Genesis Minerals has achieved a record-breaking December 2024 quarter, producing 57,055 ounces (oz) of gold at an all-in sustaining cost (AISC) of $2202/oz.
The company has accelerated its ‘ASPIRE 400’ growth strategy with the early restart of the Laverton mill, which is set to enhance Genesis’ production outlook and enables the company to remain debt-free while funding growth initiatives.
“We are meeting or exceeding all our key production and financial targets and we are well-placed to achieve our 325,000oz (per annum) goal ahead of the FY29 (2028–29 financial year) schedule,” Genesis managing director Raleigh Finlayson said.
Genesis restarted the Laverton mill in October 2024, six months ahead of schedule under its five-year plan.
With the mill already operating at its three-million-tonnes-per-annum (Mtpa) nameplate capacity, Genesis has upgraded its FY25 production guidance from 162,000–188,000oz to 190,000–210,000oz.
To achieve ASPIRE 400, Genesis is ramping up underground mining at the Ulysses mine, progressing approvals and stakeholder agreements at the Tower Hill project, and initiating high-grade open pit mining at the Hub deposit.
Genesis invested $31.9 million into growth and exploration during the quarter and has $130 million in undrawn financing facilities to maintain financial flexibility. Gold price protection mechanisms covering 151,500oz ensure stability amid market fluctuations.
Genesis closed the quarter with $237.5 million in cash and equivalents, representing a cash build of $96 million.
Ora Banda
Ora Banda Mining also released its December quarterly report, marking an increase in cashflow and operational resilience.
The company produced 22,973oz during the period, bringing its first-half of FY25 output to 47,300oz.
Gold sales of 22,288oz helped Ora Banda lift its cash balance to $57.8 million, a $9.1 million increase from the prior quarter. This is despite $30.8 million being invested into growth projects and exploration.
Ora Banda managing director Luke Creagh highlighted the milestone success of the Riverina underground operation, which delivered full payback within just 18 months of commencing production.
“It is a testament to the quality of Riverina underground that it has paid itself back in just 18 months and is now delivering strong cashflows, which will self-fund Ora Banda’s production outlook towards 150,000 ounces in the 2026 financial year,” Creagh said.
“With Sand King underground progressing on schedule, we have also reached an inflection point whereby the higher-grade feed from Sand King will progressively fill the Davyhurst mill, paving the way for production and cashflow to increase and costs to reduce.
“As the business strengthens and the results start to come through on our exploration programs, we will be in a position to rapidly advance any additional opportunities that exist in our portfolio.”
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