Genesis Minerals (ASX:GMD) has disclosed that Vault Minerals shareholders voted in favour of the Scheme of Arrangement under which Genesis will acquire 100% of shares in Vault, as the company's Chair addressed the Annual General Meeting on November 12, 2026, also reporting gold production of 285,402 ounces for financial year 2026 at an all-in sustaining cost of A$2,670 per ounce.

Key Points

  • Gold production rose 33% to 285,402 ounces in FY2026 at an AISC of A$2,670/oz, within original guidance
  • EBITDA more than doubled to $952 million, with cash and equivalents rising 81% to $520 million
  • Genesis declared its maiden fully-franked dividend of 5 cents per share
  • Vault Minerals shareholders voted in favour of the Scheme of Arrangement the day prior to the AGM
  • Directors Michael Bowen, Jane Macey, and Duncan Coutts will step down from the Board upon Scheme implementation

FY2026 Production and Financial Results

According to the Chair's address, Genesis Minerals recorded gold production of 285,402 ounces in financial year 2026, representing a 33% increase over the prior financial year, at an all-in sustaining cost of A$2,670 per ounce. Both outcomes were stated to be within the company's original guidance range. EBITDA more than doubled to $952 million over the period. Cash and equivalents increased by 81% over the course of the year to $520 million. The company also declared its maiden fully-franked dividend of 5 cents per share.

Magnetic Resources Acquisition and Portfolio Growth

During the financial year, Genesis Minerals completed the acquisition of Magnetic Resources for $447 million in cash and 28 million Genesis shares. The filing states this transaction delivers Genesis the high-grade 2.2 million ounce Lady Julie deposit and an expanded presence on Laverton's Chatterbox shear zone. Following the Vault merger, the company disclosed pro-forma production of approximately 650,000 ounces per annum, total Resources of 34 million ounces, and Reserves of 9 million ounces.

Vault Scheme of Arrangement and Board Changes

The Chair disclosed that Vault Minerals shareholders voted in favour of the Scheme the day prior to the AGM. Under the Vault Scheme of Arrangement, Genesis will acquire 100% of shares in Vault Minerals. The filing states the transaction is expected to create the third-largest Australian gold producer and a Top 20 global gold company, with an estimated approximately A$2 billion in post-tax, undiscounted synergies over 10 years, of which $1.5 billion are described as unique to the merger. Upon implementation of the Scheme, Directors Michael Bowen and Jane Macey will retire from the Board, and Executive Director Duncan Coutts will step down from the Board but remain with the company in an executive capacity.