Genesis June quarter: 70,766oz gold at A$2,797/oz AISC; FY27 guidance and Vault merger timing

What investors must know

1. Gold produced 70,766oz in the June quarter at AISC of A$2,797/oz, up from A$2,685/oz in the March quarter (Table 1).
2. FY26 production was a record 285,402oz at AISC of A$2,670/oz, within guidance of 260,000-290,000oz and A$2,500-2,700/oz.
3. Cash, bullion and liquid investments were A$520.1m at 30 June, against A$200m bank debt, giving net cash of A$320.1m. Both figures are before about A$32m of stamp duty.
4. Underlying cash build was A$263.8m in the quarter, before the A$447m Magnetic cash consideration, the A$200m debt draw, A$13m stamp duty and A$83.6m of growth and exploration spend.
5. FY27 stand-alone guidance is 270,000-300,000oz at AISC of A$2,750-3,050/oz, with growth capital of A$380-420m and exploration of A$80-90m. A merged plan due in the first half of 2027 will replace it.
6. No new drilling results are reported. The 21 intercepts above 100 gram-metres were first released on 5 May and 26 June 2026.
7. After quarter end, Genesis agreed to acquire 100% of Vault by scheme of arrangement, with completion targeted for November 2026.

The drill intercepts, normalised

True widths

Not stated - intervals are down-hole

Hole spacing

No hole spacing is given. The Uppers program follows a structural re-interpretation of Gwalia and targets remnant material and the West Lode footwall, so it is an extension and conversion effort rather than a discovery. All drill targets are said to be near existing mills and infrastructure.

Depth

Uppers drilling targets roughly 300-1,000m deep. Tower Hill has been drilled to about 450m. Heart of Gold is deeper. Table 3 gives no hole depths.

Against the project's earlier holes

DrillScore has no earlier GMD intercepts on record, so there is no like-for-like comparison. The company says the Uppers hits point to inventory closer to surface, which could lower haulage costs compared with the deeper Heart of Gold. This is not quantified in the report.

Against similar explorers

The best hit, 27.6m at 17.6g/t (486 gram-metres as stated), is close to the 500 gram-metre stellar benchmark, and 14 hits are above 100 gram-metres. These are down-hole results and a selected highlights list, so they do not show what a typical hole returns.

Gram-metre calculator - gram-metres explained - the leaderboard

Money: can they follow it up?

Period ending

2026-06-30

Cash

$520m

Debt

$200m

Exploration spend (quarter)

$14.9m

Shares on issue

1,170.0m

Options, rights & convertibles

25.0m

Gold produced

70,766 oz

AISC

A$2,797/oz (margin about A$3,032/oz at the day's gold price)

Revenue

$480m

Guidance

FY27 stand-alone guidance: production 270,000-300,000oz; AISC A$2,750-3,050/oz, with second-half AISC expected below the first half. Growth capital A$380-420m; exploration A$80-90m. The merged plan will replace this stand-alone plan. FY26 guidance of 260,000-290,000oz and AISC A$2,500-2,700/oz was met (285,402oz at A$2,670/oz).

gold_oz is recovered (produced) gold. Gold sales were 77,797oz. Cash of A$520.1m includes A$488.9m cash, A$12.5m bullion and A$18.7m liquid investments, and is before about A$32m of stamp duty payable in 2027. Debt is A$200m bank debt; asset finance liabilities of A$85m are excluded. The senior facility was upsized to A$300m with A$200m drawn. Total undrawn finance is not stated. Mine operating cash flow was A$286m and net mine cash flow A$218m after growth capital of A$68.7m. Exploration of A$14.9m is from Table 1. Operating and investing cash flows are not stated, and no Appendix 5B is included, so funding quarters are not given. The company reports positive underlying cash generation before growth spend. Payments still to come (stamp duty, a A$110-140m PAYG catch-up in the December quarter 2026) and FY27 growth capital of A$380-420m are not netted in this report.

Appendix 5B explained - why runway predicts raisings - every company's runway

Resource / reserve

Tonnes

17.0 Mt

Grade

2.00 g/t

Contained metal

1.10 Moz

What changed

Tower Hill Reserve of 17.0Mt at 2.0g/t for 1.1Moz is restated from the 5 May 2026 announcement. It is not a new estimate. Bruno Lewis Reserve (9.2Mt at 1.0g/t, 280koz) and Resource (13Mt at 1.0g/t, 440koz) are also restated. The group Resources of 34Moz and Reserves of 9Moz are combined pro forma figures.

Resources vs reserves explained

How the price reacted

From the last close before the market could trade on it ($6.15 on 27 Jul 2026), with day-1 volume 0.7x the 20-day average.

GMD's past price-sensitive news

After 8 earlier announcements, GMD rose on day 1 6 times and fell 2 times - an average move of +3.2%.

• 21 Oct 26-3.2%
• 6 Oct 26+0.9%
• 2 Oct 26-0.6%
• 19 Aug 26+10.3%
• 19 Aug 26+10.3%
• 13 Jul 26+2.0%
• 13 Jul 26+2.0%
• 10 Jul 26+3.7%

DrillScore has no earlier price reactions for GMD on record, so there is no stock-specific pattern to draw on. Since release, the shares have moved from A$6.15 to A$7.05, about 15%. Over the same period the XGD rose about 15.9% and GDX about 7.8%. The move is close to the sector move. It also covers the merger news, so it cannot be attributed to this report. This describes what has happened, not what will happen.

Past reactions describe what happened, not what will. How prices react to results

The historical pattern

What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for GMD and it isn't advice.

A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out

The market it landed in

Gold is now US$3,886/oz and A$5,737/oz, down from A$4,077/oz and A$5,829/oz at release. The June quarter realised price was A$6,175/oz against quarter AISC of A$2,797/oz. Spot remains well above the cost base, but the margin is narrower than the quarter average. The stockpile value of about A$293m was quoted at quarter-end spot and falls with the price. The announcement does not state a gold price deck for the FY27 guidance. Oil is up 7.2% since release (WTI US$88.56), which bears on diesel costs, and the company assumes A$1.60/L. The 10-year yield is at 5.15% and the US dollar index at 103.4, both headwinds for gold in general. Gold equities have outpaced the metal: the XGD is up 15.9% and GDX up 7.8% since release, while COPX is down 11.1%. Silver is down 16%. These are observations, not price forecasts.

Against GMD's own history

DrillScore has no earlier intercepts for GMD on record. Cash of A$520m, debt of A$200m and 1,170.35m shares in our database match this report. Our database shows undrawn facilities of A$800m for the June quarter. This report states only the upsized A$300m senior facility with A$200m drawn, which implies about A$100m undrawn on that facility, and gives no total undrawn figure, so the A$800m cannot be checked here. No capital raisings are on record. The Magnetic acquisition was funded from cash and a debt draw. The 13 and 14 July 2026 takeover announcements were rated mixed, and this report updates the 14 July merger terms.

Questions worth asking

• Has the Vault scheme completed, and are the conditions still on track for the November 2026 target?
• What Reserves, mine plan or price deck underpin the FY27 stand-alone production and AISC guidance, and will it be replaced by the merged plan?
• What is net cash after the A$32m stamp duty and the A$110-140m PAYG catch-up, and what is total undrawn finance?
• How much of the rise in AISC from A$2,529/oz to A$2,797/oz is inflation, and how much is Laverton third-party ore or stockpile adjustments?
• Can the company provide the hole-level Uppers and Bruno Lewis results with cut-offs and nil results, and correct the 8m versus 9m Bruno Lewis label?