Genesis Minerals acquires Magnetic Resources in strategic deal

Genesis Minerals (ASX:GMD) announced a binding agreement to acquire 100% of Magnetic Resources (ASX:MAU) via a scheme of arrangement.

The strategic move centres on Magnetic’s flagship Lady Julie Gold Project, which boasts a substantial mineral resource of approximately 2.2Moz grading 1.8g/t Au.

The acquisition is a logical expansion for Genesis, as Lady Julie sits just 20km away from their existing 3Mtpa Laverton mill.

By integrating this high-grade inventory, Genesis aims to de-risk development through its proven mining expertise and existing infrastructure, while unlocking significant cost synergies.

The deal also expands the company's footprint along the emerging Chatterbox Trend, pushing Genesis toward a pro forma resource base of 21.0Moz mineral resources and 5.2Moz ore reserves.

At the time of reporting, Genesis Minerals’ share price was $7.44.