GMD has released its FY27 guidance for a "stand-alone" Genesis, given the proposed merger is targeted for completion in Nov'26. Overall, production and capex guidance are in-line with CitiE and VA consensus expectations; however, AISC of A$2,750–3,050/oz was higher than expectations (+10% vs CitiE, +5% vs VA consensus). The JunQ was mostly pre-released (see note), with AISC being the relevant new data, landing 4% ahead of CitiE and 6% ahead of VA consensus. Unaudited FY26 underlying NPAT stands at A$540–550 ...