Genesis Minerals Limited has started mining at its Tower Hill gold project after meeting Financial Year 2026 (FY26) production guidance for the third consecutive year, generating almost $900 million in underlying cash to help fund its next phase of growth.
The Western Australian gold producer delivered 285,400 ounces during FY26, finishing within its guidance range of 260,000–290,000 ounces at all-in sustaining costs of $2500–2700 per ounce. Tower Hill became the quarter’s defining milestone, with open-pit mining now underway after dewatering was completed.
“Genesis’ three key objectives are safety, growth and delivering on our undertakings to the market,” Genesis Minerals Limited executive chair Raleigh Finlayson said.
“The strong performance in the June quarter means we have met these three key goals in the past financial year, generating underlying cash of approximately $258 million in the process and bringing total underlying cash build for the financial year to approximately $893 million.”
Genesis has also ordered long-lead equipment for a new 3.5–4.0 million tonne-per-annum processing plant at Tower Hill and started construction of a rail terminal to support the project’s second stage.
Despite lower gold prices, higher diesel costs, the end of third-party ore purchases and contractor changes across its underground operations, Genesis generated more underlying cash during the June quarter than it did in the March quarter.
“Pleasingly we generated higher underlying cashflow than the previous quarter despite a lower gold price, higher diesel price, the end of third-party ore purchases, and contractor changeouts at all our underground operations,” Finlayson said.
The quarter also saw Genesis complete its acquisition of Magnetic Resources, adding the Lady Julie gold project to its Laverton portfolio. It plans to increase its exploration budget to $80–90 million in FY27.
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