Vault Minerals Limited · ASX:VAU
Vault Minerals — Merger or Acquisition (May 2026)
48 slides from Vault Minerals's merger presentation, May 5, 2026
Slide 1: Regis Resources & Vault Minerals to Merge
Regis Resources & Vault Minerals to Merge 5th May 2026
Slide 2: Important Information and Disclaimers
Important Information and Disclaimers IMPORTANT – You must read the following before continuing This is a joint presentation (Presentation) by Regis Resources Limited (Regis) and Vault Minerals Limited (Vault) dated 05 May 2026. For the purposes of ASX Listing Rule 15.5, each of Regis and Vault conf
Slide 3: Important Information and Disclaimers (cont'd)
Important Information and Disclaimers (cont’d) Not an Offer (cont’d) This Presentation is for information purposes only and is not, and should not be considered as, an offer or solicitation or an invitation or recommendation to subscribe for, acquire or buy securities in Regis or Vault or any other
Slide 4: Important Information and Disclaimers (cont'd)
Important Information and Disclaimers (cont’d) Currency and Effect of Rounding Unless otherwise stated, all dollar values are in Australian dollars ($). A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of roundin
Slide 5: Important Information and Disclaimers (cont'd)
Important Information and Disclaimers (cont’d) Future Performance and Forward-Looking Statements (cont’d) There can be no assurance that the Scheme will be implemented or that plans of the directors and management of Regis and Vault will proceed as currently expected or will ultimately be successful
Slide 6: Important Information and Disclaimers (cont'd)
Important Information and Disclaimers (cont’d) Photographs and Diagrams Photographs and diagrams in this Presentation are for illustration purposes only and should not be interpreted to mean that any person shown in them endorses this Presentation or its contents or that the assets shown in them are
Slide 7: Creation of a New Senior Gold Producer
Creation of a New Senior Gold Producer Combined company anticipated to produce +700koz1 gold per annum from an established, diversified, highly cash generative portfolio Sugar Zone 1.2Moz Resource2 Tropicana (30%) 1.6Moz Resource2 Annual Gold Production • Ore Reserve2: 0.4Moz • Ore Reserve2: 0.6Moz
Slide 8: Transaction Rationale
Transaction Rationale 1 Creation of a New +700kozpa1 Senior Gold Producer 2 Strong Debt Free Balance Sheet and Significant Cash Generation to Fund Next Phase of Growth and Drive Future Shareholder Returns 3 Large Mineral Endowment Supports Long Life Gold Production 4 Diversified Portfolio of Scale a
Slide 9: Transaction Summary
Transaction Summary Logical merger-of-equals of two established ASX gold producers with clear strategic advantages Transaction Structure ▪ Merger of Regis and Vault via a Vault scheme of arrangement (Scheme), under which Regis will acquire 100% of the fully paid ordinary shares in Vault ▪ Under the
Slide 10: Creation of a New +700kozpa Senior Gold Producer
1 Creation of a New +700kozpa1 Senior Gold Producer Combined company creates a leading gold producer supported by five established operating hubs in Western Australia Merger Creates a New Senior Gold Producer … … With a Diversified, Multi-Asset Portfolio FY26 Production Guidance (Koz, AuEq)2 Combine
Slide 11: Significant Combined Cash Generation to Drive Returns
2 Significant Combined Cash Generation to Drive Returns … Both companies have generated significant cash during the last quarter with illustrative combined annualised cash generation of ~A$1.7bn Sector Leading Cash Generation (Annualised Quarterly Free Cash Flow, A$m)1,2 3,283 1,708 1,624 1,501 1,16
Slide 12: With Strong Balance Sheet to Fund Growth
2 … With Strong Balance Sheet to Fund Growth Enlarged debt free balance sheet, with ~A$1.9bn in pro-forma cash and bullion, plus cash generation allows combined group to focus on growth opportunities whilst supporting enhanced capital returns Sector Leading Debt Free Balance Sheet Allowing Enhanced
Slide 13: Large Mineral Endowment Supports Long Life
3 Large Mineral Endowment Supports Long Life Significant Reserve base with sizable Mineral Resources supporting life extension across the portfolio Ore Reserve Base to Support Near Term Production … … and Significant Mineral Resources Ore Reserves (Moz Au)1,2,3 Mineral Resources (Moz Au)1,2,3 28.3 8
Slide 14: Diversified Portfolio of Scale and Quality with Enhanced Operational Resilience
4 Diversified Portfolio of Scale and Quality with Enhanced Operational Resilience Combining complementary strengths to build a larger, more diversified and resilient platform … Supported by Diverse Operating Base Diversified Western Australian Gold Production ... and Exploration Upside Potential FY2
Slide 15: Scope to Unlock Value Through Synergies
5 Scope to Unlock Value Through Synergies Transaction is expected to unlock further value through synergies, >A$500 million of tax benefits1 and a lower cost of capital Cost Efficiencies Tax Benefits Lower Cost of Capital Opportunity to realise procurement Over A$500 million in corporate tax Larger
Slide 16: Increased Liquidity and a Step-Change in Global Market Relevance
6 Increased Liquidity and a Step-Change in Global Market Relevance Increased investor appeal through creation of a new senior gold producer Enhanced Scale… …With Expected Improved Trading Liquidity Market Capitalisation (A$bn)1,2 12 Month Median Daily Traded Value (A$m)1,3 164.8 30.2 98.9 24.7 23.0
Slide 17: Potential for Market Re-rate Through Shift to Senior Global Peer Group
6 Potential for Market Re-rate Through Shift to Senior Global Peer Group Creation of a new senior global gold producer with sector leading earnings and cash flow generation Market Capitalisation (A$bn)1 Annualised Free Cash Flow (A$m)2,3 EV / Annualised FCF (x)4 Price / Consensus NAV (x)5 1 30.2 1 3
Slide 18: Experienced Management Team with Proven Track Record
7 Experienced Management Team with Proven Track Record Company to benefit from combined operational workforce with recognised technical strengths and skills to deliver increased capacity and capability Combined Board of Directors Overview ▪ The combined board reflects the strong and Russell Clark Ji
Slide 19: Logical Consolidation of Two ASX Listed Gold Miners
Logical Consolidation of Two ASX Listed Gold Miners Clear benefits to all shareholders through the creation of a leading, globally relevant senior gold producer Benefits to both Shareholder Groups Creation of a new Senior Gold Producer with 6.0Moz in Ore Reserves and Optionality to expand and mainta
Slide 20: Indicative Timetable
Indicative Timetable Scheme booklet expected to be issued to all Vault shareholders in accordance with the indicative timetable set out below with a targeted completion in August or September Event Date Vault to submit draft Scheme booklet to ASIC June 2026 First court hearing July 2026 Scheme bookl
Slide 21: Combined Company Snapshot
Combined Company Snapshot Unit Regis Vault Pro-Forma Combined Company Share Price (as at 04 May 2026)1 A$ / share 7.17 4.50 n/a Shares Outstanding2,3 #m 757 1,054 1,489 Market Capitalisation4 A$m 5,429 4,742 10,679 Cash and Equivalents (as at 31 March 2026)5 A$m 1,128 728 1,856 Debt (as at 31 March
Slide 22: Appendix A: Combined Portfolio
Appendix A: Combined Portfolio
Slide 23: Duketon
Duketon Regis’ 100% owned Duketon gold project is in the northeastern Goldfields, ~130km north of Laverton Asset Overview & Outlook ▪ ~2,500km2 land package which is transitioning to a majority underground Moolart Well Mill mining complex. Currently operating open pit and underground mines 2.5Mtpa ▪
Slide 24: Tropicana
Tropicana Regis’ 30% owned Tropicana gold project is on the western edge of the Great Victoria Desert Asset Overview & Outlook ▪ Tropicana is 30% owned by Regis and is operated by AngloGold Ashanti, Tropicana Gold Mine the other 70% owner ~9.4Mtpa ▪ The mine is situated ~330km east-northeast of Kalg
Slide 25: McPhillamys
McPhillamys Regis’ 100% owned McPhillamys is one of the largest undeveloped open pit gold projects in Australia Asset Overview & Outlook ▪ ~250km west of Sydney in the Blayney-Kings Plains district in an established mining region of Central Western NSW QLD ▪ Previous McPhillamys1,2 project scope inc
Slide 26: Leonora
Leonora Vault’s 100% owned Leonora hub is within the Goldfields Region of Western Australia Asset Overview & Outlook ▪ Leonora is 2.5hrs north of Kalgoorlie in the Northern Goldfields region situated on the Yandal Greenstone Belt and is one of Australia’s most prolific gold regions ▪ Cornerstone lon
Slide 27: Deflector
Deflector Vault’s 100% owned Deflector operation is 160km east of Geraldton Asset Overview & Outlook ▪ Deflector operation in the Midwest region of WA, comprises the Deflector and Rothsay underground mines, both of which feed the ~0.8Mtpa Deflector processing facility ▪ Transition to owner-operated
Slide 28: Mount Monger
Mount Monger Vault’s 100% owned Mount Monger operation is in the Goldfields region of Western Australia Asset Overview & Outlook ▪ Mount Monger is located ~50km south-east of Kalgoorlie within the Goldfields region of WA ▪ The Santa Open Pit Complex to underpin base load mill feed to FY34, with Dais
Slide 29: Sugar Zone
Sugar Zone Vault’s 100% owned Sugar Zone project is in Ontario, Canada, between Thunder Bay and Sault St Marie Asset Overview & Outlook ▪ Vault acquired Sugar Zone in 2022 and undertook a period of investment to upgrade mining, processing and services infrastructure ▪ The operation is targeting a re
Slide 30: Appendix B: Mineral Resources and Ore Reserves Statement
Appendix B: Mineral Resources and Ore Reserves Statement
Slide 31: Regis Group Ore Reserves Table
Regis Group Ore Reserves Table Group Ore Reserves as at 31 December 2025 (Attributable) Proved Probable Total Ore Reserve Project Equity Type Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Duketon North 100% O
Slide 32: Regis Group Mineral Resources Table
Regis Group Mineral Resources Table Group Mineral Resources as at 31 December 2025 (Attributable) Measured Indicated Inferred Total Resource Project Equity Type Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) T
Slide 33: Vault Group Ore Reserves Table
Vault Group Ore Reserves Table Group Ore Reserves as at 30 June 2025 (Attributable) Proved Probable Total Ore Reserve Project Equity Type Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) KOTH OP 100% Open-Pit 7
Slide 34: Vault Group Mineral Resources Table
Vault Group Mineral Resources Table Group Mineral Resources as at 30 June 2025 (Attributable) Measured Indicated Inferred Total Resource Project Equity Type Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonne
Slide 35: Vault Group Mineral Resources Table (cont'd)
Vault Group Mineral Resources Table (cont’d) Group Mineral Resources as at 30 June 2025 (Attributable) Measured Indicated Inferred Total Resource Project Equity Type Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Tonnes (Mt) Gold Grade (g/t) Gold Metal (k
Slide 36: Appendix C: Peer Benchmarking Supporting Data
Appendix C: Peer Benchmarking Supporting Data
Slide 37: Peer Benchmarking Supporting Data – Production and R&R
Peer Benchmarking Supporting Data – Production and R&R FY26 Production Proved Probable Reserve Measured Indicated Inferred Resource Company Source Guidance (koz Au) (Moz Au) (Moz Au) (Moz Au) (Moz Au) (Moz Au) (Moz Au) (Moz Au)1 Updated FY26 guidance of 1,500koz gold sold as per March 2026 Quarterly
Slide 38: Peer Benchmarking Supporting Data – Production and R&R (cont'd)
Peer Benchmarking Supporting Data – Production and R&R (cont’d) FY26 Production Proved Probable Reserve Measured Indicated Inferred Resource Company Source Guidance (koz Au) (Moz Au) (Moz Au) (Moz Au) (Moz Au) (Moz Au) (Moz Au) (Moz Au)1 RRL Group 365 0.4 1.6 2.0 0.8 5.8 1.7 8.3 Based on mid-point o
Slide 39: Peer Benchmarking Supporting Data – Production and R&R (cont'd)
Peer Benchmarking Supporting Data – Production and R&R (cont’d) FY26 Production Proved Probable Reserve Measured Indicated Inferred Resource Company Source Guidance (koz Au) (Moz Au) (Moz Au) (Moz Au) (Moz Au) (Moz Au) (Moz Au) (Moz Au)1 Based on mid-point of FY26 guidance confirmed in announcement
Slide 40: Peer Benchmarking Supporting Data – Market Capitalisation
Peer Benchmarking Supporting Data – Market Capitalisation Company Last Close (A$) Shares (m) Net Cash / (Debt)1 Source Share price from IRESS, reflects last close as at 04 May 2026. Shares are based on FactSet's estimates of the latest basic shares outstanding as at NST $ 21.10 1,431 320 04 May 2026
Slide 41: Peer Benchmarking Supporting – FCF Calculation
Peer Benchmarking Supporting – FCF Calculation Company Q3 FY26 Sources Opening Cash 930 Closing Cash 1,128 (+) Dividends Paid - March Quarterly Activities Report (FY26) RRL (+) M&A - ASX release titled “Quarterly Activities Report” dated 23 April 2026 (+) Debt Repayment - FCF 198 Opening Cash 537 Cl
Slide 42: Peer Benchmarking Supporting – FCF Calculation (cont'd)
Peer Benchmarking Supporting – FCF Calculation (cont’d) Company Q3 FY26 Sources Opening Cash 967 Closing Cash 1,371 (+) Dividends Paid - March Quarterly Activities Report (FY26) EVN (+) M&A (Transaction & Integration Costs) 2 ASX release titled “March 2026 Quarterly Report” dated 15 April 2026 (+) D
Slide 43: Peer Benchmarking Supporting – FCF Calculation (cont'd)
Peer Benchmarking Supporting – FCF Calculation (cont’d) Company Q3 FY26 Sources Opening Cash 457 Closing Cash 508 (+) Dividends Paid - March Quarterly Activities Report (FY26) CMM (+) M&A - ASX release titled “Quarterly Activities/Appendix 5B Cash Flow Report” dated 29 April 2026 (+) Debt Repayment
Slide 44: Peer Benchmarking Supporting – FCF Calculation (cont'd)
Peer Benchmarking Supporting – FCF Calculation (cont’d) Company Q1 2026 Sources Opening Cash (31-Dec-2025) 623 Closing Cash (31-Mar-2026) 660 Source: • Alamos Gold Quarterly Financial Statements For the Three Months Ended March (+) Hedges Settled 43 31, 2026 and 2025 AGI (+) Dividends Paid 16 Availa
Slide 45: Peer Benchmarking Supporting – FCF Calculation (cont'd)
Peer Benchmarking Supporting – FCF Calculation (cont’d) Company Q4 2025 2025 9M to Q3 Sources Opening Cash (30-Sep-2025) 335 Closing Cash (31-Dec-2025) 477 Source: (-) M&A (Proceeds from Sale) - (1) (1) • OceanaGold Condensed Interim Consolidated Financial Statements For The Three and nine Months En
Slide 46: Peer Benchmarking Supporting – FCF Calculation (cont'd)
Peer Benchmarking Supporting – FCF Calculation (cont’d) Company Q4 2025 2025 9M to Q3 Sources Opening Cash (30-Sep-2025) 384 Closing Cash (31-Dec-2025) 407 (-) M&A (Cash Acquired) - (193) (193) (+) M&A (Investment) - 40 40 Source: • Equinox Gold Condensed Interim Consolidated Financial Statements Fo
Slide 47: Peer Benchmarking Supporting – FCF Calculation (cont'd)
Peer Benchmarking Supporting – FCF Calculation (cont’d) Company Q4 2025 2025 9M to Q3 Sources Opening Cash (30-Sep-2025) 314 Closing Cash (31-Dec-2025) 422 (-) Proceeds from Equity Issuance (4) (4) - (+) Shares Repurchased 50 50 - (-) Proceeds from Issuance of Shares 2 - 7 7 Source: Note: 34(d) / 24
Slide 48: REGIS VAI T
REGIS VAI T = REG! LTD MINERALS