Regis Resources Ltd. and Vault Minerals Ltd. have agreed to merge, creating Australia’s third-largest ASX-listed gold producer.
The merger-of-equals will be conducted via a Vault scheme of arrangement, under which Regis will acquire 100 per cent of the share in Vault.
Under the terms of the deal, Vault shareholders will receive 0.6947 Regis shares for every Vault share held, leaving Regis shareholders with a 51 per cent stake and Vault shareholders with 49 per cent of the new company.
The merger unites five high-quality operating hubs across Western Australia and Canada, including the cornerstone Tropicana and Leonora assets.
The combined company will have a market capitalisation of AU$10.7 billion and is projected to produce more than 700,000 ounces of gold per annum, supported by a massive mineral endowment of 20.5 million ounces in resources and 6 million ounces in ore reserves.
Regis Managing Director and CEO Jim Beyer, who will lead the new entity, described the deal as a transformative step for both companies.
“This merger creates Australia’s third largest primary ASX-listed gold producer, which demands global recognition.
“The combined company is exceptionally well-positioned to deliver long-term value and enhanced capital returns for our shareholders.”
The combined group enters the market with significant fire-power, generating an estimated AU$1.7 billion in annualised free cash flow.
This financial strength is expected to provide the internal funding necessary to fast-track a high-priority project pipeline, including the McPhillamys development in New South Wales and the Sugar Zone project in Canada.
Vault Managing Director Luke Tonkin noted that the transaction allows shareholders to retain meaningful ownership in a more resilient, diversified company. He added that Vault brings high-quality assets and a strong financial position to the merger.
“By combining these strengths with Regis’ proven operational and exploration capability, the merged company is better positioned to deliver sustained production, enhanced reserve replacement and long-term value creation across gold price cycles.
“Shareholders benefit from greater durability, capital optionality, and relevance in global gold markets without sacrificing discipline or quality.”
The new board will feature equal representation, with four directors from each company. Russell Clark will serve as non-executive Chairman, while Jim Beyer continues as Managing Director and CEO.
The merger is subject to approval by Vault shareholders and the court, with a scheme meeting expected in August or September 2026. Vault’s board of directors have unanimously recommended that shareholders vote in favour of the scheme.
If approved, the implementation is slated for completion by August or September.
