Vault Minerals Limited has unveiled sweeping plans to enhance its Leonora operations with an updated strategy that centers on a significantly expanded open pit ore reserve and major plant upgrades at the King of the Hills Mining Centre. The company now outlines an 18‐year operating life supported by an increased open pit ore reserve of 110 million tonnes at 0.62 g/t—equating to 2.2 million contained ounces of gold. This represents a 33% boost from the previous reserve estimate. The updated strategy dovetails the Stage 1 and Stage 2 processing plant upgrades, designed to improve throughput, recovery, and efficiency while driving down unit costs. Under the detailed plan, the initial plant upgrade (Stage 1) will raise the throughput capacity to 6.0 million tonnes per annum, with the subsequent Stage 2 enhancement pushing capacity further to 7.5 million tonnes per annum. The Stage 2 upgrade, at an estimated capital cost of approximately A$92 million (included within a total project investment of around A$172 million), introduces critical additions such as a 9MW regrind ball mill that enables finer grind size and improved metallurgical recovery. With production expected to average 215,000 ounces of gold per annum over the next five years—peaking at 235,000 ounces—the production target amalgamates 75% Ore Reserves and 25% Inferred Mineral Resources, though the latter comes with lower geological confidence. Technical indicators bolster the new operating strategy, with current Ore Reserve calculations employing a lower cutoff grade of 0.23 g/t (driven by an increased gold price assumption of A$3,750/oz) and detailed drilling programs at KoTH and Darlot that reinforce the potential for underground life‐of‐mine extensions. Enhanced power supply for the processing facility is planned with an upgrade delivering an extra 13MW, and the tailings storage capacity is being expanded to accommodate operations for decades. On the sentiment front, the news reflects both bullish and bearish perspectives. Bullishly, investors may be encouraged by the sizeable reserve upgrade, improved processing throughput, reduced unit costs, and the internally funded nature of the capital expenditure, which collectively underpin a robust future production outlook and potential free cash flow growth. In contrast, bearish sentiment could arise from the inherent risks tied to the reliance on a proportion of Inferred Mineral Resources, the substantial capital outlay required, and potential vulnerabilities to longer-term gold price fluctuations. This blend of upgraded operational efficiency and cautious resource classification underscores a forward-looking but prudently managed value proposition for the mining asset.