Source: Slide 3 from GNG's March 3rd HY26 Investor Presentation - green stuff added by me.

From Vault Minerals (VAU) Today (Thursday 26th March 2026): KoTH-stage-1-plant-upgrade-commissioning-commenced.pdf

Excerpt: "Stage 1 of the plant upgrade project, to increase plant throughput capacity to ~6.0mtpa, has progressed on time and budget and is now in the final stages of commissioning."

Another on-time-and-on-budget build by GNG, with Stage 2 of the KoTH plant upgrade to follow.

Disclosure: GNG is currently one of my two largest real money holdings (along with LYL) and the same applies here on SM as well. I do not currently hold any VAU shares.

Despite a recent drop in the gold price, gold producers like Vault (VAU) are printing cash at current spot prices and they all want their plants expanded or new plants (mills) built ASAP, and GNG's expertise in that area remains in high demand.

They (GNG) recently announced that they had been names preferred contractors for projects by Brightstar (BTR: their Laverton Mill build) and Genesis (GMD: their Tower Hill Mill build) so we can expect confirmation of those contract awards shortly.

As they say in that slide above, they are also expected to be awarded the EPC contract for the Bellevue Paste Plant (by BGL).

Also, @BkrDzn and I both expect GNG to be awarded the Black Swan mill conversion contract shortly (from Nickel to Gold) by Horizon Minerals (HRZ) now that they (HRZ) have their financing all sorted and have a positive PFS for Black Swan (done by GNG) which is all they (HRZ) said they said they needed for a FID. This announcement from HRZ on March 16th (10 days ago) backs up that assumption that they're super keen to start that mill conversion ASAP: HRZ-Key-Project-Team-Appointment.pdf

Additionally GR Engineering Services (GRES, ASX: GNG) are working on other studies that should lead to other work, such as the Forrestania Nickel-to-gold mill conversion for Medallion Metals (MM8).

There's PLENTY of work for GNG over the next few years, even if gold drops another A$1,000/ounce, and I personally think it's more likely to rally from here than fall much further.

They've been sold off recently to below $4 - looks to me like a good buying area and I'm trying to accumulate more here on SM, but I'm being hampered by the 20% limit here on individual positions at the time of purchase or top-up. I've got over $150K worth of them already in my (real money) income portfolio, but I'm considering topping that position up further also.

GNG is my 2026 stock pick as well as a large personal holding of mine, so I'm certainly talking up my own book here, but it's hard to work out how they could run out of work over the next couple of years, and they are a profitable company with zero debt and high insider ownership that is run conservatively and pay higher-than-average fully franked dividends, so I reckon it's worth pointing out when things are shaping up well for them.