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Highlights

  • Gold exploration company, Genesis Minerals recorded 470% jump in its revenue in FY24, backed by 355% YoY rise in gold sales
  • In FY24, the company turned profitable with the statutory net profit of AUD 82.8 million
  • The company has increased FY25 production outlook to 190,000-210,000 ounces

Genesis Minerals Limited (ASX:GMD) is an ASX-listed gold exploration and mine development company, focused on exploration of its tenement packages at Laverton and Leonora. Additionally, the company conducts pre-development activities at the Ulysses Gold Project.

In the financial year 2024 (FY24), the company witnessed a 470% YoY rise in its revenue to AUD 438.6 million, driven by 355% YoY increase in gold sales, reaching 134,451 ounces, compared to 22,378 ounces in FY23.

During the reported period, the company recorded statutory net profit of AUD 82.8 million, compared to a loss of AUD 117.2 million in the previous corresponding period. The profit growth demonstrates expansion of business operations on YoY basis.

Top 10 shareholders of GMD

The top 10 shareholders of GMD have around 50.62% shareholding in the firm, while top four having around 36.01% of the shareholding. AustralianSuper and Van Eck Associates Corporation has the maximum stake in the firm with a shareholding of ~17.55% and ~7.78%, respectively.

Recent business update

Through an ASX update dated 2 September 2024, the company shared FY25 production outlook update. The company intends to recommence the Laverton mill in October 2024, six months early. Moreover, FY25 production outlook has been increased to 190,000-210,000 ounces at the AISC of AUD 2,200-2,400 per ounce.

This early start is anticipated to reach the annual production target of 325,000 ounces. The company has set the exploration budget at AUD 20 million, with a focus on Hub, Gwalia and Bruno Lewis.

Outlook

The company has upgraded FY25 production guidance from 162,000-188,000 ounces to 190,000-210,000 ounces. Moreover, AISC guidance has been updated to AUD 2,200-2,400 per ounce, from AUD 2,250-2,450 per ounce.

GMD’s focus is on boosting annual production to 325,000 ounces before the targeted timeline of 2029, set in the five-year plan. This is expected to support the long-term goal of 400,000 ounces per year.

Share performance of GMD

GMD shares closed 1.90% lower at AUD 2.07 apiece on 24 September 2024. In the past one year, GMD’s share price has increased by almost 35.29%, while in the last three months, it has jumped 13.11%.

52-week high of GMD is AUD 2.27, recorded on 30 August 2024, and 52-week low is AUD 1.31, recorded on 4 October 2023.

GMD Daily Technical Chart, Source: EODHD/Others

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 24 September 2024. The reference data in this report has been partly sourced from EODHD/Others.