Regis, Vault Ink US$7.7 Billion Merger to Create Australia's Third Top Gold Miner

Australian gold miner Regis Resources (ASX:RRL,OTCPL:RGRNF) has agreed to acquire Vault Minerals (ASX:VAU,OTCPL:REDLF) in an all-share transaction valuing the combined entity at US$7.7 billion.

The deal will establish Australia’s third largest primary gold producer, merging two portfolios into a single operational base spanning multiple hubs across Western Australia, New South Wales and Ontario, Canada.

Regis brings its Duketon complex in Western Australia, which produced 233,000 ounces of gold in the 2025 fiscal year.

The company also contributes a 30 percent stake in the Tropicana joint venture, located on the western edge of the Great Victoria Desert. Regis' share of 2025 gold output was 140,000 ounces.

Meanwhile, Vault adds its cornerstone Leonora hub in Western Australia, alongside the Mount Monger and Deflector operations. In total, the company achieved gold production of 380,985 ounces for its 2025 fiscal year.

Vault also brings the Canadian Sugar Zone project in Ontario, where measured, indicated and inferred resources total 4.83 million tonnes grading 8.2 grams per tonne for 1.28 million ounces of gold.

Production at Sugar Zone is slated to restart by the 2028 fiscal year, pending permitting for a new tailings facility.

The new Regis will hold 6 million ounces in ore reserves and 20.5 million ounces in mineral resources.

The combined company will operate with extensive processing infrastructure, boasting approximately 22.3 million tonnes per year of milling capacity across nine plants. That capacity is projected to rise to 24.3 million tonnes following expansions at the Leonora hub's King of the Hills, expected in the second fiscal quarter of 2027.

Future output will be further supported by advanced development assets, primarily the McPhillamys open-pit project in New South Wales, which holds 2.7 million ounces in resources.

By combining assets, the enlarged Regis will overtake Evolution Mining (ASX:EVN,OTCPL:CAHPF) in market cap on the ASX, creating a senior global producer capable of generating more than 700,000 ounces of gold annually.

Under the terms of the scheme of arrangement, Vault shareholders will receive 0.6947 new fully paid ordinary shares of Regis for each share held. Upon targeted completion in August or September, Regis shareholders will control approximately 51 percent of the combined group, with Vault investors holding the remaining 49 percent.

Following the announcement, Regis shares closed down 5.86 percent on Tuesday (May 5) at AU$6.75. Meanwhile, Vault's share price gained 3 percent to settle at AU$4.64.

The combined company will retain the Regis name, remain headquartered in Perth and feature an evenly split board. Current Regis CEO Jim Beyer will lead the enlarged entity, with Russell Clark serving as non-executive chair.

The Regis-Vault tie up is the latest in a rapid succession of industry consolidations.

As mid-tier producers race to secure scale and lower costs of capital, the market has recently absorbed Northern Star Resources' (ASX:NST,OTCPL:NESRF) buyout of De Grey Mining, completed in May 2025, and Gold Fields' (NYSE:GFI) October 2025 acquisition of Gold Road Resources, among other notable transactions.

Industry analysts expect the aggressive pace of dealmaking to persist as long as commodity prices remain elevated.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.