Genesis Minerals on 6 July delivered a binding A$5.6bn cash-and-share proposal for Vault Minerals that Vault's board ruled superior to its agreed all-share merger with Regis Resources.
Why Genesis Minerals Limited is buying Vault Minerals Limited
Genesis estimates about A$2.0bn of post-tax synergies over ten years, including about A$1.5bn unique to the pairing because their Leonora operations sit within 35km of each other, such as processing Tower Hill ore through the King of the Hills mill. The enlarged group would have a pro-forma market value of about A$12.6bn, 600-700koz of annual production and A$611m of pro-forma net cash.
“This transaction represents a truly logical combination of assets to create the third largest Australian gold producer”
Deal terms and financing
Vault shareholders receive 0.7629 new Genesis shares and A$0.475 in cash per share, implying A$5.274 per share based on Genesis' 3 July close. Genesis holders would own about 59.8% of the merged group and Vault holders 40.2%. Regis said on 13 July it would not match, and the companies signed a scheme implementation deed on 14 July; Vault's termination of the Regis deed made a break fee of about A$50.7m payable to Regis.
Regulatory approvals and timing
The ACCC determined in August that the scheme did not need to be notified. On 5 October the Supreme Court of Western Australia convened the scheme meeting for 11 November 2026, and the scheme also requires an independent expert's support and final court approval.
Market context
The bid capped a contest for Vault, which had agreed an all-share merger with Regis on 4 May 2026. Russell Clark is to be non-executive chairman of the merged group, with Genesis' Raleigh Finlayson as managing director.
