Horizon Minerals Limited (HRZ.AX) Quarterly Activities Report 30 June 2024

Horizon Minerals Limited (ASX:HRZ) is pleased to provide the June 2024 Quarterly Activities Report. Horizon is an exploration and production company within the Kalgoorlie and Coolgardie regions of Western Australia.

A key objective for the Company is on near term gold production and exploration upside within our large tenement package of 939 km2. The Company holds numerous multi - commodity assets including 1.8 Moz of gold resources, the Nimbus Silver Zinc project, 50% of the Mt Thirsty Nickel Cobalt Manganese project in Western Australia, and listed investments including Richmond Vanadium Technology (ASX:RVT) which holds the world class 1.8Bt Richmond vanadium project in northwest Queensland.

Activities during the quarter focussed on completion of the merger with Greenstone Resources Limited (formerly ASX:GSR), conducted by way of schemes of arrangement under the Corporations Act 2001 (Cth), whereby Horizon acquired 100% of the fully paid ordinary shares and listed options in Greenstone, which completed on 18 June 2024.

The merger is a logical combination of complimentary assets resulting in a mineral resource base of 1.8 million ounces Au in the eastern goldfields of WA. This endowment allows the enlarged Horizon to deploy a dual track strategy of near-term gold production and cashflow through toll milling and JV opportunities whilst also undertaking work on the cornerstone Boorara and Burbanks assets for a longer life production scenario.

Following merger completion, integration of the assets and teams has been completed, and implementation of the strategy of near term cashflow from projects, culminating in the execution of an OPA for 1.24 Mt with Norton Goldfields to treat Boorara ore at their Paddington processing plant, and a TMA with FMR to treat ore at their Greenfields plant near Coolgardie.

Multiple studies continued and were commenced during the quarter for Boorara, Kalpini, Pennys Find and Phillips Find. Preproduction activities continued for the Cannon Underground Gold Project with dewatering ongoing and all tenders received from underground contractors.

Resource development work continued in the Cannon project area with a resource update for Monument, and estimation of a maiden resource for Pinner. There was minimal emphasis on drilling during the quarter as resources and expenditure focussed on preproduction activities aimed at getting assets into production to generate near term cashflow for the Company.

The balance sheet was strengthened with the shares in TSX and NASDAQ listed Vox Royalty Corporation sold for A$2.93 million (before broker commission and US withholding tax).

MINE DEVELOPMENT AND OPERATIONS

The Company has a clear strategy of bringing assets into production to bring cashflow into the business during current times of record high gold prices. During the quarter, the Company underpinned this strategy by securing ore treatment at two processing facilities over the course of the next 19 months. Development ready projects include the Cannon underground project and the Boorara open pit project. Multiple studies are advancing across the gold portfolio with the aim to be in sustainable production for the years to come.

*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/KMK82590

Grant Haywood
Chief Executive Officer
T: +61 8 9386 9534
E: grant.haywood@horizonminerals.com.au

Michael Vaughan 
Media Relations - Fivemark Partners 
T: +61 422 602 720 
E: michael.vaughan@fivemark.com.au

News Provided by ABN Newswire