Horizon Gold (HRN) Noosa Mining Conference 2026 summary

Project overview and strategy

• Definitive feasibility study announced to restart the Gum Creek Gold Project, targeting a 10-year mine life with 960,000 oz to be mined and 880,000 oz delivered, averaging 88,000 oz per year, with 98,000 oz per year in the first five years.

• Focus on free milling, open pit mining, with significant additional underground and sulfide resources not yet included in the current plan.

• The project sits on an 80 km underexplored greenstone belt with 37 deposits, surrounded by multimillion-ounce gold systems, and aims to expand resources over the next 6–12 months.

• Maiden reserve of 728,000 oz at 1.24 g/t, with the flagship Gidgee area holding 1 million oz at over 2 g/t within 7 km of the proposed plant.

• Multiple high-grade underground opportunities, including Swan, Kingfisher, and Wilsons, totaling over 800,000 oz at +4 g/t, are being actively drilled and are not yet factored into the NPV.

Financials and economics

• Project NPV is AUD 1.3 billion, with a current market cap of AUD 200 million, indicating significant upside as the project advances.

• Required CapEx is AUD 350 million, with robust margins: gold delivered at AUD 2,995/oz and sold at around AUD 6,000/oz.

• NPV to CapEx ratio is 3.7x, with payback expected in less than two years and annual free cash flow of AUD 300–400 million.

• Project remains highly economic across a range of gold prices, with 94% of resources in the indicated category.

• Potential to expand processing to 3 million tonnes per annum for a 25% production increase at low incremental CapEx.

Timeline and development plan

• Approvals and permitting are on track for Q2 2027, with a final investment decision expected then and construction to begin shortly after.

• Construction phase is estimated at 12 months, targeting first gold production in the second half of 2028.

• Parallel permitting and debt financing processes are underway, aiming to secure funding and approvals within the next 6–9 months.

• Ongoing exploration with three drill rigs and AUD 20 million budgeted for 80,000 m of drilling to further extend mine life.

• Experienced management team with a track record of building and operating gold mines globally, now focused on Western Australia.