Genesis Minerals: First Read: GMD/VAU Merger Now Binding on Unchanged Terms

Research evidence excerpt

Genesis Minerals: First Read: GMD/VAU Merger Now Binding on Unchanged Terms

J P M O R G A N Asia Pacific Equity Research

14 July 2026

Genesis Minerals Overweight

GMD.AX, GMD AU

First Read: GMD/VAU Merger Now Binding on Price (13 Jul 26):A$5.88

Unchanged Terms Price Target (Jun-27):A$7.40

Key takeaways from the signed GMD/VAU scheme: 1) Deal now binding with Australia

unanimous Board recommendation; consideration unchanged (A$5.274/sh) and

Metals & Mining

implementation targeted for Nov26. 2) KOTH synergies better quantified -

~2.0Mtpa Tower Hill ore at 2.0g/t displacing 0.3g/t low-grade feed adds ~100koz Jonathon Sharp AC

pa at flat throughput, lifting KOTH to +300koz pa and Leonora to ~500koz pa by (61 2) 9003-8312

jonathon.sharp@jpmorgan.com

FY29 (subject to approvals); ~A$2.0bn synergies reaffirmed. 3) In our view, we J.P. Morgan Securities Australia Limited

see this as a positive incremental update with the presentation better quantifying Lyndon Fagan

the production upside from routing Tower Hill to KOTH. We note the FY27/28 (61-2) 9003-8648

production figure outlined doesn’t include the upside from KOTH synergies. lyndon.fagan@jpmorgan.com

J.P. Morgan Securities Australia Limited

• Deal is now binding with a Nov26 Implementation date. With RRL now out Branko Skocic

of the picture, GMD’s superior proposal has been signed off as a scheme with (61-3) 9633-4069

unanimous Vault Board support; the consideration is unchanged and deal close branko.skocic@jpmorgan.com

is expected in November 2026. J.P. Morgan Securities Australia Limited

Devwrat Vegad

• Production outlook. FY27/28 production outlook has been provided at (91-22) 6157-3608

650koz/685koz, noting these are aggregated standalone outlooks rather than devwrat.vegad@jpmchase.com