Horizon Minerals Limited: Outlines Pathway to Gold Production & Project Pipeline

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to provide an update on the development of its Cannon Underground Project, and project development pipeline.

CANNON UNDERGROUND DEVELOPMENT

- The dewatering pipeline construction has been completed between the fully permitted Cannon mine and the Company's Golden Ridge Mine.

- The pumping system has been installed in the Cannon pit and the pipeline commissioned, with dewatering underway to expose the portal position for underground mining at Cannon to commence. It is expected to take approximately three months to dewater the pit.

- Tenders have been received from three underground contracting parties, with further pricing to be received within the next month, after which the Company shall update project economics to reflect the latest contract pricing and recent changes in the gold price.

- First ore production from Cannon is targeted in the December Quarter 2024.

PENNYS FIND UNDERGROUND DEVELOPMENT

- The Prefeasibility Study (PFS) on the updated Pennys Find resource released in December 2023 is progressing as planned with the PFS to be completed, inclusive of a maiden Ore Reserve, in the June Quarter 2024.

KALPINI OPEN PIT DEVELOPMENT

- Open pit optimisations have been undertaken for Kalpini which shows substantial cash flows via toll treatment at a gold price of A$2,800/oz.

BOORARA SHORT TERM DEVELOPMENT

- AMC Consultants has completed further open pit optimisation work on the cornerstone Boorara project. Initial optimisation for a short-term open pit via toll treatment shows favourable cash flows at a gold price of A$2,800/oz.

BOORARA HEAP LEACH AND CIL FEASIBILITY STUDY

- Horizon has re-commenced study work on Boorara for a larger, longer-life development via Heap Leach and Carbon in Leach (CIL) processing pathways. The larger development shows substantial positive cash flows at a A$2,800/oz gold price.

The Company is in early discussions with a number of potential JV partners and open pit contractors to potentially fast-track open pit production from new areas including Boorara, Kalpini and Monument.

A caretaker has been employed to ensure security of the Cannon assets and to undertake statutory checks of the pipeline in compliance with the Works Approval and discharge licence, and Groundwater Licences in place.

Commenting on the development update, Chief Executive Officer Mr Grant Haywood

"Horizon has a large resource endowment that we are working towards development and bringing cashflow into the business in this record gold price environment. We have worked diligently on progressing negotiations and approvals for our projects to provide a sequence of development assets with the aim to be in sustainable gold production."

"This work will increase the optionality within our combined portfolio upon completion of our planned merger with Greenstone Resources. This will introduce several new, high-grade, near-term mining opportunities in the Coolgardie region. Developments will be sequenced to maximise near-term cash flow from low-capital projects to support the development of our long-life cornerstone assets."

Next Steps

- Finalise tenders and negotiate with the preferred underground mining contractor or potential partner for the Cannon underground development ready for Final Investment Decisions (FID).

- Finalise the 200,000 tonne mill allocation with FMR Investments' Greenfields mill with an executed Toll Milling Contract.

- Finalise the mine designs for the short-term open pit at Boorara and Kalpini to allow mining contractors to estimate pricing, complete studies and provide scope for potential FID later this year.

- Negotiate mining and haulage contracts for Boorara, Kalpini and Monument.

- Complete Mineral Resource Estimates for Pinner and Monument and optimise for open pit potential.

- Seek outstanding mining approvals for Kalpini, Pinner and Monument. Pinner and Monument approvals advanced with flora and fauna and Native Title already completed, and materials characterisation work underway.

- Seek additional mill allocation in the Kalgoorlie / Coolgardie region.

- Complete work on the proposed merger with Greenstone Resources to enhance the longterm production profile with development ready high grade projects

- Provide regular updates to keep the market fully informed of progress to gold production

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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:

Grant Haywood Chief Executive Officer T: +61 8 9386 9534 E: grant.haywood@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners T: +61 422 602 720 E: michael.vaughan@fivemark.com.au