Vault Minerals Limited · ASX:VAU
Vault Minerals — Euroz Hartleys Institutional Conference 2026
32 slides from Vault Minerals's conference presentation, Mar 17, 2026
Slide 1: The inflection point is here
For personal use only The inflection point is here Euroz Hartleys Institutional Conference March 2026 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: Long life, high yielding, gold producer with production and margin growth
VAULT MINERALS | 3 Long life, high yielding, gold producer with production and margin growth Today: Established diversified, long life business of scale with organic growth For personal use only 18% growth to 400,000 ounces in FY28 underpinned by a strategic & growing 18 year asset in the prolific L
Slide 4: Corporate overview
VAULT MINERALS | 4 Corporate overview Vault Minerals Limited (ASX: VAU) Board of Directors For personal use only Share price (16 March 2026) A$4.67 Russell Clark Luke Tonkin Rebecca Prain Non-Executive Chair Managing Director & Chief Non-Executive Director Executive Officer Shares on issue 1,041 mil
Slide 5: FY26 investments to deliver a stronger operating base
VAULT MINERALS | 5 FY26 investments to deliver a stronger operating base ▪ FY26 guidance sets the base for three-year outlook FY2026 Guidance1 For personal use only − KoTH OP stage 1 cut back completed in January, stage 2 Gold Production the primary ore source for H2 Leonora 185,000 - 200,000 oz Au
Slide 6: Meaningful growth with significantly decreasing capex
VAULT MINERALS | 6 Meaningful growth with significantly decreasing capex For personal use only Three Year Production Outlook – FY2026-281 Growing production: 18% increase by FY28, driven by growing (Ounces Au) production from Leonora district and sourced from wholly owned 4.0 million & 12.2 million
Slide 7: Growing production & gold leverage to support increasing shareholder returns
VAULT MINERALS | 7 Growing production & gold leverage to support increasing shareholder returns FY25 – Setting the foundation post For personal use only merger integration Established balanced & disciplined approach to capital allocation & management ❑ Retired $93m legacy debt facility ❑ Committed a
Slide 8: Delivery of the strategy has progressively been rewarded
VAULT MINERALS | 8 Delivery of the strategy has progressively been rewarded… Accelerated transition to unhedged gold price exposure to drive cashflow growth coinciding with the end of the current investment cycle = inflection point for strong free cash flow growth For personal use only Price Appreci
Slide 9: However, a compelling value proposition remains
VAULT MINERALS | 9 …However, a compelling value proposition remains Valuation does not reflect the ~18% organic growth to FY28 and low capital intensity embedded options within established operations to extend LOM and sustain production rates For personal use only EV / FY26G Production1 (A$/oz AuEq)
Slide 10: Operating portfolio – Installed infrastructure in prolific gold districts
VAULT MINERALS | 10 Operating portfolio – Installed infrastructure in prolific gold districts For personal use only Leonora Mount Monger Deflector FY26 guidance: 185,000 – 205,000 ounces at A$2,250 – 2,450/oz FY26 guidance: 75,000 to 82,000 oz at A$3,100 – 3,300/oz FY26 guidance: 72,000 – 78,000 oz
Slide 11: Advancing low capital intensity organic growth & LOM extensions
VAULT MINERALS | 11 Advancing low capital intensity organic growth & LOM extensions FY2026 FY2027 FY2028 FY2029+ For personal use only KoTH Plant Upgrade Stage 1 (6.0 Mtpa) ~50% increase in throughput to 8.0 Mtpa and lowering unit costs to deliver the dominant processing facility in the Leonora dist
Slide 12: Leonora: Proven business model with established, long life production base
VAULT MINERALS | 12 Leonora: Proven business model with established, long life production base …feeding the largest, lowest cost 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 pit stages p
Slide 13: KoTH: Leveraging a large, long-life orebody
VAULT MINERALS | 13 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 14: Leonora: Internally funded processing facility upgrades
VAULT MINERALS | 14 Leonora: Internally funded processing facility upgrades $172 million investment to expand modern A strategic asset with the potential to further increase its competitiveness1 KoTH process facility & further increase For personal use only competitiveness $80 Bellevue Stage 1 – com
Slide 15: KoTH plant upgrade: stage commissioning underway
VAULT MINERALS | 15 Stage 1 commissioning underway, Stage 2 for +50% capacity <9 months way New primary For personal use only crusher Additional classification capacity Addition of Ball mill 4 x new adsorption tanks New pebble crusher New regen kiln Power station upgrade (+ 4 x gen sets) Tailings th
Slide 16: KoTH UG: Exploration drilling is delivering
VAULT MINERALS | 16 KoTH UG: Exploration drilling is delivering “Chasing the contact” & emerging new zones For personal use only A Reserve Conversion Drilling Infill drilling to support Reserve conversion with established mining fronts (West bulk, Central & Imperial) B Resource Definition Extensions
Slide 17: KoTH UG: Emerging new zones present a significant opportunity
VAULT MINERALS | 17 KoTH UG: Emerging new zones present a significant opportunity KoTH Drill Targets Imperial For personal use only High grade results within the hanging wall of Imperial lode in a previous “gap zone” (7.6m at 31.7 g/t, 10.2m at 4.13 g/t & 1.7m at 16.5 g/t) Sandsnake High grade resul
Slide 18: Darlot: Continued high grade intersections adjacent to existing development
VAULT MINERALS | 18 Darlot: Continued high grade intersections adjacent to existing development Exploration success within a prolific, yet inadequately tested gold mine For personal use only Darlot Active Mining Areas with Potential New Chappell/Pipeline Area Warne Zone Shallow and proximal to Mille
Slide 19: Mount Monger Operations: Growing cash margins
VAULT MINERALS | 19 Mount Monger Operations: Growing cash margins Santa Open Pits deliver baseload mill feed Rumbles demonstrates Reserve leverage to higher gold price + exploration results For personal use only ▪ Ore Reserves of 629,000 ounces support 6-year base case LOM1, underpinned by the Santa
Slide 20: Deflector: Exploration underway to drive LOM extensions
VAULT MINERALS | 20 Deflector: Exploration underway to drive LOM extensions FY2026 dynamics and outlook Gullewa Corridor Priority Targets for H2 FY26 Drilling For personal use only ▪ Transition to owner-operator at Deflector implemented in Q2 FY26 - Production rates to be impacted in Q2 and Q3 as th
Slide 21: Sugar Zone: Ore Reserve underpins a low capex, high margin mine
VAULT MINERALS | 21 Sugar Zone: Ore Reserve underpins a low capex, high margin mine1 ▪ 2.3mt at 5.4 g/t for 389,000 ounce Ore Reserve underpinned by an additional Sugar Zone South: Third Mining Front 93,000 drill metres and incorporates a third mining front following Sugar South For personal use onl
Slide 22: A clear plan to execute
VAULT MINERALS | 22 A clear plan to execute For personal use only Diversified, Long-Life Unhedged Exposure Extensive Infrastructure Exploration is Proven Management Business of Relevant in Period of Growth to with Multiple Delivering Life with Track Record of Scale with Organic Drive Transformationa
Slide 23: Ore Reserve & Mineral Resource Statements
For personal use only VAULT MINERALS | 23 Ore Reserve & Mineral Resource Statements Appendix A
Slide 24: Ore Reserves as at June 2025
VAULT MINERALS | 24 Ore Reserves as at 30 June 2025 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 25: Mineral Resources as at June 2025
VAULT MINERALS | 25 Mineral Resources as at 30 June 2025 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 26: Other information
For personal use only VAULT MINERALS | 26 Other information Appendix B
Slide 27: HY26 Financial Results Summary
VAULT MINERALS | 27 HY26 Financial Results Summary1 Units H1 FY26 H1 FY25 % Change For personal use only Gold sales (Ounces) 169,274 199,428 -15% Average realised price (A$/oz) 4,508 3,369 +34% AISC (A$/oz) 2,865 2,249 +27% Revenue ($m) 817.3 678.8 +20% EBITDA ($m) 384.5 267.4 +44% EBITDA margin % 4
Slide 28: LTM mill throughput and processing cost
VAULT MINERALS | 28 LTM mill throughput and processing cost Implied Unit Cost (A$/t Gold Project Company LTM Throughput (kt) LTM Processing Cost (A$M) Source File (Announcement Date) Processed) For personal use only Bellevue Bellevue Gold Limited 1,130 $84 $74 Quarterly Activities Report (20 January
Slide 29: EV / FY2026G gold production
VAULT MINERALS | 29 EV / FY2026G gold production Market Cap1 Cash1 Debt1 Net Debt / (Cash)1 Minority Interest1 Enterprise Value Source File Company Name (A$M) (A$M) (A$M) (A$M) (A$M) (A$M) (Announcement Date) For personal use only Bellevue Gold Limited $2,247 $165 $99 ($66) - $2,181 Half Year Report
Slide 30: EV / FY2026G gold production (continued)
VAULT MINERALS | 30 EV / FY2026G gold production (continued) Enterprise Value Gold FY26G Production1 Copper FY26G Production1 FY26G Production1 EV / FY26G Production Source File Company Name (A$M) (koz) (kt) (koz AuEq)2 (A$/oz) (Announcement Date) For personal use only Bellevue Gold Limited $2,181 1
Slide 31: Mount Monger Operations: Regional overview
VAULT MINERALS | 31 Mount Monger Operations: Regional overview For personal use only
Slide 32: Contact Vault
For personal use only Contact Vault Phone: (+61) 8 6313 3800 Email: info@vaultminerals.com www.vaultminerals.com
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