Genesis hits record output

Genesis Minerals and Gold Road Resources have capped off the 2024–25 financial year with major moves, with one breaking production records and the other preparing for a multi-billion-dollar acquisition.

Genesis Minerals

Genesis Minerals has delivered an impressive June 2025 quarter with 61,469 ounces (oz) of gold produced, pushing its full-year output to 214,311oz.

This result has surpassed the company’s upgraded guidance and marked its strongest year yet, paving the way for Genesis to become a 400,000oz-a-year gold producer – also known as the company’s  “ASPIRE 400” vision.

“We have capped an outstanding year for Genesis with a very strong quarter on the operational front while also continuing to lay the foundations for rapid growth,” Genesis Minerals managing director Raleigh Finlayson said.

“The company has again met or exceeded all its undertakings to the market, resulting in record production for the quarter and the year.

“At the same time, we executed an exceptional piece of M&A (mergers and acquisitions) with the acquisition of the Focus assets.”

Acquiring Focus Minerals’ Laverton assets added four million ounces to Genesis’ resource base and boosted flexibility across its processing hubs.

Genesis also saw high output from its Leonora operations, growing stockpiles to 65,887oz and commissioning a third mining fleet at the Jupiter project ahead of open-pit mining starting in the September 2025 quarter.

The company posted $125 million in mine operating cash flow and unaudited net profit after tax of $85–95 million, even with all-in sustaining costs (AISC) slightly above guidance at $2499/oz.

“Genesis is extremely well-positioned on both a short and long-term basis,” Finlayson said. “Our growth strategy is underpinned by an enviable inventory and mine life and we now have many options as part of our ASPIRE 400 plan.”

Gold Road Resources

Gold Road Resources has posted a solid June quarter thanks to the Gruyere joint venture in Western Australia, producing 72,980oz on a 100 per cent basis, a lift from the previous quarter.

While the company’s AISC came in high at $2928/oz, Gold Road sold gold at a record average sales price of $5131/oz, generating $193.7 million in revenue and $44.7 million in free cash flow.

The Gruyere diamond drilling program is progressing well, with results returned in line with expectations for width and grade. Approximately 23,000m have been completed year to date, with up to five rigs operating during the June quarter.

But the big story is Gold Road’s looming exit from the ASX, as shareholders are set to vote on the proposed $3.7 billion acquisition from Gold Fields.

If the scheme goes ahead, Gold Road shareholders will receive a fixed cash payment of $2.52 per share, plus an additional amount based on the value of their share of Gold Road’s stake in Northern Star Resources.