Trading Update
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Horizon Gold (HRN) Trading Update summary

Event summary combining transcript, slides, and related documents.

Logotype for Horizon Gold Limited

Trading Update summary

12 Jun, 2025

Project development and economic improvements

  • Ongoing work aims to enhance the Gum Creek Project's economics by optimizing mine scheduling to reduce pre-strip mining, dewatering costs, and sustaining capital expenditure.

  • The Gum Creek Gold Project is confirmed as a robust, stand-alone mining operation, supporting the move to a Feasibility Study.

  • Potential exists to extend mine life through underground mining and further drilling at 12 resource areas not included in the scoping study.

  • Revised mining schedules prioritize deposits with lower strip ratios, reducing initial capital outlay and water management costs.

  • Evaluation of grade cutoff options and processing throughput rates is underway, with updated geological models being prepared.

Financial and operational highlights

  • Scoping study base case at A$2,900/oz gold price projects 888,000oz production, A$574M pre-tax cashflow, A$318M pre-tax NPV8, 31.5% IRR, and a 3-year payback.

  • No mining development or production occurred during the quarter; $468,000 was spent on exploration and evaluation.

  • Cash at hand at quarter end was $219,000, with a $1,000,000 undrawn short-term loan facility available.

  • Estimated quarters of funding available is 2.0, combining cash and undrawn facility.

  • Payments to directors and related parties totaled $137,000 for the quarter.

Resource and tenement status

  • Gum Creek hosts a gold resource of 44.45Mt @ 1.50g/t Au for 2.14Moz, including 1.3Moz free milling resource.

  • The project covers 504km² of granted tenure, with 37 open pit and three underground gold mines.

  • All mining tenements remain 100% held by Horizon, with three exploration licenses surrendered during the quarter.

  • No farm-in or farm-out changes occurred during the quarter.

  • Ongoing work includes converting resource models to better reflect mineralization styles at key deposits.

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