SYDNEY, June 20, 2026, 06:05 (AEST)
- Vault dropped 5.1% to finish at A$4.80 on Friday. The stock is still up 19.7% compared to where it closed on June 12.
- Regis Resources ended at A$6.94, making its 0.6947-share bid worth around A$4.82 per Vault share. That’s a 0.4% discount.
- The ASX isn’t open during the weekend. Trading is set to start again on Monday, June 22.
Vault Minerals Ltd closed the week higher even after shares slid on Friday. The stock now trades closer to the level set by the pending merger deal with Regis Resources.
Deal pricing is now the focus. At Friday’s close, Regis traded at A$6.94 and the 0.6947 exchange ratio valued Vault at about A$4.82 per share. That’s just above Vault’s A$4.80 close. Vault shares are moving more in line with Regis, trading around 0.6947 times each Regis share. For every A$1 shift in Regis, the deal value for Vault moves about A$0.695.
Gold stocks turned lower Friday, with the local gold sub-index off 3.8%. Evolution Mining slid 5.1%. Northern Star Resources dropped 2.9% and Regis lost 2%. Metals prices weighed on miners. The S&P/ASX 200 was down 0.9%.
Gold slipped 0.9% to $4,169.44 an ounce on Friday, putting it on track for its third straight weekly drop. The U.S. dollar held firm, with tighter Federal Reserve policy weighing on bullion. “Higher-for-longer Fed expectations are toxic for non-yielding assets while benefiting the dollar,” said Nikos Tzabouras, senior market analyst at Tradu.com. He flagged next week’s U.S. inflation numbers, Fed moves, and geopolitical talks as upcoming tests. Reuters
Vault’s update earlier this week put production at 306,542 ounces so far this year, through May 31. The company kept its fiscal 2026 output guidance at 332,000 to 360,000 ounces. Year-to-date all-in sustaining cost came in at A$2,909 an ounce, which is above the company’s full-year target of A$2,650 to A$2,850. Still, Vault said it is on track to meet output goals. The King of the Hills Stage 2 expansion was ahead of schedule, with October completion targeted.
Sugar Zone in Ontario took another step forward. Vault filed an amended closure plan needed for a restart, sticking with its goal to get underground development going again in the first quarter of fiscal 2027. The new filing moves the project along on the regulatory side, but it doesn’t mean commercial gold output is coming right away.
Regis and Vault’s merger, set up as a court-approved scheme of arrangement, will see Vault investors swap each of their shares for 0.6947 new shares in Regis. Vault holders would end up with close to 49% of the merged business. The new group is targeting more than 700,000 ounces of production per year. “The deal offers shareholders exposure to a larger, more resilient gold company,” Vault CEO Luke Tonkin said.
The tight spread leaves little room for execution risk here. Any drop in Regis would hit the value of the stock portion. The deal still faces sign-off from Vault holders, court and regulators, plus it needs a green light from the independent expert. The exchange ratio could change if dividends are paid out before the deal closes. Lower bullion, budget blowouts or delays at King of the Hills and Sugar Zone would put more pressure on the business.
Vault’s scheme booklet is set to be sent out in July or August, with shareholders and the court looking at the deal later in August or September. For now, Vault’s short-term trade will likely track Regis, gold, and the tight merger spread, rather than any immediate transaction vote.
