Australian gold miners Vault Minerals and Pantoro Gold closed FY25 on a strong final quarter. Vault has reported a standout result in terms of 98,459 ounces of gold, while Pantoro has reported 25,417 ounces. In both instances, production restraint was balanced with cost discipline to deliver gains as the gold price stabilized.
Continuing Momentum: Size and Execution with Vault Minerals
Credit: Proactive Investor
Vault mined 98,459 oz in the June quarter, 13% above the March quarter. It sold nearly all of the product it mined for an realised price of A$4,219 per ounce average. All-in sustaining costs also stayed at A$2,657/oz. Free cash flow increased to around A$92 million, with cash and bullion reserves at A$686 million.
Its multi-mine footprint in King of the Hills, Mount Monger, Leonora and Deflector allowed for consistent grade and tonnage. Leonora had high-grade ore delivery; Santa pit at Mount Monger continued production momentum; and Deflector had consistent tonnes with consistent copper by-product recoveries with higher operating costs gently affecting unit economics for the asset.
Pantoro Gold’s Upside: Lean and Focused.
Image: Phawat/shutterstock.com
Pantoro produced 25,417 oz for the quarter, staying near the top end of its guidance. All-in sustaining cost was excellent at A$1,991/oz. EBITDA was A$80.4 million with cash and gold reserves building to A$175.8 million. The company paid down debt in full for the quarter.
Upsize at Scotia underground at Pantoro yielded around 2,300 metres of waste, ore and capital development—up from around 1,800 metres in the last quarter. Ore tonnes mined were nearly doubled. Princess Royal open pit started contributing mill feed, yielding more high-grade ounces this quarter.
Why This Quarter Matters
Vault’s large size and portfolio flexibility allowed it to hedge against geology-driven cost volatility, and Pantoro showed the route through which lean operations and streamlined delivery are the driver of margin improvement. The two companies both had access to the potential upside in spot price through rolling off hedge positions—Vault rolled some 38% of output into lower-cost contracts, Pantoro rolled off its entire FY25 hedge book.
Vault is now best-positioned in liquidity in second-tier gold, and Pantoro’s debt-free approach gives it maximum optionality into a price rising cycle of gold. Their track record teaches us how Australian producers trade off grade, scale and balance-sheet integrity.
Leading with Human Stories
At Leonora and Kalgoorlie, Vault’s crews controlled geological variability to ensure output consistency. Maintenance was closely aligned with scheduled mill uptime targets, and blending regimes allowed grade control in mixed-ore circuits. At Kings Hill, the process plant continues to bed down efficiency improvements before a planned Stage 2 expansion, with management confident it will support increasing free cash flow in FY26.
For Pantoro, surface and underground crews blended Princess Royal open pit feed at Scotia, substituting lower-margin tonnes with higher-grade tonnes. Mine planners staged to achieve maximum dilution, and operations crews operated on accelerated development schedules while ensuring high levels of safety. That discipline brought more robust margins and debt repayment.
Forward Looking: FY26 Outlook
Source: Proactive Investors
Vault anticipates its processing to grow to 7.5 Mtpa under Stage 2 at King of the Hills in FY27. Assuming grade and volume, the AISC would be likely to skew towards A$2,600/oz or lower. Pantoro has covered FY26 production of 100,000–110,000 oz on unit costs of A$1,950–2,250/oz. Delivery is conditional on normal stope delivery at Scotia and OK, and incremental tonnes from Princess Royal and advancement at Gladstone.
The two operators are also stepping up exploration: Vault is drilling across the Leonora district to provide support for mine life extensions; Pantoro drilled more than 30,000 metres of drilling during Q4 at Scotia and surface targets, with new assays expected in the September quarter.
What Investors Need to Watch
Does Vault deliver throughput and grade consistency milestones at King of the Hills in FY26 ahead of schedule?
Can Pantoro control dilution underground as it unlocks Princess Royal’s potential?
How will the spot gold prices trend—and are these producers able to secure upside now that hedge exposure is minimal?
Will both producers be able to retain capital flexibility, returning more cash back via buybacks or dividends?
Final Word
Vault Minerals and Pantoro Gold’s Q4 results are not just headline numbers—each is half of the bigger success story. Vault’s scale and diversity balance growth against strength, and Pantoro’s low-cost operating base and low AISC profile positions it to thrive in higher-price regimes—and both were rewarded for careful balance-sheet management. They’re starting FY26 with momentum, cash, and scale to expand.
Their performance is a turn of middle-range gold: it’s not just ounces provided—it’s flexibility, it’s resilience, it’s being ready to gain from rising gold prices.
