Market corrections often land with strong opportunities. It offers undervalued Best Growth Stocks at cheap discounts. Seasoned investors of ASX Stock Market, which is currently retracing grab such chances to invest in High Growth Stocks.
Genesis Minerals Limited (ASX: GMD)
Genesis Minerals Limited released its quarterly results for the period ending 30 June 2024. During this quarter, the company produced 34,617 ounces of gold at an all-in sustaining cost (AISC) of $2,698 per ounce. This brought the total production for the 12 months ending 30 June to 134,451 ounces at an AISC of $2,356 per ounce, aligning with the FY24 guidance of 130,000-140,000 ounces at an AISC of $2,300-$2,400 per ounce.
Throughout the quarter, 10,562 tonnes of third-party ore were processed at Leonora under a legacy short-term ore purchase agreement (OPA) with the Linden Gold Alliance. This agreement concluded in FY24, with no further obligations for third-party processing.
Genesis saw a substantial increase in surface ore stockpiles, growing to approximately 314,000 tonnes by 30 June 2024, up from around 5,000 tonnes on 30 June 2023.
Gold sales for the quarter amounted to 35,983 ounces at an average price of $3,548 per ounce, resulting in revenue of $127.6 million.
Genesis is one of the Top Growth Stocks having demonstrated highly consistent and significant progress in long-term shareholder value growth. The company recently achieved commercialization, leading to a substantial financial breakthrough during the first half of FY24. With positive full-year fiscal results expected, investor confidence
The cash and bullion build for the June quarter was $26.9 million, before investing $34.6 million in growth capital and exploration to accelerate production growth. This investment included $7.5 million for the early acquisition of the Leonora Lodge. As of 30 June 2024, Genesis Minerals held $173.0 million in cash and bullion (down from $180.7 million on 31 March 2024), with no bank debt.
Vysarn Limited (ASX: VYS)
Vysarn Limited maintains a strong operational presence in the water services industry, spanning multiple verticals.
The company made an announcement on 5 July 2024, regarding the issuance of two 26D licenses by the Government of Western Australia (Department of Water and Environmental Regulation) to the Kariyarra Aboriginal Corporation RNTBC (KAC) for conducting a drilling and test pumping program on Indee and Kangan Stations in the Pilbara region of Western Australia.
On 13 May 2024, the company reported that its wholly owned subsidiary Vysarn Asset Management (VAM) had entered into a Joint Resource Agreement (JRA) with the Kariyarra Aboriginal Corporation RNTBC (KAC).
According to the Joint Resources Agreement (JRA), KAC and VAM will each hold an equal stake in forming and running an exclusive, legally binding joint venture (JV). This venture will focus on the exploration, evaluation, management, ownership, control, extraction, and sale of sustainable water quantities from designated and secured water resources on Kariyarra land. Additionally, VAM will take on the roles of JV manager and marketer, overseeing all sustainable water quantities obtained and developed by the JV on Kariyarra territory.
As of 31 December 2023, the company maintained a robust cash position of $1.69 million, marking the first time the company was in a net cash position since September 2019.
Source: Company’s Report
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