Board Approves Development of Boorara

Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to announce that its Board has approved the Final Investment Decision for the development of the Boorara Gold Project.

HIGHLIGHTS

• Boorara Mining Services and Surface Ore Haulage contracts awarded to Hampton Transport Services Pty Ltd (“Hampton”) on competitive terms, with no mining contractor payments until first gold pour sold and funds received
• Horizon to provide management oversight and technical services support with the contractor undertaking the works
• All management, including the Site Senior Executive and Quarry Manager, and most technical roles have been filled
• Mobilisation commencing, with pre-production works undertaken in the first half of August, and mining commencing and ramping up thereafter
• Boorara is fully permitted with all statutory approvals in place for operations to commence
• Binding Ore Sale Agreement executed with Paddington Gold Pty Ltd (“Paddington”), a wholly owned subsidiary of Norton Gold Fields Ltd, now unconditional, with all conditions precedent satisfied
• Independent Ore Reserve estimate of 1.24Mt at 1.24 g/t Au for 45.8 koz recovered at 92.5% metallurgical recovery
• Mining to occur over 14 months, with processing over 19 months with first gold pour expected in October 2024
• Boorara cashflow estimated to be A$30M at a A$3,600/oz gold price

Commenting on the development of Boorara, Managing Director and CEO Mr Grant Haywood said:¹

“Mining at Boorara is a significant milestone for the Company and will make Horizon the newest gold producer in Australia. We take great pleasure in welcoming our new members of Horizon including our business partners Hampton Transport Services and the Norton Gold Fields team who will be processing Boorara ore at Paddington.

We are focussed on making Boorara a safe and efficient mining operation to create value through generating cash and the first step in sustainable gold production for Horizon. We are seeking to unlock the significant latent potential within our extensive portfolio of development assets which hosts a 1.8 million ounce Mineral Resource.

Following the resumption of production at Boorara, we aim to develop other projects in parallel to establish Horizon as a long-term, sustainable gold producer in a favourable gold price environment.”

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