Genesis Minerals (ASX:GMD) reported a 12% increase in group ore reserves to 54 million tonnes at 2.1 grams per tonne grade of gold for 3.7 million gold ounces as of Dec. 31, 2024, following a mining depletion of 170,000 ounces, according to a Tuesday filing with the Australian bourse.

The increase includes Genesis' maiden 370,000 ounces of gold reserve at Westralia open pit in Western Australia, which is not included in the 10-year production outlook, the filing said.

The reserve estimate was based on Genesis Mining Services' bulk open-pit method, according to the filing.

Shares rose 2% in midday trade Tuesday.