Sydney, June 17, 2026, 07:03 AEST
- ASX had not opened yet at the dateline. Sydney is set for regular trading on June 17, according to .
- Vault Minerals closed at A$4.71 on Tuesday, gaining 2.39%. The S&P/ASX 200 added just 0.04% for the day.
- The company reported output of 306,542 ounces of gold for the year to May 31, and said it remains on track for its FY26 production guidance.
Vault Minerals Ltd is coming off a sharp rebound heading into Wednesday’s ASX trade. The gold miner kept its production target steady in a new corporate update, and put focus back on the Sugar Zone restart along with the planned tie-up with Regis Resources.
Vault is trading on two things now: if it can grow output as planned, and what shareholders will get from the all-share deal with Regis. Shares have gained 13.77% in the past week but are still 25.12% off the 52-week top. Market cap sits at about A$4.87 billion at Tuesday’s close.
Vault told the Barrenjoey Metals & Mining Conference on Monday that gold output hit 306,542 ounces for the year to May 31. That’s below its FY26 guidance of 332,000 to 360,000 ounces. The company also reported A$728 million in cash and bullion with no debt as of March 31.
Costs are still a sticking point. Vault reported consolidated all-in sustaining cost at A$2,909 an ounce year-to-date. That’s above its FY26 guidance range of A$2,650 to A$2,850 an ounce. The company attributed higher near-term capital spending to mainly non-recurring investment, especially from the King of the Hills plant expansion.
The company told investors it’s targeting production of 360,000 to 390,000 ounces for FY27, then 370,000 to 400,000 ounces in FY28. That would be up 18% by FY28. Vault said its hedge book is only 10,233 ounces for delivery in Q1 FY27, so more of its gold will be exposed to spot prices.
Vault said it submitted a certified Closure Plan Amendment for the Southern Tailings Management Facility at Sugar Zone after Ontario’s Ministry of Energy and Mines invited the move. Netmizaaggamig Nishnaabeg Chief Clyde Jacobs called the finished technical review “an important milestone toward the planned restart of operations.”
This isn’t just a blue-sky idea. Vault puts Sugar Zone’s ore reserve at 2.3 million tonnes grading 5.4 grams per tonne, totaling 389,000 ounces. That’s enough to back an average annual output of 50,000 ounces for seven years. The restart plan aims for around 320,000 tonnes processed each year. The site is already permitted for up to 550,000 tonnes annually.
Regis is buying Vault in an all-scrip takeover announced in May. Under the terms, Vault shareholders get 0.6947 Regis shares for each Vault share. The combined group would split ownership about 51% Regis and 49% Vault. The companies expect annual gold output above 700,000 ounces. Regis CEO Jim Beyer said the deal builds a “stronger company with greater scale.” Ord Minnett called it “a positive step forward.” Reuters
Gold prices came in stronger on Tuesday. Spot gold moved up 0.8% to $4,338.86 an ounce. Some traders pulled back bets on an earlier U.S. rate hike. High Ridge Futures’ David Meger pointed to “short-term interest rates drop, energy prices come down.” Gold, which doesn’t pay interest, typically comes under pressure when rates are rising. Reuters
The catch is timing. Sugar Zone has to clear the Closure Plan Amendment steps, with publication on Ontario’s environmental registry for up to 45 days. Tailings dam work is planned for the 2026 and 2027 Canadian summer construction windows, budgeted at about C$20 million, or A$20.2 million. If there’s a delay, cost overrun, softer gold price, or if the Regis scheme slips, the share-price bounce gets tougher to hold.
The next things likely to move the clean stock are the Sugar Zone filing schedule, news on the Regis proposal, and Vault’s next quarter update, which Market Index has set for July 27. Before those hit, the stock probably moves on execution, bullion moves, and the gap between Vault’s share price and what the Regis bid suggests.
