Genesis Minerals has revealed its five-year strategic plan, with total gold production equalling 1.3 million ounces (Moz).
The plan spans from the beginning of the 2024–25 financial year (FY25) until FY29.
Under the strategy, Genesis will increase production from its operations over the five-year period from 140,000oz in FY24 to 325,000oz in FY29.
The company will also maintain an average production profile from FY29 of 335,000oz per annum.
Genesis’ production target is based on a combination of 92 per cent ore Reserves and eight per cent inferred mineral resources mined between FY25 and FY29, as well as a total of 90 per cent ore reserves and 10 per cent inferred mineral resources mined between FY25 and FY34.
The gold miner’s strategy will be bolstered by its group resources standing at 15.2Moz and group reserves totalling at 3.3Moz, as of March 21.
“It is clear that we now have the reserve to underwrite our future as a major ASX gold producer with annual production of 300,000oz per annum and more,” Genesis Minerals managing director Raleigh Finlayson said.
“We also have long mine life and operational diversity on both the mining and processing fronts.
“Importantly, these new robust models show there is huge scope for ongoing growth in the inventory and forecast production rates, with mineralisation open across the assets and drilling continuing to return exceptional results which point to increases and upgrades in the resources.”
The increase in total resources and reserves is largely credited to three key acquisitions completed by Genesis in the second half of 2023, including:
- obtaining St Barbara’s Leonora assets
- purchasing the Bruno-Lewis and Raeside gold projects from Kin Mining
- acquiring 100 per cent ownership of Daican.
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