Steppe Gold Enters Into Share Exchange Agreement to Acquire Boroo Gold and Agrees to Sell the Tres Cruces Oxide Project

Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (" Steppe Gold ") is pleased to announce that, further to its press releases dated January 22, 2024 and March 19, 2024, it has entered into a share exchange agreement (the " Share Exchange Agreement ") pursuant to which Steppe Gold will acquire all of the issued and outstanding common shares (the " BG Common Shares ") of Boroo Gold LLC (" Boroo Gold ") from an indirect, wholly owned subsidiary of Boroo Pte Ltd. (" Boroo Singapore ") in an all-share transaction (the " Boroo Gold Transaction ").

Additionally, pursuant to separate definitive share purchase agreements (the " Share Purchase Agreements "), each between one of Steppe Gold's wholly-owned subsidiaries, on the one hand, and Boroo Singapore or one of its affiliates, on the other hand, each dated April 11, 2024, Steppe Gold will sell the Tres Cruces Oxide Project (the " Tres Cruces Project ") to Boroo Singapore for approximately CAD$12 million in cash (the " Tres Cruces Transaction ") payable over the next 18 months beginning as of the Closing Date (as defined in the Share Purchase Agreements).

Highlights

The Boroo Gold Transaction will create Mongolia's leading gold producer
- Acquisition of a leading gold producer, Boroo Gold, will create Mongolia's leading gold producer
- Boroo Singapore will hold approximately 55.9% of the issued and outstanding common shares of Steppe Gold (" Steppe Common Shares ") on a fully diluted basis, immediately following the completion of the Boroo Gold Transaction
Immediate and strong cash flows to Steppe Gold
- Boroo Gold estimates over 400,000 oz of gold production from 2024 to 2031, with projected average annual production of approximately 60,000 oz in 2024, 2025 and 2026
- In 2023, Boroo Gold had revenue of US$132 million on production of 67,315 oz of gold, with an AISC of $847 per oz, at an average achieved gold price of $1,957 per oz
- Boroo Gold is forecasting similar production levels in 2024, albeit with higher sustaining costs
Long standing and strong social license
- The Boroo gold mine comes with a long and proud history of positive impact in Mongolia:
  - Over US$1,020 million in benefits to Mongolia since 2003 (taxes and fees, CAPEX, donations, payments to local companies for goods and services and salaries to national employees)
  - Over US$17.5 million in donations and investments in local Soums between 2007 and 2023 under its framework of social responsibility
Steppe Gold combined gold production in 2024 projected to be 90,000 oz, rising to an estimated annualized 150,000 oz in 2026 as the ATO Gold Mine Phase 2 Expansion is planned to come on stream in mid-2026
Significant value upside from:
- Potential cost synergies from combined purchasing power and lower relative administration costs
- Increasing Reserves and Resources near the existing mines
Divestment of the Tres Cruces Project to the likely highest value buyer, returning Steppe Gold's singular focus to Mongolia

Bataa Tumur-Ochir, Chairman and CEO of Steppe Gold, commented: "We are very pleased to announce the agreement to acquire Boroo Gold. This transaction accelerates our path to a multi-asset Mongolia-focused mining group and, importantly, immediately provides strong cash flow to support our growth plans, further improved with the recent strong gold prices. In connection with the completion of this transaction we expect to finish 2024 with a run rate of around 90,000 oz in gold production, moving to over 150,000 oz in 2026 on a pro forma basis. We have also decided to divest the Tres Cruces Project to further improve our liquidity and sharpen our focus on Mongolia."

Boroo Gold Transaction Details

Share Exchange Agreement

Pursuant to the Share Exchange Agreement, Steppe Gold will acquire all of the BG Common Shares in consideration for the issuance by Steppe Gold of 138,150,000 Steppe Common Shares, or that number of Steppe Common Shares that results in Boroo Singapore, directly or indirectly, holding 55.9% of the issued and outstanding Steppe Common Shares (calculated on a fully-diluted basis) upon completion of the Boroo Gold Transaction. Steppe Gold will seek approval for the issuance of Steppe Common Shares in connection with the Boroo Gold Transaction at Steppe Gold's annual general and special meeting of shareholders (the " Meeting "), which is expected to be held in June 2024.

The Boroo Gold Transaction is subject to customary closing conditions, including receipt of approval by Steppe Gold's shareholders at the Meeting, and certain regulatory approvals, including the approvals of the Toronto Stock Exchange and applicable Mongolian authorities. Additionally, it is a condition to the closing of the Boroo Gold Transaction that the Tres Cruces Transaction has closed.

All of the directors and executive officers of Steppe Gold have entered into support and voting agreements pursuant to which they have agreed to support the Boroo Gold Transaction and to vote in favour of the Boroo Gold Transaction, subject to the provisions of such support and voting agreements.

The Share Exchange Agreement includes customary representations, warranties and covenants, including with respect to non-solicitation of alternative transactions, a right to match superior proposals and a fiduciary out in respect of the same. In addition, each of Boroo Singapore and Steppe Gold have agreed to pay a termination fee if the Share Exchange Agreement is terminated upon the occurrence of certain events.

Further details with respect to the Boroo Gold Transaction and the Tres Cruces Transaction will be included in the information circular to be mailed to Steppe Gold's shareholders in connection with the Meeting. Provided all conditions precedent in the Share Exchange Agreement are satisfied or waived in a timely manner (including the closing of the Tres Cruces Transaction), it is currently anticipated that the Boroo Gold Transaction will close in the third quarter of 2024. A copy of the Share Exchange Agreement, the Share Purchase Agreements and the information circular in respect of the Meeting will be filed on Steppe Gold's SEDAR+ profile and will be available for viewing at www.sedarplus.ca .

Investor Rights Agreement

At the closing of the Boroo Gold Transaction, Steppe Gold will enter into an investor rights agreement with Boroo Singapore (the " Investor Rights Agreement "). Pursuant to the Investor Rights Agreement, Boroo Singapore will have the right to nominate up to two directors (the " Boroo Nominees ") to the board of directors of Steppe Gold (the " Steppe Board "), subject to Boroo Singapore maintaining ownership of at least 10% of the issued and outstanding Steppe Common Shares, and other terms and conditions as further set forth in the Investor Rights Agreement. In addition, Boroo Singapore will be provided with certain governance rights, so long as it maintains certain Steppe Common Share ownership thresholds, including pre-emptive rights and customary registration rights. The key executive management team of Steppe Gold will remain in place following closing of the Boroo Gold Transaction.

Expected Management Team on Closing

Bataa Tumur-Ochir	(Chairman and Chief Executive Officer)
Tserenbadam Duger	(Chief Operating Officer)
Jeremy South	(SVP and Chief Financial Officer)
Byambatseren Tsogbadrakh	(President & Vice President, Finance)

Benefits of the Boroo Gold Transaction

The Boroo Gold Transaction is expected to provide meaningful benefits to shareholders of Steppe Gold, including:

Increased gold production to 90,000 oz per annum in 2025 and 150,000 oz per annum by 2026.
Strong cash flow and increased financial strength to service ATO Gold Mine Phase 2 Expansion debt and project financing.
Funding for exploration programs and further acquisition opportunities in Mongolia.
Liquidity from the sale of the Tres Cruces Project.
Creation of a multi-asset producer with a strong base and focus in Mongolia.

Tres Cruces Transaction Details

Steppe Gold is also pleased to announce that it has entered into the Share Purchase Agreements, pursuant to which Boroo Singapore will acquire the Tres Cruces Project by purchasing all of the issued and outstanding shares of two of Steppe Gold's indirect, wholly-owned subsidiaries for aggregate cash consideration of approximately CAD$12 million. The consideration is payable in four installments over a period of 18 months starting on the Closing Date (as defined in the Share Purchase Agreements). The Tres Cruces Transaction is expected to close in July 2024, following which, the Boroo Gold Transaction will close subsequently thereafter.

The Tres Cruces Transaction is subject to customary closing conditions and is cross conditional on the closing of the Boroo Gold Transaction.

Recommendation of the Steppe Board

Based on an independent verbal fairness opinion provided by Sequeira Partners, in respect of the Boroo Gold Transaction, and after consulting with its financial and legal advisors, among other considerations, the Steppe Board has unanimously: (i) determined that each of the Boroo Gold Transaction and the Tres Cruces Transaction is fair to Steppe Gold; (ii) approved each of the Boroo Gold Transaction and the Tres Cruces Transaction and the entering into of the Share Exchange Agreement and Share Purchase Agreements, respectively, is in the best interests of Steppe Gold; and (iii) resolved to recommend that Steppe Gold's shareholders vote in favour of the Transaction Resolution (as defined in the Share Exchange Agreement).

Advisors

Steppe Gold's legal counsel is Fasken Martineau DuMoulin LLP. Boroo Singapore's Canadian legal counsel is Stikeman Elliott LLP. Payet, Rey, Cauvi, Pérez Abogados are Peruvian legal counsel to Steppe Gold and Boroo Singapore. Steppe Gold's financial advisor is Sequeira Partners. Boroo Singapore's financial advisor is Cormark Securities Inc.

Qualified Persons

The technical content of this news release regarding Steppe Gold has been reviewed and validated by Enkhtuvshin Khishigsuren, PEng., a "Qualified Person" as that term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects .

Technical Reports

Additional information with respect to Steppe Gold's Altan Tsagaan Ovoo Project, including its AuEq resource base, is contained in the technical report of Steppe Gold dated November 6, 2022 and entitled "Altan Tsagaan Ovoo Project (ATO) 2022 Mineral Resources & Reserves Report (NI 43-101)". A copy of said report can be obtained from SEDAR+ at www.sedarplus.ca .

Further information with respect to the Tres Cruces Project is contained in the technical report of Steppe Gold, dated August 21, 2023 and entitled "Form 43-101F1 Technical Report Preliminary Economic Assessment". A copy of said report can be obtained from SEDAR+ at www.sedarplus.ca .

About Steppe Gold

Steppe Gold is Mongolia's premier precious metals company and 100% owner of the ATO gold mine and the Uudam Khundii project in Mongolia.

About Boroo Gold

Established in 1997, Boroo Gold is a leading gold producer in Mongolia with over 50,000 tons per day mining fleet, 5,500 tons per day mill and carbon-in-leach circuit gold processing plant, 3,000,000 tons per annum heap leach and carbon-in-columns plant and an approximate workforce of over 400 people. Boroo Gold operates the Boroo mine in Selenge province, as well as owning and operating the adjacent Ulaanbulag mine in Mongolia.

Cautionary Statement on Forward-Looking Information

This news release includes certain statements that constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). These include statements regarding Steppe Gold's intent, or the beliefs or current expectations of the officers and directors of Steppe Gold, for Steppe Gold's growth, production and valuation post-closing of the Boroo Gold Transaction and Tres Cruces Transaction and future market conditions for metals.

When used in this news release, words such as "anticipated", "expected", "estimated", "future", "forecast", "likely", "opportunity", "ongoing", "potential", "planned", "projected", "proposed", "vision" and similar expressions are intended to identify these forward-looking statements as well as phrases or statements that certain actions, events or results "could", "may", "should", "will", or "would" occur or the negative connotation of such terms.

As well, forward-looking statements may relate to Steppe Gold's future outlook and anticipated events, such as the consummation and timing of each of the Boroo Gold Transaction and the Tres Cruces Transaction; the Steppe Board and management team of Steppe Gold following the Boroo Gold Transaction; the satisfaction of the conditions precedent to each of the Boroo Gold Transaction and Tres Cruces Transaction; the anticipated benefits of the Boroo Gold Transaction; the potential for value creation to Steppe Gold's shareholders; the anticipated timing of the closings of the Boroo Gold Transaction and Tres Cruces Transaction; the entering into of the support and voting agreements, Investor Rights Agreement and other ancillary documents in connection with the Boroo Gold Transaction; the filing of the Share Exchange Agreement, the Share Purchase Agreements and the information circular in respect of the Meeting on SEDAR+; the details to be included in the information circular regarding the Meeting in respect of the Boroo Gold Transaction and the Tres Cruces Transaction; the timing and anticipated receipt of required shareholder, court and regulatory approvals for the Boroo Gold Transaction and, if applicable, for the Tres Cruces Transaction; Boroo's nomination and governance rights under the Investor Rights Agreement; anticipated gold production of Boroo Gold and combined gold production of Steppe Gold; the anticipated cash flow of Steppe Gold; potential liquidity from the sale of the Tres Cruces Project; and discussion of future plans, projections, objectives, estimates and forecasts and the timing related thereto.

These forward-looking statements involve numerous risks and uncertainties, including those relating to: required shareholder, regulatory and stock exchange approvals; approvals from applicable Mongolian authorities; exercise of any termination rights under the Share Exchange Agreement or the Share Purchase Agreements; meeting other conditions precedent to each of the Share Exchange Agreement and the Share Purchase Agreements; the time required to prepare and mail the Meeting materials, including the information circular; material adverse effects on the business, properties and assets of Steppe Gold or Boroo Gold; discrepancies between actual and estimated production and test results, mineral reserves and resources and metallurgical recoveries; and such other risk factors detailed from time to time in Steppe Gold's public disclosure documents, including, without limitation, those risks identified in Steppe Gold's annual information form for the year ended December 31, 2023, which is available on SEDAR+ at www.sedarplus.ca .

Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by such forward-looking statements. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Steppe Gold assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Steppe Gold updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Contact Information

Steppe Gold

Bataa Tumur-Ochir, Chairman and Chief Executive Officer
Jeremy South, Senior Vice President and Chief Financial Officer

Shangri-La office, Suite 1201, Olympic Street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914

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Stonegate Capital Partners Updates Coverage on Steppe Gold Ltd. Q1 2024

Steppe Gold Ltd. (TSX: STGO): Stonegate Capital Partners Updates Coverage on Steppe Gold Ltd. (TSX: STGO).

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

Boroo Gold acquisition expected to be approved in June of 2024
Tres Cruces sale expected to close in 3Q24
First tranche of Phase 2 Expansion funding is drawn to order long lead items and fund early construction

Click image above to view full announcement.

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Steppe Gold Announces Executive Changes

Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") announces today that Aneel Waraich has resigned as a director and executive vice president of the Company and Greg Wood has resigned as Chief Operating Officer of the Company, each effective March 28, 2024, and the board of directors has accepted their resignations. The Company would like to thank Mr. Wood and Mr. Waraich for their contributions and wishes them every success in their future endeavors.

In connection with Mr. Waraich's resignation, Steppe Gold has issued an aggregate of 1,250,000 common shares of the Company at a deemed price of $0.77 per share, in addition to a cash payment of US$100,000, to settle all amounts owing by Steppe Gold to Mr. Waraich (the "Waraich Settlement Transaction"). The Toronto Stock Exchange has not approved the Waraich Settlement Transaction at this time. The common shares issued to Mr. Waraich are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation, and such further restrictions as apply under foreign securities laws.

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Element79 Gold Corp Provides Update on Chachas Community Charter and Revenue Generation, M&A Activities

(TheNewswire)

Vancouver, BC June 25, 2024 Element79 Gold Corp (CSE: ELEM, OTC: ELMGF, FSE: 7YS0), Hereinafter ("Element 79 Gold", the "Company") a mining company focused on gold and silver committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects, is excited to provide the following updates about the social and business engagement in Chachas as well as highlight additional revenue-generating business underway.

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PROSPECT RIDGE ANNOUNCES FINAL CLOSING OF ITS OVERSUBSCRIBED PRIVATE PLACEMENT

Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce that it has closed the final tranche of its non-brokered private placement of $0.16 units (" NFT Units ") and $0.18 flow-through units (" FT Units ") announced May 29, 2024 and June 14, 2024 respectively, (see news releases for details). The final tranche consists of 2,912,500 NFT Units for gross proceeds of $466,000 plus an additional 7,717,441 FT Units for gross proceeds of $1,389,139.38 .

In total, the Company has raised aggregate gross proceeds of $5,218,847.24 , comprised of $2,860,520 in NFT Units plus an additional $2,358,327.24 in FT Units.

CEO Mike Iverson commented, "We are incredibly grateful to everyone who has supported us during this financing round. Your trust and confidence in Prospect Ridge Resources is deeply appreciated. We look forward to delivering on our promises and working diligently to create value for all our shareholders. Your belief in our vision fuels our commitment to achieving significant results during our upcoming drill program."

In connection with the final tranche, the Company paid aggregate finder fees of $100,801.38 in cash, 73,062 finder warrants having the same terms as the NFT Unit warrants (exercisable at $0.25 ) and 495,063 finder warrants having the same terms as the FT Unit warrants (exercisable at $0.30 ). All securities issued in the final tranche are subject to a statutory hold period expiring on November 25, 2024 . The final tranche and associated finder fees are subject to final Exchange acceptance.

Insiders of the Company purchased an aggregate of 312,500 NFT Units ($50,000) and 27,777 FT Units ($4,999.86) , representing approximately 10.7% and 0.36%, respectively, of the NFT Units and FT Units issued in the final tranche. The common shares so acquired by insiders represent approximately 0.41% of the issued and outstanding common shares upon closing, and together with the common shares issuable on exercise of the warrants so acquired by insiders would constitute an aggregate number of common shares representing approximately 0.61% of the then issued and outstanding shares as of closing.

The participation by insiders constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and (b), and 5.7(1)(a), respectively, of MI 61-101 on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the transaction exceeds 25% of the Company's market capitalization as calculated in accordance with MI 61-101, and/or on the basis that no securities of the Company are listed or quoted on a stock exchange as specified in MI 61-101.

Use of Proceeds of the Offering

The gross proceeds of the NFT Placement will be used to fund exploration expenditures on the Knauss Creek Property and Holy Grail Property (the " Properties "), corporate development and general working capital, while the gross proceeds of the FT Placement will be used to fund exploration expenditures on the Properties and other Canadian Exploration Expenses that will qualify as "flow-through mining expenditures" as defined in subsection 127(9) of the Income Tax Act ( Canada ), and "BC flow-through mining expenditures", as defined in the Income Tax Act ( British Columbia ).

About Prospect Ridge Resources Corp.

Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold exploration. Prospect Ridge's management and technical team cumulate over 100 years of mineral exploration experience and believes the Knauss Creek and the Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as " intends " or " anticipates" , or variations of such words and phrases or statements that certain actions, events or results " may", " could ", " should ", " would " or " occur " . This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, positive exploration results at the Knauss Creek and Holy Grail projects and the Company's use of proceeds from the Private Placement. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that future exploration results at the Knauss Creek and Holy Grail projects will not be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Knauss Creek and Holy Grail projects will be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

View original content to download multimedia: https://www.prnewswire.com/news-releases/prospect-ridge-announces-final-closing-of-its-oversubscribed-private-placement-302206337.html

SOURCE Prospect Ridge Resources Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/25/c3787.html

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Silver Crown Royalties Goes Public on Cboe Canada

Cboe Canada Inc. ("Cboe Canada") is excited to announce the public markets debut of Silver Crown Royalties Inc. ("Silver Crown" or "SCRI"), a revenue-generating silver-only royalty company headquartered in Toronto. The company is now trading on Cboe Canada under the symbol SCRI .

Silver Crown unlocks previously unrecognized value by offering existing mining companies an up-front payment in exchange for the rights to revenues generated from the byproduct silver they mine. Silver Crown currently receives royalties from two mines, with another projected to begin producing revenues for Silver Crown in 2025, pending successful closing of the definitive agreement.

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Horizon Minerals Limited Group Mineral Resources Statement

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.

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Rio Silver Completes Agreement with Local Community at Jorimina Project, Peru

Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) is pleased to announce it has finalized a surface access agreement ("the Agreement") with the local Community for a period of one year at the Company's Jorimina Project, an advanced goldsilver project near the city of Ayachucho in south central Peru.

A recently completed Environmental Impact Study and community workshops aided by the President and Council of the local community, represent the final steps of the drill permitting application process and allow for the initiation of activities at this highly prospective, bulk tonnage gold and silver target located at the Company's wholly owned, Jorimina, Gold / Silver Project.

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Steppe Gold Enters Into Share Exchange Agreement to Acquire Boroo Gold and Agrees to Sell the Tres Cruces Oxide Project

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