Earnings release
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Vault Minerals Limited | ASX: VAU | ABN 73 068 647 610 | Tel: (+61) 8 6313 3800 | www.vaultminerals.com Suite 4, Level 3, South Shore Centre, 85 South Perth Esplanade, South Perth WA 6151 ASX ANNOUNCEMENT 21 January 2026 DECEMBER 2025 QUARTERLY ACTIVITIES REPORT Vault Minerals Limited (ASX: VAU) (Vault or the Company) is pleased to present the Company’s Quarterly Activities Report for the quarter ending 31 December 2025. ▪ Quarterly production of 76,520 ounces of gold, with sales of 77,798 ounces of gold at an average realised sales price of A$4,582 per ounce at an AISC of A$3,160 per ounce ▪ Year to date production of 168,607 ounces of gold with sales of 169,274 ounces of gold at an average realised sales price of A$4,508 per ounce and AISC of A$2,865 per ounce Mount Monger ▪ Production of 17,865 ounces with sales of 18,174 ounces at an AISC of A$3,196 per ounce for year to date production of 40,674 ounces with sales of 40,512 ounces at an AISC of A$2,925 per ounce ▪ Ongoing underground drilling at the Daisy Complex has increased the confidence for the potential to extend production into FY27 and increase the grade to the mill relative to the current FY27 outlook Deflector Region ▪ Production of 17,766 ounces of gold and 56 tonnes of copper, with gold sales of 17,863 ounces and 56 tonnes of copper at an AISC of A$3,831 per ounce (including a non-cash inventory charge of A$535 per ounce for the treatment of stockpiles) , for year to date production of 40,533 ounces with sales of 40,526 ounces at an AISC of A$3,055 per ounce Leonora ▪ Production of 40,889 ounces with sales of 41,761 ounces at an AISC of A$ 2,858 per ounce for year to date production of 87,418 ounces with sales of 88,237 ounces at an AISC of A$2,750 per ounce ▪ Stage 1 of the KoTH processing plant expansion on schedule for integration at the end of March with throughput to be progressively ramped up to the 6.0mtpa rate throughout Q4 FY26 Growth ▪ KoTH Stage 1 and 2 processing plant upgrades on schedule and budget to deliver a ~50% increase in throughput capacity to 7.5 - 8.0mtpa from Q2 FY27 ▪ Preparing for near-mine drilling at Deflector to test extensions across past producing mines and known mineralisation in the Gullewa trend, aiming to identify additional feed sources beyond current Resources to support mine-life extension ▪ Underground exploration drilling within the Leonora operations progressing well with results from first phase programs being compiled and interpreted with an update to be provided in February ▪ Drilling at the TT8 target proximal to the Sugar Zone to commence in Q3 following receipt of permit Corporate ▪ Underlying free cash flow for the quarter of $12 million, post-delivery of 40,545 ounces into the hedge book at an average price of A$ 2,926 per ounce, internally funded $173 million payment to close out H2 FY26 hedge book and $5 million deployed for share buy-backs. Cash and bullion of $537million at quarter end (excluding $45 million of gold in circuit and concentrate on hand, at net realisable value) ▪ Growth capital of $82 million predominantly associated with non-recurring capital expenditure associated with the KoTH plant expansion and acquisition of Deflector mining fleet ▪ The gold hedge book was reduced by 87,864 ounces, comprising 40,545 ounces delivered into contracts and 47,319 ounces cash‑settled, resulting in Vault now being materially unhedged ▪ A 6.5 to 1 share consolidation was completed in November For personal use only
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Page | 2 Overview 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. With an established portfolio of meaningful scale, the business is positioned for a step change in free cash generation as the current elevated investment cycle nears completion, supporting an expected ~11% increase in gold production by FY28 and providing full exposure to the prevailing gold price. Stage 1 of the processing plant expansion at King of the Hills (“KoTH”) is scheduled to be commissioned at the end of the current quarter , delivering increased crushing capacity and reliability . Stage 2 is on schedule for commissioning in Q2 FY27 and will provide a ~50% increase in throughput capacity of 7.5 to 8.0 mtpa. At Deflector, Vault assumed mining operational control on 18 November 2025. The ramp up of owner-operator mining is progressing well, with the remaining fleet scheduled for delivery through out Q3, positioning the operation to achieve steady state production rates in Q4. Gold production for the quarter was 76,520 ounces of gold, with sales of 77,798 ounces of gold at an AISC of A$3,160 per ounce and average realised sales price of A$ 4,582 per ounce. Year to date gold production was 168,607 ounces of gold, with sales of 1 69,274 ounces of gold at an AISC of A$2, 865 per ounce and average realised sales price of A$4,508 per ounce. Vault is well positioned to deliver on its FY26 production guidance of 332,000 – 360,000 ounces, with first half capital investments strengthening the operating platform and supporting a clear pathway to sustained, high‑margin production. Q2 production (ounces) Q2 sales (ounces) Q2 AISC (A$/ounce) FY26 YTD production & AISC FY26 guidance (ounces, A$/ounce) Leonora 40,889 41,761 2,858 87,418 2,750 185,000 – 200,000 2,250 – 2,450 Mount Monger 17,865 18,174 3,196 40,674 2,925 75,000 – 82,000 3,100 – 3,300 Deflector 17,766 17,863 3,831# 40,533 3,055 72,000 – 78,000 3,300 – 3,500 Group 76,520 77,798 3,160 168,607 2,865 332,000 – 360,000 2,650 – 2,850 # Deflector costs include a non-cash inventory charge of A$535 per ounce associated with the processing of ore stockpiles Table 1: Vault Q2 FY26 production, sales and AISC As announced on 25 November 2025, Vault settled all gold forward sales contracts for the second half of FY26, accelerating the Company’s full exposure to the Australian dollar gold price. Vault is now materially unhedged for the first time since inception in June 2024, with only 10,223 ounces remaining for delivery in Q1 FY27. Under the buy-back program, Vault repurchased 1.02 million shares for $5 million during the quarter, bringing total purchases since commencement to 3.23 million shares for $14 million. The Company retains substantial capacity to continue the buy -back program, aligned with the expected step change in free cash flow in H2 FY26 as Vault is now unhedged. Following the early settlement of H2 FY26 hedges, the buy‑back continues to represent the most accretive and flexible use of excess capital. Vault is currently in a buy‑back blackout period until the release of its H1 FY26 financial results in February 2026. Underlying free cash flow for the quarter was $12 million, following: • Delivery of 40,545 ounces into the hedge book at an average price of A$2,926/oz For personal use only
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Page | 3 • $82 million invested in growth capital and exploration • $173 million internally funded closure of H2 FY26 gold hedges • $5 million deployed to repurchase 1.02 million Vault shares Vault’s FY26 capital investment is weighted to H1 FY26 with its strong balance sheet support ing internally funded capital investment during the quarter, including: • $13 million for waste stripping above life -of-mine strip ratios at the Santa Open Pit Complex (Mount Monger) and the KoTH open pit • $40 million for the KoTH processing plant upgrade • $10 million for fleet acquisitions and associated infrastructure to support the transition to owner-operator mining at Deflector Vault ended the quarter with cash and bullion of $537.3 million (excluding $44.8 million of gold in circuit and concentrate on hand, at net realisable value), with no debt. Resource definition drilling advanced throughout the quarter across the portfolio. The first phase FY26 programs at Leonora have been completed with results being compiled and interpreted with a n update to be provided in February 2026. At Mount Monger , ongoing underground drilling at the Daisy Complex has intersected mineralisation down plunge of current Mineral Resource at Haoma West and Lower Prospect . The continued intersection of mineralisation increases the confidence to extend production at the Daisy Complex into FY27, which is not envisaged in the current FY27 outlook. If included, it will positively impact grades to the Randalls mill, displacing open pit feed and stockpiles. Near‑mine regional exploration at Deflector has focused on preparing drilling programs targeting past producing mines and known gold occurrences along the proximal Gullewa trend, an area with limited modern exploration. The trend hosts several historical operations including Michelago, Monarch, and Rocksteady which sit outside the current Deflector Mineral Resource. Drilling in H2 FY26 will aim to validate historical data, increase drill density and test for extensions to support potential future Mineral Resource inclusion. Subject to success, these targets have the potential to provide additional feed to the Deflector mill and extend mine life beyond current Ore Reserves. For personal use only
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Page | 4 Figure 1: Gullewa trend highlighting proximity to Deflector and the drill targets at historical mines and mineralisation defined by his torical drilling outside of Mineral Resources At Sugar Zone, preparation for the recommencement of underground operations in Q1 FY27 continues, with the permit for the new Southern Tailings Management Facility expected in late May 2026. The first phase of FY26 drilling, targeting southern extensions to the existing Mineral Resource within the Sugar Zone mine corridor, was completed during the quarter. Surface drilling in Q3 will shift to the proximal TT8 target, following receipt of drilling permits in January 2026. Figure 2: Sugar Zone land package highlighting TT8 proximity to Sugar Zone For personal use only
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Page | 5 Mount Monger Underground ounce production from the Daisy Mining Complex was slightly lower q -o-q, with higher mined tonnes offset by lower average grades. Ongoing grade control and resource definition drilling has intersected high grade mineralisation down plunge of current mining fronts, supporting confidence in extending mining at Daisy into FY27. The FY27 and FY28 outlook assumes no production from Daisy; therefore, any additions from Daisy would enhance mill feed grades at Randalls by displacing lower grade open pit and stockpile ore. Figure 3: Daisy Mining Complex highlighting active mine lodes and resource definition target areas Open pit mining was solely focused on the Santa Open Pit Complex following the completion of mining at French Kiss in July 2025. M aterial movements were ~11% lower q-o-q with a higher strip ratio of 14.5 (Q1 FY26: 13.3:1). The Santa Open Pit Complex provides a single source of base load mill feed for Mount Monger. Strip ratios are expected to reduce ~15% in H2 FY26 and continue to decline as ore tonnes and grade progressively increase. Mine production will exceed mill capacity in FY26 and FY27 resulting in high grade ore being preferentially treated. Figure 4: Santa ore tonnes & grade mined increasing with declining strip ratio For personal use only
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Page | 6 Randalls mill throughput was consistent q-o-q with lower milled grades reflecting lower average mined grade and the completion of mining and processing of higher grade open pit material from French Kiss in July 2025. Planned FY26 maintenance shutdowns are scheduled for Q3 FY26 with an expected ~10% reduction in availability. Stockpiles increased by ~3,400 ounces during the quarter reflecting ore production from the Santa Open Pit Complex. The stockpile balance now incorporates the reclassification of ~37,000 ounces to Ore Reserves as reported in the 2025 Resource and Reserve statement 1. At 31 December 2025, stockpiles totalled ~4.08 Mt containing ~115,000 ounces (30 September 2025: ~2.34 Mt containing ~74,600 ounces) . Mount Monger’s AISC was A$3,196 per ounce, reflecting consistent q-o-q absolute costs, offset by lower q-o- q gold sales. The inventory adjustment credit reflects the stockpiling of Santa Open Pit Ore. As guided, waste stripping costs associated with waste strip exceeding the life of mine strip ratio at Santa Open Pit Complex in FY26 are excluded from the AISC. In Q 2 FY26, excluded capital associated with the waste strip exceeding the life of mine strip ratio at the Santa Open Pit Complex was $5.5 million. 1 Refer ASX release 15 September 2025 “2025 Resource and Reserve statement” For personal use only
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Page | 7 Mount Monger Units Mar Qtr 2025 Jun Qtr 2025 Sep Qtr 2025 Dec Qtr 2025 FY26 YTD Underground Ore mined Tonnes 60,761 68,683 65,464 72,925 138,389 Mined grade g/t Au 5.0 5.2 4.1 3.3 3.7 Contained gold in ore Oz 9,829 11,414 8,598 7,782 16,381 Open pit Ore mined BCM 132,018 145,124 150,664 123,046 273,710 Waste mined BCM 2,563,933 2,322,235 2,026,590 1,787,918 3,814,508 Ore mined Tonnes 363,502 402,098 447,859 372,967 820,826 Mined grade g/t Au 1.2 1.4 1.5 1.2 1.3 Contained gold in ore Oz 13,965 18,449 21,057 14,620 35,677 Total ore mined Tonnes 424,263 470,780 513,323 445,892 959,215 Mined grade g/t Au 1.7 2.0 1.8 1.6 1.7 Total contained gold in ore Oz 23,794 29,862 29,655 22,402 52,058 Processing Ore milled Tonnes 288,477 313,117 324,289 322,682 646,971 Head grade g/t Au 2.1 2.6 2.3 1.8 2.1 Contained gold in ore Oz 19,193 25,904 24,194 18,699 42,840 Recovery % 94 95 95 96 95 Gold produced Oz 18,081 24,529 22,809 17,865 40,674 Gold sold Oz 18,890 23,671 22,338 18,174 40,512 Table 2: Mount Monger mining and processing physicals Table 3: Mount Monger AISC 1. Costs for underground & open pit operating activities (including infill and grade control drilling). 2. By-product credits comprise net revenue from silver sales. 3. Costs relating to regional exploration are excluded from the calculation. Mar-25 Jun-25 Sep-25 Dec-25 Qtr Qtr Qtr Qtr Mining costs 1 A$/oz 1,611 1,735 1,849 2,202 2,007 General and administration costs A$/oz 308 249 238 270 252 Royalties A$/oz 133 143 136 194 162 By-product credits 2 A$/oz (11) (9) (15) (19) (16) Processing costs A$/oz 933 684 649 839 734 Corporate overheads A$/oz 47 37 40 50 45 Mine exploration (sustaining) 3 A$/oz 66 36 56 48 53 Capital expenditure and underground mine development (sustaining) A$/oz 190 201 20 14 17 All-in Sustaining Cash Costs (before non-cash items) A$/oz 3,277 3,076 2,973 3,598 3,254 Inventory movements A$/oz (351) (554) (268) (402) (328) All-in Sustaining Costs A$/oz 2,926 2,522 2,705 3,196 2,925 Gold sales for AISC purposes oz 18,890 23,671 22,338 18,174 40,512 Mount Monger FY26 YTD Notes Unit For personal use only
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Page | 8 Deflector Region Underground production in the Deflector Region was lower q -o-q as the operation began transitioning to owner-operator mining on 18 November 2025. Rothsay delivered another strong result, consistent with the record production achieved in Q1. As outlined in the September 2025 Quarterly Activities Report, production at Deflector was impacted by the transition to owner-operator mining. The transition resulted in approximately 10 days of limited underground activity, while the new fleet was commissioned and the Vault team completed inductions and competency verifications. Manning levels increased progressively through out November and December, with crews now established. Most of the mining fleet is now on site and commissioned, with the remaining e quipment, including the third jumbo and two additional loaders , scheduled to arrive by April 2026 as mining at Spanish Galleon ramps up. Consistent with previous guidance , production will ramp up through out Q3 as crews reach target manning levels and the mining fleet is fully commissioned and deployed. Vault expects to exit Q3 in a position to achieve steady state production rates in Q4. Figure 5: Vault mining fleet and crews Mill throughput was consistent quarter‑on‑quarter, with lower milled grades reflecting a higher proportion of lower grade stockpile feed in November and December, supplementing reduced Deflector mine production during the transition to owner -operator mining. Gold production for the quarter was 17,766 ounces. At 31 December 2025, Deflector Region ore stocks were approximately 469,000 tonnes containing ~17,800 ounces (30 September 2025: 561,000 tonnes containing ~23,000 ounces). Deflector Region AISC for the quarter was A$3,831/oz (including a non -cash inventory charge of A$535/oz associated with the processing of stockpiles during the quarter) . Unit costs were higher quarter‑on‑quarter, reflecting lower gold sales as the site transitions to owner‑operator mining. Absolute cash m ining costs decreased in line with reduced activity. As guided, AISC excludes capital expenditure for mine development, services and infrastructure associated with establishing access to the Spanish Galleon mining area and the acquisition of new mining fleet to facilitate the transition to owner-operator mining. For Q2 FY26, the excluded capital amounted to $2.8 million for Spanish Galleon mine development and $9.8 million for owner-operator transition. For personal use only
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Page | 9 Deflector Units Mar Qtr 2025 Jun Qtr 2025 Sep Qtr 2025 Dec Qtr 2025 FY26 YTD Deflector Ore mined Tonnes 127,268 98,927 99,718 51,248 150,966 Mined grade Gold g/t Au 3.7 3.3 4.2 3.1 3.8 Copper % Cu 0.1% 0.1% 0.2% 0.0% 0.1% Contained gold in ore Oz 15,197 10,507 13,433 5,121 18,552 Contained copper in ore Tonnes 184 119 162 21 183 Rothsay Ore mined Tonnes 40,947 53,456 63,844 59,406 118,503 Mined grade g/t Au 4.6 4.2 4.1 4.3 4.4 Contained gold in ore Oz 6,075 7,204 8,448 8,174 16,583 Total ore mined Tonnes 168,215 152,383 163,562 110,654 269,469 Mined grade g/t Au 3.9 3.6 4.2 3.7 4.1 Total contained gold in ore Oz 21,272 17,711 21,881 13,295 35,135 Total contained copper in ore Tonnes 184 119 162 21 183 Processing Ore milled Tonnes 183,974 201,574 201,268 203,166 404,434 Milled grade Gold g/t Au 4.1 4.0 3.7 2.8 3.2 Copper % Cu 0.1% 0.1% 0.1% 0.1% 0.1% Recovery Gold % 96.8% 96.3% 96.3% 96.3% 96.3% Copper % 61.7% 60.0% 56.3% 63.6% 41.6% Gold bullion produced Oz 20,129 21,750 19,635 15,693 35,329 Concentrate produced Tonnes 1,250 1,277 1,145 716 1,861 Contained metal in concentrate Gold Oz 3,220 2,982 3,131 2,073 5,204 Copper Tonnes 132 141 115 56 171 Total gold produced Oz 23,349 24,732 22,767 17,766 40,533 Gold equivalent production2 Oz 23,841 25,105 23,071 17,914 40,986 Gold bullion sales Oz 21,192 20,883 19,587 15,690 35,278 Concentrate sold (dmt) Tonnes 1,615 1,226 1,259 696 1,955 Payable metal in concentrate sold Gold Oz 3,175 2,715 3,075 2,173 5,248 Copper Tonnes 126 62 109 56 165 Table 4: Deflector mining and processing physicals 2 Refer to Appendix 2 for Gold Equivalent Calculation Methodology and Parameters For personal use only
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Page | 10 Table 5: Deflector AISC 1. Costs for underground operating activities (including infill and grade control drilling). 2. By-product credits comprise net revenue from copper and silver sales. 3. Costs relating to regional exploration are excluded from the calculation. Leonora Underground ounce production in the Leonora region increased q -o-q. Consistent output and a 16% improvement in mined grades at Darlot offset lower production from KoTH underground. KoTH performance was impacted by contractor manning constraints and contractor equipment availability, resulting in lower stoping tonnes relative to plan. KoTH open pit mining volumes and strip ratio were materially consistent q-o-q. Ore production during the quarter was sourced from stage 1 and 2, with tight work areas in the final benches of stage 1 reducing productivity (refer Figure 6). Waste mining was focused on the stage 2 cutback including the establishment of stage 2 access ramps. Mining of stage 1 is scheduled to the be completed in January 2026. Stage 2 grade control drilling has increased ore volumes allowing Vault to reduce forecast open‑pit material movements for FY26 while maintaining consistent ROM feed to the mill. Open‑pit mining volumes for the remainder of FY26 are now expected to average ~1.05 million BCM per month (previously 1.3 million BCM per month) at an average strip ratio of 3.2:1 Figure 6: KoTH open pit, demonstrating tight working areas in the bottom of stage 1 as stage 2 is established Mar-25 Jun-25 Sep-25 Dec-25 Qtr Qtr Qtr Qtr Mining costs 1 A$/oz 995 1,043 1,201 1,210 1,205 General and administration costs A$/oz 240 269 257 362 304 Royalties A$/oz 152 170 146 179 160 By-product credits 2 A$/oz (37) (81) (83) (67) (75) Processing costs A$/oz 469 480 424 584 494 Corporate overheads A$/oz 60 62 67 85 75 Mine exploration (sustaining) 3 A$/oz 165 81 19 28 23 Capital expenditure and underground mine development (sustaining) A$/oz 463 602 739 915 817 All-in Sustaining Cash Costs (Before non-cash items) A$/oz 2,508 2,627 2,770 3,296 3,002 Inventory movements A$/oz 88 304 (327) 535 53 All-in Sustaining Costs A$/oz 2,595 2,931 2,443 3,831 3,055 Gold sales for AISC purposes oz 24,367 23,598 22,663 17,863 40,526 FY26 YTD Notes UnitDeflector For personal use only
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Page | 11 Mill throughput was 12% lower q -o-q following the quarterly record set in Q1 . This reflected reduced availability resulting from scheduled maintenance activities, including a mill reline and unplanned maintenance of the existing crushing circuit . The crushing circuit will be decommissioned in Q4 FY26 following the commissioning of the new crushing circuit. Average milled grades were lower q -o-q reflecting lower KoTH underground mined grades, with marginally lower recoveries. The KoTH plant upgrade progressed on schedule and on budget during the quarter. Stage 1 works are ~86% complete. Tie-ins for the new CIL tanks and crusher are scheduled across two relatively short shutdown periods late in Q3, which are expected to impact processing operations for ~2 days and ~6 days respectively. Vault will utilise its mobile crusher to build coarse ore stock ahead of the crusher tie‑in to maintain crushed ore stockpiles throughout most of this period, enabling the ramp‑up to the 6.0 Mtpa processing throughout Q4. Stage 2 works are ~25% complete, with construction focused on the thickener area, ball mill footings and the new pebble crusher. Completion and tie‑in remain on schedule for Q2 FY27, with ramp‑up to the 7.5–8.0 Mtpa nameplate capacity throughout H2 FY27. Figure 7: KoTH plant upgrade project - Primary crusher installation (LHS) and new CIL tanks, thickener and powerhouse extension (RHS) At 3 1 December 2025, Leonora ore stocks increased ~10,800 ounces to 11.4 million tonnes containing approximately 147,800 ounces gold (30 September 2025: 10.3 million tonnes containing approximately 137,000 ounces gold). For personal use only
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Page | 12 Leonora Units Mar Qtr 2025 Jun Qtr 2025 Sep Qtr 2025 Dec Qtr 2025 FY26 YTD King of the Hills Underground Ore mined Tonnes 201,449 204,169 228,593 216,636 445,229 Mined grade g/t Au 1.9 1.6 1.6 1.5 1.6 Contained gold in ore Oz 12,381 10,445 11,802 10,778 22,580 Open pit Ore mined BCM 610,642 567,131 725,454 702,033 1,427,489 Waste mined BCM 1,936,774 2,042,064 2,155,548 2,083,685 4,239,233 Ore mined Tonnes 1,684,966 1,516,692 1,979,982 1,784,625 3,711,040 Mined grade g/t Au 0.6 0.6 0.5 0.5 0.5 Contained gold in ore Oz 34,640 28,834 32,347 29,178 61,127 Darlot Ore mined Tonnes 168,572 205,517 184,523 188,892 373,415 Mined grade g/t Au 2.1 2.9 2.1 2.5 2.3 Contained gold in ore Oz 11,549 19,192 12,777 15,151 27,928 Total ore mined Tonnes 2,054,987 1,926,378 2,393,098 2,190,153 4,529,684 Mined grade g/t Au 0.9 0.9 0.7 0.8 0.8 Total contained gold in ore Oz 58,570 58,470 56,926 55,107 111,635 Processing Ore milled Tonnes 1,329,454 1,296,984 1,471,489 1,281,800 2,753,289 Head grade g/t Au 1.1 1.3 1.1 1.1 1.1 Contained gold in ore Oz 49,072 52,598 49,775 44,955 94,730 Recovery % 93.1 93.5 93.5 90.9 92.2 Gold produced Oz 45,680 49,198 46,530 40,889 87,418 Gold sold Oz 46,569 48,706 46,476 41,761 88,237 Table 6: Leonora mining and processing physicals For personal use only
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Page | 13 Leonora AISC was higher q -o-q at A$2, 858 per ounce reflecting lower q-o-q sales. Absolute costs were marginally higher q-o-q from higher processing spend associated with increased maintenance activities throughout the quarter. As outlined in FY26 guidance, waste strip expenditure exceeding the life of mine strip ratio for stage 2 of the KoTH open pit is treated as capital and excluded from the AISC. For the quarter, $7.3 million of mining costs were excluded from the AISC as a result of the waste strip exceeding the life of mine strip ratio. Leonora g rowth capital expenditure outside of the AISC totalled $4 6.4 million. This included $38.6 million invested in the KoTH processing facility upgrade with the balance related to site infrastructure projects including the associated camp expansion and tailings storage facility lift. Table 7: Leonora AISC 1. Costs for Underground & Open Pit operating activities (including infill and grade control drilling). 2. Q1 FY26 ASIC costs methodology updated for a reallocation of flights and accommodation from Mining and Processing into General and administration costs relative to the FY25 allocation 3. By-product credits comprise net revenue from silver sales. 4. Costs relating to regional exploration are excluded from the calculation. Mar-25 Jun-25 Sep-25 Dec-25 Qtr Qtr Qtr Qtr Mining costs 1 A$/oz 1,473 1,703 1,554 1,773 1,658 General and administration costs 2 A$/oz 82 88 203 217 210 Royalties A$/oz 163 178 185 226 204 By-product credits 3 A$/oz (28) (29) (44) (48) (46) Processing costs A$/oz 531 646 489 591 537 Corporate overheads A$/oz 66 63 67 75 71 Mine exploration (sustaining) 4 A$/oz 14 7 38 65 51 Capital expenditure and underground mine development (sustaining) A$/oz 214 253 180 242 209 All-in Sustaining Cash Costs (Before non-cash items) A$/oz 2,513 2,908 2,671 3,141 2,893 Inventory movements A$/oz (133) (317) (18) (283) (143) All-in Sustaining Costs A$/oz 2,380 2,591 2,652 2,858 2,750 Gold sales for AISC purposes oz 46,569 48,706 46,476 41,761 88,237 FY26 YTD UnitNotesLeonora For personal use only
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Page | 14 Sugar Zone At Sugar Zone , regulatory approval for the new Southern Tailings Management Facility (“STMF”) is the sole remaining trigger for a restart of operations. Vault is continuing to prepare for a recommencement of underground operations in Q1 FY27 subject to STMF permitting in May 2026 . Mine development will commence in Q1 FY27 with waste generated from mine development, together with waste from existing surface stockpiles, used in construction of the STMF. STMF construction preparation is scheduled to commence in June 2026, with STMF commissioning scheduled for October 2027. Processing is scheduled to commence in November 2027. Mine development, including the production of development ore, will continue throughout the STMF construction preparation and construction period, providing ~13,000 ounces for immediate processing from November 2027. Exploration continued during the quarter with the first phase of FY26 drilling, targeting southern extensions to the existing Mineral Resource within the Sugar Zone mine corridor completed. Surface drilling in Q3 will shift to the proximal TT8 target, following receipt of drilling permits in January 2026. Group Finance Cash and bullion decreased $166.0 million to $537.3 million at quarter end, primarily due to the utilisation of $172.7 million to close out the H2 FY26 gold hedges in November 2025. Cash and bullion includes $1.0 million of bullion but excludes $44.8 million of gold in circuit and concentrate on hand, at net realisable value. Underlying free cash flow for the quarter was $11.7 million, with an average realised gold price of A$4,582/oz, inclusive of 40,545 ounces delivered into the hedge book at A$2,926/oz. Underlying free cash flow excludes the $5.0 million deployed for share b uy‑backs and the $172.7 million payment to close out the H2 FY26 gold hedges. Investment in growth expenditure of $81.5 million for the quarter comprised of: - $38.6 million on Stage 1 and 2 of the KoTH process plant upgrades - $7.3 million and $5.5 million associated with the waste strip exceeding the life of mine strip ratio at both the Leonora and Mount Monger operations respectively - $9.8 million on mining fleet at Deflector as Vault transitions to owner-operator mining - other growth expenditure includes Sugar Zone and site infrastructure growth projects (Spanish Galleon development, KoTH camp expansion and tailings storage facility lifts). For personal use only
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Page | 15 Figure 8: Group cash & bullion movement for the quarter Hedging As announced on 25 November 2025, Vault settled all gold forward sales contracts for the second half of FY26 accelerating the Company’s full exposure to the Australian Dollar gold price. Vault is now materially unhedged, with only 10,223 ounces scheduled for delivery in Q1 FY27. As a result of the early settlement of gold hedges the following (unaudited) non-recurring items will be recognised in the H1 FY26 financial results: - recognition of the finance expense of $172.7 million relating to the cash outflow associated with the hedge closeout - following the adoption of hedge accounting as at end of November 2025, the mark-to-market liability of all outstanding hedges was recognised, resulting in a finance expense of $84.7 million. Included in this expense is $46.4 million relating to the December 2025 hedge deliveries, which has resulted in an offsetting amount of $46.4 million recognised in revenue. The balance remaining as a liability on 31 December 2025 is $38.3 million associated with the remaining 10,223 ounces scheduled for delivery in Q1 FY27 Total Q3 – FY26 Q4 – FY26 Q1 - FY27 Ounces 10,223 - - 10,223 Hedged gold price (A$/oz) 2,797 - - 2,797 Table 8: Vault Minerals hedge book at quarter end For personal use only
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Page | 16 This announcement was authorised for release to ASX by Luke Tonkin, Managing Director. For more information about Vault Minerals Limited and its projects, please visit our web site at www.vaultminerals.com. For further information, please contact: Luke Tonkin Managing Director +61 8 6313 3800 info@vaultminerals.com Len Eldridge Corporate Development Officer +61 8 6313 3800 info@vaultminerals.com For personal use only
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Page | 17 Appendix 1: Competent Persons Statements The information in this ASX announcement that relates to Exploration Results is based on information compiled by Phillip Stevenson, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr Stevenson is a full-time employee of the Company. Mr Stevenson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘ Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Stevenson consents to the inclusion in the report of matters based on his information in the form and context in which it appears. The information in this document that relates to Mineral Resources and Ore Reserves has been extracted from the ASX announcement “2025 Resource and Reserve Statement” dated 15 September 2025. The announcement (“Original ASX Announcement”) is available to view at www.vaultminerals.com. Vault Minerals confirms that it is not aware of any new information or data that materially affects the information included in the Original ASX Announcement, and that all material assumptions and technical parameters underpinning the estimates in the O riginal ASX Announcement continue to apply and have not materially changed. Vault Minerals confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the Original ASX Announcement. Appendix 2: Deflector Gold Equivalent Calculation Methodology and Parameters FY26 gold equivalency calculations assume an Au price of A $6,300/oz, Cu price of A$1 7,000/t and a 10% payability reduction for treatment and refining charges. The gold equivalent formula is Au Eq koz = Au koz + (Cu kt * 3.7), based on the commodity price assumptions outlined above. For personal use only
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Page | 18 Appendix 3: Ore Reserves as at 30 June 2025 Tonnes ('000s) Grade (g/t Au) Ounces (Au '000s) Tonnes ('000s) Grade (g/t Au) Ounces (Au '000s) Tonnes ('000s) Grade (g/t Au) Ounces (Au '000s) Aldiss Mining Centre French Kiss 33 4.1 4 - - - 33 4.1 4 Total Aldiss Mining Centre 33 4.1 4 - - - 33 4.1 4 Daisy Complex Sub Total 194 7.2 45 200 6.3 40 394 6.7 85 Total Daisy Mining Centre 194 7.2 45 200 6.3 40 394 6.7 85 Mount Belches Mining Centre Cock-eyed Bob 25 3.6 3 194 3.9 24 219 3.8 27 Maxwells 20 3.2 2 154 3.5 17 174 3.5 19 Rumbles - - - 1,420 1.4 66 1,420 1.4 66 Santa 2,494 1.5 119 2,461 1.8 139 4,955 1.6 258 Flora Dora 309 2.9 28 469 2.6 40 778 2.7 68 Total Mount Belches Mining Centre 2,849 1.7 153 4,698 1.9 286 7,546 1.8 438 Mount Monger Stockpiles 3,545 0.9 101 - - - 3,545 0.9 101 Total Mount Monger Region 6,620 1.4 303 4,898 2.1 326 11,518 1.7 629 Deflector Deflector UG 290 4.9 46 683 3.7 82 973 4.1 128 Stockpile 333 1.7 18 - - - 333 1.7 18 Total Deflector 623 3.2 64 683 3.7 82 1,306 3.5 146 Rothsay Rothsay - - - 284 4.0 37 284 4.0 37 Stockpile 186 1.6 10 - - - 186 1.6 10 Total Rothsay 186 1.6 10 284 4.0 37 470 3.1 46 Total Deflector Region 809 2.8 74 967 3.8 118 1,776 3.4 192 Sugar Zone Sugar Zone - - - 2,253 5.4 389 2,253 5.4 389 Stockpile - - - - - - - - - Total Sugar Zone - - - 2,253 5.4 389 2,253 5.4 389 King of the Hills KOTH OP 7,415 0.5 130 102,796 0.6 2,068 110,211 0.6 2,198 KOTH UG - - - 1,919 1.9 114 1,919 1.9 114 Centauri - - - 331 1.2 13 331 1.2 13 Cerebus-Eclipse - - - 1,561 0.9 47 1,561 0.9 47 Rainbow - - - 2,173 0.8 58 2,173 0.8 58 Stockpile 10,954 0.4 131 1,506 0.4 20 12,460 0.4 151 Total King of the Hills 18,370 0.4 261 110,284 0.7 2,321 128,654 0.6 2,582 Darlot Darlot - - - 2,627 2.4 203 2,627 2.4 203 Stockpile 29 2.4 2 - - - 29 2.4 2 Total Darlot 29 2.4 2 2,627 2.4 203 2,655 2.4 205 Total Leonora Region 18,398 0.4 263 112,911 0.7 2,524 131,310 0.7 2,787 Total Gold Ore Reserves 25,828 0.8 640 121,029 0.9 3,358 146,857 0.8 3,997 Deflector June 2025 Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Mount Monger Sugar Zone King of the Hills Group Tonnes ('000s) Grade (% Cu) Copper (Tonnes) Tonnes ('000s) Grade (% Cu) Copper (Tonnes) Tonnes ('000s) Grade (% Cu) Copper (Tonnes) Deflector Deflector UG 290 0 500 683 0.3% 1,900 973 0.3% 2,500 Stockpile 333 0.2% 500 - 0.0% - 333 0.2% 500 Deflector Total 623 0.2% 1,100 683 0.0% 1,900 1,306 0.2% 3,000 Total Copper Ore Reserves 623 0.2% 1,100 683 0.3% 1,900 1,306 0.2% 3,000 June 2025 Proved Ore Reserves Probable Ore Reserves Total Ore Reserves For personal use only
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Page | 19 Appendix 4: Mineral Resources as at 30 June 2025 Tonnes ('000s) Grade (g/t Au) Ounces (Au '000s) Tonnes ('000s) Grade (g/t Au) Ounces (Au '000s) Tonnes ('000s) Grade (g/t Au) Ounces (Au '000s) Tonnes ('000s) Grade (g/t Au) Ounces (Au '000s) Daisy Mining Centre Daisy Complex 228 22.9 168 959 13.0 400 1,136 18.0 657 2,323 16.4 1,225 Mirror/Magic 493 2.5 39 1,003 2.3 74 682 2.5 55 2,178 2.4 168 Lorna Doone - - - 1,501 2.0 98 785 2.0 51 2,286 2.0 149 Costello - - - 37 1.7 2 237 2.0 15 274 1.9 17 Total Daisy Mining Centre 721 8.9 207 3,500 5.1 574 2,840 8.5 778 7,061 6.9 1,559 Mount Belches Mining Centre Santa 2,439 2.4 185 4,767 2.8 426 1,252 3.8 152 8,458 2.8 763 Maxwells 154 5.3 26 1,443 4.0 185 1,752 3.4 194 3,349 3.8 405 Cock-eyed Bob 295 5.5 52 1,560 4.0 199 724 4.6 108 2,579 4.3 359 Rumbles - - - 1,460 2.3 106 951 2.6 78 2,411 2.4 184 Total Mount Belches Mining Centre 2,888 2.8 263 9,230 3.1 916 4,679 3.5 532 16,797 3.2 1,711 Aldiss Mining Centre Karonie - - - 2,493 1.9 150 1,150 1.6 60 3,643 1.8 210 French Kiss 254 2.2 18 369 2.1 25 314 2.1 21 937 2.1 64 Tank/Atreides - - - 863 1.7 47 272 1.7 15 1,135 1.7 62 Harrys Hill 145 2.4 11 225 2.2 16 287 2.1 19 657 2.2 46 Italia/Argonaut - - - 386 1.5 18 86 1.4 4 472 1.4 22 Spice - - - 136 1.6 7 296 1.4 13 432 1.4 20 Aspen - - - 80 2.3 6 243 1.5 12 323 1.7 18 Total Aldiss Mining Centre 399 2.3 29 4,552 1.8 269 2,648 1.7 144 7,599 1.8 442 Randalls Mining Centre Lucky Bay 13 4.8 2 34 4.6 5 8 7.8 2 55 5.1 9 Randalls Dam - - - 95 2.0 6 24 1.3 1 119 1.8 7 Total Randalls Mining Centre 13 4.8 2 129 2.7 11 32 2.9 3 174 2.9 16 Mount Monger Stockpile 3,545 0.9 101 - - - - - - 3,545 0.9 101 Total Mount Monger Region 7,566 2.5 602 17,411 3.2 1,770 10,199 4.4 1,457 35,176 3.4 3,829 Deflector Deflector 417 14.2 191 1,117 8.7 313 613 5.7 113 2,147 8.9 617 Stockpile 333 1.7 18 - - - - - - 333 1.7 18 Total Deflector 750 8.7 209 1,117 8.7 313 613 5.7 113 2,480 8.0 635 Rothsay Rothsay - - - 981 6.8 215 803 5.5 142 1,783 6.2 357 Stockpile 186 1.6 10 - - - - - - 186 1.6 10 Total Rothsay 186 1.6 10 981 6.8 215 803 5.5 142 1,970 5.8 367 Total Deflector Region 937 7.3 219 2,098 7.8 528 1,415 5.6 255 4,450 7.0 1,002 Sugar Zone Sugar Zone - - - 2,882 8.5 789 1,877 7.3 440 4,759 8.0 1,229 Stockpile - - - - - - - - - - - - Total Sugar Zone - - - 2,882 8.5 789 1,877 7.3 440 4,759 8.0 1,229 King of the Hills KOTH OP 5,234 1.0 160 92,053 0.9 2,752 18,155 0.8 479 115,442 0.9 3,391 KOTH UG - - - 3,194 2.8 292 1,607 2.7 140 4,800 2.8 432 Cerebus-Eclipse - - - 2,036 1.3 86 473 1.2 19 2,509 1.3 105 Centauri - - - 1,191 1.6 63 230 1.5 11 1,420 1.6 74 Rainbow - - - 1,465 1.2 57 166 1.5 8 1,631 1.2 65 Severn - - - 445 1.9 27 380 1.6 20 825 1.7 46 Stockpile 10,954 0.4 131 1,506 0.4 20 - - - 12,460 0.4 151 Total King of the Hills 16,188 0.6 291 101,888 1.0 3,296 21,011 1.0 677 139,087 1.0 4,264 Darlot Darlot 2 7.8 1 7,970 4.1 1,051 4,974 3.9 619 12,946 4.0 1,671 Great Western 6 2.6 1 140 3.2 15 239 2.6 20 385 2.8 35 Waikato - - - 105 1.2 4 100 0.8 3 205 1.0 7 Waikato South - - - 436 1.0 14 1,466 0.8 37 1,902 0.8 50 Cornucopia North - - - 47 1.5 2 15 0.8 0 62 1.3 3 St George 100 1.0 3 163 1.4 7 152 1.0 5 414 1.1 15 Mission - - - 60 1.9 4 449 2.2 32 509 2.2 35 Cable - - - - - - 1,326 2.1 90 1,326 2.1 90 Stockpile 29 2.4 2 - - - - - - 29 2.4 2 Total Darlot 136 1.5 6 8,920 3.8 1,096 8,721 2.9 805 17,777 3.3 1,908 Total Leonora Region 16,324 0.6 297 110,809 1.2 4,393 29,731 1.6 1,482 156,864 1.2 6,172 Total Gold Mineral Resources 24,827 1.4 1,118 133,200 1.7 7,479 43,223 2.6 3,634 201,250 1.9 12,231 Mount Monger June 2025 Measured Mineral Resources Indicated Mineral Resources Inferred Mineral Resources Total Mineral Resources Deflector Sugar Zone King of the Hills Darlot Group For personal use only