External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. 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>3Q report: record production and $91m added to cashGold sales were 59.2koz, at All-in-Sustaining Costs (AISC) of A$2,323/oz and average gold price A$4,496/oz.</li><li>The closing cash and liquids balance increased by $111m to $348m.</li><li>The company reiterated that it remains on track to meet FY25 guidance 190koz-to-210koz at A$2,200/oz-to-A$2,400/oz.</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.

3Q report: record production and $91m added to cashGold sales were 59.2koz, at All-in-Sustaining Costs (AISC) of A$2,323/oz and average gold price A$4,496/oz.The closing cash and liquids balance increased by $111m to $348m.The company reiterated that it remains on track to meet FY25 guidance 190koz-to-210koz at A$2,200/oz-to-A$2,400/oz.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 Ltd (GMD): The Market’s Preferred Gold Stock?

<ul><li>Resumption of coverage. We resume coverage of GMD with a Buy recommendation and a $8.65/sh TP (previously Hold $4.45/sh).</li><li>Our thesis is supported by 1) Growing production – GMD is a domestically focused gold miner with growing production from its Laverton &amp; Leonora Hub and Spoke model, we model production CAGR at 15% out to 2030.</li><li>2) Leverage to A$ gold – GMD is largely unhedged, with ~11% of FY26 production covered by zero- cost collars, providing direct exposure to rising gold prices (spot US$4,5...</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.

Resumption of coverage. We resume coverage of GMD with a Buy recommendation and a $8.65/sh TP (previously Hold $4.45/sh).Our thesis is supported by 1) Growing production – GMD is a domestically focused gold miner with growing production from its Laverton &amp; Leonora Hub and Spoke model, we model production CAGR at 15% out to 2030.2) Leverage to A$ gold – GMD is largely unhedged, with ~11% of FY26 production covered by zero- cost collars, providing direct exposure to rising gold prices (spot US$4,5...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 (GMD): A Christmas Cracker

External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

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.

<ul><li>GMD delivered a mixed result where better production (+10% vs OMLe) offset higher costs (+6% vs OMLe).</li><li>The Company is on track to exceed FY25 guidance (OMLe: 215koz at A$2,367/oz AISC) as well as previously disclosed FY26 estimates (OMLe: 255koz at A$2,333/oz AISC) given the acceleration plans that are unfolding.</li><li>Delivery in this pricing environment is being well-rewarded (stock up +75% YTD), and GMD is differentiated by production growth (+50% over by FY28) and its management team. </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 delivered a mixed result where better production (+10% vs OMLe) offset higher costs (+6% vs OMLe).The Company is on track to exceed FY25 guidance (OMLe: 215koz at A$2,367/oz AISC) as well as previously disclosed FY26 estimates (OMLe: 255koz at A$2,333/oz AISC) given the acceleration plans that are unfolding.Delivery in this pricing environment is being well-rewarded (stock up +75% YTD), and GMD is differentiated by production growth (+50% over by FY28) and its management team. 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 - Tapping the Brakes

<ul><li>1H25 was solid as earnings came in-line with our expectations and slightly exceeded consensus (+3% vs consensus EBITDA), with the latter largely driven by capitalised exploration.</li><li>The balance sheet remains strong (A$202m cash) with a new undrawn debt facility (A$120m) more likely to be used on organic growth opportunities rather than M&amp;A in this higher price environment.</li><li>We see upside risk to FY25 guidance (OMLe: 214koz vs 190-210koz Guidance) and potential for growth projects to be brought forward which should see near-term momentum continue. </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.

1H25 was solid as earnings came in-line with our expectations and slightly exceeded consensus (+3% vs consensus EBITDA), with the latter largely driven by capitalised exploration.The balance sheet remains strong (A$202m cash) with a new undrawn debt facility (A$120m) more likely to be used on organic growth opportunities rather than M&amp;A in this higher price environment.We see upside risk to FY25 guidance (OMLe: 214koz vs 190-210koz Guidance) and potential for growth projects to be brought forward which should see near-term momentum continue. 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 - Organic Growth > M&A

<ul><li>GMD produced a strong 2Q result with production exceeding our estimates and consensus by 15% and 18% respectfully.</li><li>We now believe the company will exceed FY25 guidance (OMLe: 214koz vs 190- 210koz) and expect further momentum in the name as growth acceleration plans unfold.</li><li>A lofty valuation (1.5x P/NAV, 6.9x EV/EBITDA, 5.4% FCF yield) leaves little room for error and keeps us from a more constructive recommendation. </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 strong 2Q result with production exceeding our estimates and consensus by 15% and 18% respectfully.We now believe the company will exceed FY25 guidance (OMLe: 214koz vs 190- 210koz) and expect further momentum in the name as growth acceleration plans unfold.A lofty valuation (1.5x P/NAV, 6.9x EV/EBITDA, 5.4% FCF yield) leaves little room for error and keeps us from a more constructive recommendation. 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 - Driving with a Heavy Foot

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 Ltd (GMD): The Market’s Preferred Gold Stock?

3Q report: record production and $91m added to cashGold sales were 59.2koz, at All-in-Sustaining Costs (AISC) of A$2,323/oz and average gold price...

Bell Potter

Genesis Minerals (GMD): A Christmas Cracker

Resumption of coverage. We resume coverage of GMD with a Buy recommendation and a $8.65/sh TP (previously Hold $4.45/sh).

Bell Potter

Genesis Minerals Limited - Tapping the Brakes

Delivery in this pricing environment is being well-rewarded (stock up +75% YTD), and GMD is differentiated by production growth (+50% over by FY28)...

Ord Minnett

Genesis Minerals Limited - Organic Growth > M&A

Limited upside to our fair value assumption (A$3.30/sh) and a lofty valuation (1.7x P/NAV) precludes us from a more constructive view (currently:...

Ord Minnett

Genesis Minerals Limited - Driving with a Heavy Foot

We now believe the company will exceed FY25 guidance (OMLe: 214koz vs 190- 210koz) and expect further momentum in the name as growth acceleration...

Ord Minnett

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