Nimbus Zinc Silver Project Update

Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to provide an update on the Nimbus silver-zinc project, adjacent to the Boorara gold mine, 17km east-southeast of Kalgoorlie-Boulder in the goldfields of Western Australia (Figure 1).

HIGHLIGHTS

• The current global Mineral Resource estimate for Nimbus stands at:
  • 12.1Mt grading 52g/t Ag for 20.24Moz of silver and 0.9% Zn for 106kt zinc ¹
• A high-grade subset exists within this global resource immediately below the historical pits and has a Mineral Resource estimate of:
  • 260kt grading 774g/t Ag for 6.4Moz silver and 12.8% Zn for 33kt zinc ¹
• Concept study has confirmed the optimal economic development pathway through mining of the higher-grade lodes and generation of a silver / zinc concentrate with more drilling required to increase overall tonnage and mine life ²
• Silver currently trading at A$42/oz and zinc at A$4,000/t
• A Programme of Work (POW) has been approved by DEMIRS and drilling expected to be undertaken in the first half of 2025 to drill test the exploration target ³
• Exploration Target defined below Nimbus to be tested.

Commenting on the Nimbus silver-zinc project, Horizon Managing Director and CEO Mr Grant Haywood said:

“We see the potential to grow the higher-grade core within the Nimbus resource at depth down plunge and along strike. Whilst we are firmly focussed on delivering on gold production at Boorara and Phillips Find, the Company will continue working to develop a longer-term production profile at Nimbus. We look forward to undertaking drilling in 2025 with the aim of increasing the resource prior to re-instigating a feasibility study for the project”.

Cautionary Statement – Exploration Target

The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and there is no certainty that further exploration work will result in the determination of mineral resources. See the basis of exploration target on pages 6 and 15-17, also Tables on pages 21-24, Competent Persons Statement on Pages 18.

Figure 1: Kalgoorlie project area locations and surrounding infrastructure

The Nimbus Project is sits 2km east of the Company’s cornerstone Boorara project and 6.5km north- northwest of Golden Ridge. Both Boorara and Golden Ridge are historic gold mining centres, with Boorara recommencing production activities.¹ The Nimbus mine site on granted mining leases M26/490 and M26/598 and easily accessed from the Kalgoorlie-Bulong Road via an unsealed haul road. The tenements are located within the Hampton Hill Pastoral Station (Figure 2).

The Nimbus Project was mined by Polymetals in two stages. Phase 1 (Jan 2004 – April 2005) concentrated on mining extremely weathered oxide material in the Discovery and East Pits. Phase 2 (Nov 2005 – May 2006) concentrated on mining remnant oxide and supergene material from the Discovery Pit. Ore treatment was undertaken at an onsite mill utilising a Merrill-Crowe circuit.

The Nimbus Silver-Zinc Project was placed on care and maintenance in 2007 after producing 3.6 Moz of silver from 318 kt of ore processed at a grade of 353 g/t Ag.

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