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‘I thought they stole it’: How bearish gold market paved way for $12.6b Genesis-Vault merger

Genesis Minerals and Vault Minerals’ merger marks the biggest gold deal of the year. There may be more to come.

Hugo Mathers
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Genesis and Vault have outlined $2b in synergies due to the proximity of their existing operations at Leonora, WA. Shutterstock/BJP7images.

As gold prices stretched to record highs at the turn of the year, market watchers braced for a wave of consolidation among cash-rich ASX-listed producers.

But only after an almighty pullback in prices, and an ensuing sell-off in gold stocks, has the local market delivered its first big gold deal of 2026.

Genesis Minerals and Vault Minerals confirmed on Tuesday they had agreed to merge via a scheme of arrangement, which will see Genesis acquire all the ordinary shares in its smaller rival Vault.

The merged group will have a pro-forma market capitalisation of $12.6 billion.

And depleted valuations appear to have played their part in securing the deal.