J P M O R G A N Asia Pacific Equity Research 21 July 2026 Genesis Minerals $5.6bn consideration for Vault is fair and accretive in FY28E/29E, but dilutive from FY30E; integrate VAU into our base case and retain OW GMD and Vault (ASX: VAU, Not Covered) have agreed to merge via a VAU scheme of arrangement, creating a +700kozpa (JPMe) gold producer with 9.4Moz Reserves and 33.6Moz Resources. We integrate VAU into our GMD base case. Key takeaways: (1) The deal is highly accretive upfront, with FY28E EPS +49% (8 ...