Regis and Vault to Merge, Creating Major New Australian Gold Producer

5 May 2026 | Perth, WA - Regis Resources Limited (ASX:RRL) and Vault Minerals Limited (ASX:VAU) have announced plans to merge, creating what the companies describe as Australia’s next major gold producer.

The proposed merger will be completed through a Vault scheme of arrangement, with Regis to acquire 100% of Vault’s fully paid ordinary shares. Under the proposed transaction, Vault shareholders will receive 0.6947 new Regis shares for each Vault share held.

If implemented, Regis shareholders are expected to own approximately 51% of the combined company, with Vault shareholders holding approximately 49%.

The merged group is expected to produce more than 700,000 ounces of gold per annum from a diversified portfolio of operating assets, including five high-quality operating hubs across Western Australia. The companies also reported a combined mineral endowment of 6.0 million ounces in Ore Reserves and 20.5 million ounces in Mineral Resources.

The transaction would create a larger, debt-free gold business with a pro forma market capitalisation of approximately A$10.7 billion, along with around A$1.9 billion in pro forma cash and bullion and no drawn debt.

Why it matters: The merger further highlights the strength of the Australian gold sector, particularly in Western Australia, where established producers are seeking scale, operational flexibility and stronger balance sheets. A larger combined group may also support future investment in mine life extensions, processing capacity, exploration and development projects.

The companies said the combined business would benefit from increased scale, a stronger balance sheet, greater market relevance and potential cost efficiencies. The enlarged group will also hold significant processing infrastructure, with approximately 22.3Mtpa of milling capacity across nine mills, increasing to approximately 24.3Mtpa following the expected King of the Hills mill expansion.

Regis Managing Director and CEO Jim Beyer said the merger would create Australia’s third largest primary ASX-listed gold producer, with production expected to exceed 700,000 ounces annually.

Vault Managing Director and CEO Luke Tonkin said the transaction would give Vault shareholders exposure to a larger and more resilient gold company, while retaining meaningful ownership in the merged group.

If the scheme proceeds, the combined company will be led by Jim Beyer as Managing Director and Chief Executive Officer, with Russell Clark to become Non-Executive Chairman. The board will comprise eight directors, with four appointed from each of the current Regis and Vault boards.

The scheme remains subject to Vault shareholder approval, Court approval, regulatory approvals, an independent expert concluding that the scheme is in the best interests of Vault shareholders, and other customary conditions.

An indicative timetable has the scheme booklet being dispatched to Vault shareholders in July or August 2026, with the scheme meeting and implementation targeted for August or September 2026.

Source: Regis Resources and Vault Minerals ASX announcement, 5 May 2026.