Horizon Minerals Limited: Boorara Ore Reserve Supports Development

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce the results of the Boorara Ore Reserve Study ("ORS" or "Study"). The proposed mining project is 100% owned and is located 15km east of Kalgoorlie-Boulder, adjacent to the Super Pit in the heart of the Western Australian goldfields (Figure 1*).

HIGHLIGHTS

- Independent JORC (2012) Ore Reserve for Boorara completed by AMC Consultants shows a financially viable project highlighted by the following:

o Open pit mine design producing 1.24Mt at a fully diluted grade of 1.24g/t Au for 49.5koz over an approximate 14 month mine life

o Ore Sale Agreement (OSA) at 92.5% metallurgical recovery produces 45.8koz recovered

o Project generates $19.9M in free cash flow (after capital) at a gold price of A$3,300/oz

- Boorara is fully permitted with all statutory approvals in place

- Mining and haulage contracts well advanced

- Binding OSA has been executed with Paddington Gold Pty Ltd (Paddington), a wholly owned subsidiary of Norton Gold Fields Ltd. for treatment of Boorara ore

- Development decision expected imminently along with commencement of mining in the current September 2024

Commenting on the Ore Reserve, Managing Director and CEO Mr Grant Haywood said:

"We are very pleased that the independent Ore Reserve has validated our initial work that allows us to move forward with mining at Boorara and bring strong cashflows into Horizon. Our contract negotiations are well advanced and are the final key milestone outstanding in relation to bringing this asset into production.

Horizon has strong optionality within its large resource book of projects, which we aim to develop in conjunction, and following, development of Boorara to be a sustainable gold producer and generate more cash in this strong gold price environmental for the foreseeable future."

Boorara Overview

The Boorara Gold Project is located 15km east of Kalgoorlie-Boulder (Figure 1*) adjacent to the Super Pit, and 1km southwest of the Nimbus Silver-Zinc Project site where established offices are connected to mains power and existing water supplies.

The deposit is hosted in a quartz dolerite comprising a sheeted quartz vein array system with bounding shear zones and late-stage cross faults. Mineralisation occurs as northwest dipping sheeted and stockwork quartz-carbonate vein arrays within the quartz dolerite host rocks, and steeply dipping zones along sheared geological contacts trending to the north-northwest.

Boorara Ore Reserves Study

The Study was undertaken independently by AMC Consultants and is based on the following key parameters:

- Gold price of A$3,300/oz

- Open pit mining operations and road haulage conducted by contractors

- Ore processing through Paddington's 3.8Mtpa Paddington Mill, located ~56km by road from Boorara

- Project implementation and oversight by Horizon's own team in conjunction with contractors

The key Study outcomes for the project are included in Table 2* below: The estimated Ore Reserve, which constitutes 100% of the production target, has been prepared by competent persons in accordance with JORC Code 2012.

AMC conducted an engineering study (the "Study") as of 25 July 2024. The Study, prepared with an accuracy of +/-15%, considered all relevant mining modifying factors, allowing an Ore Reserve to be estimated in accordance with the JORC Code. Classification of the estimate is shown in Table 3*.

The Boorara Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Boorara Ore Reserves that can be economically mined by open pit mining methods. The Ore Reserves make up 100% of the production in the Study.

Mr Adrian Jones continues to be the Competent Person for the 25 July 2024 Boorara Ore Reserve estimate, and supervised preparation of the estimate with assistance from specialists in each area of the estimate. Mr Jones is a Member of the Australasian Institute of Mining and Metallurgy and is employed by AMC Consultants Pty Ltd. He has sufficient experience relevant to the style of mineralization, type of deposit under consideration, and in open pit mining activities, to qualify as a Competent Person as defined in the JORC Code. Mr Jones consents to the inclusion of this information in the form and context in which it appears.

The information compiled by Mr Jones was prepared by specialists under direction of the responsible people identified within this Study report. Mr Jones is satisfied that the work of the specialists is acceptable for the purposes of Ore Reserve estimation. Each person has accepted responsibility for this report in their area of expertise.

The Proved Ore Reserve estimate is based on Mineral Resources classified as Measured, after consideration of all mining, metallurgical, social, environmental, statutory and financial aspects of the project. The Probable Ore Reserve estimate is based on Mineral Resources classified as Indicated, after consideration of all mining, metallurgical, social, environmental, statutory and financial aspects of the project.

Financial analysis undertaken in June 2024 shows that, at 25 July 2024, the future revenues to be derived and costs incurred to access those revenues produce a viable project using the assumptions presented in this estimate.

The Boorara Ore Reserve reflects the mining of four pits across three mineralised zones within the Mineral Resource, one small and one large pit within the Regal (North) deposit (pits 1 and 2), one within the Crown Jewel deposit (Central, pit 3), and one pit in the Royal (South) deposit (pit 4) as shown in Figure 2*. The removal of a very limited amount of waste over burden is required to reach the ore zones in most areas, with ore within 5m of surface in the Regal zone and Crown Jewel deposits, whereas the amount of cover increases to the south, with approximately 10m to be stripped in the Royal zone before exposing ore for mining.

Grade control drilling has been partially completed over the project during previous mining operations, with infill grade control drilling planned to commence in the coming weeks. Ore production will commence within the first month of mining, followed by processing followed thereafter once sufficient stockpiles have been built and grade determined to transport to the mill. The Study assumes low powder factor "paddock" blasting will be conducted to ensure acceptable dig rates without unnecessary ore movement impacting ore loss and dilution. Final pit depths are up to 85m.

Next Steps

- Award open pit mining and surface ore haulage contracts

- Finalise management and technical team for Boorara

- Commence grade control infill program

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/8M7UOVP6

About Horizon Minerals Limited:

Horizon Minerals Limited (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 Limited

Contact:

Grant Haywood Chief Executive Officer T: +61 8 9386 9534 E: grant.haywood@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners T: +61 422 602 720 E: michael.vaughan@fivemark.com.au