Genesis to acquire Laverton Gold Project in WA for $162m
Genesis Minerals has entered a binding share purchase agreement with Focus Minerals for the acquisition of the Laverton Gold Project in Western Australia for A$250m ($162.3m).
This move is poised to bolster Genesis Minerals' production capabilities and cash flow, while unlocking significant synergies by combining deposits with regional processing infrastructure.
The acquisition also includes 455km2 of gold-prospective land, offering considerable exploration potential both in-mine and regionally.
The transaction, with no conditions precedent, is expected to be completed by early June 2025.
Funding for the acquisition will come from Genesis' existing cash reserves and an upsized corporate revolver facility, which has increased from $120m to $225m.
This leaves Genesis with approximately A$350m in available funding post-completion, ensuring continued balance sheet flexibility.
Genesis views this acquisition as a step towards merging the Laverton assets of both Focus and Genesis, which include the recently reactivated three million tonnes per annum (mtpa) Laverton mill.
Located approximately 30km from the Laverton mill, the Laverton Gold Project boasts a mineral resource of 73 million tonnes (mt) at 1.7g/t, amounting to 3.9 million ounces (moz).
The Laverton Gold Project's assets, including site infrastructure like workshops and haul roads, as well as a historical production of about 3.6moz, will now fall under Genesis' ownership.
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. It offers supplementary open pit and underground ore to our Laverton mill and in the process gives us flexibility regarding the most efficient pairing of deposits and processing infrastructure between Laverton and Leonora.
'With more ore available at Laverton, our flagship Tower Hill deposit can potentially be processed at Leonora resulting in significantly lower operating costs. With both the Laverton and Leonora mills now 'long ore', studies into staged plant expansions continue apace. These benefits make the transaction entirely consistent with our 'ASPIRE 400' accelerated growth strategy'.
Brightstar Resources initiated gold processing at the Laverton Mill in March, with ore sourced from Brightstar's Second Fortune mine and stockpiles at Lord Byron.
"Genesis to acquire Laverton Gold Project in WA for $162m" was originally created and published by Mining Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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The Transaction is an arm's length transaction. No finder's fees are payable in connection with the Transaction. Financing to Fund Acquisition The Company is pleased to announce that it has entered into an agreement with CIBC Capital Markets ('CIBC'), as lead bookrunner and underwriter, on its own behalf and on behalf of a syndicate of underwriters (the 'Underwriters'), pursuant to which the Underwriters have agreed to purchase, on a 'bought deal' basis, 27,400,000 common shares (the 'Shares') of the Company at a price of C$2.00 per Share for aggregate gross proceeds of C$54,800,000 (the 'Offering'), excluding any potential additional proceeds raised from the exercise of the Over-Allotment Option (defined below). 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