Genesis Minerals Ltd.

Genesis Minerals Ltd. is a mid-tier gold producer headquartered in Perth, Australia, operating primarily in Australia. The company's portfolio consists of 3 projects, comprising 2 operating mines and 1 development project. Key assets include Leonora Operations. The company's business model is distinguished by its integrated operational approach, which includes an internal mining services division designed to enhance flexibility, ensure delivery consistency, and lower operating costs. This structure supports a strategy of leveraging shared infrastructure and technical expertise across its asset base. Processing capabilities are centered on conventional carbon-in-leach technology, supported by SAG grinding, ball milling, and pebble crushing comminution circuits. A key operational efficiency is the reuse of a significant portion of tailings as paste for backfilling underground voids, a method that stabilizes workings and reduces surface storage requirements. The organization also demonstrates a commitment to technological adoption for safety and efficiency, such as using unmanned aerial vehicles for water sampling in hazardous areas. Operational synergies are realized by maintaining the flexibility to process materials through multiple milling facilities, allowing for optimized throughput and resource allocation. This integrated and technologically-informed approach underpins the company's competitive positioning and its focus on high-quality, efficient production.

The organization's long-term direction is guided by the 'ASPIRE 400' strategic plan, which was developed through a bottom-up process involving site-based workshops to ensure alignment with operational realities. A primary objective is the acceleration of growth and cost reduction ahead of the established 5 and 10-year plans. Key initiatives to expedite this strategy include potentially restarting a major processing facility ahead of schedule and accelerating development at key underground projects. The capital allocation philosophy emphasizes disciplined investment in infrastructure, as demonstrated by the focus on overdue maintenance and upgrades to newly acquired processing facilities. The exploration strategy involves a systematic, portfolio-wide target ranking program to prioritize drilling on the most prospective targets. Following a period of intense corporate activity, the strategic focus has shifted toward accelerated organic growth, although the tenet of up-tiering the portfolio through value-accretive transactions remains a component of the business development strategy. The 10-year outlook is based on conservative assumptions that exclude potential success from future exploration or M&A activities.

Executive leadership is headed by a Managing Director with over 20 years of technical and operational experience, including a 14-year tenure at a prior company where he oversaw its growth from a market capitalization of $53 million to $6.0 billion. The board of directors is composed of 7 members, with female representation at 29%. Governance is structured through 5 specialized board committees: Audit & Finance, People & Culture, Risk & Sustainability, and Exploration & Growth. The governance framework includes a robust, formalized risk management process overseen by the Risk & Sustainability Committee, which involved developing a consolidated risk register for the newly integrated business and presenting top risks directly to the board. To ensure alignment with shareholder interests, a Minimum Shareholding Requirement was introduced in fiscal year 2024, mandating that Non-Executive Directors hold 50% of their base fee in company shares within 3 years of their appointment. The People and Culture Committee oversees remuneration policies and engaged an independent consultant for market benchmarking to support its recommendations to the board.

The company's commitment to safety is demonstrated through a Critical Risk Management program focused on preventing fatalities and life-altering injuries, supported by a comprehensive Mine Safety Management System (MSMS) utilized across all operations. Specialized Emergency Response Teams are trained in firefighting, medical aid, vertical rescue, and hazardous material response. Environmental stewardship is evidenced by specific initiatives, including recycling 67% of water used in processing facilities and repurposing 42% of tailings as paste backfill to stabilize underground workings. The organization has maintained strong environmental compliance with no significant incidents or fines. Community engagement includes being a major partner of the 'Shooting Stars' educational program for Indigenous girls and the platinum sponsor of a major regional athletics carnival. A core focus on Indigenous relations involves the implementation of comprehensive cultural awareness training for the workforce, the development of a formal Indigenous Engagement Plan, and operating under various Heritage Protection Agreements that govern management processes.

The company significantly expanded its operational base through several key transactions. In fiscal year 2023, it completed the acquisition of a portfolio of assets from St Barbara Limited. During fiscal year 2024, the organization consolidated its ownership of Dacian Gold Limited by acquiring the remaining 20% interest, following its initial takeover in the prior year. Further strategic growth was achieved in fiscal year 2024 through the acquisition of the Bruno-Lewis and Raeside projects from Kin Mining NL. A key operational subsidiary, Genesis Mining Services Pty Ltd, was established to function as an internal mining contractor, enhancing operational control and cost efficiency. As of August 2024, substantial shareholders with holdings over 5% include AustralianSuper, Van Eck Associates Corporation, State Street Corporation, Paradice Investment Management, and The Vanguard Group. Subsequent to the fiscal year-end, in July 2024, the group divested its non-core, wholly-owned subsidiary Metallo Resources Pty Ltd to Ordell Minerals Limited as part of its portfolio optimization strategy.