Vault Minerals Limited
Vault Minerals (formed by the 2024 merger of Red 5 Limited and Silver Lake Resources; REDLF is the OTC ticker for ASX:VAU) operates three gold operations in Western Australia -- Leonora (King of the Hills + Darlot), Mount Monger, and the Deflector region (Deflector + Rothsay) -- plus an advanced gold-production restart project at Sugar Zone in Ontario, Canada. FY26 gold production was 336,540 oz. On 2026-07-14 Vault agreed to merge with Genesis Minerals (ASX: GMD) in an approximately A$12.6 billion deal, not yet completed as of this writing.
Notable vs. Peers
- Financials score of 8.1/10 is stronger than the peer average of 6.5/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Dec 2020 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Jun 2022 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: grid power.
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Primary operations in Western Australia (Tier-1); the Sugar Zone restart project in Ontario, Canada is also Tier-1.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at King of the Hills Gold Mine (Leonora).
Nearby producing mine (20%)9.6/10
Thunderbox (incl. Otto Bore) (Northern Star Resources Ltd) is 26 km away -- within regional-platform range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score:8.5/10
Disclosed pending merger
A disclosed pending acquisition scores 10 and a merger 8.5; any other corporate action, none, or a deal in which the company is the buyer isn't scored.
Weight 26.25% · 35% here - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:7.4/10
Nearest producing mine: Thunderbox (incl. Otto Bore) (Northern Star Resources Ltd), 26 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 30% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 20% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 9% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 6% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer and Managing Director of Vault Minerals Limited since its formation (19 Jun 2024 merger of Red 5 Limited and Silver Lake Resources, where he had been Managing Director since 2014). Mining Engineering graduate of the Western Australian School of Mines with over 40 years of operations and management experience; past Chairman of the WA School of Mines Advisory Board. Earlier career: senior operational/management roles at WMC Resources and Sons of Gwalia Ltd; Managing Director of Mount Gibson Iron Limited (2005-2011); CEO & Managing Director of Reed Resources Ltd (~2011-2014). On 14 Jul 2026 Vault and Genesis Minerals Limited signed a binding scheme implementation deed for Genesis to acquire Vault in an approximately A$12.6bn (pro-forma) transaction; completion is targeted for November 2026 subject to shareholder, Federal Court and ACCC approval.
Chief Financial Officer of Vault Minerals, in the role since the company's introduction to the market following the Red 5/Silver Lake Resources merger (Jun 2024), having joined Silver Lake as CFO in 2023. Chartered Accountant. Career progression: Senior Accountant at BDO Australia; Manager, Finance at Barrick; Group Manager, Finance at Independence Group NL (now IGO Limited); Chief Financial Officer at Tianqi Lithium Energy Australia (to 2023).
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Checked, and the one substantial holding on record does not survive a closer look. Macquarie Group filed as a 5.29% substantial holder on 22 July 2026, then filed again to say it had ceased to be one on 24 July 2026 -- two days later. The notice itself aggregates Macquarie Bank, several Macquarie investment-management entities and stock borrowing and lending positions, which is the signature of securities-lending and prime-brokerage inventory passing through the 5% line rather than anyone buying the company. No producer holds a stake, no specialist resource fund is disclosed, and there are no insider trading records. A 1 means checked and nothing found, not that anything is wrong with the company.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Vault Minerals, formed by the 2024 merger of Red 5 and Silver Lake Resources, operates three gold centres in Western Australia: Leonora (King of the Hills and Darlot), Mount Monger and the Deflector region (Deflector and Rothsay). It is also restarting the Sugar Zone mine in Ontario, Canada, where underground development began in July 2026. Its group statement effective 30 June 2025 reports 8,597,000 oz of gold in measured and indicated resources (1,118,000 oz measured, 7,479,000 oz indicated), inclusive of reserves, plus 3,634,000 oz inferred. FY2026 gold production was 336,540 oz, and group all-in sustaining cost for the June 2026 quarter was US$2,078/oz (AUD 2,968/oz). On 14 July 2026 Vault agreed to merge with Genesis Minerals in a deal valuing the combined group at about A$12.6B; Vault holders are to receive 0.7629 Genesis shares plus A$0.475 in cash per share, and completion is expected by November 2026.