Australian gold miner Regis Resources (ASX: RRL, OTCPL: RGRNF) has agreed to acquire Vault Minerals (ASX: VAU, OTCPL: REDLF). all-share transaction evaluating the combined entity US$7.7 billion.
The deal will create Australia’s third-largest primary gold producer, merging the two portfolios into a single operating base spanning multiple centers in Western Australia, New South Wales and Ontario, Canada.
Regis brings its Duketon complex in Western Australia, which is expected to produce 233,000 ounces of gold in the 2025 financial 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 production was 140,000 ounces.
Meanwhile, Vault has added Mount Monger and Deflector operations as well as its cornerstone Leonora hub in Western Australia. Overall the company achieved 380,985 ounces of gold production For its 2025 financial year.
Walt also brings the Canadian Sugar Zone project in Ontario, where total resources of 4.83 million tonnes grading 8.2 grams per tonne for 1.28 million ounces of gold have been measured, demonstrated and inferred.
Production at the Chinese field is expected to restart by fiscal 2028, pending permitting for a new tailings facility.
The new Regis will have 6 million ounces of ore reserves and 20.5 million ounces of mineral resources.
The combined company will operate with extensive processing infrastructure, with a milling capacity of approximately 22.3 million tonnes per annum across nine plants. This capacity is estimated to increase to 24.3 million tonnes following the expansion of the Leonora hub at King of the Hills, expected in the second financial quarter of 2027.
Future production will be supported by advanced development assets, primarily the McPhillimays open-pit project in New South Wales, which has a resource of 2.7 million ounces.
By combining the assets, the expanded Regis will overtake Evolution Mining (ASX:EVN, OTCPL:CAHPF) in market cap on the ASX, creating a senior global producer capable of producing 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. If the target is completed in August or September, Regis shareholders will control about 51 percent of the combined group, while Vault investors will hold the remaining 49 percent.
Following the announcement, Regis shares closed 5.86 per cent lower at AU$6.75 on Tuesday (May 5). Meanwhile, Vault’s share price rose 3 percent to close at AU$4.64.
The combined company will retain the Regis name, will be headquartered in Perth and will have an equally divided board. Current Regis CEO Jim Baer will lead the expanded entity, with Russell Clark serving as non-executive chairman.
The Regis-Vault alliance is the latest in a rapid succession of industry consolidations.
As mid-tier producers vie to secure scale and low costs of capital, the market has recently absorbed the purchase of De Gray Mining by Northern Star Resources (ASX:NST, OTCPL:NESRF), which completed in May 2025, and the acquisition of Gold Road Resources by Gold Fields (NYSE:GFI) in October 2025, among other notable transactions.
Industry analysts expect the aggressive pace of dealmaking to continue as long as commodity prices remain high.
Don’t forget to follow us @INN_Australia For real-time updates!
Securities Disclosure: I, Gian Liguid, do not have any direct investment interest in any of the companies mentioned in this article.
