Update on Phillips Find Gold Project development

Horizon Minerals Limited (ASX:HRZ) is pleased to announce the approval of the Joint Venture (JV) Agreement with BML Ventures Pty Limited (BML) to develop and mine two open pits at the Phillips Find Gold Project. The mining proposal has been approved by the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS), and site clearing works are underway with equipment mobilization and establishment in progress. The Company is set to commence mining in the coming weeks, with the first ore from Phillips Find on track to be treated at FMR's Greenfields mill from February 2025 to June 2025.

Managing Director and CEO's perspective on the progress

Our Phillips Find project is gearing up, with equipment mobilisation and site establishment well underway. We look forward to commencing production at Phillips Find later this month, along with mining our Boorara project, we will be mining and generating income from two independent assets in a strong gold price environment. This is another major achievement for Horizon creating significant cashflows and value from our suite of in ground assets on our path to be a long-term sustainable gold producer.

Outlook and Corporate Strategy

Horizon Minerals' progress on the Phillips Find Gold Project, including the JV Agreement with BML Ventures, signifies a significant step towards sustainable gold production. The Company's focus on developing a pipeline of mining projects to generate cash and fund exploration, mine developments, and further acquisitions aligns with its goal of creating long-term value for shareholders. With the approval of the mining proposal and the mobilization of equipment, Horizon Minerals is on track to achieve its production targets and contribute to the strong gold price environment. The Company's ambitions to become a long-term sustainable gold producer are supported by the progress at Phillips Find and the ongoing mining activities at its Boorara project. The outlook for Horizon Minerals remains positive as it continues to advance its corporate strategy and leverage its in-ground assets to drive cashflows and value creation.