Horizon Minerals Limited

Horizon Minerals Pours First Gold at Phillips Find, Strengthening WA Production Pipeline

Horizon Minerals (ASX:HRZ) has successfully poured its first gold from the Phillips Find project in Western Australia, marking a key milestone for the company, The West Australian has reported.


The ore, mined from Phillips Find, located near Kalgoorlie, was processed at FMR Investments' Greenfields mill under a toll milling agreement. The company plans to process 200,000 tonnes of ore over four months, expecting to yield nearly 15,000 ounces of gold.

The Phillips Find project, approved in August 2024, is being developed in partnership with BML Ventures, with mining at the Newhaven and Newminster pits progressing on schedule, according to the news report. This achievement follows Horizon’s recent gold pour at its Boorara project, positioning it as Australia’s newest gold producer in 2025. The company aims to establish a sustainable gold production pipeline, with projects like Penny’s Find and Cannon nearing final investment decisions.

Horizon’s progress comes amid strong gold prices, which have risen over 11 percent this year to around US$2,925 (AU$4,605) per ounce. With a mineral resource of 1.8 million ounces across its projects, the company is focused on expansion and increasing shareholder value.

The West Australian reported these developments reinforce Horizon’s strategy to enhance cash flow and build long-term production capacity.


Click here for the full Report

This article includes content from Horizon Minerals, 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.

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Expediting the path to gold production

Horizon Minerals Limited  Successful A$30M Two Tranche Placement to Fast Track Growth

Horizon Minerals Limited Successful A$30M Two Tranche Placement to Fast Track Growth

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to announce it has received firm commitments for a two tranche placement of new shares to investors to raise ~A$30 million in cash before costs ("Placement").

HIGHLIGHTS

- Proposed two-tranche Placement to local and offshore institutional and sophisticated investors to issue a total of 697,674,418 fully paid ordinary shares at A$0.043 per share for A$30 million in cash before costs

- Placement introduces a number of new institutional investors to the register

- Funds raised will deliver a strong working capital position to support accelerated resource and exploration drilling and refurbishment studies for the Black Swan processing plant ahead of an expected uplift in cash generation from mining operations at Boorara and Phillips Find.

- Funds will be applied to:

o Resource extension and infill drilling at Burbanks which will commence in June 2025

o Accelerate resource extension and infill drilling at Crake and Coote

o Greenfields and brownfields drilling at a number of existing targets including Wilsons, Kestrel, Phillips Find, Greater Boorara and Nimbus

o Engineering studies to support the refurbishment of the Black Swan processing plant for gold production

o Working capital ahead of the processing of a significant stockpile of Boorara ore

o Potential debt retirement

Horizon has received firm commitments from investors for a two-tranche Placement of A$30 million at a price of A$0.043 per share ("Placement Price"). The Placement Price represents a 12.2% discount to the last closing price of Horizon shares on 21 May 2025 and a 18% discount to the prior 10-trading day volume weighted average trading price.

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

"We are pleased with the support for the Placement and welcome a number of highly credentialed institutional and sophisticated investors to the register. On behalf of the Board, I would also like to thank our existing shareholders for their ongoing support.

The Placement provides an important working capital buffer as we await the processing of a significant Boorara stockpile in the coming months. This will allow us to keep building the momentum at our mining operations while also accelerating resource and exploration drilling in conjunction with refurbishment studies at Black Swan. We look forward to putting investors' funds to work."

Placement Overview

The Placement involves the issue of a total number of 697,674,418 fully paid ordinary shares ("New Shares") to investors at an issue price of A$0.043 per share for total funds of A$30 million (less broker fee up to 6%). The Placement comprises:

- the unconditional placement to raise a total of ~A$11.8 million through the issue of 218,577,298 New Shares utilising available placement capacity under ASX Listing Rule 7.1 and 56,273,753 New Shares utilising available placement capacity under ASX Listing Rule 7.1A) ("Tranche 1"); and

- the conditional placement to raise ~A$18.2 million through the issue of 422,823,368 New Shares subject to shareholder approval that will be sought at a General Meeting of the Company to be held in or around July 2025 ("Tranche 2").

Subject to shareholder approval at the General Meeting, each Director of Horizon proposes to participate in Tranche 2 of the Placement through the issue to each Director of 465,116 New Shares for a total subscription price of A$20,000 each.

Tranche One of the Placement is expected to settle on 29 May 2025 with shares to be issued on or around 30 May 2025. Subject to shareholder approval, Tranche 2 of the Placement is expected to settle shortly after the General Meeting is held in or around July 2025.

Petra Capital Pty Limited acted as Sole Lead Manager and Sole Bookrunner to the Placement.



About Horizon Minerals Limited:  

Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

News Provided by ABN Newswire via QuoteMedia

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Horizon Minerals Limited  Experienced Mining Executive Joins Board

Horizon Minerals Limited Experienced Mining Executive Joins Board

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to advise that Mr Rob (Robert) Waugh, has agreed to join the Horizon Board of Directors as a Non-Executive Director, effective 1 May 2025.

Rob has more than 35 years' experience in the resources sector with the majority in gold and base metals. Rob has held senior exploration management roles at WMC Resources Limited (WMC) and BHP Billiton Limited (BHP), prior to his role as Managing Director of Musgrave Minerals Limited which culminated in the $200M acquisition by Ramelius Resources Limited in late 2023.

Rob has had significant exploration success over his career, including being part of the team that discovered the Break of Day, White Heat and Big Sky gold deposits at Cue Western Australia, the Nebo-Babel Ni-Cu deposit in the West Musgrave region of WA, the Cobbler gold deposit at Norseman WA and the Duke Batman and Honeypot uranium deposits in Queensland.

Rob holds a Bachelor of Science (Geology) from the University of Western Australia and a Master of Science (Mineral Economics) from the Western Australian School of Mines. He is a member of the Australian Institute of Geoscientists and a fellow of the Australasian Institute of Mining and Metallurgy. He is currently Non-Executive Chair of Caprice Resources Limited and a Non-Executive Director of Future Battery Minerals Limited.

Commenting on the Board appointment, Horizon Non-Executive Chair Mr Ashok Parekh said:

"We are delighted to welcome a leader of Rob's standing to the Horizon Board as we embark on significant drilling programs to grow our 1.8Moz resource base and look for new discoveries within our extensive land holding in the WA Goldfields. We are confident Rob will bring experience, wisdom and valuable insights to this exciting growth phase for the Company."



About Horizon Minerals Limited:  

Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

News Provided by ABN Newswire via QuoteMedia

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The Cascade Point property is owned by Goldbelt Inc, an Alaska Native corporation based in Juneau. Goldbelt and Grande Portage have an existing Letter of Intent to cooperate on advancing a freight barge terminal facility at the site, which would be utilized for transportation of ore from the company's New Amalga Gold Project to a third-party processing facility. (See Grande Portage press release dated September 10, 2024)

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Horizon Minerals

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