External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>1Q25 result was broadly in line with our expectations for production (~36koz) with cash (A$160m) ahead on deferred transaction costs (vs. OMLe).</li><li>GMD’s growth program (+50% by FY28) continues apace with the restart of the Laverton mill (OMLe: 9koz DecQ) and development of the Hub OP (3.4 g/t reserve).</li><li>We believe investors will continue to favour the name as sentiment towards longer term gold prices improve and growth is rewarded. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 result was broadly in line with our expectations for production (~36koz) with cash (A$160m) ahead on deferred transaction costs (vs. OMLe).GMD’s growth program (+50% by FY28) continues apace with the restart of the Laverton mill (OMLe: 9koz DecQ) and development of the Hub OP (3.4 g/t reserve).We believe investors will continue to favour the name as sentiment towards longer term gold prices improve and growth is rewarded. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genesis Minerals Limited - Good Day to Be a Gold Stock

<ul><li>FY24 EBITDA of $113m and NPAT of $28m was in-line with previous disclosures.</li><li>Management plans to accelerate its growth plans and will update FY25 guidance in September.</li><li>Current guidance is set at 175koz at an AISC of A$2,300/oz with a growth spend of A$100m.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FY24 EBITDA of $113m and NPAT of $28m was in-line with previous disclosures.Management plans to accelerate its growth plans and will update FY25 guidance in September.Current guidance is set at 175koz at an AISC of A$2,300/oz with a growth spend of A$100m.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genesis Minerals Limited - Awaiting FY25 Guidance

<ul><li>GMD’s 3Q24 result came in slightly softer than our expectations as lower UG material mined at Gwala combined with lower throughput.</li><li>The former occurred as paste filling was prioritised with ore mining expected to return to the 700-800kt pa run-rate in June, whilst mill processing was impacted by a 48hr mill reline.</li><li>Recent FY24 guidance is unchanged, and the 5-year mine plan shows an organic growth path to +300koz – a differentiating factor (vs peers). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GMD’s 3Q24 result came in slightly softer than our expectations as lower UG material mined at Gwala combined with lower throughput.The former occurred as paste filling was prioritised with ore mining expected to return to the 700-800kt pa run-rate in June, whilst mill processing was impacted by a 48hr mill reline.Recent FY24 guidance is unchanged, and the 5-year mine plan shows an organic growth path to +300koz – a differentiating factor (vs peers). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genesis Minerals Limited - Result Slightly Softer, Foundations Being Laid

<ul>
<li>GMD produced a solid 2Q24 result – coming broadly in-line with our estimates despite a seismic event at Gwalia (proximal to the 1729 level).</li>
<li>Although early days since Leonora ownership (30 June 2023), early signs (~140Koz pa at ~A$2,115/oz AISC) are positive compared to recent historical production (120-130koz pa at ~A$2,521/oz).</li>
<li>We retain our Hold Recommendation on valuation grounds (1.1x P/NAV vs 0.9x peers and 9.9x EV/EBITDA vs 4.3x peers) and await the 5-year outlook (~March 2024), which should outline a more granular path towards the Company’s growth ambitions (+300koz).</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


GMD produced a solid 2Q24 result – coming broadly in-line with our estimates despite a seismic event at Gwalia (proximal to the 1729 level).
Although early days since Leonora ownership (30 June 2023), early signs (~140Koz pa at ~A$2,115/oz AISC) are positive compared to recent historical production (120-130koz pa at ~A$2,521/oz).
We retain our Hold Recommendation on valuation grounds (1.1x P/NAV vs 0.9x peers and 9.9x EV/EBITDA vs 4.3x peers) and await the 5-year outlook (~March 2024), which should outline a more granular path towards the Company’s growth ambitions (+300koz).

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genesis Minerals Limited - 2Q24: Solid – Awaiting 5-Year Outlook in March

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a> entered a binding scheme with <a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a> at 0.119 NST shares per DEG share, implying A$2.08, a 37.1% premium to the undisturbed price. </li>
<li>The scheme is conditional on DEG shareholder approval. <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>, the largest shareholder, potentially holds a blocking stake and has not provided an irrevocable. </li>
<li>The offer is susceptible to a competing offer as it is all-scrip and unremarkable vs peer multiples. <a href="https://www.smartkarma.com/entities/barrick-gold-corp" target="_blank" data-smartkarma-citation="entities:21023:1" rel="noopener">Barrick Gold (GOLD US)</a> and <a href="https://www.smartkarma.com/entities/agnico-eagle-mines-ltd-8b0f0329-d882-44b2-8bfc-7fe3a15f96b4" target="_blank" data-smartkarma-citation="entities:38576:1" rel="noopener">Agnico Eagle Mines (AEM US)</a> are potential suitors.</li>
</ul>



De Grey Mining (DEG AU) entered a binding scheme with Northern Star Resources (NST AU) at 0.119 NST shares per DEG share, implying A$2.08, a 37.1% premium to the undisturbed price. 
The scheme is conditional on DEG shareholder approval. Gold Road Resources (GOR AU), the largest shareholder, potentially holds a blocking stake and has not provided an irrevocable. 
The offer is susceptible to a competing offer as it is all-scrip and unremarkable vs peer multiples. Barrick Gold (GOLD US) and Agnico Eagle Mines (AEM US) are potential suitors.


De Grey Mining (DEG AU): Northern Star (NST AU)’s All-Scrip Offer Could Draw Out Competing Suitors

Australia

Genesis Minerals Limited is an Australian-based mineral exploration company. The Company acquires commercially significant mineral deposits that can be brought into production.

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Genesis Minerals (GMD AU)

Genesis Minerals Limited - Good Day to Be a Gold Stock

1Q25 result was broadly in line with our expectations for production (~36koz) with cash (A$160m) ahead on deferred transaction costs (vs. OMLe).

Ord Minnett

Genesis Minerals Limited - Awaiting FY25 Guidance

FY24 EBITDA of $113m and NPAT of $28m was in-line with previous disclosures. Management plans to accelerate its growth plans and will update FY25...

Ord Minnett

Genesis Minerals Limited - Result Slightly Softer, Foundations Being Laid

GMD’s 3Q24 result came in slightly softer than our expectations as lower UG material mined at Gwala combined with lower throughput.

Ord Minnett

Genesis Minerals Limited - 2Q24: Solid – Awaiting 5-Year Outlook in March

GMD produced a solid 2Q24 result – coming broadly in-line with our estimates despite a seismic event at Gwalia (proximal to the 1729 level).

Ord Minnett

De Grey Mining (DEG AU): Northern Star (NST AU)’s All-Scrip Offer Could Draw Out Competing Suitors

The offer is susceptible to a competing offer as it is all-scrip and unremarkable vs peer resource/reserve multiples. Barrick Gold and Agnico Eagle...

Arun George

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