King of the Hills

King of the Hills (KOTH) is situated approximately 20 km north of Leonora, within the Mt. Malcolm district of the Goldfields-Esperance Region, Western Australia. The terrain is characterised by semi-arid to arid scrubland, with annual rainfall below 250 mm and extreme diurnal temperature variance exceeding 40°C in summer. Operational water supply is mission-critical; the site relies on licensed groundwater extraction from local aquifer systems, with water management infrastructure forming a core capital expenditure line for sustained processing continuity.

KOTH transitioned through multiple ownership cycles — Saracen Mineral Holdings → Red 5 Limited (2017) → Vault Minerals Limited (ASX: VAU) via merger. As of Q1 2026, Vault Minerals was executing final commissioning of a plant upgrade expansion, targeting increased throughput capacity. The operation runs 24/7 continuous processing cycles, with diesel-powered auxiliary generation providing critical backup load. Dependency on grid-tied power via Western Power's regional infrastructure and dedicated diesel fuel supply contracts represents a primary B2B procurement vector.

The KOTH processing facility incorporates a primary crushing and SAG/ball mill grinding circuit designed for hard-rock gold ore treatment. Downstream processing utilises:

• Carbon-in-Leach (CIL) circuit for gold recovery via cyanidation
• Gravity concentration pre-concentration stage
• Tailings Storage Facility (TSF) with engineered liner systems
• Reagent dosing systems (cyanide, lime, flocculants) requiring certified chemical logistics
• High-voltage substation infrastructure for mill drive and ancillary loads

The plant upgrade targets throughput optimisation, demanding precision metallurgical engineering and reagent balance recalibration.

Operating within the Goldfields-Esperance Region mandates rigorous compliance with Western Australia's Aboriginal Heritage Act 1972 (and its 2021 reforms), requiring active heritage surveys and custodian consultation prior to any ground disturbance. Vault Minerals maintains procurement alignment with Indigenous Land Use Agreements (ILUAs) and prioritises engagement with Wongatha and Leonora-area Aboriginal enterprises for site services, civil works, and catering contracts. ESG reporting obligations under ASX Listing Rules and TCFD frameworks govern environmental disclosure, with tailings and water stewardship as primary material risk categories.