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A golden year for Genesis

St Barbara has navigated the storms of the past year to achieve FY22 guidance and deliver a respectable underlying profit.

Genesis Minerals chair Anthony Kiernan has described the past year as “transitional” and “formative” for the company in its 2023 financial year report.

“This has included making significant progress towards our declared strategy of building a premium Australian gold business with sustainable, high quality, (more than) 300,000 ounces per annum production. This strategy was unveiled in April 2022,” Kiernan said.

In early July, Genesis formally acquired St Barbara’s Leonora gold assets in Western Australia after Genesis first placed an offer for the projects in mid-April.

“This portfolio includes the high-grade Gwalia underground mine and 1.4Mtpa (megatons per annum) Leonora mill, and a wealth of growth opportunities including the Tower Hill and Zoroastrian projects adding to the already existing Genesis projects,” Kiernan said.

“As a result of this acquisition, Genesis enters financial year 2024 as a new and growing gold producer with a dominant position in Western Australia’s prolific Leonora district.”

Genesis announced the results of a drilling program at Gwalia in September, which found that multiple high-grade drill results confirm Gwalia’s status as a world class gold system.

“We are now focused on completing a strategic review of Gwalia in the December half of 2023 with a view of providing a five-year outlook to the market in the March quarter of 2024,” Kiernan said.

“The outlook will be corner stoned by a long life, sustainable ‘margin over ounces’ Leonora business plan with a production target of (more than) 300,000 ounces per annum.”

During FY23, Genesis delivered a strong safety performance with zero lost time injuries (LTIs) and it strengthened its board by appointing Kiernan as chair, as well as appointing Mick Wilkes and Jacqui Murray as non-executive directors.

As of June 30 2023, the gold miner has recorded $124.3 million in gold revenue and $76.7 million in gold sales revenue, which was generated from the sale of 29,738 ounces at an average gold price of $2706 per ounce.

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