Genesis Minerals doubles exploration budget after drilling success

Genesis Minerals Limited (ASX: GMD) has more than doubled its exploration budget to A$40-50 million for FY26, up from A$19 million in FY25, following outstanding drilling results at its Laverton and Leonora assets. The increased budget reflects strong confidence in the company's organic growth potential and aims to increase inventories near production plants.

At the Jupiter open pit mine in Laverton, recent drilling successfully extended shear zones, yielding intercepts like 69m @ 3.9g/t and 95m @ 1.7g/t. Additionally, high-grade intersections, including 9.0m @ 13.8g/t, were identified where syenite pipes and shear zones intersect. The Beasley Creek project, a recent A$250 million acquisition, shows significant baseload ore potential for the Laverton mill, with historical drilling results including 17m @ 9.3g/t and 11m @ 10.6g/t.

The Gwalia underground mine in Leonora also reported multiple high-grade intercepts, such as 2.7m @ 192.9g/t and 6.6m @ 37.5g/t, confirming its "Heart of Gold" pedigree. Extensional drilling at the Admiral open pit mine delivered shallow results up to 17m @ 3.0g/t, increasing the areal extent of current mining activities.