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Australian gold miner formed by the 2024 merger of Red 5 and Silver Lake Resources, operating multiple WA gold mines including King of the Hills.
Australian gold miner formed by the 2024 merger of Red 5 and Silver Lake Resources, operating multiple WA gold mines including King of the Hills.
Sells gold at the market price, so earnings follow the gold price, the exchange rate and mining costs rather than long-term contracts. Red 5 and Silver Lake combined in 2024 to spread output across several Western Australian mines instead of relying mainly on one.
In one line: A merged mid-cap Australian gold producer.
Moat: none. Commodity gold producer; scale from the 2024 merger helps costs but there is no structural moat.
Headquarters: Perth, Australia · Founded: 2024
Size Vault Minerals (VAU.AX) is an Australia Materials company (Precious Metals) with a market value of $4.19B, the 81st largest of 316 Australia companies the cockpit tracks. Shares closed at A$5.84 on 6 Nov 2026.
Performance Over six months the shares gained 21.2%, against -7.7% for the median peer and +4.1% for the Australia market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 34.5% over the last twelve months (peer median +53.8%); the operating margin is 33.1% (peer median 42.5%).
Valuation It trades at 13.0× forward earnings against a peer median of 10.4× (7th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +59%, so the hurdle is -59 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 21.5 points above its cost of capital (10.7% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$1.93B | A$1.93B | A$1.43B | A$620M | A$423M |
| Revenue growth | — | +35% | +131% | +47% | — |
| Gross profit | A$691M | A$691M | A$302M | A$79.4M | A$18.8M |
| EBITDA | A$990M | A$990M | A$617M | A$195M | A$96.1M |
| Net income | A$278M | A$278M | A$237M | -A$5.44M | -A$8.73M |
| Free cash flow | A$549M | A$549M | A$254M | A$91.5M | -A$90.6M |
| Capital expenditure | A$364M | A$364M | A$301M | A$108M | A$126M |
| Total debt | n/a | A$74.3M | A$98.4M | A$208M | A$209M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Vault Minerals VAU.AX | $4.19B | +21% | +35% | 33% | 13.0× | -0.1% |
| Regis Resources RRL.AX | $3.49B | -3% | +43% | 43% | 8.5× | -9.5% |
| Westgold Resources WGX.AX | $3.64B | -2% | +79% | 32% | 8.8× | -7.6% |
| Capricorn Metals CMM.AX | $4.42B | -1% | +45% | 58% | 17.6× | 12.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VAU.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.5% | -0.7% | 11th highest of 21 |
| 6-month return | +21.2% | -7.7% | 3rd highest of 21 |
| Distance from 52-week high | -18.5% | -28.5% | 7th highest of 21 |
| Revenue growth (TTM) | +34.5% | +53.8% | 4th lowest of 18 |
| Operating margin | 33.1% | 42.5% | 7th lowest of 18 |
| Forward P/E | 13.0× | 10.4× | 7th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -0.1% | 0.7% | 8th least demanding of 16 |
| Growth delivered (Del g) | +59.0% | +24.6% | 2nd highest of 15 |
| Hurdle (Req g minus delivered) | -59.1 pp | -22.9 pp | least demanding of 15 |
| ROIC minus cost of capital | +21.5 pp | +19.6 pp | 9th highest of 20 |
| EV / EBITDA | 5.3× | 5.2× | 7th most expensive of 15 |
| Net debt / EBITDA | -0.8× | -0.5× | 5th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vault Minerals VAU.AX | Australia | $4.19B | +21% | +35% | 33% | 13.0× | -0.1% | +59.0% |
| Centerra Gold CG.TO | Canada | $4.25B | +27% | +44% | 27% | 12.4× | 6.5% | +13.9% |
| Capricorn Metals CMM.AX | Australia | $4.42B | -1% | +45% | 58% | 17.6× | 12.7% | +33.9% |
| Skeena Resources SKE.TO | Canada | $3.90B | +6% | n/a | n/a | n/a | n/a | n/a |
| Pan African Resources PAF.L | United Kingdom | $3.79B | -25% | +106% | 54% | 7.2× | -6.7% | +25.7% |
| Hunan Gold 002155.SZ | China | $4.72B | -33% | +1% | 4% | 15.3× | 11.1% | +27.4% |
| Aya Gold & Silver AYA.TO | Canada | $3.68B | +40% | +265% | 53% | 19.2× | 17.9% | +72.4% |
| Ramelius Resources RMS.AX | Australia | $4.78B | +3% | -14% | 42% | 19.0× | 13.7% | +10.3% |
| Montage Gold MAU.TO | Canada | $4.79B | +17% | n/a | n/a | 18.4× | n/a | n/a |
| Westgold Resources WGX.AX | Australia | $3.64B | -2% | +79% | 32% | 8.8× | -7.6% | +33.7% |
| K92 Mining KNT.TO | Canada | $4.86B | +10% | +62% | 68% | 11.0× | 0.7% | +31.3% |
| Torex Resources TXR.TO | Canada | $5.02B | +16% | +76% | 46% | 7.1× | -3.9% | +11.5% |
| Regis Resources RRL.AX | Australia | $3.49B | -3% | +43% | 43% | 8.5× | -9.5% | +23.5% |
| JCHX MINING MANAGEMENT 603979.SS | China | $5.09B | -12% | +23% | 28% | 9.9× | -7.7% | +29.3% |
| Greatland Resources GGP.AX | Australia | $5.11B | -31% | +118% | 52% | 13.4× | -3.1% | n/a |
| Hochschild Mining HOC.L | United Kingdom | $3.37B | -27% | +37% | 44% | 9.8× | -10.7% | +14.1% |
| Western Region Gold 601069.SS | China | $3.29B | -26% | +118% | n/a | 11.2× | 11.7% | +19.5% |
| Aris Mining ARIS.TO | Canada | $3.24B | -15% | +94% | 46% | 5.5× | 2.1% | +19.8% |
| Allied Gold AAUC.TO | Canada | $3.24B | -19% | +54% | 32% | 3.9× | n/a | n/a |
| SSR Mining SSRM | United States | $5.66B | -17% | +39% | 42% | 8.1× | n/a | n/a |
| Predictive Discovery PDI.AX | Australia | $3.08B | -13% | n/a | -28% | n/a | n/a | n/a |