Vault Minerals Limited (ASX: VAU) has lodged its fully certified Closure Plan Amendment with Ontario’s Ministry of Energy and Mines. That single document now sits at the centre of everything the Company has been building toward since it suspended mining in 2023.
Figure 1: Sugar Zone site overview aerial photograph [Courtesy: Vault Minerals]
The submission did not happen in a vacuum. It follows an exhaustive technical review and a completed round of consultation with First Nations communities. Both boxes now have ticks. The regulatory clock has officially started.
The Permit That Started the Clock
The Ontario Ministry of Energy and Mines formally invited Vault to submit the Closure Plan Amendment. The Company did exactly that. The amendment specifically covers the proposed Southern Tailings Management Facility, a new tailings solution that sits at the heart of the restart plan.
The Closure Plan Amendment will sit on the Environmental Registry of Ontario for up to 45 days. That is the standard process for information purposes before formal filing. Alongside this, the Company has also received a draft Sewage Environmental Compliance Approval from the Ministry of Environment, Conservation and Parks for the operation of the Southern Tailings Management Facility.
First Nations Support on Record
Netmizaaggamig Nishnaabeg Chief Clyde Jacobs put the community’s position clearly on the record. He stated: “NN welcomes the completion of the Ministry’s technical review and supports the submission of the Sugar Zone Closure Plan Amendment as an important milestone toward the planned restart of operations.”
He added that Netmizaaggamig Nishnaabeg “is a strong voice who advocated for responsible development at Sugar Zone from the outset and appreciates Vault’s continued commitment to a respectful and mutually beneficial relationship grounded in environmental stewardship, meaningful employment and procurement opportunities, and long-term shared benefits on NN’s traditional lands.”
That kind of explicit community support is not a formality. For projects in Aboriginal title territory, it is foundational.
What Vault Minerals Has Been Doing Since 2023
Operations at Sugar Zone were suspended in Aug 2023. Rather than sit idle, Vault Minerals used that period to run one of the most active drill programs the site has seen.
Figure 2: Sugar Zone Ore Reserve design relative to Indicated Mineral Resource boundary and exploration results [Courtesy: Vault Minerals]
The Company completed approximately 114,000 metres of drilling. That work produced an Ore Reserve of 2.3 million metric tons at 5.4 grams per tonne for 389,000 ounces of gold. It also added a third mining front at Sugar Zone South, a zone that has now moved all the way through the exploration pipeline into the Ore Reserve and the mine plan.
A Resource That Keeps Growing
The broader Mineral Resource stands at 4.8 million metric tons at 8.0 grams per tonne for 1.23 million ounces. All three lodes within the Ore Reserve remain open in multiple directions. The Company expects life of mine extensions as drilling density improves, particularly once in-mine exploration resumes after restart.
The Ore Reserve currently supports an average annual production profile of approximately 50,000 ounces over a seven-year life of mine.
Table 1: Sugar Zone Underground Mineral Resource Estimation: 30 June 2025
| Deposit | Indicated | Inferred | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Tonnes (Mt) | Grade (g/t) | Ounces (koz) | Tonnes (Mt) | Grade (g/t) | Ounces (koz) | Tonnes (Mt) | Grade (g/t) | Ounces (koz) | |
| Sugar Zone | 2.9 | 8.5 | 789 | 1.9 | 7.3 | 440 | 4.8 | 8.0 | 1,229 |
| Total Sugar Zone | 2.9 | 8.5 | 789 | 1.9 | 7.3 | 440 | 4.8 | 8.0 | 1,229 |
Table 2: Sugar Zone Underground Ore Reserve Estimation: 30 June 2025
| Deposit | Proved | Probable | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Tonnes (Mt) | Grade (g/t) | Ounces (koz) | Tonnes (Mt) | Grade (g/t) | Ounces (koz) | Tonnes (Mt) | Grade (g/t) | Ounces (koz) | |
| Sugar Zone | — | — | — | 2.3 | 5.4 | 389 | 2.3 | 5.4 | 389 |
| Total Sugar Zone | — | — | — | 2.3 | 5.4 | 389 | 2.3 | 5.4 | 389 |
Figure 3: Surface stripping along the southern Sugar Zone mine corridor [Courtesy: Vault Minerals]
The 2026 summer exploration program is already underway. Approximately 850 metres of surface stripping has been completed along the southern Sugar Zone mine corridor. Work is focused on delineating additional high-grade shoots between the existing Sugar Zone mine and the Lynx Zone, with high-priority drill targets expected later in the year.
Infrastructure Ready, Team Being Built
Vault Minerals has not waited for permits before getting the site ready. The Company completed a comprehensive infrastructure refurbishment program covering underground mine services, surface compressors, pump stations, mine water delivery, fuel bays, and personnel facilities.
Figure 4: New indoor and insulated stores and workshops [Courtesy: Vault Minerals]
Processing infrastructure has also been upgraded. A new two-stage crushing circuit was commissioned in Aug 2022. A new mill workshop was constructed. Water treatment facilities were improved. The current restart plan targets a processing rate of approximately 320,000 metric tons per annum, consistent with planned mining rates.
How the Restart Will Play Out
Mining at Sugar Zone will not be starting from scratch. The groundwork is largely done. Here is how the operational sequence is expected to unfold:
- Mining will use conventional top-down long-hole open stoping methods without consolidated fill. This is a proven approach for the deposit geometry at Sugar Zone
- A new underground mining fleet purchased in 2023 will be deployed from day one, removing the need for fleet procurement ahead of restart
- The initial development-only phase runs for approximately nine to twelve months before stoping begins, establishing access across multiple mining levels
- The Sugar Zone operation holds permits for processing throughput of up to 550,000 metric tons per annum, well above the current restart baseline of approximately 320,000 metric tons per annum
- The recently installed crushing circuit carries 74% latent capacity above that baseline, meaning throughput expansion later does not require significant additional capital
- From Jan 2022 to Aug 2023, the operation processed 453,480 metric tons of ore at an average grade of 5.16 grams per tonne, achieving a combined gravity and flotation gold recovery of 94.8%
- Metallurgical test work on recent drill core confirms those recovery rates are expected to hold following restart
Figure 5: New crusher footings in place and inside of new mill maintenance workshop [Courtesy: Vault Minerals]
The Tailings Facility Timeline
The proposed Southern Tailings Management Facility will be the sole tailings repository for the life of the Ore Reserve. Vegetation clearing and logging at the site are complete. Construction during the 2026 Canadian summer season will cover earthworks, drainage systems, access infrastructure, and non-contact water diversion channels.
Figure 6: Tree clearing for the Southern Tailings Management Facility completed [Courtesy: Vault Minerals]
Primary dam construction and pipeline installation are scheduled for the 2027 Canadian summer season. Dam construction and preparation of materials is estimated at C$20 million (A$20.2 million).
VAU ASX Share Price Today
- Last Price: A$4.025 per share
- Market Capitalisation: A$3.97 billion
- 52-week range: A$2.340 and A$6.300 per share
Figure 7: Vault Minerals Limited (ASX: VAU) share price performance [Courtesy: ASX]
Shares were up approximately 6.8% on 12 Jun 2026 following the ASX announcement on the Sugar Zone permit submission.
Gold Sector Outlook
Global gold prices remain at elevated levels, supported by central bank accumulation, geopolitical uncertainty, and inflation hedging demand. High-grade underground gold operations in stable jurisdictions continue to attract strong investor interest.
Ontario’s established mining regulatory framework and the presence of skilled labour and infrastructure make Sugar Zone a well-positioned asset in this environment. The gold sector has seen renewed attention as producers seek to replace depleting reserves with quality, low-risk assets.
Gold Price Performance (USD per oz): 12 Jun 2026
| Period | Change (US$) | Change (%) |
|---|---|---|
| Today | +98.57 | +2.41% |
| 30 Days | -579.34 | -12.39% |
| 6 Months | -207.87 | -4.83% |
| 1 Year | +664.56 | +19.36% |
| 5 Years | +2,224.18 | +118.70% |
| 20 Years | +3,514.58 | +602.39% |
Future Direction and Impact on Investors and the Gold Sector
The Closure Plan Amendment submission puts the Sugar Zone restart on a defined regulatory timeline. Subject to timely filing following the 45-day registry period, construction of the Southern Tailings Management Facility is planned to begin during the 2026 Canadian summer.
Underground development is targeted to recommence in Q1 FY27. Processing and gold production are expected to restart in Q1 FY28. With a seven-year mine life, approximately 50,000 ounces of annual production, and resource upside that remains open in multiple directions, Vault Minerals is moving from a development story toward an operational one.
For investors watching the Vault Minerals ASX 2026 and the mining sector market, this is a Company that spent its downtime drilling, upgrading, and consulting, rather than stalling. The next milestones, filing of the Closure Plan Amendment and commencement of construction, will be closely watched.
FAQ
Q1. What is the Sugar Zone Closure Plan Amendment?
Ans. It is a regulatory document submitted to Ontario’s Ministry of Energy and Mines that covers the proposed Southern Tailings Management Facility. It is required before operations can restart.
Q2. When does Vault Minerals plan to restart gold production?
Ans. Underground development is planned for Q1 FY27, with gold production expected to recommence in Q1 FY28.
Q3. What is the current Ore Reserve at Sugar Zone?
Ans. The Ore Reserve stands at 2.3 million metric tons at 5.4 grams per tonne for 389,000 ounces of gold, supporting approximately 50,000 ounces of annual production over a seven year mine life.
Q4. Did First Nations communities support the permit submission?
Ans. Yes. Netmizaaggamig Nishnaabeg Chief Clyde Jacobs formally supported the submission, citing the community’s advocacy for responsible development and its ongoing relationship with Vault Minerals.
Disclaimer
This article is meant only for informational purposes. If you are an investor who is watching Vault Minerals closely, all the data published in the content is sourced from ASX announcements and external sources. Kindly verify all the information related to the share price and market data. Any investment should be made at the investor’s own risk. Colitco does not hold any position in the above-mentioned company.
Source
- https://www.fool.com.au/2026/06/12/guess-which-4-billion-asx-200-gold-stock-is-rocketing-today-on-big-canadian-news/
- https://www.asx.com.au/markets/company/VAU
- https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03099466-6A1329191&v=undefined
- https://goldprice.org/gold-price-usa.html
Luke Carlino is a seasoned Copywriter, Content Strategist, and Social Media Manager specialising in Mining, Finance, and Business journalism. With more than a decade of industry experience, he brings rigorous editorial standards and commercial acuity to every project.
