Phillips Find Mining Update

Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to provide an update on the development of the Phillips Find Gold Project (“Phillips Find”).

HIGHLIGHTS

• Joint Venture (JV) Agreement executed with BML Ventures Pty Limited (BML) to develop and mine two open pits at Phillips Find ¹
• All management, technical, operational and maintenance roles to be undertaken by BML with oversight by the Company
• Low financial risk JV structure with BML to fund all project costs, with net cashflow after the asset recovery and repayment of costs to be split 50/50 between Horizon and BML
• Mining Proposal submitted to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) to develop Phillips Find lodged in early June 2024 with approval expected shortly ²
• The Mining Proposal is the last key approval required to develop Phillips Find
• Existing 200kt Toll Milling Agreement executed with FMR Investments in May 2024 to be utilised for Phillips Find JV ore ³
• In light of awaiting final permitting, the milling schedule has been renegotiated with Phillips Find ore treated at FMR Investments Greenfields mill from February 2025 to June 2025
• Timing of cashflows to Horizon are expected to be unaffected as initial cash from gold revenue will repay BML’s working capital prior to splitting out surplus net cashflows on a 50/50 basis towards the end of the project ²
• Pre-production planning is well advanced, with clearing and site establishment crews and the 200 tonne excavator ready to mobilise to site from mid-September 2024 subject to Mining Proposal approval.

Authorised for release by the Board of Directors

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