Genesis Resources Limited (ASX:GES) Enhances Ownership and Advances Exploration Projects
Ownership and Joint Venture Update
Genesis Resources has acquired the remaining 38% of shares in Silgen, becoming the sole owner of the Plavica Gold-Copper-Silver Project in North Macedonia. This acquisition terminates the joint venture with Sileks and secures Genesis’ full control over the project. In exchange, Genesis granted a 4% mineral royalty on all future products extracted from the Plavica concessions.
Exploration and Development Progress
Ongoing fieldwork at Plavica continues, focusing on completing environmental studies for mining approval. Genesis is preparing for follow-up drilling on the Alice Springs and Arltunga Tenements, scheduled for late March or early June Quarter 2025, depending on weather conditions. Additionally, several Australian tenements were renewed during the quarter, ensuring continued exploration activities across projects in the Northern Territory and Queensland.
Financial Position
Genesis reported a net cash outflow from operating activities of $420,000 for the quarter. The company secured $1,330,710 in loan facilities from related parties to support its operations. Cash and cash equivalents at the end of the quarter stood at $165,000, with additional funding available through unused finance facilities.
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