On May 4, 2026, Regis Resources Limited and Vault Minerals Limited announced that they had entered into a binding scheme implementation deed to combine in an all-share merger of equals valued at approximately A$10.7 billion (approximately US$7.68 billion) on a combined market capitalisation basis. The transaction will be implemented through a court-approved scheme of arrangement under which Regis will acquire 100 percent of Vault, with Vault shareholders receiving 0.6947 new fully paid ordinary Regis shares for each Vault share held. The exchange ratio implies a transaction value for Vault of approximately A$5.15 billion and a premium of approximately 11 percent over Vault's last closing price prior to announcement. Following completion, Regis shareholders will own approximately 51 percent of the combined entity, with Vault shareholders holding the balance of approximately 49 percent. The combined company will retain the Regis name, remain headquartered in Perth and continue to trade on the ASX. It will be led by Regis chief executive officer Jim Beyer, with Russell Clark serving as non-executive chair and the board comprising an equal number of legacy directors from each company. The merger creates Australia's third-largest primary ASX-listed gold producer, with forecast annualised gold production of more than 700,000 ounces from five operating mines in Western Australia and Canada, including the Sugar Zone mine in Ontario, two advanced-stage development projects (McPhillamys in New South Wales and Sugar Zone expansion), pro forma cash and bullion of A$1.9 billion as at March 31, 2026, no drawn debt, A$300 million of available debt facilities, 6.0 million ounces of Ore Reserves, 20.5 million ounces of Mineral Resources, and over A$500 million of expected corporate tax benefits. Reciprocal break fees of approximately A$50.7 million apply.