Genesis on course for guidance

Genesis Minerals remains on course to hit its annual production guidance of 130,000-140,000 ounces for the 2024 financial year, after producing 30,473 ounces of gold during its March 2024 quarter.

This was down from 35,296oz during the Perth-based company’s December 2023 quarter.

Last month, Genesis revealed its five-year strategic plan - which included its 10-year group production outlook, which is aimed at producing 3 million oz within that period.

Genesis managing director Rayleigh Finlayson said steps were being put in place to ensure that the ASX-listed gold miner becomes a 325,000oz per annum producer.

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

“At the same time, we ensured we remain on track to meet our 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.”

Over the past six months, Genesis has significantly enhanced its asset portfolio.

On December 14 last year, the mid-tier gold miner paid $53 million for two gold projects - Bruno-Lewis and Raeside - from Kin Mining, in Western Australia's Goldfields region. It also acquired 100 per cent of Dacian Gold. 

Genesis closed trade at $1.82 per share, down 3 per cent.