Genesis Minerals (GMD) H2 2024 earnings summary

Executive summary

• Achieved EBITDA of A$113m and underlying NPAT of A$27.8m in FY24, marking the first full year as a Leonora gold producer.

• Gold production reached 134,451oz, meeting guidance, with gold sales revenue of A$428.3m.

• Maintained a strong balance sheet with A$173m in cash and bullion and no bank debt.

• Completed the acquisition of St Barbara's Leonora assets, establishing a high-quality asset base.

Financial highlights

• Total revenue increased to A$438.6m in FY24 from A$77.0m in FY23, a 470% rise.

• EBITDA improved to A$112.9m from a loss of A$94.4m year-over-year.

• Statutory NPAT was A$82.8m, significantly higher than underlying NPAT due to a one-off tax benefit.

• Operating cash flow rose to A$136.2m from negative A$37.6m year-over-year.

• Gold sales averaged A$3,164/oz, up 22% from the prior year.

Outlook and guidance

• Production is on track to reach 325,000oz per annum within five years or less, with AISC forecast to fall to A$1,600/oz.

• FY25 guidance to be updated in September; current outlook is 162,000–188,000oz at AISC of A$2,250–2,450/oz.

• 10-year group production outlook totals 3Moz, with 91% in reserves.