Horizon Minerals provides Boorara Gold Project update

Horizon Minerals Limited (ASX:HRZ) has announced the commencement of the first ore mining at the Boorara Gold Project. The project, located 15km east of Kalgoorlie-Boulder in Western Australia, is set to mine a series of four open pits containing 1.24Mt of ore at 1.24g/t Au for 49.5koz of gold. The mining is expected to occur over 14 months, with processing over 19 months at Norton Gold Fields' Paddington plant, generating an estimated $30M in free cashflow at a A$3,600/oz gold price. The company has awarded the Boorara mining services and surface ore haulage contracts to Hampton Transport Services Pty Ltd on competitive terms, with no mining contractor payments until the first gold pour is sold and funds received. With nearly 80% of the grade control program completed, mining commenced in August 2024, and the first ore was exposed and mined in late September 2024. Night shift operations are set to commence to increase production rates, with a plan to establish an ore stockpile of 40-50kt at Boorara prior to haulage commencing. First ore delivery to Paddington is on track for late October 2024, and the first gold production is expected in November.

Executive Commentary on Boorara Gold Project Progress

It is very pleasing that Boorara is on track for first ore delivery this month, with pouring of gold occurring in this high gold price environment delivering first revenue from Boorara very shortly. Despite some labour shortages at site and in the general market, the work is progressing safely, efficiently and on schedule. We look forward to providing further updates on our progress at Boorara in due course.

Summary of Boorara Gold Project Development

Horizon Minerals has made significant progress with the commencement of the first ore mining at the Boorara Gold Project. The company's focus on efficient operations and adherence to schedule is evident in the successful initiation of mining activities. With the first gold production expected in November, Horizon Minerals is poised to capitalize on the high gold price environment, generating revenue from Boorara shortly. The company's commitment to providing further updates on the project's progress reflects its dedication to transparency and stakeholder communication. As Horizon Minerals continues to advance the Boorara Gold Project, it aims to achieve its production targets and financial estimates, contributing to its overall corporate strategy and growth objectives.