Horizon Gold (HRN) Trading Update summary

Project and exploration update

• Diamond drilling for geotechnical data to support Gum Creek Feasibility Study is ongoing, with completion expected by end of January 2025; assays from Wedge Prospect drilling are pending.

• 10,000m of infill and extension RC drilling across all deposits in the study will start in early February 2025, targeting resource confidence upgrades and high-priority extensions, including Hawk Prospect.

• Nine diamond holes (1,090m) were completed at nine prospects, providing data for open pit design and testing high-priority targets.

• Feasibility Study work continues, focusing on geotechnical, metallurgical, environmental, and water management studies.

• Gum Creek Project hosts a 2.14Moz gold resource over 44.45Mt at 1.50g/t Au, with significant upside potential from further drilling and underground mining evaluations.

Financial and corporate highlights

• Sold entire Alto Metals Limited shareholding for $5.16 million, realizing a gain over the $3.17 million acquisition cost.

• Repaid $1.2 million short-term loan to Zeta Resources Limited in November 2024.

• Exploration and evaluation expenditure for the quarter was $637,000, mainly for drilling and project evaluation.

• Cash at hand as of 31 December 2024 was $3.64 million, with estimated funding for 4.4 quarters of operations.

• Payments to directors and related parties totaled $116,000 for the quarter.

Resource and tenement status

• Gum Creek Gold Project covers 473km² with 37 open pit and three underground mines, and a current resource of 2.14Moz Au.

• Mineral resource table as of May 2023 details 44.45Mt at 1.50g/t Au, with breakdowns by deposit.

• Altair base metal resource stands at 7Mt at 2.9% ZnEq, with 130kt Zn, 30kt Cu, and 1.1Moz Ag.

• All key mining tenements remain in good standing, with several new applications granted and some surrendered during the quarter.