Sydney, June 19, 2026, 08:09 (AEST)
- Vault Minerals ended Thursday at A$5.06, rising 1.4%. Shares moved from A$4.90 to A$5.11 during the session. 13.08 million shares changed hands, well above the usual 6.03 million average.
- The S&P/ASX 200 dropped 0.62% to close at 8,911.1. Vault outperformed in what was a softer session for Australian stocks.
- Vault reported gold output of 306,542 ounces through May and left its FY26 guidance unchanged at 332,000–360,000 ounces. That puts the company 25,458 ounces away from the low end of its target.
Vault Minerals Ltd was last at A$5.06 as the ASX opened for pre-market trade Friday, after gaining on Thursday. The main session starts around 10 a.m. Sydney, with the rally yet to face live action.
Vault pushed its winning streak to six sessions, sending the market cap to around A$5.24 billion. Turnover hit about A$66 million on Thursday, so the rally came on bigger volume, not just thin trade.
Vault’s move was a bright spot in an otherwise weak session for resources. The ASX materials sector dropped 1.27%. Evolution Mining fell 1.9% and Northern Star Resources slipped 1.6%. Vault’s gain looks isolated, suggesting buyers were focused on the company and not chasing gold names more broadly.
Vault jumped 14.7% last Monday after an operating update confirmed its FY26 production range. Management put FY27 output at 360,000–390,000 ounces and sees 370,000–400,000 ounces for FY28. That gave investors a better sense of the company’s plans past this year.
Costs are a big part of the story. Vault is guiding for all-in sustaining costs (AISC) of A$2,650–A$2,850 an ounce in FY26. The miner has capex at A$278 million as it builds out King of the Hills. Processing capacity is set at 7.5 million to 8 million tonnes a year.
The merger with Regis Resources is another key driver for the stock. The deal is all shares—Vault shareholders are set to get 0.6947 Regis shares for every Vault share and end up with 49% of the merged company. Regis CEO Jim Beyer said the deal would mean “a stronger company with greater scale, improved diversification and a stronger balance sheet.” Reuters
Regis closed at A$7.08 on Thursday, putting the straight exchange ratio value for Vault shares at about A$4.92. Vault shares ended around 14 cents higher, up 2.9% from that implied price. The spread signals investors see more in the trade than just the fixed merger ratio—standalone growth, potential allowed payouts, or possible changes to the scheme could be factored in too.
Gold prices slipped. Spot gold dropped 0.8% to US$4,225.39 an ounce on Thursday as the dollar picked up after the Fed signaled a tougher stance. “The most significant thing was the hawkish tilt by the Fed,” said Peter Grant, senior metals strategist at Zaner Metals. Reuters
It’s not all one way for the deal. If June ends weak, the low end of Vault’s output target is in doubt. Any cost blowout or delay at King of the Hills means payback takes longer. Gold falling or Regis shares slipping would cut into earnings leverage and headline deal value. The deal still needs signoff from shareholders, regulators and the court. Vault CEO Luke Tonkin called the tie-up a path to “a larger, more resilient gold company,” but closing isn’t a lock. The Wall Street Journal
