Pinned straw:
20-Feb-2026: HY26-Financial-Results---Media-Release-(GNG).PDF
No Presentation from GNG yet to accompany these H1 results. In Feb 2024 they released their presso on the same day as the results, however last year (Feb 2025) they released the results in Feb and the Presso in March, as shown below:
I have just emailed their CFO to enquire when they expect to be releasing their FY2026 H1 Results Presentation. I'll share that here as an added comment once I receive a reply.
Interesting market reaction to GNG's results today - they were sold down -11% but still finished above their Monday (16th Feb) close of $4.57/share, so in terms of "value" being "wiped off", it's merely 4 days worth.
Perspective. Also, if you compare that market reaction today (as shown above) to the market reaction to Lycopodium's (LYL's) results on Wednesday, they both started off as very similar, with LYL also being sold off -11% (low point of $13.18 at the start of the trading day, being -11.19% below their previous day's $14.84 close), however what happened then was that the LYL SP bounced back up during the day (Wednesday) as people digested LYL's presentation rather than that just rely on their initial reaction to those headline numbers vs their PCP, and their minor full year revenue and profit guidance downgrade, as shown below:
GNG did not downgrade their full year guidance, they just had a weaker H1 this year than their H1 of last year (FY2025), however with an expected stronger H2, they are still on track to meet their full year guidance given at their November AGM of FY26 Group revenue of between $500 million to $520 million (FY25: $479.0 million). This guidance was repeated in today's results announcement.
So assuming they don't have significant margin reduction, we're looking at higher revenue and higher profits for the full year when they report in August (compared to FY2025).
The difference is that without any results presentation yet from GNG that fleshes out how busy they are and why they are confident of a stronger H2, the market stuck with that negative sentiment from the headline numbers for the half being lower than GNG's previous corresponding half (H1 of FY2025), and there was therefore no share price rebound during today for GNG, as happened on Wednesday with LYL.
It will be interesting to see how the market reacts when GNG do release that H1 Results Pressoentation.
Some highlights from today's report from GRES (GNG):
- They've increased their interim fully franked dividend by +20% to 12.0 cps (HY25: 10.0 cps, fully franked).
- They have $86.5 million cash in the bank vs $71.0 million 12 months earlier, and no debt.
- Their MD, Tony Patrizi, said: "The HY26 period was characterised by solid operational performance across the Group. Engineering, design and construction works are continuing on key projects including the King of the Hills Operations Stage 1 and Stage 2 Upgrade Projects, Eloise Copper Expansion Project, Lake Way Upgrade Project and Dalgaranga Paste Plant Project. Early works have commenced on the Laverton Processing Plant and Bellevue Paste Plant Projects. During HY26, the Kainantu Gold Project successfully achieved practical completion. GR Engineering is currently working on multiple minor projects, ongoing FEED and early contractor involvement engagements and is involved in a high volume of studies across a broad range of commodities and geographies." They are very busy!
- Their smaller energy industry services division, GR Production Services (GRPS), achieved revenue contributions primarily through the provision of longer term (multi-year contracted) operations and maintenance services to the energy sector and during HY26, GRPS has been able to increase its earnings visibility through additional work from clients including Santos, Chevron, QGC and Mitsui E&P Australia. Tendering activity remains high.
- Mipac and Paradigm are leading providers of control systems, operational technology and engineering services in the mineral processing, iron ore and energy sectors. The process controls business continued to deliver control systems, automation and digital solutions for key repeat clients. During HY26, Mipac and Paradigm were awarded new contracts from clients including BHP, Rio Tinto, First Quantum, Ok Tedi and HudBay, so some big names in there.
- The Group’s contracted and near term pipeline across the business is solid and is continuing to grow.
- They have today reaffirmed their previous revenue guidance (provided at their AGM in November) for FY26 Group revenue to be in the range of $500 million to $520 million (FY25: $479.0 million) - which at the guidance mid-point of $510 million, would be a +6.47% increase on FY25, with of course potential to exceed that guidance if they convert more of their tender pipeline into signed contracts and receive some initial revenue from those new contracts before June 30th.
Most of that is quoted directly from today's H1 results announcement (HY26-Financial-Results---Media-Release-(GNG).PDF), so yeah, nothing scary in there for mine, and they are my largest real money position now.
Still a happy holder, and looking forward to reading their H1 Results Presentation when they release it.
23-Feb-2026: 9:48am (Adelaide time): I got a reply from Omesh Motiwalla (GNG's CFO) this morning to the email I sent to him on Friday evening asking when they were planning to release their H1 results presentation - I also commented on their results - here's an excerpt of what he said in his email this morning:
- Correct – slightly softer half, however, EBITDA margins were consistent with the prior period. It was a stronger half relative to the second half of FY25. Yes, we are on track to meet revenue guidance for the full year and the outlook is positive.
- The Genesis announcement this morning will boost our pipeline of work in FY26, FY27 and FY28.
- Yes – we will be releasing the investor presentation by Tuesday next week.
--- end of excerpt ---
So we can expect their H1 Presentation to be released within the next 8 days, and meanwhile how about these apples?!
23-Feb-2026: Preferred-Contractor---Tower-Hill-Project.PDF
Excerpt: "The estimated contract value is $225 million. Approximately $20 million of critical path long lead items will be ordered imminently. The EPC contract is expected to be finalised by March 2026."
They will be working on that Tower Hill EPC contract from FY26 through to FY28. It's a big one.
Plus: GMD: GR Engineering Services engaged for Genesis new Tower Hill.PDF
plus: [also from Genesis Minerals/GMD this morning] Corporate Presentation - More Gold.PDF
Disclosure: I hold GNG (largest real money position, second largest position here)
Yes @BkrDzn and here's another one they're working on:
Astral Resources' (AAR's) Mandilla gold project is at DFS level, and GRES (GNG) have agreed to provide Astral with an agreed Target Cost model for the EPC contract to build the mill. If that image above right from slide 19 of AAR's 19-Feb-2026 RIU Explorers Conference Presentation is of their Mandilla project then it looks to me like it's getting built already. Either way, it's well advanced in terms of development and it is going ahead, and GNG are almost certainly going to get that EPC contract as well.
GNG were already busy as disclosed in their H1 results announcement (20-Feb-2026), including on the King of the Hills Operations Stage 1 and Stage 2 Upgrade Projects for VAU, the Eloise Copper Expansion Project for A1M, the Lake Way Upgrade Project for Sev.en Global Investments, a Czech family investment group led by billionaire mining magnate Pavel Tykač - Lake Way was previously owned by SO4, the Dalgaranga Paste Plant Project for RMS, the Bellevue Paste Plant Project for BGL and Kainantu Gold Project for K92 Mining Inc. (TSX: KNT), however with the recently announced Laverton gold mill win from BTR and also for GMD's Tower Hill, and the soon-to-be-announced Black Swan EPC contract win from HRZ, and then the Forrestania mill conversion and upgrade project for MM8 (my prediction only)... and now we've also got AAR's Mandilla in the mix... well, their biggest problem could be finding enough staff to manage the E&C of all of these projects at the same time. Some will start earlier than others (some have already started) and some of the bigger ones - like Tower Hill - will take longer to build - but any way you slice it GNG are going to be very, very busy with work coming out of their ears for the next couple of years.
Little wonder their share price had risen from $2.50 to a little over $5 in the past year (currently $5.07/share).
Disclosure (as at 28-Feb-2026): GNG is my largest position in real life, and my second largest position here on SM. It's a great way to play the resurgence in the junior end of the Australian gold sector in this elevated gold price environment. And GNG also work for the big goldies here too, like EVN and GMD (Evolution Mining and Genesis Minerals). So they're basically a "picks and shovels" play on Aussie gold mining. Not in the sense that they provide the ongoing tools to do the mining, but in the sense that you need a company like GNG or LYL (GNG mostly work on Australian projects whereas LYL mostly take on projects located outside of Australia) to design and build you a mill (or modify an existing one, say from nickel to gold) before you can produce any gold, so the higher the gold price goes, the busier GNG are going to be.
Here's what the gold price looks like right now:
Those line graphs above show the gold price over the past 30 days - while the ones below show the past 2 years, up until right now (Saturday arvo, 28-Feb-2026) and the large prices above each graph are the current gold prices in ounces today with Friday's move shown in the green, so up +1.55% in A$ and up +1.94% in US$ on Friday - yesterday; All prices are per ounce of gold:
Still in a strong uptrend. And that's very good for GNG! (And LYL).
03/03/2026 2:39 pm AEDT: HY26 Investor Presentation (14 pages). Their CFO told me this would be released by today, and it was, albeit in the afternoon. No new slides about either their superb risk management or the capital light nature of their business as I had suggested, but it's still a positive presso. Just released on a day in which almost everything is being sold down. GNG also went ex-div yesterday for a 12 cps FF dividend, so I expected their SP to drop yesterday, but there's been no bounce back today on a general sell-off across most sectors including most of the Aussie gold sector and E&C companies like GNG and LYL. I'm seeing this as a top-up opp, as they closed at over $5/share on 4 out of the 5 days last week - from Tuesday (24th Feb) through to Friday (27th Feb), and they're currently down at $4.36 right now, only one cent above their day low of $4.35 (so far), so I've topped up my position even further.
Disclosure: Remains my largest real life (real money) position. Second largest here in SM behind LYL.