Investor Presentation - Mining News Select Sydney 2026
Released
Released
Announcement PDF
Australia's Next
Standalone Gold
Producer in the
Heart of WA
Goldfields
Investor Presentation
March 2026
Important disclaimers
Nature of Document
This Presentation is provided on the basis that neither the Company nor its respective officers, shareholders,
related bodies, corporate, partners, affiliates, employees, representatives or advisers, make any
representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the
material it contains. Nothing contained in the Presentation is, or may be relied upon, as a promise,
representation or warranty, whether as to the past or the future, and the Company hereby excludes all
warranties that can be excluded by law.
The Presentation
The presentation contains ‘forward-looking statements’. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors because they relate to events and depend on
circumstances that may or may not occur in the future, and assumptions which may or may not prove to be
correct (and may be beyond the Company’s ability to control or predict), any (or all) of which may cause the
actual results or performance of the Company to be materially different from the results or performance
expressed or implied by such forward-looking statements.
No representation is made that any forward-looking statement will come to pass, that any forecast result will
be achieved, or that any assumption on which a forward-looking statement is based is reasonable. Forward-
looking statements are made as at the date of this Presentation, and the Company disclaims any obligation or
undertaking to release any update of, or revision to, any forward-looking statement contained in this
Presentation.
Summary Information
The material contained in this Presentation is a summary and for information purposes only. The information in
this Presentation is general in nature and does not purport to be accurate nor complete, nor does it contain all
of the information that an investor may require in evaluating a possible investment in the Company, nor does it
contain all the information which would be required in a disclosure document or prospectus prepared in
accordance with the requirements of the Corporations Act 2001 (Cth) (Corporations Act). It has been
prepared by the Company with due care but no representation or warranty, express or implied, is provided in
relation to the accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this
Presentation by the Company or any other party involved in its preparation. Reliance should not be placed on
information or opinions contained in this Presentation and, the Company does not have any obligation to
finalise, correct or update the content of this Presentation. Certain data used in this Presentation may have
been obtained from research, surveys or studies conducted by third parties, including industry or general
publications.
To the maximum extent permitted by law, the Company is not responsible for updating, nor undertakes to
update, this Presentation. It should be read in conjunction with the Company’s other periodic and continuous
disclosure announcements lodged with the ASX, which are available at
www.horizonminerals.com.au/announcements/.
Not an offer
The information contained in the Presentation is for information purposes only. The Presentation does not
comprise a prospectus, product disclosure statement or other offering document under Australian law (and will
not be lodged with the Australian Securities and Investments Commission) or any other law. The Presentation
also does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any
offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied
upon in connection therewith or act as any inducement to enter into any contract or commitment with respect
to securities. In particular, the Presentation does not constitute an offer to sell or a solicitation to buy, securities
in the United States of America.
Not investment advice
The information contained in the Presentation is not investment or financial product advice and is not intended
to be used as the basis for making an investment decision. Please note that, in providing the Presentation, the
Company has not considered the objectives, financial position or needs of any particular recipient. The
information contained in the Presentation is not a substitute for detailed investigation or analysis of any
particular issue and does not purport to be all of the information that a person would need to make an
assessment of the Company or its assets. Current and potential investors should seek independent advice
before making any investment decisions in regard to the Company or its activities.
JORC Code
It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in
Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral
Resources and Ore Reserves (JORC Code). Investors outside Australia should note that while Ore Reserve
and Mineral Resource estimates of the Company in this presentation comply with the JORC Code (such
JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources"
respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not
comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian
Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Item 1300 of Regulation S-K, which
governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange
Commission. Information contained in this document describing mineral deposits may not be comparable to
similar information made public by companies subject to the reporting and disclosure requirements of
Canadian or US securities laws. You should not assume that quantities reported as “resources” will be
converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to
legally and economically extract them.
Authorised for release to the ASX by the Board of Directors of Horizon Minerals Ltd.
2
Important disclaimers
Forward Looking and Cautionary Statement
As noted above, some statements in this Presentation 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 Presentation 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 Presentation 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 Presentation reflect views held only as at the date of this Presentation.
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 Presentation, including with respect to any
production targets and financial estimates, based on the information contained in this and previous ASX announcements.
Aspirational Statement
The Company’s vision to be a ~100kozpa producer in this presentation are aspirational statements (and not a production targets) and the Company does not have reasonable grounds to believe this can be achieved. These statements are of an aspiration
nature as the vision to be a ~100kozpa producer is dependent on several factors including the exploration success, ore reserves and mineral resources definition, feasibility studies and development of an extended mine plan.
Mineral Resources and Ore Reserves
This Presentation contains estimates of the Company's Mineral Resources and Ore Reserves. Refer to Slide 24 to 26. The information in this Presentation that relates to the Company’s Mineral Resources and Ore Reserves has been extracted from the
Company's previous ASX announcements including: 1. ASX Announcement “Gold Mineral Resources Update” dated 13 February 2026 and 2. ASX announcement “Gold Ore Reserve Update” dated 17 February 2026. Copies of these announcements are
available at www .asx.com.au or horizonminerals.com.au/announcements. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements and, in relation to the estimates of
the Company’s Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed. The Company confirms that the form and
context in which the Competent Person's findings are presented have not been materially modified from those announcements.
Production Targets
This Presentation contains production targets and forecast financial information derived from those production targets (including in respect of all-in sustaining costs and capital costs). The information in this Presentation is underpinned by 17% Inferred and
73% Measured and Indicated Mineral Resources as detailed in the ASX Announcement "ASX Announcement “Studies Support Standalone Gold Development in WA Goldfields’” dated 17 February 2026. There is a low level of geological confidence
associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The stated production targets are based on
the Company's current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that targets
can be achieved. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcements relating to the Company’s published production targets. All material assumptions and
technical parameters underpinning the production targets or forecast financial information derived from production targets (as applicable) in the relevant ASX announcement continue to apply and have not materially changed.
3
Investment proposition
Gold production from Black Swan Processing Hub fully funded2
4
An attractively priced West Australian gold
developer with near-term growth
Esperance
Albany
Geraldton
Perth
Black Swan Processing Hub
2.2Mtpa (currently in C&M) with pathway
to refurbish / convert to gold processing
Mineral Resource Estimate1
1.9Moz 34.3Mt @ 1.7g/t Au
Regional Landholding
+1,150km²
Projects
20.2Moz Ag 104kt Zn
Carnarvon
Studies support development of a gold operation
producing +100koz p.a. from the refurbished Black
Swan Processing Hub
Expedited, low capital, hub-and-spoke model which
leverages existing 100%-owned processing infrastructure –
FEED Studies underway – Long lead items purchased
Targeting high-margin gold production from Black Swan
starting in mid-2027
1.9Moz1 MRE with major drilling program underway – better
definition & extension of mineable ounces & testing new regional targets
Kalgoorlie
1. Refer ASX Announcement “Gold Mineral Resources Update” dated 13 February 2026
2. Fully funded including existing cash, Placement proceeds (refer ASX Announcement 19 February 2026 Successful A$175M capital raising) and expected Share Purchase Plan proceeds
.
Positive Black Swan Study Results
and Equity Raising
Positive Black Swan study results – a low capital intensity pathway to +100kozpa
• Pre-production capital – A$160.5M & ~A$1,500/oz capital intensity
• Payback – 18 months from plant commissioning1
• NPV / IRR – Project pre-tax NPV8 ~A$631M & Project IRR 83%1
• Production – average ~102kozpa
• Operating Cost – C1 A$2,852/oz & AISC A$3,353/oz
Fully funded to refurbish Black Swan plant and commence mining and gold production2
• Two tranche, underwritten A$175M2 Placement
• Share Purchase Plan now open to A$10M2
Expedited path to Black Swan first gold production mid-2027
• Infrastructure – low risk entry to +100kozpa via existing plant (estimated replacement value
+A$200M) & Kalgoorlie location
• Approvals – major approvals in place with construction from mid-2026
Near term value accretive opportunities under assessment3
5
Fully funded to refurbish Black Swan Processing Hub and
commence gold production
1. A$5,500/oz gold price
2. Fully funded including existing cash, Placement proceeds (refer ASX Announcement 19 February 2026 Successful A$175M capital raising) and expected Share Purchase Plan
proceeds
3. The Company is considering accretive opportunities that may extend mine life and may include joint ventures, toll milling, ore purchase arrangements, asset purchases or other
corporate transactions
0
2
4
6
8
10
$0.00
$0.50
$1.00
$1.50
$2.00
Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26
Million
Volume Price
Horizon Minerals – at a glance
An attractively priced West Australian gold developer with near-term growth potential
Current
Units
Capital structure (Post Offer)
1.08(1)
A$/sh
Share price
256.4(1)
M
Ordinary shares
4.5(1)
M
Options and performance rights
276.9
A$M
Market capitalisation
114.1(2)
A$M
Cash and cash equivalents
Nil(2)
A$M
Debt
162.8
A$M
Enterprise value
1. At 5 March 2026
2. At 9 March 2026 - excludes $120M from tranche 2 of the capital raising (subject to shareholder
approval at the EGM on 7 April 2025), any funds raised from the Share Purchase Plan and listed
investments with a value of ~A$21.4M
Warren Hallam
Non-Executive Director
Brendan Shalders
Chief Financial Officer
Adrianna Skok-Muir
Group Mining Engineer
Rob Waugh
Non-Executive Director
Isabel Macchia
Company Secretary
Dirk Richards
Project Manager
Indicative Share Register
Research Coverage
Adjusted to match share structure and volume post 15-to-1 capital consolidation effective 9 December 2025
Directors and
Management
Institutions
Golden Crane
HNW, Retail and
Others
Share Trading & Price
Horizon Minerals – Board and Management
7
Key experience in operations and value delivery
Ashok Parekh
Non-Executive Chair
Grant Haywood
Managing Director
Rob Waugh
Non-Executive Director
Warren Hallam
Non-Executive Director
Christian Price
GM Corporate
Development
Brendan Shalders
CFO/Joint CoSec
Stephen Guy
Chief Geologist
Adrianna Skok-Muir
Group Mining
Engineer
Isabel Macchia
Company Secretary
Project portfolio
• Large 1,167km2 land package in an
attractive geological setting centred
around Kalgoorlie / Coolgardie
• 1.9Moz Group Mineral Resource1
(34.3Mt @ 1.7g/t Au) with ~50%
contained within the cornerstone
Burbanks and Boorara deposits
• 2.2Mtpa Black Swan processing
plant – standalone processing hub to
unlock the value of the significant
resources base
• Additional value and optionality from
the high-grade Nimbus Silver-Zinc
deposit (contains 20.2Moz Ag, 104kt
Zn, and 77koz Au) located 44km from
Black Swan
8
Strategically constructed gold portfolio centered around major geological structures
1. Refer ASX Announcement “Gold Mineral Resources Update” dated 13 February 2026
Our Strategy
9
An attractively priced West Australian gold developer with near-term growth
2027 onwards
First Black Swan gold production
by mid-2027
Now
Toll treatment complete
Ore stockpile established
Operational de-risking underway
Next 12 months
Black Swan refurbishment and gold
processing conversion
Mining commencement late 2026
All elements in place to support aspirational target to become a ~100kozpa GOLD producer*
Production
Growth
Studies
Upgrade and extend Mineral
Resources
Extend initial +5 year mine life
Grow Mineral Resources and drill test new
exploration targets
Value accretive M&A
Black Swan Studies complete
FEED Studies underway
Complete Nimbus production at
Black Swan Studies
Multiple individual PFS updates
Combined PFS update
Commence Nimbus Studies and drill plan
*This is an aspirational statement (and not a production target), the Company does not yet have reasonable grounds to believe the vision can be achieved.
Refer to the Aspirational Statements section in the Disclaimers section of this presentation for further information.
Production Ready
A 1.9Moz Mineral Resource1 with processing
infrastructure and growth
1. Refer ASX Announcement “Gold Mineral Resources Update” dated 13 February 2026 10
Black Swan Processing Hub1
• ~50km northeast of Kalgoorlie
• Comminution circuit suitable for gold processing
after refurbishment and addition of a carbon in
leach (CIL) circuit
• Study fully utilises existing 2.2Mtpa processing
capacity
• Estimated replacement value of +A$200M
• Capital cost estimate for Black Swan of A$101M
ensures long-term reliability, flexibility and
operability
• New plant construction risk reduced & key
permits in place
• Provides a platform for potential regional
consolidation
11
Facilitates hub and spoke operating model
1. Refer ASX Announcement “Studies Support Standalone Gold Development in WA Goldfields’” dated 17 February 2026
PROCESSING
Black Swan Processing Hub
12
Existing flotation circuit and planned changes to facilitate gold production
GOLD CONVERSION
REFURBISHMENT
FUTURE
SULPHIDE
CIRCUIT
REFURBISHMENT
OPTION
Au
LONG LEAD ITEMS ORDERED
MOTORS - VSD
Production ramp-up
• Boorara stockpile 460kt (14.2koz) – a de-
risked startup
• Baseload open pit feed with supplementary
high grade underground sources
• Early mine plan underpinned by high
confidence Mineral Resources and Ore
Reserves
13
Cash flow and future baseload open pit feed
PRODUCTION
Hub and Spoke Model producing 546koz in 5 years
14
Multiple ore sources feeding into the Black Swab Processing Hub1
1. Refer ASX Announcement “Studies Support Standalone Gold Development in WA Goldfields” dated 17 February 2026
Years 1 – 4 106.6koz
BOORARA S/P & OPEN PIT
Years 3 – 5 212.1koz
OTHER OPEN PIT AND U/G
Years 2 – 5 51.5koz
COOTE AND CRAKE OPEN PITS
Years 2 – 5 128.8koz
BURBANKS OPEN PIT
Years 1 – 4 47.4koz
CANNON AND PENNYS U/G
64km 110km
48 - 80km 42 - 110km
90km
BLACK SWAN PROCESSING HUB
Benefits of the Black Swan refurbishment
15
Faster, cheaper & lower risk
Refurbishment1 New Build2
~$100M >$200M
12 months 18 – 24 months
Major approvals in place New permitting required
Reduced environmental footprint Higher future impact
Cost
Timeline
Approvals
Sustainability
15
1. As released to the ASX on 17 February 2026 “Studies Support Standalone Gold Development” 2. Based on the Astral Gold Mandilla Gold Project Pre-Feasibility Study
released to the ASX on 25 June 2025
Study Outcomes - Robust economic outcomes
16
Strong cash generation and financial metrics
1. At a base case gold price of A$5,500/oz. At 9 March 2026 current Spot price is A$7,300/oz
2. Represents economics at a Project level and excludes corporate costs
3. From the start of commissioning
546koz
gold production LOM
$131M maximum
capital drawdown
C1 Cost
A$2,852/oz1
AISC
A$3,353/oz1
0 200 400 600 800 1,000 1,200
Gold Price (+/-
20%)
Grade (+/- 20%)
Site Opex (+/- 20%)
Recovery % (+/- 3%)
BSP Opex (+/- 22%)
BSP Capex (+/-
20%)
Site Capex (+/-
20%)
NPV A$M
Pessimistic NPV Optimistic NPV
BASE PROJECT NPV8%
631.3 M
CY 2027
CY 2026
Work Streams and Deliverables
Area
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Lake Johnston and Phillips Find
Cash
Corporate
Equity Raise - A$175M + SPP
Burbanks MRE Update
Development
& Growth Resource Extension & Grade
Control drilling
Boorara and Phillips Find Mining
& Ore Stockpiling
Mining &
Operations
Underground Mobilisation &
Development
Underground High-Grade Ore
Production
Black Swan Plant 2.2Mtpa Studies
Complete
Black Swan
Processing
Hub
Front End Engineering Design
(FEED)
Final Investment Decision (FID)
Black Swan Accommodation
Construction
Black Swan Plant Construction
Black Swan Plant Commissioning
Black Swan Plant Gold Production
Key Milestones and Timing
17
Pathway to gold production from Black Swan Processing Hub
Project Upside
A 1.9Moz Mineral Resource1 with processing
infrastructure and growth
1. Refer ASX Announcement “Gold Mineral Resources Update” dated 13 February 2026 18
Burbanks high-grade underground mine
• Located on a granted Mining Lease
9km south of Coolgardie, WA
• Historic underground mining produced
324koz @ 22.7g/t Au
• Large 465.5koz open pit and high-
grade underground Mineral Resource3
• Significant extension potential with only
30% of the upper 500m mineralised
horizon tested to date1
• Results from ~30,000m drilling program
include 0.96m @ 1,762g/t Au and 2m
@ 235.7g/t Au2
• Mineral Resource upgrade planned for
mid-2026 before expected inclusion into
the PFS and updated life of mine plan
19
High-grade ore source not included in the current Black Swan studies & LOM
GROWTH
1. Refer ASX Announcement (ASX:GRS) “Global Gold Resource Increases 57% to 520,134 oz” dated 5 July 2023 for all exploration details
2. Refer ASX announcements ‘Ultra High Grades Returned in Burbanks Phase 1 Drilling” dated 17 December 2025 and “Continued High Grade Success from Burbanks Phase 1 Drilling” dated 28 January 2026
3. Refer SX announcement (ASX:GRS) “High-Grade Intercepts Extends Potential at Burbanks” dated 5 October 2023
Black Swan exploration potential
• Previous exploration largely targeting nickel
sulphide mineralisation – only 5% of drill assays
have tested for gold
• Target areas adjacent to the Mt Monger fault
which is associated with several regional gold
mining operations
• Gold prospectivity of the Black Swan area
demonstrated with drill intersections grading up to
6.41g/t Au1
• Numerous gold nuggets located1
• Identified a new 6.5km-long gold trend around
Black Swan
• Initial aircore 2,000m drill program planned
for H1 2026
20
Untested gold anomalies emerging adjacent to the process plant infrastructure
GROWTH
1. Refer ASX announcement (ASX:POS) "Gold Potential Builds at Black Swan" dated 24 September 2024
Platform for regional consolidation
• Non-producer access to third party gold
processing in the Goldfields
is becoming increasingly difficult
• Conversion of a 2.2Mtpa processing
facility to gold production has potential
to unlock stranded gold resources in
the region
• HRZ will assess accretive
opportunities to add to mine life:
• Partnership opportunities – joint
venture, toll milling, and ore
purchase arrangements
• Acquisitions – asset purchases or
corporate transactions
21
Several deposits of gold deposits in region are without a clear processing solution
GROWTH
An Emerging Standalone
Gold Producer
22
Studies demonstrate a
robust initial five year
mine plan
Clear and deliverable
business plan to become
to a new standalone WA
gold miner
Combination of 1.9Moz of
Mineral Resource1 and
processing infrastructure
Fully funded with an
enhanced share register
Credible, low capex plan to
standalone gold
production by mid-2027
Ramp up of production
aligned with strong gold
price environment
Highly experienced Board
and Management with
strong regional expertise
Attractive current valuation
relative to peers, with growth
and re-rating potential
1. Refer ASX Announcement “Gold Mineral Resources Update” dated 13 February 2026
Contact Us
Grant Haywood
Managing Director and CEO
+61 (08) 9386 9534
admin@horizonminerals.com.au
horizonminerals.com.au
PO Box 1064 West Perth WA 6872
23
Mineral Resource1 Estimate
24
1. Refer ASX Announcement “Gold Mineral Resources Update” dated 13 February 2026
Gold projects
.
Total
Inferred
Indicated
Measured
Project
koz
Au (g/t)
kt
koz
Au (g/t)
kt
koz
Au (g/t)
kt
koz
Au (g/t)
kt
23
1.20
596
23
1.20
596
Baden Powell
398
1.27
9,787
103
1.26
2,549
266
1.28
6,485
29
1.21
753
Boorara
298
1.90
4,860
205
1.86
3,430
93
2.02
1,430
Burbanks OP
168
4.38
1,193
151
4.39
1,070
17
4.26
122
Burbanks UG
32
4.29
232
3
2.28
47
29
4.80
185
Cannon
25
1.20
659
25
1.20
659
Capricorn
64
0.86
2,321
64
0.86
2,321
Coote
75
1.28
1,822
4
1.08
123
70
1.29
1,699
Crake
31
1.81
527
3
1.71
52
28
1.82
476
Golden Ridge
79
0.97
2,532
37
1.14
1,021
42
0.86
1,511
Golden Ridge North
28
1.24
693
28
1.24
693
Gordons Dam
132
2.22
1,852
51
1.85
856
81
2.54
996
Jacques/Peyes
33
1.11
919
33
1.11
919
Monument
45
2.36
595
13
2.10
185
33
2.48
410
Phillips Find OP
0
2.27
3
0
2.27
3
Phillips Find UG
18
1.99
287
6
2.05
92
12
1.96
194
Rosehill (OP)
75
4.60
507
28
4.78
181
47
4.49
326
Rosehill (UG)
13
1.21
330
11
1.25
267
2
1.02
64
Pinner
149
1.96
2,359
33
1.72
591
116
2.04
1,768
Kalpini
63
4.57
429
12
3.02
123
51
5.19
305
Pennys Find
128
2.20
1,811
64
2.50
801
64
1.96
1,009
Teal
1,878
1.70
34,315
892
1.68
16,489
944
1.74
16,879
41
1.36
947
Grand Total
Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding.
Ore Reserve1 Estimate
25
1 Refer ASX announcement “Gold Ore Reserve Update” dated 17 February 2026
Gold projects
HORIZON MINERALS GOLD ORE RESERVE SUMMARY
Total
Probable
Proven
Cutoff
Project
Ounces
Au g/t
kt
Ounces
Au g/t
kt
Ounces
Au g/t
kt
Au ppm
81,272
1.19
2130
65,357
1.21
1680
15,915
1.1
450
0.5
Boorara
17,700
4.1
135
17,700
4.1
135
1
Cannon UG
33,400
3.2
328
33,400
3.2
328
1.5
Pennys Find
47,203
1.69
867
47,203
1.69
867
0.5
Kalpini
34,405
1.23
870
34,405
1.23
870
0.5
Crake
213,980
1.54
4,330
198,065
4,330
15,915
1.1
450
TOTAL
Mineral Resource1 Estimate
26
1. Refer ASX Announcement “Group Mineral Resources Statement – Amended” dated 1 August 2024
Nimbus silver-zinc project
Nimbus All Lodes (bottom cuts 12 g/t Ag, 0.5% Zn, 0.3g/t Au)
Zn (kt)
Au (kt)
Ag (Moz)
Zn (%)
Au (g/t)
Ag (g/t)
Mt
Category
45
10
11.9
1.2
0.09
102
3.62
Measured Resource
30
21
4.9
1.0
0.21
48
3.18
Indicated Resource
29
46
3.4
0.5
0.27
20
5.28
Inferred Resource
104
77
20.2
0.9
0.20
52
12.08
Total Resource
Nimbus high grade silver zinc resource (500g/t Ag bottom cut and 2,800g/t Ag top cut)
Zn (kt)
Ag (Moz)
Zn (%)
Ag (g/t)
Mt
Category
-
-
-
-
-
Measured Resource
22
4.2
12.8
762
0.17
Indicated Resource
11
2.2
13.0
797
0.09
Inferred Resource
33
6.4
12.8
774
0.26
Total Resource
Mineral Resource & Ore Reserve disclosure
Horizon Gold Mineral Resources
The information in this report that relates to Horizon’s Mineral Resources estimates is extracted from and was originally
reported in Horizon’s ASX announcements:
27
Confirmations
Confirmation Source
Year
Project
“Gold resources increase to 1.24moz”, dated 28 September 2022
2022
Baden Powell
“Gold Mineral Resources Update”, dated 13 February 2026
2026
Boorara
“Group Mineral Resource Statement – Amended”, dated 1 August 2024
2024
Burbanks OP
“Group Mineral Resource Statement – Amended”, dated 1 August 2024
2024
Burbanks UG
“Investor Presentation June 2022”, dated 31 May 2022
2022
Cannon
“Gold resources increase to 1.24moz”, dated 28 September 2022
2022
Capricorn
“Gold Mineral Resources Update”, dated 13 February 2026
2026
Coote
“Gold Mineral Resources Update”, dated 13 February 2026
2026
Crake
“High Grade Drill results and Resource Update for Rose Hill”, dated 4 February 2020
2020
Golden Ridge
“Gold Mineral Resources Update”, dated 13 Februa
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