Vault Minerals, Capricorn Metals and Black Cat Syndicate have released their preliminary June 2025 quarter results, with Vault and Black Cat marking eventful 2024–25 financial years (FY25), and Capricorn advancing its two key projects.
Vault Minerals
FY25 was the first full year of operations for Vault Minerals, following the merger between Silver Lake Resources and Red 5 completed in June 2024.
The company sold 95,974 ounces (oz) of gold during the June 2025 quarter, bringing Vault’s total FY25 sales to 385,230oz.
The result was 1.2 per cent below the lower end of Vault’s FY25 sales guidance, which was 390,000–410,000oz at an all-in sustaining cost of $2250–$2450/oz.
The Leonora gold operation in Western Australia sold 193,817oz during FY25, the nearby Deflector gold operation sold 108,526oz and 492 tonnes of copper, and the Mount Monger gold operation sold 82,887oz.
While each operation delivered less sales in FY25 compared to FY24, Vault is looking to bolster infrastructure to improve operations.
“Throughout FY25, Vault made significant internally funded investments for its future including the commencement of the Santa and Flora Dora open pits at Mount Monger, commencement of processing plant upgrades at King of the Hills (Leonora), and commencement of access development to Spanish Galleon at Deflector,” Vault said.
Vault closed the June quarter with $685.9 million in cash and bullion and no debt.
Capricorn Metals
Capricorn produced 32,216oz during the June quarter, a slight uptake from the previous quarter.
The result brings Capricorn’s total FY25 gold production to 117,076oz – which is the upper end of the company’s FY25 production guidance range of 110,000–120,000oz.
“Production aligned with budget expectations and reflected the ongoing mining productivity efforts that supported the consistent quarterly increases in output throughout FY25,” Capricorn said.
“The performance of the mining fleet enabled achievement of planned pit face positions and advance pre-stripping ahead of the expansion project. Importantly, mining production rates met the requirement of the Karlawinda expansion project ahead of schedule, reducing risks associated with the transition to the expanded project.”
Capricorn recently extended its mining agreement with MACA at the Karlawinda gold project for another five years, holding the option to extend the contract beyond the initial term. It also named MACA as the preferred mining contractor for the Mt Gibson gold project.
Mt Gibson has progressed well, with the 400-room accommodation village complete and in the construction phase.
Its process plant design scope is approximately 55 per cent complete, with site layouts finalised and long lead items such as the ball mill, crushers and screens committed.
Karlawinda’s 120-room camp expansion also advanced, with majority of construction complete.
The project’s process plant design scope is approximately 60 per cent complete, with procurement works of critical path items progressing.
Capricorn closed the June quarter with $356.4 million in cash and gold on hand.
Black Cat Syndicate
Despite Black Cat’s recently acquired Lakewood processing facility undergoing nine days of planned maintenance shutdowns in May and June, the operation processed 12,900oz during the June quarter.
The company treated 5200oz of third-party ore from under tolling agreements, and the remaining 7700oz came from Black Cat operations.
The Kal East gold project in WA produced 17,300oz during the June quarter, and the Paulsens gold operation – also in WA – produced 4400oz, bringing Black Cat’s total quarterly production to 21,700oz.
Paulsens delivered a 23 per cent quarter-on-quarter production increase, with Black Cat crediting the ramp-up of the stoping/development ore ratio. This is set to continue throughout the September 2025 quarter.
The Myhree open pit at Kal East became cashflow positive in May, with the other three open pits – Fingals, Majestic, and Trojan – progressing ahead of schedule. They are expected to be completed in October.
Black Cat closed the June quarter with approximately $55 million in cash and bullion.
The company is expected to process and recover 19,000–23,000oz during the September quarter.
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