Horizon Minerals' Phillips Find Gold Project Update

Horizon Minerals Limited (ASX:HRZ) has announced the execution of a Joint Venture (JV) Agreement with BML Ventures Pty Limited (BML) for the development and mining of two open pits at the Phillips Find Gold Project. Under the agreement, BML will undertake all management, technical, operational, and maintenance roles with oversight by Horizon. The JV structure entails BML funding all project costs, with net cashflow after asset recovery and cost repayment to be split 50/50 between Horizon and BML. The Mining Proposal for Phillips Find has been submitted to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) and is expected to receive approval shortly. Additionally, an existing 200kt Toll Milling Agreement with FMR Investments will be utilized for Phillips Find JV ore, with a renegotiated milling schedule at FMR Investments Greenfields mill from February 2025 to June 2025.

Executive Commentary

The Company is pleased to announce the JV agreement with BML Ventures for the development of the Phillips Find Gold Project. This strategic partnership allows Horizon to minimize financial risk, with BML funding all project costs and sharing net cashflows on a 50/50 basis. The submission of the Mining Proposal marks a significant milestone, and we anticipate the approval to proceed with the development. The utilization of the existing Toll Milling Agreement with FMR Investments ensures efficient processing of Phillips Find JV ore, supporting our pre-production planning and timeline for site mobilization.

Summary

Horizon Minerals (ASX:HRZ) has made significant progress with the execution of a JV agreement with BML Ventures for the development and mining of the Phillips Find Gold Project. The strategic partnership minimizes financial risk for Horizon, with BML funding all project costs and sharing net cashflows on a 50/50 basis. The submission of the Mining Proposal to DEMIRS represents the final key approval required for the development of Phillips Find, and the Company anticipates approval in the near future. The utilization of the existing Toll Milling Agreement with FMR Investments ensures efficient processing of Phillips Find JV ore, supporting the Company's pre-production planning and timeline for site mobilization. Horizon Minerals remains focused on advancing the Phillips Find Gold Project and looks forward to achieving key milestones in the development process.