Yesterday, Genesis Minerals Ltd (ASX: GMD) reported record FY26 earnings, with EBITDA more than doubling to A$952 million and an 81% jump in cash and equivalents to A$520 million. The board also declared its maiden fully franked dividend of 5.0 cents per share.
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What did Genesis Minerals report?
- EBITDA up 110% to A$952.4 million (FY25: A$454.1m)
- Underlying NPAT up 147% to A$546.9 million; Statutory NPAT A$601.8 million, including a one-off tax benefit
- Sales revenue rose 89% to A$1,742.4 million
- Gold production up 33% to 285,402 ounces; AISC A$2,670/oz, within guidance
- Cash and equivalents at A$520.1 million, up from A$286.9 million
- Maiden fully franked dividend of A5.0 cents per share
- Acquisition of Magnetic Resources completed, adding the high-grade Lady Julie deposit
What else do investors need to know?
Genesis wrapped up FY26 in a strong financial position, having completed the acquisition of Magnetic Resources for A$447 million in cash and 28 million shares. This move expanded the company's gold resources and strengthened its foothold in WA's Laverton region.
Growth-related project and exploration spending (excluding acquisitions) totalled A$275 million, including key developments at Tower Hill and Ulysses. Genesis also upsized its corporate finance facility to A$300 million during the year and repaid earlier drawn debt.
Maiden dividends mark a milestone, rewarding share owners for the company's transformation since starting gold production in 2023. The planned merger with Vault, on track for completion in November 2026, is expected to double Genesis's annual production to over 600,000 ounces and create a top-tier gold company globally.
What did Genesis Minerals management say?
Executive Chairman Raleigh Finlayson said:
These outstanding financial results reflect the strength of our exceptional asset base and our overarching commitments to safety, growth and meeting targets… In light of this result and the outlook for strong ongoing cash generation, we have declared a maiden fully franked dividend of 5.0c per share. We believe this strikes the right balance between ensuring we are well capitalised to take advantage of growth opportunities while also returning cash to shareholders.
What's next for Genesis Minerals?
Looking ahead, Genesis plans to finalise its merger with Vault, targeting completion by November 2026. The combined group expects to unlock around A$2 billion in post-tax synergies over the next decade, creating a major player in the global gold sector.
A formal strategic plan for the merged entity is set for release in the first half of 2027. This will provide fresh production and cost guidance, alongside a new capital management framework—including future dividend policy. For FY27, Genesis is guiding standalone gold production of 270,000–300,000 ounces at slightly increased all-in sustaining costs, with additional spending on growth and exploration.
Genesis Minerals share price snapshot
Over the past 12 months, Genesis Minerals shares have risen 88%, significantly outperforming the All Ordinaries Index (ASX: XAO).
