Genesis Minerals signed a binding scheme implementation deed on 16 February to acquire Magnetic Resources, owner of the Lady Julie gold project in Western Australia, for a fully diluted equity value of about A$639m.
Why Genesis Minerals Limited is buying Magnetic Resources NL
Genesis said Lady Julie, with a mineral resource of about 2.2Moz at 1.8g/t, offers a clear route to supply extra ore to its 3Mtpa Laverton mill and expands its position on the Chatterbox Trend. Pro forma, the group would hold mineral resources of 21.0Moz and ore reserves of 5.2Moz, supporting its ASPIRE 500 production strategy.
Deal terms and financing
Magnetic shareholders receive by default A$1.40 in cash and 0.0873 new Genesis shares for each share, roughly 70% cash and 30% scrip, implying A$2.00 per share based on Genesis's close of A$6.87 on 13 February; they could instead elect all cash or all scrip, subject to scale-back. The price was a 25% premium to Magnetic's last close of A$1.60 and 35% to its 30-day volume-weighted average. The cash component is funded from Genesis's cash and an undrawn revolving facility, with Genesis citing about A$690m of available liquidity. Magnetic's board unanimously recommended the scheme in the absence of a superior proposal and subject to an independent expert's opinion.
Regulatory approvals and timing
The scheme required Magnetic shareholder and court approval. The Supreme Court of Western Australia approved it in June 2026, and the scheme was implemented on 22 June 2026, after which Magnetic was removed from the ASX (FilingReader, citing Magnetic's ASX implementation notice).
Market context
Lady Julie's northern boundary adjoins the Laverton Gold Project that Genesis bought from Focus Minerals, which Genesis said created scope for synergies by folding Lady Julie into a larger open-pit operation. Genesis produced 23koz of gold in January 2026 and held A$465m of cash and equivalents at the end of that month.
