Quarterly Activities Report for the Period Ended 30 June 2024

Horizon Minerals Limited (ASX: HRZ) (Horizon or the Company) is pleased to provide the June 2024 Quarterly Activities Report. Horizon is an exploration and production company within the Kalgoorlie and Coolgardie regions of Western Australia (Figure 1).

• Merger with Greenstone Resources Limited (formerly ASX: GSR) completed on 18 June 2024 with assets of 1.8 million ounces of gold resources with an extensive 939 km2 land holding and exposure to multi-commodity assets in the eastern goldfields of WA 1, 2
• Integration of assets and dual track strategy implementation underway to bring in short term cashflow via a pipeline of development ready production assets through a contract mining / JV and toll milling scenario, in parallel with working on the larger cornerstone assets of Boorara and Burbanks which have a combined resource inventory of 894 koz at 1.7 g/t Au with potential to support a profitable long-life operation 1, 2
• Binding Ore Purchase Agreement (OPA) executed with Paddington Gold Pty Ltd, a wholly owned subsidiary of Norton Gold Fields Ltd to treat 1.24Mt of Boorara ore at the 3.8Mtpa Paddington Mill, located ~56km by road from Boorara 3
• Binding Toll Milling Agreement (TMA) executed with FMR Investments Pty Ltd (FMR) to treat 200kt of Horizon ore at the Greenfields Mill near Coolgardie 4
• Cannon dewatering continued, all tenders received from underground mining contractors and project being reviewed and reranked with other study work
• Prefeasibility work continued at the Pennys Find underground project, Ore Reserve studies initiated for Boorara and Kalpini open pits, and initial optimisation work on Phillips Find undertaken, with all projects showing strong cashflows at current gold prices
• Listed investment of 948,448 shares in Vox Royalty Corp. sold for A$2.93 million in cash5
• Cash at bank of A$4.5 million and listed investments totalling A$6.0 million

SEPTEMBER QUARTER ACTIVITIES 1

• Award contracts, employ management and technical team, and commence open pit mining at the Boorara Gold Project
• Review Cannon and continue study work on Kalpini, Pennys Find and progress Phillips Find to develop a high-level sequence of near to medium term gold production
• Allocate ore from Cannon or another project to fulfill the 200 kt TMA at Greenfields
• Commence review of Burbanks open pit and underground opportunities
• Commence review of drilling targets, programmes and budgets with impending cashflow from operations for new discovery and resource replenishment from mining depletion

A key objective for the Company is on near term gold production and exploration upside within our large tenement package of 939 km2. The Company holds numerous multi - commodity assets including 1.8 Moz of gold resources, the Nimbus Silver Zinc project, 50% of the Mt Thirsty Nickel Cobalt Manganese project in Western Australia, and listed investments including Richmond Vanadium Technology (ASX: RVT) which holds the world class 1.8Bt Richmond vanadium project in northwest Queensland (Figure 6).

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