The Genesis Minerals Ltd (ASX: GNE) share price is on the move today after the gold miner released its March 2026 quarterly results, highlighting a cash balance rising to $600 million and quarterly gold production of 67,497 ounces at an all-in sustaining cost of A$2,685 per ounce.
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What did Genesis Minerals report?
- Gold sales of 65,049 ounces at an average price of A$6,755/oz, generating revenue of $439.4 million
- Quarterly (unaudited) NPAT between $145 million and $155 million
- Cash and equivalents rose by $196 million over the quarter to $599.9 million, with Genesis remaining bank debt-free
- Quarterly gold production reached 67,497 ounces across Leonora and Laverton operations
- All-in sustaining cost for the quarter was A$2,685/oz
- Underlying cash build of $252.8 million for the quarter before investing $56.6 million in growth and exploration
What else do investors need to know?
Genesis completed all third-party ore purchases during the quarter, with production from its Genesis mines ramping up in their place. The company continues to invest in sector-leading growth, including the Tower Hill open pit project, which is moving ahead of schedule with site works underway.
A major highlight was the proposed acquisition of Magnetic Resources for $639 million, anticipated to complete by June 2026 subject to conditions. This transaction will boost Genesis' growth strategy, potentially lifting group milling capacity to 8–9 million tonnes per annum. Additionally, Genesis has expanded its undrawn corporate financing facility to $300 million, further strengthening its balance sheet ahead of this deal.
What did Genesis Minerals management say?
Executive Chair Raleigh Finlayson said:
We continue to generate exceptional free cashflow while also investing in the ongoing growth of our business. This reflects an ideal combination of rising production from our mines, tight cost control, a robust gold price and no bank debt. We are also laying the foundations for the next chapter of growth, including the start of site works at the Tower Hill project, and look forward to providing an update on our long-term plan in the September quarter.
What's next for Genesis Minerals?
Genesis remains on track for its FY26 production outlook of 260,000–290,000 ounces at an AISC of A$2,500–A$2,700/oz. The company expects to finalise the Magnetic Resources acquisition in June and release an updated long-term production and cost plan—including FY27 guidance—in the September quarter 2026.
Site works and procurement at Tower Hill are well underway, aiming for first ore in FY28. Further, drilling and resource conversion work continues at other growth projects like Bruno Lewis, as Genesis looks to maintain its strong operating and financial momentum.
Genesis Minerals share price snapshot
Over the past 12 month, Genesis Minerals shares have declined 11%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 16% over the same period.
