Vault Minerals Limited · ASX:VAU

Vault Minerals — Red 5 — Merger or Acquisition (February 2024)

28 slides from Vault Minerals's merger presentation, Feb 5, 2024

  1. Slide 1: Red 5 and Silver Lake Resources to Merge

    Red 5 and Silver Lake For personal use only Resources to Merge Creating a ~445 koz pa, diversified, leading mid-tier gold company 5 February 2024

  2. Slide 2: Important Notice and Disclaimer

    Important Notice and Disclaimer Investor Presentation Red 5 and Silver Lake have jointly prepared this investor presentation based on information available to them at the time of preparing the presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, comp

  3. Slide 3: A logical combination of two complementary gold producers

    A logical combination of two complementary gold producers For personal use only The creation of a ~445 koz pa, diversified, leading mid-tier gold company with a strong balance sheet positioned for growth King of the Hills Operations Deflector Operations Mount Monger Operations Sugar Zone Project FY2

  4. Slide 4: Transaction rationale

    Transaction rationale Immediate establishment of a leading mid-tier diversified gold producer through the merger of two complementary gold businesses Creates a leading mid-tier gold  Combined gold production profile of ~445 koz pa for FY24(1) with a significant Ore Reserve and Mineral Resource inve

  5. Slide 5: Transaction summary

    Transaction summary All-scrip transaction via a Silver Lake Scheme of Arrangement, unanimously endorsed and supported by the Board of Red 5 and unanimously recommended by the Board of Silver Lake For personal use only Transaction Structure  Merger to be affected via a Silver Lake scheme of arrangem

  6. Slide 6: I. Transaction Highlights

    For personal use only I. Transaction Highlights

  7. Slide 7: Immediate establishment of a leading mid-tier ASX gold producer

    1 Immediate establishment of a leading mid-tier ASX gold producer Production scale creates a strong platform poised for growth Gold production – FY2024G (koz Au)(1) For personal use only 1,675 789 Immediate establishment of a leading mid-tier gold producer 504 435 445 425 355 273 255 227 220 205 159

  8. Slide 8: Well balanced portfolio in established mining jurisdictions

    1 Well balanced portfolio in established mining jurisdictions Four established Mining Hubs of scale in tier 1 gold jurisdictions, with current production exclusively from Western Australia Diversity of Production = Risk Mitigation Sugar Zone (Ontario) King of the Hills (Western Australia)(1) MergeCo

  9. Slide 9: Combination of two complementary gold businesses

    2 Combination of two complementary gold businesses Provides Red 5 and Silver Lake shareholders with the opportunity to participate in a stronger combined group, delivering benefits not available on a standalone basis Highly complementary business combination… For personal use only Reserve Life(1) (Y

  10. Slide 10: Complementary Reserves and Resources

    2 Complementary Reserves and Resources Establishment of a leading mid-tier ASX gold company with 4.0 Moz of Ore Reserves and 12.4 Moz of Mineral Resources, underpinning a sustainable production profile Gold Ore Reserves and Mineral Resources (koz Au) Gold Ore Reserves (Moz Au)(1) MergeCo For persona

  11. Slide 11: Creation of a sector-leading balance sheet

    2 Compelling commercial logic via the creation of a sector-leading balance sheet Enhanced balance sheet position provides financial flexibility to invest in a larger pool of low capital intensity asset optimisation opportunities Significant Financial Strength and Peer Leading Balance Sheet Pro-forma

  12. Slide 12: Governance – Leadership team

    Governance – Leadership team reflects the depth and significant expertise of both Red 5 and 3 Silver Lake MergeCo to leverage the complementary skill sets of the respective companies to deliver increased capacity and capability MergeCo Board of Directors and Senior Management For personal use only B

  13. Slide 13: Robust and genuinely diversified portfolio of operations

    4 Robust and genuinely diversified portfolio of operations in prolific minerals provinces Right balance of assets at “invest & yield” phase provides platform to internally fund optimisation projects and exploration to maximise value Exploration & Other Licences Mining Leases Mining Hub Mill For pers

  14. Slide 14: Increased scale and diversification enhances market significance

    5 Increased scale and diversification enhances market significance and investor appeal Significant step-up in market relevance, trading liquidity & lower cost of capital will benefit Red 5 and Silver Lake shareholders Increased scale… …and significantly improved liquidity relative to peers… …creates

  15. Slide 15: Step-change in scale and market significance

    5 Step-change in scale and market significance Merged group enters the market with a compelling value proposition for a diversified, mid–tier, gold producer with assets in tier 1 jurisdictions Market Capitalisation (A$M)(1) P / NAV (x)(2) EV / FY2024E EBITDA (x)(3,4) EV / Resource (A$/oz Au Eq)(3,4)

  16. Slide 16: Immediate creation of a diversified mid-tier gold producer

    Immediate creation of a diversified mid-tier gold producer with global investor appeal Logical combination to unlock benefits to both shareholder groups not otherwise available on a standalone basis Benefits to both shareholders For personal use only Merger of equals between Red 5 and Silver Lake im

  17. Slide 17: II. Key Transaction Information

    For personal use only II. Key Transaction Information

  18. Slide 18: Transaction summary

    Transaction summary(1) For personal use only  The proposed merger is to be implemented by way of a scheme of arrangement in relation to Silver Lake Terms  If the transaction is implemented, Silver Lake shareholders will receive 3.434 new shares in Red 5 for every share of Silver Lake they own  Th

  19. Slide 19: Indicative timetable

    Indicative timetable Scheme booklet expected to be dispatched to Silver Lake shareholders in April 2024, ahead of a scheme meeting in May 2024 and transaction completion by June 2024 For personal use only Event Date First Court Hearing(1) Mid to late April 2024 Scheme booklet dispatched to Silver L

  20. Slide 20: MergeCo Pro-forma snapshot

    MergeCo Pro-forma snapshot As at ASX market close on 2 February 2024 Red 5 Silver Lake Pro forma MergeCo For personal use only Share price A$/sh $0.33 $1.27 n/a Ordinary shares outstanding(1,2) M 3,464 935 6,805 Market Capitalisation(2) A$M 1,143 1,182 2,246 Cash & Equivalents (31 Dec 2023) A$M 53 2

  21. Slide 21: Appendix A MergeCo Portfolio

    For personal use only Appendix A MergeCo Portfolio

  22. Slide 22: King of the Hills operations

    King of the Hills operations  King of the Hills Mines  Darlot For personal use only 250,000mE 300,000mE 350,000mE 400,000mE NLGP 15 0 km Eastern Go 6,950,000mN Mine Type  Underground and open-pit ldfields Ga Bellevue Duketon s Pipelin 2.5, 2.5 & 5 Mtpa e 10 Darlot 0 km Leinster Duketon Vivien Gold

  23. Slide 23: Deflector operations

    Deflector operations  Rothsay Mines  Deflector (Main & South West) For personal use only Yalgoo Mullewa Mine Type  Underground Deflector Deposit Port Headland Processing  Crush, grind, and gravity, flotation and CIP circuit mill Deflector Project Area Morawa Nanatarra Legend Newman Milling Capac

  24. Slide 24: Mount Monger operations

    Mount Monger operations  Daisy Complex Mines  Mount Belches Complex  Aldis Complex For personal use only Mine Type  Underground and open-pit Port Headland Processing  Crush, grind, conventional CIL Nanatarra Newman Milling Capacity  1.3 Mtpa Western Australia Reserves  0.6 Moz (10.0Mt @ 2.0g/

  25. Slide 25: Sugar Zone operations

    Sugar Zone operations Mines  Sugar Zone SUGAR ZONE MINE For personal use only Winston Lake Quebec BARRICK HEMLO Ontario Mine Type  Underground Marathon White River ALAMOS ISLAND GOLD RENABIE Sugar Zone Property CLINE Active Gold Mine Dubreuilville Processing  Crush, grind, and gravity and flotati

  26. Slide 26: Appendix B Ore Reserves & Mineral Resources

    For personal use only Appendix B Ore Reserves & Mineral Resources

  27. Slide 27: Consolidated Ore Reserves as at June 2023

    Consolidated Ore Reserves as at 30 June 2023(1,2) 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) King of the Hills King of the Hills 4,64

  28. Slide 28: Consolidated Mineral Resources as at June 2023

    Consolidated Mineral Resources as at 30 June 2023(1,2) 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 '000s

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