We are initiating coverage on Genesis Minerals with a BUY rating and set a A$2.40 price target. The pending release of the five-year plan in March 2024 should provide clarity on GMD’s plan to more than double production to +300koz. We believe there is potential to deliver longer-term growth beyond this target, with Genesis Mining Services and an experienced management team key enablers in delivering a stronger medium-term growth outlook.
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