Genesis Minerals shares rise as Laverton restart boosts Q3 output
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The news: Shares in Genesis Minerals advanced in early trading after the gold miner reported record quarterly production in the March quarter, leaving it on track to meet its upgraded full-year guidance.
The numbers: Genesis shares were up 4.9% to $4.25 at 10:50am AEST, extending gains of around 130% over the last 12 months.
The miner reported quarterly gold production of 59,767 ounces at an all-in sustaining cost (AISC) of $2,323 per ounce. Genesis said it is on track to meet FY25 guidance of 190,000 to 210,000 ounces at an AISC of between $2,200 and $2,400 per ounce.
The context: Genesis attributed the record haul to the early restart of its Laverton mill in Western Australia, which is now running above its nameplate capacity of 3 million tonnes per year.
The company also said that a 12% increase in ore reserves during the quarter further underpins its "Aspire 400" accelerated growth strategy, which aims to increase production rates sooner than currently forecast in its 10-year outlook. As part of those efforts, Genesis is investigating further optimisation, staged expansion and earlier milling of stockpiles accumulated by fiscal 2029.
The source: ASX
