Six cornerstone gold assets spread across Western Australia and New South Wales are underpinning the proposed merger between Regis Resources and Vault Minerals, with the companies positioning the deal as the creation of Australia’s next senior gold producer.
The merger-of-equals, to be implemented through a scheme of arrangement under which Regis will acquire 100 per cent of Vault’s fully paid ordinary shares, will combine five operating hubs in Western Australia with the large-scale McPhillamys development project in New South Wales.
The high-grade Sugar Zone project in Canada – acquired in 2022 by Vault – is a cherry on top of the deal.
The six assets at the centre of the merger include Regis’ Duketon, Tropicana and McPhillamys projects, alongside Vault’s Leonora, Deflector and Mount Monger operations.
The companies said the merger would create Australia’s third largest primary ASX-listed gold producer, with more than six million ounces in ore reserves and over 20 million ounces in mineral resources.
Spanning approximately 2500km², Duketon is transitioning toward becoming a majority underground mining complex while continuing to operate both open pit and underground mines.
The operation comprises two major operating centres. Duketon South Operations includes the 5Mtpa Garden Well processing plant and the 2.5Mtpa Rosemont plant, while Duketon North Operations incorporates the 2.5Mtpa Moolart Well processing facility.
Regis also brings its 30 per cent stake in Tropicana, located on the western edge of the Great Victoria Desert.
The third major Regis asset is McPhillamys in New South Wales, which the company describes as one of the largest undeveloped open pit gold projects in Australia.
Located around 250km west of Sydney in the Blayney-Kings Plains district, McPhillamys hosts mineral resources of 2.26 million ounces at one gram per tonne gold, excluding Discovery Ridge.
The project carries an initial capital cost estimate of $996 million and a life-of-mine all-in sustaining cost of $1580 per ounce, based on the definitive feasibility study.
McPhillamys also has the potential to establish another mining hub in New South Wales with broader regional growth opportunities.
Vault’s contribution to the merger is anchored by the Leonora hub in Western Australia’s Northern Goldfields.
Located on the prolific Yandal Greenstone Belt, Leonora is underpinned by the recently expanded 6Mtpa King of the Hills processing facility, which Vault describes as the dominant processing plant in the region.
The operation currently carries an 18-year ore reserve-backed mine life, with ongoing underground exploration aimed at extending production sources and maintaining established output rates.
The King of the Hills mill expansion is also expected to lift combined group throughput to approximately 24Mtpa following completion during the second half of the 2026–27 financial year.
Further west, Vault’s Deflector operation in WA’s Midwest region comprises the Deflector and Rothsay underground mines feeding the 0.8Mtpa Deflector processing facility.
Vault transitioned Deflector to owner-operated mining in November 2025 and exited the third quarter of FY26 at target manning levels, with the primary underground fleet commissioned.
Rounding out the portfolio is Mount Monger, located about 50km south-east of Kalgoorlie.
The operation includes multiple ore sources feeding a 1.3Mtpa processing facility, with the Santa Open Pit Complex expected to underpin base-load mill feed through to FY34.
Daisy underground ore is expected to supplement open pit production from FY27, while the Rumbles open pit is set to extend mining at Mount Belches through Vault’s established exploration and development strategy.
With a strong balance sheet, approximately $1.9 billion in cash and bullion, and a compelling operating asset base, including the McPhillamys development project and Sugar Zone, the combined company is exceptionally well-positioned to deliver long-term value and become a significant global gold producer.