GENESIS RESOURCES LIMITED — Capital/Financing Update 2012

May 1, 2012

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GENESIS RESOURCES LIMITED

(ASX: GES)

ASX Release

2 May 2012

Rights Issue Closure and Notice of Shortfall

Genesis Resources Limited (the Company ) advises that its recent pro-rata non-renounceable rights issue of 1 new share for every 2 existing shares at an issue price of 4.5 cents per share with 1 free attaching option (exercisable at 10 cents and expiring 2 years from their date of issue) for every share subscribed to raise approximately $1.19 million (less the costs of the Offer) ( Rights Issue ) closed on 27 April 2012 with the results below. These results are subject to any cheque dishonours.

	No. of shares	Amount	No. of applications
New shares offered under the Rights Issue	26,540,376	$1,194,316.92
Total entitlement acceptances	19,429,424	$874,324.08	218
Total underwritten shortfall	7,110,952	$319,992.84

The Rights Issue is fully underwritten by Tigermoth Investments Limited (the Underwriter ) and in accordance with terms of the underwriting agreement, the underwritten shortfall of 7,110,952 shares to the value of $319,992.84 will be taken up by the Underwriter and/or its nominees.

The Company confirms that a shortfall notice has been issued to the Underwriter in accordance with the underwriting agreement.

When completed, the total funds raised under the Rights Issue will be $1,194,316.92 before offer costs. The new shares are expected to be issued and allotted on 4 May 2012 and holding statements are expected to be despatched on 8 May 2012.

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For further information, please contact: Sophie Karzis Company Secretary T. 03 9665 0460 F. 03 9650 5571 M. 0409 540 827 E. sk@ccounsel.com.au

GENESIS RESOURCES LIMITED ACN 114 787 469 Level 3, 1 Collins Street, Melbourne, Victoria 3000, Australia Tel: +61 3 9665 0411 | Fax: +61 3 9650 5571 | www.genesisresourcesltd.com.au