Vault Minerals (ASX:VAU) reported solid fiscal first-half results, with higher gold sales, revenue, and earnings before interest, taxes, and amortization (EBITDA), but did not declare a dividend for the period, according to a Thursday note by Euroz Hartleys.

However, Euroz noted that if the favorable gold price environment continues, Vault could pursue capital management initiatives, such as on-market share buybacks.

The company reported Thursday that its earnings per diluted share in the fiscal first half rose to AU$0.0175 from AU$0.008 a year earlier while revenue for the six months ended Dec. 31, 2024, was AU$678.8 million, up from AU$283.5 million in the same period a year earlier.

With over 400,000 ounces of gold per annum production run rate and a price-to-net asset value ratio of 0.89 times, Euroz believes that Vault Minerals is well-positioned for continued growth.

Euroz maintained the company's buy rating but raised its price target to AU$0.60 from AU$0.55.

Shares of the company fell past 2% in recent Friday trade.