Australia's Vault Minerals' FY26 outlook softer than expected, says Macquarie

Vault Minerals

23/09/2025 01:16

** Macquarie says Vault Minerals' VAU.AX FY26 production at 346koz (midpoint) is 5% lower than both its estimates and Visible Alpha anticipated

** Intermediate gold producer forecast on Monday FY26 gold production range of 332,000 to 360,000 ounces

** Says VAU's AISC estimate for FY26 of A$2,750/oz (midpoint) was ~4% higher than its estimate and VA's but in line with the quantum of the lower production guidance

** VAU's FY26 guidance leads brokerage to cut EPS estimate by 15% while the softer FY27/28 production outlook leads to a 27% and 34% cut in EPS, respectively

** Life extensions, largely at Mount Moger operations, lead to increase in EPS estimates of 6%, 30% and 88% in FY29, FY30 and FY31, respectively, says Macquarie

** Macquarie retains "outperform" rating and PT at A$0.65/share

** VAU down 2.9%, YTD gains at 103%

(Reporting by Sherin Sunny in Bengaluru)

((Sherin.Sunny@thomsonreuters.com))