Mining to Commence at Phillips Find

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) 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.

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.

Activities during the quarter focussed on completion of the merger with Greenstone Resources Limited (formerly ASX:GSR), conducted by way of schemes of arrangement under the Corporations Act 2001 (Cth), whereby Horizon acquired 100% of the fully paid ordinary shares and listed options in Greenstone, which completed on 18 June 2024.

The merger is a logical combination of complimentary assets resulting in a mineral resource base of 1.8 million ounces Au in the eastern goldfields of WA. This endowment allows the enlarged Horizon to deploy a dual track strategy of near-term gold production and cashflow through toll milling and JV opportunities whilst also undertaking work on the cornerstone Boorara and Burbanks assets for a longer life production scenario.

Following merger completion, integration of the assets and teams has been completed, and implementation of the strategy of near term cashflow from projects, culminating in the execution of an OPA for 1.24 Mt with Norton Goldfields to treat Boorara ore at their Paddington processing plant, and a TMA with FMR to treat ore at their Greenfields plant near Coolgardie.

Multiple studies continued and were commenced during the quarter for Boorara, Kalpini, Pennys Find and Phillips Find. Preproduction activities continued for the Cannon Underground Gold Project with dewatering ongoing and all tenders received from underground contractors.

Resource development work continued in the Cannon project area with a resource update for Monument, and estimation of a maiden resource for Pinner. There was minimal emphasis on drilling during the quarter as resources and expenditure focussed on preproduction activities aimed at getting assets into production to generate near term cashflow for the Company.

The balance sheet was strengthened with the shares in TSX and NASDAQ listed Vox Royalty Corporation sold for A$2.93 million (before broker commission and US withholding tax).

MINE DEVELOPMENT AND OPERATIONS

The Company has a clear strategy of bringing assets into production to bring cashflow into the business during current times of record high gold prices. During the quarter, the Company underpinned this strategy by securing ore treatment at two processing facilities over the course of the next 19 months. Development ready projects include the Cannon underground project and the Boorara open pit project. Multiple studies are advancing across the gold portfolio with the aim to be in sustainable production for the years to come.

*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/KMK82590

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.

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide an updated Mineral Resource Statement for the Company's gold projects located near Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1*). In addition, following the merger with Greenstone Resources, the Company has also added the Burbanks, Phillips Find and 50% owned Mt Thirsty projects to the Company's resources.

Following the successful completion of the merger between Horizon Minerals Limited and Greenstone Resources Limited (formerly ASX-GSR), additional resource model work and reviews, the Company is pleased to provide a consolidated statement of group Mineral Resources as of 30 June 2024.

HIGHLIGHTS

- Mineral Resources currently stand at:

o 1.8Moz gold
o 20.2Moz silver, 104kt zinc
o 283kt nickel, 40.5kt cobalt and 296.2kt manganese (50% owned)

- Mineral Resources are underpinned by the large cornerstone Boorara and Burbanks assets

- Updated Mineral Resource Estimates (MRE) include a maiden MRE for Pinner, an update for Monument and a revision for Boorara which is currently under an Ore Reserve Study (ORS) from AMC Consultants

- Changes to the gold MREs include:

o Addition of 297,650oz from Burbanks open pit
o Addition of 167,920oz from Burbanks underground
o Addition of 13,000oz from Pinner
o Addition of 3,000oz from Monument, and
o Reduction of 20,240oz from Boorara

- Large Mineral Resource base and ongoing studies pave the way for a development profile aiming at sustained gold production and continuous cashflows

Commenting on the Group MRE upgrade, Managing Director and CEO Mr Grant Haywood said:

"It is very pleasing to have the Burbanks and Phillips Find assets under single ownership with Horizon's complementary and extensive project base. Together this provides 1.8 million ounce gold portfolio, which is a great platform to implement our near term strategy of cashflow from operations and further growth into the medium and long term".

The gold MREs include an updated Monument MRE and a maiden MRE for Pinner, both part of the larger Cannon project area, and a review of the cornerstone Boorara project. A summary of the revised MREs are as follows:

- Monument 740,000t grading 1.18g/t Au for 28,000oz at a 0.5g/t Au cut-off grade

- Pinner 330,000t grading 1.21g/t Au for 12,844oz at a 0.5g/t Au cut-off grade

- Boorara 10.53Mt grading at 1.27g/t Au for 428,000oz at a 0.5g/t Au cut-off grade

Cannon, Monument and Pinner Project Overview

The Cannon deposit (Figure 1*) is located 30 km east-southeast of Kalgoorlie in the Eastern Goldfields region of Western Australia on granted mining leases M25/333 and M25/357. The Cannon mine and surrounding area is dominated by mafic to ultramafic rocks of the Bulong Complex overlain by a sequence of felsic volcanics, volcaniclastics and sediments. Lithologies present include komatiitic mafics and ultramafics, peridotites, basalts and gabbros. Sedimentary rocks include shales and cherts with rare, banded iron formation. The geological structure is complex and dominated by the Cannon shear which is recognised as a key ingredient for local gold and possibly nickel sulphide mineralisation.

The gold mineralisation at the adjacent Pinner deposit is similar to Cannon and consists small pods of semi-continuous mineralisation with three dominant directions that highlight the structural complexity observed at Pinner. The dominant lodes trend SW/NE, N/S, and E/W with cross cutting faults influencing the geometry.

Gold mineralisation within the Monument deposit consists of two main zones oriented NNW and NW, dipping steeply to the west. There is some indication of faulting through the centre of the mineralised area.

Boorara Overview

The Boorara Gold Project is located 15 km east of Kalgoorlie-Boulder (Figure 1*) adjacent to the Super Pit, and 1 km southwest of the Nimbus Silver-Zinc Project site where established offices are connected to mains power and existing water supplies.

The deposit is hosted in a quartz dolerite comprising a sheeted quartz vein array system with bounding shear zones and late-stage cross faults. Mineralisation occurs as northwest dipping sheeted and stockwork quartz-carbonate vein arrays within the quartz dolerite host rocks, and steeply dipping zones along sheared geological contacts trending to the north-northwest.

*To view tables and figures with updated mineral estimates, please visit:
https://abnnewswire.net/lnk/181JSBZ2

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.

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) wishes to update the market on progress for the achievement of Conditions Precedent (CP's) pursuant to the Binding Term Sheet - Ore Sale Agreement (Term Sheet) between Paddington Gold Pty Ltd (PGPL) and Horizon Minerals Limited (Horizon) dated 3 May 2024 to treat 1.4Mt of Horizon ore from the Boorara Gold Project.

The Company and AMC Consultants have been working hard to complete the CP's pursuant to the Term Sheet during the past 45 business days, as there has been numerous iterations of mine plan optimisations, mine designs, and schedules leading to the final Ore Reserve Statement.

Discussions with Paddington representatives continue to be open and conducive to the completion of CP's and a long term relationship. As a result, Paddington Gold Pty Ltd (a wholly owned subsidiary of Norton Gold Fields Ltd) have provided an extension to the initial 45 business days, for a further 15 business days.

A second round of mining and haulage tenders based on a revised mine schedule went out last week, with submissions due on Friday 5 July 2024, most of the tender submissions have been received.

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.

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to announce that it has entered into a binding Toll Milling Agreement ("TMA") with FMR Investments Pty Ltd ("FMR") to treat 200kt of Horizon ore from the Cannon underground project, or other deposit, commencing in the December 2024 Quarter.

HIGHLIGHTS

- Binding TMA has been executed with FMR, which owns the Greenfields Mill located northeast of Coolgardie and 30km southwest of Kalgoorlie-Boulder in WA

- Horizon will arrange contract mining and hauling of ore from Cannon for ore processing at FMR's 1.0Mtpa Greenfields Mill, located ~67km by road from the Cannon Project

- An agreed 200kt of ore will be processed over a period of eight months, commencing in the December 2024 Quarter

- The TMA contains competitive ore treatment rates with the payment structure as follows:

o Horizon is responsible for delivery of each stockpile to the Greenfields Mill ROM near Coolgardie

o Payment of processing costs must be made before the value of the processed and refined gold at the Perth Mint is transferred from FMR's metal account to Horizon

o If the delivery schedule is missed Horizon will forfeit its allocated tonnes for that month and from the overall 200kt allocation

- An Ore Reserve for Cannon has already been established including forecast economics for the ore to be processed via a Toll Milling Agreement

- Cannon is fully environmentally permitted (with last mining in 2017) with pre-production activities are already underway, including dewatering of the open pit in preparation for underground mining

- The TMA has flexibility that Horizon can treat Horizon ore other than Cannon, including Horizon's own current resources or those acquired through the proposed merger with Greenstone Resources Limited, provided sufficient notice is provided to FMR

Commenting on the toll milling agreement, Chief Executive Officer Mr Grant Haywood said:

"We are very pleased to have converted our 200,000 tonne allocation with FMR into a formal Toll Milling Agreement, and look forward to working closely with them as ore deliveries will commence later this calendar year. This agreement is in addition to our 1.4Mt ore sale agreement with Paddington announced a week ago. Together this will see us generating cash flow from two fronts in this fantastic gold price environment before the end of 2024."

Next Steps

- AMC Consultants has been engaged and undertaken a review of the Cannon Ore Reserve and will progress the revised key financial outcomes for the June 2024 Quarter

- Finalise engagement with underground mining and haulage contractors to finalise tenders for Cannon

- Complete the proposed merger with Greenstone Resources to enhance the long-term production profile with development ready high-grade projects

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/WUABZYMW

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.

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to announce that it has entered into a binding Ore Sale Agreement ("OSA") with Paddington Gold Pty Ltd to treat 1.4Mt of Horizon ore from the Boorara Gold Project.

HIGHLIGHTS

- Binding OSA has been executed with Paddington Gold Pty Ltd, a wholly owned subsidiary of Norton Gold Fields Ltd

- Horizon will arrange contract mining and hauling of ore from Boorara for ore processing at Norton's 3.8Mtpa Paddington Mill, located ~56km by road from Boorara

- An agreed 1.4Mt ("Agreed Amount") will be processed over a period of 22 months, commencing in the September 2024 Quarter

- The OSA contains competitive ore treatment rates with the payment structure as follows:

o Within 5 days of delivering ore to the Paddington ROM pad, Paddington to pay Horizon 50% of gross revenue less estimated processing costs and royalties, based on the determined grade for each stockpile

o Gross revenue calculated based on the Perth Mint spot price on the date of gold pours

o Within 5 days of Paddington fully treating the stockpile, a final revenue calculation shall be made based on the determined grade, moisture and metallurgical recovery, less agreed costs for processing and state gold royalty payments, to calculate a final payment to Horizon

o Stockpiles to be between 10,000t - 50,000t from a combination of oxide, transitional and fresh sources, with Paddington having the right to reject any stockpile that does not meet specifications

o Agreed Amount represents less then 15% of the current Boorara Mineral Resource of 11Mt @ 1.26g/t Au for 448,240oz

o Agreed Amount can be increased or decreased by mutual agreement

o Conditions precedent include Paddington receiving JORC clause 12 modifying factors for an Ore Reserve from Horizon, and Horizon demonstrating all mining permits, approvals, mining and haulage contracts in place within 45 business days

- An Ore Reserve for Boorara based on the tonnage going to Paddington, including forecast economics for the ore processing agreement, will be estimated in the current June Quarter

- Boorara is fully environmentally permitted (with last mining in 2020) and ready for development which is expected to commence within the current June Quarter

Commenting on the return to gold production, Chief Executive Officer Mr Grant Haywood said:

"This is a great opportunity for Horizon to generate strong cashflows in this high gold price environment and takes us further down our pathway to sustained gold production. We continue to work on our other projects to bring additional near-term cashflow into the production pipeline, along with the additional resources and optionality of projects to come through our proposed merger with Greenstone Resources."

Next Steps

- AMC Consultants has been engaged and undertaken preliminary work on Boorara and will progress Boorara into an Ore Reserve study under the JORC (2012) code for release in the June 2024 Quarter

- Continue engagement with mining and haulage contractors to finalise tenders for Boorara and award contracts in the June 2024 Quarter

- Finalise the 200,000 tonne mill allocation with FMR Investments' Greenfields mill with an executed Toll Milling Contract to support mining at the Cannon Gold Project

- Complete the proposed merger with Greenstone Resources to enhance the long-term production profile with development ready high-grade projects

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/TQ7EV6X7

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.