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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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1Y
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Fair value
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Upside
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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

People, delivery and responsibility

Management background checks

Evidence through 2026-10-31

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

The team combines operational and development experience with growth in Genesis production. A fatality and later corporate safety convictions at a prior employer and a prior finance-related operating suspension are material, with limits on personal attribution.

Decision-relevant facts

Material summary

Individual involvement and employer context shown separately

Raleigh Finlayson

Executive Chair

Current
Full background report for Raleigh Finlayson
SafetyDocumented · High materiality

Fatality and later safety convictions at Saracen mine

In July 2020 a Byrnecut worker died at Saracen’s Whirling Dervish mine. WorkSafe reports that in December 2023 Northern Star (Carosue Dam) and Byrnecut pleaded guilty and were fined A$700,000 and A$850,000; a mine supervisor was separately fined. The separate 2020 Saracen announcement identifies Finlayson as managing director and reported the company response. The cited record does not establish personal wrongdoing by him.

Role overlaps event; causation unproven · Finlayson was Saracen managing director in 2020; the cited convictions are against companies and the supervisor, not him.

Fatality at Dervish mine · Page 1: Saracen fatality announcement
Safety prosecution updates May 2024 · Safety prosecution updates, Whirling Dervish
Companies and supervisor fined over mine worker death · Court report, paragraphs on guilty pleas and sentencing
Company SuccessIssuer Reported · Medium materiality

Genesis operating growth

Genesis reported FY2026 gold production of 285,402 ounces versus 214,311 in FY2025, with all-in sustaining costs of A$2,670/oz versus A$2,398/oz. These are company-wide outcomes, influenced by acquisitions and gold prices.

Role overlaps event; causation unproven · Finlayson chaired or led the company; the contribution of individual executives is not separately measured.

Annual Report FY2026 · Printed pages 10–11 shareholder letter
Evidence gaps · 3
  • Independent university, professional membership and credential verification remains incomplete.
  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.
  • Personal causal responsibility for the 2020 fatality was not established; the regulator proceedings concern the companies and supervisor.

Full background report

Raleigh Finlayson

Executive Chair

Career chronology

  • Managing director prior to January 2026; executive chair from 29 January 2026: Genesis Minerals — Executive Chair; previously Managing Director. Leadership restructure (Page 1 leadership restructure)

  • Managing director April 2013 to February 2021; previously operations: Saracen Mineral Holdings — Managing Director and previously Chief Operating Officer. Annual Report FY2026 (Page 14 board biography); Northern Star Resources Annual Report 2022 (Directors report, outside directorship table)

Education and qualifications

Issuer-reported qualifications

FY2026 annual report · issuer reported · low materiality

Genesis lists the abbreviated qualifications AdMineSurvey, BSc (Mine & Engineering), GradDipMinEng and GradCertAppFin. These qualifications were not independently verified.

Attribution: Responsibility not applicable. The issuer lists these qualifications; independent institutional confirmation was not obtained.

Relevance: Relevant to mining operations and executive leadership.

Annual Report FY2026 (Printed page 14, Raleigh Finlayson biography)

Contributions and company outcomes

Genesis operating growth

FY2025–FY2026 · issuer reported · medium materiality

Genesis reported FY2026 gold production of 285,402 ounces versus 214,311 in FY2025, with all-in sustaining costs of A$2,670/oz versus A$2,398/oz. These are company-wide outcomes, influenced by acquisitions and gold prices.

Attribution: Role overlaps event; causation unproven. Finlayson chaired or led the company; the contribution of individual executives is not separately measured.

Relevance: Shows operating growth and rising unit costs.

Annual Report FY2026 (Printed pages 10–11 shareholder letter)

Industrial safety

Fatality and later safety convictions at Saracen mine

2020; sentencing 2023 · documented · high materiality

In July 2020 a Byrnecut worker died at Saracen’s Whirling Dervish mine. WorkSafe reports that in December 2023 Northern Star (Carosue Dam) and Byrnecut pleaded guilty and were fined A$700,000 and A$850,000; a mine supervisor was separately fined. The separate 2020 Saracen announcement identifies Finlayson as managing director and reported the company response. The cited record does not establish personal wrongdoing by him.

Attribution: Role overlaps event; causation unproven. Finlayson was Saracen managing director in 2020; the cited convictions are against companies and the supervisor, not him.

Relevance: A material mine-safety outcome during executive oversight.

Fatality at Dervish mine (Page 1: Saracen fatality announcement); Safety prosecution updates May 2024 (Safety prosecution updates, Whirling Dervish); Companies and supervisor fined over mine worker death (Court report, paragraphs on guilty pleas and sentencing)

Evidence gaps

  • Independent university, professional membership and credential verification remains incomplete.

  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

  • Personal causal responsibility for the 2020 fatality was not established; the regulator proceedings concern the companies and supervisor.

Duncan Coutts

Executive Director - Operations

Current
Full background report for Duncan Coutts
Personal SuccessIssuer Reported · Medium materiality

Prior operational integration

Genesis reports that Coutts oversaw Ramelius operations and was heavily involved in due diligence, acquisitions, integration and production of acquired projects. Specific individual contributions are described by the issuer, while transaction-level performance is not independently quantified here.

Individual involvement documented · The account of his involvement is reported by Genesis.

Director and management appointments · Appendix A, Duncan Coutts profile
Evidence gaps · 2
  • Independent university, professional membership and credential verification remains incomplete.
  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

Full background report

Duncan Coutts

Executive Director - Operations

Career chronology

Education and qualifications

Issuer-reported qualifications

Issuer biography as dated · issuer reported · low materiality

Genesis reports a Bachelor of Engineering (Honours) in Mining Engineering from the Western Australian School of Mines. These qualifications were not independently verified.

Attribution: Responsibility not applicable. The issuer reports these credentials; independent confirmation was not obtained.

Relevance: Relevant to the current role.

Director and management appointments (Appendix A, Duncan Coutts profile)

Personal achievements

Prior operational integration

Before 2025 · issuer reported · medium materiality

Genesis reports that Coutts oversaw Ramelius operations and was heavily involved in due diligence, acquisitions, integration and production of acquired projects. Specific individual contributions are described by the issuer, while transaction-level performance is not independently quantified here.

Attribution: Individual involvement documented. The account of his involvement is reported by Genesis.

Relevance: Relevant operational and integration experience.

Director and management appointments (Appendix A, Duncan Coutts profile)

Evidence gaps

  • Independent university, professional membership and credential verification remains incomplete.

  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

Matt Nixon

Chief Executive Officer

Current
Full background report for Matt Nixon
Company SuccessIssuer Reported · Medium materiality

Production growth under current management

Genesis reported FY2026 production of 285,402 ounces at A$2,670/oz AISC compared with 214,311 ounces at A$2,398/oz a year earlier. Output includes acquired operations and does not quantify Nixon’s individual contribution.

Role overlaps event; causation unproven · Nixon was COO and then CEO in FY2026; the company result is not solely attributable to him.

Annual Report FY2026 · Printed page 10 shareholder letter
Evidence gaps · 2
  • Independent university, professional membership and credential verification remains incomplete.
  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

Full background report

Matt Nixon

Chief Executive Officer

Career chronology

  • Appointed GM Leonora 1 August 2023, with transition over September quarter; CEO from 29 January 2026: Genesis Minerals — Chief Executive Officer; previously COO and GM Leonora. Leadership restructure (Page 1; CEO appointment); Appointment of general manager Leonora (Page 1, GM appointment and transition)

  • February 2021 to June 2023 as reported by issuer: Labyrinth Resources — Chief Executive Officer. Acquisition scheme booklet (Senior management, Nixon biography)

Education and qualifications

Issuer-reported qualifications

Issuer biography as dated · issuer reported · low materiality

Genesis reports a Bachelor of Mining Engineering from UNSW, a WA First Class Mine Manager certificate, and AICD graduate status. These qualifications were not independently verified.

Attribution: Responsibility not applicable. The issuer reports these credentials; independent confirmation was not obtained.

Relevance: Relevant to the current role.

Annual Report FY2026 (Printed page 18, Matt Nixon biography)

Contributions and company outcomes

Production growth under current management

FY2025–FY2026 · issuer reported · medium materiality

Genesis reported FY2026 production of 285,402 ounces at A$2,670/oz AISC compared with 214,311 ounces at A$2,398/oz a year earlier. Output includes acquired operations and does not quantify Nixon’s individual contribution.

Attribution: Role overlaps event; causation unproven. Nixon was COO and then CEO in FY2026; the company result is not solely attributable to him.

Relevance: Track record for an operating gold producer.

Annual Report FY2026 (Printed page 10 shareholder letter)

Evidence gaps

  • Independent university, professional membership and credential verification remains incomplete.

  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

Morgan Ball

Chief Financial Officer

Current
Full background report for Morgan Ball
FailureIssuer Reported · High materiality

BC Iron suspension and loss

BC Iron reported a A$72.9m statutory net loss for the six months ended December 2015 and temporarily suspended its Nullagine operation in December 2015. The company attributed the suspension to declining iron-ore prices and outlook; it also reported operational cost reductions.

Role overlaps event; causation unproven · Ball was BC Iron managing director and commented on the company decision; the price collapse was external, and this does not establish misconduct.

BC Iron financial results half year ended December 2015 · Page 1 results and Nullagine suspension
BC Iron FY2015 financial results · Pages 1–2 FY2015 results
Evidence gaps · 2
  • Independent university, professional membership and credential verification remains incomplete.
  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

Full background report

Morgan Ball

Chief Financial Officer

Career chronology

  • Current in August 2026 annual report; exact start date not established: Genesis Minerals — Chief Financial Officer. Annual Report FY2026 (Printed page 18 leadership biography)

  • 2013–2016: BC Iron — Managing Director. Acquisition scheme booklet (Genesis senior management, Ball biography)

Education and qualifications

Issuer-reported qualifications

Issuer biography as dated · issuer reported · low materiality

Genesis reports a Bachelor of Commerce from UWA, chartered accountant membership and FINSIA fellowship. These qualifications were not independently verified.

Attribution: Responsibility not applicable. The issuer reports these credentials; independent confirmation was not obtained.

Relevance: Relevant to the current role.

Annual Report FY2026 (Printed page 18, Morgan Ball biography)

Business failures and setbacks

BC Iron suspension and loss

2015–2016 · issuer reported · high materiality

BC Iron reported a A$72.9m statutory net loss for the six months ended December 2015 and temporarily suspended its Nullagine operation in December 2015. The company attributed the suspension to declining iron-ore prices and outlook; it also reported operational cost reductions.

Attribution: Role overlaps event; causation unproven. Ball was BC Iron managing director and commented on the company decision; the price collapse was external, and this does not establish misconduct.

Relevance: Prior financial and operating setback relevant to capital and risk experience.

BC Iron financial results half year ended December 2015 (Page 1 results and Nullagine suspension); BC Iron FY2015 financial results (Pages 1–2 FY2015 results)

Evidence gaps

  • Independent university, professional membership and credential verification remains incomplete.

  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

Troy Irvin

Corporate Development Officer

Current
Full background report for Troy Irvin
GovernanceDocumented · Medium materiality

Vault scheme remains conditional

The companies announced a proposed merger via a Vault scheme. Vault’s meeting was scheduled for 11 November 2026 and implementation remained subject to shareholder and court approval. Genesis withdrew certain AGM resolutions on 30 October and said three Vault directors would be appointed upon implementation, subject to approvals.

Role overlaps event; causation unproven · Irvin’s corporate development role overlaps the proposal; no individual responsibility for the transaction outcome is established.

Vault Scheme Booklet registered with ASIC · Scheme meeting and conditional timetable
AGM resolutions update · Page 1, AGM resolutions and contingent appointments
Evidence gaps · 2
  • Independent university, professional membership and credential verification remains incomplete.
  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

Full background report

Troy Irvin

Corporate Development Officer

Career chronology

  • Current in 2026 annual report; exact appointment date not established: Genesis Minerals — Corporate Development Officer. Annual Report FY2026 (Printed page 18 leadership biography)

  • 2015–2021, according to Genesis: Saracen Mineral Holdings — Corporate Development Officer. Acquisition scheme booklet (Senior management biography)

Education and qualifications

Issuer-reported qualifications

Issuer biography as dated · issuer reported · low materiality

Genesis reports a mining engineering degree from the WA School of Mines and postgraduate diploma in applied finance. These qualifications were not independently verified.

Attribution: Responsibility not applicable. The issuer reports these credentials; independent confirmation was not obtained.

Relevance: Relevant to the current role.

Annual Report FY2026 (Printed page 18, Troy Irvin biography)

Governance and interests

Vault scheme remains conditional

October 2026 · documented · medium materiality

The companies announced a proposed merger via a Vault scheme. Vault’s meeting was scheduled for 11 November 2026 and implementation remained subject to shareholder and court approval. Genesis withdrew certain AGM resolutions on 30 October and said three Vault directors would be appointed upon implementation, subject to approvals.

Attribution: Role overlaps event; causation unproven. Irvin’s corporate development role overlaps the proposal; no individual responsibility for the transaction outcome is established.

Relevance: Relevant to the corporate development mandate and pending integration.

Vault Scheme Booklet registered with ASIC (Scheme meeting and conditional timetable); AGM resolutions update (Page 1, AGM resolutions and contingent appointments)

Evidence gaps

  • Independent university, professional membership and credential verification remains incomplete.

  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

Christina Yeo

General Manager, People & Culture

Current
Full background report for Christina Yeo
Role FitAnalyst Inference · Medium materiality

People and culture experience

Genesis reports Yeo previously held people and culture roles at Byrnecut and DLA Piper; AusIMM independently identified her as Byrnecut’s group head of people and culture in 2024. This experience is relevant to workforce integration, though individual outcomes are not independently quantified.

Responsibility not applicable · Role fit is an inference from reported and corroborated prior roles.

Annual Report FY2026 · Printed page 18 Christina Yeo biography
Evidence gaps · 3
  • Independent university, professional membership and credential verification remains incomplete.
  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.
  • Exact dates and individual outcomes in former people-and-culture roles were not independently established.

Full background report

Christina Yeo

General Manager, People & Culture

Career chronology

  • Named in FY2026 annual report; start date not independently confirmed: Genesis Minerals — General Manager, People & Culture. Annual Report FY2026 (Printed page 18 leadership biography)

  • Role identified by AusIMM in 2024: Byrnecut — Group Head of People and Culture. Interview with Christina Yeo of Byrnecut (Opening interview paragraph)

Education and qualifications

Issuer-reported qualifications

Issuer biography as dated · issuer reported · low materiality

Genesis reports law and arts degrees from Murdoch University and UWA respectively. These qualifications were not independently verified.

Attribution: Responsibility not applicable. The issuer reports these credentials; independent confirmation was not obtained.

Relevance: Relevant to the current role.

Annual Report FY2026 (Printed page 18, Christina Yeo biography)

Suitability for the current role

People and culture experience

2024–2026 · analyst inference · medium materiality

Genesis reports Yeo previously held people and culture roles at Byrnecut and DLA Piper; AusIMM independently identified her as Byrnecut’s group head of people and culture in 2024. This experience is relevant to workforce integration, though individual outcomes are not independently quantified.

Attribution: Responsibility not applicable. Role fit is an inference from reported and corroborated prior roles.

Relevance: Relevant to workforce transition and safety culture.

Annual Report FY2026 (Printed page 18 Christina Yeo biography); Interview with Christina Yeo of Byrnecut (Interview introduction)

Evidence gaps

  • Independent university, professional membership and credential verification remains incomplete.

  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

  • Exact dates and individual outcomes in former people-and-culture roles were not independently established.

Joanne Steer

General Counsel and Joint Company Secretary

Current
Full background report for Joanne Steer
Role FitAnalyst Inference · Medium materiality

Legal and governance background

Genesis reports Steer joined as head of legal in February 2024 and became company secretary on 29 August; the issuer reports her law degree and mining-industry advisory background. These roles are relevant to listed-company governance, but university and admission records were not independently checked.

Responsibility not applicable · Role fit is an inference from issuer-reported work experience and duties.

Appointment of company secretary · Page 4 company secretary appointment
Evidence gaps · 2
  • Independent university, professional membership and credential verification remains incomplete.
  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

Full background report

Joanne Steer

General Counsel and Joint Company Secretary

Career chronology

  • Head of Legal from February 2024; secretary from 29 August 2024: Genesis Minerals — General Counsel and Joint Company Secretary. Appointment of company secretary (Page 4 appointment)

Education and qualifications

Issuer-reported qualifications

Issuer biography as dated · issuer reported · low materiality

Genesis reports Arts and Law degrees from UWA and AICD graduate status. These qualifications were not independently verified.

Attribution: Responsibility not applicable. The issuer reports these credentials; independent confirmation was not obtained.

Relevance: Relevant to the current role.

Appointment of company secretary (Page 4, appointment of company secretary)

Suitability for the current role

Legal and governance background

2024–2026 · analyst inference · medium materiality

Genesis reports Steer joined as head of legal in February 2024 and became company secretary on 29 August; the issuer reports her law degree and mining-industry advisory background. These roles are relevant to listed-company governance, but university and admission records were not independently checked.

Attribution: Responsibility not applicable. Role fit is an inference from issuer-reported work experience and duties.

Relevance: Relevant to corporate and securities governance.

Appointment of company secretary (Page 4 company secretary appointment)

Evidence gaps

  • Independent university, professional membership and credential verification remains incomplete.

  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

Marie Forsyth

Legal Counsel and Joint Company Secretary

Current
Full background report for Marie Forsyth
Role FitAnalyst Inference · Medium materiality

Legal and mining background

Genesis reports Forsyth has experience in corporate and mining law and previously held secretarial roles for listed explorers; it reports law and extractive metallurgy degrees. Her experience is relevant to the legal and secretarial role, but independent credential verification was not obtained.

Responsibility not applicable · The issuer reports the background; role fit is an analyst inference.

Appointment of joint company secretary · Page 4 company secretary appointment
Evidence gaps · 2
  • Independent university, professional membership and credential verification remains incomplete.
  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

Full background report

Marie Forsyth

Legal Counsel and Joint Company Secretary

Career chronology

  • Legal counsel since April 2025; joint secretary from 21 August 2025: Genesis Minerals — Legal Counsel and Joint Company Secretary. Appointment of joint company secretary (Page 4 appointment)

Education and qualifications

Issuer-reported qualifications

Issuer biography as dated · issuer reported · low materiality

Genesis reports a Bachelor of Laws from Murdoch and Bachelor of Science in Extractive Metallurgy from the Western Australian School of Mines, plus Governance Institute membership. These qualifications were not independently verified.

Attribution: Responsibility not applicable. The issuer reports these credentials; independent confirmation was not obtained.

Relevance: Relevant to the current role.

Appointment of joint company secretary (Page 4, joint secretary appointment)

Suitability for the current role

Legal and mining background

2025–2026 · analyst inference · medium materiality

Genesis reports Forsyth has experience in corporate and mining law and previously held secretarial roles for listed explorers; it reports law and extractive metallurgy degrees. Her experience is relevant to the legal and secretarial role, but independent credential verification was not obtained.

Attribution: Responsibility not applicable. The issuer reports the background; role fit is an analyst inference.

Relevance: Relevant to company secretarial and mining-law responsibilities.

Appointment of joint company secretary (Page 4 company secretary appointment)

Evidence gaps

  • Independent university, professional membership and credential verification remains incomplete.

  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

Lee Stephens

Chief Operating Officer

Current
Full background report for Lee Stephens
Personal SuccessIssuer Reported · Medium materiality

Laverton restart and development roles

Genesis credits Stephens with leading the early restart of the Laverton mill in 2024 and says he played a central role advancing Thunderbox from study to production while at Saracen. The precise personal share of those company-wide results is not independently quantified.

Individual involvement documented · Genesis explicitly credits his leadership; independent quantitative attribution is not established.

FY2026 results and COO appointment · Management appointments, Lee Stephens
Evidence gaps · 3
  • Independent university, professional membership and credential verification remains incomplete.
  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.
  • Exact dates at Carosue Dam and Thunderbox and personal responsibility for historical incidents were not established.

Full background report

Lee Stephens

Chief Operating Officer

Career chronology

  • Joined in 2022 according to FY2026 results; COO appointed 20 August 2026: Genesis Minerals — Chief Operating Officer; previously operational and project roles. FY2026 results and COO appointment (Management appointments)

  • More than 12 years before Genesis, exact end dates not established: Saracen Mineral Holdings — General Manager roles at Carosue Dam and Thunderbox. Annual Report FY2024 (Printed page 13 leadership biography)

Education and qualifications

Issuer-reported qualifications

Issuer biography as dated · issuer reported · low materiality

Genesis reported WA Quarry Manager and Grade 1 Authorised Mine Surveyor certificates in its FY2024 report. These qualifications were not independently verified.

Attribution: Responsibility not applicable. The issuer reports these credentials; independent confirmation was not obtained.

Relevance: Relevant to the current role.

Annual Report FY2024 (Printed page 13, Lee Stephens biography)

Personal achievements

Laverton restart and development roles

Pre-2022 and 2024 · issuer reported · medium materiality

Genesis credits Stephens with leading the early restart of the Laverton mill in 2024 and says he played a central role advancing Thunderbox from study to production while at Saracen. The precise personal share of those company-wide results is not independently quantified.

Attribution: Individual involvement documented. Genesis explicitly credits his leadership; independent quantitative attribution is not established.

Relevance: Relevant to the current operating role.

FY2026 results and COO appointment (Management appointments, Lee Stephens)

Evidence gaps

  • Independent university, professional membership and credential verification remains incomplete.

  • Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.

  • Exact dates at Carosue Dam and Thunderbox and personal responsibility for historical incidents were not established.