Horizon Minerals Reports $48M Gold Revenue, Advances Black Swan Gold Plant PFS

Steady Production Amid Strong Gold Prices

Horizon Minerals Limited (ASX – HRZ) has maintained consistent gold production during the September 2025 quarter, with its Boorara and Phillips Find projects delivering solid output and revenue. Boorara produced approximately 8,874 ounces of gold from 269,000 tonnes of ore at a grade of 1.027 grams per tonne, generating revenue of around A$35.8 million at an average gold price of A$5,472 per ounce. Meanwhile, Phillips Find contributed 2,147 ounces from 42,645 tonnes at 1.67 grams per tonne, adding roughly A$12.2 million in revenue under a toll milling agreement.

Promising High-Grade Drilling at Burbanks

Exploration efforts at the Burbanks Gold Project have yielded encouraging early results. Phase 1 of a 30,000-metre drilling program returned several high-grade gold intercepts, including standout hits such as 1.55 metres at 99.65 grams per tonne and 7.2 metres at 3.92 grams per tonne. These results confirm mineralisation continuity and support the transition of resources from inferred to indicated categories, enhancing confidence in the project's potential. The company plans to accelerate drilling with an additional rig and commence Phase 2 extensional drilling in early 2026.

Strategic Acquisition Near Black Swan

In a move to consolidate its regional footprint, Horizon completed the acquisition of the Gordons Project from Yandal Resources. This portfolio of gold prospects, including the Gordons Dam deposit with an inferred resource of 20,000 ounces at 1.7 grams per tonne, sits adjacent to Horizon’s wholly owned Black Swan processing facility. The acquisition strengthens the company’s resource base and supports ongoing study work aimed at establishing a five-year life of mine plan for Black Swan.

Progress on Black Swan Pre-Feasibility Study

The Pre-Feasibility Study (PFS) for refurbishing and converting the Black Swan plant into a dedicated gold processing facility is progressing on schedule. Engineering firm GR Engineering Services has completed key design components, including process flow diagrams and equipment lists, focusing on upgrading the comminution circuit and integrating a new gravity and carbon-in-leach (CIL) gold recovery circuit. The study targets a throughput of 1.5 million tonnes per annum, with infrastructure assessments underway to ensure technical robustness and de-risk development. Completion is expected in the December 2025 quarter, paving the way for a potential financial investment decision and construction in 2026.

Corporate and Financial Updates

Horizon’s balance sheet remains healthy with cash reserves of A$34.4 million as of 30 September 2025. The company completed a strategic placement raising approximately A$18.2 million before costs, supporting its growth initiatives. Additionally, Nebari LLC converted USD$2.6 million of its US$5 million convertible loan facility into equity, reducing the outstanding loan balance. Executive changes include the appointment of Daniel Coletta as Company Secretary and the announcement of Brendan Shalders as Chief Financial Officer, effective January 2026. These moves reflect Horizon’s focus on strengthening governance and financial management as it advances its development pipeline.