Funding Tightens as Genesis Awaits Key Drilling Results and Advances Plavica Approval

Consolidation of Plavica Ownership

Genesis Resources Limited has taken a significant step in its international portfolio by acquiring 100% ownership of the Plavica Gold-Copper-Silver Project in North Macedonia. This move, completed in 2024, involved purchasing the remaining 38% stake from its former joint venture partner, RIK Sileks Ad Kratovo, in exchange for a 4% mineral royalty on future production. The acquisition simplifies project governance and aligns all assets under Genesis’ control, potentially accelerating development timelines.

Environmental baseline studies continue at Plavica, a critical component for the final mining approval application submitted to the North Macedonian Ministry of Economy. The project sits within a prolific epithermal province known for gold, copper, and silver mineralisation, and the company’s ongoing efforts to meet regulatory requirements signal a commitment to advancing the project responsibly.

Active Drilling Programs in Australia

Back on home soil, Genesis has completed a 14-hole Reverse Circulation (RC) drilling campaign across its Alice Springs and Arltunga tenements in the Northern Territory. These programs targeted geological and geophysical anomalies with the aim of extending known mineralisation zones. The drilling intersected various Proterozoic metamorphic formations with abundant quartz veins and minor sulphides, consistent with the company’s exploration model. Assay results are pending, expected in the coming weeks, which will be pivotal in assessing the potential resource upgrades.

Both tenements have secured key regulatory approvals during the quarter, including licence renewals and Sacred Site Clearance Certificates, ensuring uninterrupted exploration activities. The company also engaged with Traditional Owners, facilitating site visits to drilling operations, underscoring its commitment to community relations and cultural heritage respect.

Other Projects and Financial Position

While no fieldwork was conducted at the Pioneer Project in Queensland and the McArthur River manganese project in the Northern Territory during the quarter, planning for future drilling and mapping activities is underway for 2026. These projects remain part of Genesis’ diversified exploration portfolio targeting gold, base metals, and manganese.

Financially, Genesis reported a net cash outflow of AUD 440,000 from operating activities for the quarter, reflecting ongoing exploration expenditure and corporate costs. The company drew down AUD 500,000 in related-party loans, ending the quarter with AUD 276,000 in cash and equivalents. Including undrawn financing facilities, Genesis has approximately two quarters of funding available at current expenditure levels, highlighting the importance of upcoming assay results and potential capital raising initiatives.

Outlook and Strategic Considerations

Genesis Resources is at a critical juncture as it awaits assay results from its recent drilling campaigns, which will inform next steps in exploration and potential resource delineation. The consolidation of Plavica ownership and progress towards mining approval position the company well for future development milestones. However, the limited cash runway underscores the need for strategic financial management to sustain momentum across its projects.