Vault Minerals Limited · ASX:VAU
Vault Minerals — Macquarie Australia Conference 2025
33 slides from Vault Minerals's conference presentation, May 8, 2025
Slide 1: Australia Conference
Australia Conference For personal use only Delivering today Developing for tomorrow Discovering for the future May 2025 www.vaultminerals.com
Slide 2: Important Notice and Disclaimer
VAULT MINERALS | 2 Important Notice and Disclaimer Investor Presentation For personal use only Vault Minerals Limited ACN 068 647 610 has prepared this investor presentation based on information available to it at the time of preparing the presentation. No representation or warranty, express or impl
Slide 3: Why Vault? Long Life, Intermediate Gold Producer Today
VAULT MINERALS | 3 Why Vault? Long Life, Intermediate Gold Producer Today Today; a diversified, long life, intermediate gold business Underpinned by a strategic 10+ years asset in the prolific For personal use only Leonora district and 5+ years at Mount Monger Financial capacity provides the flexibi
Slide 4: Corporate Overview
VAULT MINERALS | 4 Corporate Overview Vault Minerals Limited (ASX: VAU) Board of Directors Share price (6 May 2025) A$0.46 For personal use only Russell Clark Luke Tonkin Rebecca Prain Kelvin Flynn Non-Executive Chair Managing Director & Non-Executive Director Non-Executive Director Shares on issue
Slide 5: Balanced, Diverse Portfolio in Established Mining Jurisdictions
VAULT MINERALS | 5 Balanced, Diverse Portfolio in Established Mining Jurisdictions1 Sugar Zone (Ontario) FY25 Gold Sales For personal use only Reserves (P&P) ▪ 1.9Mt at 5.2 g/t for 325 koz Au Guidance 22% Resource (M&I+I) ▪ 4.8Mt at 8.2 g/t for 1,278 koz Au 390 – 410 54% koz 1 Leonora (Western Austr
Slide 6: Track Record of Growth through Discovery, Mine Building and M&A
VAULT MINERALS | 6 Track Record of Growth through Discovery, Mine Building and M&A Vault team driven by discovery, mine building and M&A For personal use only Mount Monger Deflector Sugar Zone Leonora Darlot Gold Price [RHS] Silver Lake acquires 11.9% shareholding in 4,500 Red 5 (September 2023) Com
Slide 7: Delivery On Merger Rationale Paves Way for Near-Term Catalysts
VAULT MINERALS | 7 Delivery On Merger Rationale Paves Way for Near-Term Catalysts First 10 months – Complete For personal use only Simplification of capital structure with sale of treasury shares and repayment of project financial facility Maiden group Mineral Resource (12.3moz) and Ore Reserves (3.
Slide 8: Strategic Initiatives Underway Across the Portfolio
VAULT MINERALS | 8 Strategic Initiatives Underway Across the Portfolio Stage 1 KoTH processing plant expansion sets the foundations for further growth Internally funded A$80M investment to increase capacity of the KoTH mill to 6.0Mtpa underway For personal use only Evaluation of enhanced Leonora ope
Slide 9: Increasing Exposure to Spot Gold
VAULT MINERALS | 9 Increasing Exposure to Spot Gold For personal use only Rising exposure to spot gold pricing1,2 Revenue, earnings growth anticipated with declining hedge profile Hedged Ounces Operating Exposure to Spot Gold Price Indicative Average Price Received (A$/oz) ▪ Increased exposure to sp
Slide 10: Our approach to sustainable shareholder returns
VAULT MINERALS | 10 Our approach to sustainable shareholder returns Balance sheet For personal use only Operating cash flows Portfolio optimisation opportunities Through the cycle liquidity to maximise the value of long-life natural resources gold business I II III Inorganic growth & A asset reinves
Slide 11: Leonora – Long-life asset poised for growth
VAULT MINERALS | 11 Leonora – Long-life asset poised for growth Demonstrable scalability and expandability For personal use only ▪ Largest, lowest cost processing facility1 in the Northern Goldfields ▪ 10 year+ baseload feed from KoTH supported by high-grade Darlot ore feed ▪ 6.02 million ounces in
Slide 12: Leonora – long life production base with multiple ore sources
VAULT MINERALS | 12 Leonora – long life production base with multiple ore sources Ore Reserves and Mineral Resources of 2.24 million …feeding the largest, lowest cost and most scalable ounces and 6.02 million ounces, respectively… processing hub in the region1 For personal use only KoTH Open Pit ▪ 1
Slide 13: Leonora – KoTH stage upgrade underway
VAULT MINERALS | 13 Leonora – KoTH stage 1 upgrade underway1 A strategic asset with the potential to further increase its competitiveness1 For personal use only Internally funded – A$80 million investment: ▪ Construction of a new, fit for purpose crushing circuit with Bellevue $70 upgrades to the we
Slide 14: Modern KoTH plant layout drives low risk & low capital intensity expansion
VAULT MINERALS | 14 Modern KoTH plant layout drives low risk & low capital intensity expansion A strategic asset with the potential to further increase its competitiveness1 For personal use only 4 x new absorption tanks Additional Stage 3 cyclone banks Ball mill New primary Stage 2 Tailings crusher
Slide 15: Further growth of strategic infrastructure to match our inventory
VAULT MINERALS | 15 Further growth of strategic infrastructure to match our inventory For personal use only Annual KoTH throughput (kt) & average milled grade (g/t) Stage 2 expansion to deliver further low capital 9,000,000 3 intensity growth Stage 2 ~8,000 8,000,000 ▪ Addition of regrind ball mill
Slide 16: Leonora – Realising opportunity through the drill-bit
VAULT MINERALS | 16 Leonora – Realising opportunity through the drill-bit For personal use only Investment to unlock Leonora’s geological potential Step change in drill metres to define medium term production fronts ▪ Substantial increase in drill metres within the mine envelope (KoTH and Darlot) ov
Slide 17: KoTH – Underground exploration delivering extensions beyond Resources
VAULT MINERALS | 17 KoTH – Underground exploration delivering extensions beyond Resources Highly successful first phase program with 31 intersections >10 gram metres1 For personal use only ▪ Drilling from newly established W5000 drill drive to test for down plunge and down dip extensions to minerali
Slide 18: Darlot – Drilling increases the scale of potential new mining fronts
VAULT MINERALS | 18 Darlot – Drilling increases the scale of potential new mining fronts Darlot active mining areas with potential new Chappell/Pipeline area Recent drilling targeting Pipeline area to enhance the For personal use only potential of new mining fronts1 ▪ 15 hole program targeting infil
Slide 19: Leonora – Enhanced KoTH mill reinvigorates Regional Exploration
VAULT MINERALS | 19 Leonora – Enhanced KoTH mill reinvigorates Regional Exploration For personal use only Outstanding opportunity for regional growth within reach of the regions largest, lowest cost mill ▪ Severn, Rainbow, Centauri, Cerebus-Eclipse account for a current Mineral Resource of ~290koz A
Slide 20: Mount Monger Operations – Growing cash margins
VAULT MINERALS | 20 Mount Monger Operations – Growing cash margins Santa mining area underpins baseload For personal use only Long life Santa Open Pits delivers baseload mill feed Flora Dora ▪ Ore Reserves of 579,000 ounces support 6-year base case LOM1 ▪ Long term track record of exploration succes
Slide 21: Deflector – Set to capitalise on the yield phase
VAULT MINERALS | 21 Deflector – Set to capitalise on the yield phase Deflector FY25 mine schedule v Ore Reserve LOM For personal use only Investment has delivered volume growth and returns ▪ Post-acquisition, period of operational consolidation and introduction of systems and processes creating the
Slide 22: Sugar Zone 2024 Ore Reserve underpins a low capex, high margin mine
VAULT MINERALS | 22 Sugar Zone 2024 Ore Reserve underpins a low capex, high margin mine For personal use only ~50,000 ozs 7-year LOM Average annual average mining rate C$2,000 AISC per Ounce gold production 900 tpd C$50m C$18m Pre-production C$2,600/oz Low capital restart development Ore Reserve gol
Slide 23: Sugar Zone South demonstrates untapped exploration potential
VAULT MINERALS | 23 Sugar Zone South demonstrates untapped exploration potential Recent Sugar South drilling has returned the highest tenor intersection at Sugar Zone For personal use only ▪ Drilling continues to intersect high grade mineralisation including 2.44m at 119 g/t, with mineralisation now
Slide 24: Sugar Zone – Emerging regional prospectivity
VAULT MINERALS | 24 Sugar Zone – Emerging regional prospectivity For personal use only Sugar Zone land package and regional geology Prospective underexplored Dayohessarah greenstone belt ▪ First principles mapping, prospecting and reinterpretation with enhanced geophysical data has created the first
Slide 25: A Clear Plan to Execute Over the Coming Months
VAULT MINERALS | 25 A Clear Plan to Execute Over the Coming 12 Months For personal use only Self-funded expansion of KoTH Mill Harvest free cash flow at Deflector in yield phase Increase throughput to deliver higher Introduction of new mine front to reduce glide production, lower costs and grow free
Slide 26: Ore Reserve & Mineral Resource Statements
For personal use only VAULT MINERALS | 26 Ore Reserve & Mineral Resource Statements Appendix A
Slide 27: Ore Reserves as at June 2024
VAULT MINERALS | 27 Ore Reserves as at 30 June 2024 Gold Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces ('000s) (g/t Au) (Au '000s) ('000s) (g/t Au) (Au '000s) ('000s) (g/t Au) (Au '000s) For personal use only Leonora Operatio
Slide 28: Mineral Resources as at June 2024
VAULT MINERALS | 28 Mineral Resources as at 30 June 2024 Gold Measured Mineral Resources Indicated Mineral Resources Inferred Mineral Resources Total Mineral Resources Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces ('000s) (g/t Au) (Au '000s) ('000s) (g/t Au) (Au '00
Slide 29: Other information
For personal use only VAULT MINERALS | 29 Other information Appendix B
Slide 30: Mount Monger operations
VAULT MINERALS | 30 Mount Monger operations For personal use only
Slide 31: Leonora satellite deposits
VAULT MINERALS | 31 Leonora satellite deposits For personal use only
Slide 32: FY2025 Guidance and Outlook
VAULT MINERALS | 32 FY2025 Guidance and Outlook FY25 Guidance: Key Elements For personal use only CONSOLIDATED GROUP 1 Leonora 2 Deflector 3 Mount Monger Gold sales (‘000 ounces) 390 – 410 210 – 230 95 – 105 85 – 95 All-in sustaining cost (AISC) (A$ per ounce) A$2,250 – A$2,450 A$2,100 – A$2,300 A$2
Slide 33: LTM mill throughput and processing cost
VAULT MINERALS | 33 LTM mill throughput and processing cost Gold Project Company LTM Throughput (kt) LTM Processing Cost (A$M) Implied Unit Cost (A$/t Processed) Source File (Announcement Date) 1 1 1 Bellevue Bellevue Gold Limited 1,069 $76 $71 Quarterly Activities Report (29 April 2025) For persona