Genesis Minerals delivered a record 72,878 ounces of gold in the September quarter, surpassing guidance and generating a robust A$166 million cash build. The company’s ASPIRE 400 growth strategy advances with key approvals and exploration success, setting the stage for sustained expansion.
- Record quarterly gold production of 72,878oz exceeding guidance
- Strong underlying cash build of A$166 million to A$363.4 million total cash
- FY26 production guidance maintained at 260,000-290,000oz with AISC of A$2,500-2,700/oz
- Tower Hill mine development on track for FY27 start with key approvals secured
- Exploration budget doubled to A$40-50 million delivering high-grade drill results
Record Production and Cash Flow Momentum
Genesis Minerals Limited (ASX – GMD) has kicked off FY26 with a bang, reporting a record gold production of 72,878 ounces for the September quarter. This output comfortably exceeds the quarterly run-rate needed to meet the company’s full-year guidance of 260,000 to 290,000 ounces. Alongside this operational success, Genesis generated an underlying cash build of A$166 million, lifting its cash and equivalents to A$363.4 million by quarter-end.
The company’s all-in sustaining cost (AISC) of A$2,529 per ounce remains within the targeted range of A$2,500 to A$2,700, underscoring efficient cost management amid rising production volumes. Gold sales reached 75,136 ounces at an average price of A$5,147 per ounce, generating revenue of A$386.7 million.
Advancing the ASPIRE 400 Growth Strategy
Genesis is steadily progressing its ambitious ASPIRE 400 strategy, which aims to accelerate production beyond the previously published 10-year outlook. Central to this plan are staged expansions of the Leonora and Laverton processing mills, designed to handle increased ore volumes from both existing and newly acquired assets.
Mining operations at the Jupiter open pit have commenced successfully, providing a reliable baseload feed to the adjacent Laverton mill. Meanwhile, the Tower Hill project remains on track for mine development in FY27, with first ore expected in FY28. The company secured critical approvals during the quarter, including the Stage 1 Mining Proposal, Mine Closure Plan, and Native Vegetation Clearing permit. Additionally, a significant Mining Agreement was reached with the Darlot People, reinforcing Genesis’ commitment to strong community and traditional owner relationships.
Exploration Success Fuels Resource Growth
Genesis has doubled its FY26 exploration budget to A$40-50 million, a move already yielding promising results. High-grade drill intercepts at key sites such as Gwalia, Admiral, Beasley, and Jupiter highlight the potential to expand mineral resources and support future mill expansions. Notable assays include spectacular grades like 2.7 meters at 192.9 grams per tonne at Gwalia and thick mineralized zones at Beasley Creek.
This exploration momentum not only underpins the company’s growth ambitions but also provides valuable flexibility in optimising production scenarios in the upcoming long-term plan update scheduled for release in the June half of 2026.
Financial Strength and Sustainability Focus
Genesis’ financial position remains robust, with bank debt held at A$100 million and undrawn facilities of A$125 million. The company reported an unaudited net profit after tax (NPAT) between A$105 million and A$115 million for the quarter. It anticipates becoming liable for income tax instalments from late FY26 as carried-forward losses are fully utilised.
On the sustainability front, Genesis recorded a low Lost Time Injury Frequency Rate (LTIFR) of 1.1 and maintained a strong safety record with only one lost time injury during the quarter. The company released its inaugural Sustainability Report, highlighting progress in environmental stewardship, community engagement, and traditional owner partnerships, including the recent Mining Agreement with the Darlot People.
Looking Ahead
With production running ahead of schedule, costs well managed, and exploration delivering high-impact results, Genesis Minerals is well positioned to capitalise on the strong gold price environment. The company’s upcoming long-term plan update and continued development of Tower Hill will be key milestones to watch as Genesis aims to translate its operational momentum into sustained growth and shareholder value.
Bottom Line?
Genesis Minerals’ record quarter and strategic progress set a strong foundation, but market watchers will keenly await the June 2026 long-term plan update for clarity on growth execution.
Questions in the middle?
- How will the staged mill expansions impact production capacity and costs beyond FY26?
- What are the key risks to the timely development and permitting of the Tower Hill project?
- Can exploration success at Laverton and Leonora translate into meaningful reserve upgrades to support ASPIRE 400?