Vault Minerals Closes First Full Year Post-Merger
Vault Minerals completed its first full financial year following the June 2024 merger between Silver Lake Resources and Red 5. The company reported gold sales of 95,974 ounces during the June 2025 quarter, bringing its total FY25 sales to 385,230 ounces.
This figure falls slightly short of Vault’s FY25 guidance range of 390,000 to 410,000 ounces. The company maintained all-in sustaining costs (AISC) between $2250 and $2450 per ounce. Leonora sold 193,817 ounces in FY25, while Deflector contributed 108,526 ounces and 492 tonnes of copper. Mount Monger added 82,887 ounces.
Vault stated it had invested in infrastructure upgrades during FY25. These included new open pits at Mount Monger, upgrades to the Leonora processing plant and new development work at Deflector. Vault ended the quarter with $685.9 million in cash and bullion and carried no debt.
Vault Minerals ended the quarter with $685.9 million in cash and bullion
Capricorn Metals Hits Guidance Upper Range
Capricorn Metals reported June quarter gold production of 32,216 ounces, slightly up from the previous quarter. The figure brought Capricorn’s FY25 gold output to 117,076 ounces, reaching the upper end of its guidance range of 110,000 to 120,000 ounces.
The company said FY25 production aligned with budget targets. Mining productivity supported consistent quarterly growth. The Karlawinda mining fleet met expansion project milestones ahead of schedule, mitigating transition risks.
Capricorn extended its mining agreement with MACA for five more years at Karlawinda. It also appointed MACA as preferred mining contractor for the Mt Gibson project. Capricorn reported strong development progress at both sites. Mt Gibson’s accommodation village was complete and in the construction phase.
Process plant design at Mt Gibson was 55 per cent complete, with layouts finalised and key equipment like ball mills and crushers secured. Karlawinda’s 120-room camp expansion neared completion, while its process plant design reached 60 per cent completion.
Capricorn closed the quarter with $356.4 million in cash and gold holdings.
Capricorn Metals closed the quarter with $356.4 million in cash and gold holdings
Black Cat Syndicate Reports Strong Growth
Black Cat Syndicate processed 12,900 ounces of gold in the June quarter at its Lakewood facility. The site underwent nine days of planned shutdowns in May and June.
The company processed 5200 ounces under tolling agreements and generated 7700 ounces from its own operations. Black Cat produced 17,300 ounces from Kal East and 4400 ounces from Paulsens. This brought total quarterly output to 21,700 ounces.
Paulsens recorded a 23 per cent increase from the previous quarter. Black Cat cited improvements in its stoping and development ore ratio. The company expects this trend to continue into the September quarter.
Kal East’s Myhree pit turned cashflow positive in May. Fingals, Majestic and Trojan pits advanced ahead of schedule and are due for completion in October. Black Cat closed the quarter with approximately $55 million in cash and bullion.
The company forecast September quarter recovery of between 19,000 and 23,000 ounces. These projections suggest continued momentum for Black Cat’s operations.
Black Cat Syndicate closed the quarter with approximately $55 million in cash and bullion
Outlook for Gold Producers Remains Positive
The June quarter results from Vault Minerals, Capricorn Metals and Black Cat Syndicate demonstrate ongoing strength across Western Australia’s gold sector. While Vault missed guidance by a narrow margin, its infrastructure investment indicates a forward-looking strategy. Capricorn exceeded expectations, completing the year with strong output and project progress.
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Black Cat marked a productive quarter with growing performance from Paulsens and solid throughput at Lakewood. Kal East’s open pits continued to generate results, positioning the company for a robust second half.
Each company reported healthy financial positions, with Vault and Capricorn maintaining cash balances above $350 million. Black Cat, though smaller, retained sufficient liquidity to advance its production goals.
The combined production and development updates underscore the resilience of Australia’s mid-tier gold producers. FY26 will test how well they convert capital investment into growth. But the June quarter data points to a promising outlook driven by disciplined operations and strategic expansion.
