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VAU - Vault Minerals

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From Market Matters morning report
Not Held

Vault Minerals (VAU) 39.5c​

Vault Minerals (VAU) is Red 5 (RED) reincarnated on the ASX; it’s the same $2.7bn gold producer and explorer based in WA. In August, the company’s FY24 results were solid, but the stock has lagged its peers through 2024:
  • Revenue of $620mn flowed through to an underlying profit of $48.5mn, and for FY25, guidance is 390-430K oz at an AISC of A$2,250-2,540.
The company has transitioned after Red5 (RED) merged with Silver Lake Resources (SLR) to become a larger entity that should benefit from scale; VAU has a stronger balance sheet and is expected to enjoy cost savings and improved mining rates. Over the coming years, we can see more M&A activity in the gold space. We hold VAU in our Emerging Companies Portfolio.
  • We like VAU and can see some performance catch-up over the coming months.
MM is cautiously bullish VAU

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Vault Minerals (VAU)
LAST UPDATED 01/11/2024 09:00
 
Nov 24 update: Still waiting for the market to notice this one. Unless it knows and doesn't care.

Price continues to be weaker than the gold miners ETF - GDX. There is a minor and very recent indication that VAU is gaining support as it hasn't made a new low like GDX. (Note: The recent weakness in GDX may be due to the large cap NEM's poor recent performance.)

New CEO has done the roadshow, now needs to kick VAU's production up a gear.

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Looks like another to bank next year.
 
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