Investor Insight
Horizon Gold is focused on its fully-owned Gum Creek Gold Project, a de-risked development with a completed definitive feasibility study. The company is working towards a final investment decision in 2027 and first production in 2028.
Overview
Horizon Gold Limited (ASX:HRN) recently transitioned from explorer to developer following a completed definitive feasibility study for its 100 percent owned Gum Creek Gold Project, located within the Gum Creek Greenstone Belt of the Yilgarn Craton in Western Australia.
Gum Creek is a past-producing asset with a historical production of over one million ounces of gold mined between the 1980s and 2005. The project benefits from substantial legacy infrastructure from that production history, including an operating airstrip, camp, haul road network and potable water supply.
The July 2026 DFS confirms Gum Creek as a technically simple, low-capital, open-pit gold development. The de-risked project is now on track to its first gold in the second half of 2028, with the company working towards a final investment decision in 2027.
Horizon's business strategy centers on converting Gum Creek's large, high-grade resource base into cash-generating production while retaining significant organic growth optionality. Beyond the DFS, the company is also exploring a mineralization upside, with recent drilling performed to extend mineralization and a plan to evaluate underground and sulphide ore opportunities that sit outside the current mine plan.
The company is led by a management team with a track record of resource growth and project advancement, with Scott Williamson appointed Managing Director and CEO on 2 February 2026 to lead the company through project development and toward FID. Activities will continue following the projected schedule, with Gum Creek’s approved Mining Proposal and clearing permit valid until 2029.
Company Highlights
- Single-asset focus: The company is focused on its 100% owned Gum Creek Project.
- Strategic location: Gum Creek sits within the Gum Creek Greenstone Belt in Yilgarn Craton, Western Australia, a proven gold district hosting multimillion-ounce deposits.
- DFS-backed economics: The company has completed a Definitive Feasibility Study for Gum Creek, which delivers a pre-tax NPV of A$1.31 billion, a 53.1 percent IRR and a 23-month payback at an A$5,500 per ounce gold price.
- Growing resource base: Gum Creek hosts a mineral resource estimate of 37.97 Mt at 1.89 g/t Au for 2.30 million ounces, underpinned by a maiden ore reserve of 18.2 Mt at 1.24 g/t Au for 728,000 ounces of contained gold. Sulphide resource sits outside the current DFS, offering growth potential.
- On track to production: The project is targeting an updated MRE in late 2026, a final investment decision in 2027 and first gold production in the second half of 2028.
Key Project
Gum Creek Gold Project
Gum Creek is Horizon Gold's sole project, a 663 square kilometre, past-producing gold system located approximately 640 kilometres northeast of Perth and 90 kilometres north of Sandstone. The project benefits from a historically productive gold province and infrastructure in place, reducing capital costs.
The project’s November 2025 mineral resource estimate is 37.97 million tonnes (Mt) at 1.89 g/t gold for 2.30 million ounces of gold. 71 percent of which is classified in the Indicated category, measured at 26.72 Mt at 1.90 g/t gold for 1.63 million ounces. The company plans to update the resource in late 2026, following a recently completed definitive feasibility study in July.
Highlights from the DFS:
- Average production of 880,000 ounces over a 10-year mine life, with 98,000 ounces per annum over the first five years
- Production target of 25.1 Mt at 1.19 g/t old for 962,000 ounces mined
- Pre-production capital cost of A$350 million (including a A$30 million contingency), covering mine development, a new 2.4 Mtpa processing plant and supporting infrastructure
- All-In sustaining cost of A$2,995 per ounce
- Pre-tax free cash flow of A$1,854 million
- Pre-tax NPV5 of A$1,307 million and pre-tax IRR of 53.1 percent, with a 23-month payback, based on an A$5,500 per ounce gold price
The company noted that the open pit DFS is built on seven "priority" deposits: Swan/Swift, Howards, Eagle, Hawk, Kingfisher, Wedge and Hyperno-Reliance, all of which have advantageous scale, tonnage and faster permitting pathway. Significant resources sit outside the DFS and are planned to be explored. This includes Swan with 233,700 ounces at 4.19 g/t, Swift with 68,800 ounces at 2.52 g/t and Kingfisher with 113,500 oz at 3.38 g/t.
A final investment decision in the second quarter of 2027, with plant construction scheduled to start in late 2027. First gold is targeted for the second half of 2028. The project's approved Mining Proposal and clearing permit are valid until 2029, opening opportunities for lower-capital early production pathways.
Management Team
Peter Sullivan — Non-Executive Chairman
Peter Sullivan is an engineer with an MBA and more than 25 years of experience in the development of resource companies and projects, spanning project engineering, corporate finance, investment banking, and corporate and operational management. He returned to the Non-Executive Chairman role in February 2026, having previously served as Executive Chairman of Horizon Gold. He is also the Non-Executive Chairman of Alliance Nickel.
Scott Williamson — Chief Executive Officer and Managing Director
A mining engineer with over 20 years of technical and corporate experience, Scott Williamson holds expertise in investor relations, operations management, and stakeholder and community engagement in gold and base metals projects across Australia, Africa and Southeast Asia. He most recently served as Managing Director of Blackstone Minerals, and previously held roles, such as Investor Relations Manager at Resolute Mining and Technical Services Mining Engineer at Perseus Mining. He also serves as a non-executive director of Leeuwin Metals and Corazon Mining.
James Sullivan — Non-Executive Director
Jamie Sullivan brings more than 30 years of commercial experience serving the mining and allied industries, including more than 15 years in corporate roles with ASX-listed mining and exploration companies. Sullivan served as Executive Director of Kumarina Resources (Zeta Resources) and Bligh Resources, companies that held gold projects in the North-Eastern Goldfields of Western Australia. He is currently a non-executive director of Alliance Nickel.
Peter Venn — Non-Executive Director
Peter Venn is a geologist with more than 32 years of experience in the global resources sector, having led exploration, evaluation and development work across more than 10 mining operations spanning gold, platinum group metals, diamonds, base metals and strategic minerals. He held senior and executive roles with Resolute Mining in Africa and Australia for more than 20 years and is currently the Technical Director of Rumble Resources. Venn is also a member of the Australian Institute of Geoscientists and the Australian Institute of Company Directors.
Trevor O'Connor — Company Secretary
A Chartered Accountant and Chartered Secretary, Trever O’ Connor holds over 25 years of corporate experience, with 15 years dedicated to the mining and energy industries in Australia and overseas. He is currently the Chief Financial Officer and Company Secretary for CZR Resources and was previously Chief Financial Officer and Company Secretary of Exore Resources and Kasbah Resources.
Leigh Ryan — General Manager, Exploration
Leigh Ryan is a qualified geologist and a member of the Australasian Institute of Geoscientists (MAIG). With over 30 years of experience in the exploration and resource industry, he has technical exposure to jurisdictions such as WA, Queensland, NSW, Tanzania, Burkina Faso, Mali, Zambia, and Cote d’Ivoire. He led a significant increase in Gum Creek's gold resources and advanced the project through its feasibility studies as Horizon Gold's Managing Director from December 2020 to February 2026.