Vault Minerals Limited (ASX:VAU), an Australian-based intermediate gold producer and explorer founded in 1995 and headquartered in South Perth, Western Australia, engages in the exploration, mine development, mine operations, and sale of gold bullion and gold/copper concentrate primarily in Australia and Canada. The company operates through four key segments: Leonora Operations encompassing the King of the Hills and Darlot gold mines; Mount Monger Operation producing gold bullion; Deflector Region including Deflector and Rothsay operations generating gold bullion and gold-copper concentrate; and Sugar Zone Operation in Ontario focused on gold bullion and concentrate production. Its diversified portfolio spans the Goldfields and Midwest regions of Western Australia as well as Ontario, Canada, targeting gold and copper mineralization with established infrastructure supporting organic growth opportunities through exploration, optimization, and mine life extensions. Originally known as Red 5 Limited until its name change to Vault Minerals Limited in September 2024, the company announced in November 2025 a transition to an owner-operator model at the King of the Hills open-pit mine starting in 2027 following a May 2025 increase in ore reserves that extended mine life to 13 years and supported stockpiles for additional mill feed; this shift includes deployment of a larger mining fleet with 260-tonne and 360-tonne excavators, 190-tonne haul trucks, and ancillary equipment, alongside retention of contract drill and blast services, with deposits for long-lead items planned for Q2 2026 and an A$80 million expansion of the KoTH processing facility earlier in 2025.