Macquarie predicts that the first quarter preliminary production and cash flow metrics for Genesis Minerals' Leonora project are better than expected.

The financial services firm set a price target of A$1.90 for the Australian gold mining company.

During the first quarter of the fiscal year 2024, Leonora produced 34.1 kilo ounces of gold, which was 8% more than what Macquarie had estimated.

Genesis Minerals reported a cash and bullion build of A$14 million, far exceeding Macquarie’s expectation of an A$15m cash outflow.

Macquarie also anticipates that Genesis Minerals will experience a surge in its production over the fiscal year 2024, along with an increase in stockpiles.

Genesis Minerals' shares have also been performing well, gaining 0.6%, and are 1.3% up year-to-date as of the last close.

Genesis Minerals is an Australian gold mining company with several operations across the country.