Genesis Minerals shares spurred by Q2 production boost
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The news: Genesis Minerals shares rose in morning trade on the ASX after the gold miner reaffirmed its upgraded guidance.
The numbers: Genesis shares were up 5.5% to $2.89 by 11:20am AEDT, having climbed nearly 80% over the past 12 months.
The miner said it was on track to meet full-year production guidance of 190,000 to 210,000 ounces of gold at an all-in sustaining cost (AISC) of between $2,200 and $2,400 per ounce.
Genesis posted a record quarterly haul of 57,055 ounces at an AISC of $2,202 per ounce for the three months to December. It took first-half production to 93,075 ounces at an AISC of $2,383 per ounce.
Cash and equivalents rose during the second quarter from $177.6 million at 30 September to $237.5 million at 31 December.
The context: Genesis lifted its full-year production outlook in September due to an earlier restart at its Laverton mill in Western Australia.
The Perth-based miner brought forward the restart of the mill to October 2024, six months earlier than previously expected.
Genesis views the early Laverton mill restart as the first step of its accelerated growth strategy, which aims to achieve annual production of 325,000 ounces by 2029.
The source: ASX announcement
