Genesis Minerals has agreed to acquire the Laverton Gold Project in Western Australia from Focus Minerals for $250 million. The company announced the transaction through a binding Share Purchase Agreement, expected to close in early June 2025. Genesis will fund the deal using its cash reserves and an expanded corporate revolver facility. The company will retain approximately $350 million in available liquidity after completion.
4Moz Resource to Support Growth Strategy
The Laverton Gold Project includes a global mineral resource of approximately four million ounces at 1.7 grams per tonne. Ore reserves stand at 546,000 ounces at 1.3 grams per tonne. Genesis managing director Raleigh Finlayson said, “This is the perfect bolt-on acquisition. It delivers a substantial 4Moz Resource with immense exploration upside right next to our Laverton mill.” He added that the project “offers supplementary open pit and underground ore to our Laverton mill” and allows efficient pairing of deposits between Laverton and Leonora.
Figure 2: Genesis’ Projects in the prolific Laverton District, Western Australia
Exploration and Development Priorities Identified
Genesis intends to undertake in-fill and extensional drilling at Laverton to strengthen the resource base. The company will also optimise oxide and transitional pits to integrate into the Laverton mine plan. Most of the project’s resources and reserves lie within granted mining leases. The tenement package spans 455 square kilometres of highly prospective land. Genesis aims to progress staged mill expansion studies at Laverton in line with its ASPIRE 400 strategy.
ASPIRE 400 Strategy Gains Momentum
The acquisition supports Genesis’ ASPIRE 400 growth plan, aimed at increasing gold production across its portfolio. The Laverton purchase will allow Genesis to balance ore supply and processing capacity between its Laverton and Leonora operations. Finlayson said more ore from Laverton may allow Tower Hill deposits to be processed at Leonora, improving operational efficiency.
Experienced Executive Joins Genesis Board
Genesis appointed Duncan Coutts as executive director to support the company’s growth and project integration efforts. Coutts brings over 30 years of mining experience, including leadership roles at Ramelius Resources. Genesis chairman Tony Kiernan said, “Duncan’s immense experience in project due diligence, project development and integration will be invaluable as part of our commitment to growth and development.” He also noted that chief operating officer Matt Nixon will continue leading core operations and the five-year plan.
Resource and Reserve Base Strengthens Operational Outlook
The Laverton Gold Project holds substantial exploration potential with 3.9 million ounces in total resources. The acquisition brings access to site infrastructure including workshops, haul roads, and bore fields. Historical production at Laverton has yielded around 3.6 million ounces of gold. Genesis reported that 99 per cent of Laverton’s reserves and resources lie on granted leases.
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Robust Financial Backing Secures Transaction
Genesis will use its existing cash holdings and an increased debt facility to fund the acquisition. The corporate revolver facility was recently upsized from $120 million to $225 million. As of 30 April, Genesis reported $372 million in cash and equivalents. Combined with the undrawn facility, total available funding stood at $597 million.
Board Restructure and Advisory Support Announced
Genesis confirmed the retirement of non-executive director Mick Wilkes, who will remain as a technical advisor. Kiernan said Wilkes had played a key role in executing Genesis’ growth strategy. “His experience has helped establish the company’s exceptional asset base and strong outlook,” Kiernan said.
Further Appointments Support Project Execution
Genesis has strengthened its project delivery team by appointing several industry experts. These include Eugenio Gatto as group manager for processing, Neil Sutcliffe for project logistics, and Dan Schwann as metallurgist. The consultancy Neuplan will support end-to-end capital project solutions. These appointments reflect Genesis’ intent to maximise operational performance and asset development.
Strategic Consolidation in the Laverton District
Genesis stated the acquisition consolidates its position in the Laverton district by integrating Focus Minerals’ assets with its own. The Laverton mill, recently restarted, is central to Genesis’ regional processing plans. The company sees the acquisition as highly synergistic, with opportunities to streamline deposits and mill operations across its portfolio.
