Genesis Minerals Delivers Superior Proposal to Merge with Vault

6 July 2026 | Western Australia - Genesis Minerals has delivered a binding proposal to merge with Vault Minerals, in a move that could create one of Australia’s largest gold producers.

Under the proposed scheme of arrangement, Vault shareholders would receive 0.7629 new Genesis shares plus A$0.475 in cash for each Vault share held. Based on Genesis’ closing share price on 3 July 2026, the offer implies total consideration of A$5.27 per Vault share, valuing Vault at approximately A$5.6 billion.

If completed, Genesis shareholders would own approximately 59.8% of the enlarged group, with Vault shareholders owning the remaining 40.2% on a fully diluted basis.

Genesis said the combined group would have a pro-forma market capitalisation of approximately A$12.6 billion, annual gold production of 600,000 to 700,000 ounces, pro-forma Mineral Resources of 33.6Moz and pro-forma Ore Reserves of 9.4Moz.

The company also said the enlarged Genesis Group would hold approximately A$611 million in pro-forma net cash, supporting growth initiatives and potential shareholder returns.

Genesis said Vault’s board has unanimously determined that the proposal constitutes a “Vault Superior Proposal” under Vault’s existing Scheme Implementation Deed with Regis Resources.

Why it matters: The proposed merger would create a major Western Australian gold producer with dominant exposure to the Leonora-Laverton gold district, one of Australia’s most important gold regions.

Genesis said the combined group would have dominant production status in the +85Moz Leonora-Laverton district, with 100% ownership and control of all operating assets. The company estimates the combined group could produce 400,000 to 500,000 ounces per year from the Leonora-Laverton region alone.

Genesis has also estimated potential post-tax synergies of approximately A$2.0 billion, including around A$1.5 billion over ten years that it says would be unique to a Genesis and Vault combination.

A key part of the rationale is the proximity of the companies’ assets. Genesis said its Tower Hill project is located within about 35km of Vault’s King of the Hills operation, creating potential processing and capital savings. Genesis said Tower Hill ore could potentially be processed through the King of the Hills mill, avoiding the need to build a new Tower Hill mill and expand the Laverton mill.

The company also highlighted potential benefits from processing Genesis ore through the lower-cost King of the Hills mill, unlocking free-milling ore from Genesis’ Bardoc assets through the Mt Monger mill, and reducing open pit mining costs through shared owner-operator mining capability.

The proposal remains subject to a matching rights process. Regis Resources has a five-business-day matching period under its existing agreement with Vault, which expires at 11:59pm AWST on Friday 10 July 2026. Until that process is complete, Genesis and Vault cannot enter into the Genesis Scheme Implementation Deed.

If the Genesis proposal proceeds, the enlarged group would continue to be led by Genesis’ senior management team, with Raleigh Finlayson proposed as Managing Director, Matt Nixon as Chief Executive Officer and Morgan Ball as Chief Financial Officer.

For Western Australia’s gold sector, the proposal highlights ongoing consolidation among major producers, particularly around large-scale, long-life gold districts where processing infrastructure, mine planning and regional exploration can create significant strategic value.

Source: Genesis Minerals ASX announcement, “Genesis Delivers Superior Proposal to Vault”, 6 July 2026.