Gold miners Genesis Minerals and Alkane Resources experienced strong half-years in the months leading up to December 31, 2024.
Genesis Minerals
Earnings before interest, taxes, depreciation and amortisation (EBITDA) was up 181 per cent for Genesis for a total of $153.6 million.
Sales revenue also increased, up 57 per cent to $338.7 million.
Genesis managing director Raleigh Finlayson said the results reflect the company’s strong operational performance.
“We have mapped out a clear step-by-step approach for delivering our strategy, which is underwritten by a pipeline of reserves, abundant additional resources, and immense brownfields exploration upside,” Finlayson said.
“While we will continue to assess M&A (merger and acquisition) opportunities, we believe that in the current gold price environment we stand to make the best returns by developing our pipeline of organic growth opportunities.”
Genesis is aiming to achieve a target of 325,000 gold ounces per annum and reducing all-in sustaining costs ahead of its five-year plan. The company’s growth plans are fully funded, with the 2024–25 financial year (FY25) anticipated to be the peak year for growth investment.
The company remains debt-free, securing a $120 million corporate revolver finance facility to bolster its financial flexibility.
Alkane Resources
Alkane’s Tomingley gold operation (TGO) near Dubbo in New South Wales was the standout for the company during the half-year, producing 14 per cent more gold at 33,270 ounces.
Mining at TGO was primarily focused on the Wyoming One, Caloma One, Caloma Two and Roswell deposits, with recovery from Roswell standing out as the most improved.
Alkane also continued its exploration program at TGO over the half-year as part of its plan to secure additional ore feed at surface and underground.
As at December 31, 2024, Alkane’s cash, bullion and listed investments totalled $42.4 million, with $35 million in cash, bullion on hand at fair value of $4.5 million and $2.9 million of listed investments at market value.
“High capital expenditure for the period related primarily to the construction and commissioning of the paste plant and the flotation and fine‐grinding circuit,” Alkane said in a statement.
“Commissioning of the flotation and fine‐grinding circuit took place in late December. Recoveries in December 2024 were 87.3 per cent, an improvement of approximately five per cent, and the circuit continues to be optimised to further increase recovery.”
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