A solid quarter from the recently merged company across all aspects of the business as the team demonstrated delivery against the commercial logic of the merger between Silver Lake Resources Limited and Red 5 Limited to create a leading, diversified mid-tier gold producer of relevant scale.
Operationally, Vault’s performance was consistent with full year guidance. Financially, the capital structure was simplified and strengthened with the repayment and termination of the project finance facility and the sale of the treasury shares, which generated a 22% return on investment over a 10 month period.
Group gold production for the quarter was 97,493 ounces gold, with sales of 102,529 ounces gold at an AISC of A$2,231 per ounce and average realised sales price of A$3,162 per ounce. The quarter saw a significant investment in open pit waste stripping at the Leonora and Mount Monger operations which has Vault well positioned for increased ore tonnes and grade in H2 FY25 and FY26.
The ~$30 million investment in exploration for FY25 commenced with the encouraging discovery of Deflector style mineralisation grading 0.3m at 71.8 g/t gold and 8.3% copper ~500 metres south west of the Deflector South-West lode, supporting the potential for further discovery in the Deflector corridor.
At Leonora, development of an underground exploration drive at King of the Hills was commenced, and is well advanced, to test for extensions to high grade underground mineralisation, in particular down plunge and dip extensions to mineralisation along the mineralised zone proximal to the granodiorite contact in the West Zone.
After the quarter end, the Company released its Group Mineral Resource and Ore Reserve Statement as of 30 June 20241, with Mineral Resources increasing 99% y-o-y to 12.3 million ounces and Ore Reserves increasing 39% y-o-y to 3.4 million ounces of gold, reflecting the enhanced merged portfolio.
As part of the Mineral Resource and Ore Reserve update, Vault completed remodelling of the Sugar Zone Mineral Resource, incorporating a substantial increase in ore body knowledge following the completion of the 93,000 metre drill program in FY24.
The updated Mineral Resources and Ore Reserves of 1.28 million ounces and 325,000 ounces of gold respectively underpins a rare, low capital intensity growth opportunity to capitalise on the strong gold price outlook.
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