<WIRE> Macquarie Anticipates Genesis Minerals (ASX:GMD) Leonora Q1 Output to Surpass Expectations

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.

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