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Asia

Vault Minerals Posts Lower June Quarter Gold Production, Sales

Vault Minerals (ASX:VAU) reported June quarter gold production of 89,338 ounces, with sales of 87,922 ounces at an average realized price of AU$6,311 per ounce and all-in sustaining cost (AISC) of AU$2,968 per ounce, according to a Wednesday Australian bourse filing.The company's June 2025 quarter showed production of 98,459 ounces of gold, with sales of 95,976 ounces at an average realized sales price of AU$4,219 per ounce and AISC of AU$2,657 per ounce, an earlier filing showed.The company produced 336,540 ounces of gold in fiscal 2026 and sold 334,901 ounces at an average realized price of AU$5,557 per ounce, while reporting an AISC of AU$2,924 per ounce.Underlying free cash flow for the quarter was AU$219 million, with cash and bullion of AU$842 million at quarter end.The company expects fiscal year 2027 gold production of 355,000 to 375,000 ounces at an AISC of AU$3,150 to AU$3,350 per ounce, followed by production of 380,000 to 400,000 ounces in fiscal year 2028 and 355,000 to 375,000 ounces in fiscal year 2029.

ASX:VAU
Asia

Vault Minerals Secures Key Approvals for Canada Tailings Facility

Vault Minerals (ASX:VAU) has received key regulatory approvals to allow construction of the proposed southern tailings management facility (STMF) at its Sugar Zone mine in Ontario, Canada, according to a Friday filing with the Australian bourse.The company secured approval for its closure plan amendment and an amended environmental compliance approval, clearing the way for tailings discharge into the new facility, per the filing.The STMF will serve as the Sugar Zone mine's sole tailings storage facility over the current ore reserve life, replacing the existing dry-stack and slurry deposition system with a lower-cost, more capital-efficient alternative, the filing said.The company has completed site preparation and is advancing major earthworks and infrastructure construction, with primary dam and pipeline construction scheduled for the 2027 Canadian construction season, the filing added.

ASX:VAU
Asia

Jarden Adjusts Vault Minerals' Price Target to AU$5.20 from AU$4.30, Keeps at Neutral

Vault Minerals (ASX:VAU) has an average rating of buy and mean price target of AU$6.50, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

ASX:VAU
Asia

Vault Minerals' Proposed Merger With Genesis Minerals Positive Outcome for Shareholders, Jarden Says

Vault Minerals' (ASX:VAU) proposed merger with Genesis Minerals (ASX:GMD) is a positive outcome for Vault shareholders, superior to the previously proposed merger with Regis Resources (ASX:RRL), Jarden said in a Tuesday note.Genesis Minerals agreed to acquire Vault Minerals for AU$5.274 per share. Vault shareholders will receive 0.7629 new Genesis ordinary shares plus AU$0.475 in cash for each Vault share they hold.Vault shareholders who remain Genesis shareholders are likely to benefit from the around estimated AU$2 billion undiscounted synergies, along with other likely unquantified synergies, Jarden said.The combined entity is expected to be unhedged, providing substantial operating leverage to spot gold, the investment firm added. The combined ore reserve of around 9.4 million ounces and mineral resource of around 33.6 million ounces supports a long-life production profile.Jarden retained its neutral rating on Vault Minerals and raised the price target to AU$5.20 from AU$4.30.Vault Minerals' shares shed 1% in recent Wednesday trade, while Genesis Minerals' shares lost about 2%. Regis Resources' shares tumbled 5%.

ASX:GMDASX:RRLASX:VAU
Asia

Australian Shares Flat; Genesis Minerals to Acquire Vault Minerals for AU$5.274 per Share

Australian shares were again flat on Tuesday as oil prices continued to surge, following the US reimposition of a naval blockade over Iran.The S&P/ASX 200 Index was unchanged to close at 8,808.50.Brent crude oil futures surged to trade around $84 per barrel. US President Donald Trump said the US would impose a 20% toll on shipping in the Strait of Hormuz.Overnight, the S&P 500, Nasdaq Composite, and Dow Jones fell 0.8%, 1.6%, and 0.3%, respectively.On the domestic front, Australian consumer confidence rose 0.6 points to 75.3 points in the week of July 6 to 12, with improving confidence in the economic and financial outlook over the next 12 months, ANZ said. The four-week moving average rose 1.1 points to 74.7 points.Australia's Westpac-Melbourne Institute Consumer Sentiment Index rose 4.1% to 83.9 in July from 80.6 in June, as consumers showed relief that worst-case scenarios such as higher energy prices had not played out.Business confidence in Australia rose 9 points to negative 5 in June, driven by gains in retail and manufacturing, National Australia Bank said. Confidence remains 4 points below its February level and below the long-run average of 5 index points.In company news, Genesis Minerals (ASX:GMD) agreed to acquire Vault Minerals (ASX:VAU) for AU$5.274 per share. Vault shareholders will receive 0.7629 new Genesis ordinary shares plus AU$0.475 in cash for each Vault share they hold.Light & Wonder (ASX:LNW) said it remained on track to meet its previously announced 2026 financial outlook of mid-to-high single-digit consolidated adjusted earnings before interest, taxes, depreciation, and amortization (AEBITDA) growth.Lastly, Steadfast Group (ASX:SDF) said KKR joined the Amwins Group and Dragoneer Investment Group consortium as a co-lead investor in the company's retail brokerage business. Amwins and Dragoneer in June offered to acquire Steadfast for AU$6 per share in cash.

ASX 200ASX:GMDASX:LNWASX:SDFASX:VAU
Asia

Update: GR Engineering Says Genesis Minerals Able to Avoid Western Australia Processing Plant Construction After Vault Minerals Deal

(Updates to add stock movement to the fourth paragraph)GR Engineering Services (ASX:GNG) was informed by Genesis Minerals (ASX:GMD) that under its proposed acquisition of Vault Minerals (ASX:VAU), it will have the ability to process ore through the King of the Hills process plant and avoid the construction of the Tower Hill process plant, according to a Tuesday Australian bourse filing.The firm added there would be no adverse impact to its results for the year ended June 30.GR Engineering was earlier awarded a AU$229 million EPC contract with Genesis for the Tower Hill gold project in Western Australia. It has begun engineering works and the procurement of long lead items.Shares of Vault Minerals and Genesis Minerals fell almost 2% each in recent Tuesday trade, while GR Engineering Services dropped past 1%.

ASX:GMDASX:GNGASX:VAU
Genesis Minerals, Vault Minerals Agree to AU$12.6 Billion Merger After Genesis Outbids Regis
US Markets

Genesis Minerals, Vault Minerals Agree to AU$12.6 Billion Merger After Genesis Outbids Regis

Australian gold producers Genesis Minerals (ASX:GMD) and Vault Minerals (ASX:VAU) have agreed to merge, creating Australia's third-largest gold producer with a pro-forma market capitalization of AU$12.6 billion, the companies announced Tuesday.Under the scheme of arrangement, Vault shareholders will receive 0.7629 new Genesis shares plus AU$0.475 in cash for each Vault share held, implying a value of AU$5.274 per share based on prices at the time the offer was announced.Genesis shareholders will own about 59.8% of the combined group, with Vault holders owning the remaining 40.2%.The deal caps a bidding war for Vault. In May, Vault and Regis Resources (ASX:RRL) announced their own proposed merger, potentially creating a AU$10.7 billion combined company.Last week, Genesis made a rival bid, which Vault described as a "superior proposal." Vault's board ultimately backed the Genesis terms instead, as it represented a 14.5% premium to the Regis offer price of AU$4.61.Vault will pay Regis a break fee of about AU$50.7 million after walking away from their agreement.The combined Genesis-Vault group will produce an estimated 600,000 to 700,000 ounces of gold annually, all from Western Australian operations, with 33.6 million ounces of mineral resources and 9.4 million ounces of ore reserves.The companies expect about AU$2 billion in potential post-tax synergies over 10 years, including AU$1.5 billion from combining operations in the Leonora and Bardoc-Mount Monger areas.Vault Chairman Russell Clark was named non-executive chairman of the merged entity, while Genesis' Executive Chair Raleigh Finlayson was appointed managing director.Genesis CEO Matt Nixon will serve as CEO of the group, while Genesis CFO Morgan Ball will also retain his position.The merged group's board will comprise four Genesis directors and three members from Vault.The transaction is subject to shareholder and court approvals and is expected to be completed by November.Vault's shares will be delisted from the Australian Securities Exchange after the deal's completion.

ASX:GMDASX:VAU
Asia

ASX Preview: Australian Shares to Decline; Genesis Minerals to Acquire Vault Minerals for AU$5.274 per Share

Australian shares are expected to open with a modest decline on Tuesday as oil surged over escalating Middle East tensions.Brent crude oil futures jumped over 9% to trade around $83 per barrel after US President Donald Trump said the US would impose a 20% toll on shipping in the Strait of Hormuz. The US ​is set to reinstate a naval blockade on Iran on Tuesday.Meanwhile, US Federal Reserve governor Christopher Waller said rate increases may be needed if underlying inflation continues to signal broad price pressures.Overnight, the S&P 500, Nasdaq Composite, and Dow Jones fell 0.8%, 1.6%, and 0.3%, respectively.In the macroeconomy, the ANZ-Roy Morgan Australian Consumer Confidence rose 0.6 points in the week ended July 10 to 75.3 points. The four-week moving average lifted 1.1 points to 74.7 points.In corporate news, Genesis Minerals (ASX:GMD) agreed to acquire Vault Minerals (ASX:VAU) for AU$5.274 per share. Vault shareholders will receive 0.7629 new Genesis ordinary shares plus AU$0.475 in cash for each Vault share they hold.Recce Pharmaceuticals (ASX:RCE) said the Intellectual Property Office of Vietnam formally granted a Family 4 patent for its anti-infectives, expiring in 2041.Australia's benchmark index edged up 0.03% or 2.5 points on Monday to close at 8,808.50.

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Asia

GR Engineering Says Genesis Minerals Able to Avoid Western Australia Processing Plant Construction After Vault Minerals Deal

GR Engineering Services (ASX:GNG) was informed by Genesis Minerals (ASX:GMD) that under its proposed acquisition of Vault Minerals (ASX:VAU), it will have the ability to process ore through the King of the Hills process plant and avoid the construction of the Tower Hill process plant, according to a Tuesday Australian bourse filing.The firm added there would be no adverse impact to its results for the year ended June 30.GR Engineering was earlier awarded a AU$229 million EPC contract with Genesis for the Tower Hill gold project in Western Australia. It has begun engineering works and the procurement of long lead items.

ASX:GMDASX:GNGASX:VAU
Asia

Genesis Minerals to Acquire Vault Minerals for AU$5.274 per Share

Genesis Minerals (ASX:GMD) agreed to acquire Vault Minerals (ASX:VAU) for AU$5.274 per share in a deal that values Vault at roughly AU$5.6 billion, according to a Tuesday filing with the Australian bourse.Vault shareholders will receive 0.7629 new Genesis ordinary shares plus AU$0.475 in cash for each Vault share they hold, per the filing. At closing, Genesis shareholders will own around 59.8% of the merged company on a fully diluted basis, while Vault shareholders will own the remaining 40.2%.The merger will create a top-three Australian gold producer with a roughly AU$12.6 billion pro-forma market capitalization, around 600,000 to 700,000 ounces of pro-forma annual production, 33.6 million ounces in pro-forma mineral resources, and 9.4 million ounces in pro-forma ore reserves, per the filing.The companies estimate potential synergies of about AU$2 billion post-tax, including around AU$1.5 billion over 10 years that are "unique to a combination of Genesis and Vault."Vault Minerals Chair Russell Clark will be appointed as non-executive chairman of the merged company, with Matt Nixon and Morgan Ball to remain as CEO and CFO, respectively.Vault has terminated a previous acquisition agreement with Regis Resources (ASX:RRL), triggering a break-up fee payment of about AU$50.7 million to Regis.

ASX:GMDASX:RRLASX:VAU
Regis Walks Away From Vault Bid, Clearing Path for AU$5.6 Billion Genesis Deal
US Markets

Regis Walks Away From Vault Bid, Clearing Path for AU$5.6 Billion Genesis Deal

Regis Resources (ASX:RRL) will not submit a counterproposal for Vault Minerals (ASX:VAU), paving the way for Genesis Minerals (ASX:GMD) to move ahead with its takeover offer for the gold producer.Genesis' binding proposal values Vault at about AU$5.6 billion, offering 0.7629 Genesis shares and AU$0.475 in cash for each Vault share.The offer was determined by Vault's board to be superior to Regis' earlier merger proposal, under which Vault shareholders would have received 0.6947 Regis shares for each Vault share.Genesis said the combination would create an Australian gold producer with a pro forma market capitalization of AU$12.6 billion, annual production of 600,000 to 700,000 ounces, and about AU$2 billion in estimated post-tax synergies.Regis said its board decided not to match Genesis' proposal because it did not meet the company's return and value requirements for acquisitions."The terms that would be required to match the Genesis Proposal do not meet the value and return thresholds that Regis applies to all growth opportunities," the company said."Maintaining this discipline is fundamental to how Regis creates long-term value for shareholders," it added.Following Regis' decision, Vault announced plans to terminate its scheme implementation deed with Regis and sign a definitive agreement with Genesis, following the expiration of Regis' matching rights period on Friday, July 10.Genesis said the terms of its proposal remain unchanged and will stay open until the deadline. If Vault accepts the offer, Genesis said it will release a further announcement.Regis said it expects to receive a break fee of about AU$50.7 million upon Vault's termination of the agreement.The company added that it remains in a strong financial position, supported by a debt-free balance sheet with AU$1.2 billion in cash and bullion, strong free cash flow generation, and a pipeline of organic growth opportunities, including the McPhillamys gold project.

ASX:GMDASX:RRLASX:VAU
Asia

ASX Preview: Australian Shares to Rise as Iran Tensions Escalate; oOh!media Says Prospective Buyers Reconfirmed Non-Binding Offers

Australian shares are poised to rise on Monday as gains in oil prices lift energy stocks, with markets tracking heightened geopolitical tensions after Iran expanded strikes on Gulf states and raised concerns over crude shipments through the Strait of Hormuz.In the macroeconomy, Australians are turning FIFA World Cup fever into a local spending surge, with new data revealing billions of dollars flowing into pubs, cafes, restaurants, and sporting retailers as fans gather to watch the global tournament, ANZ Research said in a report on Monday.In corporate news, oOh!media (ASX:OML) said Pacific Equity Partners, I Squared Capital, and Oaktree Capital Management reconfirmed their non-binding indicative offers to acquire the company at a price range of AU$1.60 to AU$1.65 per share.Regis Resources (ASX:RRL) will not make a new offer to acquire Vault Minerals (ASX:VAU) following a competing proposal by Genesis Minerals (ASX:GMD).Australia's benchmark index rose 0.5% or 43.5 points to close at 8,806 on July 10.

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Asia

Regis Resources Loses Appetite for Vault Minerals Following Competing Proposal From Genesis Minerals

Regis Resources (ASX:RRL) will not make a new offer to acquire Vault Minerals (ASX:VAU) following a competing proposal by Genesis Minerals (ASX:GMD), according to a Monday filing with the Australian bourse.Regis said it will not submit a counter proposal after Vault determined that the Genesis offer is superior to the agreement struck with Regis in early May."The Regis board has concluded that the terms that would be required to match the Genesis proposal to not meet the value and return thresholds that Regis applies to all growth opportunities," the company said.It added that Vault is expected to terminate the Regis agreement, which will trigger a break-up fee of about AU$50.7 million in favor of Regis.

ASX:GMDASX:RRLASX:VAU
Asia

Update: Vault Minerals Receives Nearly AU$6 Billion Merger Proposal From Genesis Minerals; Shares Up 11%

(Updates to add share movement in the headline and the last paragraph and Regis Resources' comment in the fifth paragraph)Vault Minerals (ASX:VAU) received an unsolicited binding proposal from Genesis Minerals (ASX:GMD) to merge via acquisition by Genesis of all ordinary shares in Vault through a scheme of arrangement, valuing Vault at AU$5.6 billion or AU$5.27 per share, according to a Monday Australian bourse filing.The company said the implied offer price represents a nearly 15% premium to the AU$4.614 implied offer price under its existing scheme with Regis Resources (ASX:RRL), based on the last closing price of Regis shares of AU$6.63 on July 3, and an almost 16% premium to the closing price of Vault shares on the same date.The consideration under the Genesis proposal comprises 0.7629 new Genesis ordinary shares plus AU$0.475 in cash for every Vault share held, with Genesis to provide a mix and match facility enabling Vault shareholders to elect to receive more or less cash or scrip, subject to maximum aggregate cash and scrip consideration of about AU$500 million and about 803.4 million Genesis ordinary shares respectively, the filing added.Vault has notified Regis that it considers the Genesis proposal to be a "superior" proposal under the Regis scheme implementation deed(SID), with a five business day matching right period having commenced and set to expire on Friday, it added.Regis said that it is considering its position under the SID, according to the company's Monday Australian bourse filing.Vault Minerals shares rose almost 11% in recent Monday trade, while Genesis Minerals shares fell almost 7%. Regis Resources' shares added over 1%.

ASX:GMDASX:RRLASX:VAU
Asia

ASX Preview: Australian Shares to Fall as OPEC Boosts Output; Vault Minerals Receives Nearly AU$6 Billion Merger Proposal From Genesis Minerals

Australian shares are poised to fall on Monday after the Organization of the Petroleum Exporting Countries (OPEC) agreed to raise output quotas by 188,000 barrels per day from August, adding to global supply and extending pressure on crude prices amid a gradual reopening of the Strait of Hormuz and easing Middle East supply disruptions.In the macroeconomy, investors are eyeing the release of the ANZ-Indeed Job Ads and the Melbourne Institute monthly inflation gauge report.In corporate news, Vault Minerals (ASX:VAU) received an unsolicited binding proposal from Genesis Minerals (ASX:GMD) to merge via acquisition by Genesis of all ordinary shares in Vault through a scheme of arrangement, valuing Vault at AU$5.6 billion or AU$5.27 per share.Greatland Resources (ASX:GGP) posted preliminary June quarter production of 79,099 ounces of gold and 3,573 tonnes of copper.Australia's benchmark index rose 1.4% or 119.9 points to close at 8,844.40 on July 3.

ASX 200ASX:GGPASX:GMDASX:VAU
Asia

Vault Minerals Receives Nearly AU$6 Billion Merger Proposal From Genesis Minerals

Vault Minerals (ASX:VAU) received an unsolicited binding proposal from Genesis Minerals (ASX:GMD) to merge via acquisition by Genesis of all ordinary shares in Vault through a scheme of arrangement, valuing Vault at AU$5.6 billion or AU$5.27 per share, according to a Monday Australian bourse filing.The company said the implied offer price represents a nearly 15% premium to the AU$4.614 implied offer price under its existing scheme with Regis Resources (ASX:RRL), based on the last closing price of Regis shares of AU$6.63 on July 3, and an almost 16% premium to the closing price of Vault shares on the same date.The consideration under the Genesis proposal comprises 0.7629 new Genesis ordinary shares plus AU$0.475 in cash for every Vault share held, with Genesis to provide a mix and match facility enabling Vault shareholders to elect to receive more or less cash or scrip, subject to maximum aggregate cash and scrip consideration of about AU$500 million and about 803.4 million Genesis ordinary shares respectively, the filing added.Vault has notified Regis that it considers the Genesis proposal to be a "superior" proposal under the Regis scheme implementation deed, with a five business day matching right period having commenced and set to expire on Friday, it added.

ASX:GMDASX:RRLASX:VAU
Asia

Vault Minerals Delivers June Quarter Production In Line With Expectations, Euroz Hartleys Says; Shares Up 9%

Vault Minerals (ASX:VAU) delivered a solid June quarter result with production in line with expectations and stronger-than-expected free cash flow, Euroz Hartleys said in a Friday note.Euroz Hartleys said June-quarter gold production of 89,300 ounces was broadly in line with its forecast of 89,000 ounces, bringing fiscal year 2026 production to 336,500 ounces, in line with the company's full-year guidance.The research firm said the full June quarter report, due later this month, should provide greater clarity on all-in sustaining costs (AISC) following completion of the King of the Hills processing expansion and closure of the company's hedge book, with June quarter AISC forecast at AU$2,937 per ounce.It highlighted the start of Sugar Zone underground development as another step toward the planned first-quarter fiscal year 2028 restart, initially involving the production of waste rock for the southern tailings facility and the building of ore stockpiles ahead of plant recommissioning.The firm noted the company's hedge exit leaves it fully exposed to spot gold despite a debt-free balance sheet, with the Regis Resources (ASX:RRL) merger on track for shareholder approval in August or September.It added that the merger will create a mid-tier gold producer exceeding 700,000 ounces a year, with an AU$8.9 billion group set to benefit from stronger liquidity, lower capital costs, and over AU$500 million in tax and operational synergies.Euroz Hartleys retained its buy rating and price target of AU$6.80 on Vault Minerals.Vault Minerals' shares rose 9% in recent Friday trade.

ASX:RRLASX:VAU
Asia

Vault Minerals Sees Lower Fiscal Q4 Gold Production, Sales

Vault Minerals (ASX:VAU) reported preliminary fiscal fourth quarter gold production of 89,338 ounces and sales of 87,922 ounces, according to a Friday Australian bourse filing.Actual gold production and sales for the same period a year ago were 98,459 ounces and 95,976 ounces, respectively, an earlier filing showed.Gold production included 48,899 ounces from Leonora; 21,338 ounces from Mount Monger; and 19,101 ounces from Deflector, per the filing.The fiscal 2026 gold production reached 336,540 ounces, while total gold sales amounted to 334,901 ounces, the filing said.The company had cash and bullion of AU$842 million with no debt as of June 30.

ASX:VAU
Asia

Vault Minerals' Merger With Regis Resources Progressing Well, Says Euroz Hartleys

Vault Minerals' (ASX:VAU) merger with Regis Resources (ASX:RRL) is seen as likely to complete, with the stock trading broadly in-line with the implied deal value since the May announcement, Euroz Hartleys said in a note on Thursday.Vault Minerals shareholders are expected to vote on the scheme in August or Sept, and the company continues to unanimously recommend the proposal.The gold miner has also closed out its remaining gold hedge position, increasing its exposure to gold price movements and opening doors for potential upside if gold prices remain elevated.The investment firm expects the company to post June quarter group production of 89,000 ounces at an all-in sustaining cost of AU$2,937 per ounce, potentially generating about AU$146 million in earnings.Euroz Hartleys maintained its buy rating but lowered price target to AU$6.80 from AU$7.25, citing a lower spot gold price assumption.

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Research

Barrenjoey Markets Downgrades Vault Minerals to Neutral from Overweight; Price Target is AU$6.25

Vault Minerals (ASX:VAU) has an average rating of buy and mean price target of AU$6.77, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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