VAULT MINERALS LIMITED (VAU)
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VAU

VAU - VAULT MINERALS LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 0.08
Index: ASX200 | ASX300 | ALL-ORDS

Vault Minerals is a diversified Australian gold producer with a portfolio of mines, processing facilities and development assets in Western Australia. It was formed through the 2024 merger of Red 5 and Silver Lake Resources.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$6.57

09 Sep
2026

-0.070

OPEN

$6.50

-1.05%

HIGH

$6.59

5,024,757

LOW

$6.48

TARGET
$6.833 4.0% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
VAU: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 26.7 65.2 xxx
DPS (cps) xxx 7.0 19.0 xxx
EPS Growth xxx 18.0% 100.0% xxx
DPS Growth xxx N/A 100.0% xxx
PE Ratio xxx N/A 10.0 xxx
Dividend Yield xxx N/A 2.9% xxx
Div Pay Ratio(%) xxx 26.2% 29.1% xxx

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.08

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 10/03 - (franking ex-div 7.00c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx26.7
DPS All xxxxxxxxxxxxxxx7.0
Sales/Revenue xxxxxxxxxxxxxxx1,926.6 M
Book Value Per Share xxxxxxxxxxxxxxx206.7
Net Operating Cash Flow xxxxxxxxxxxxxxx888.0 M
Net Profit Margin xxxxxxxxxxxxxxx14.45 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx13.46 %
Return on Invested Capital xxxxxxxxxxxxxxx13.12 %
Return on Assets xxxxxxxxxxxxxxx10.89 %
Return on Equity xxxxxxxxxxxxxxx13.46 %
Return on Total Capital xxxxxxxxxxxxxxx29.61 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx475.6 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx26 M
Long Term Debt xxxxxxxxxxxxxxx48 M
Total Debt xxxxxxxxxxxxxxx74 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx826 M
Price To Book Value xxxxxxxxxxxxxxx2.02

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx364.5 M
Capex % of Sales xxxxxxxxxxxxxxx18.92 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,236 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx53 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx3 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

18/05/2026

1

Outperform

$7.10

(16/06/2026)

8.07%

Macquarie takes a closer look at the proposed scrip merger between Vault Minerals ((VAU)) and Regis Resources ((RRL)) and concludes the merged company could rival Evolution Mining ((EVN)) in terms of production, becoming the second-largest Australian gold producer with FY27 production of around 772,000 ounces.

While there are no operating synergies on offer other than synergies include $500m in corporate tax benefits from the anticipated write-up of tax assets, a reduction in Australian corporate costs and lower future cost of capital.

The likelihood of a counter bid is considered low and there would be limited operating synergies for other Western Australia mid-cap gold companies. While there is potential for the divestment of non-core assets, Macquarie acknowledges these would be those that have limited mine life, limited exploration upside and low valuations.

Outperform rating and target price of $7.70.

FORECAST
Macquarie forecasts a full year FY27 dividend of 20.00 cents and EPS of 60.10 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Moelis

24/08/2026

1

Buy

$7.60

15.68%

Moelis maintains its Buy recommendation for Vault Minerals with its target price unchanged at $7.60 following an FY26 result featuring mixed operating metrics, where higher operating and corporate costs were offset by a lower tax recognition that drove an adjusted net profit after tax beat.

Reported adjusted revenue reached $1,880.2m alongside underlying EBITDA of $952.5m and adjusted net profit after tax of $482.4m, while the group paid an interim dividend of 7.0c in April with no final dividend declared.

The broker's estimates incorporate FY26 actuals while leaving standalone production, cost, and capital assumptions unchanged ahead of the anticipated merger with Genesis Minerals ((GMD)) expected to complete during the December 2026 quarter.

The analyst highlights that Vault Minerals enters the proposed transaction with $825.8m in cash, zero debt, and no gold hedge book, making the stock trade as a proxy for Genesis Minerals while scheme completion and combined mine planning remain the primary near-term catalysts.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 71.50 cents.
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 80.30 cents.

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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VAU STOCK CHART

FNArena News on VAU

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 28-08-26

Aug 28 2026 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Aug 25, 2026

Aug 25 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Aug 24, 2026

Aug 24 2026 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Aug 11, 2026

Aug 11 2026 - Daily Market Reports
5
Next Week At A Glance – 10-14 Aug 2026

Aug 07 2026 - Weekly Reports

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