FY2025 Annual Report

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# FY2025 Annual Report

Source: https://gmd.live.irmau.com/pdf/dd4d1488-1cd0-4f66-a7df-34b4d6fc6974/FY2025-Annual-Report.pdf?Platform=ListPage
Published: 2025-06-30T00:00:00+00:00
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## Content

# FY2025 Annual Report
2025
ANNUAL
REPORT
ACN 124 772 041
1
2
Acknowledgement of Country
In the spirit of reconciliation, we acknowledge the Traditional
Owners and Custodians of country throughout Australia on which
we live and work.
Darlot
Kakarra Part A
Marlinyu Ghoorlie
Nyalpa Pirniku
Whadjuk Noongar
We recognise the continuing connection to lands, waters and
communities. We pay our respect to the Elders past, present and
emerging for they hold the memories, the traditions, the culture
and hopes of Aboriginal and Torres Strait Islander Australia.
Mt Morgans Village 3
Our Operations
Laverton
Leonora
Kalgoorlie
Perth
4
Contents
Our Vision and Values 7
FY25 Highlights 8
Letter to Shareholders 11
Strategic Outlook 12
Board & Leadership Team 14
Sustainability 18
People First 20
Review of Operations 22
Financial Review 38
Risk Management 43
Mineral Resources and Ore Reserves Statement 46
Annual Financial Report 53
Additional Information 122
Mt Morgans Village 5
6
Our Vision & Values
The trusted Australian gold miner – Progressive, high-quality, +400koz pa.
Our Core Values drive our culture and leadership.
ASPIRE - Always aim higher.
Laverton Mill 7
FY25 Highlights
Safety
LTIFR TRIFR
0.8 7.9
FY24: 0.0 FY24: 8.3
Diversity
Female representation Indigenous representation
Board: 29%
FY24: 29% 3.3%
Employees: 23% FY24: 2.4%
FY24: 20%
Workforce
Personnel Local Employees
Staff: 603 Leonora & 3.2%
FY24: 331 Laverton: FY24: 3%
Contractors: 1,090 Kalgoorlie: 1.8%
FY24: 588 FY24: 2.4%
Community
Community Investment Local Suppliers
$336k 80%
FY24: A$354k FY24: 80%
Environment
Significant Incidents Significant Incidents
Group GHG emissions
Scope 1
174.7kt CO2-e 1.5kt CO2-e
Scope 2 (location-based)
0
FY24: 110.6kt CO2-e FY24: 0.6kt CO2-e FY24: 0
8
FY25 Highlights
Financial
Gold Sales EBITDA NPAT
114% 256% 1
127%
FY25: $918.7M FY24: $428.3M 1 FY25: $454.1M FY24: $127.6M FY25: $221.7M FY24: $97.5M 1
EPS Share Price AISC
123% 145% $2,398 /oz
FY25: 20.27c FY24: 9.10c 30Jun25: $4.30 30Jun24: $1.76 FY24: $2,356/oz
Cashflow - Operating Activities Growth Capital Operations
$420.7M $123.7M 5
FY24: $150.6M FY24: $86.5M FY24:3
Operational
Production Mills Resources Reserves
59% 2 18.7Moz* 4.2Moz*
FY25:214.3koz FY24:134.5koz FY24:1 FY24:15.2Moz FY24:3.3Moz
1. Restated due to a change in accounting policy. Refer Note 2 on Page 86 *Pro-forma - refer Mineral Resources and Ore Reserves Page 46
9
Laverton Team Members
10
Letter to Shareholders
Dear Shareholder
After such a positive and productive year, it’s a pleasure to introduce the Annual Report of Genesis Minerals for the 12 months to
June 30, 2025.
The past year has seen considerable achievements as we seek to maximise returns on our assets while at the same time investing in
the Company’s long-term future.
Genesis Minerals produced a record 214,311oz of gold in the year, up 59% from 134,451oz in the previous 12 months. This
stemmed from a strong performance at our Leonora operations and the start of production at our Laverton plant.
The Gwalia team has done an exceptional job, not only in terms of what has been produced at the mine but also in the way it has
managed the asset to ensure it continues to deliver for many years. Generating strong production results at Gwalia has only been
part of their task, with considerable emphasis also placed on mine development, grade control and near-mine exploration to ensure a
long-term sustainable future for this mine.
Just 30km along the highway from Gwalia, the new Ulysses underground mine is ramping up and the Admiral and Hub open pit
mines made strong contributions for the year.
At Laverton, our team did an outstanding job by bringing forward the commencement of milling at the 3 million-tonne-a-year mill to
October 2024. The ramp-up has been very successful, contributing to our overall production for the year and paving the way for
Laverton to play a vital role in our ”ASPIRE 400” accelerated growth strategy.
Genesis has a strong record of value-creating acquisitions and corporate development; this was maintained during the year with the
acquisition of the Laverton Gold Project from Focus Minerals for $250 million. The acquisition delivered Genesis a 4Moz resource
just 30km from the Laverton mill. We believe there is substantial scope to grow this resource over time.
The acquisition also brings valuable flexibility to our entire asset base, enabling us to pair deposits with the optimum milling solution.
The benefits that come with having these options will be captured in the development scenarios we are now assessing at Leonora.
The additional ore feed available at Laverton, as a result of the Focus project acquisition, means the ore from our planned Tower Hill
development at Leonora may no longer need to be trucked ~100km to Laverton for processing. With this in mind, we can now
consider the benefits of a plant expansion at Leonora. This assessment work is taking place in parallel with preparations for
developing Tower Hill, which remains on track for first ore in FY28.
The resources secured through the Focus Laverton project acquisition means Genesis is now in the enviable position of having an
extensive inventory surrounding two operating mills. This de-risks our production profile while underpinning long mine lives and
providing valuable scope for efficiencies and optimisations.
On behalf of the Board, I thank our outstanding management team, staff and contractors for their respective contributions and work
over the past year. Their efforts have ensured Genesis is extremely well-positioned, generating strong results today while preparing
for tomorrow’s growth. I also thank our shareholders for their strong support as we have laid the foundations for a high-quality gold
Company that is “filling the gap” between the ASX 100 gold producers and the rest.
Yours faithfully,
Anthony (Tony) Kiernan AM
Chair, Genesis Minerals Limited
11
Strategic Outlook
Genesis’ “ASPIRE 400” strategic plan1 clearly outlines the Company’s long-term objectives, summarised in the vision “The
trusted Australian gold miner - Progressive, high quality, +400,000 ounces per annum”.
1
’
Figure 1: “ASPIRE 400” Strategic Plan on a page
The strategic plan is underpinned by an enviable inventory and mine life, with significant optionality. A key focus is on
accelerating growth, aiming to bring production forward ahead of the March 2024 10-year production outlook2,3,4.
1
FY27-29 production at mid-point (within a range of +/- 7.5%), FY26 AISC at mid-point (within a range of +/- A$100/oz) *Aspirational Goal
Figure 2: 10-year BASE CASE production outlook
1. Aspirational Goal
2. Refer to ASX Announcement 21st March 2024 “Five-year Strategic Plan";
3. Refer to PRODUCTION OUTLOOK (pages 11-18) in the ASX announcement 21st March 2024 “Growth strategy underpinned by robust Reserves" for the material assumptions relating to the
production target; Genesis confirms that all the material assumptions underpinning the production target in that announcement continue to apply and have not materially changed. There is a low level
of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the
production target itself will be realised.
4. Refer to ASX announcement 21st August 2025 “Abundant cash flow and +4Moz Reserve sets up Genesis for exceptional growth” 12
Growth projects in execution phase include:
Ramp-up of the Ulysses underground mine
Mining of lateral extensions to the Admiral open pit
Hub open pit development
Commencement of open pit mining at Jupiter in July ‘25
Tower Hill progression
Impressive portfolio-wide drilling results
The current 10-year outlook (Figure 2) is based on 4.4Mtpa processing capacity from two mills, Leonora and Laverton.
Staged mill expansion studies continue, with the investment case for increased throughput bolstered by the recent acquisition
of Focus’ Laverton assets. Following this acquisition, Genesis’ Resources stand at 283Mt and Reserves stand at 67Mt5.
Ultimately Genesis is a growth company, intent on “filling the gap” between the ASX 100 gold producers and the rest and
delivering superior total shareholder returns.
5. Refer Appendices A and B of ASX announcement 10th June 2025 “Corporate Presentation - Focused” for Genesis and Laverton Gold Project Resource and Reserves
respectively
Investors at Jupiter Open Pit
13
Our Board of Directors KEY
Audit & Finance Committee People & Culture Committee
Board of Directors Risk & Sustainability Committee
Exploration & Growth Committee
* Denotes Committee Chair
Anthony Kiernan AM LLB
Non-Executive Chair – appointed 1 October 2022
Mr Kiernan is a former solicitor with extensive experience in the management and operation of listed public companies. As both a
lawyer and general consultant, he has practiced and advised extensively in the fields of resources and business generally. He is a
Member of the Order of Australia.
Mr Kiernan has served as a Director of the following listed companies in the three years immediately before the end of the 2025
financial year:
Pilbara Minerals Limited (ASX:PLS) - July 2016 to January 2024
NT Minerals Limited (ASX:NTM) - April 2021 to March 2023
Dacian Gold Limited (ASX:DCN) - September 2022 to March 2023
Raleigh Finlayson AdMineSurvey, BSc (Mine & Eng Surveying), GradDipMinEng, GradCertAppFin
Managing Director – appointed 21 February 2022
Raleigh Finlayson is a Mining Engineer with over 20 years’ of technical and operational experience in multiple disciplines including
both underground and open pit operations. He was previously the Managing Director of Saracen Mineral Holdings and Northern
Star Resources.
During his 14 year tenure at Saracen, Mr Finlayson was initially the Chief Operating Officer responsible for the feasibility study
and development of Saracen’s first operating gold mine, the Carosue Dam Operations. He was promoted to the role of Managing
Director in 2013 and was responsible for the acquisition, feasibility study and development of Saracen’s second operating gold
mine, Thunderbox, and subsequently the purchase of 50% of the KCGM Superpit from Barrick Gold. Saracen grew from a market
cap of $53m in 2008 to $6.0bn in 2021 before merging with Northern Star Resources.
Duncan Coutts B.Eng (Mining), MAusIMM
Executive Director – appointed 26 May 2025
Mr Coutts is a qualified mining engineer with more than 30 years resource industry experience.
Mr Coutts was previously Chief Operating Officer at Ramelius Resources (ASX: RMS) (Ramelius), where he oversaw management
of Ramelius’ operating mines. During his time at Ramelius, Mr Coutts was heavily involved in due diligence and the acquisition of
a number of projects, which he then managed through to integration and ultimately production.
Prior to joining Ramelius, he held a combination of consulting roles and senior management and executive level positions for both
large scale and junior mining companies, including Kimberley Metals Group, Galaxy Resources, Metals X and Harmony Gold
Australia.
He holds a Bachelor of Engineering (Hons) in Mining Engineering from the Western Australian School of Mines in Kalgoorlie.
Michael Bowen LLB, BJuris, BCom, CPA
Non-Executive Director – appointed 19 November 2021
*
Mr Bowen is an experienced corporate lawyer with deep knowledge of the Australian resources sector and the regulatory regimes
around mine development and operation.
Mr Bowen is highly regarded for his advisory expertise on a broad range of domestic and cross-border transactions including
mergers and acquisitions, capital raisings, re-constructions, risk mana

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