Genesis Minerals Limited (GMD) has reported a strong conclusion to the 2026 financial year, delivering record annual gold production of 285,402oz at an all-in sustaining cost (AISC) of A$2,670/oz. This performance landed squarely within the company’s original guidance range, capping off a period marked by significant investment in its Western Australian assets. For the June quarter specifically, the miner produced 70,766oz of gold. The company finished the period in a robust financial position, reporting net cash of A$320.1m.

Operational focus remains high as the company advances its growth pipeline. Development work at the Tower Hill open pit project is progressing, with dewatering complete and mining underway. Looking ahead, Genesis is preparing to expand its footprint further, with mining activities at the Bruno Lewis project scheduled to commence during the current September quarter of 2026. This activity is supported by significant drilling success across the portfolio, which yielded 21 intercepts exceeding 100 gram-metres in the June quarter alone.

Executive leadership attributes these results to a disciplined approach to capital and operating expenditures, a strategy they intend to carry forward into the next phase of the company's growth.

"Tight cost control in the face of rising inflation across the industry has been a key feature of our results. With no signs of economy-wide cost pressures abating in the near term, this ongoing discipline is an important driver of our overall financial success and a point of difference with much of our peer group."

"Our proposed merger with Vault will see a continuation of these central themes, with savings of around $2b to be had through the greater economies of scale, production efficiencies and valuable flexibility which will flow from the highly complementary combination." — Raleigh Finlayson, Executive Chair

Following the end of the quarter, Genesis confirmed an agreement to merge with Vault in a deal valued at A$12.6b. This transaction, structured as a scheme of arrangement, is currently targeting completion in November 2026. The combined entity is expected to emerge as a top 20 global gold producer and a major force within the Australian gold sector, boasting combined resources of 34Moz and reserves of 9Moz.

In the immediate term, Genesis has provided stand-alone FY27 production guidance of 270,000 to 300,000oz. However, this outlook is expected to be refreshed following the integration of the two businesses. The company has committed to releasing a comprehensive long-term strategic plan for the merged entity during the first half of 2027, which will detail the updated production and cost assumptions for the consolidated asset portfolio once the merger concludes.

Read the full announcement: Quarterly Activities Report - June 2026