Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi Team - for Saturday! Another year of fantastic insights and information - thank you. Two questions - just wondering what you latest thoughts on Vault Minerals are now that it is "materially unhedged" and it is also seen as a takeover target by GMD. Also, with IGL changing its dividend policy do you see the company maintaining its dividend at its current levels or is there a risk of reduced dividends? Thank you Steve
Hi Steve,
Many thanks for the feedback, makes the long days’ worth it!
Vault Minerals (VAU) and Genesis Minerals (GMD) both look good in the short term with new highs our preferred scenario, at least 8-10% further upside. In terms of it being “materially unhedged” they have settled and closed all their gold forward sales contracts for the second half of FY26 early, meaning it will receive full spot gold pricing on that production rather than selling at pre-set forward prices. It still has a small percentage of its 2027 production hedged:
In terms of being a target of GMD, some analysts and investors have speculated that VAU could be a takeover target for GMD, given their geographic proximity and complementary assets in the Leonora gold district in Western Australia. However, GMD leadership has publicly denied that a takeover bid is in the works, saying they are focusing on organic growth rather than M&A right now.
In terms of IVE Group (IGL), we expect them to maintain a 9.5c interim dividend and an 8.5c final dividend, putting them on a yield of 6.4% over the next 12-months – we see no reason to doubt they can achieve this.
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