Shares of Genesis Minerals (ASX:GMD) fell by up to 4.2% to A$1.838 following a cut in the annual earnings forecast by Macquarie due to a softer-than-expected half-year performance.

Macquarie has set a price target of A$1.92 for the gold mining company, maintaining an ‘outperform’ rating.

The brokerage noted that Genesis Minerals' half-year underlying EBITDA was 24% less than anticipated.

Genesis Minerals concluded the first half of FY24 with net cash (inclusive of leases) amounting to A$155 million, which was A$7 million less than estimated, due to higher lease balances.

Macquarie has consequently reduced Genesis Minerals' FY24 EPS estimate by 8%.

Despite this, the miner’s stock has seen a year-to-date rise of 7.1% as of the last closing.

Genesis Minerals is a gold exploration company.