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Horizon Minerals Limited (ASX:HRZ)

ALERT: Price-sensitive ASX Announcement for HRZ
Current share price for HRZ : $0.940 -0.08 (-7.84%)+
Announcement
Release
10 Mar 2026 8:24AM
Price at Release
$1.020
Full Release
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Summary
Horizon Minerals Limited reported a significant update on their Phillips Find Gold Project. The project, in collaboration with BML Ventures Pty Ltd, completed its mining activities in November 2025, yielding 14,095 ounces of high-grade gold through various processing campaigns. The company received $10 million in joint venture distributions and expects further cash flow upon final reconciliations. Their balance sheet is strong with an estimated cash reserve of $114.1 million, bolstered by recent asset sales and capital raises. This financial strength supports the development of the Black Swan Processing Hub, positioning Horizon to enhance its gold production capabilities in the constrained Kalgoorlie processing region. The company aims to become a mid-tier gold producer in the Western Australian Goldfields.
Key Points
  • Phillips Find project completed mining in November 2025.
  • Total of 14,095 ounces of gold produced from five processing campaigns.
  • $10 million JV distributions received; final cash distribution expected in April 2026.
  • Unaudited cash balance of $114.1 million as of March 2025.
  • Funding includes $55 million from Tranche 1 capital raise and $20 million from Lake Johnston asset sale.
  • Development of Black Swan Processing Hub to support regional gold processing.
  • Strategy to become a mid-tier gold producer in the WA Goldfields.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.