Investor Perception
Horizon Minerals’ near-term cash-flow potential and its vital land bundle within the prolific Western Australian Goldfields with appreciable exploration upside place the corporate to positively leverage the present bull gold market alternative.
Overview
Horizon Minerals (ASX:HRZ) is an ASX-listed rising mid-tier gold mining firm specializing in a portfolio of extremely promising gold initiatives positioned within the world-class Western Australian goldfields. The current merger with Greenstone has added practically 0.5 million ounces (Moz) of high-grade useful resource to Horizon, taking its whole tally to 1.8 Moz, and can lead to Horizon Minerals holding a land bundle of 939 sq km within the Kalgoorlie-Coolgardie district.
The merger brings near-term cash-generating alternatives and provides better scale to its baseload property (Boorara) with the high-grade Burbanks deposit. Horizon’s dual-track technique entails producing fast money flows by leveraging a pipeline of development-ready manufacturing property and concurrently advancing the cornerstone property, Boorara and Burbanks, which have a mixed useful resource stock of 914 koz at 1.7 grams per ton (g/t) gold with potential to assist a worthwhile, long-life operation.
The current ore sale settlement with Paddington Gold is encouraging and will increase confidence within the administration’s skill to generate near-term money flows. Underneath the settlement, 1.4 million (Mt) can be processed over a interval of twenty-two months, commencing in September 2024 quarter. The settlement permits Horizon to capitalize on excessive gold costs to generate vital money flows.
Horizon can also be progressing with different initiatives, together with the Cannon gold venture and Penny’s Discover underground mine, and actively exploring for brand spanking new discoveries within the Western Australian Goldfields, focusing on gold and different commodities resembling nickel-cobalt, silver-zinc, PGEs and lithium throughout its in depth land holdings. Moreover, Horizon holds a major stake in one of many world’s largest vanadium initiatives through its funding in Richmond Vanadium Know-how, which is listed on the ASX.
Firm Highlights
- Horizon Minerals is an rising mid-tier gold producer with an intensive portfolio of extremely promising gold initiatives positioned within the world-class Western Australian goldfields.
- The not too long ago introduced merger with Greenstone Assets will set up Horizon as a mid-tier gold producer within the Western Australian Goldfields. The mixed entity will boast a useful resource base of 1.8 Moz and improve Horizon’s portfolio by combining two complementary cornerstone gold property — Burbanks and Boorara (mixed useful resource of 914,000 oz).
- Horizon can also be progressing with different initiatives, together with the Cannon and Penny’s Discover underground mines, and bringing the Boorara open pit into manufacturing.
- Amidst the present document gold costs, Horizon seeks to capitalize on this chance by advancing its substantial useful resource endowment in direction of improvement, thereby producing money stream.
Key Tasks
Boorara Gold Mission
The Boorara gold venture is positioned 15 km east of Kalgoorlie-Boulder within the Western Australian goldfields. Over the previous decade, a considerable quantity of reverse circulation and diamond drilling has been carried out at Boorara. The venture features a JORC 2012 mineral useful resource estimate (MRE) by Optiro (now Snowden Optiro), which reported a complete of 11.03 Mt grading at 1.26 g/t gold, amounting to 448,000 ounces.
The corporate views Boorara as a considerable baseload feed supply that could possibly be enhanced by decrease tonnage, higher-grade feed to maintain a standalone milling facility. That is the place the current acquisition of Greenstone turns into essential. Boorara may be supplemented by higher-grade feed from Greenstone’s Burbanks deposit to assist an built-in operation.
Boorara is totally environmentally permitted and prepared for improvement, which is predicted to start inside 2024.
Burbanks Gold Mission
The Burbanks gold venture is located 9 km southeast of Coolgardie, Western Australia. The venture encompasses the Burbanks Mining Centre and greater than 5 kilometers of the extremely promising Burbanks Shear Zone, traditionally essentially the most vital gold-producing construction inside the Coolgardie Goldfield. Earlier underground manufacturing at Burbanks has surpassed 420,000 ouncesto date.
Burbanks at present hosts a complete useful resource of 6.1 Mt @ 2.4 g/t gold for 466 koz, together with underground of 1.2 Mt @ 4.4 g/t gold for 168 koz. Burbanks is underexplored and stays open in all instructions for future development.
Cannon Underground Mission
The Cannon gold venture is positioned 30 km east-southeast of Kalgoorlie-Boulder. It’s a totally permitted venture with a pre-feasibility examine accomplished in 2022, which exhibits robust venture economics with a free money stream of AU$10.1 million over the mine’s life. The corporate has completed commissioning a dewatering pipeline and a pumping system, representing a serious milestone within the development of its Cannon Underground venture. Discussions with mining contractors and potential JV mining companions are underway. First ore manufacturing from the Cannon Mission is predicted to start in This autumn 2024.
Penny’s Discover
Penny’s Discover is about 50 km northeast of Kalgoorlie within the Jap Goldfields of Western Australia, close to the corporate’s wholly-owned Kalpini gold venture. It contains a granted mining lease and different related leases overlaying 91 hectares. The mineral useful resource estimate up to date in December 2023 boasts 63,000 ounces of gold within the indicated and inferred class. A pre-feasibility examine for exploitation utilizing underground mining strategies is at present underway. This examine will embody mine design and monetary evaluation.
Rose Hill
Rose Hill is 0.5 km southeast of Coolgardie and 35 km west of Kalgoorlie-Boulder, on the western fringe of the Archean Norseman-Menzies Greenstone Belt. The present JORC 2012 useful resource at Rose Hill accommodates 93,300 oz , comprising an open-pit mineral useful resource of 0.3 Mt grading 2.0 g/t gold for 18,400 oz, and an underground mineral useful resource of 0.5 Mt grading 4.6 g/t gold for 74,900 oz. Practically 70 % of the useful resource is within the measured and indicated JORC classes.
Kalgoorlie Regional
Horizon owns a number of promising tenements inside the Kalgoorlie area. These venture areas embody the better Boorara-Cannon venture space, Lakewood, Binduli-Teal venture space, Kalpini, Balagundi-Kanowna South and Black Flag.
Coolgardie Regional
Horizon manages a number of promising tenements inside the Coolgardie area, together with Rose Hill, Good North and Yarmany.
Administration Group
Ashok Parekh – Non-executive Chairman
Ashok Parekh has over 33 years of expertise advising mining firms and repair suppliers within the mining trade. He has spent a few years negotiating mining offers with publicly listed firms and prospectors, resulting in new IPOs and the initiation of recent gold mining operations. Moreover, he has been concerned in managing gold mining and milling firms within the Kalgoorlie area, the place he has served as managing director for a few of these companies. Parekh is well-known within the West Australian mining trade and has a extremely profitable background in proudly owning quite a few companies within the Goldfields. He was the chief chairman of ASX-listed A1 Consolidated Gold (ASX:AYC) from 2011 to 2014. He’s a chartered accountant.
Jon Value – Non-Government Director
Jon Value boasts over three a long time of expertise within the mining sector having served in Australia and overseas. Throughout his roles, he has coated each side of the trade, together with exploration, improvement, building, and mining operations. He has held roles in varied gold and superior mineral operations, notably serving as the overall supervisor of the Paddington gold and St Ives gold operations within the Western Australian goldfields. He’s a metallurgist and in addition holds a Masters in Mineral Economics from the Western Australian College of Mines.
Chris Hansen – Non-executive Director
Chris Hansen is a multidisciplinary metals and mining skilled, combining core technical fundamentals with a powerful finance and venture improvement mind-set. Having initially centered on constructing a strong technical basis with trade majors resembling Fortescue Metals Group and Barrick Gold, Hansen later joined a pre-eminent London-based mining non-public fairness fund growing strong funding expertise, venture improvement experience, market data and robust trade relations. Since returning to Australia, Hansen has leveraged his expertise in each private and non-private markets, most not too long ago having led mining enterprise improvement actions for one in all Australia’s largest non-public funding teams. He holds a BSc in geology from the College of Auckland, and an MSc in Mineral Economics from Curtin College.
Grant Haywood – Managing Director and Chief Government Officer
Grant Haywood brings over three a long time of expertise in each underground and open-cut mining operations. Throughout his profession, he has served in senior management capacities in varied mining firms, guiding them from feasibility by to improvement and operations. His expertise spans varied roles inside junior and multinational gold mining firms, predominantly within the Western Australian goldfields, together with positions at Phoenix Gold, Saracen Mineral Holdings, and Gold Fields. He’s a graduate of the Western Australian College of Mines (WASM) and has additionally earned a Masters in Mineral Economics from the identical establishment.
Julian Tambyrajah – Chief Monetary Officer & Firm Secretary
Julian Tambyrajah is an achieved world mining finance government with greater than 25 years of trade experience. He’s a licensed public accountant and chartered firm secretary. He has served as CFO of a number of listed firms together with Central Petroleum (CTP), Crescent Gold (CRE), Rusina Mining NL, DRDGold, and Dome Assets NL. He has in depth expertise in capital elevating, a few of which incorporates elevating US$49 million for BMC UK, AU$122 million for Crescent Gold and AU$105 million for Central Petroleum.
Glenn Poole – Chief Geologist
Glenn Poole is a geologist with 15 years’ expertise in exploration and manufacturing environments, having principally labored inside orogenic gold programs for a number of main mining firms in Western Australia. Poole brings in depth expertise in structurally managed slender vein gold and sulphide-associated gold deposits. He has beforehand held senior administration roles with main Australian gold producer, Northern Star, throughout which era, he performed a pivotal function within the identification and definition of recent ore assets and mining fronts at each the Paulsens and Kundana operations. Most not too long ago, Poole was the senior geologist at Firefly Assets (ASX:FFR), principally answerable for setting exploration technique and main the definition of the maiden JORC 2012 useful resource at Yalgoo. Poole holds a Bachelor of Science Geology & Geography from The College of Otago, and a Grasp of Enterprise Administration from La Trobe College.
