ASX gold mining stock Genesis Minerals Ltd (ASX: GMD) shares are in focus today after the company released updated results yesterday.
Genesis is an Australian gold exploration and mine development company. It is focused on advancing its flagship Leonora Gold Project in Western Australia which covers its Ulysses, Admiral, Orient Well, and Puzzle deposits.
Like many other ASX gold mining stocks, the company rose significantly in 2025, but has since been sold-off.
It remains more than 50% higher over the last 12 months, however has fallen close to 9% in 2026.
Yesterday, the company released its March Quarterly Activities Report.
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What did Genesis Minerals report?
Yesterday, the company reported:
- Cash and equivalents increase A$196m to A$600m
- Production for nine months to March 31st of 214,636oz at an AISC of A$2,614/oz;
- Gold sales of 65,049oz at an average price of A$6,755/oz, generating revenue of A$439.4m
- Quarterly unaudited NPAT of A$145 – 155m
- FY26 growth capital and exploration outlook maintained at A$260 – 290m.
Speaking on the results, 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.
Following the release, Genesis Minerals shares dropped close to 1% during yesterday's trade.
What did Bell Potter have to say?
Following the results, the team at Bell Potter released updated guidance on this ASX gold mining stock.
The broker said the company's gold revenue was $439m, which missed its estimate of $504m and consensus of $471m.
Bell Potter also said Genesis Minerals has not experienced any interruption to its fuel supplies to date.
However, there remains significant uncertainty going forward. According to the broker, both Laverton and Leonora Mills sites are gas powered, and GMD has >3.1Mt of ore stockpiles.
Buy rating retained for Genesis Minerals shares
After its fall so far this year, Bell Potter views Genesis Minerals shares as undervalued compared to other ASX gold mining stocks.
Our Buy recommendation and $9.90/sh TP are unchanged. We see GMD as undervalued relative to peers, with significant growth potential. The 3Q result demonstrated cost discipline in a challenging environment.
From yesterday's closing price of $6.67, the price target from Bell Potter indicates an upside potential of 48%.
