• Acquisition to deliver Genesis a +2Moz high grade Mineral Resource
• Opportunity to de-risk development of Lady Julie by applying Genesis' existing processing infrastructure and proven mining expertise
• Acquisition significantly expands Genesis' presence on Laverton's emerging Chatterbox Trend

Genesis Minerals Limited (ASX: GMD) and Magnetic Resources NL (ASX: MAU) have entered into a binding Scheme Implementation Deed under which it is proposed Genesis will acquire 100% of the issued shares in Magnetic via a Scheme of Arrangement. Magnetic's flagship project, Lady Julie Gold Project, has a Mineral Resource of ~2.2Moz grading 1.8g/t Au, offering a clear pathway to supply incremental ore to Genesis' operating 3Mtpa Laverton mill. The acquisition significantly expands Genesis' presence on Laverton's emerging Chatterbox Trend with compelling additional exploration upside. Genesis pro forma Mineral Resources stand at 21.0Moz and Ore Reserves at 5.2Moz. The acquisition paves the way for an uplift in Genesis' growth strategy to 'ASPIRE 500'. Magnetic shareholders will receive A$1.40 cash and 0.0873 new Genesis shares per Magnetic share, implying a value of A$2.00 per Magnetic share and a fully diluted equity value of ~A$639 million. The Magnetic Board unanimously recommends the Scheme, in the absence of a superior proposal and subject to an independent expert concluding that the Scheme is in the best interests of Magnetic shareholders.

Genesis expects to release updated multi-year strategic plan post-completion of the acquisition. The acquisition is expected to be completed in June 2026.