Announcement PDF F Y 2 0 2 5 A N N U A L R E P O R T A N N U A L R E P O R T ABOUT HORIZON MINERALS LIMITED Horizon Minerals Limited (Horizon or the Company) is an emerging mid-tier gold producer with high quality projects located in the heart of the West Australian goldfields. The Company is led by a Board and Management team with deep experience developing and operating successful gold mines within the Kalgoorlie region. Horizon has a large tenement holding which hosts over a million ounces of gold in Resources and has significant open cut and underground growth potential. CORPORATE GOVERNANCE The Company has adopted the 4th Edition of the ASX Corporate Governance Recommendations. A summary statement which has been approved by the Board together with current policies and charters is available on the Company website at the following address www.horizonminerals.com.au. Designed by The Brand Foundry 2 HORIZON MINERALS ANNUAL REPORT 2025 FORWARD LOOKING AND CAUTIONARY STATEMENT Some statements in this document regarding estimates or future events are forward looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. Forward looking statements, opinions and estimates included in this document are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward looking statements may be affected by a range of variables that could cause actual results to differ from estimated results and may cause the Company’s actual performance and financial results in future periods to materially differ from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licenses, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for among other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rate, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward looking statements will prove to be correct. Statements regarding plans with respect to the Company’s mineral properties may contain forward looking statements in relation to future matters that can only be made where the Company has a reasonable basis for making those statements. The forward looking statements in this document are based on current expectations, estimates, forecasts and projections about the Company and the industry in which it operates. They do, however, relate to future matters and are subject to various inherent risks and uncertainties. Actual events or results may differ materially from the events or results expressed or implied by any forward looking statements. The past performance of the Company is no guarantee of future performance. You are cautioned not to place undue reliance on any forward looking statement. The forward looking statements in this document reflect views held only as at the date of publication. None of Horizon Minerals Limited or its directors, officers, employees, agents or contractors makes any representation or warranty (either expressed or implied) as to the accuracy or likelihood of fulfilment of any future looking statement, or any events or results expressed or implied in any forward looking statement, except to the extent required by law. The Company believes that it has a reasonable basis for making the forward looking statements in the document, including with respect to any production targets and financial estimates, based on the information contained in this and previous ASX announcements. 3 01 04 05 06 02 03 Contents Introduction5 HIGHLIGHTS6 CHAIRMAN AND CEO’S REVIEW 8 Corporate10 OPERATIONS REPORT: CORPORATE12 ENVIRONMENTAL, SOCIAL & GOVERNANCE 12 ISSUED CAPITAL 12 COMPANY INVESTMENTS 13 CORPORATE ACTIVITIES 14 SUBSEQUENT EVENTS 15 Development & Operations 16 OPERATIONS REPORT: DEVELOPMENT & OPERATIONS 18 OVERVIEW18 BLACK SWAN PROJECT 20 OPEN PIT GOLD PROJECTS 20 BOORARA OPEN PIT GOLD OPERATIONS 21 PHILLIPS FIND OPEN PIT GOLD OPERATIONS 22 UNDERGROUND GOLD PROJECTS PENNY’S FIND 22 EXPLORATION BURBANKS GOLD PROJECT 25 NIMBUS SILVER-ZINC PROJECT  28 Mineral Resource & Ore Reserve 30 SUMMARY OF GOLD MINERAL RESOURCES 32 CONFIRMATION  34 GOVERNANCE CONTROLS 34 COMPETENT PERSONS STATEMENT 35 SUMMARY OF NON-GOLD MINERAL RESOURCES 38 CONFIRMATION - NIMBUS 39 GOVERNANCE CONTROLS 39 EXPLORATION TARGET 40 COMPETENT PERSONS STATEMENTS - NIMBUS MINERAL RESOURCE ESTIMATE 40 SUMMARY OF NICKEL SULPHIDE RESOURCES 42 CONFIRMATION - NICKEL RESOURCES 44 GOVERNANCE CONTROLS 44 COMPETENT PERSONS STATEMENTS - NICKEL SULPHIDE RESOURCES 45 SUMMARY OF ORE RESERVES 48 GOLD ORE RESERVES 48 GOVERNANCE CONTROLS 48 COMPETENT PERSONS STATEMENT 49 Tenement Schedule 50 TENEMENT SCHEDULE 52 ABBREVIATIONS63 NOTES63 Annual Financial Report 64 4 HORIZON MINERALS ANNUAL REPORT 2025 01 Introduction 5 HIGHLIGHTS $ 35.4M $ 5,019/OZ CAPITAL RAISED BLACK SWAN PROCESSING PLANT SECURED POSEIDON MERGER GOLD PRICE RESILIENCE – A$3,485 - 5,354 /OZ AS AT 30 JUNE 2025 STRENGTHENED POSITION FOR GROWTH PHILLIPS FIND MINING OCT 2024, FIRST GOLD FEB 2025 MINING AUG 2024, FIRST REVENUE JAN 2025 FOR STANDALONE GOLD PROCESS FACILITY BOORARA PRE-FEASIBILITY STUDY DELIVERING PRODUCTION & EXPANSION 6 HORIZON MINERALS ANNUAL REPORT 2025 TOTAL GOLD MINERAL RESOURCES (29.6 MT @ 1.85 G/T) * MULTI-COMMODITY OPTIONALITY AT BLACK SWAN 1.76MOZ SILVERAg , ZINCZn , NICKELNi BUILDING A LONG-LIFE RESOURCE / RESERVE BASE 100KM OF THE BLACK SWAN PROCESSING PLANT LIES THE MAJORITY OF HORIZON MINERALS’ TENEMENTS AND PROJECT PORTFOLIO WITHIN ONE OF KALGOORLIE’S LARGEST LAND POSITION EXTENSIVE & DIVERSIFIED PORTFOLIO * Refer to Summary of Gold Mineral Resources on page 32 7 CHAIRMAN AND CEO’S REVIEW Capital markets remain quite volatile, even in relation to gold price, however the gold price has remained strong and improving ranging from A$3,485-$5,354 finishing the year at A$5,019/oz (Source: Perth Mint). The global economy has supported stronger gold prices, underpinned by sustained inflationary pressures arising from ongoing geopolitical tensions, trade tariffs, and associated supply chain disruptions. Rising costs have required careful balance sheet management, while monetary policy tightening by most central banks aimed to curb inflation. Although policy settings began to ease towards the end of the year, both inflationary and cost pressures have remained persistent. Locally, in the eastern goldfields of Western Australia, these global pressures are felt with higher costs and labour shortages, particularly with trades and technical staff, although there has been some easing. Over the year, the Company has achieved substantial progress during what has been a particularly active and productive period. Mining commenced at the cornerstone Boorara Gold Project in August 2024, with first gold production and revenue realised in January 2025 under the Ore Purchase Agreement with the Paddington plant. Following the merger with Greenstone Resources in June 2024, Horizon entered into a Joint Venture Agreement with BML Ventures Pty Ltd to advance mining at the newly acquired Phillips Find Project. Mining commenced at Phillips Find in October 2024, with first gold production achieved in February 2025. Dear Shareholder, I am pleased to present to you the annual report for Horizon Minerals Limited. The 2025 financial year has been a year of substantial milestones for the company as we transition and grow into one of Australia’s newest independent gold producers. 8 HORIZON MINERALS ANNUAL REPORT 2025 In February 2025, Horizon completed a transformational merger with Poseidon Nickel Limited. This was a natural pairing of assets, with Poseidon’s key infrastructure, particularly the strategically located Black Swan processing facility, providing the opportunity to convert the existing nickel plant into a gold plant. This will enable a 100% owned processing solution for Horizon’s extensive gold portfolio. GR Engineering was engaged to undertake pre-feasibility study work on process engineering at Black Swan, alongside mining studies and approvals, to establish a clear pathway toward a long-life, standalone gold mining business. Importantly, the existing flotation circuit at Black Swan also provides future optionality for multi- commodity treatment of ore sources within the Company’s resource base, including silver, zinc and nickel. Late in the year, the Company commenced a major 30,000m drilling program at the cornerstone Burbanks Project. The program comprises RC pre-collars and diamond tails, with the first 15,000m dedicated to infill drilling to increase confidence in the resource base and underpin long-life feed for the Black Swan processing facility. The remaining 15,000m is focused on extensional drilling to drive resource growth. In addition, the Company holds an extensive and highly prospective tenement package in one of the world’s premier gold mining provinces, providing a strong platform for ongoing resource expansion. We would like to take this opportunity to thank our Board members, staff, contractors, external consultants and you, our shareholders, for your support during what has been a pivotal year for Horizon. We believe we are well positioned to deliver on our vision of becoming a standalone gold producer in Western Australia, underpinned by multiple growth options and strong leverage to a robust gold price environment. The year ahead promises to be another exciting and defining one for Horizon, and we look forward to keeping you updated as we continue to grow. Ashok Parekh Chairman Grant Haywood Managing Director & CEO Perth, WA 20 October 2025 9 02 Corporate 10 HORIZON MINERALS ANNUAL REPORT 2025 $ 35.4M 50% CAPITAL RAISED NEW INDEPENDENT DIRECTORS, LEADERSHIP RENEWAL BLACK SWAN PROCESSING PLANT SECURED PROJECT ACQUISITION POSEIDON MERGER GORDONS GOLD STRENGTHENED POSITION FOR GROWTH $ 5,019/OZ GOLD PRICE RESILIENCE – A$3,485 - 5,354 /OZ AS AT 30 JUNE 2025 11 OPERATIONS REPORT: CORPORATE ENVIRONMENTAL, SOCIAL & GOVERNANCE The Company recognises the importance of Environmental, Social and Governance (ESG) factors and is committed to continuous improvement in these areas. During the year, a comprehensive review of internal policies, procedures, and governance principles was undertaken to identify opportunities for enhancement and to ensure the Company meets or exceeds expectations for its social licence to operate. In 2022, the Company engaged BDO to assist in developing its ESG operational plan and roadmap, as well as its first internal Sustainability Report. The Company intends to update the operational plan and roadmap in line with increasing mining activity, and to further refine the ESG framework and strategy during the current financial year. ISSUED CAPITAL At 30 June 2025, Horizon Minerals Limited had 2,466,042,792 fully paid ordinary shares on issue. Class of securities Issued at 30 June 2025 Fully Paid Ordinary Shares (HRZ) 2,466,042,792 Listed Options (HRZO, strike price 8.7c, expiry 21 Sep 2025) 26,723,171 Listed Options (HRAZO, strike price 5.19c expiry 3 Sep 2026) 18,024,910 Director and Employee Performance Rights (HRZAN) 24,594,600 Expired - Listed Options (HRZOB, strike price 9.7c, expiry 30 Jun 2025) 51,871,015 12 HORIZON MINERALS ANNUAL REPORT 2025 COMPANY INVESTMENTS At 30 June 2025 Horizon held the following listed investments: As at 30 June 2025, the Company had cash on hand of approximately $15.7 million. Company Securities ASX Number Spot Value at 30 June 2025 Dundas Minerals Limited Ordinary Shares DUN 3,234,327 51,749 Metal Hawk Limited Ordinary Shares MHK 1,134,430 470,788 Richmond Vanadium Technology Ltd Ordinary Shares RVT 19,833,363 1,556,669 Total 2,079,206 13 CORPORATE ACTIVITIES On 29 July 2024, the Board approved the development of the Boorara Gold Project and awarded the Boorara Mining Services and Surface Ore Haulage contracts to Hampton Transport Services Pty Ltd on competitive terms, with no mining contractor payments until first gold pour sold and funds received. On 7 August 2024 the Company announced a new Joint Venture with BML Ventures Pty Ltd (BML) for the development of two open pits at Philips Find. Ore is to be processed at the Greenfields Mill in Coolgardie under a Toll Milling Agreement with FMR Investments Pty Ltd for 200kt. Mining is planned to commence during the September 2024 quarter, subject to the Mining Proposal approval by DMIRS. On 29 August 2024 mining commenced at the Boorara Gold Project. On 2 September 2024 Mr Jon Price resigned as a Non-Executive Director of the Company with effect of 31 August 2024. At the same time, the appointment of Mr Warren Hallam as a Non-Executive Director of the Company was announced. On 12 September 2024, the Mining Proposal (MP) for Phillips Find was pending approval by DMIRS, with site mobilisation ready from mid-September 2024, subject to MP approval. On 20 September 2024, Mr Chris Hansen tendered his resignation as Non-Executive Director to focus on other business interests. On 25 October 2024, the Company announced its proposed merger with Poseidon Nickel Limited. On 18 December 2024, the Pennys Find underground pre-feasibility study was completed. On 10 January 2025, a Share Subscription Agreement was executed with Golden Crane Holdings Limited for a two tranche Private Placement to issue a total of 213,888,888 ordinary shares at $A0.045 raising A$9,625,000 to advance project development. On 15 January 2025, the first gold pour was achieved for the Boorara Gold Project and on 26 February 2025, the first gold pour was achieved at Phillips Find. On 8 April 2025, GR Engineering Services Limited (ASX:GNG) were awarded the engineering studies work program to support the refurbishment and repurposing of the Black Swan processing plant for gold production. On 29 April 2025, the Company’s Mineral Resources were updated, including the Nickel resource acquired through the merger with Poseidon Nickel. 14 HORIZON MINERALS ANNUAL REPORT 2025 On 1 May 2025 Mr Robert Waugh was appointed as a Non- Executive Director. On 13 May 2025, Nebari gave notice to convert USD1,307,112 from the convertible loan with Nebari Gold Fund 1, LP for 50,900,000 ordinary shares being issued on partial conversion of the convertible loan. On 26 May 2025, a two tranche placement issuing 697,674,418 fully paid ordinary shares at A$0.043 per share for A$30 million in cash before costs was undertaken to fast track the Company’s growth plans. On 26 June 2025, a 30,000m drilling program commenced at the cornerstone Burbanks project comprising infill and extensional drilling with a combination of RC precollars and diamond tails. SUBSEQUENT EVENTS On 17 July 2025 the Company issued 422,823,368 ordinary shares as part of tranche 2 of the strategic placement announced to the market on 26 May 2025. Tranche 2 raised approximately $18.2 million and was approved at the General Meeting held on 10 July 2025. On 5 August 2025 the Company entered into a binding sale agreement with Yandal Resources Limited to acquire the Gordons Gold Project. The project comprises of 34 granted mining, prospecting, exploration and miscellaneous licences covering an area of approximately 77km2, strategically located near the Black Swan processing plant. The acquisition was completed for a total consideration of $2.810 million structured as a combination of cash payments and Horizon shares. On 4 September 2025 the Company announced that Daniel Coletta had replaced Julian Tambyrajah as Company Secretary. On 5 September 2025 Nebari Gold Fund elected to convert US$1,961,100 of the convertible note in order to receive 75,000,000 Horizon shares. The conversion price was AUD$0.040 using an USD/AUD foreign exchange rate of 0.654. On 19 September 2025, the Company issued 5,813,954 ordinary shares at $A0.043 for A$250,000 as consideration for transaction related services. On 19 September 2025, Nebari Gold Fund elected to convert USD662,000 of the convertible loan for 25,000,000 ordinary shares. On 22 September 2025 the Company announced the appointment of Brendan Shalders as Chief Financial Officer effective January 2026. 15 03 Development & Operations 16 HORIZON MINERALS ANNUAL REPORT 2025 PHILLIPS FIND 30,000M MINING OCT 2024, FIRST GOLD FEB 2025 MINING AUG 2024, FIRST REVENUE JAN 2025 DEWATERING & UNDERGROUND READY REGIONAL MINERAL RESOURCES OPTIMISED TO FACILITATE FEED ** 33.4 KOZ ORE RESERVE, $24 M FCF * FOR STANDALONE GOLD PROCESS FACILITY BOORARA CANNON GOLD BLACK SWAN PENNY’S FIND PRE-FEASIBILITY STUDY BURBANKS DRILLING PROGRAM DELIVERING PRODUCTION & EXPANSION * As announced to the ASX on 16 December 2023 titled “Penny’s Find Resource Update” ** Refer to the Gold Mineral Reserves Table on page 32 17 OPERATIONS REPORT: DEVELOPMENT & OPERATIONS OVERVIEW The Company is successfully executing its strategy of bringing its extensive gold assets into production and generate strong cashflows in current times of record high gold prices with its Boorara and Phillips Find Gold Projects both achieving steady state production during the FY2025 period. The Company is progressing becoming a standalone gold producer within the Kalgoorlie region with its Black Swan Project currently under Pre- Feasibility Study (PFS) for the conversion of the Black Swan processing plant from nickel to gold. Horizon has advanced its Cannon Underground project with dewatering of the open pit completed in readiness for underground development and delivered a pre-feasibility study on the Penny’s Find underground resulting in an Ore Reserve Estimate of 33.4 koz. The Company also re-commenced exploration and resource definition drilling activities at its Burbanks Gold Deposit south of Coolgardie with a phased programme concentrating on infill drilling to enhance resource continuity and resource confidence, and to transition more of the resource from Inferred to Indicated to have a significant input to the PFS to develop a five-year life of mine plan. An exploration target was generated for the Nimbus Ag/Zn deposit which encompasses the extension of a plunging high-grade ore shoot which is open at depth and relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. Further work to advance the Nimbus deposit is planned considering current and forecasted Ag prices. Horizon remains focused on advancing numerous projects to an advanced stage in order to provide mill feed for steady state production through the Black Swan Processing Plant once refurbishment and commissioning are completed. Key projects and operations in the Kalgoorlie Region are shown in Figure 1. 18 HORIZON MINERALS ANNUAL REPORT 2025 Figure 1: Horizon’s project locations, regional geology and surrounding infrastructure Figure 2: Black Swan processing plant 19 BLACK SWAN PROJECT Through the completion of the Horizon and Poseidon Nickel Limited (formerly ASX: POS) schemes of arrangement, the Company consolidated its large gold resource base with the processing infrastructure in the Kalgoorlie-Coolgardie-Lake Johnston districts. GR Engineering Services (GRES) were awarded the engineering studies work via a Pre-Feasibility Study (PFS) for the conversion of the Black Swan processing plant from nickel to gold (Figure 2). 1 These studies are overseen by Horizon Minerals Project Manager Dirk Richards and will provide capital and operating cost estimates to an accuracy of ±20%. GRES commenced the PFS with trade-off studies to confirm the optimum configuration of the comminution circuit for gold processing. The work assessed the SAG mill operation (SS-SAG), as proposed in the previous Poseidon Nickel DFS, and confirmed the existing circuit is appropriately sized to process the softer Horizon gold ores at a minimum sustainable rate of 1.5 million tonnes per annum. In parallel to the PFS studies, Horizon engaged a range of specialist consultants and engineering firms to progress early-stage engineering, scoping studies, and technical investigations across key infrastructure areas including power supply, water supply, site roads, haulage corridors, tailings storage, accommodation, and communications. OPEN PIT GOLD PROJECTS Horizon Minerals commenced mining operations at its Boorara and Philips Find 1 As announced to the ASX on 8 April 2025 titled “GR Engineering Awarded Black Swan Process Plant Engineering Study” Figure 3: Loading ore at Boorara to transport to the Paddington Mill 20 HORIZON MINERALS ANNUAL REPORT 2025 2 As announced to the ASX on 27 April 2021 titled “Updated Boorara Mineral Resource Delivers a 34% Increase in Gold Grade” 3 As announced to the ASX on 1 August 2024 titled “Boorara Ore Reserve Supports Development – Amended", and depleted for mining Gold Projects with operations both achieving steady state production during the year. Successful execution of both operations is key in executing Horizon’s strategy of bringing its 1.8 Moz of gold assets into production and taking advantage of high gold prices to generate strong cashflows. BOORARA OPEN PIT GOLD OPERATIONS The Boorara Gold Project (BGP) comprises the 100% owned 428,000 oz (excluding FY25 depletion) Boorara gold mine and is located 15 km east of Kalgoorlie-Boulder and 1 km southwest of the Nimbus Silver-Zinc Project where established offices are connected to mains power and existing water supplies (Figure 1). 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. Mining commenced at the Boorara Open Pit Gold Operations with mining services and surface ore haulage undertaken by Hampton Transport Services Pty Ltd. Ore from Horizon’s Boorara Open Pit was transported and processed at the Paddington Mill operated by Norton’s Goldfields under the Ore Sale Agreement for the processing of total of 1.24 Mt of Boorara ore (Figure 3). For the period of FY2025 a total mined ore from Boorara Open Pit Operations for the full year was 606 kt at 0.93 g/t Au for 18,154 oz and a total haulage 322 kt at 0.91 g/t Au for 9,423 oz with 306 kt at 0.89 g/t Au for 8,737 oz processed through third party mills. The Ore Reserve for Boorara is shown in Table 2 below. Resource Catagory Tonnes (Mt) Grade (g/t Au) Contained Gold (oz) Measured 0.75 1.21 29,235 Indicated 6.48 1.28 266,032 Inferred 2.55 1.26 102,968 Total 9.79 1.27 398,234 Reserve Catagory Tonnes (kt) Grade (g/t Au) Contained Gold (koz) Proven 382 1.23 15.1 Probable 405.3 1.24 16.1 Total 787.3 1.24 31.3 Table 1: Boorara Mineral Resource Estimate Boorara at 0.5 g/t lower cut-off grade 2 Table 2: Boorara Ore Reserve at Boorara Open Pit 3 21 PHILLIPS FIND OPEN PIT GOLD OPERATIONS The project is centred 45km north-northwest of Coolgardie (Figure 1) covering over 10km strike of prospective greenstone stratigraphy, and includes the Phillips Find Mining Centre (PFMC). The PFMC is hosted in mafic greenstones with three pits located within the hinge of a large anticline fold structure, where alternating basalt and dolerite are separated by thin interflow sediments. The geology has been later intruded and crosscut by thin felsic to intermediate porphyry dykes. Mineralisation is associated with quartz-albite-biotite-pyrite alteration, which is found adjacent to quartz- albite-pyrite veining. Mining at the Phillips Find operations are undertaken by Joint Venture partner BML Ventures Pty Ltd (BML) commencing in October 2024 across two separate open pits Newminster and Newhaven (Figure 4). All management, technical, operational and maintenance roles will be undertaken by BML with oversight by the Company. This is a low financial risk JV structure with BML to fund all project costs. Net cashflow after the asset recovery and repayment of costs to be split 50/50 between Horizon and BML. Ore from these operations is being processed under a 200,000t Toll Milling Agreement with FMR Investments Pty Ltd (FMR) to treat Horizon ore in 2025 at the Greenfields Mill. 4 For the period of FY2025 a total mined ore from Phillips Find Open Pit Operations for the full year was 110 kt at 1.64 g/t Au for 5,789 oz with 56 kt at 0.1.63 g/t Au for 2,952 oz processed through third party mills. The Mineral Resource Estimate (JORC 2012) for Phillips Find (Open Pit) is shown in Table 3 below. UNDERGROUND GOLD PROJECTS PENNY’S FIND Horizon Minerals continued its strategy of bringing the proposed underground mines of Cannon and Pennys Find into development supplying ore feed to the Black Swan Project after refurbishment and commissioning planned for 2026. Sequencing of which underground operations will be put into production is a critical output of the Black Swan Pre-Feasibility Study. The Mineral Resource Estimate (MRE) for Penny’s Find is shown in Table 4 below. The Penny’s Find deposit remains open at depth and will be tested from underground drilling positions when mine development commences. A prefeasibility study using underground mining methods was completed for an Ore Reserve Estimate of 33.4 koz supporting a financially viable project highlighted by the following: • Underground mine design and schedule producing 329.9kt at a fully diluted grade of 3.2g/t Au for 33.4 koz over an approximate 23 month mine life (Table 5). • At the time of release, a metallurgical recovery of 88.9% produces 29.8 koz recovered under an assumed third party toll milling arrangement in the region. • Project generates $24.0 M in free cash flow (after capital) at a gold price of A$3,600/oz. 4 As announced to the ASX on 13 May 2024 titled “Binding 200kt Toll Milling Agreement Executed with FMR Investments” 22 HORIZON MINERALS ANNUAL REPORT 2025 5 As announced to the ASX on 1 August 2024 titled “Group Mineral Resource Statement – Amended” 6 As announced to the ASX on 29 December 2023 titled “Pennys Find Resource Update” 7 As announced to the ASX on 18 December 2024 titled “Pennys Find Prefeasibility Study and Ore Reserve” Classification Tonnes (Mt) Grade (g/t Au) Contained Gold (oz) Measured 0 0 0 Indicated 0.41 2.48 32,698 Inferred 0.19 2.1 12,528 Total 0.59 2.36 45,225 Classification Tonnes (Mt) Grade (g/t Au) Contained Gold (oz) Indicated 0.31 5.19 50,957 Inferred 0.12 3.02 12,000 Total 0.429 4.57 63,000 Reserve Catagory Tonnes (kt) Grade (g/t Au) Contained Gold (koz) Proven 0 0 0 Probable 328.3 3.2 33.4 Total 328.3 3.2 33.4 Table 3: Phillips Find Open Pit Mineral Resource Estimate Phillips Find at 0.5 g/t lower cut-off grade 5 Table 4: Penny’s Find Underground Mineral Resource Estimate at a 1.5g/t au cut-off grade 6 Table 5: Penny’s Find Ore Reserve Statement 7 Figure 4: Cannon Open Pit - Dewatered 23 8 As announced to the ASX on 31 May 2022 titled “Investor Presentation June 2022” 9 As announced to the ASX on 29 March 2022 titled “Positive Results for Cannon Underground Gold Project and Feasibility Study Update” 10 As announced to the ASX on 4 February 2020 titled “High Grade Drill results and Resource Update for Rose Hill”, (Rose Hill, Golden Ridge) Classification Tonnes (Mt) Grade (g/t Au) Contained Gold (oz) Measured 0.19 2.0 12,300 Indicated 0.09 2.0 6,100 Total 0.29 2.0 18,400 Classification Tonnes (Mt) Grade (g/t Au) Contained Gold (oz) Indicated 0.3 4.5 47,100 Inferred 0.2 4.8 27,800 Total 0.51 4.6 74,900 Table 8: Rose Hill Open Pit Mineral Resource Estimate at a 0.5g/t au cut-off grade 10 Table 9: Rose Hill Underground Mineral Resource Estimate at a 2.0g/t au cut-off grade 10 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 guidelines of the JORC Code (2012). Classification of the Ore Reserve estimate is shown in Table 6. Activities at the Cannon Gold Project focussed on dewatering the Cannon pit in preparation for future development (Figure 6). The Mineral Resource Estimate (MRE) for Cannon is shown in Table 6 below. The Ore Reserve reflects the mining of the Cannon Mineral Resource using underground mining methods below the existing open pit. Classification of the Cannon Ore Reserve Estimate is shown in Table 7. No further updates to the Rose Hill Open Pit or Underground Mineral Resource Estimates were completed during the period (Tables 8 and 9). The Rose Hill resource stands at: Classification Tonnes (kt) Grade (g/t Au) Contained Gold (oz) Indicated 0.19 4.80 28,616 Inferred 0.05 2.28 3,458 Total 0.23 4.29 32,074 Reserve Catagory Tonnes (kt) Grade (g/t Au) Contained Gold (koz) Proved 0 0.00 0 Pro