Genesis Minerals Limited (ASX: $GMD) FY24 Financial Results

Genesis Minerals Limited (ASX: $GMD) has reported strong financial and operating results for the year to 30th June 2024. The company achieved an EBITDA of A$112.9 million and Underlying Net Profit After Tax (Underlying NPAT) of A$27.8 million, meeting previously indicated ranges. With no bank debt and A$173.0 million cash and bullion at 30th June 2024, Genesis is well-positioned to invest in new projects and infrastructure to accelerate production growth and achieve the 325,000oz pa target ahead of schedule, along with substantial all-in cost reduction to A$1,600 per ounce.

Raleigh Finlayson, Managing Director of Genesis Minerals Limited, on FY24 Results

'These strong results demonstrate the size of the prize we stand to reap through our growth strategy. We have established a high-quality asset base with the acquisition of the Leonora assets while maintaining a conservative balance sheet with no bank debt and cash and bullion of A$173m. Our growth outlook is exceptional, both in terms of production and cashflow. We generated strong operating cashflow in the past year, as shown by our EBITDA of A$113m and underlying NPAT of A$28m. But with production set to grow to 325,000ozpa within five years or less, and AISC forecast to fall significantly as a result, the impact on our cashflow will be substantial. This combination of rising production, falling costs, and rising cashflow is underpinned by a 10-year mine plan of which more than 90 per cent of the ounces are already in reserves. Importantly, we also have growing operational flexibility and diversification which, along with no bank debt, further de-risks our exceptional growth outlook.'

Summary of FY24 Financial Results and Outlook

Genesis Minerals Limited (ASX: $GMD) has delivered strong FY24 financial results, demonstrating substantial cashflow generating capacity as its growth strategy accelerates. The company's EBITDA of A$112.9 million and Underlying Net Profit After Tax (Underlying NPAT) of A$27.8 million were within previously indicated ranges. With a conservative balance sheet, no bank debt, and A$173.0 million cash and bullion at 30th June 2024, Genesis is fully-funded to invest in new projects and infrastructure to accelerate production growth and hit the 325,000oz pa target ahead of schedule, along with substantial all-in cost reduction to A$1,600 per ounce. The company's 10-year group production outlook totaling 3Moz, with 91% in Reserves, and outstanding growth in the 5 years to FY29, further solidify its exceptional growth outlook. Genesis is preparing to update its FY25 guidance in September, with current guidance indicating production of 162 - 188,000oz at AISC of A$2,250 - 2,450/oz. The company's strong financial position and ambitious growth strategy position it for continued success in the gold production industry.