investment is $44 million, with a total of 187 kilometres of drilling approved across the portfolio; the release does not state a currency for that exploration figure.