Magnetic Resources Advances Genesis Takeover with Lodgement of Draft Scheme Booklet

Genesis Minerals Limited ( (AU:GMD) ) has provided an announcement.

Magnetic Resources has lodged a draft scheme booklet, including an independent expert’s report and draft notice of meeting, with ASIC and the ASX as part of a proposed scheme of arrangement under which Genesis Minerals will acquire all Magnetic shares. The filing marks a key milestone for the transaction, with the company expecting to release the final scheme booklet to shareholders in early May 2026 and to provide an updated timetable following a first court hearing scheduled for 28 April 2026.

Magnetic’s board continues to view the scheme as being in the best interests of shareholders and recommends they vote in favour, subject to no superior proposal emerging and the independent expert maintaining its positive conclusion. The progress of the scheme process underscores Genesis Minerals’ strategic move to consolidate ownership of Magnetic, which could reshape both companies’ positions in the regional resources sector and deliver potential value realisation for Magnetic investors.

The most recent analyst rating on (AU:GMD) stock is a Buy with a A$9.90 price target. To see the full list of analyst forecasts on Genesis Minerals Limited stock, see the AU:GMD Stock Forecast page.

More about Genesis Minerals Limited

Magnetic Resources NL is an Australian exploration company listed on the ASX that focuses on mineral resource projects, with its shares traded under the code MAU. Genesis Minerals Limited, an ASX-listed gold developer and producer, has proposed to acquire 100% of Magnetic’s shares via a court-approved scheme of arrangement, positioning Genesis to expand its resource portfolio in Western Australia.

Average Trading Volume: 5,653,498

Technical Sentiment Signal: Buy

Current Market Cap: A$7.47B

For a thorough assessment of GMD stock, go to TipRanks’ Stock Analysis page.