Horizon Minerals Reports A$5.8M Revenue from Phillips Find Toll Processing
Horizon Minerals reports robust progress at its Phillips Find and Boorara gold projects, delivering strong revenue and cashflow from recent toll processing campaigns. Upcoming plant treatments aim to complete the first mining phase and set the stage for improved cost performance.
- Completed second toll processing campaign at Phillips Find, generating A$5.8M revenue
- First free cashflow distribution of approximately A$1.5M received by Horizon
- Boorara high-grade ore stockpiles prioritized for treatment, yielding $19.1M revenue in 2025 to date
- Upcoming processing at Greenfields and Three Mile Hill plants to finalize initial mining phase
- Cost performance expected to improve in second half of 2025 as grades rise and strip ratios decline
Operational Momentum at Phillips Find
Horizon Minerals Limited (ASX, HRZ) has delivered a significant update on its gold mining operations at the Phillips Find and Boorara projects in Western Australia. The company recently completed toll processing of the second stockpile of ore from the Phillips Find joint venture with BML Ventures, marking a key milestone in its development timeline. Over 18,600 dry tonnes of ore at a grade of 1.97 grams per tonne were processed with an impressive metallurgical recovery rate of 95.5%, resulting in 1,132 ounces of gold sold at an average price exceeding A$5,100 per ounce. This campaign generated approximately A$5.8 million in revenue for the joint venture.
Notably, Horizon received its first free cashflow distribution from this project, netting around A$1.5 million directly to the company. This early cashflow was facilitated by a renegotiation with the processing partner FMR Investments, allowing Horizon to accelerate payments ahead of the originally scheduled timeline.
Boorara Project, Steady Progress and Revenue Growth
Meanwhile, the Boorara Gold Project continues to build momentum with substantial ore stockpiles, including approximately 190,000 tonnes of high-grade and 126,000 tonnes of lower-grade ore. The company has prioritized processing of the high-grade stockpiles under an Ore Purchase Agreement with Norton Gold Fields, utilizing the Paddington Mill. This strategy has yielded strong financial returns, with $19.1 million in revenue received from ore treatment at Paddington so far in 2025, complemented by an additional $7.5 million from processing at the Greenfields Mill.
Mining operations at Boorara have reached a steady state, with continuous haulage and treatment expected to sustain through the remainder of the year. Horizon’s management highlights that while the June half saw some cost pressures due to initial stockpile establishment and lower grades, ongoing grade improvements and reduced strip ratios are anticipated to enhance cost efficiency and cashflow generation in the second half of 2025.
Looking Ahead, Completing the First Mining Phase
Looking forward, Horizon plans to complete its toll milling agreement with FMR Investments by processing an additional 87,000 tonnes of ore at the Greenfields Mill in August 2025, including 27,000 tonnes from Boorara. Subsequently, the remaining 70,000 tonnes of Phillips Find ore will be processed at Focus Minerals Limited’s Three Mile Hill plant in September and October, marking the conclusion of the first phase of mining at Phillips Find.
These upcoming campaigns are critical for Horizon to crystallize the value locked in its ore stockpiles and to maintain the positive cashflow trajectory established in recent months. The company expects to provide a further update in its June 2025 Quarterly Report, which will be closely watched by investors for confirmation of operational and financial momentum.
Bottom Line?
Horizon Minerals is turning its ore stockpiles into solid cashflow, setting the stage for stronger financial performance in the second half of 2025.
Questions in the middle?
- How will the shift to Focus Minerals’ Three Mile Hill plant impact processing efficiency and costs?
- What are the risks to gold price assumptions underpinning Horizon’s revenue forecasts?
- Can Horizon sustain or accelerate cashflow growth as it transitions from stockpile processing to continuous mining?
