Horizon Minerals Limited: Company Update and COVID-19 Response

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) wishes to advise that due to the impact of COVID-19, the Company has implemented significant controls and requirements to protect the health and safety of its personnel, their families and the communities in which it operates.

The Company is also implementing prudent financial measures to maintain its strong current financial position in a time of significant global economic uncertainty.

These measures include:

- Operational staff and local contractors all residing in Kalgoorlie and observing strict safety and COVID -19 operational guidelines

- Head office and administration staff working under flexible working arrangements to minimise face-to-face interaction

- A reduction in the number of Board members from four to three with Mr Jeff Williams to step down as a Non-Executive Director

- Board and Executive team taking a 25% reduction in salary until further notice

- Minimising all expenditure not directed toward bringing the Boorara gold mine into production

- Initial RC and diamond drill program completed at the high grade Rose Hill gold project with results expected in the current June Quarter

- Drilling programs planned for the second half at Crake, Boorara, Golden Ridge, Balagundi and Rose Hill will commence following positive cash flow generation from Boorara 1,2

- Mine development work at Boorara remains on track for mine commencement in the June Quarter 2020 and first gold production in the September Quarter 2020

- Further updates on the Boorara development and any further responses to the COVID-19 pandemic will be provided in coming weeks

Commenting on the Company update, Horizon Managing Director Mr Jon Price said:

"Horizon is taking a very conservative and balanced approach to upcoming activities to ensure the health and wellbeing of our staff, contractors and the communities in which we operate. In these uncertain times, cash conservation is also a core focus and we are minimising all expenditure not directed towards bringing Boorara into production in the current June Quarter."

"I would also like to take this opportunity to thank Jeff Williams for all his guidance and support since he joined following the merger with Macphersons and wish him all the very best for the future."

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About Horizon Minerals Limited:

Horizon Minerals Ltd. (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

Source:

Horizon Minerals Ltd.

Contact:

Jon Price Managing Director Tel: +61-8-9386-9534 E: jon.price@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners Tel: +61-422-602-720 E: michael.vaughan@fivemark.com.au