• New primary crusher installation complete
• Conveyor belt extension to tie in the new crushing facility with the existing plant is complete
• Tie in of the wet plant upgrades including four additional CIL tanks, a larger regeneration kiln and new tailings booster pump is complete

Vault Minerals Limited (ASX: VAU) has provided an update on the progress of the King of the Hills ('KoTH') plant upgrade. Stage 1 of the plant upgrade project, to increase plant throughput capacity to ~6.0mtpa, has progressed on time and budget and is now in the final stages of commissioning. The new primary crusher installation is complete, and the conveyor belt extension to tie in the new crushing facility with the existing plant is also complete. The first ore is expected to be fed to the new crusher on 31 March 2026. The existing crusher was taken offline on 24 March, with crushed stocks of ~90,000 tonnes on the ground which are expected to provide uninterrupted mill feed prior to crusher ore commissioning. The tie-in of the wet plant upgrades, including four additional CIL tanks, a larger regeneration kiln, and a new tailings booster pump, is complete and performing well. The Stage 1 power station upgrade is also complete, with the commissioning of two additional gas-fired gensets. Stage 2 of the upgrade, which will deliver increased plant capacity of 7.5-8.0 Mtpa throughout H2 FY27, is progressing on time and budget. The plant upgrade will increase throughput capacity by ~50% at a highly competitive capital intensity of $57 per tonne of increased annual throughput capacity. Vault had stockpiles of ~15mt at KoTH containing ~180,000 ounces as of 28 February 2026, providing significant operational flexibility.

The plant upgrade will increase throughput capacity by ~50% to ~6.0mtpa in Stage 1 and 7.5-8.0 Mtpa in Stage 2 throughout H2 FY27.