Horizon Minerals development update

Horizon Minerals Limited (ASX: $HRZ) has provided an update on the development of its Cannon Underground Project and project development pipeline. The dewatering pipeline construction has been completed at the fully permitted Cannon mine, with the pumping system installed and dewatering underway. Tenders have been received from three underground contracting parties, and the first ore production from Cannon is targeted in the December Quarter 2024. The Prefeasibility Study on the updated Pennys Find resource is progressing as planned, and open pit optimisations have been undertaken for Kalpini and Boorara projects. Horizon has also re-commenced study work on Boorara for a larger, longer-life development via Heap Leach and Carbon in Leach (CIL) processing pathways.

Chief Executive Officer's commentary on development update

Horizon's Chief Executive Officer, Mr Grant Haywood, expressed the company's focus on working towards development and bringing cash flow into the business in the current record gold price environment. He highlighted the diligent progress in negotiations and approvals for projects, aiming to provide a sequence of development assets for sustainable gold production. Mr Haywood also mentioned the planned merger with Greenstone Resources, which is expected to introduce new, high-grade, near-term mining opportunities in the Coolgardie region. The developments will be sequenced to maximize near-term cash flow from low-capital projects to support the development of long-life cornerstone assets.

Summary of Horizon Minerals update

Horizon Minerals has made significant progress in the development of its Cannon Underground Project and project development pipeline. The company is targeting the first ore production from Cannon in the December Quarter 2024 and is progressing with the Prefeasibility Study on the updated Pennys Find resource. Open pit optimisations have been undertaken for Kalpini and Boorara projects, showing favorable cash flows at a gold price of A$2,800/oz. Additionally, 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 company is in early discussions with potential JV partners and open pit contractors to potentially fast-track open pit production from new areas. Horizon Minerals aims to provide regular updates to keep the market fully informed of progress to gold production and enhance the long-term production profile with development-ready high-grade projects, including those from the planned merger with Greenstone Resources.