Horizon Gold Extends Kingfisher High-Grade Gold Shoots Amid $30M Capital Raise

Kingfisher Prospect Drilling Uncovers New High-Grade Gold Shoots

Horizon Gold Limited (ASX:HRN) has delivered a fresh wave of high-grade gold assay results from deep diamond drilling at its Kingfisher prospect within the Gum Creek Gold Project in Western Australia. Four of seven drilled holes returned significant intercepts, including a standout 4 metres at 11.35 grams per tonne (g/t) gold from 431 metres depth, featuring a 1-metre interval grading 42.2 g/t Au. These results confirm and extend previously identified high-grade mineralisation down plunge to the north, revealing a third interpreted gold shoot about 150 metres beyond the existing resource block model.

The Kingfisher prospect currently hosts an open pit Mineral Resource Estimate (MRE) of 1.22 million tonnes at 2.01 g/t Au for 78,900 ounces and an underground MRE of 1.04 million tonnes at 3.38 g/t Au for 113,500 ounces. The new drilling intersects multiple southwest-dipping lodes within a 60-metre-wide, 1.2-kilometre-long shear zone that remains open along strike and at depth, suggesting further resource upside potential.

Additional deep infill and extensional drilling is underway to increase confidence in the known high-grade plunging shoots and to test the newly identified shoot intersected in hole KFDD007. This latest drilling success builds on Horizon Gold’s earlier new high-grade gold shoots discovery at Kingfisher, reinforcing the prospect’s growing significance within the Gum Creek portfolio.

Exploration Progress at Omega, Eagle South, and Goldfinch

Beyond Kingfisher, Horizon Gold has completed four diamond holes at the Omega prospect, located 44 kilometres north of the Gidgee Mill. Omega, historically mined via open pit and underground operations, is not yet included in the current MRE. The drilling program targets extensions beneath impressive historic intercepts such as 30 metres at 21.1 g/t Au from 57 metres depth, with assays still pending.

Meanwhile, shallow reverse circulation (RC) drilling at Eagle South (33 holes for 2,590 metres) aims to expand the southern extent of gold mineralisation, and two RC holes at Goldfinch will contribute to a maiden resource estimate expected in the third quarter of 2026. Results from these programs remain awaited, leaving some near-term uncertainty about resource growth outside Kingfisher.

Feasibility Study Advancing on Schedule

The company continues to advance its feasibility study for a stand-alone, free milling gold operation at Gum Creek, targeting completion in the first half of calendar year 2026. Key technical components; including metallurgical, geotechnical, environmental, and water management studies; have been completed or are in advanced stages, with report writing underway.

Horizon Gold remains confident in the project’s viability, citing strong gold prices and positive outcomes from the March 2024 scoping study. The feasibility study will be critical in defining the pathway to development and unlocking value from the extensive 2.3 million ounce resource across the Gum Creek greenstone belt, which covers 644 square kilometres and includes 37 open pit and three underground mines.

$30 Million Capital Raising Supports Growth Ambitions

To fund the feasibility study, a significantly expanded 80,000-metre exploration drilling program, and general working capital, Horizon Gold completed a $30 million capital raise in March 2026. The raise comprised a $20 million private placement to institutional and high net worth investors and a 1-for-20 non-renounceable entitlement offer to existing shareholders, which successfully raised $10.2 million before costs.

The placement shares were issued by mid-March, with entitlement offer shares issued in early April. This capital injection bolsters the company’s balance sheet, with cash on hand at quarter-end standing at $20.1 million, prior to receipt of entitlement offer proceeds. The strong financial position supports ongoing drilling and study activities without immediate funding concerns, as detailed in the recent $10.2M entitlement offer closure announcement.

Leadership Transition to Drive Next Phase

In a strategic leadership change, Scott Williamson was appointed Chief Executive Officer and Managing Director effective 2 February 2026. Williamson brings over 20 years of mining and corporate experience, including operational and investor relations roles across Australia, Africa, and Southeast Asia. His appointment coincides with former MD Leigh Ryan stepping down from the board to focus on exploration as General Manager – Exploration, continuing his instrumental role in resource growth and project advancement.

Peter Sullivan reverted to Non-executive Chairman, completing the leadership reshuffle aimed at positioning Horizon Gold for the next growth phase. Williamson’s expertise in sustainable mining and stakeholder engagement is expected to complement the company’s technical strengths as it advances towards a final investment decision.