Vault Minerals' (ASX:VAU) AU$80 million investment to expand the King of the Hills processing facility at its Leonora operations in Western Australia is "pleasingly ahead" of expectations, Euroz Hartleys said in a Dec. 19 note.
The expansion will see the throughput capacity at the facility expand to 6 million tons per annum (mtpa), a 20% increase from fiscal 2024, the financial services firm said.
The investment, which will be internally funded, is set to start in April 2025, with completion and commissioning expected by the September quarter of fiscal 2026, the firm added.
Euroz Hartleys said that the facility is already operating above its nameplate 5 mtpa capacity, but the expansion should smooth production over a longer mine life. It expects the facility to produce more than 200,000 ounces of gold per year over 10 years.
Euroz Hartleys maintained a buy rating and price target of AU$0.55 on Vault Minerals.
Vault Minerals' shares fell almost 1% in recent Tuesday trade.
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