Horizon Minerals' Binding Ore Sale Agreement with Paddington Gold Pty Ltd

Horizon Minerals Limited (ASX: $HRZ) has signed a binding Ore Sale Agreement with Paddington Gold Pty Ltd, a subsidiary of Norton Gold Fields Ltd, to process 1.4Mt of Horizon ore from the Boorara Gold Project. The agreement will facilitate gold production to resume in the second half of 2024, with ore processing at Norton's 3.8Mtpa Paddington Mill, located approximately 56km from Boorara.

Executive Commentary on Gold Production Resumption

This is a great opportunity for Horizon to generate strong cashflows in this high gold price environment and takes us further down our pathway to sustained gold production. We continue to work on our other projects to bring additional near-term cashflow into the production pipeline, along with the additional resources and optionality of projects to come through our proposed merger with Greenstone Resources.

Summary of Ore Sale Agreement and Future Plans

Horizon Minerals' binding Ore Sale Agreement with Paddington Gold Pty Ltd marks a significant step towards resuming gold production at the Boorara Gold Project. The agreement includes competitive ore treatment rates and an initial processing of 1.4Mt over 22 months, commencing in the September 2024 Quarter. The company also aims to estimate an Ore Reserve for Boorara based on the tonnage going to Paddington, with plans to commence development within the current June Quarter. Additionally, Horizon Minerals is focused on engaging mining and haulage contractors, finalizing tenders, and executing contracts to support mining at the Cannon Gold Project. The proposed merger with Greenstone Resources is expected to enhance the long-term production profile with development-ready high-grade projects.