VAULT MINERALS LIMITED (VAU)
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VAU

VAU - VAULT MINERALS LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 0.16
Index: ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.685

02 Oct
2025

0.015

OPEN

$0.67

2.24%

HIGH

$0.70

45,766,000

LOW

$0.67

TARGET
$0.673 -1.7% downside
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FNARENA'S MARKET CONSENSUS FORECASTS
VAU: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 3.5 3.8 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A 9.2% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 18.0 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 N/A

Estimated Dividend Growth
(Average Of Past Three Years)

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx3.5
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx1,432.1 M
Book Value Per Share xxxxxxxxxxxxxxx29.4
Net Operating Cash Flow xxxxxxxxxxxxxxx539.7 M
Net Profit Margin xxxxxxxxxxxxxxx16.55 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx13.09 %
Return on Invested Capital xxxxxxxxxxxxxxx12.62 %
Return on Assets xxxxxxxxxxxxxxx10.28 %
Return on Equity xxxxxxxxxxxxxxx13.09 %
Return on Total Capital xxxxxxxxxxxxxxx13.56 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx253.9 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx41 M
Long Term Debt xxxxxxxxxxxxxxx57 M
Total Debt xxxxxxxxxxxxxxx98 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx674 M
Price To Book Value xxxxxxxxxxxxxxx1.43

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx300.8 M
Capex % of Sales xxxxxxxxxxxxxxx21.00 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,130 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx36 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx2 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

23/09/2025

3

Downgrade to Neutral from Buy

$0.72

5.11%

UBS lowers its target for Vault Minerals to 72c from 75c and downgrades to Neutral from Buy after three-year production guidance  came in lower than the broker’s expectation.

Consequently, the broker trims its FY26-28 production forecasts by an average of -7%.

FY26 guidance of around 346koz is down from 385koz in FY25, impacted by Deflector’s transition to owner mining, development at Spanish Galleon, and Leonora’s plant expansion, explains the broker.

More positively, the analysts note FY28 includes 42koz from Sugar Zone on an earlier restart.

Cost (AISC) guidance proved resilient, according to UBS, at around -$2,900/oz despite weaker output, with Leonora at -$2,350/oz including inventory charges. FY26 capex of -$278m was only slightly above the UBS forecast.

Despite a strong balance sheet with $686m cash and bullion, recent share price strength and slower buy-back execution contribute to the broker's material downgrades to forecast earnings. 

FORECAST
UBS forecasts a full year FY26 EPS of 3.00 cents.
UBS forecasts a full year FY27 EPS of 8.00 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

4

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Moelis

25/09/2025

3

Downgrade to Hold from Buy

$0.69

0.73%

Vault Minerals’ FY26 guidance is for gold production of 332-360koz, costs (AISC) of between -$2,650-2,850/oz, and capex of -$278m, all slightly softer than Moelis' prior assumptions.

Exploration spend of -$30m was also higher than expected. FY27 and FY28 production guidance of 360-390koz and 370-400koz, respectively, provides scope for upside relative to consensus, highlight the analysts.

The broker adjusts its forecasts to align with midpoints of production and cost guidance, with near-term impacts at Deflector and stronger medium-term volumes across the portfolio.

While Moelis downgrades its rating to Hold from Buy, citing the recent rally in the share price which has eroded valuation upside, the target price is raised to 69c from 67c.

The broker notes a spot price scenario could justify valuation of around 90c, with FY27 trading on an 18.7% free cash flow (FCF) yield and forecast cash of around $1.5bn, leaving Vault among its preferred gold exposures.

FORECAST
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.80 cents.
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.80 cents.

Petra Capital

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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VAU STOCK CHART

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