Horizon Minerals processes first ore

Horizon Minerals (ASX:HRZ) has commenced ore processing at the Boorara Gold Project. This milestone involves mining four open pits near Kalgoorlie-Boulder, Western Australia. The project is projected to generate $30 million in free cash flow, with an estimated ore yield of 49,500 ounces of gold.

Boorara Gold Project overview and future outlook

Horizon Minerals (ASX:HRZ) has reached a significant milestone with the first ore processing at its Boorara Gold Project. Located in Western Australia, the project involves mining 1.24 million tonnes of ore, expected to yield 49,500 ounces of gold. The company aims to generate approximately $30 million in free cash flow from this venture. Despite initial staffing challenges due to the tight labor market, Horizon has fully staffed its operations and commenced ore processing at Norton Gold Fields' Paddington plant. Revenue from the first stockpile is anticipated soon, marking ongoing development. The company is also progressing with the Phillips Find project, targeting ore delivery by February 2025. These initiatives align with Horizon's strategic goals of enhancing gold production and financial performance.

Executive insights on Boorara progress

Managing Director and CEO Grant Haywood expressed satisfaction with the progress despite earlier challenges and noted that the Phillips Find project is also on track for first ore delivery to the Greenfields mill by February 2025.