Genesis Mining, Gold, Leonora gold mine, News

Genesis on a roll

gold

Genesis Minerals has closed the March quarter on track to meet its 2024 guidance after ramping up development across its operations.

The company produced 30,473 ounces (oz) of gold for the quarter at an all-in sustaining cost (ASIC) of $2497/oz.

Gold sales reached 29,289oz at an average price of $3124/oz, raking in $91.5 million for the company.

Ore stockpiles awaiting processing also jumped dramatically to 174,000 tonnes, up from 5000 tonnes at June 30 2023.

The March quarter was also defined by development success for Genesis, with strong progress made at its Admiral open pit and Ulysses underground operation in the Goldfields region of Western Australia.

The company also focused its attention on its newly acquired Lenora asset, which it took over from St Barbara in 2023.

With $180.7 million cash and bullion at the end of the March quarter, no corporate bank debt and no hedging, Genesis said it is well positioned to invest in building new projects and infrastructure to ramp-up production.

“It was a highly productive quarter as we delivered our long-life outlook and invested in sustainable growth as part of that strategy,” Genesis managing director Raleigh Finlayson said.

“At the same time, we ensured we remain on track to meet our 2024 financial year (FY24) production and cost guidance with a solid operational performance.

“We have established the asset base which will enable us to meet our 325,000oz per annum target and we are making rapid progress in developing the projects to get us there.

“This strong production growth, low costs and no hedging mean we are perfectly positioned to capitalise on the higher gold price while meeting investor demand for ASX-listed gold producers with genuine scale and production in tier-one locations.”

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