• Genesis to acquire 100% of Magnetic Resources for A$1.40 cash and 0.0873 new Genesis shares per Magnetic share
• Acquisition strengthens Genesis' Laverton gold inventory and production outlook
• Aspirational goal of producing 500,000 ounces per annum under 'ASPIRE 500' strategy

Genesis Minerals Ltd has announced a recommended offer to acquire 100% of Magnetic Resources NL (Magnetic) by way of a court-approved scheme of arrangement. Under the terms of the proposed transaction, Genesis will acquire 100% of the fully paid ordinary shares in Magnetic for A$1.40 cash and 0.0873 new Genesis shares per Magnetic share, representing approximately 70% cash and 30% scrip consideration. The acquisition will strengthen Genesis' Laverton gold inventory and production outlook, with the combined entity aspiring to produce 500,000 ounces per annum under its 'ASPIRE 500' strategy. The transaction is subject to customary conditions, including Magnetic shareholder and court approval. Further details on the Scheme, including an independent expert's report, will be provided to Magnetic shareholders in due course.

The acquisition of Magnetic Resources will strengthen Genesis Minerals' Laverton gold inventory and production outlook, with the combined entity aspiring to produce 500,000 ounces per annum under its 'ASPIRE 500' strategy.