Excellent Gold and Encouraging Nickel Results Received from Golden Ridge

Horizon Minerals Limited (ASX:HRZ) (“Horizon” or the “Company”) is pleased to announce new gold and nickel drilling results from the 100% owned Golden Ridge gold project area located 18km southeast of Kalgoorlie - Boulder in the heart of the Western Australian goldfields (Figure 1).

The drilling formed part of the 50,000m CY21 program testing high priority resource definition and new discovery targets across the 1,100km2 portfolio. The aim of the program was to organically grow the project pipeline within a 75km radius of Kalgoorlie. The Company currently has one RC rig drilling at Golden Ridge.

The 2021 stage 2 Golden Ridge RC program was completed to generate an initial resource and test extensions to the north of the historic open pit. An Air Core program drill tested Golden Ridge to the south where new gold mineralisation was discovered. Recent multi-element work has highlighted anomalous levels of Ni-Co-Cu within a weathered ultramafic system.

HIGHLIGHTS

• Further assay results received from the second phase of drilling at the Golden Ridge project, 18km southeast of Kalgoorlie – Boulder in the heart of the Western Australian goldfields

• Extension drilling completed in 2021 comprised 42 RC holes for 5,308m to the north of the historic Golden Ridge mine and 4km south of the Boorara gold project

• Significant new high-grade gold mineralisation intercepted including 1 :

o 2m @ 20.77g/t Au from 80m (GRRC21026)

o 2m @ 26.11g/t Au from 69m (GRRC21018)

o 1m @ 6.73g/t Au from 40m, 2m @ 2.27g/t Au from 44m, 2m @ 2.86g/t Au from 87m and 14m @ 3.62g/t Au from 106m including 1m @ 40.3g/t Au from 119m (GRRC21014)

o 5m @ 8.06g/t Au from 57m (GRRC21035)

o 1m @ 21.36g/t Au from 86m (GRRC21034)

o 5m @ 3.98g/t Au from 62m (GRRC21013)

• Results demonstrate continuity of the high-grade mineralisation that remains open to the north and at depth with follow up drilling to commence in the June Quarter 2022 2

• Channel sampling across the southern ramp of the historic pit confirmed steeply dipping, shallow high-grade lodes remained in pit with results including 1 :

o 4m @ 10.49g/t Au from 6m and 2m @ 1.41g/t Au from 19m (CSGR01)

o 1m @ 2.98g/t Au from 2m, 1m @ 1.07g/t Au from 7m and 3m @ 5.56g/t Au from 15m (CSGR02)

• Multi-element composite assay results received from the 43-hole Air Core program at Golden Ridge South and two RC holes at Golden Ridge North. Widespread mineralisation up to 0.62% Ni, 460ppm Cu, 0.13% Co and 48g/t Ag has been intersected in ultramafic saprolitic clays and rocks

• RC drilling up to 330m deep has commenced at Golden Ridge. The drilling will allow for downhole EM survey access that will help locate any nearby deep sulphide conductors and better delineate the ultramafic stratigraphy 2

Commenting on the Golden Ridge results, Horizon Managing Director Mr Jon Price said:

“Golden Ridge is continuing to demonstrate the potential for large scale extensions and the continuity to the northwest and the south is very encouraging. This highly mineralised system is now being tested for base metals with immediate initial success. We now look forward to the deeper drilling and EM survey data in our search for nickel sulphides and further gold extensions to the north and south.”

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