Boorara Ore Reserve Supports Development

Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to announce the results of the Boorara Ore Reserve Study (“ORS” or “Study”). The proposed mining project is 100% owned and is located 15km east of Kalgoorlie-Boulder, adjacent to the Super Pit in the heart of the Western Australian goldfields (Figure 1).

• Independent JORC (2012) Ore Reserve for Boorara completed by AMC Consultants shows a financially viable project highlighted by the following:
  • Open pit mine design producing 1.24Mt at a fully diluted grade of 1.24g/t Au for 49.5koz over an approximate 14 month mine life
  • Ore Sale Agreement (OSA) at 92.5% metallurgical recovery produces 45.8koz recovered
  • Project generates $19.9M in free cash flow (after capital) at a gold price of A$3,300/oz
• Boorara is fully permitted with all statutory approvals in place
• Mining and haulage contracts well advanced
• Binding OSA has been executed with Paddington Gold Pty Ltd (Paddington), a wholly owned subsidiary of Norton Gold Fields Ltd for treatment of Boorara ore
• Development decision expected imminently along with commencement of mining in the current September 2024

Commenting on the Ore Reserve, Managing Director and CEO Mr Grant Haywood said:

“We are very pleased that the independent Ore Reserve has validated our initial work that allows us to move forward with mining at Boorara and bring strong cashflows into Horizon. Our contract negotiations are well advanced and are the final key milestone outstanding in relation to bringing this asset into production.

Horizon has strong optionality within its large resource book of projects, which we aim to develop in conjunction, and following, development of Boorara to be a sustainable gold producer and generate more cash in this strong gold price environmental for the foreseeable future.”

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