Genesis Minerals has increased its group ore reserves by 12 per cent, strengthening its position as a high-quality, ASX-listed gold producer.
Based on a gold price of $2800 per ounce (oz), Genesis’ group ore reserves now stand at 54 million tonnes (Mt) at 2.1 grams per tonne (g/t) for 3.7 million ounces (Moz) of gold, with the mineral resources totalling 210Mt at 2.2g/t for 14.7Moz.
The Gwalia gold operation holds 1.1Moz and the Tower Hill gold project holds 1Moz of the group ore reserve respectively, representing 57 per cent of the total.
The group ore reserve also includes Genesis’ maiden 370,000oz reserve at the Westralia open pit, which Genesis acquired when it took over Dacian in late 2023.
“The strong growth in reserves not only bolsters our current 10-year production outlook but also highlights the growing potential to accelerate the planned increases in the production rate,” Genesis managing director Raleigh Finlayson said.
“Increasing reserves is a key step towards realising our ‘ASPIRE 400’ growth objective, with the cost reductions and increased cashflows which would follow.
“The scope to accelerate the production growth strategy is shown by the maiden reserve at the Westralia open pit, which already stands at 370,000oz and clearly has substantial upside.”
The Westralia reserve was not included in Genesis’ current 10-year production outlook, which aims to produce 3Moz over the next decade.
Finlayson said Genesis is drilling Westralia to de-risk the asset and grow the reserves while progressing various mining studies and assessing development and milling options.
“Our 10-year production outlook is comfortably underpinned,” Finlayson said.
“In fact, our published production target plus surface ore stockpiles are sufficient to fill the Leonora mill for 26 years and our Laverton mill for 10 years.”
Genesis has also carried out drilling at the Gwalia, Admiral, Hub and Bruno-Lewis deposits, with each deposit remaining open along strike and at depth.
Finlayson said the drilling at these deposits “continue to increase the robust nature” of the production models and forecasts.
Genesis plans to complete infill drilling at the Jupiter gold project in the June 2025 quarter to de-risk preparation for open pit mining in the 2025–26 financial year.
The company will also conduct early-stage reverse circulation drilling on the Chatterbox shear within the Maritiema prospect, which hosts significant gold deposits.
“These are the foundations of our commitment to be a reliable, sustainable and growing gold producer which can fully leverage our team, assets and infrastructure,” Finlayson said.