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Genesis Minerals Granted Financial Reporting Relief From ASIC

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Genesis Minerals (ASX:GMD) said the Australian Securities and Investments Commission (ASIC) granted financial reporting relief to Genesis and its unit Magnetic Resources relating to the fiscal year ending June 30, according to a Wednesday Australian bourse filing.

The company said the relief exempts Magnetic from certain obligations under the Corporations Act 2001 for the fiscal year 2026, including preparing a standalone financial report and directors' report, having the financial report audited, reporting to members, and preparing a sustainability report, the filing added.

The relief is subject to certain conditions, including that Magnetic became a party to a deed of cross guarantee in respect of which Genesis is the holding entity by the end of the fiscal year, which occurred on June 26, the filing added.

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