Vault Minerals Limited · ASX:VAU
Vault Minerals — Investor Presentation (April 2024)
28 slides from Vault Minerals's investor presentation, Apr 9, 2024
Slide 1: RED & SLR Merger: Creating a diversified, leading mid-tier gold company
Gold Forum Europe 2024 RED & SLR Merger: Creating a diversified, leading mid-tier gold company 9 April 2024
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
Slide 3: Red 5 H1 FY24 results snapshot
Red 5 H1 FY24 results snapshot Strong H1 demonstrates operational improvements and puts RED in a strong position for FY24 guidance Key Measures (A$M, unless otherwise stated) H1 FY24 H1 FY23 % ▪ Continued safety focus, with LTIFR reducing to zero and 12-month TRIFR reducing to 3.1 Gold sales (oz) 10
Slide 4: Red 5 & Silver Lake merger rationale
Red 5 & Silver Lake merger 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 ▪ Pro forma FY24 gold production of ~445 koz (1) with a significant Ore Reserve and Mineral Resource in
Slide 5: Well balanced portfolio in established mining jurisdictions
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 p
Slide 6: Immediate establishment of a leading mid-tier ASX gold producer
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) 1,675 789 Immediate establishment of a leading mid-tier gold producer 504 435 445 425 355 273 255 220 205 196 159 135 120 / Source: Publi
Slide 7: Compelling commercial logic via the creation of a sector-leading balance sheet
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 B
Slide 8: Complementary Reserves and Resources
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 12,434 koz Au
Slide 9: Robust and genuinely diversified portfolio of operations in prolific minerals provinces
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 King of th
Slide 10: Increased scale and diversification enhances market significance and investor appeal
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 i
Slide 11: Step-change in scale and market significance
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 P / NAV EV / FY2024E EBITDA EV / Resource EV / FY2024G Production (A$M)(1) (x)(2) (x)(3
Slide 12: Governance – Leadership team reflects the depth and significant expertise of both
Governance – Leadership team reflects the depth and significant expertise of both Red 5 and 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 Board of Directors ▪ Boar
Slide 13: Immediate creation of a diversified mid-tier gold producer with global investor appeal
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 Merger of equals between Red 5 and Silver Lake immediately creates a le
Slide 14: Appendix A Key Transaction Information
Appendix A Key Transaction Information
Slide 15: 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 Transaction Structure ▪ Merger to be affected via a Silver Lake scheme of arrangement (Scheme) under whi
Slide 16: Transaction summary (1)
Transaction summary(1) ▪ 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 ▪ The key conditions to im
Slide 17: 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 Event ▪Date First Court Hearing(1) Mid to late April 2024 Scheme booklet dispatched to Silver Lake shareholders Mid t
Slide 18: MergeCo Pro-forma snapshot
MergeCo Pro-forma snapshot As at ASX market close on 18 March 2024 Red 5 Silver Lake Pro forma MergeCo Share price A$/sh $0.35 $1.16 n/a Ordinary shares outstanding(1,2) M 3,464 935 6,805 Market Capitalisation(2) A$M 1,212 1,084 2,382 Cash & Equivalents (31 Dec 2023) A$M 53 284 337 Debt (31 Dec 2023
Slide 19: Appendix B MergeCo Portfolio
Appendix B MergeCo Portfolio
Slide 20: King of the Hills operations
King of the Hills operations ▪ King of the Hills Mines ▪ Darlot 250,000mE 300,000mE 350,000mE 400,000mE NLGP 15 0 km Eastern Go ldfields 6,950,000mN Mine Type ▪ Underground and open-pit Bellevue Gas Pipelin Duketon 2.5, 2.5 & 5 Mtpa e 10 Darlot 0 km Leinster Duketon Vivien Gold field Darlot s 6,900,00
Slide 21: Deflector operations
Deflector operations ▪ Deflector (Main & South West) Mines ▪ Rothsay 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 Capacity ▪ 0.8 Mtpa Gold Mi
Slide 22: Mount Monger operations
Mount Monger operations ▪ Daisy Complex Mines ▪ Mount Belches Complex ▪ Aldis Complex 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/t) Wiluna Leinster Res
Slide 23: Sugar Zone operations
Sugar Zone operations Mines ▪ Sugar Zone SUGAR ZONE MINE 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 flotation recovery Developmen
Slide 24: Appendix C Ore Reserves & Mineral Resources
Appendix C Ore Reserves & Mineral Resources
Slide 25: Consolidated Ore Reserves as at 30 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
Slide 26: Consolidated Mineral Resources as at 30 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
Slide 27: Appendix D Peer Group Reserves & Mineral Resources
Appendix D Peer Group Reserves & Mineral Resources
Slide 28: Australian Gold Producers
Australian Gold Producers(1) Mineral Resources Ore Reserves Mineral Resources Ore Reserves Mineral Resources Ore Reserves Mt g/t Moz Mt g/t Moz Mt g/t Moz Mt g/t Moz Mt g/t Moz Mt g/t Moz Bellevue Gold Limited Genesis Minerals Limited Ramelius Resources Limited Measured - - - Proven - - - Measured 1