Horizon Minerals Limited (HRZ.AX) First Gold Pour - Boorara Gold Project

Horizon Minerals Limited (ASX:HRZ) is pleased to provide an update on operations and gold production from the Boorara gold project ("Boorara"). The first stockpile of 56,654 wmt @ 0.8g/t Au was accepted by Paddington early in December 2024, and ongoing haulage has continued throughout December and into January 2025.

HIGHLIGHTS

- On Tuesday 14 January 2025, Horizon poured its first gold bar from Boorara under the Ore Sale Agreement with Paddington Mill.

- Horizon entered into an Ore Sale Agreement with Norton Gold Fields' Paddington Mill for 1.24Mt of Boorara ore for processing over 18 months.

- Horizon approved the development of Boorara in late July 2024 to mine a series of four open pits containing 1.24Mt of ore at 1.24g/t Au for 49.5koz of gold.

- The first stockpile of approximately 56k wmt of Boorara ore has been hauled to Paddington over December 2024 and January 2025 for processing.

- Open pit mining is progressing safely however is running behind schedule, mainly due to lack of dust suppression via water trucks which were down for repairs and since then have been repaired and are operational.

As of 14 January 2025, the entire stockpile No.1 had been hauled to the Paddington Mill ROM. Prior to this date, and early in January 2025 Horizon achieved 50% of the delivery schedule and agreed the first invoice estimate with Paddington which is now payable on or about 21 January 2025.

At the same time mining continues at Boorara pits 2 and 4 building the next stockpile for haulage. Commenting on the mining progress, Managing Director and CEO Mr Grant Haywood said:

"We are delighted to become Australia's newest gold producing company in 2025. We have a Mineral Resource of 1.8Moz across our projects and developing a sustainable gold production pipeline which includes numerous projects that are ready for a Final Investment Decision, such as Penny's Find and the Cannon projects. With the cashflow we expect to generate from Boorara and our other advanced projects, we will seek to use this production pipeline to feed a refurbished Black Swan mill after completion of our proposed merger with Poseidon Nickel Limited."

*To view photographs, please visit:
https://abnnewswire.net/lnk/056J6Y2B

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

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