Fund Manager Summary
The fund managers believe that the outlook for Genesis Minerals Ltd is highly promising, particularly following a 29.2% increase in share price in January, driven by robust gold prices. In their opinion, the company’s recent quarterly performance has exceeded consensus expectations, highlighted by record gold production, lower costs, and higher cash generation. The successful restart of the Laverton mill, which is currently operating above its 3.0Mtpa nameplate capacity, further reinforces confidence in the company’s operational efficiency. Fund managers are optimistic that Genesis is on track to meet the upper end of its upgraded FY25 guidance, making it an attractive investment opportunity.
Source: Trading View
Commentary From The Managers
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Maple-Brown Abbott
13 Oct 2025
$6.07
Summary
- Genesis Minerals remains a key holding for Maple-Brown Abbott as a preferred investment in the gold sector.
- The management team has an exceptional track record in creating shareholder value.
- There is a well-defined growth path projected over the next four to five years.
- Potential for outperformance on various metrics during this period.
- Genesis possesses a substantial resource base of approximately 15 to 16 million ounces.
- Only a small fraction of this resource is currently included in the mine plan.
- The market may not fully appreciate the future optionality and potential for new production hubs.
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Commentary From The Managers
Maple-Brown Abbott
13 Oct 2025
$6.07
- Genesis Minerals remains a key holding for Maple-Brown Abbott as a preferred investment in the gold sector.
- The management team has an exceptional track record in creating shareholder value.
- There is a well-defined growth path projected over the next four to five years.
- Potential for outperformance on various metrics during this period.
- Genesis possesses a substantial resource base of approximately 15 to 16 million ounces.
- Only a small fraction of this resource is currently included in the mine plan.
- The market may not fully appreciate the future optionality and potential for new production hubs.
Summary
Ausbil Investment Management
6 Oct 2025
$6.22
- Gold has surged over 47% this year, benefiting small-cap funds.
- Ausbil's holdings in Genesis Minerals and Ramelius Resources have contributed positively.
- Increased demand for safe haven assets and central bank purchases have driven the gold rally.
- Rising holdings in gold-backed exchange-traded funds support the bullish trend.
- Interest rate cuts from the Federal Reserve have further fueled gold prices.
- Ausbil is particularly optimistic about Genesis due to CEO Raleigh Finlayson's strong track record.
- Finlayson previously led Saracen Mineral Holdings, which merged with Northern Star, creating a major ASX gold miner.
- Ausbil's exposure to gold comprises approximately 8% of their portfolio.
- Aussie gold miners are expected to generate substantial cash flow in the coming years if gold prices remain stable.
- Many miners have hedged their positions, securing profitable outcomes.
Summary
Pendal Group
3 Oct 2025
$6.14
- Pendal Group highlights Genesis Minerals (GMD) as a strong investment opportunity in the gold sector.
- Notable for a proven management team with experience at Saracen and Northern Star.
- The team possesses strong local knowledge, with half having attended the Kalgoorlie School of Mines.
- Genesis Minerals is positioned for organically funded growth, enhancing its competitive advantage.
- The management team is described as capable and conservative, consistently reinvesting in the business.
- They focus on consistent value addition without heavy reliance on external capital.
- Shareholders can expect reliable performance, with management delivering on promises without nasty surprises.
Summary
Firetrail Investments
30 Sept 2025
$5.89
- Firetrail Investments updates its investment thesis on Genesis Minerals Ltd.
- Genesis Minerals benefitted from favorable gold price trends and outperformed in September.
- September coincided with the annual Denver gold conference in the US, highlighting the importance of the event.
- Although Firetrail Investments was not present, they closely monitored developments from Australian companies at the conference.
- Genesis Minerals made significant announcements, including receiving crucial approvals for stage 1 of the Tower Hill project.
- This project is anticipated to be among the most profitable mines in Australia.
- Firetrail Investments continues to hold its position in Genesis Minerals due to these positive developments.
Summary
Paradice Investment Management
30 Sept 2025
$5.89
- Genesis Minerals continued to perform well, supported by robust operating results and a record gold price environment.
- Quarterly production and cash flow exceeded internal expectations.
- The company reaffirmed FY25 guidance and highlighted the successful integration of St Barbara’s Leonora assets.
- The market reacted positively to GMD’s inclusion in the S&P/ASX 100 Index in September, reflecting its growing scale and liquidity profile.
- Paradice Investment Management remains confident in management’s track record and disciplined approach to capital deployment.
Summary
Milford Asset Management
30 Sept 2025
$5.89
- Milford Asset Management continues to hold an optimistic view on gold, driven by strong demand due to renewed US Federal Reserve easing.
- Questions around central bank independence have also influenced gold's attractiveness.
- Top holdings include gold miners: Ramelius Resources (+24.8%), Newmont (+15.9%), and Genesis Minerals (+30.6%).
- These companies have surged due to geopolitical tensions, central bank buying, and investor diversification.
- Milford notes significant quarterly gains of 54% for Ramelius and 37% for Genesis.
- Positions have been trimmed in light of recent performance.
- While remaining constructive on gold in the medium term, the recent rally has placed it in statistically overbought territory.
Summary
Firetrail Investments
31 Aug 2025
$5.03
- Firetrail Investments continues to hold due to Genesis Minerals' strong performance with shares climbing as FY25 results exceeded expectations.
- The company reported EBITDA of ~A$454m (+256% YoY) and production of 214 koz, surpassing upgraded guidance.
- A firmer gold price in August provided additional macro support for the company.
- Genesis Minerals is at a pivotal point, having made two acquisitions since the 5-year outlook was provided in March 2024.
- These acquisitions have added ~4moz to resources, enhancing the company's growth potential.
Summary
Ausbil Investment Management
31 July 2025
$3.69
- Genesis Minerals (GMD) experienced a drop of -14.2% in July, aligning with the ASX Gold index as market sentiment shifted toward ‘risk on’ investments.
- This shift in sentiment led to profit-taking after a strong performance in FY25, causing Genesis to give back much of its prior gains.
- Despite the drop, Genesis is still up +49.3% year-to-date as of July.
- A slightly soft quarterly report indicated higher costs than expected, which Ausbil views as a transient concern.
- Ausbil continues to back Genesis due to its high-quality management team and their ability to navigate market fluctuations.
Summary
Firetrail Investments
31 July 2025
$3.69
- Firetrail Investments continues to hold its position in Genesis Minerals Ltd despite recent underperformance.
- Underperformance attributed to a weakening gold price and negative quarterly announcements from industry peers.
- The quarterly reporting season highlighted the capital intensity of the resources sector.
- Common issues included cost inflation, resource estimation challenges, and grade declines as companies pursued higher gold prices.
- As a result, the resources component of the small ordinaries index fell approximately 3%, contrasting with a 5.3% rise in the rest of the index.
- Firetrail Investments maintains a preference for high-quality self-funding companies that present growth opportunities.
Summary
Firetrail Investments
30 June 2025
$4.30
- Firetrail Investments notes that Genesis Minerals experienced a decline over the month due to a retracement in the gold price from its all-time highs.
- There was no significant company-specific news during this period.
- Completion of the acquisition of the Laverton Gold project from Focus Minerals has been finalized.
- Expectations are set for an update from the company regarding plans for these assets in the upcoming months.
- This update may include details on a potential mill expansion at Laverton.
- Firetrail Investments continues to hold its position in Genesis Minerals based on these developments.
Summary
Oracle Advisory Group
30 June 2025
$4.30
- Oracle Advisory Group maintains a bullish stance on gold prices due to global uncertainties.
- Investment in Genesis Minerals has increased to a 5% portfolio position.
- Genesis Minerals has a strong balance sheet.
- Plans to increase production further enhance its position.
- The company is well-positioned to benefit from elevated gold prices.
Summary
SG Hiscock & Company
30 June 2025
$4.30
- Genesis Minerals (ASX: GMD) experienced an 8.9% decline during the month due to a pullback in the gold price.
- The decline in gold prices is attributed to profit-taking after a strong run.
- Active managers are positioning ahead of upcoming passive index methodology changes.
- There is softer safe-haven demand as geopolitical tensions in the Middle East ease.
- SG Hiscock & Company maintains a constructive view on gold, supported by the ongoing lack of fiscal discipline from governments globally.
- Existing miners are believed to continue generating strong free cash flow even at current gold prices.
Summary
Paradice Investment Management
30 June 2025
$4.30
- Paradice Investment Management maintains an overweight position in Genesis Minerals Limited (GMD).
- The record gold price and strong operating results contributed to GMD's outperformance in the June quarter.
- March 25 Quarter gold production exceeded consensus estimates by 8%, reaching 60koz.
- GMD reiterated its FY production guidance of 190-210koz, with potential for significantly higher production in the future.
- The company announced a cash-funded acquisition of the Laverton Gold Project for $250m, valued at an attractive multiple of A$63/oz.
- This acquisition multiple is favorable compared to GMD’s Resource multiple of A$284 and recent comparable transactions averaging A$165.
Summary
Milford Asset Management
10 June 2025
$4.50
- Genesis Minerals is an emerging mid-tier Australian gold producer focused on consolidating and developing high-quality gold assets in Western Australia.
- The company has consolidated regionally in the Eastern Goldfields of WA with several gold deposits, including Gwalia, one of Australia’s oldest, deepest high-grade mines.
- Milford Asset Management continues to hold Genesis due to its growth strategy which focuses on optimising operations and driving scale efficiencies.
- The gold supply-demand backdrop is favourable, supported by global fiscal deficits, de-dollarisation trends, a weaker USD, and geopolitical instability.
- Cost inflation has begun to moderate, setting the stage for margin expansion across the sector.
- Gold production is set to triple to ~300-350 kozpa over the next five years, supported by a strong, fully funded production growth profile.
- Genesis successfully restarted its second mill earlier than planned and upgraded its FY25 guidance.
- Favourable exploration and bolt-on acquisitions support potential mill expansions, which would improve margins and grow production beyond ~400kozpa.
- There is potential for a blue-sky scenario to reach ~500kozpa with further resource upgrades and regional consolidation.
- Genesis has a strong management team with a track record of under-promising and over-delivering.
- The company is debt-free and completely unhedged, representing a high-quality exposure to rising gold prices over a multi-year period.
- Australian gold producers have had a strong run YTD, with Genesis being a strong performer over a longer-term view.
- Milford Asset Management actively manages its position as Genesis is well placed to benefit from supportive gold fundamentals.
Summary
Datt Capital
6 June 2025
$4.56
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Yarra Capital Management
6 June 2025
$4.56
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Firetrail Investments
31 May 2025
$4.76
- WA-focused gold producer Genesis Minerals outperformed in May.
- Announced A$250m acquisition of the Laverton Gold Project from Focus Minerals.
- Acquisition appears strong but current resource estimate of ~4moz at 1.7g/t may be optimistic.
- Deal positions Genesis to produce over 500koz p.a. across two key hubs for the next decade.
- Firetrail Investments continues to see compelling value relative to peers.
Summary
Oracle Advisory Group
31 Mar 2025
$3.71
- Oracle Advisory Group provides an update on their investment thesis in Genesis Minerals Ltd
- Genesis Minerals acquired valuable assets in 2023 when gold prices were low
- Includes the St Barbara’s Leonora asset, with a forecast of producing 130,000 ounces of gold this year
- The company aims for an annual production goal of 400,000 ounces of gold
- Oracle Advisory Group is backing the Managing Director to achieve this goal due to his exemplary track record in previous companies
- Oracle Advisory Group continues to hold a Buy 2% position in Genesis Minerals
Summary
Firetrail Investments
31 Mar 2025
$3.71
- Firetrail Investments updates their investment thesis on Genesis Minerals Ltd.
- Genesis Minerals is a WA-focused gold producer.
- The company outperformed in March, driven by record high gold prices.
- Despite strong 12-month performance, the stock is seen as at least 50% undervalued relative to peers.
- Key catalysts in the next ~6 months include:
- Resource-to-reserve conversion
- Mill expansion
- Progress on the Tower Hill project
Summary
Paradice Investment Management
31 Mar 2025
$3.71
- Paradice Investment Management continues to hold an overweight position in Genesis Minerals Limited (GMD).
- The company experienced strong outperformance in the March quarter due to record gold prices.
- For the six months ending December 31, 2024, Genesis reported a net profit after tax of $59.8m, marking a 161% increase year-over-year.
- This profit surge was attributed to enhanced production efficiencies and increased sales volumes.
- In February 2025, Genesis revised its fiscal year 2025 production guidance upward to between 190,000 and 210,000 ounces of gold.
- This revision reflects the company's confidence in its operational capabilities and resource base.
Summary
Ausbil Investment Management
31 Mar 2025
$3.71
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Blackwattle Investment Partners
31 Mar 2025
$3.71
- Genesis Minerals rose +16.7% in the month.
- Astute M&A in 2022-23 laid the foundations for impressive growth.
- Laverton mill restarted and ramped up to nameplate capacity.
- Production set to climb from 50koz today to 135koz by FY29.
- Genesis has a fully funded 10-year plan to produce 3 million ounces of gold.
- 91% of ounces already in reserve provides a high level of certainty.
- Assets like the Westralia pit not yet included in mine plan.
- A fantastic team demonstrates passion, focus, and owner mentality.
Summary
Katana Asset Management
31 Mar 2025
$3.71
- Genesis Minerals Ltd shows significant potential for growth.
- Expectations for higher gold production from Laverton operations.
- Gold prices are currently at a record high.
- Katana Asset Management continues to hold due to these positive indicators.
Summary
Clime Investment Management
31 Mar 2025
$3.71
- GMD performed well in March due to strong gold prices.
- Ongoing central bank purchasing activity has supported market stability.
- Heightened political uncertainty following Trump’s election and tariff news contributed to market dynamics.
- Clime continues to hold because of confidence in GMD's operational capability.
- The company has an expansive organic growth pipeline that aligns with future production targets.
- Future production target set at 400kozpa indicates potential for growth.
Summary
Ausbil Investment Management
31 Jan 2025
$3.19
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Blackwattle Investment Partners
31 Jan 2025
$3.19
- Genesis Minerals rose 29.2% in January on the back of sustained strength in gold prices.
- December quarterly results exceeded consensus expectations across all metrics.
- Record gold production was achieved, contributing to the positive outlook.
- Lower costs and higher cash generation were also reported.
- The Laverton mill has been restarted and is performing ahead of its 3.0Mtpa nameplate capacity.
- Genesis Minerals is on track to reach the upper end of its upgraded FY25 guidance.
- Blackwattle Investment Partners continues to hold because of the strong operational performance and positive outlook.
Summary
Clime Investment Management
31 Jan 2025
$3.19
- GMD's December quarterly report delivered a strong outcome.
- Production exceeded expectations.
- The miner is on track to surpass FY25 production guidance of 210koz.
- GMD has benefited from continued strength in gold prices.
- This strength is driven by ongoing central bank purchasing and heightened political uncertainty.
- Clime maintains conviction in GMD's operational capability.
- There is an expansive organic growth pipeline at GMD.
Summary
Firetrail Investments
31 Jan 2025
$3.19
- Firetrail Investments continues to hold a positive outlook on Genesis Minerals Ltd.
- Genesis Minerals has outperformed in January, coinciding with record high gold prices.
- The company’s quarterly announcement shows it is tracking ahead of targets across multiple projects.
- Genesis is currently mill constrained and plans for expansions are anticipated over the next 12-24 months.
Summary
Paradice Investment Management
31 Dec 2024
$2.47
- Genesis Minerals Limited (GMD) remains overweight in Paradice Investment Management's portfolio, continuing to be a top contributor despite weaker gold prices.
- Strong September quarterly report released on October 17th, with production 3% above consensus and cash 7% above consensus.
- Genesis has brought forward the re-start of the Laverton mill to October 2024, six months earlier than previously indicated.
- FY25 production outlook has increased to 190 - 210,000oz from 162 - 188,000oz with an AISC of A$2,200 - 2,400/oz.
- Post ramp-up of the Laverton mill to 3.0Mtpa nameplate, total processing capacity will reach 4.4Mtpa from two mills.
- The mid-November update showcased new drill results, indicating potential upside that could lead to production exceeding expectations of 325kozpa at AISC of A$1,600/oz by FY29.
Summary
Paradice Investment Management
30 Sept 2024
$2.06
- Paradice Investment Management maintains an overweight position in Genesis Minerals Limited (GMD).
- GMD has seen share price outperformance attributed to strong operational results and rising gold prices.
- The company reported a solid FY24, showcasing increased gold production and effective operational execution.
- Transition to profitability has significantly bolstered investor confidence.
- Genesis raised its gold output forecast for fiscal 2025, enhancing market sentiment.
- A brief dip in share price followed the forecast announcement, but overall sentiment remained positive.
- Consistent progress in expanding gold assets and hitting production milestones has supported GMD's share price.
Summary
Blackwattle Investment Partners
30 Sept 2024
$2.06
- Genesis Minerals fell 9% during the month despite positive developments.
- The Laverton mill will restart in October, six months earlier than anticipated in the March 2024 Five-year Plan.
- FY25 gold production guidance was increased from 162-188koz to 190-210koz.
- The price of gold rose 5.2% to US$2,635/oz.
- Genesis was among several gold stocks that underperformed relative to the commodity.
- Blackwattle Investment Partners remains positive due to Genesis's organic growth profile and high-quality management team.
- Notably, Genesis outperformed over the September quarter with a rise of 17.4% compared to gold's +13.2%.
Summary
Ausbil Investment Management
31 July 2024
$2.09
- Genesis Minerals (GMD) returned +19.1% for the month.
- Aussie gold prices reached record highs in July due to institutional and central bank buying.
- GMD has a robust gold production growth profile as it implements its 5-year plan.
- Successful consolidation of the Leonora region strengthens GMD’s position.
- Q4 production was in line with market expectations.
- GMD aims to accelerate production with an earlier re-start of the Laverton Mill.
- Continued development at Ulysses and Tower Hill deposits supports growth.
- Ausbil views GMD as the highest quality small cap gold producer on the ASX.
- Strong management team at GMD enhances investment confidence.
- GMD remains Ausbil's preferred exposure in the sector.
Summary
Blackwattle Investment Partners
31 July 2024
$2.09
- Genesis Minerals rose 19.1% in July following a solid June Quarterly update.
- The update was in-line with market expectations.
- Genesis flagged a potential acceleration of organic growth.
- This acceleration could pull forward production ounces in the 5-year plan.
- Blackwattle Investment Partners continues to hold due to the positive outlook based on these developments.
Summary
Maple-Brown Abbott
11 Apr 2024
$1.92
- Genesis Minerals (GMD) is managed by a high-quality team with experience from Saracen Minerals and Northern Star Resources, led by Raleigh Finlayson.
- The company is turning around an underperforming asset base and leveraging deposits in the Leonora and Laverton regions of Western Australia.
- Genesis Minerals is unique due to having numerous deposits in a single region and a significant resource base.
- The updated mine plan extends to 2039 and anticipates a total production of four million ounces from a total resource of 15 million ounces, indicating substantial unmined inventory.
- This inventory provides significant leverage to higher gold prices.
- Upcoming production expectations are 300koz in FY28 and 325koz in FY29, though near-term costs are projected to be higher at AUD2,350/oz All-In Sustaining Costs in FY24 and FY25.
- Management tends to set conservative targets, with potential upside risk from Tower Hill entering the mine plan early and possible higher grades at Gwalia.
- Exploration is increasing with upside potential in key regions such as Gwalia, Ulysses, and Tower Hill, suggesting the company could sustain a 350-400koz pa production rate well into the future.
Summary
Ausbil Investment Management
28 Feb 2024
$1.58
- Ausbil updates on their investment thesis for Genesis Minerals (GMD).
- GMD fell -5.9% over the month due to a slightly weaker gold price.
- No change to Ausbil's overall investment thesis.
- GMD is strategically positioned to become a significant gold producer in the Leonora mining district.
- Focus is on the upcoming 5-year mine plan expected in March.
- June 2024 production guidance is also anticipated.
Summary
Ausbil Investment Management
31 Jan 2024
$1.63
- Genesis Minerals (GMD) experienced a decline of -9.2% over the month, correlating with a slightly lower gold price.
- GMD's Q2 gold production was solid, supported by the acquisition of the historic Gwalia mine.
- The foundations are set for GMD to become a significant gold producer in the Leonora mining district in WA.
- Ausbil looks forward to the 5-year plan to be released in March, which will outline GMD's growth strategy beyond the June 2024 guidance.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With gold prices soaring and Genesis Minerals seemingly firing on all cylinders, the momentum suggests a compelling narrative for investors. If the trend holds, we might just witness a transformative year for this player in the gold sector."
Last Updated: 13 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Genesis Minerals Ltd (ASX:GMD)?
Fund managers including Blackwattle Investment Partners, Clime Investment Management, Yarra Capital Management, Datt Capital, Ausbil, Oracle Advisory Group, Maple-Brown Abbott, Katana Asset Management, SG Hiscock & Company, Firetrail Investments , Milford Asset Management, Paradice Investment Management and Pendal Group have invested in Genesis Minerals Ltd (ASX:GMD).
Why do fund managers invest in Genesis Minerals Ltd?
Fund managers are investing in Genesis Minerals Ltd due to its strong performance in gold production, which exceeded expectations in the December quarterly report. The company reported record gold output, reduced costs, and increased cash generation. Additionally, the successful restart of the Laverton mill, operating above its capacity, positions Genesis well to meet its upgraded FY25 guidance, bolstering investor confidence.
What happened to Genesis Minerals Ltd (ASX:GMD)?
Fund managers are investing in Genesis Minerals Ltd due to its strong management team, impressive growth prospects, and substantial resource base. Despite recent challenges in the gold market, the company has demonstrated resilience with robust operating results and strategic acquisitions that enhance its production capabilities. The management's track record in creating shareholder value and their conservative approach to capital deployment further bolster confidence in the company's future performance. Additionally, favorable market conditions for gold and Genesis's inclusion in the S&P/ASX 100 Index reflect its growing scale and liquidity, making it a compelling investment in the gold sector.