Slide 1: Delivering today, developing for tomorrow, discovering for the future
For personal use only Delivering today Developing for tomorrow Discovering for the future March 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 has prepared this investor presentation based on information available to it at the time of preparing the presentation. No representation or warranty, express or implied, is made as to the f
Slide 3: A Leading Intermediate Gold Producer, Primed for Growth
VAULT MINERALS | 3 A Leading Intermediate Gold Producer, Primed for Growth 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 flexib
Slide 4: Corporate Overview
VAULT MINERALS | 4 Corporate Overview Vault Minerals Limited (ASX: VAU) Board of Directors Share price (7 March 2025) A$0.41 Russell Clark Luke Tonkin Rebecca Prain Kelvin Flynn For personal use only Shares on issue 6,802 million Non-Executive Chair Managing Director & Non-Executive Director Non-Exe
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 Silver Lake & Red 5 acquires 11.9% Merger (June 2024) 4,500 Com
Slide 7: Delivery On Merger Rationale
VAULT MINERALS | 7 Delivery On Merger Rationale First 8 months – Complete For personal use only Strong finish to FY24, H1 FY25 performance sets the platform to deliver into FY25 sales and AISC guidance Simplification of capital structure with sale of treasury shares and repayment of project financia
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$80M investment to increase capacity of the KoTH mill to 6.0Mtpa For personal use only 1 Leonora Evaluation of mine operating mode
Slide 9: Our approach to sustainable shareholder returns
VAULT MINERALS | 9 Our approach to sustainable shareholder returns Balance sheet For personal use only Operating cash flows Portfolio optimisation opportunities Through the cycle liquidity to maximise the value of long-life natural resources gold business I II III Inorganic growth & A asset reinvest
Slide 10: Increasing Exposure to Spot Gold
VAULT MINERALS | 10 Increasing Exposure to Spot Gold For personal use only Rising exposure to spot gold pricing1,2 Hedged Ounces Operating Exposure to Spot Gold Price Indicative Average Price Received (A$/oz) Revenue, earnings growth anticipated with declining hedge profile ▪ Increase exposure to sp
Slide 11: Financial Overview – H1 FY25
VAULT MINERALS | 11 Financial Overview – H1 FY25 For personal use only 199,428 ozs A$2,249 A$267.4M Gold Sales AISC per Ounce EBITDA1 A$105.8M A$575.6M A$119.3M Operating Cash Flow Cash, Bullion3 & NPAT – capital no debt expenditure2 1 Earnings before interest, taxes, depreciation and amortisation (
Slide 12: Cash Flow Waterfall – 1H FY25
VAULT MINERALS | 12 Cash Flow Waterfall – 1H FY25 Cash + Bullion movement (A$m) For personal use only 92.9 90.4 136.8 9.2 5.3 23.6 219.1 12.6 575.6 453.7 30 June Cashflow from Investment Growth Corporate & Sale of Treasury Repayment of Transaction Costs Working Capital 31 December Operations Expendi
Slide 13: Leonora – Long-life asset poised for growth
VAULT MINERALS | 13 Leonora – Long-life asset poised for growth Genuine baseload operational dependability, flexibility 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 milli
Slide 14: Leonora – long life production base with multiple ore sources
VAULT MINERALS | 14 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 15: Leonora – KoTH stage upgrade underway
VAULT MINERALS | 15 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: $70 Bellevue ▪ Construction of a new, fit for purpose crushing circuit with upgrades to Davyhu
Slide 16: Modern KoTH plant layout drives low risk & low capital intensity expansion
VAULT MINERALS | 16 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* new absorption tanks Additional Stage 3 cyclone banks Ball mill New primary Stage 2 Tailings crusher t
Slide 17: Further growth of strategic infrastructure to match our inventory
VAULT MINERALS | 17 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 intensity growth 9,000,000 3 Stage 2 ~8,000 ▪ Addition of regrind ball mill to grindin
Slide 18: Leonora – Realising opportunity through the drill-bit
VAULT MINERALS | 18 Leonora – Realising opportunity through the drill-bit KoTH LOM extension immediately beyond known mineralisation For personal use only Investment to unlock Leonora’s geological potential ▪ Substantial increase in drill metres within the mine envelope (KoTH and Darlot) over H2 FY2
Slide 19: Mount Monger Operations – Growing cash margins
VAULT MINERALS | 19 Mount Monger Operations – Growing cash margins Santa mining area underpins baseload For personal use only Long life Santa Open Pits delivers baseload mill feed ▪ Ore Reserves of 579,000 ounces support 6-year base case LOM1 ▪ Long term track record of exploration success underpins
Slide 20: Deflector - Low cost, free cash flow generator
VAULT MINERALS | 20 Deflector - Low cost, free cash flow generator 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 pl
Slide 21: Sugar Zone 2024 Ore Reserve underpins a low capex, high margin mine
VAULT MINERALS | 21 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$2,600/oz Low capital restart development Ore Reserve gol
Slide 22: A Clear Plan to Execute Over the Coming Months
VAULT MINERALS | 22 A Clear Plan to Execute Over the Coming 12 Months For personal use only Self-funded expansion of KoTH Mill Harvest free cash flow at Deflector in yield phase Increase throughput to deliver higher Introduction of new mine front to reduce glide production, lower costs and grow free
Slide 23: Appendix
For personal use only VAULT MINERALS | 23 Appendix
Slide 24: FY2025 Guidance and Outlook
VAULT MINERALS | 24 FY2025 Guidance and Outlook FY25 Guidance: Key Elements For personal use only CONSOLIDATED GROUP 1 Leonora 2 Deflector 3 Mount Monger Gold sales (‘000 ounces) 390 – 410 210 – 230 95 – 105 85 – 95 All-in sustaining cost (AISC) (A$ per ounce) A$2,250 – A$2,450 A$2,100 – A$2,300 A$2
Slide 25: Ore Reserves as at June 2024
VAULT MINERALS | 25 Ore Reserves as at 30 June 2024 Gold Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces ('000s) (g/t Au) (Au '000s) ('000s) (g/t Au) (Au '000s) ('000s) (g/t Au) (Au '000s) For personal use only Leonora Operatio
Slide 26: Mineral Resources as at June 2024
VAULT MINERALS | 26 Mineral Resources as at 30 June 2024 Gold Measured Mineral Resources Indicated Mineral Resources Inferred Mineral Resources Total Mineral Resources Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces ('000s) (g/t Au) (Au '000s) ('000s) (g/t Au) (Au '00
Slide 27: LTM Mill Throughput and Processing Cost
VAULT MINERALS | 27 LTM Mill Throughput and Processing Cost Project Company LTM Throughput (kt) LTM Processing Cost (A$M) Implied Unit Cost (A$/t Processed) Source File (Announcement Date) 1 1 Bellevue Bellevue Gold Limited 1,068 $76 $71 Quarterly Activities Report (28 January 2025) For personal use