Genesis Minerals Limited (GMD.AX): First Take: Production and cash beat vs VA consensus, Tower Hill ahead of schedule

Research evidence excerpt

Genesis Minerals Limited (GMD.AX): First Take: Production and cash beat vs VA consensus, Tower Hill ahead of schedule

Flash |

02 Jul 2026 20:15:01 ET │ 12 pages

Genesis Minerals Limited (GMD.AX)

First Take: Production and cash beat vs VA consensus, Tower Hill ahead

of schedule

CITI’S TAKE Buy

GMD delivered a clean beat to close out FY26. JunQ gold production of Price (02 Jul 26 16:00) A$5.39

70.7koz landed ~5% ahead of CitiE (67.6koz) and ~8% ahead of Target price A$10.00

consensus expectations (65.5koz), reinforcing a track record of consistent

Expected share price return 85.5% delivery. Both production and all-in sustaining costs (AISC) remained well

within their FY26 guidance of 260–290koz at A$2,500–2,700/oz; a Expected dividend yield 0.0%

remarkable achievement marking the third consecutive year. Financially, Expected total return 85.5%

the company ended the period with a robust A$520 million in cash and Market Cap A$6,308M

equivalents, significantly surpassing the consensus expectation of US$4,424M

~A$373 million, even after absorbing A$352 million in strategic outflows

for acquisitions, stamp duty, growth, exploration, and income tax

installments during the quarter. In our view, these results showcase solid

operational execution and the strong cash generation. Jack WhelanAC

+61-2-8225-5979

jack.whelan@citi.com

Growth and long-term plan: GMD has announced that mining at Tower Hill has

commenced, putting GMD ahead of its previous target of first ore by FY28, whilst long

lead items for the new 3.5–4.0mtpa Leonora mill have been ordered. We see this as a

positive for the stock, further reinforcing confidence in management’s strong

execution track record, crucially as they move towards releasing the details of their

long-term plan in Sep-26.