Vault Minerals Limited · ASX:VAU
Vault Minerals — Mining Forum Americas 2025
34 slides from Vault Minerals's conference presentation, Sep 15, 2025
Slide 1: Mining Forum Americas 2025: Inflection point
Mining Forum Americas 2025 For personal use only Inflection point September 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: Why Vault? Long Life, Intermediate Gold Producer Today
VAULT MINERALS | 3 Why Vault? Long Life, Intermediate Gold Producer Today Today; a diversified, long life, intermediate gold business Underpinned by a strategic 18 year asset in the prolific Leonora For personal use only district and 5+ years at Mount Monger Transformational free cashflow growth wit
Slide 4: Corporate overview
VAULT MINERALS | 4 Corporate overview Vault Minerals Limited (ASX: VAU) Board of Directors For personal use only Russell Clark Luke Tonkin Rebecca Prain Kelvin Flynn Share price (12 September 2025) A$0.66 Non-Executive Chair Managing Director & Non-Executive Director Non-Executive Director Chief Exe
Slide 5: Balanced, diverse portfolio across established mining jurisdictions
VAULT MINERALS | 5 Balanced, diverse portfolio across established mining jurisdictions FY25 Gold Sales For personal use only 28% 385 50% koz 22% Ore Reserves1 71% 4.0 Moz 5% Au 8% Sugar Zone Ontario, Canada 16% (Development) Leonora Western Australia Mineral Resources1 (Producing) 8% 10% Deflector W
Slide 6: FY25 has set a strong platform to realise the value of a long-life business
VAULT MINERALS | 6 FY25 has set a strong platform to realise the value of a long-life business Leonora Resource Definition Drilling Leonora Stage 2 plant June 2024 October 2024 100,000m resource definition drilling expansion capacity online August 2024 Merger of Silver Maiden group Mineral planned f
Slide 7: FY26 – Key value drivers across the business
VAULT MINERALS | 7 FY26 – Key value drivers across the business For personal use only KoTH: Processing Upgrades Leonora: Growth Sugar Zone ▪ Largest, lowest cost processing facility in the region1 to ▪ FY26 drilling to focus on Resource conversion, ▪ Exploration success at Sugar South has delivered
Slide 8: Hedge book inflection point rapidly approaching
VAULT MINERALS | 8 Hedge book inflection point rapidly approaching Rising exposure to spot gold pricing1,2 For personal use only Hedged Ounces Operating Exposure to Spot Gold Price Indicative Average Price Received (A$/oz) Revenue, earnings & cashflow growth anticipated with declining hedge profile
Slide 9: Significant financial strength & internal liquidity
VAULT MINERALS | 9 Significant financial strength & internal liquidity Prioritise a strong balance sheet & free cash flow For personal use only generation, with a demonstrated history of financial discipline Our approach to sustainable shareholder returns ▪ $686 million cash and no debt ▪ Low capita
Slide 10: Leonora: Long-life asset poised for growth
VAULT MINERALS | 10 Leonora: Long-life asset poised for growth Current operation is in its early stages, with first production in For personal use only June 2022 ▪ 18 year+ baseload feed from KoTH open pit adjacent to largest, lowest cost processing facility in the Northern Goldfields1, supplemented
Slide 11: Leonora: Long life production base with multiple ore sources
VAULT MINERALS | 11 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 12: KoTH: Leveraging a large, long-life orebody
VAULT MINERALS | 12 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 13: KoTH – Open pit stages provides scheduling optionality
VAULT MINERALS | 13 KoTH – Open pit stages provides scheduling optionality 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 optionalit
Slide 14: Leonora: Internally funded processing facility upgrades
VAULT MINERALS | 14 Leonora: Internally funded processing facility upgrades $172 million investment to expand modern KoTH For personal use only A strategic asset with the potential to further increase its competitiveness1 process facility & further increase competitiveness Stage 1 – construction wel
Slide 15: Stage processing upgrade: Current progress - on time and budget
VAULT MINERALS | 15 Stage 1 processing upgrade: Current progress - on time and budget For personal use only Crusher installation Absorption tanks Process Infrastructure status as of 7th September 2025
Slide 16: KoTH UG: Significant step out drilling programs for FY26
VAULT MINERALS | 16 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 extents of the granodiorite contact (down plunge) ▪ T
Slide 17: KoTH UG drilling: Extending established areas, opening new targets
VAULT MINERALS | 17 KoTH UG drilling: Extending established areas, opening new targets Positive early results from the West Zone1 For personal use only ▪ Recent drilling targeting the northern strike and down dip extensions of the main granodiorite-ultra mafic contact in the West Zone ▪ Recent inter
Slide 18: KoTH UG drilling: Chasing the contact
VAULT MINERALS | 18 KoTH UG drilling: “Chasing the contact” For personal use only Drill highlights: Lower extents of the West Zone1 Northern strike extents: Granodiorite/UM contact1 1. Refer ASX Announcement 15 September 2025 “2025 Resource and Reserve Statement”
Slide 19: Leonora: Enhanced KoTH mill reinvigorates regional exploration
VAULT MINERALS | 19 Leonora: Enhanced KoTH mill reinvigorates regional exploration For personal use only Opportunity for regional growth within reach of the region’s largest, lowest cost, scalable mill ▪ Severn, Rainbow, Centauri, Cerebus-Eclipse account for a current Mineral Resource of ~290koz Au
Slide 20: Darlot: Ore Reserve growth demonstrates the value of a prolific operation
VAULT MINERALS | 20 Darlot: Ore Reserve growth demonstrates the value of a prolific operation Strong y-o-y Ore Reserve growth demonstrates For personal use only leverage to increased drilling, gold price & low- Darlot active mining areas with potential new Chappell/Pipeline area cost processing at V
Slide 21: Mount Monger Operations: Growing cash margins
VAULT MINERALS | 21 Mount Monger Operations: Growing cash margins Santa Mining Complex underpins baseload For personal use only Flora Dora Santa Open Pits deliver baseload mill feed ▪ Ore Reserves of 629,000 ounces support 6-year base case LOM1, underpinned by the Santa Open Pits ▪ Long term track r
Slide 22: Deflector Region: Set to capitalise on yield phase
VAULT MINERALS | 22 Deflector Region: Set to capitalise on yield phase New mining fronts and potential for extensions For personal use only Deflector FY26 mine schedule v Ore Reserve LOM ▪ Centre of activity at Deflector moving to the South West, with development to access Spanish Galleon zone under
Slide 23: Sugar Zone 2024 Ore Reserve underpins a low capex, high margin mine
VAULT MINERALS | 23 Sugar Zone 2024 Ore Reserve underpins a low capex, high margin mine Base Case Restart ▪ Comprehensive first principles Mineral Resource remodel post 93,000 drill metre program FY26 FY27 FY28 Long term For personal use only delivered 1.28 million ounces ▪ 2.3mt at 5.4 g/t for 389,
Slide 24: Sugar South: new low capital intensity mining front
VAULT MINERALS | 24 Sugar South: Compelling, new, low capital intensity new mining front1 For personal use only Sugar Zone South: Third mining front Exploration success delivers tangible value Middle Zone Main Zone Sugar South ▪ Reserve conversion follows FY25 101 hole, 18,219 metre diamond drill pr
Slide 25: Sugar South success demonstrates untapped exploration potential of mine corridor
VAULT MINERALS | 25 Sugar South success demonstrates untapped exploration potential of mine corridor Sugar Zone long section highlighting Sugar South recent drilling Sugar Zone mine corridor presents a high value exploration horizon For personal use only Mineralisation remains open along strike and
Slide 26: A Clear Plan to Execute Over the Coming Months
VAULT MINERALS | 26 A Clear Plan to Execute Over the Coming 12 Months For personal use only Self-funded expansion of KoTH Mill Strong free cashflow growth with rapidly Increase throughput to deliver higher approaching hedge book extinguishment production, lower costs and grow free cash flow Material
Slide 27: Ore Reserve & Mineral Resource Statements
For personal use only VAULT MINERALS | 27 Ore Reserve & Mineral Resource Statements Appendix A
Slide 28: Ore Reserves as at June 2025
VAULT MINERALS | 28 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 29: Mineral Resources as at June 2025
VAULT MINERALS | 29 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 30: Other information
For personal use only VAULT MINERALS | 30 Other information Appendix B
Slide 31: LTM mill throughput and processing cost
VAULT MINERALS | 31 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) Bellevue Bellevue Gold Limited 1,088 $79 $73 Quarterly Activities Report (28 July 2025) For personal use o
Slide 32: FY25 Financial Results Summary
VAULT MINERALS | 32 FY25 Financial Results Summary1 For personal use only Unit FY25 FY24 % Change Gold sales (Ounces) 385,232 223,498 72% Average realised price (A$/oz) 3,684 2,758 34% Revenue (A$m) 1,432 620.0 131% Adjusted EBITDA (A$m) 619.4 192.7 221% EBITDA margin % 43% 31% nmf NPAT (A$m) 237.0
Slide 33: Mount Monger Operations: Regional overview
VAULT MINERALS | 33 Mount Monger Operations: Regional overview For personal use only
Slide 34: Contact Vault
For personal use only Contact Vault Phone: (+61) 8 6313 3800 Email: info@vaultminerals.com www.vaultminerals.com