Vault Minerals shares rally on inaugural full-year results, share buyback
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More news: Vault Minerals was one of the top performers on the ASX 200 after the gold miner reported its first full-year results since the company was formed, following the merger of Silver Lake Resources and Red 5 last year.
Vault shares were up 11.9% to 47 cents at 2:20pm AEST, taking 12-month gains to 27%.
The miner reported full-year group gold sales of 385,232 ounces, taking sales revenue to $1.43 billion. Net profit after tax came to $237 million.
The group also announced a share buyback for up to 10% of shares on issue. The company said this will allow for "opportunistic share purchases during periods in which the share price does not reflect the strong cashflow generation and robust outlook for the business."
This morning, Vault also confirmed that CEO Luke Tonkin has resigned from the company.
Vault Minerals CEO Luke Tonkin resigns
The news: Vault Minerals managing director and chief executive Luke Tonkin has resigned from the gold miner.
The context: Tonkin was appointed as Vault boss following the merger of Silver Lake Resources and Red 5 last year. He had previously served as managing director of Silver Lake since 2014.
Vault confirmed that Tonkin will leave the company within the next 12 months. The miner has started an executive search process for his successor.
What they said: "We appreciate that Luke has given the board advance notice of his intentions which will allow us time to ensure an orderly leadership succession," said Vault chair Russell Clark.
