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2026-11-06
◂ Monitor GMD ASX

GENESIS MINERALS LIMITED

Producer · Gold · Australia Rating locked: sign in to view v8 · gmd-20261024t174056-full
Last 2026-11-06
A$7.04
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$8.3B
EV
A$8.1B
Cash
A$488.3M
Debt
A$200M
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$488.3M Self Funding
Debt A$200M Net cash A$288.3M
Basic shares 1.2B 2026-10-08
Runway Self Funding FY26 positive operating cash flow of A$935.247m; mechanical cash/burn runway is not meaningful for a profitable producer.

Liquidity

Financial position

A$488.335m audited gross cash includes A$0.6m restricted deposit. A$200m bank debt, A$102.843m finance and ROU leases, A$100m undrawn cash line. FY27 growth/exploration and FY26 tax catch-up materially consume liquidity; no conditional A$1bn merger facility counted as present cash.

Inventory composition2

Total inventories A$149.452m also include A$16.527m gold in circuit and A$21.544m spares/stores. Source carrying value differs from quarterly bullion spot mark. Opening ore and circuit inventory supports forecast output and is not added again as equity value.

Ore stockpiles
A$108.2M carrying · 53,773 contained oz Au
Bullion on hand
A$3.2M carrying

Capital structure

Ownership and dilution

Ordinary shares
1.2B
Fully diluted
1.2B

Latest 8 October Appendix 2A: 1,175,051,898 basic + 23,583,430 rights = 1,198,635,328 conservative fully diluted shares. All options extinguished at June. Latest capital filing follows same-day cessation; no double subtraction. Proposed Vault shares and AGM future authorisations are conditional, not issued.

Security classes4
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share1.2B——
Retention rightsPerformance Right13.4MA$0—
Non-executive share rightsPerformance Right28.8KA$0—
Performance rightsPerformance Right10.2MA$0—

KPI history

Operating metrics · Company

Group recovered gold including purchased ore before March expiry shown
020,79341,58662,37983,1722025-09-30: 72,878 oz2025-09-302025-12-31: 74,261 oz2025-12-312026-03-31: 67,497 oz2026-03-312026-06-30: 70,766 oz2026-06-30
MetricUnitTrend2025-09-302025-12-312026-03-312026-06-30
Group recovered gold including purchased ore before March expiryoz2025-09-30: 72,878 oz2025-12-31: 74,261 oz2026-03-31: 67,497 oz2026-06-30: 70,766 oz72,87874,26167,49770,766
Group AISC, sales denominator excluding OPA ounces and purchase costsAUD/oz2025-09-30: 2,529 AUD/oz2025-12-31: 2,635 AUD/oz2026-03-31: 2,685 AUD/oz2026-06-30: 2,797 AUD/oz2,5292,6352,6852,797
Operating metric source table11
MetricProjectPeriodPeriod typeValueStatus
Group recovered gold including purchased ore before March expiryCompany2025-09-30Quarter72,878 ozReported
Group AISC, sales denominator excluding OPA ounces and purchase costsCompany2025-09-30Quarter2,529 AUD/ozReported
Group recovered gold including purchased ore before March expiryCompany2025-12-31Quarter74,261 ozReported
Group AISC, sales denominator excluding OPA ounces and purchase costsCompany2025-12-31Quarter2,635 AUD/ozReported
Group recovered gold including purchased ore before March expiryCompany2026-03-31Quarter67,497 ozReported
Group AISC, sales denominator excluding OPA ounces and purchase costsCompany2026-03-31Quarter2,685 AUD/ozReported
Group recovered gold including purchased ore before March expiryCompany2026-06-30Quarter70,766 ozReported
Group AISC, sales denominator excluding OPA ounces and purchase costsCompany2026-06-30Quarter2,797 AUD/ozReported
FY26 recovered goldCompany2026-06-30Year285,402 ozReported
Issuer non-IFRS EBITDACompany2026-06-30Year952,400,000 AUDReported
Source-derived OCF less exploration, mine property and PP&E payments; excludes acquisitionCompany2026-06-30Year608,454,000 AUDSource Derived
Company guidance4
MetricProjectPeriodLowHighStatus
Gold ProductionCompanyFY27 standalone Genesis270,000300,000 oz/yearCurrent
Group All In Sustaining CostCompanyFY27 standalone Genesis2,7503,050 AUD/ozCurrent
Growth CapitalCompanyFY27 standalone Genesis380,000,000420,000,000 AUDCurrent
Exploration SpendCompanyFY27 standalone Genesis80,000,00090,000,000 AUDCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-05Ann. 2026-08-20DividendA$58.5M——Completed—
2026-06-30Ann. 2026-07-28DebtA$200M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Aggregate source royalties plus conditional Vault merger. Expired September collars and March OPAs are outside forward exposure. Private royalty rates remain incompletely itemized; aggregate effective royalty proxy is explicit.

FY26 royalty59.878m divided by owned sales250,961oz times6009/oz gives3.97%; model uses4% of future gold revenue, outside stripped AISC once.

Royalty · Active
Counterparties
Western Australian government and private royalty holders
Applies to
Leonora integrated mining hub · Laverton integrated mining hub · Magnetic / Lady Julie acquired inventory · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
FY26 disclosed aggregate royalty cost: 239 AUD/oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional acquisition modeled as75% completion probability in each gold/economic scenario. Each completed outcome adds independently forecast Vault economics and cash, deducts cash consideration540m, remaining325.969m transaction/integration/termination costs after paid50.7m breakfee, includes separately modeled AU tax reset/cross-loss and selected operating synergies and avoided140m mill, then divides by pro forma shares. No Vault physical inventory is added to current owned resource metrics.

Other · Conditional
Counterparties
Vault Minerals Limited
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Default share consideration: 0.76 GMD share/VAU share
Original default cash consideration: 0.48 AUD/VAU share
Cash adjustment following Genesis dividend: 39,400,000 AUD
Indicative new Genesis shares: 803,445,620 shares
Claimed synergies: 2,000,000,000 AUD
Underwritten refinancing facility: 1,000,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.