Horizon Gold (HRN) Q4 2025 TU earnings summary

Executive summary

• Completed 37 RC holes (2,918m) to finish a 13,183m drilling program, upgrading resource confidence and testing high-priority targets across the 2.14Moz gold resource.

• Significant gold intercepts reported at Swan/Swift, Howards, Eagle, Hawk, Shiraz, Wedge, Hyperno-Reliance, Melbourne Bitter, Toedter, and other prospects, confirming and extending mineralisation.

• Feasibility Study for Gum Creek remains on track for early 2026, with key technical studies advancing and resource wireframing underway for updated estimates.

• Announced ~$12M capital raising post quarter-end via placement and entitlement offer at $0.48/share to fund feasibility, exploration, debt repayment, and working capital.

Financial highlights

• Cash at hand at 30 June 2025 was $503,000, down from $1.895M in the previous quarter.

• Net cash used in operating activities for the quarter was $(106,000); net cash used in investing activities was $(1.786M), mainly for exploration and evaluation.

• $500,000 drawn from a $2M unsecured loan facility at 10.35% interest, repayable no earlier than 31 Dec 2025.

• $1.782M spent on exploration and evaluation during the quarter.

Outlook and guidance

• Feasibility Study completion targeted for early 2026, with ongoing drilling to expand resources and test high-grade underground targets.

• Additional capital raising initiatives expected to provide sufficient funding for operations and project advancement.

• High gold prices are expected to strengthen project economics and support robust standalone mining operations.