Genesis Minerals shares sink despite topping guidance
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More news: Gold miner Genesis Minerals was one of the worst performing ASX 200 stocks after morning trade, even after beating its upgraded production guidance following a record quarterly haul.
Genesis shares were down 2.7% to $3.95 at 12:45pm AEST, having surged more than 80% over the last 12 months.
Genesis Minerals posts record Q4 gold production, beats FY25 guidance
The news: Gold miner Genesis Minerals beat its upgraded full-year production guidance after reporting record quarterly output for the three months to June.
The numbers: Genesis recorded FY25 gold production of 214,311 ounces, topping guidance of between 190,000 and 210,000 ounces, which was upgraded in September.
The miner reported all-in sustaining cost (AISC) of $2,398 per ounce, at the higher end of its guidance band of $2,200 to $2,400.
The result follows record quarterly production of 61,469 ounces at AISC of $2,499 per ounce.
The context: Genesis, which announced the $250 million acquisition of Focus Minerals' Laverton gold project in May, said the new assets support the miner's growth strategy and provides flexibility to increase its processing capacity.
What they said: "Our focus over coming months will be on achieving our production targets while keeping a tight lid on costs, where our industry is obviously facing some inflationary pressures across the board, and assessing our processing scenarios," said Genesis' managing director Raleigh Finlayson.
The source: ASX
