Horizon Minerals Limited: A$16.1M Capital Raising to Accelerate Exploration & Studies

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to advise that it has received binding commitments for the placement of 115 million fully paid ordinary shares (Placement Shares) in the Company at $0.14 per share to raise $16.1 million before costs of the offer (Placement). The Placement was heavily oversubscribed with the Board electing to increase the size of the Placement to provide balance sheet flexibility to undertake a large scale drilling program, to pursue further regional consolidation and to provide general working capital.

HIGHLIGHTS

- Binding commitments received for a placement of 115 million fully paid ordinary shares at $0.14 per share to raise $16.1 million (before costs)

- Overwhelming support from new and existing Australian and international institutional and sophisticated investors

- Proceeds from the Placement will be used for:

o Completion of a large scale 70,000m drilling program focussed on reserve conversion, resource growth and testing a number of high priority new discovery targets across the portfolio

o Completion of the consolidated Feasibility Study, targeted for the June Quarter 2021

o Actively pursuing further regional consolidation opportunities within a 75km radius of a proposed standalone processing facility at the Boorara gold mine

o Additional exploration activities across the Company's extensive 850km2 landholding

- Hartleys Limited and Bell Potter Securities Limited acted as Joint Lead Managers to the Placement with Jett Capital Advisors LLC as US & Europe Placement Agent

Commenting on the successful capital raising, Horizon Managing Director Mr Jon Price said: "What a great time to be building a West Australian gold company. We are committed to growing a sustainable mid-tier gold production business in the heart of the WA Goldfields and the strong support shown for the Company by numerous new, high quality Australian and international institutions, in addition to our strong existing shareholder base is clear validation of this strategy.

"Upon completion of this capital raising Horizon will be fully funded to complete its largest ever exploration program, focussed on reserve conversion, resource growth and testing new discovery targets with over 70,000m of drilling in this prolific gold producing region. In addition, the Company will advance the consolidated Feasibility Study evaluating the longer-term production profile inclusive of the establishment of a stand-alone processing plant at the Boorara mine site.

"The Board would like to welcome our new shareholders to the Horizon register and thank our existing holders for their ongoing support. We are looking forward to the next phase of this exciting journey."

Settlement of the Placement will occur in two tranches:

- Tranche 1 comprises the issue of 57.5 million Placement Shares ($8.05 million) pursuant to Listing Rules 7.1 and 7.1A. No shareholder approval is required for the issue of shares in Tranche 1 which will settle on Thursday, 20 August 2020

- Tranche 2, which is subject to shareholder approval at a General Meeting to be convened in September 2020, comprises the issue of a further 57.5 million Placement Shares ($8.05 million)

The Issue Price of $0.14 a share represents a:

- 9.7% discount to the 15 day VWAP of $0.155

- 7.88% discount to the 20 day VWAP of $0.152

New shares issued under the Placement will rank equally with existing ordinary shares on issue.

Hartleys Limited and Bell Potter Securities Limited acted as Joint Lead Managers to the issue with New York - based Jett Capital Advisors LLC acting as advisor and US & Europe Placement Agent.

Proceeds from the Placement and existing cash reserves will be used for the accelerated reserve conversion and resource growth exploration drilling program which will commence in the current September Quarter 2020. Drilling will comprise reverse circulation and diamond drilling at the core Boorara, Binduli, Rose Hill and Teal gold project areas to be incorporated into the consolidated Feasibility Study due for completion in the June Quarter 2021.

New discovery drilling will also be conducted across the portfolio including the newly granted Yarmany and Lakewood prospect areas and the exciting Kanowna South target where limited modern exploration has been conducted in the last 20 years.

In addition, the Company will continue to aggressively pursue further regional consolidation opportunities within trucking distance of the proposed Boorara Mill, 10km east of the City of Kalgoorlie - Boulder.

About Horizon Minerals Limited:

Horizon Minerals Ltd. (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.

Source:

Horizon Minerals Ltd.

Contact:

Jon Price Managing Director T: +61 8 9386 9534 E: jon.price@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners T: +61 422 602 720 E: michael.vaughan@fivemark.com.au