Shares in goldminers Vault Minerals, Genesis Minerals and Catalyst Metals soared this morning, as the companies unveiled production figures and healthy bank balances.
Shares in goldminers Vault Minerals, Genesis Minerals and Catalyst Metals soared this morning, as the companies unveiled production figures and healthy bank balances.
Merger aspirant Vault, which is in the process of finalising a tie up with Regis Resources, revealed it had met its full year production guidance, churning out 336,540 ounces of gold for the full year.
Significantly, Vault ended the financial year with a cash and bullion balance of $842 million, no debt, and no hedging in place.
The position leaves the company well placed to capitalise on sustained high gold prices, as well as further M&A and development opportunities in a hot market once its Regis deal is done.
Vault also revealed it had started developing underground at the Sugar Zone mine in Ontario, a historical gold project which it hopes to return to production by the first quarter of the 2028 financial year.
Vault climbed 8 per cent to $4.57 at 9.45am.
Raleigh Finlayson’s Leonora-focused Genesis Minerals met its guidance for a third consecutive year, producing 285,400 ounces of gold.
Genesis is developing the Tower Hill project, where it recently started open pit mining and is running ahead of schedule.
The company acquired Magnetic Resources earlier this year and noted the deal as a significant highlight of the period.
It ended the financial year with a bank and bullion balance of $520 million.
Mr Finlayson noted the quarterly performance was strong, even with headwinds of a diesel crisis, a lower gold price and a change of mining contractor.
“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,” he said.
“I thank the broader Genesis team, Macmahon and Byrnecut for the professional and successful transition.”
At 9.45am, Genesis was up 10.8 per cent to $5.97.
A comparatively smaller goldminer, Catalyst met its stated guidance of between 100,000 and 110,000 ounces of gold for the financial year, producing 104,000 ounces.
That came from its assets on the Plutonic gold belt.
Catalyst’s cash and bullion balance came in at $323 million, and the company is debt free.
Catalyst shares had soared 17.6 per cent to $6.01 at 9.45am.
All five of the top climbers on the ASX in early trade this morning were gold miners, with Catalyst and Genesis leading the charge.
Northern Star Resources was up 9.4 per cent after it unveiled its new CEO and chair and revealed it produced 1,543,000 ounces of gold last financial year in an announcement yesterday.
Its domestic peer Evolution Mining rode the wave of positive sentiment in the sector, climbing 8.2 per cent without releasing any information to the market.
Evolution’s sole producing WA asset is the Mungari goldmine west of Kalgoorlie.
