Vault Minerals Grows Gold Reserves 9% to 3.9Moz After Replacing All FY26 Mine Depletion
Key Takeaways
- Vault Minerals grew Group Ore Reserves 9% to 3.9 million ounces as at 30 June 2026, after absorbing 398,800 ounces of FY26 mine depletion — the drill programme replaced every ounce mined and added more.
- Reserve growth was broad-based across all four regions, with Deflector leading at +58% net of depletion to 141,000 ounces, Mount Monger up 15% to 602,000 ounces, and Leonora up 7% to 2.7 million ounces.
- Sugar Zone underground development recommenced on 1 July 2026, adding a fourth production centre targeting approximately 50,000 ounces per year over a 7-year mine life from a 398,000-ounce Reserve at 5.1 g/t Au.
- Vault enters FY27 fully unhedged with a $44 million exploration budget across 187 km of drilling, with the Deflector southern Contact Lode flagged as a significant Reserve conversion opportunity from its current Inferred classification.
- The 12.1 million ounce Mineral Resource base — more than three times the current Reserve — provides a deep conversion pipeline underpinning the 3-year production outlook to FY29 and beyond.
Vault Minerals grows gold reserves to 3.9 million ounces despite absorbing nearly 400,000 ounces of mine depletion
Vault Minerals has published its 2026 Resource and Reserve Statement, reporting Group Ore Reserves of 3.9 million ounces of gold as at 30 June 2026. Net of FY26 mine depletion of 398,800 ounces, this represents a 9% year-on-year increase — meaning the company replaced every ounce it mined and grew the Reserve base on top.
Group Mineral Resources held steady at 12.1 million ounces of gold, materially consistent with the prior year. All Mineral Resources and Ore Reserves are situated within established operations in tier-1 mining jurisdictions, supported by proven mining, processing, and services infrastructure.
The Ore Reserves underpin a standalone 3-year production outlook to FY29, with further upside potential from the substantial 12.1 Moz Mineral Resource inventory and established tenement positions proximal to existing infrastructure.
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Reserve growth delivered across all four operating regions
Reserve growth was broad-based in FY26, with each of the company’s four operating regions contributing positively net of mine depletion. The key results by region:
- Leonora: Ore Reserves increased 7% net of FY26 mine depletion to 2.7 million ounces, driven primarily by Darlot (+48% net of depletion) and replacement of depletion at the KoTH underground. The KoTH underground Mineral Resource grew 30% net of FY26 mine depletion and 16% in absolute terms, reflecting resource growth within the primary granodiorite host unit and inclusion of mineralisation from proximal sedimentary units.
- Mount Monger: Ore Reserves rose 15% net of FY26 mine depletion to 602,000 ounces, driven by growth at the Rumbles open pit (Ore Reserves increased to 90,000 oz from 65,800 oz at 30 June 2025) and Daisy Complex reserve replacement.
- Deflector: Deflector underground Ore Reserves grew 58% net of FY26 mine depletion to 141,000 ounces, within a broader Deflector region Ore Reserve of 170,000 ounces. Contact Lode exploration success was cited as a key driver.
- Sugar Zone: Ore Reserves remained materially unchanged at 398,000 ounces (2.4 Mt at 5.1 g/t Au). Underground development recommenced on 1 July 2026, with the operation targeting an average of approximately 50,000 oz per year over a 7-year life of mine.
Summary of group Ore Reserves by region
| Region | Tonnes (Mt) | Grade (g/t Au) | Contained Gold (koz) | Y-o-Y Movement (net depletion) |
|---|---|---|---|---|
| Leonora | 128.5 | 0.7 | 2,741 | +7% |
| Deflector | 1.7 | 3.1 | 170 | +37% |
| Sugar Zone | 2.4 | 5.1 | 398 | Materially unchanged |
| Mount Monger | 11.1 | 1.7 | 602 | +15% |
| Group Total | 143.7 | 0.8 | 3,912 | +9% |
Source: Vault Minerals 2026 Resource and Reserve Statement, Table 3. Figures sourced directly from the detailed Ore Reserve Statement as at 30 June 2026.
What are Mineral Resources and Ore Reserves — and why does the distinction matter?
These two terms carry very different meanings in mining, and the gap between them matters enormously for investors.
A Mineral Resource is a geological estimate of mineralisation that has reasonable prospects for eventual economic extraction. Think of it as the full opportunity — what the company believes exists in the ground, classified by confidence level as Inferred, Indicated, or Measured. An Ore Reserve, by contrast, is the portion of a Mineral Resource that can be economically extracted under current conditions, after applying modifying factors for mining method, costs, metallurgical recovery, and other operational realities. Resources represent potential; Reserves are what can actually be taken to the bank.
All of Vault’s estimates comply with the 2012 Edition of the Australian Code for Reporting of Mineral Resources and Ore Reserves (the 2012 JORC Code), reviewed by Qualified Competent Persons who are full-time employees of the company.
What makes this result meaningful for investors is what it demonstrates about the drill programme. Vault replaced nearly 400,000 ounces of FY26 mine depletion and still grew the Reserve base by 9%. The drill bit is converting Resources to Reserves faster than the mine is consuming them. That tells you the mine life clock is not counting down — it is being reset.
Why Reserve replacement matters practically:
- Underpins multi-year production guidance and operational planning
- Supports asset valuation and debt or finance capacity
- Signals that exploration investment is generating economic value, not just geological data
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$44 million exploration budget targets further growth in FY27
Vault has approved a $44 million exploration investment for FY27, with a total of 187 km of drilling across the portfolio. The company noted it has the financial capacity to accelerate follow-up drilling subject to results.
Vault’s gold hedge position heading into FY27 has also shifted materially, with the company removing all hedges and entering the new financial year fully exposed to spot gold prices, a decision that amplifies the revenue upside from both the expanded Reserve base and the Sugar Zone restart.
Priority programmes across the portfolio include:
- KoTH underground: Drilling targeting down-plunge and down-dip extensions to granodiorite-ultramafic contact veins, plus infill of the Stage 3 open pit to support potential future Reserve conversion.
- Darlot: Ventilation upgrades of approximately $9 million (within FY27 Leonora growth capital) are scheduled for completion in FY27 to provide access to the Lords Felsics zone.
- Deflector: Infill drilling of the southern Contact Lode — currently classified as Inferred Mineral Resource and not included in the current Ore Reserve — is flagged as a significant conversion opportunity. Regional follow-up along the Gullewa trend is also planned.
- Sugar Zone: Surface stripping of approximately 1,200 metres has been completed to support mapping and sampling of the southern mine corridor. A follow-up drill programme at the TT8 regional target (located approximately 17 km south-east of the Sugar Zone operation) is planned for FY27.
- Rothsay: Infill drilling recommenced in March 2026 after rig availability constraints, targeting mine life extension into FY28.
Sugar Zone restart adds a fourth production centre
Underground development at Sugar Zone recommenced on 1 July 2026, marking a significant operational catalyst. The Ore Reserve of 398,000 ounces supports an average annual production profile of approximately 50,000 ounces over a 7-year life of mine. Importantly, all three lodes included in the Ore Reserve — Sugar Main, Middle Zone, and Sugar South — remain open in multiple directions, highlighting potential for future resource growth and mine life extension.
TT8, where Vault completed its maiden drill programme in FY26, represents the first of several priority targets along the eastern limb of the Kabinakagami Greenstone Belt. Vault’s FY26 programme of 28 holes for 1,911 metres confirmed mineralisation continuity, with follow-up resource definition drilling planned for FY27 to support a future Mineral Resource estimate.
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