Genesis FY26: EBITDA A$952m, 285,402oz gold at A$2,670/oz AISC, cash A$520m, Vault merger on track

What investors must know

1. Gold produced rose 33% to 285,402oz in FY26, inside the 260,000-290,000oz guidance, and AISC of A$2,670/oz sat inside the A$2,500-2,700/oz range.
2. Underlying NPAT was A$546.9m, up 147%, while statutory NPAT of A$601.8m was lifted by a one-off tax benefit from transferred tax losses.
3. Cash and equivalents were A$520.1m at 30 June 2026 against A$200m of bank debt, with A$100m undrawn and A$620m of total liquidity.
4. Underlying cash generation of A$899m was before A$275m of growth and exploration spend, the A$447m Magnetic cash payment, the A$100m debt drawdown and A$44m of duties and fees.
5. A maiden fully franked dividend of 5.0c per share is payable, with a record date of 10 September 2026 and payment on 5 October 2026; the Vault cash consideration rises by about A$39.4m as a result.

Money: can they follow it up?

Period ending

2026-06-30

Cash

$520m

Debt

$200m

Undrawn facilities

$100m

Operating cash flow (quarter)

$935m

Exploration spend (quarter)

$50.6m

Shares on issue

1,174.0m

Options, rights & convertibles

22.0m

Gold produced

285,402 oz

AISC

A$2,670/oz (margin about A$3,748/oz at the day's gold price)

Revenue

$1.7bn

Guidance

FY26 guidance of 260,000-290,000oz at AISC of A$2,500-2,700/oz was met (285,402oz produced; AISC A$2,670/oz). The Chairman says guidance was met for the third year running. FY27 stand-alone guidance (previously announced) is 270,000-300,000oz at AISC of A$2,750-3,050/oz, with second-half AISC expected to be lower than the first half. The stand-alone plan is to be replaced by the merged strategic plan, targeted for the first half of 2027.

Figures are for the 12 months to 30 June 2026, not a single quarter; operating cash flow of A$935.2m is the full-year figure. Gold production was 285,402oz, and 289koz was sold. Cash of A$520.1m is before about A$32m of stamp duty payable in CY2027. Liquidity of A$620m comprises cash and bullion A$501m, liquid investments A$19m and undrawn debt A$100m. Finance leases of A$103m are excluded from debt. Exploration of A$50.6m is the exploration line within the A$275m of growth capital and exploration. Unquoted securities of 22m may include options and rights. The company is self-funding at current gold prices, but a catch-up tax payment of A$100-120m is due in December 2026 and the company is in talks to upsize its facility if the merger proceeds.

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

Resource / reserve

What changed

No resource or reserve estimate is updated in this release. It cites the Lady Julie resource (2.2Moz, from the 16 February 2026 joint announcement with Magnetic Resources) and pro forma merged totals of 34Moz Resources and 9Moz Reserves. It also cites about 25Moz of Resource not currently in Reserves. Tonnes and grade are not given for any of these figures.

Resources vs reserves explained

How the price reacted

From the last close before the market could trade on it ($7.26 on 19 Aug 2026), with day-1 volume 1.3x the 20-day average.

GMD's past price-sensitive news

After 8 earlier announcements, GMD rose on day 1 5 times and fell 3 times - an average move of +1.8%.

• 21 Oct 26-3.2%
• 6 Oct 26+0.9%
• 2 Oct 26-0.6%
• 19 Aug 26+10.3%
• 27 Jul 26-1.1%
• 13 Jul 26+2.0%
• 13 Jul 26+2.0%
• 10 Jul 26+3.7%

DrillScore's database holds no share price reactions to earlier Genesis news, so there is no past pattern for this kind of release. The database records the release as positive. Since release, the share price has moved from A$7.26 to A$7.05 (about -2.9%) over a period in which GDX and GDXJ fell 16.1% and 21.8%. Sector moves dominate this period, so the change cannot be attributed to the release alone. This is a description of past moves, not a forecast.

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 fell sharply after the release. COMEX gold dropped from US$4,545.3/oz to US$3,886.3/oz and in A$ terms from A$6,418.1/oz to A$5,737.08/oz. Spot remains well above the A$2,670/oz AISC and the A$2,750-3,050/oz FY27 guidance, but it is now below the A$6,009/oz average realised price in FY26. Rising US real yields and a stronger US dollar (DXY up 4.6%, US 10-year yield up 0.50 points) are headwinds for gold. Copper (-6.1%) and silver (-25.3%) also fell. The S&P/ASX Gold index held up (-0.4% since release), while GDX (-16.1%), GDXJ (-21.8%) and COPX (-21.6%) fell far more, so global miner sentiment has weakened much more than the local gold index.

Against GMD's own history

DrillScore's database holds no earlier Genesis gold intercepts and no capital raisings. The June quarter in the database shows gold of 70,766oz at AISC of A$2,797/oz, against FY26 AISC of A$2,670/oz in this release, and FY25 production was 214,311oz at A$2,398/oz. Cash of A$520m and bank debt of A$200m in the database match this release. However, database rows show undrawn facilities of A$800m, while this release states A$100m, and share counts of 1142m, 1170m and 1170.35m, against 1,174m in this release. These rows look wrong and should be checked before use.

Questions worth asking

• What is the total cash cost of the Vault merger, and how will the cash component of about A$540m be funded given A$100m of undrawn debt?
• On what basis is the ~A$2.0b undiscounted synergy figure built, and how much of it is unique to the merger?
• What would FY26 AISC have been if the A$139.1m of third-party ore costs were included, and is FY27 guidance set on the same basis?
• Which Competent Person and JORC source support the merged 34Moz Resources and 9Moz Reserves, and when were they estimated?
• How will the company replace the 4,500oz of hedges and its gold exposure after September 2026, and what hedging policy will apply to the merged group?