Vault Minerals is targeting a three-year growth in production across its operations in Western Australia and Canada, with production set to grow by as high as 20 per cent.
Gold production for the 2025–26 financial year (FY26) is expected to be 332,000 to 360,000 ounces, according to a recent announcement, with production set to top 400,000 ounces by FY28.
The growth is set to be achieved through increased plant capacity at Vault’s Leonora operations, located 900km northeast of Perth, and the recommencement of production at Sugar Zone in Ontario, Canada.
Leonara is expected to produce 185,000 to 200,000 ounces of gold next year, which is broadly consistent with production rates in 2024–25. Growth is expected in mill throughput, too, with the forecast for 2026 sitting at approximately 5.3 million tonnes per annum (Mtpa).
This is expected to increase to more than 7.5Mtpa in FY28 following the completion of plant upgrade works, earmarked to be completed in the second quarter (Q2) of FY27.
Vault is set to invest $30 million in exploration efforts in FY26, focusing specifically on in-mine and near-mine targets within Vault’s existing operations – with Leonora receiving the largest portion of investment.
Vault’s portfolio also includes the Mount Monger mine, expected to produce 75,000 to 82,000 ounces in FY26, and Deflector operation, expected to produce 72,000 to 78,000 ounces.
Operations at Mount Monger are expected to see growth with exploration drilling throughout 2027 targeting mineral resources below levels scheduled for FY26 in the Haoma West and Lower Prospect mines. This will support production in FY27.
Deflector’s output is expected to be lower than this year as the centre of mining activity is set to move to the Deflector South West and Spanish Galleon mines.
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