KOTH UPGRADE ENTERS FINAL COMMISSIONING PHASE

Stage 1 plant upgrade on track as Vault prepares for first ore through new crusher

Vault Minerals Limited (ASX:VAU) has commenced commissioning of its Stage 1 plant upgrade at the King of the Hills (KoTH) operation, with the project progressing on time and within budget.

The upgrade is designed to lift plant throughput capacity to approximately 6.0Mtpa and has now entered its final stages, with several key infrastructure components completed and operational.

Major milestones achieved include the installation of a new primary crusher and completion of a conveyor belt extension linking the new crushing circuit to the existing plant. First ore is expected to be processed through the new crusher on 31 March 2026. The previous crusher was taken offline on 24 March, with around 90,000 tonnes of crushed ore stockpiled to ապահով uninterrupted mill feed during commissioning.

Wet plant upgrades have also been successfully integrated, including four additional CIL tanks, a larger regeneration kiln and a new tailings booster pump, all of which are reported to be performing well.

The Stage 1 power station upgrade is complete, highlighted by the commissioning of two additional gas-fired generators. The KoTH power station operates under a three-year gas supply agreement at a CPI-linked fixed price, which began in January 2026.

Looking ahead, Stage 2 of the upgrade remains on schedule for completion and tie-in during Q2 FY27. This next phase is expected to further increase plant capacity to between 7.5Mtpa and 8.0Mtpa in the second half of FY27.

Overall, the upgrade is forecast to boost throughput capacity by around 50% at a capital intensity of approximately $57 per tonne of increased annual throughput.

As at 28 February 2026, KoTH stockpiles stood at roughly 15 million tonnes, containing an estimated 180,000 ounces of gold. These stockpiles are positioned adjacent to the processing facility, providing operational flexibility and supporting consistent mill feed amid potential supply disruptions linked to geopolitical tensions.