Genesis Minerals meets FY24 guidance and prepares for accelerated growth

Genesis Minerals Limited (ASX: $GMD) has successfully met its FY24 production guidance, producing 134,451oz at an AISC of A$2,356/oz. The company is now focused on accelerating its organic growth strategy to achieve the 325,000ozpa production target and reduce AISC to A$1,600/oz ahead of the FY29 date contained in its five-year plan.

Executive Commentary

It was a highly successful quarter on all fronts. We met both production and cost guidance while laying the foundations to accelerate our organic growth strategy. This is designed to ensure we achieve our 325,000ozpa production target and reduce AISC to A$1,600/oz ahead of the FY29 date contained in our five-year plan. We have successfully established a very large inventory which underpins forecast production of 3Moz over 10 years. We now want to unlock more of its value sooner to capitalize on this enviable position and the buoyant gold price. By accelerating our self-funded organic growth strategy, we can drive rapid growth in free cashflow generation, creating greater shareholder value in the process. We are very pleased with the way the pieces of the Genesis jigsaw are coming together.

Summary

Genesis Minerals has met its FY24 production guidance and is now preparing to accelerate its organic growth strategy to achieve the 325,000ozpa production target and reduce AISC to A$1,600/oz ahead of the FY29 date contained in its five-year plan. The company has established a large inventory supporting forecast production of 3Moz over 10 years and aims to unlock more of its value sooner to capitalize on the buoyant gold price. With a strong cash position and no bank debt, Genesis is fully-funded to invest in new projects and infrastructure to deliver this growth ambition on an expedited timeline.