Horizon Minerals partners with BML for Phillips Find gold project

Horizon Minerals Limited (ASX: $HRZ) has executed a Joint Venture (JV) Agreement with BML Ventures Pty Ltd (BML) to develop and mine two open pits at the Phillips Find Gold Project. The JV agreement includes an existing 200kt Toll Milling Agreement with FMR Investments Pty Ltd to be utilized for Phillips Find JV ore. BML will undertake all management, technical, operational, and maintenance roles, with Horizon providing oversight. The JV structure involves 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 has been submitted to DMIRS and is currently under assessment, with mining expected to commence in the September 2024 quarter, subject to permit approval. First gold production is planned for the December 2024 quarter, pending permitting. The current Australian gold price provides a favorable environment for strong margins and cashflow generation.

Managing Director and CEO Mr Grant Haywood's comments on the JV agreement

We are pleased to have partnered up with BML Ventures, who have a proven track record of delivering projects in the eastern goldfields of Western Australia. BML will be managing and sole funding the Phillips Find JV, greatly derisking the project for the Company, particularly from a financial perspective. This agreement does not require any capital from Horizon and allows us to keep our focus on our Boorara startup. The Cannon Project will be paused until sufficient cash flows are generated from our two production sites, Boorara and Phillips Find, to sole fund rather than joint venture. We look forward to generating cash over the next 19 months from two gold mining projects in this very strong gold price environment.

Summary of Horizon Minerals' Phillips Find gold project

Horizon Minerals Limited (ASX: $HRZ) has executed a Joint Venture (JV) Agreement with BML Ventures Pty Ltd to develop and mine two open pits at the Phillips Find Gold Project. The JV agreement includes an existing 200kt Toll Milling Agreement with FMR Investments Pty Ltd to be utilized for Phillips Find JV ore. BML will undertake all management, technical, operational, and maintenance roles, with Horizon providing oversight. The JV structure involves 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 has been submitted to DMIRS and is currently under assessment, with mining expected to commence in the September 2024 quarter, subject to permit approval. First gold production is planned for the December 2024 quarter, pending permitting. The current Australian gold price provides a favorable environment for strong margins and cashflow generation. Horizon Minerals looks forward to generating cash over the next 19 months from two gold mining projects in this very strong gold price environment.