FY26 Half Year Report Summary

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# FY26 Half Year Report Summary

Source: https://gmd.live.irmau.com/pdf/89daa09c-07d7-4550-aaf5-98a1cbc01e97/FY26-Half-Year-Report-Summary.pdf?Platform=ListPage
Published: 2026-02-19T00:00:00+00:00
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## Content

# FY26 Half Year Report Summary
19th February 2026
Financial Results for 6 Months to 31st December 2025
Interim net profit after tax quadruples to A$238m on 58%
increase in production and outstanding margins
Underlying cash and bullion rises by A$376m with no corporate debt; Accelerated growth strategy
progressing well with Tower Hill continuing to run ahead of schedule
HIGHLIGHTS
► NPAT for the six months to 31st December rises four-fold to A$238.0m (PCP1: A$59.8m)
► EBITDA2 up 172% to A$418.0m (PCP: A$153.6m)
► Sales revenue up 142% to A$820.3m (PCP: A$338.7m)
► Gold production of 147,139oz (PCP: 93,075oz) at an AISC of A$2,578/oz
► FY26 production outlook maintained at 260,000 - 290,000oz at an AISC of A$2,500 - 2,700/oz
► A$100m draw down of $225m corporate revolver finance facility fully repaid during the half demonstrating strong
capital management whilst retaining significant financial flexibility
► Cash and bullion of A$373.3m at 31st December (A$263.1m at 30th June 2025); Cash build of A$375.8m for the
half year before paying A$30.7m on stamp duty, repayment of A$100m corporate debt and investing A$134.9m on
growth capital and exploration
► Robust balance sheet and strong cashflow enables Genesis to capitalise on its accelerated growth strategy;
Tower Hill development progressing ahead of schedule
► Updated long-term growth strategy set for release in the September quarter 2026, including Tower Hill ore
processing at a new 3.5 - 4.0Mtpa Tower Hill mill
Genesis Minerals Limited (ASX: GMD) is pleased to report record financial and operating results for the six months ended 31st
December 2025, demonstrating strong cashflow as the Company accelerates its growth strategy.
Net profit after tax (NPAT) rose 298% to A$238.0 million, within the previously flagged range of A$235-245 million3. This came on
the back of a 142% jump in sales revenue to A$820.3 million driven by gold sales of 146,482 ounces at an average realised price of
A$5,590 per ounce. EBITDA increased 172% to A$418.0 million.
At the end of the calendar year, the Company held A$403.6 million in cash, bullion and investments with no drawn debt. This was
after paying A$30.7 million on stamp duty, paying down A$100 million corporate debt previously drawn to part finance the acquisition
of Focus Minerals Laverton4 assets and investing A$134.9 million in growth capital and exploration during the six-month period.
Post the reporting period, Genesis delivered outstanding production and cash generation for January 2026; Gold production
of 23koz for the 31-day period, partly driven by record monthly mill throughput at Laverton of 292kt, resulted in cash and equivalents
of A$465 million at 31st January (A$404 million at 31st December). January production included no third-party ore with the final
campaign on track to end by 31st March.
Footnotes are listed on page 4.
Executive Chair, Raleigh Finlayson said:
“Our outstanding operational results are driving an equally strong financial performance. The combination of production growth, tight
cost control and a strong gold price has culminated in abundant cashflow, record profits and an extremely robust balance sheet.
“This means we are ideally positioned to continue unlocking the huge growth opportunities we have established, ensuring our cycle
of expanding production and cash generation continues.
“The results also provide a valuable insight into the scale of cash generation which can be achieved through implementation of our
accelerated growth strategy. We look forward to outlining the detail of this next chapter of growth later in the year”.
Overview
Genesis’ key financial and operating results for the six months ended 31st December 2025 are presented in Table 1 below.
Table 1. Key results for the six months ended 31st December 2025
31-Dec-25 31-Dec-24 % Variance
Key financials (A$m)
Sales revenue 820.3 338.7 142%
EBITDA 418.0 153.6 172%
Profit before income tax 341.8 84.8 303%
NPAT 238.0 59.8 298%
Operating cash flow 387.5 140.9 175%
Cash and bullion at end 373.3 221.7 68%
Production
Gold produced (koz) 147.1 93.1 58%
Gold sold (koz) 146.5 86.5 69%
AISC (A$/oz) 2578 2383 8%
Average realised gold price (A$/oz) 5590 3909 43%
Treatment of costs associated with third party ore
During the half, the following third-party ore was processed at Laverton:
• 477,358t under two short-term Ore Purchase Agreements (OPA)
The costs associated with the purchase of third-party ore was A$113.5m which is included in Cost of Goods Sold in the statutory
accounts. Third-party ounces of 30,493oz from the OPA were included in recovered gold but excluded from AISC A$/oz calculations.
At 31st December 2025, the final ore purchase campaign comprises ~130 - 140kt to 31st March 2026 with Brightstar Resources
(ASX: BTR).
ASX Announcement Page 2 of 4
Growth capital and exploration
Growth related project development and exploration expenditure totalled A$134.9m.
Table 2. Growth capital and exploration invested for the six months ended 31st December 2025
A$m
Mine development - Jupiter OP 34.1
Mine development - Hub OP 9.3
Mine development - Ulysses UG 30.3
Tower Hill planning 17.6
Other miscellaneous 16.2
Exploration 27.4
TOTAL 134.9
At Tower Hill, operational readiness activities are advancing ahead of schedule (refer to ASX announcement 29th January 2025
“Quarterly Activities Report - December 2025”). With project development being brought forward, FY26 growth capital guidance
increased to A$220 - 240m (previously A$150 - 170m). This includes previously flagged FY26 costs associated with the Leonora
rail project of approximately A$27m.
Genesis’ FY26 exploration outlook is maintained at A$40-50m.
Available liquidity
At 31st December 2025 Genesis had A$629m of available liquidity.
Figure 1. Available funding at 31st December 2025
Undrawn debt
facility A$225m
Cash and
bullion A$374m
Liquid
investments
A30m
Hedging update
Genesis considers modest hedging as a risk management tool during periods of elevated growth spend and to support the recently
secured corporate debt facility. Hedge instruments are used that protect the downside whilst providing majority exposure to gold
price upside.
Gold price protection at 31st December 2025 comprised 13,500oz zero cost collars and 36,000oz put options5. These derivative
instruments are recorded on the Company’s balance sheet at fair value.
ASX Announcement Page 3 of 4
Tax outlook
Genesis expects to fully utilise its carried-forward losses during FY26 and, as a result, anticipates becoming liable for PAYG income
tax instalments during the June half 2026.
Corporate structure
Ordinary shares on issue: 1,142m
Unquoted securities: 25m
Market capitalisation: A$7.95b (share price A$6.96)
Cash, bullion and investments (31st December): A$404m
Bank debt (31st December): Nil
Substantial shareholders: AustralianSuper Pty Ltd 16.2%
State Street Corporation 8.5%
Van Eck Associates Corporation 6.8%
Vanguard Group 5.0%
This announcement is approved for release by Raleigh Finlayson, Executive Chair of Genesis.
For further information please contact:
Investors: Media:
Troy Irvin Paul Armstrong
Corporate Development Officer Read Corporate
T: +61 8 6323 9050 T: +61 8 9388 1474
investorrelations@genesisminerals.com.au info@readcorporate.com.au
Footnotes:
1. Previous corresponding period (PCP).
2. EBITDA is a measure of earnings before interest, taxes, depreciation and amortisation. EBITDA is non-IFRS financial information and is not subject to audit. This measure is included to assist investors to better
understand the performance of the business.
3. Refer HIGHLIGHTS in ASX announcement dated 29th January 2026 “Quarterly Activities Report - December 2025” for NPAT guidance range
4. Refer ASX announcement dated 26th May 2025 “Genesis eyes further growth in production and cashflow with acquisition of Laverton Gold Project”
5. Refer page 12 of ASX announcement dated 29th January 2026 “Quarterly Activities Report - December 2025” for a summary of the Company’s current hedge book.
Forward Looking Statements
Some statements in this announcement regarding estimates or future events are forward-looking statements. They include indications of, and guidance on, future matters. Forward-looking statements include, but are not limited to, statements
preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. Forward-looking statements, opinions and
estimates included in this Announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market
conditions.
Forward-looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward-looking statements may be affected by a range of variables and risks that could cause actual results
to differ from estimated results and may cause Genesis’ actual performance and financial results in future periods to materially differ from any projections of future performance or results expressed or implied by such forward-looking statements.
These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licenses, permits and other
regulatory approvals required in connection with mining and third party processing operations, competition for among other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value
of acquisitions, changes in commodity prices and exchange rate, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather
conditions, the demand for and availability of transportation services, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks. These and other factors should be considered
carefully and readers should not place undue reliance on such forward-looking information. There can be no assurance that forward-looking statements will prove to be correct.
No Liability
Genesis Minerals Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions
or conclusions contained in this announcement. To the maximum extent permitted by law, none of Genesis Minerals Limited, its directors, officers, employees, associates, advisers and agents, nor any other person accepts any liability, including,
without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement
is not an offer, invitation, solicitation, or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever.
ASX Announcement Page 4 of 4