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 22 October 2026 SEPTEMBER 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 September 2026 ▪ Quarterly production of 76,849 ounces of gold, with sales of 79,085 ounces of gold at an average realised sales price of A$6,023 per ounce and AISC of A$3,529 per ounce Mount Monger ▪ Produced 15,320 ounces during the quarter, with sales of 15,744 ounces at an AISC of A$ 3,865 per ounce Deflector Region ▪ Produced 17,062 ounces of gold and 76 tonnes of copper, with gold sales of 16,871 ounces at an AISC of A$ 4,987 per ounce (including a $307 per ounce non -cash inventory charge associated with the treatment of stockpiles) Leonora ▪ Produced 44,467 ounces of gold with sales of 46,469 ounces at an AISC of A$2,885 per ounce Sugar Zone ▪ Progressive ramp up of underground development underway following the recommencement of underground operations on 1 July 2026 . 340 metres of development advance was completed throughout the quarter , while recruitment activities increased site manning level by 87% relative to 30 June 2026. Growth ▪ The stage 2 KoTH processing facility upgrade was completed ahead of schedule and on budget. Construction and installation of the new and upgraded circuits were completed in September, with tie- ins and commissioning commenced in early October. Following performance testing scheduled for late October 2026, the upgraded facility is expected to be fully commissioned. ▪ Ore Reserves of 3.9 million ounces gold and Mineral Resources of 12.1 million ounces at 30 June 2026 increased 9% and were consistent y-o-y net of FY26 mine depletion, respectively1. Corporate ▪ Vault generated underlying free cash flow of $ 95.7 million during the quarter before payment of the $50.7 million break fee associated with the termination of the proposed merger with Regis Resources and closed the period with cash and bullion of $886.7 million ▪ Growth investment of $59.5 million, including completion of stage 2 KoTH processing facility upgrade, owner-operator transition at KoTH , open pit waste stripping, exploration and commencement of underground development at Sugar Zone ▪ 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 by way of scheme of arrangement with Genesis Minerals Limited (Genesis) on track for implementation in late November 2026. Scheme booklet released post quarter end on 6 October, with the independent expert concluding that the scheme is in the best interests of Vault shareholders in the absence of a superior offer for Vault 1 Refer ASX release 3 September 2026 “2026 Resource and Reserve Statement”
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Page | 2 Overview The September quarter delivered key milestones at Vault’s two growth projects, with the advancement of the stage 2 KoTH processing facility upgrade which was completed in October with commissioning commenced in early October and the first full quarter of underground activities at Sugar Zone. The investment in these growth projects will help ensure that the Vault operations deliver the targeted outcomes as part of the merger with Genesis. Operational results for the quarter were mixed, with strong resilience to the weather-related impacts at Leonora offset by a relatively slow start at the underground operations , where manning and equipment constraints impacted production. Pleasingly, the operations continued to generate strong underlying free cash flow, with $95.7 million generated for the quarter 2. Vault closed the quarter with cash and bullion of $ 886.7 million (excluding $33.6 million of gold in circuit and concentrate on hand, at net realisable value), no corporate debt and no gold hedge exposure. Gold production for the quarter was 76,849 ounces, with gold sales of 79,085 ounces at an AISC of A$ 3,529 per ounce and average realised sales price of A$6,023 per ounce. Q1 production (ounces) Q1 sales (ounces) Q1 AISC (A$/ounce) FY27 guidance (ounces, A$/ounce) Leonora 44,467 46,469 2,885 198,000 – 208,000 2,750 – 2,950 Mount Monger 15,320 15,744 3,865 83,000 – 89,000 2,950 – 3,150 Deflector 17,062 16,871 4,987# 74,000 – 78,000 4,300 – 4,500 Group 76,849 79,085 3,529 355,000 – 375,000 3,150 – 3,350 # Deflector AISC includes a $307 per ounce non-cash inventory charge associated with the treatment of stockpiles Table 1: Vault FY27 production, sales and AISC The proposed merger with Genesis is on track for implementation in late November 2026. The scheme meeting has been convened for 11 November 2026 at which shareholders will have the opportunity to vote on the significant value creation opportunity. Subject to satisfaction or waiver of the remaining conditions precedent to the scheme , Vault shareholders can look forward to the consolidation of Vault’s and Genesis’s respective Leonora operations under single ownership and becoming part of a merged entity with increased scale, liquidity and market relevance. Implementation of the scheme is anticipated in late November 2026 , subject to the satisfaction or waiver of the remaining conditions to the scheme (including approval by the Supreme Court of Western Australia). For further details including the full scheme timetable please refer to Vault’s ASX announcement on 5 October 2026. 2 Underlying free cash flow excludes the payment of the $50.7 million break fee associated with the termination of the Regis Resources transaction
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Page | 3 Operational Results Mount Monger Underground gold production from the Daisy Complex reflected a lower contribution from development ore. A higher proportion of capital underground development metres were completed throughout the quarter to establish access to scheduled FY27 mining fronts (63% of metres classified as capital, relative to FY26 average of 50%) and elevated jumbo maintenance downtime in July, which impacted fleet availability. Figure 1: Daisy Complex Q1 production capital/operating development (LHS) and production (RHS) Open pit mining remained focused on the Santa Open Pit Complex. Material movements were 6% higher q- o-q and were consistent with the average FY26 rate. Average ore grades were 1.1 g/t, while the strip ratio of 9.9 was lower q-o-q (Q4 FY26: 11.2). Throughput at the Randalls mill was marginally lower q-o-q, reflecting lower utilisation in September due to weather related access road closures following significant rainfall events that impacted the availability of critical reagents. Average mill grades were lower, reflecting lower underground production from the Daisy Complex and a lower proportion of high grade open pit ore mined from the Santa open pit, for gold production of 15,320 ounces. Ore s tockpiles increased by ~ 9,000 ounces during the quarter . At quarter end , stockpiles totalled 4.8Mt containing approximately 135,000 ounces, compared with 4.5Mt containing approximately 126,000 ounces at 30 June 2026. Mount Monger reported an AISC of A$3,865 per ounce, with q-o-q unit cost reflecting the lower sales. On an absolute basis, mining costs within the AISC were higher as a result of a 6% increase in Santa open pit material movements and the inclusion of all Santa open pit mining costs as the strip ratio was below the life of mine average (as outlined in the FY27 guidance). The net inventory credit for the quarter reflects the 9,000 ounce stockpile build throughout the quarter, which was ~200% higher q-o-q. - 10,000 20,000 30,000 - 100 200 300 400 July August September MIne production (t) Development metres (m) Capital development Operating development Tonnes
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Page | 4 Mount Monger Units Dec Qtr 2025 Mar Qtr 2026 Jun Qtr 2026 Sep Qtr 2026 FY27 Underground Ore mined Tonnes 72,925 67,883 65,392 60,814 60,814 Mined grade g/t Au 3.3 3.7 4.3 3.6 3.6 Contained gold in ore Oz 7,782 8,072 9,026 7,078 7,078 Open pit Ore mined BCM 123,046 163,590 142,479 169,815 169,815 Waste mined BCM 1,787,918 1,797,801 1,611,361 1,687,660 1,687,660 Ore mined Tonnes 372,967 493,882 429,456 513,321 513,321 Mined grade g/t Au 1.2 1.2 1.2 1.1 1.1 Contained gold in ore Oz 14,620 18,686 16,294 17,843 17,843 Total ore mined Tonnes 445,892 561,765 494,848 574,135 574,135 Mined grade g/t Au 1.6 1.5 1.6 1.35 1.35 Total contained gold in ore Oz 22,402 26,758 25,320 24,921 24,921 Processing Ore milled Tonnes 322,682 297,586 322,213 303,503 303,503 Head grade g/t Au 1.8 1.9 2.2 1.6 1.6 Contained gold in ore Oz 18,699 17,912 22,361 16,036 16,036 Recovery % 96 96 95 96 96 Gold produced Oz 17,865 17,213 21,338 15,320 15,320 Gold sold Oz 18,174 16,335 22,877 15,744 15,744 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. Dec-25 Mar-26 Jun-26 Sep-26 Qtr Qtr Qtr Qtr Mining costs 1 A$/oz 2,202 2,603 2,086 3,362 3,362 General and administration costs A$/oz 270 279 222 335 335 Royalties A$/oz 194 178 163 177 177 By-product credits 2 A$/oz (19) (24) (18) (18) (18) Processing costs A$/oz 839 988 688 1,016 1,016 Corporate overheads A$/oz 50 55 39 60 60 Mine exploration (sustaining) 3 A$/oz 48 42 22 78 78 Capital expenditure and mine development (sustaining) A$/oz 14 22 22 133 133 All-in Sustaining Cash Costs (before non-cash items) A$/oz 3,598 4,144 3,225 5,142 5,142 Inventory movements A$/oz (402) (1,036) (81) (1,276) (1,276) All-in Sustaining Costs A$/oz 3,196 3,108 3,143 3,865 3,865 Gold sales for AISC purposes oz 18,174 16,335 22,877 15,744 15,744 Mount Monger FY27Notes Unit
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Page | 5 Deflector Region Underground mine production in the Deflector Region was consistent q-o-q, offset by lower average mined grades at both Deflector and Rothsay resulting in lower q-o-q ounce production. At Deflector, development advance increased 26% q-o-q, with a higher portion of capital development metres completed (60% of total metres relative to the H2 FY26 average ratio of 53%.). Capital development continues to focus on Spanish Galleon with ~36% of all capital metres completed in the quarter within the Spanish Galleon area, in preparation for the commencement of ore drive development late in Q2 and stoping in Q4 FY27. Mine production was modestly higher q -o-q, however, offset by lower a verage mined grades . Lower grades reflect a greater proportion of lower grade bulk stopes scheduled in Deflector Main during the quarter. Rothsay delivered consistent q -o-q mine production, however average mined grades were lower due to transitional ground conditions within the upper Hydra area which resulted in elevated stope dilution. Haulage from Rothsay to Deflector was 119,673 tonnes as the haulage of the medium and low grade stockpiles ramped up (representing an 8% increase q-o-q and a 77% increase relative to the average FY26 monthly haulage rate). The m ill continued to deliver consistent performance , with a modest increase in throughput q-o-q. The throughput and consistent recovery performance was offset by the lower average mill grades, reflecting mine production for the quarter , and resulted in gold production of 17,062 ounces. At 30 September 2026, ore stockpiles across the Deflector Region totalled approximately 370,000 tonnes containing ~1 2,100 ounces , compared with 400,000 tonnes containing 14,400 ounces at 30 June 2026. Deflector Region AISC for the quarter was A$4,987 per ounce, including a $307 per ounce non-cash inventory charge associated with the treatment of stockpiles . Unit costs reflected lower q-o-q sales and, on an absolute basis within the AISC, the increase in development metres which include all of the underground development costs associated with Spanish Galleon for the first time (as outlined in FY27 guidance). Consistent with guidance, AISC excludes capital expenditure for mine development, services and infrastructure required to establish access to the Contact Lode mining area which was $1.6 million for the quarter.
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Page | 6 Deflector Units Dec Qtr 2025 Mar Qtr 2026 Jun Qtr 2026 Sep Qtr 2026 FY27 Deflector Ore mined Tonnes 51,248 70,843 106,520 113,982 113,982 Mined grade Gold g/t Au 3.1 3.4 3.6 2.8 2.8 Copper % Cu 0.0% 0.0% 0.1% 0.1% 0.1% Contained gold in ore Oz 5,121 7,771 12,246 10,416 10,416 Contained copper in ore Tonnes 21 86 105 81 81 Rothsay Ore mined Tonnes 59,406 59,282 59,957 55,134 55,134 Mined grade g/t Au 4.3 3.3 3.1 2.8 2.8 Contained gold in ore Oz 8,174 6,369 6,034 4,894 4,894 Total ore mined Tonnes 110,654 130,125 166,477 169,116 169,116 Mined grade g/t Au 3.7 3.4 3.4 2.8 2.8 Total contained gold in ore Oz 13,295 14,140 18,280 15,310 15,310 Total contained copper in ore Tonnes 21 86 105 81 81 Processing Ore milled Tonnes 203,166 189,438 195,654 198,972 198,972 Milled grade Gold g/t Au 2.8 3.1 3.1 2.8 2.8 Copper % Cu 0.1% 0.1% 0.1% 0.1% 0.1% Recovery Gold % 96.3% 96.5% 96.4% 97.1% 97.1% Copper % 63.6% 53.3% 51.8% 54.9% 54.9% Gold bullion produced Oz 15,693 15,989 16,237 14,467 14,467 Concentrate produced Tonnes 716 837 741 658 658 Contained metal in concentrate Gold Oz 2,073 2,028 2,863 2,594 2,594 Copper Tonnes 56 77 88 76 76 Total gold produced Oz 17,766 18,016 19,101 17,062 17,062 Gold equivalent production3 Oz 17,914 18,212 19,306 17,258 17,258 Gold bullion sales Oz 15,690 16,124 16,202 14,092 14,092 Concentrate sold (dmt) Tonnes 696 912 736 764 764 Payable metal in concentrate sold Gold Oz 2,173 2,074 2,694 2,779 2,779 Copper Tonnes 56 61 78 73 73 Table 4: Deflector mining and processing physicals 3 Refer to Appendix 2 for Gold Equivalent Calculation Methodology and Parameters
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Page | 7 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 gold production across the Leonora region was lower q-o-q. At KoTH, underground production was impacted by contractor manning levels being below expectation s, resulting in lower utilisation of the loader and charge -up fleet. Production was also impacted by multiple rain events which restricted access to the Regal mining area. At Darlot, production was impacted by elevated underground fleet maintenance and downtime associated with the change out of the Centenary primary ventilation fan in September. Open pit mining volumes at KoTH remained resilient despite multiple significant rainfall events in August and September which impacted mining fleet utilisation through elevated standby, downtime and restart periods. In addition, a m ajor 8 day excavator maintenance shut on the larger of the two primary excavators (EX3600) was completed in August. Figure 2: LTM excavator and truck fleet utilisation demonstrating the impact of rain events on utilisation in August & September Dec-25 Mar-26 Jun-26 Sep-26 Qtr Qtr Qtr Qtr Mining costs 1 A$/oz 1,210 1,631 2,013 2,499 2,499 General and administration costs A$/oz 362 347 496 431 431 Royalties A$/oz 179 207 180 185 185 By-product credits 2 A$/oz (67) (91) (82) (109) (109) Processing costs A$/oz 584 618 606 650 650 Corporate overheads A$/oz 85 83 80 96 96 Mine exploration (sustaining) 3 A$/oz 28 0 19 9 9 Capital expenditure and mine development (sustaining) A$/oz 915 556 563 918 918 All-in Sustaining Cash Costs (Before non-cash items) A$/oz 3,296 3,352 3,875 4,680 4,680 Inventory movements A$/oz 535 (64) (114) 307 307 All-in Sustaining Costs A$/oz 3,831 3,288 3,761 4,987 4,987 Gold sales for AISC purposes oz 17,863 18,198 18,896 16,871 16,871 FY27Notes UnitDeflector
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Page | 8 Mining activities remained predominantly focused on stage 2 of the open pit , which accounted for 8 0% of material movement and 100% of ore production. The aggregate strip ratio for the quarter was higher q-o-q at 3.8 (Q4 FY26: 3.5:1), while the strip ratio within stage 2 was 2.9:1. Preparations for the transition to owner -operator load and haul at KoTH from 1 January 2027 ramped up throughout the quarter with the first four Hitachi EH3500 haul trucks arriving on site and being assembled. A range of ancillary and support equipment has also been delivered to site, with the first of the excavators scheduled for delivery in November 2026. Fleet mobilisation remains on schedule to support the transition to owner-operated mining activities. Figure 3: First Vault Hitachi trucks on site and assembled in preparation for owner operator mining The stage 2 processing facility upgrade project was completed ahead of schedule and on budget. The stage 2 upgrade builds on the successful Stage 1 upgrade, which was completed in March 2026, and is designed to increase throughput capacity to 7.5 to 8.0 mtpa. Construction and installation of the new and upgraded plant circuits were completed in September , with tie-ins and commissioning commencing in early October and on track to be completed following performance testing scheduled for late October 2026. Throughout the commissioning period, the new and upgraded circuits were fully integrated into plant operations. Identified improvements will be adopted during a scheduled SAG mill reline from 19 to 23 October. Processing is expected to recommence on 23 October with the charge weight to be stabilised through to 27 October. Performance testing will be completed once full charge weigh t is reached and full processing rates are expected to commence in November 2026. Key elements of the stage 2 upgrade include: - New 9MW ball mill. The ball mill will operate in series with the existing 15MW primary SAG mill and will provide increased milling capacity and greater operational flexibility within the comminution circuit.
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Page | 9 - New pebble crusher circuit. The increased pebble crushing capacity will increase circuit efficiency. - Gravity circuit upgrade, including the installation of a new gravity concentrator and scalping screen. The upgrade is designed to increase gravity gold recovery and increase plant throughput. - Power station expansion, increasing available site generation capacity to 36MW. The KoTH power station is fuelled by natural gas and is supported by a three-year gas supply agreement, commencing in January 2026, with pricing linked to CPI. Figure 4: Aireal view highlighting new ball mill and pebble crusher
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Page | 10 Figure 5: Ball mill installation (LHS) and new pebble crusher (RHS) Mill throughput was 10% higher q -o-q, reflecting the increased throughput capacity unlocked through the successful completion and ramp up of the stage 1 plant upgrade in Q3 FY26. The throughput result was particularly strong given the impacts of adverse weather and downtime associated with progression of the stage 2 upgrade and the associated workstreams in preparation for the stage 2 tie ins post quarter end. Higher throughput was offset by lower average milled grades q-o-q, reflecting lower underground production, weather related constraints and the haulage contractor change which impacted haulage of high grade Darlot Ore. Gold recoveries were consistent for gold production of 44,467 ounces. Ore stockpiles increased by ~ 3,000 ounces , for quarter end stockpiles of 17.4 million tonnes containing approximately 195,500 ounces, compared with 16.8 million tonnes containing approximately 192,400 ounces at 30 June 2026.
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Page | 11 Leonora Units Dec Qtr 2025 Mar Qtr 2026 Jun Qtr 2026 Sep Qtr 2026 FY27 King of the Hills Underground Ore mined Tonnes 216,636 240,688 218,442 185,092 185,092 Mined grade g/t Au 1.5 1.6 1.9 1.8 1.8 Contained gold in ore Oz 10,778 12,037 13,588 10,782 10,782 Open pit Ore mined BCM 702,033 687,257 698,969 580,676 580,676 Waste mined BCM 2,083,685 2,098,575 2,464,891 2,224,019 2,224,019 Ore mined Tonnes 1,784,625 1,774,051 1,845,013 1,545,899 1,545,899 Mined grade g/t Au 0.5 0.5 0.6 0.5 0.5 Contained gold in ore Oz 29,178 30,086 33,021 26,665 26,665 Darlot Ore mined Tonnes 188,892 184,142 175,841 159,450 159,450 Mined grade g/t Au 2.5 2.1 2.6 2.4 2.4 Contained gold in ore Oz 15,151 12,224 14,516 12,350 12,350 Total ore mined Tonnes 2,190,153 2,198,880 2,239,296 1,890,441 1,890,441 Mined grade g/t Au 0.8 0.8 0.8 0.8 0.8 Total contained gold in ore Oz 55,107 54,347 61,126 49,797 49,797 Processing Ore milled Tonnes 1,281,800 1,324,544 1,353,126 1,492,343 1,492,343 Head grade g/t Au 1.1 1.1 1.2 1.0 1.0 Contained gold in ore Oz 44,955 46,315 52,265 47,774 47,774 Recovery % 90.9 93.7 93.6 93.1 93.1 Gold produced Oz 40,889 43,349 48,899 44,467 44,467 Gold sold Oz 41,761 43,174 46,149 46,469 46,469 Table 6: Leonora mining and processing physicals Leonora reported an AISC of A$2,885 per ounce . The q-o-q movements in the AISC reflect lower a bsolute mining costs within the AISC, due to lower q-o-q material movements and a higher portion of open pit mining costs excluded from the AISC, reflecting the higher q-o-q strip ratio and the inventory charge associated with the timing of gold sales. Consistent with FY27 guidance, waste stripping expenditure associated with the KoTH open pit that exceeded the LOM strip ratio has been capitalised and excluded from the AISC, which amounted to $14.4 million for the quarter. Growth capital expenditure outside AISC totalled $22.1 million during the quarter, which included $13.1 million invested in the KoTH processing facility upgrade. Expenditures associated with the transition to owner-operator mining totalled $8.2 million (with the majority of the fleet acquired through asset finance leases).
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Page | 12 Table 7: Leonora AISC 1. Costs for Underground & Open Pit operating activities (including infill and grade control drilling). 2. By-product credits comprise net revenue from silver sales. 3. Costs relating to regional exploration are excluded from the calculation. Dec-25 Mar-26 Jun-26 Sep-26 Qtr Qtr Qtr Qtr Mining costs 1 A$/oz 1,773 1,962 1,801 1,631 1,631 General and administration costs A$/oz 217 226 266 232 232 Royalties A$/oz 226 255 215 215 215 By-product credits 2 A$/oz (48) (89) (78) (83) (83) Processing costs A$/oz 591 538 546 475 475 Corporate overheads A$/oz 75 72 68 73 73 Mine exploration (sustaining) 3 A$/oz 65 12 36 11 11 Capital expenditure and mine development (sustaining) A$/oz 242 197 204 236 236 All-in Sustaining Cash Costs (Before non-cash items) A$/oz 3,141 3,173 3,057 2,791 2,791 Inventory movements A$/oz (283) (325) (501) 95 95 All-in Sustaining Costs A$/oz 2,858 2,848 2,556 2,885 2,885 Gold sales for AISC purposes oz 41,761 43,174 46,149 46,469 46,469 FY27UnitNotesLeonora
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Page | 13 Sugar Zone Underground d evelopment activities commenced on 1 July. 340 metres of development advance w ere completed throughout the quarter, and development is expected to ramp up in the coming months. Development undertaken during FY27 will generate both construction material for the Southern Tailings Management Facility and ore stockpiles for future processing, supporting the planned plant restart in Q1 FY28. Recruitment activities focused on underground operators, with an 87% increase in total site staffing to 97 employees at quarter end, relative to 30 June 2026. Expenditure at Sugar Zone for the quarter was $8.2 million. Figure 6: Underground development activities at Sugar Zone Figure 7: Sugar Zone mines rescue training Exploration activities during the quarter focus ed on mapping, trenching and sampling of the southern extension of Sugar Zone extending south of Sugar South to the Lynx zone. Preparations for the next round of drilling at the proximal TT8 target were advanced during the quarter with the program expected to commence in late October. Following the completion of the TT8 program, a program is scheduled to be completed at Sugar Zone to test the high grade Sugar South crown pillar area, which is not included within the Ore Reserves and provides the opportunity to access a n additional zone of shallow high grade mineralisation from the planned underground development.
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Page | 14 Figure 8: Southern mine corridor trenching program extending south of Sugar South Hunny Zone Trench
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Page | 15 Group Finance Cash and bullion increased by $45.1 million to $886.7 million, with no corporate debt. Cash and bullion includes $10.3 million of bullion and excludes $33.6 million of gold in circuit and concentrate on hand, at net realisable value. Underlying free cash flow for the quarter was $95.7 million, adjusted for the payment of the $50.7 million break fee associated with the termination of the proposed Regis Resources transaction. Growth investment was $59.5 million for the quarter . The g rowth expenditures are categorised within the cashflow waterflow below. Figure 9: Group cash & bullion movement for the quarter 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 | 16 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 “2026 Resource and Reserve Statement” dated 3 September 2026. 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 Original 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 FY27 gold equivalency calculations assume an Au price of A $6,000/oz, Cu price of A$1 7,200/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 | 17 Appendix 3: Ore Reserves as at 30 June 2026 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 Complex Daisy Complex 262 6.6 56 148 5.5 26 410 6.2 82 Total Daisy Mining Centre 262 6.6 56 148 5.5 26 410 6.2 82 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 - - - 1,799 1.6 90 1,799 1.6 90 Santa 1,974 1.7 106 1,603 2.0 105 3,578 1.8 210 Flora Dora 261 3.2 27 298 2.7 26 558 2.9 53 Total Mount Belches Mining Centre 2,280 1.9 137 4,049 2.0 262 6,328 2.0 400 Mount Monger Stockpiles 4,317 0.9 121 - - - 4,317 0.9 121 Total Mount Monger Region 6,859 1.4 314 4,196 2.1 288 11,055 1.7 602 Deflector Deflector UG 401 4.1 53 921 3.0 89 1,322 3.3 141 Stockpile 64 1.8 4 - - - 64 1.8 4 Total Deflector 465 3.8 56 921 3.0 89 1,386 3.2 145 Rothsay Stockpile - - - 139 3.5 16 139 3.5 16 Sub Total 183 1.6 9 - - - 183 1.6 9 Total Rothsay 183 1.6 9 139 3.5 16 323 2.4 25 Total Deflector Region 649 3.1 66 1,060 3.1 104 1,709 3.1 170 Sugar Zone Sugar Zone - - - 2,436 5.1 398 2,436 5.1 398 Stockpile - - - - - - - - - Total Sugar Zone - - - 2,436 5.1 398 2,436 5.1 398 King of the Hills KOTH OP 8,994 0.6 159 93,624 0.6 1,932 102,618 0.6 2,091 KOTH UG - - - 1,956 1.9 117 1,956 1.9 117 Centauri - - - 1,634 1.1 56 1,634 1.1 56 Cerebus-Eclipse - - - 922 1.0 30 922 1.0 30 Rainbow - - - 1,485 0.7 34 1,485 0.7 34 Stockpile 15,251 0.3 169 1,560 0.4 21 16,812 0.4 190 Total King of the Hills 24,246 0.4 328 101,181 0.7 2,190 125,427 0.6 2,518 Darlot Darlot - - - 2,947 2.3 220 2,947 2.3 220 Stockpile 88 1.3 4 - - - 88 1.3 4 Total Darlot 88 1.3 4 2,947 2.3 220 3,035 2.3 223 Total Leonora Region 24,333 0.4 332 104,129 0.7 2,410 128,462 0.7 2,741 Total Gold Ore Reserves 31,841 0.7 711 111,821 0.9 3,201 143,662 0.8 3,912 Deflector Sugar Zone Group June 2026 Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Mount Monger King of the Hills Tonnes ('000s) Grade (% Cu) Copper (Tonnes) Tonnes ('000s) Grade (% Cu) Copper (Tonnes) Tonnes ('000s) Grade (% Cu) Copper (Tonnes) Deflector Deflector UG 401 0.1% 589 810 0.3% 2,070 1,211 0.2% 2,659 Stockpile 64 0.5% 313 - 0.0% - 64 0.5% 313 Deflector Total 465 0.2% 902 810 0.3% 2,070 1,275 0.2% 2,972 Total Copper Ore Reserves 465 0.2% 902 810 0.3% 2,070 1,275 0.2% 2,972 June 2026 Proved Ore Reserves Probable Ore Reserves Total Ore Reserves
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Page | 18 Appendix 4: Mineral Resources as at 30 June 2026 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 346 21.0 234 984 11.4 361 982 16.2 511 2,312 14.9 1,106 Mirror/Magic 493 2.5 39 1,003 2.3 74 682 2.5 55 2,178 2.4 168 Lorna Doone - - - 887 2.5 71 314 3.2 32 1,201 2.7 103 Costello - - - 37 1.7 2 237 2.0 15 274 1.9 17 Total Daisy Mining Centre 839 10.1 273 2,911 5.4 508 2,215 8.6 613 5,965 7.3 1,394 Mount Belches Mining Centre Santa 2,229 2.6 188 3,966 3.0 380 1,135 3.8 138 7,330 3.0 706 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 - - - 2,287 2.4 175 590 2.7 52 2,877 2.5 227 Total Mount Belches Mining Centre 2,678 3.1 266 9,256 3.2 939 4,201 3.6 492 16,135 3.3 1,697 Aldiss Mining Centre Karonie - - - 1,453 1.8 83 500 1.4 22 1,953 1.7 105 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 7 260 1.3 11 396 1.4 18 Aspen - - - 314 1.8 18 305 1.7 17 619 1.8 35 Total Aldiss Mining Centre 399 2.3 29 3,746 1.8 214 2,024 1.7 109 6,169 1.8 352 Randalls Mining Centre Lucky Bay 83 5.2 14 34 5.5 6 6 10.4 2 123 5.6 22 Randalls Dam - - - 95 2.0 6 24 1.3 1 119 1.8 7 Total Randalls Mining Centre 83 5.2 14 129 2.9 12 30 3.1 3 242 3.7 29 Stockpile 4,317 0.9 121 - - - - - - 4,317 0.9 121 Total Mount Monger Region 8,316 2.6 703 16,042 3.2 1,673 8,470 4.5 1,217 32,828 3.4 3,593 Deflector Deflector 431 13.7 189 1,264 8.2 333 692 6.1 136 2,387 8.6 659 Stockpile 104 1.3 4 - - - - - - 104 1.3 4 Total Deflector 535 11.3 194 1,264 8.2 333 692 6.1 136 2,492 8.3 663 Rothsay Rothsay - - - 782 7.0 176 411 5.5 72 1,194 6.5 248 Stockpile 183 1.6 9 - - - - - - 183 1.6 9 Total Rothsay 183 1.6 9 782 7.0 176 411 5.5 72 1,377 5.8 258 Total Deflector Region 719 8.8 203 2,047 7.7 509 1,103 5.9 208 3,869 7.4 921 Sugar Zone Sugar Zone - - - 2,898 8.6 801 1,912 7.3 450 4,810 8.1 1,251 Stockpile - - - - - - - - - - - - Total Sugar Zone - - - 2,898 8.6 801 1,912 7.3 450 4,810 8.1 1,251 King of the Hills KOTH OP 8,605 0.8 224 84,805 0.9 2,508 18,956 1.0 616 112,366 0.9 3,348 KOTH UG - - - 4,102 2.7 357 1,691 2.6 142 5,793 2.7 499 Cerebus-Eclipse - - - 1,329 1.1 48 1,959 1.2 75 3,288 1.2 123 Centauri - - - 1,728 1.5 85 471 1.5 22 2,199 1.5 107 Rainbow - - - 1,704 1.1 59 1,239 0.9 37 2,944 1.0 96 Severn - - - 445 1.9 27 380 1.6 20 825 1.7 46 Stockpile 15,251 0.3 169 1,560 0.4 21 - - - 16,812 0.4 190 Total King of the Hills 23,857 0.5 393 95,673 1.0 3,105 24,695 1.1 911 144,225 1.0 4,409 Darlot Darlot - - - 7,764 4.1 1,031 5,390 3.6 629 13,154 3.9 1,661 Great Western 6 2.6 1 140 3.2 15 239 2.6 20 385 2.8 35 Stockpile 88 1.3 4 - - - - - - 88 1.3 4 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 - - - 364 1.3 16 145 1.4 7 509 1.4 22 Mission - - - 60 1.9 4 449 2.2 32 509 2.2 35 Cable - - - - - - 1,326 2.1 90 1,326 2.1 90 Total Darlot 94 1.3 4 8,916 3.8 1,085 9,129 2.8 817 18,139 3.3 1,906 Total Leonora Region 23,951 0.5 397 104,589 1.2 4,190 33,825 1.6 1,729 162,364 1.2 6,316 Total Gold Mineral Resources 32,985 1.2 1,303 125,576 1.8 7,173 45,310 2.5 3,604 203,871 1.8 12,080 Deflector Sugar Zone Leonora Group Mount Monger June 2026 Measured Mineral Resources Indicated Mineral Resources Inferred Mineral Resources Total Mineral Resources