First Ore Mined at Boorara Gold Project

Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to provide an update on the development of the Boorara Gold Project (“Boorara”).

HIGHLIGHTS

• Horizon approved the development of Boorara in late July 2024 to mine a series of four open pits containing 1.24Mt of ore at 1.24g/t Au for 49.5koz of gold ¹
• Mining to occur over 14 months and processing over 19 months at Norton Gold Fields’ Paddington plant to generate $30M in estimated free cashflow at a A$3,600/oz gold price ^{1 2}
• Boorara mining services and surface ore haulage contracts awarded to Hampton Transport Services Pty Ltd on competitive terms, with no mining contractor payments until first gold pour sold and funds received
• Grade control program well advanced with nearly 80% of the program completed
• Mining commenced in August 2024 on single shift and first ore was exposed and mined in late September 2024
• Night shift operations commencing this week to increase production rates, building to four digger shifts
• Plan to establish an ore stockpile of 40-50kt at Boorara prior to haulage commencing
• First ore on track for delivery to Paddington in late October 2024 and first gold production expected in November ²

Commenting on the mining progress, Managing Director and CEO Mr Grant Haywood said: ²

“It is very pleasing that Boorara is on track for first ore delivery this month, with pouring of gold occurring in this high gold price environment delivering first revenue from Boorara very shortly.

Despite some labour shortages at site and in the general market, the work is progressing safely, efficiently and on schedule. We look forward to providing further updates on our progress at Boorara in due course”.

Overview

Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to provide an update on the development of the Boorara Gold Project. The 100% owned Boorara project is located 15km east of Kalgoorlie-Boulder, adjacent to the Super Pit in the heart of the Western Australian goldfields (Figure 1).

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

Next Steps ¹

Complete the remaining Phase 1 grade control drilling program, and continue to build the first parcel of ore for delivery to Paddington in late October 2024.

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