Vault Minerals introduced to the market

Vault Minerals has been revealed as the name of the Red 5 (ASX: RED) and Silver Lake joint company, with shareholder approval to be sought after at a general meeting on September 25.

According to Red 5, the name Vault Minerals was chosen for its significance to the company as a profitable, financially disciplined and returns-focused gold producer.

The chemical symbol for gold – Au – is also embedded in the word vault and Red 5 considers this new name embodies its key objective of its long-term strategy of becoming a valuable producer and supplier of gold.

The merger was announced in February 2024 with Red 5 to acquire Silver Lake and create a 445kozpa mid-tier gold mining company with ore reserves and mineral resource inventory of 4moz and 12.4moz, respectively.

Vault Minerals will be led by chairman Russell Clark, Silver Lake’s Luke Tonkin as managing director and chief executive, Silver Lake’s Struan Richards as chief financial officer and Red 5’s Richard Hay as chief operating officer.

“This transaction represents a highly complementary combination of assets and balance sheets for the mutual benefit of both Silver Lake and Red 5 shareholders,” Mr Tonkin said at the time of the merger.

“The increased scale, diversification and financial strength of the new company that will be formed via this transaction will be primed for continued strong cash flow generation and further growth.”

Following shareholder approval for the name change, the company’s ticker code will also change to ‘VAU’.