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 29 July 2026 JUNE 2026 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 30 June 2026. ▪ Quarterly production of 89,338 ounces of gold, with sales of 87,922 ounces of gold at an average realised sales price of A$6,311 per ounce and AISC of A$2,968 per ounce. ▪ Full year production of 336,540 ounces of gold with sales of 334,901 ounces of gold at an average realised sales price of A$5,557 per ounce and AISC of A$2,924 per ounce. Mount Monger ▪ Produced 21,338 ounces during the quarter, with sales of 22,877 ounces at an AISC of A$ 3,143 per ounce. FY26 production totalled 79,225 ounces, with sales of 79,724 ounces at an AISC of A$3,025 per ounce. ▪ Production from the Daisy underground expected to continue throughout FY27. Deflector Region ▪ Produced 19,101 ounces of gold and 88 tonnes of copper, with gold equivalent sales of 18,896 ounces at an AISC of A$3,761 per ounce. Full year production was 77,649 ounces of gold, with sales of 77,620 ounces at an AISC of A$3,282 per ounce. Leonora ▪ Produced 48,899 ounces of gold with sales of 46,149 ounces at an AISC of A$2,556 per ounce, for full year production of 179,666 ounces and sales of 177,560 ounces at an AISC of A$2,723 per ounce. Growth ▪ KoTH Stage 2 processing plant upgrade remains on budget and ahead of schedule for commissioning in September 2026 . The upgrade is expected to increase through put capacity approximately 50%, supporting a 34% uplift in Leonora gold production. ▪ Sugar Zone Closure Plan Amendment was formally filed on 16 July 2026, and the amended Sewage Environmental Compliance Approval was received on 22 July 2026, advancing development of the Southern Tailings Management Facility. ▪ Underground development at Sugar Zone commenced on 1 July 2026. Corporate ▪ Vault generated underlying free cash flow of $219 million during the quarter and closed FY26 with cash and bullion of $842 million , whilst returning $74.3 million to shareholders and settling all remaining hedges for $31.2 million. ▪ FY26 growth capital expenditure of $48.1 million, primarily driven by investments related to the KoTH processing facility upgrades, waste stripping activities at the KoTH and Mount Belches open pits exceeding their respective LOM strip ratios, and the transition to owner-operated mining initiatives. ▪ Standalone FY27 guidance of 355,000 to 375,000 ounces at an AISC of A$3,150 to A$3,350 per ounce , with further growth to 380,000 to 400,000 ounces in FY28. ▪ Merger with Genesis Minerals Limited announced to create a new gold major through the combination of complementary assets with the potential to realise significant operational synergies .
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Page | 2 Overview The June quarter marked a transformational period for Vault, culminating shortly after quarter end in the receipt of a merger proposal from Genesis Minerals Limited (“Genesis”). Subsequently, Vault and Genesis announced that they had entered into a Scheme Implementation Deed relating to a proposed merger of the two companies by way of a Vault scheme of arrangement 1. The transaction , which is subject to satisfaction of customary conditions 2, will consolidate the respective Leonora operations under single ownership with the potential to unlock significant synergies and establish a top 20 global gold producer3. Importantly, alongside this significant corporate activity , Vault delivered a strong operational close to FY26, achieving production guidance for the year, with AISC marginally above the upper end of the guided range. These results generated underlying free cash flow of $219 .2 million for the quarter . Vault closed the quarter with cash and bullion of $84 1.6 million (excluding $47.5 million of gold in circuit and concentrate on hand, at net realisable value), no debt and no gold hedge exposure. This was achieved after returning $74.3 million to shareholders through Vault’s maiden dividend and quarter-settled buybacks, internally funding the complete close-out of the remaining gold hedges for $31.2 million and investing $48.1 million in capital and exploration across the portfolio. Gold production for the quarter was 89,338 ounces, with gold sales of 87,922 ounces at an AISC of A$ 2,968 per ounce and average realised sales price of A$ 6,311 per ounce. FY26 production was 336,540 ounces, with gold sales of 334,901 ounces at an AISC of A$2,924 per ounce and average realised sales price of A$5,557 per ounce. Q4 production (ounces) Q4 sales (ounces) Q4 AISC (A$/ounce) FY26 production & AISC FY26 guidance (ounces, A$/ounce) Leonora 48,899 46,149 2,556 179,666 2,723 185,000 – 200,000 2,250 – 2,450 Mount Monger 21,338 22,877 3,143 79,225 3,025 75,000 – 82,000 3,100 – 3,300 Deflector 19,101 18,896 3,761 77,649 3,282 72,000 – 78,000 3,300 – 3,500 Group 89,338 87,922 2,968 336,540 2,924 332,000 – 360,000 2,650 – 2,850 Table 1: Vault FY26 production, sales and AISC 1 Refer ASX release 14 July 2026 “Genesis & Vault agree to merge, creating a new gold major” 2 Scheme implementation is scheduled to occur in Q2 FY27 3 Top 20 global rank based on Merged Group pro forma market capitalisation as at 3 July 2026. Refer slide 31 of ASX presentation “Genesis and Vault to Merge” dated 14 July 2026.
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Page | 3 FY27 Guidance & Outlook Guidance for FY27 and production outlook for FY28 and FY29 on a standalone basis is presented in the table below. The midpoint of the FY27 range represents an 8% year-on-year production growth. Unit FY27 FY28 FY29 Leonora Au oz 198,000 - 208,000 Mount Monger Au oz 83,000 – 89,000 Deflector Au oz 74,000 – 78,000 Sugar Zone Au oz - Consolidated Au oz 355,000 – 375,000 380,000 – 400,000 355,000 – 375,000 Table 2: Vault 3 year production outlook The FY29 production outlook range of 3 55,000 to 375,000 ounces is underpinned by a combination of ~86% Ore Reserves and ~14% Inferred Resources. The Inferred Resources relate to production from KoTH underground, Darlot and Deflector mines, which are currently producing operations with established operating parameters, and are not the determining factor in project viability. There is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The Ore Reserves and Mineral Resources underpinning the FY29 production outlook range have been prepared by competent persons in accordance with the requirements of the JORC Code. FY27 guidance Consolidated Leonora Deflector Mount Monger Sugar Zone Gold production koz 355 - 375 198 - 208 74 - 78 83 - 89 - AISC $/oz 3,150 – 3,350 2,750 – 2,950 4,300 – 4,5001 2,950 – 3,150 - Growth Capital $’m 173 62 10 5 96 Open pit owner operator fleet acquisition & transition $’m 46 46 - - - Deferred Striping cost outside of AISC $’m 49 49 - - - Underground development outside of AISC $’m 26 11 15 - - Acquisition of Underground mining fleet $’m 45 45 - - - Exploration $’m 252 252 Table 3: Vault FY27 guidance 1. Deflector ASIC includes a A$300 - A$350 per ounce non-cash inventory charge for the treatment of stockpiles 2. Total Group exploration for FY27 is forecast to be ~$44 million, with $19 million included in AISC
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Page | 4 Production Leonora Production at Leonora is expected to be weighted to wards the second half of FY27, reflecting the commissioning of the Stage 2 mill upgrade in September and the associated increase in processing capacity available for the balance of the year. Underground production at both the KoTH and Darlot is expected to remain broadly stable year-on-year. Targeted capital investment in FY27 will relieve key infrastructure constraints and underpin sustainable production beyond the current outlook period. Open pit mining rates are projected to average 1.1 million BCM per month in H1 FY27, increasing to around 1.3 million BCM per month in H2 FY27, following the transition to owner-operated mining in January 2027 and deployment of a larger, more productive mining fleet . Open pit ROM production is expected to continue exceeding mill feed requirements, resulting in a forecast stockpile increase of 19,300 ounces. In FY28 and FY29 , mill throughput is forecast to exceed 7.5Mtpa following completion of the Stage 2 plant upgrade. Production is expected to be approximately 15% above the midpoint of FY27 guidance , assuming broadly consistent output from KoTH and Darlot underground mines and increased open pit mill feed to fully utilise the expanded processing capacity. Mount Monger The forecast 9% year-on-year increase in production at Mount Monger is driven by the continuation of high- grade underground mining at the Daisy Complex and increased high -grade open pit production from the Santa Mining Centre, resulting in higher mill feed grades relative to FY26. Stockpiles are expected to continue building throughout FY27, with approximately 42,000 ounces forecast to be added from the Santa Open Pit. The outlook assumes no underground mine production at Mount Monger beyond FY27, with mill throughput comprising ROM ore from Santa and Rumbles open pits and supplemented by stockpiles. However, ongoing exploration drilling at Daisy Complex during FY27 will target resource extensions and infill opportunities below the FY27 scheduled mining levels at Haoma West and Lower Prospect, supporting the potential for future production. Beyond the Daisy Complex, additional growth opportunities exist through the potential recommencement of underground mining at the Mount Belches Mining Centre. This includes Cock -Eyed Bob and Santa underground deposits, which collectively contain ~95,000 ounces of Ore Reserves4. Any extension of production at Daisy beyond FY27 , and/or the re start of underground mining at Mount Belches, would enhance the current Mount Monger production outlook. Deflector Production at Deflector is expected to remain broadly consistent over the outlook period, with underground development focussed on establishing access to the Contact Lode. During FY26, 51,830 metres of underground drilling was completed, approximately 25% higher than the prior year, with around 34% directed toward Resource definition. Successful drilling results have enabled the incorporation of the Contact Lode in to the mine plan, establishing a third mining front and extending the underground mine life beyond the Ore Reserves reported as at 30 June 2025. 4 Refer Appendix 3.
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Page | 5 The outlook assumes production from Rothsay ceases in January 2028 . However, exploration and study work planned for FY27 will assess opportunities for remanent mining and the development of the shallow Woodleys North area, both of which have the potential to extend mine life and production beyond the current forecast period. Sugar Zone FY27 is expected to be a transformational year for Sugar Zone. Underground development is planned to ramp up progressively throughout the year alongside construction of the Southern Tailings Dam Facility, positioning the operation for the commencement of production in Q1 FY28. Underground development will generate both construction material for the tailings facility and development ore, with approximately 6,500 ounces expected to be available for processing upon the restart of the plant. The FY28 production outlook contemplates gold production of 40,000 - 44,000 ounces from Sugar Zone. AISC FY27 AISC guidance assumes a A$6,000 per ounce gold price for royalties, with a copper price for the Deflector gold equivalent calculation of A$17,200 per tonne copper and a net diesel price of $1.30 per litre. Leonora Leonora FY27 AISC guidance is A$2,750 to A$2,950 per ounce, a slight increase on FY26. Higher year-on-year absolute cash cost are predominantly associated with higher year-on-year mining rates, plant throughput and diesel costs, which are partially offset by production growth. Deflector Deflector FY27 AISC guidance is A$4,300 to A$4,500 per ounce , inclusive of a non-cash inventory charge of A$300 to A$350 per ounce associated with the treatment of stockpiles. This is a result of the significant increase in both ore production and development metres from the Deflector underground, some 36% and 48% higher respectively, as mining of Spanish Galleon ramps up and the associated costs are included within the AISC for FY27. Mount Monger Mount Monger FY27 AISC guidance range is A$2,950 to A$3,150 per ounce . Higher absolute costs are contained within the AISC, partially offset by year-on-year volume growth. The higher costs reflect the inclusion of all Santa Mining Centre open pit mining costs within the AISC, as the strip ratio declines to below the LOM average. The higher year-on-year inventory credit reflects the higher stockpile build from the Santa open pit as ore production increases. Capital investment Capital investment at Sugar Zone in FY27 is primarily directed toward construction of the new Southern Tailings Facility and recommencement of underground development, positioning the operation for production in Q1 FY28. Following receipt of the key regulatory approvals in July 2026, site activities , including workforce mobilisation, will progressively ramp up. FY27 capital guidance incorporates all Sugar Zone site expenditure, including tailings facility construction ($14 million), infrastructure upgrades ($13 million) , and operational readiness activities associated with the underground development ramp up and preparations for processing commencement in Q1 FY28. At Leonora, capital expenditure is principally associated with the completion of the KoTH plant upgrade and the transition of open pit load and haul operations to an owner operator model from 1 January 2027, initiatives that underpin future production growth and lower mining costs. Guidance also provides for the potential
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Page | 6 acquisition of mining fleet of approximately $45 million to support a transition to underground owner mining at KoTH following the expiry of the current contract in March 2027 . Additional growth capital outside AISC include tailings storage facility lifts, a ventilation upgrade at Darlot, open pit fleet acquisition and commissioning, development of new underground access and decline at KoTH, and pre stripping of Stage 3 of the open pit. At Deflector, growth capital AISC is focussed on underground development to establish access to the Contact Lode. This investment follows exploration success in FY26 and is expected to extend mine life beyond the Ore Reserve reported as at 30 June 2025. Discovery exploration expenditure will increase by 7% to $25 million, complimented by a further $19 million of Resource definition drilling included within the site AISC, an increase of 65% relative to FY26. In total 187km of drilling has been approved across the portfolio for FY27. Approximately 80% of this program will be directed towards Resource definition, targeting high value extensions to existing operations and maximising the benefit of established mining, processing and services infrastructure.
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Page | 7 Operational Results Mount Monger Underground gold production from the Daisy Complex increased 12% quarter-on-quarter, with higher average grades more than offsetting lower mined tonnes. Following successful grade control and Resource definition drilling throughout FY26, which intersected high-grade mineralisation down plunge of existing mining fronts, Daisy is now scheduled to continue operating throughout FY27 . Ongoing exploration drilling will target Resource extensions and infill opportunities below planned FY27 mining levels at Haoma West and Lower Prospect, supporting the potential for continued production beyond FY27. Open pit mining remained focused on the Santa Open Pit Complex. Lower material movements quarter-on- quarter reflected elevated excavator downtime in April, with performance returning to expected levels in May. Average ore grades of 1.2 g/t and strip ratio of 11.2 were consistent quarter-on-quarter. Annual strip ratios are expected to decline as ore tonnes and grade progressively increase throughout FY27 and FY28 . Mine production is forecast to exceed mill ing capacity during this period, enabling preferential processing of higher-grade ROM ore and supporting stockpile growth. Figure 1: Santa ore tonnes & grade mined increasing with declining strip ratio Mobilisation for the Rumbles open pit is expected to commence in FY27, with mining scheduled to begin in Q4 FY27 as material movements at the Santa Open Pit Complex decline. The current Rumbles Ore Reserve contains 65,000 ounces within an A$3,750 per ounce optimised pit shell. Results from a 23-hole, 4,500 metre drilling program completed during FY26 will be incorporated into the next annual Mineral Resource and Ore Reserve update. Throughput at the Randalls mill returned to target levels following the planned annual maintenance shutdown in the previous quarter. The combination of 8% higher throughput and 16% higher average milled grades quarter-on-quarter resulted gold production of 21,338 ounces, up 24% from 17,213 ounces in Q3 FY26. Ore stockpiles increased by ~3,000 ounces during the quarter as higher-grade ROM ore from the Santa Mining Centre was preferentially processed . At quarter end , stockpiles totalled 4.5Mt containing approximately 126,000 ounces, compared with 4.3Mt containing approximately 123,000 ounces at 31 March 2026. Mount Monger reported an AISC of A$3,143 per ounce for the quarter. The lower quarter-on-quarter unit cost prior to the inventory adjustment reflect s higher quarter -on-quarter sales, with the slight increase in site absolute costs primarily reflecting higher diesel prices. The net inventory movement for the quarter reflects the sale of bullion held at 31 March 2026 and the credit for the 3,000 ounce stockpile build throughout the quarter. 0 2 4 6 8 10 12 14 - 0.5 1.0 1.5 2.0 2.5 FY26A FY27G FY28G Strip ratio (waste:ore) MIned ore tonnes (mt) & Grade (g/t)
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Page | 8 Consistent with previous guidance, waste stripping costs associated with waste strip exceeding the life of mine strip ratio at Santa Open Pit Complex in FY26 was excluded from the AISC and totalled $1.5 million in Q4 FY26. Mount Monger Units Sep Qtr 2025 Dec Qtr 2025 Mar Qtr 2026 Jun Qtr 2026 FY26 Underground Ore mined Tonnes 65,464 72,925 67,883 65,392 271,664 Mined grade g/t Au 4.1 3.3 3.7 4.3 3.8 Contained gold in ore Oz 8,598 7,782 8,072 9,026 33,478 Open pit Ore mined BCM 150,664 123,046 163,590 142,479 579,779 Waste mined BCM 2,026,590 1,787,918 1,797,801 1,611,361 7,223,670 Ore mined Tonnes 447,859 372,967 493,882 429,456 1,744,164 Mined grade g/t Au 1.5 1.2 1.2 1.2 1.3 Contained gold in ore Oz 21,057 14,620 18,686 16,294 70,657 Total ore mined Tonnes 513,323 445,892 561,765 494,848 2,015,828 Mined grade g/t Au 1.8 1.6 1.5 1.6 1.6 Total contained gold in ore Oz 29,655 22,402 26,758 25,320 104,135 Processing Ore milled Tonnes 324,289 322,682 297,586 322,213 1,266,770 Head grade g/t Au 2.3 1.8 1.9 2.2 2.0 Contained gold in ore Oz 24,140 18,699 17,912 22,361 83,112 Recovery % 95 96 96 95 95 Gold produced Oz 22,809 17,865 17,213 21,338 79,225 Gold sold Oz 22,338 18,174 16,335 22,877 79,724 Table 4: Mount Monger mining and processing physicals Table 5: Mount Monger AISC Sep-25 Dec-25 Mar-26 Jun-26 Qtr Qtr Qtr Qtr Mining costs 1 A$/oz 1,849 2,202 2,603 2,086 2,152 General and administration costs A$/oz 238 270 279 222 249 Royalties A$/oz 136 194 178 163 166 By-product credits 2 A$/oz (15) (19) (24) (18) (18) Processing costs A$/oz 649 839 988 688 773 Corporate overheads A$/oz 40 50 55 39 45 Mine exploration (sustaining) 3 A$/oz 56 48 42 22 42 Capital expenditure and mine development (sustaining) A$/oz 20 14 22 22 20 All-in Sustaining Cash Costs (before non-cash items) A$/oz 2,973 3,598 4,144 3,225 3,428 Inventory movements A$/oz (268) (402) (1,036) (81) (402) All-in Sustaining Costs A$/oz 2,705 3,196 3,108 3,143 3,025 Gold sales for AISC purposes oz 22,338 18,174 16,335 22,877 79,724 Mount Monger FY26Notes Unit
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Page | 9 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. Deflector Region Underground production in the Deflector Region increased quarter-on-quarter, reflecting the first full quarter of uninterrupted operations following the transition to owner-operator mining at the Deflector underground in November 2025. At Deflector, mine production and development advance were 50% and 38% higher respectively relative to the prior quarter . Rothsay also delivered another strong operational performance , with mine production only marginally below the record level achieved in Q 2, partly offset by lower average mined grades quarter-on- quarter. Rothsay achieved record annual ore tonnes in FY26 , while underground development advance exceeded plan by 22%, establishing a strong platform for full year production in FY27. Grade control drilling during FY26 was concentrated on the Spanish Galleon area, where close-spaced drilling improved confidence in both lode geometry and continuity. The increased drill density has enhanced confidence in contained metal estimates and future mine planning. Resource definition drilling increased 159% year-on-year and was primarily focused on the Contact lode . Following the high -grade results reported in February, the Contact lode has emerged as a potential third mining front at Deflector beyond the current Ore Reserve. Situated along the contact between the main basalt unit and the eastern sedimentary sequence , the lode was subject to limited mining in 2016 and has seen minimal exploration since, as historical efforts were focused on the Western and South West lodes. Results from the FY26 drilling program will be incorporated into the forthcoming annual Mineral Resource update, with further drilling planned to test the largely untested southern, northern and down‑dip extensions. Figure 2: Deflector lodes in plan view highlighting Contact lode drill targets and proximity to established mine infrastructure EASTERN SEDIMENT CONTACT Western Lodes DaVinci Lodes Contact Lodes Central Lodes South West Lodes 3126DF08 + 3126DF13 Spanish Galleon Lodes
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Page | 10 The mill continued to perform in line with plan, with a modest increase in throughput contributing to a 6% quarter-on-quarter increase in gold production to 19,100 ounces. At 30 June 2026, ore stockpiles across the Deflector Region totalled approximately 400,000 tonnes containing ~1 4,400 ounces, compared with 430,000 tonnes containing 15,700 ounces at 31 March 2026. Deflector Region AISC for the quarter was A$3,761 per ounce . Total costs increased quarter-on-quarter, primarily reflecting the 38% increase in development metres and 50% increase in ore production quarter on quarter. Consistent with previous guidance , AISC excludes capital expenditure for mine development, services and infrastructure required to establish access to the Spanish Galleon mining area , as well as the acquisition of mining fleet to facilitate the transition to owner -operated mining. In Q4 FY26, excluded capital expenditure comprised $5.6 million related to Spanish Galleon mine development and $ 2.1 million associated with the owner-operator transition.
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Page | 11 Deflector Units Sep Qtr 2025 Dec Qtr 2025 Mar Qtr 2026 Jun Qtr 2026 FY26 Deflector Ore mined Tonnes 99,718 51,248 70,843 106,520 328,329 Mined grade Gold g/t Au 4.2 3.1 3.4 3.6 3.7 Copper % Cu 0.2% 0.0% 0.0% 0.1% 0.1% Contained gold in ore Oz 13,433 5,121 7,771 12,246 38,571 Contained copper in ore Tonnes 162 21 86 105 374 Rothsay Ore mined Tonnes 59,097 59,406 59,282 59,957 237,742 Mined grade g/t Au 4.1 4.3 3.3 3.1 3.8 Contained gold in ore Oz 8,409 8,174 6,369 6,034 28,986 Total ore mined Tonnes 158,815 110,654 130,125 166,477 566,071 Mined grade g/t Au 4.2 3.7 3.4 3.4 3.7 Total contained gold in ore Oz 21,842 13,295 14,140 18,280 67,557 Total contained copper in ore Tonnes 162 21 86 105 374 Processing Ore milled Tonnes 201,268 203,166 189,438 195,654 789,526 Milled grade Gold g/t Au 3.7 2.8 3.1 3.1 3.2 Copper % Cu 0.1% 0.1% 0.1% 0.1% 0.01% Recovery Gold % 96.3% 96.3% 96.5% 96.4% 96.4% Copper % 56.3% 63.6% 53.3% 51.8% 52.9% Gold bullion produced Oz 19,635 15,693 15,989 16,237 67,554 Concentrate produced Tonnes 1,145 716 837 741 3,439 Contained metal in concentrate Gold Oz 3,131 2,073 2,028 2,863 10,095 Copper Tonnes 115 56 77 88 336 Total gold produced Oz 22,767 17,766 18,016 19,101 77,649 Gold equivalent production5 Oz 23,071 17,914 18,212 19,306 78,503 Gold bullion sales Oz 19,587 15,690 16,124 16,202 67,603 Concentrate sold (dmt) Tonnes 1,259 696 912 736 3,603 Payable metal in concentrate sold Gold Oz 3,075 2,173 2,074 2,694 10,016 Copper Tonnes 109 56 61 78 304 Table 6: Deflector mining and processing physicals 5 Refer to Appendix 2 for Gold Equivalent Calculation Methodology and Parameters
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Page | 12 Table 7: 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 gold production across the Leonora region increased 16% quarter-on-quarter, driven by a 25% increase in average mined grades at KoTH and Darlot. At KoTH, mobilisation commenced in June 2026 for the establishment of a new portal within Stage 1 of the open pit. The project includes development of a 900-metre decline, with underground development planned throughout FY27 and the new access expected to b e operational in Q1 FY28. Accelerated underground drilling investment resulted in 346 underground drill holes for 62,524 metres being completed during FY26, including 95 Resource definition diamond drill holes for 28,340 metres . Exploration results released in February 6 materially strengthened confidence in the KoTH’s ability to sustain underground production beyond current Ore Reserves and well beyond the outlook period. The expanded drilling dataset will be incorporated into the forthcoming annual Mineral Resource and Ore Reserve update. Drilling within the West Bulk area, the cornerstone of KoTH underground production, confirmed mineralisation remains open approximately 600 metres down-plunge to the north within the primary granodiorite host. Importantly, drilling also identified mineralisation within the adjacent sedimentary sequence, a highly prospective domain that has historically seen limited exploration. 6 Refer ASX Release 26 February 2026 “Exploration results to drive portfolio LOM extensions” Sep-25 Dec-25 Mar-26 Jun-26 Qtr Qtr Qtr Qtr Mining costs 1 A$/oz 1,201 1,210 1,631 2,013 1,502 General and administration costs A$/oz 257 362 347 496 361 Royalties A$/oz 146 179 207 180 176 By-product credits 2 A$/oz (83) (67) (91) (82) (81) Processing costs A$/oz 424 584 618 606 550 Corporate overheads A$/oz 67 85 83 80 78 Mine exploration (sustaining) 3 A$/oz 19 28 0 19 17 Capital expenditure and mine development (sustaining) A$/oz 739 915 556 563 694 All-in Sustaining Cash Costs (Before non-cash items) A$/oz 2,770 3,296 3,352 3,875 3,297 Inventory movements A$/oz (327) 535 (64) (114) (15) All-in Sustaining Costs A$/oz 2,443 3,831 3,288 3,761 3,282 Gold sales for AISC purposes oz 22,663 17,863 18,198 18,896 77,620 FY26Notes UnitDeflector
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Page | 13 Figure 3: KoTH long section highlighting key mining areas and drill targets Open pit mining volumes at KoTH increased 14% quarter-on-quarter. Mining activities remained predominantly focused on Stage 2 of the open pit, which accounted for 85% of material movement. Increased activity within Stage 3 drove higher total material movement and resulted a quarter-on-quarter increase in strip ratio to 3.5. Figure 4: KoTH open pit Stage 1 of the KoTH processing facility upgrade was completed on schedule and within budget during March 2026. Integration and ramp -up ha ve progressed smoothly, with the new crusher circuit regularly achieving throughput rates above the Stage 2 design run-rate. Stage 2 of the upgrade is now 85% complete, remains on budget, and is tracking ahead of schedule for commissioning in September 2026 . After quarter-end, the new tailings thickener was successfully commissioned in early July 2026. Maintaining mill throughput at prior quarter levels represented a strong operational outcome, given both the new crushing circuit tie-in and ramp-up during April 2026, and the planned mill reline completed in May 2026.
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Page | 14 Milled grades increased 11% quarter-on-quarter, reflecting higher mined grades from underground ore sources and a 33% increase in ROM high-grade open pit feed tonnes at broadly consistent quarter-on-quarter grades. Combined with stable g old recover ies, this delivered a 13% increase in quarter-on-quarter gold production to 48,899 ounces. Ore stockpiles increased by ~ 7,400 ounces during the quarter. At quarter end, stockpiles totalled 16.8 million tonnes containing approximately 192,400 ounces, compared with 15.8 million tonnes containing approximately 185,000 ounces at 31 March 2026. Figure 5: KoTH plant, thickener (bottom right) commissioned
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Page | 15 Leonora Units Sep Qtr 2025 Dec Qtr 2025 Mar Qtr 2026 Jun Qtr 2026 FY26 King of the Hills Underground Ore mined Tonnes 228,593 216,636 240,688 218,442 904,359 Mined grade g/t Au 1.6 1.5 1.6 1.9 1.7 Contained gold in ore Oz 11,802 10,778 12,037 13,588 48,205 Open pit Ore mined BCM 725,454 702,033 687,257 698,969 2,813,715 Waste mined BCM 2,155,548 2,083,685 2,098,575 2,464,891 8,802,699 Ore mined Tonnes 1,926,416 1,784,625 1,774,051 1,845,013 7,330,103 Mined grade g/t Au 0.5 0.5 0.5 0.6 0.5 Contained gold in ore Oz 31,950 29,178 30,086 33,021 124,235 Darlot Ore mined Tonnes 184,523 188,892 184,142 175,841 733,398 Mined grade g/t Au 2.1 2.5 2.1 2.6 2.3 Contained gold in ore Oz 12,777 15,151 12,224 14,516 54,669 Total ore mined Tonnes 2,339,531 2,190,153 2,198,880 2,239,296 8,967,860 Mined grade g/t Au 0.7 0.8 0.8 0.8 0.8 Total contained gold in ore Oz 56,529 55,107 54,347 61,126 227,108 Processing Ore milled Tonnes 1,471,489 1,281,800 1,324,544 1,353,126 5,430,959 Head grade g/t Au 1.1 1.1 1.1 1.2 1.1 Contained gold in ore Oz 49,775 44,955 46,315 52,265 193,310 Recovery % 93.5 90.9 93.7 93.6 93.0 Gold produced Oz 46,530 40,889 43,349 48,899 179,666 Gold sold Oz 46,476 41,761 43,174 46,149 177,560 Table 8: Leonora mining and processing physicals Leonora reported an AISC of A$2,556 per ounce, 10% lower than the prior quarter, benefiting from higher gold sales and an inventory credit associated with stockpile growth during the period . Absolute cash costs were broadly consistent quarter-on-quarter. Consistent with FY26 guidance, waste stripping expenditure associated with Stage 2 of the KoTH open pit that exceeded the LOM strip ratio has been capitalised and excluded from the AISC. During the quarter, $8.9 million of mining costs were excluded on this basis. Growth capital expenditure outside AISC totalled $ 19.8 million during the quarter, comprising $13.6 million invested in the KoTH processing facility upgrade, $3.4 million associated with the transition to owner-operator mining, and the balance related to other growth and pastoral station infrastructure projects.
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Page | 16 Table 9: Leonora AISC 1. Costs for Underground & Open Pit operating activities (including infill and grade control drilling). 2. By-product credits comprise net revenue from silver sales. 3. Costs relating to regional exploration are excluded from the calculation. Sep-25 Dec-25 Mar-26 Jun-26 Qtr Qtr Qtr Qtr Mining costs 1 A$/oz 1,554 1,773 1,962 1,801 1,769 General and administration costs A$/oz 203 217 226 266 228 Royalties A$/oz 185 226 255 215 219 By-product credits 2 A$/oz (44) (48) (89) (78) (65) Processing costs A$/oz 489 591 538 546 540 Corporate overheads A$/oz 67 75 72 68 70 Mine exploration (sustaining) 3 A$/oz 38 65 12 36 37 Capital expenditure and mine development (sustaining) A$/oz 180 242 197 204 205 All-in Sustaining Cash Costs (Before non-cash items) A$/oz 2,671 3,141 3,173 3,057 3,004 Inventory movements A$/oz (18) (283) (325) (501) (280) All-in Sustaining Costs A$/oz 2,652 2,858 2,848 2,556 2,723 Gold sales for AISC purposes oz 46,476 41,761 43,174 46,149 177,560 FY26UnitNotesLeonora
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Page | 17 Sugar Zone Significant progress was achieved at Sugar Zone throughout the quarter with the Closure Plan Amendment (“CPA”) submitted on 6 May 2026 and formally filed by the Ontario Ministry of Energy and Mines on 16 July 2026. Th e amended Sewage Environmental Compliance Approval (“ECA”) was subsequently received on 22 July 2026 from the Ministry of Environment, Conservation and Parks. Importantly, t he ECA includes approval for the discharge of tailings into the Southern Tailings Management Facility (“STMF”). The filing of the CPA and receipt of the ECA represent key regulatory milestones. The STMF will serve as the sole tailings repository over the life of the Ore Reserve, providing a lower cost and more capital -efficient solution than the previous combination of dry -stack tailings and slurry deposition into the Northern Tailings Management Facility. Site preparation activities, including v egetation clearing and logging activities , have been completed. Construction activities during the 2026 Canadian summer season will focus on foundation earthworks, drainage installation, access infrastructure, laydown areas, and non-contact water diversion channels. Primary dam construction and pipeline installation are scheduled for completion during the 2027 construction season, with waste rock generated from underground development supplementing existing waste stockpiles for dam construction. Figure 6: Tree clearing for the STMF completed Underground development at Sugar Zone recommenced on 1 July 2026. The underground development fleet has now been fully commissioned, with staffing and development activities expected to progressively ramp up throughout FY27. The primary focus is the recruitment and training of operators, and the implementation of more efficient operating practices to establish sustainable and predictable production outcomes. Development undertaken during FY27 will generate both construction material for the STMF and ore stockpiles for future processing, supporting the planned plant restart in Q1 FY28.
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Page | 18 Figure 7: Sugar Zone development fleet The 2026 summer exploration program is also underway, with field activities focused on surface stripping along the southern Sugar Zone mine corridor. Approximately 850 metres of stripping has been completed to facilitate detailed mapping and channel sampling across this highly prospective trend immediately south of the Sugar South discovery. Current programs are directed at identifying additional high -grade shoots between the existing Sugar Zone mine and the Lynx Zone, generating priority drill targets for future testing. Figure 8: Surface stripping along the southern Sugar Zone mine corridor
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Page | 19 Group Finance Cash and bullion increased by $113.6 million to $ 841.6 million at quarter end , with the Company remaining debt free and fully unhedged. Cash and bullion includes $9.6 million of bullion, however, excludes $47.5 million of gold in circuit and concentrate on hand, at net realisable value. Underlying free cash flow for the quarter was $ 219.2 million. This excludes the $74.3 million returned to shareholders through Vault’s maiden dividend ($72.9 million) and share buyback s settled in the quarter ($1.4 million)as well as $31.2 million deployed to settle all remaining gold hedge positions. Growth investment of $48.1 million for the quarter comprised: - $13.6 million on Stage 2 of the KoTH processing facility upgrade, with Stage 1 now complete - $8.9 million and $ 1.5 million associated with the waste strip exceeding the life of mine strip ratio at both the Leonora and Mount Monger operations respectively - $5.5 million on mining fleet at Deflector and KoTH, as Vault transitions to owner-operator mining - other growth expenditure includ ing Sugar Zone and site infrastructure growth projects (including $5.6 million for Spanish Galleon development). Figure 9: Group cash & bullion movement for the quarter Gold Hedging On 26 June 2026, Vault completed the early settlement of its remaining gold hedge position covering 10,233 ounces scheduled for delivery in Q1 FY27 at an average contracted price of A$2,797 per ounce. The settlement cost $31.2 million, was fully funded from Vault’s cash reserves and did not result in shareholder dilution. As a consequence of the early settlement, the FY26 financial results are expected to include the following non- recurring items: - cashflow impact of the $31.2 million expenditure; - release of the mark -to-market liability previously on the balance sheet (31 December 2025: $38.3 million); and - recognition, through finance expenses, of the difference between the mark-to-market liability and the cash outflow.
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Page | 20 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
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Page | 21 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 $6,500/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.
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Page | 22 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
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Page | 23 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