Horizon Minerals Limited

Binding 200kt Toll Milling Agreement Executed with FMR Investments

Horizon Minerals Limited (ASX: HRZ) (“Horizon” or “the Company”) is pleased to announce that it has entered into a binding Toll Milling Agreement (“TMA”) with FMR Investments Pty Ltd (“FMR”) to treat 200kt of Horizon ore from the Cannon underground project, or other deposit, commencing in the December 2024 Quarter.


HIGHLIGHTS

  • Binding TMA has been executed with FMR, which owns the Greenfields Mill located northeast of Coolgardie and 30km southwest of Kalgoorlie-Boulder in WA
  • Horizon will arrange contract mining and hauling of ore from Cannon for ore processing at FMR’s 1.0Mtpa Greenfields Mill, located ~67km by road from the Cannon Project
  • An agreed 200kt of ore will be processed over a period of eight months, commencing in the December 2024 Quarter
  • The TMA contains competitive ore treatment rates with the payment structure as follows:
    • Horizon is responsible for delivery of each stockpile to the Greenfields Mill ROM near Coolgardie
    • Payment of processing costs must be made before the value of the processed and refined gold at the Perth Mint is transferred from FMR’s metal account to Horizon
    • If the delivery schedule is missed Horizon will forfeit its allocated tonnes for that month and from the overall 200kt allocation
  • An Ore Reserve for Cannon has already been established including forecast economics for the ore to be processed via a Toll Milling Agreement 1
  • Cannon is fully environmentally permitted (with last mining in 2017) with pre-production activities are already underway, including dewatering of the open pit in preparation for underground mining
  • The TMA has flexibility that Horizon can treat Horizon ore other than Cannon, including Horizon’s own current resources or those acquired through the proposed merger with Greenstone Resources Limited, provided sufficient notice is provided to FMR

Commenting on the toll milling agreement, Chief Executive Officer Mr Grant Haywood said: 2

“We are very pleased to have converted our 200,000 tonne allocation with FMR into a formal Toll Milling Agreement, and look forward to working closely with them as ore deliveries will commence later this calendar year. This agreement is in addition to our 1.4Mt ore sale agreement with Paddington announced a week ago. Together this will see us generating cash flow from two fronts in this fantastic gold price environment before the end of 2024.”

Figure 1: Horizon’s project locations, regional geology and surrounding infrastructure

Next Steps 1

  • AMC Consultants has been engaged and undertaken a review of the Cannon Ore Reserve and will progress the revised key financial outcomes for the June 2024 Quarter
  • Finalise engagement with underground mining and haulage contractors to finalise tenders for Cannon
  • Complete the proposed merger with Greenstone Resources to enhance the long-term production profile with development ready high-grade projects

Click here for the full ASX Release

This article includes content from Horizon Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Horizon Minerals

Horizon Minerals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Horizon Minerals

Horizon Minerals

Keep reading...Show less

Expediting the path to gold production

Stacks of coins with upward arrows symbolizing financial growth.

John Ciampaglia: Gold's "Extreme" Run — Price Drivers and What's Next

John Ciampaglia, CEO of Sprott Asset Management, shares his outlook for the gold price.

"To us, gold could continue to rally here. It's going to be volatile — we see all these days of plus US$100, down US$100. So you have to be kind of careful you don't get overly whipsawed around," he said.

Keep reading...Show less
Red world map with declining financial graph lines and bar charts.

Are We in a Recession? Predictions, Signs and Strategies

"Never miss out on an opportunity like a recession" — Jack Welch, former chairman and CEO of General Electric.

US President Donald Trump’s plans to overhaul the current global trade structure through sweeping tariffs have once again ignited recession fears. With both businesses and consumers considering pulling back on spending if costs rise, many economists are forecasting a higher risk of a deep economic downturn.

Keep reading...Show less

Barrick Gold Corporation Plans to Change Name to BARRICK MINING CORPORATION

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) ("Barrick" or the "Company") today announced that it plans to change its name to Barrick Mining Corporation and from « Société aurifère Barrick » to « Société minière Barrick » in French, subject to shareholder approval at its upcoming Annual and Special Meeting of Shareholders on May 6, 2025.

In connection with its name change, the Company also plans to change its ticker symbol for the Barrick common shares listed on the New York Stock Exchange from ‘GOLD' to ‘B ', to become effective at the start of trading on May 9, 2025. The Barrick common shares will continue to trade under the ‘ABX' ticker symbol on the Toronto Stock Exchange. The new CUSIP number for the Barrick common shares effective at the start of trading on May 9, 2025 will be 06849F108.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Horizon Minerals

Horizon Minerals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×