Slide 1: Leonora Operations Analyst & Investor Site Tour
For personal use only Leonora Operations Analyst & Investor Site Tour July 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: Corporate overview
VAULT MINERALS | 3 Corporate overview Vault Minerals Limited (ASX: VAU) Board of Directors Share price (30 July 2025) A$0.38 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 issu
Slide 4: Balanced, diverse portfolio across established mining jurisdictions
VAULT MINERALS | 4 Balanced, diverse portfolio across established mining jurisdictions FY25 Gold Sales For personal use only 28% 385 50% koz 22% Ore Reserves1 15% 70% +3.9 Moz Au 7% Sugar Zone Ontario, Canada 8% (Development) Leonora Western Australia Mineral Resources1 (Producing) 30% Deflector Wes
Slide 5: Leonora, Western Australia
VAULT MINERALS | 5 Leonora, Western Australia For personal use only Enviable position in world class mining region ▪ 2.5hrs north of Kalgoorlie in Western Australia’s prolific “Northern Goldfields” region ▪ Town of Leonora serves as a regional hub, serviced by a major highway, airport, recreational
Slide 6: Regional geological setting – prolific greenstone belt
VAULT MINERALS | 6 Regional geological setting – prolific greenstone belt For personal use only Classic Archean Greenstone Belt Geology ▪ Archean greenstone-hosted gold deposit on the eastern margins of the Kalgoorlie Terrane (Eastern Goldfields Superterrane of Western Australia’s Yilgarn Craton) ▪
Slide 7: King of the Hills – Leonora, Western Australia
VAULT MINERALS | 7 King of the Hills – Leonara, Western Australia For personal use only
Slide 8: Leonora, 12 months under Vault: Understand, improve, deliver
VAULT MINERALS | 8 Leonora,12 months under Vault: Understand, improve, deliver First 12 months: Leonora reset – Complete For personal use only Identify key focus areas/value drivers from acquisition due diligence Deliver updated Mineral Resource, Ore Reserves – including changes to estimation Delive
Slide 9: Leonora – Long-life asset poised for growth
VAULT MINERALS | 9 Leonora – Long-life asset poised for growth For personal use only Demonstrable scalability and expandability ▪ Largest, lowest cost processing facility1 in the Northern Goldfields ▪ 18 year+ baseload feed from KoTH open pit adjacent to the processing facility supplemented by high-
Slide 10: Leonora: Long life production base with multiple ore sources
VAULT MINERALS | 10 Leonora: Long life production base with multiple ore sources …feeding the largest, lowest cost and most scalable processing plant in the region1 For personal use only KoTH Open Pit ▪ 2.2 million ounces Ore Reserve adjacent to KoTH mill KoTH Processing Facility ▪ Multiple stages p
Slide 11: King Of The Hills (KoTH) open pit
VAULT MINERALS | 11 King Of The Hills (KoTH) open pit For personal use only
Slide 12: KoTH OP: Overview
VAULT MINERALS | 12 KoTH OP: Overview Contract Summary For personal use only Contractor Macmahon Contract Type Schedule of rates Contract Term 5yrs (commenced Jan 2022, expiry Dec 2026) Primary Mining Method Conventional open cut load and haul Personnel (Total KoTH) Vault 150 Contract Personnel 317
Slide 13: KoTH OP: Dependable baseload feed
VAULT MINERALS | 13 KoTH OP: Dependable baseload feed KoTH OP – Mined Ore/Grade KoTH OP – Waste Mined/Indicative Strip Ratio For personal use only 800,000 0.9 3,500,000 7.0 700,000 0.8 Indicative Strip Ratio (W:O) 3,000,000 6.0 600,000 0.7 Mined Grade (g/t) Waste -Tonnes 0.6 2,500,000 5.0 500,000 Or
Slide 14: KoTH OP: Updated Mineral Resource – Full first principles remodel
VAULT MINERALS | 14 KoTH OP: Updated Mineral Resource – Full first principles remodel KoTH open pit Mineral Resource at 30 April 2025 For personal use only ▪ Updated KoTH open pit Mineral Resource is 116 million tonnes at 0.91 g/t for 3.4 million ounces of gold. ▪ The updated open pit Mineral Resour
Slide 15: KoTH OP: Updated Ore Reserve – Larger, longer life operation
VAULT MINERALS | 15 KoTH OP: Updated Ore Reserve – Larger, longer life operation1 KoTH open pit Ore Reserve at 30 April 2025 For personal use only ▪ The updated open pit Ore Reserve of 110 million tonnes at 0.61 g/t for 2.2 million ounces is based on a 0.23 g/t cutoff grade, compared with the 0.33 g
Slide 16: KoTH: Understand, improve, deliver – drill and blast
VAULT MINERALS | 16 KoTH: 12 months under Vault: Understand, improve, deliver For personal use only Drill and blast: Taking control of key functions ▪ Drill and blast performance has been a key focus of open pit mining improvements post merger, with management of dilution and ore loss critical in th
Slide 17: KoTH: Leveraging a large, long-life orebody
VAULT MINERALS | 17 KoTH: Leveraging a large, long-life orebody Larger, more valuable operation provides 18 years of baseload ore feed at Leonora1 For personal use only Current open pit surface Current underground voids Final open pit design (Stages 1 to 5) Resource shell (AU$4,500/oz) Final undergr
Slide 18: KoTH: Leveraging a large, long-life orebody
VAULT MINERALS | 18 KoTH: Leveraging a large, long-life orebody For personal use only 1. Topography, designs and figures as at 30 April 2025.
Slide 19: KoTH: Open Pit Schedule
VAULT MINERALS | 19 KoTH: Open Pit Schedule1 FY 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 For personal use only Stage 2 Stage 3 Stage 4 Stage 5 Scale, expandability ▪ Distribution of ounces between the stages provides valuable optionality, with the higher-strip stage
Slide 20: KoTH: Remediation of the 2004 slip (northern pit)
VAULT MINERALS | 20 KoTH: Remediation of the 2004 slip (northern pit) For personal use only Slip remediation considered as part of Stage 4 (~2029) ▪ Slip at the northern end of the pit occurred in 2004 (then known as Tarmoola under Sons of Gwalia Ltd ownership) ▪ Area continues to be closely monitor
Slide 21: King Of The Hills underground
VAULT MINERALS | 21 King Of The Hills underground For personal use only
Slide 22: KoTH UG: Overview
VAULT MINERALS | 22 KoTH UG: Overview For personal use only Contract Summary Contractor Macmahon Contract Type Schedule of rates Primary Mining Method Long hole open stoping with pillars Fleet Drill Fleet 2x Sandvik 421i Jumbos 1x Sandvik 431-15C Solo drill 1x Sandvik 421 Solo drill Load Fleet 2x Sa
Slide 23: KoTH UG: Bulk-underground feed source
VAULT MINERALS | 23 KoTH UG: Bulk-underground feed source KoTH Underground KoTH UG Gold Production Contribution For personal use only 300,000 2.50 80,000 70,000 250,000 2.00 60,000 Contained Gold (ozs) 200,000 Mined Grade (g/t) 1.50 50,000 Ore- Tonnes 150,000 40,000 1.00 30,000 100,000 20,000 0.50 5
Slide 24: KoTH: Underground exploration delivering extensions beyond Resources
VAULT MINERALS | 24 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 mineralis
Slide 25: KoTH UG: GC drilling focus mostly complete
VAULT MINERALS | 25 KoTH UG: GC drilling focus mostly complete For personal use only Central East Regal West Current mining areas and proposed FY26 GC drilling FY26 LOM As built
Slide 26: KoTH UG: Allowing the focus to move to Resource definition
VAULT MINERALS | 26 KoTH UG: ….Allowing the focus to move to Resource definition For personal use only Central East Regal West Current mining areas and proposed FY26 GC drilling inclusive of Resource definition infill FY27 LOM FY26 Resource Definition Infill FY26/27 LOM Grade Control FY26 LOM As bui
Slide 27: KoTH UG: Significant step out drilling programs for FY26
VAULT MINERALS | 27 KoTH UG: Significant step out drilling programs for FY26 For personal use only Package of approved drilling over FY26 designed to unlock future potential of KoTH UG ▪ Testing several “near-term” targets, particularly along the (poorly defined) extents of the granodiorite contact
Slide 28: Darlot: Opportunity through the drill bit
VAULT MINERALS | 28 Darlot: Opportunity through the drill bit For personal use only Darlot – Newest members of the fleet!
Slide 29: Darlot: Overview
VAULT MINERALS | 29 Darlot: Overview Operator Summary For personal use only Operator Vault Minerals – Owner operator Primary Mining Method Mechanised Long hole open stoping Personnel Vault 169 Contract Personnel 88 Fleet DRILL FLEET 1 - DD321 Sandvik Development Drill 1 - DD421 Sandvik Development D
Slide 30: Darlot UG: Consistent high-grade sweetener
VAULT MINERALS | 30 Darlot UG: Consistent high-grade “sweetener” For personal use only Darlot Underground Darlot UG Gold Production Contribution 250,000 3.5 80,000 3.0 70,000 200,000 2.5 60,000 Contained Gold (ozs) 150,000 50,000 2.0 Mined Grade (g/t) Ore- Tonnes 40,000 1.5 100,000 30,000 1.0 20,000
Slide 31: Darlot: Drilling increases the scale of potential new mining fronts
VAULT MINERALS | 31 Darlot: Drilling increases the scale of potential new mining fronts Recent drilling targeting Pipeline area to enhance the potential of new mining fronts1 For personal use only ▪ 15-hole program completed during Q3FY25, targeting infill and extension of Pipeline area ▪ Results in
Slide 32: Darlot: Active mining areas with potential new Chappell/Pipeline area
VAULT MINERALS | 32 Darlot: Active mining areas with potential new Chappell/Pipeline area For personal use only 1. Refer ASX Announcement 29 April 2025 “Quarterly Activities Report”
Slide 33: Darlot: Pipeline area – Lodes open!
VAULT MINERALS | 33 Darlot: Pipeline area – Lodes open! For personal use only 1. Refer ASX Announcement 29 April 2025 “Quarterly Activities Report”
Slide 34: Leonora Processing
VAULT MINERALS | 34 Leonora Processing For personal use only
Slide 35: Milling Physicals/Performance
Tonnes For personal use only Tonnes 100,000 200,000 300,000 500,000 400,000 600,000 0 100,000 200,000 300,000 400,000 500,000 600,000 0 Jul-23 Jul-23 Aug-23 Aug-23 Sep-23 Sep-23 Oct-23 Oct-23 Nov-23 Nov-23 Dec-23 Dec-23 Jan-24 Jan-24 Feb-24 Feb-24 Dry Tonnes Milled Mar-24 Mar-24 Ore Tonnes Crushed A
Slide 36: Leonora Processing
VAULT MINERALS | 36 Leonora Processing Baseload OP feed supplemented by high-grade UG Capacity expansion through bolt-on expansion For personal use only Existing Capacity: 5.3mtpa ~75% Feed (Inc. Stockpile) Gravity Circuit Primary Crusher SAG Mill KOTH Open Pit Gold Doré (P80-180µm) CIL Circuit ~15%
Slide 37: Leonora – Internally funded processing facility upgrades
VAULT MINERALS | 37 Leonora – Internally funded processing facility upgrades A strategic asset with the potential to further increase its competitiveness 1 For personal use only $172 million investment to expand modern KoTH process facility & further increase competitiveness Stage 1 – construction w
Slide 38: Modern KoTH plant layout drives low risk & low capital intensity expansion
VAULT MINERALS | 38 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 Additional cyclone banks 4 x new Stage 3 adsorption tanks New primary Ball mill crusher Stage 2 Tailings
Slide 39: Stage Processing upgrade: Crusher installation
VAULT MINERALS | 39 Stage 1 Processing upgrade: Cusher installation For personal use only
Slide 40: Stage Processing upgrade: Crusher installation
VAULT MINERALS | 40 Stage 1 Processing upgrade: Cusher installation For personal use only
Slide 41: Stage Processing upgrade: Absorption tanks
VAULT MINERALS | 41 Stage 1 Processing upgrade: Absorption tanks For personal use only
Slide 42: Regional exploration/development
VAULT MINERALS | 42 Regional exploration/development For personal use only
Slide 43: Exploration: Overview
VAULT MINERALS | 43 Exploration: Overview For personal use only Regional opportunities within our portfolio ▪ Region plays host to some of Australia’s largest gold deposits ▪ Extensive regional land holding1: − Darlot ~710km2 − KoTH ~166km2 ▪ Hierarchy of exploration priorities; − UG extensions of K
Slide 44: Leonora: Enhanced KoTH mill reinvigorates regional exploration
VAULT MINERALS | 44 Leonora: Enhanced KoTH mill reinvigorates regional exploration For personal use only Opportunity for regional growth within reach of the region’s largest, lowest cost mill ▪ Severn, Rainbow, Centauri, Cerebus-Eclipse account for a current Mineral Resource of ~290koz Au and ~118ko
Slide 45: Ore Reserve & Mineral Resource Statements
For personal use only VAULT MINERALS | 45 Ore Reserve & Mineral Resource Statements Appendix A
Slide 46: Ore Reserves (other than KoTH OP/Stockpiles) as at June 2024
VAULT MINERALS | 46 Ore Reserves (other than KoTH OP/Stockpiles) 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) Leonor
Slide 47: Mineral Resources (other than KoTH OP/Stockpiles) as at 30 June 2024
VAULT MINERALS | 47 Mineral Resources (other than KoTH OP/Stockpiles) 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
Slide 48: Other information
For personal use only VAULT MINERALS | 48 Other information Appendix B
Slide 49: LTM mill throughput and processing cost
VAULT MINERALS | 49 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
Slide 50: Contact Vault
For personal use only Contact Vault Phone: (61) 8 6313 3800 Email: info@vaultminerals.com www.vaultminerals.com