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Euroz Hartleys @EurozHartleys on x 2456 followers
Created: 2025-07-18 01:28:17 UTC
Vault Minerals $VAU generated A$92m FCF in JunQ (would’ve been A$187m if it wasn't for the hedge). VAU now has $686m cash (no debt). The market will start to look through the hedges as they roll off, with the worst of it in the next 6months, going from costing them A$76m/Q in SepQ’25 and DecQ’25 to A$52m/Q in the MarQ’26 JunQ’26 (assuming A$5,000/oz), before becoming a rounding error post that. We have seen with RRL, that rolling off of hedges and replacing with free cash flow generation can lead to a re-rate.
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Related Topics $5000oz $52mq $76mq debt $686m $187m $92m generated