The Board and Management of your Company are delighted to welcome you to today's Annual General Meeting, capping what has been a truly transformational year for Genesis. I'm Tony Kiernan, the recently appointed Chairman, and I will now briefly re-visit just a few of the many highlights of the past year
Board and management
Starting with the Board and management, where a new team is in place. This process was started with the appointment of Raleigh Finlayson as Managing Director in February 2022. Mr Finlayson is a highly-regarded gold mining executive who has served as Managing Director of Saracen Mineral Holdings (ASX: SAR) and then Northern Star Resources (ASX: NST) following the merger of Saracen and Northern Star. Raleigh has been joined by several Saracen executives on the management team; Morgan Ball as Chief Financial Officer, Troy Irvin as Corporate Development Officer, and Lee Stephens as General Manager Projects and Operations. There have also been notable changes to the Genesis Board. After recently acquiring control of Dacian Gold, Tommy McKeith and Nev Power retired as Directors and I would like to thank both for their respective contributions. At the same time, we were pleased to welcome Mick Wilkes, the former Dacian Gold Chairman, to the Genesis Board as a NonExecutive Director.
'Open for business' strategy
Earlier in the year the new team unveiled our 'Open for business' strategy, with the vision to build a premium Australian gold miner - Sustainable, high quality, +300,000 ounces production per annum. The first step towards achieving our new vision was made in July 2022 when we announced a takeover bid for Dacian Gold. The natural pairing of Genesis' organic growth and high-grade Ulysses project with Dacian's large-scale mill and exploration upside makes compelling strategic sense. I welcome former Dacian shareholders who have joined us today for this meeting. More broadly, there is high investor appetite for sensible regional consolidation, and the world-class Leonora / Laverton District is a natural fit for our Company. At the same time as we announced the Dacian merger, we completed a A$100 million capital raising. This positions us well to execute our strategy with one of the strongest balance sheets in the Australian junior gold sector.
Growth and discovery
Genesis has a long-standing track record of growth and discovery, and during the year we delivered a two million ounce Resource at our flagship Leonora Gold Project. This marked a 25% increase from one year earlier, with more to come. All Resources at the Leonora Gold Project remain open along strike and at depth, with limited drilling across the entire belt. Ongoing results from near-mine and regional exploration targets point to significant further upside. It is worth noting that Dacian brings another 2.2 million ounces of Resources, making for a combined total of 4.2 million ounces (on a 100% basis)
We are now focused on the delivery of a maiden Reserve next year, and commencing development of our new high grade, shallow Ulysses deposit. I would like to thank our entire Genesis team and contract partners for their contributions. Team Genesis is small but ambitious, and extremely dedicated to the delivery of sustainable returns for all our stakeholders. We are all working hard together to bring our vision of a premium Australian gold miner into reality. I would also like to acknowledge the Dacian team including its board and senior management for the way they have continued to operate the business during the bid process and the constructive manner they have engaged with Genesis. It is a constructive relationship and is being conducted in the interests of respective shareholders. Following conclusion of the formal business in the Notice, Managing Director Raleigh Finlayson will provide an update on our recent activities
Investors and Media
Genesis Minerals Limited
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