Genesis Minerals (GMD) H2 2024 earnings summary

Executive summary

• Achieved a rapid transition from junior explorer to ASX 200 gold producer, with FY24 gold output of 134,451oz at an AISC of A$2,356/oz, meeting guidance and driving a 470% revenue increase year-over-year.

• Completed key acquisitions: 100% of Dacian Gold and the Bruno-Lewis/Raeside projects, consolidating Leonora and Laverton operations and underpinning a 10-year production outlook targeting +300koz per annum.

• Strong safety performance with LTIFR at 0.0 and TRIFR down 20% year-over-year; no significant environmental incidents.

• Strategic plan “ASPIRE 400” launched, aiming for progressive, high-quality, +400koz pa gold production and lower costs.

Financial highlights

• Revenue rose 470% to $438.6M (FY23: $77.0M) on higher gold production and sales.

• Underlying EBITDA increased 223% to $114.3M (FY23: -$92.8M); statutory net profit after tax was $82.8M (FY23: -$117.2M).

• Underlying NPAT was $27.8M (FY23: -$115.7M); EPS improved to 7.74c (FY23: -29.56c).

• Cashflow from operating activities was $136.2M (FY23: -$37.6M); closing cash and bullion at $173.0M.

• Share price increased 35% year-over-year to $1.755.

Outlook and guidance

• 10-year production outlook supported by 3.3Moz Reserve and 15.2Moz Resource, targeting 3Moz total output.

• Production expected to reach 325koz pa by FY29, with ongoing initiatives to accelerate growth and reduce AISC.

• Focus on restarting Laverton mill, advancing Ulysses underground, and developing Tower Hill.