Vault Minerals has emerged largely unhedged in the December 2025 quarter, positioning itself to fully benefit from prevailing Australian dollar gold prices.
The gold producer reported quarterly production of 76,520 ounces, selling 77,798 ounces at an average realised price of $4582 per ounce and an all-in sustaining cost (AISC) of $3160 per ounce. Year-to-date production reached 168,607 ounces at an AISC of $2865 per ounce, keeping Vault firmly on track to meet its FY26 guidance of 332,000–360,000 ounces.
“The December quarter delivered strong operating results, underscoring the value of the company’s diversified portfolio as several strategic initiatives and investments aimed at enhancing medium to long term value were advanced,” the company said.
A standout feature of the quarter was Vault’s move to full gold price exposure. As announced in November, the company settled all remaining second-half FY26 gold forward sales, reducing its hedge book by 87,864 ounces.
Vault said it is now materially unhedged for the first time since inception in June 2024, with just 10,223 ounces committed for delivery in the first quarter of the 2026-27 financial year (FY27).
Operationally, Leonora led the group with 40,889 ounces produced at an AISC of $2858 per ounce, while Mount Monger delivered 17,865 ounces as underground drilling at the Daisy Complex increased confidence in extending production into FY27.
At Deflector, Vault assumed mining operational control in November, with owner-operator mining ramp-up progressing toward steady-state production in the fourth quarter.
Growth initiatives continue to advance. Stage 1 of the King of the Hills (KoTH) processing plant expansion is scheduled for commissioning at the end of March, with Stage 2 on track for the second quarter of FY27, ultimately delivering a 50 per cent increase in throughput capacity to 7.5–8 million tonnes per annum.
The quarter also saw underlying free cash flow of $12 million, despite $82 million in growth capital, a $173 million hedge close-out and $5 million in share buy-backs. With cash and bullion of $537 million at quarter end, Vault said it is positioned for a “step change in free cash generation” as its elevated investment cycle nears completion.
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