Raleigh Finlayson’s Genesis Minerals increases total resource at Leonora Gold Project
Super Pit dealmaker Raleigh Finlayson has hit the ground running at his new company Genesis Minerals, announcing an increase in the total mineral resource at the 100 per cent-owned Leonora Gold Project to two million ounces. In a statement to the ASX on Tuesday, the company said the increase at the project formerly known as the Ulysses Gold Project represented a 25 per cent rise from 1.6Moz on March 31 last year.
Mr Finlayson said Genesis had now established genuine scale in the Leonora district.
“At the same time, Genesis is financially robust and we are building a leading team with extensive technical and corporate experience,” Mr Finlayson said.
“This combination gives us an enviable platform for both organic and inorganic growth.”
Genesis said following the Kookynie acquisition in June 2020, drilling had focused on Admiral, Orient Well and Puzzle, which were essentially “forgotten” opportunities with virtually no exploration for 20 years.
“As a result, there has been no drilling at Ulysses over this period and the Ulysses Resource is unchanged at 838,000oz (including a high-grade component of 363,000oz at 6.4g/t),” Genesis said.
“Ulysses remains open along strike and at depth; extensional drilling will resume in 2022.”
Mr Finlayson resigned as an executive director of Northern Star Resources to complete a six-month advanced management course with Harvard University in the US before taking up his position at Genesis.
Finlayson to spearhead Genesis Minerals
Former Saracen and Northern Star boss Raleigh Finlayson is set to become managing director of Genesis Minerals following his contribution to a $20.8 million equity raising by the company. Finlayson has contributed $7 million of shares and Northern Star will subscribe to $3 million of shares out of a $16 million share placement at $0.06 per share.
The funding package is subject to shareholder approval and will be used to advance the Ulysses gold project in Western Australia through exploration and feasibility studies. As part of the board restructure, current managing director Michael Fowler will remain at the company until Finlayson takes over in March 2022. Genesis has also appointed former Fortescue Metals Group managing director and chief executive officer Neville Power as a non-executive director of the company’s board, who will participate in the funding package.
“Raleigh is a highly successful gold miner with an exceptional track record of creating value for shareholders, growing Saracen from a junior explorer and developer into a $6 billion company at the time of its merger with Northern Star,” Genesis non-executive chairman Tommy McKeith said.
“With Raleigh working alongside Neville, whose vast experience and achievements are widely acknowledged across the Australian business spectrum, and Michael, who is one of Perth’s most highly regarded corporate lawyers, Genesis will have an enviable team in the boardroom.