Announcement PDF Level 2, 16 Ord Street, West Perth, WA 6005 | PO Box 1064, West Perth, WA 6872 | +61 8 9386 9534 info@horizonminerals.com.au | ACN 007 761 186 | ABN 88 007 761 186 | horizonminerals.com.au ASX: HRZ ASX ANNOUNCEMENT 17 February 2026 GOLD ORE RESERVE UPDATE Horizon Minerals Limited (ASX: HRZ) (“Horizon” or “the Company”) is pleased to announce an updated gold Ore Reserve Estimate for the Company’s projects located near Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1) HIGHLIGHTS • Gold Ore Reserve Estimate of 4.3 million Tonnes at 1.54 g/t for 214 koz1 • The total change in the Global Ore Reserve is a 160%, or 131,615 oz, increase in contained gold to the FY2025 Ore Reserve • Boorara Re-Optimisation and Pre-Feasibility update at A$4,500 Gold Price has been completed generating positive economic results • Maiden Ore Reserve and Pre-Feasibility for Crake and Kalpini Open Pit Mineral Resources optimised at A$4,500 Gold Price. • All future ore processing will be through the Black Swan Project Processing Hub (BSPH) • Additional Resource conversions from the broader project pipeline anticipated over the next 12 months The Pre-Feasibility Studies (PFS) for Boorara, Crake and Kalpini include dilution analysis, open pit optimisation, design, production scheduling, and a cash-flow assessment. The studies were undertaken by Mining Plus Pty Ltd and approved for release by the competent person. The results indicate positive project value excluding any capital related to the BSP processing hub. The completion of studies for neighbouring deposits in conjunction with this study will support capital costs and capacity of the proposed 2.2Mtpa BSP processing hub and pave the way for a mining development pipeline aimed at sustained gold production and continuous cashflows. HORIZON MINERALS GOLD ORE RESERVE SUMMARY1 Proven Probable Total kt Au g/t kOz kt Au g/t kOz kt Au g/t kOz Total 450 1.10 16 3,879 1.59 198 4,330 1.54 214 Managing Director and CEO Mr Grant Haywood commented: “Our updated Ore Reserve Estimate underpins a reliable source of mill feed for our BSPH Project which marks an important step forward in strengthening the long-term future for the operation. The improved confidence in our reserve base reflects the quality of the orebodies, the success of our technical team, and our commitment to disciplined resource conversion. With this reserve update, and scoping study, we are well positioned to deliver consistent production and meet our aspirational target of 100,000 ounces of gold production per annum2 .” 1 See Table 10 – “Horizon Minerals Gold Mineral Reserve Summary” 2 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 announcement horizonminerals.com.au Page | 2 Figure 1 – Horizon Gold Projects Boorara Project Summary Horizon is continuing to mine the Boorara Gold deposit located in the Goldfields of Western Australia (WA). The Ore from the Boorara project has most recently been processed at the Paddington Mill. The Boorara site is located 56 km east of Kalgoorlie and 63 km from the BSP processing hub (Figure 1). Table 1 – Boorara Mineral Resource Estimate3 1/07/2021 – Depleted for Mining to EOM June 2025 – 0.5 g/t Au reporting cutoff Boorara Measured Indicated Inferred Total Material kt Au (g/t) koz kt Au (g/t) koz kt Au (g/t) koz kt Au (g/t) koz Oxide 11 1.14 0.4 139 1.43 6 33 1.06 1 183 1.34 8 Transition 317 1.22 12 1,053 1.22 41 292 1.09 10 1,662 1.20 64 Fresh 424 1.20 16 5,293 1.28 218 2,225 1.28 92 7,942 1.28 326 Total 753 1.21 29 6,485 1.28 266 2,549 1.26 103 9,787 1.27 398 Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding. The Boorara project is divided into the Royal (Southern), Crown Jewel (Central), and Regal (Northern) deposits and hosts Gold Mineralisation in quartz vein arrays within quartz dolerite. The PFS completed by Mining Plus assumes that ore will be treated at the BSP processing hub. 3 Refer ASX Announcement “Gold Mineral Resources Update” dated 13 February 2026 horizonminerals.com.au Page | 3 Updated Ore Reserve Horizon has recently conducted a review of the Ore Reserve and Mineral Resource taking into account the increased gold price. The Mineral Resource block model was released on 13th February 2026 with an Au cut-off grade of 0.5 g/t Au (Table 1). Recent PFS studies commissioned by Horizon Minerals and conducted by Mining Plus Pty Ltd (Mining Plus) have resulted in the Boorara Ore Reserve being re-optimised at a higher gold price of A$4,500/oz. The Mineral Resource model was depleted with survey data as at the end of August 2025 using topography and constrained by the final optimised pit design. The pits were designed in four stages to optimise cashflow and strip ratios. To determine the optimum selective mining unit size (SMU) for Boorara, changes to ore tonnes and ounces for various SMU sizes were compared against the resource model. The block size was increased to maintain a practical mining width and used for the regularisation of the resource model. The PFS has successfully depleted, re-optimised, re-designed and scheduled the Boorara project to mine and process a base case of 1.0 Mtpa using the most recent Boorara mining costs. The study provided a mining cost estimate for the base schedule and incorporated the processing of ore at Horizon Minerals’ BSP processing hub. Inputs to the optimisation and cash flow analysis are indicated in Table 3. Horizon Minerals' has licencing and permitting in place and a favourable relationship with the local first-nations people at Boorara. Environmental baseline studies have been completed. The result of the study indicated a positive cash flow and net present value (NPV), confirming the Boorara August 2025 Ore Reserve (Table 2). It should be noted that mining has continued at Boorara post the August 2025 depletion with 111 kt at 1.06 g/t mined in September 2025 and 95 kt at 1.09 g/t in October 2025. The current mining campaign has ceased at Boorara in early December 2025. The project delivered a positive cashflow for the pit design schedule and financial analysis when incorporating the Measured and Indicated Mineral Resource and after applying modifying factors resulted in the following Ore Reserve in Table 2 (Table 3 assumptions, and JORC 2012 Table 1, Section 4, Appendix 1). Table 2 – Boorara Ore Reserve – Depleted for Mining to EOM August 2025 - 0.5 ppm Au reporting cut off Material Proven Probable Total kt Au (g/t) kOz kt Au (g/t) kOz kt Au (g/t) kOz Oxide 243 1.02 8 517 1.05 18 759 1.04 26 Transitional 16 1.04 1 128 1.01 5 144 1.01 5 Fresh 170 1.10 7 994 1.32 43 1,164 1.29 49 Total 429 1.10 15 1,639 1.20 64 2,067 1.20 79 Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding. horizonminerals.com.au Page | 4 Table 3 – Summary of Boorara Ore Reserve parameters/inputs Parameter Units Oxide Transitional Fresh Processing Cost AUD/t $33 $38 $43 ROM Rehandle AUD/t $0.60 $0.60 $0.60 Haulage to Process AUD/t $16 $16 $16 Grade Control AUD/t $1.0 $1.0 $1.0 Year 1 price (AUD) AUD/Troy Oz $4550 $4550 $4550 Year 2-3 price (AUD) AUD/Troy Oz $5,000 $5,000 $5,000 Met Recovery % 98 95.8 95.8 Royalties State % 2.5 2.5 2.5 Royalties other % 0.5 0.5 0.5 Yr 1 Optimisation Cut-off grade g/t 0.35 0.38 0.42 Yr 2 Optimisation Cut-off grade g/t 0.39 0.43 0.47 Crake Project Summary Horizon Minerals is proposing to develop the Crake Gold Project (Crake) located in the Goldfields of Western Australia (WA), by mining and processing gold ore. The project will be processed through the Horizon owned BSP processing hub after the completion of its refurbishment in mid-2027. The Crake site is 9 km West of Kalgoorlie-Boulder, and 90 km from the BSP processing hub (Figure 1). This PFS has successfully optimised and scheduled the Crake open pit project to mine and process a base case of 0.5 Mtpa of ore. The study provided a mining cost estimate for this Maiden Ore Reserve at a Gold price of A$4,500. The result of the study is a positive cash flow and NPV confirming the August 2025 Ore Reserve (Table 4). Table 4 – Crake Mineral Resource Estimate3 21/09/2021 - 0.5 g/t Au reporting cut off Crake Indicated Inferred Total kt Material kt Au (g/t) koz kt Au (g/t) koz kt Au (g/t) koz Oxide 1,363 1.29 57 123 1.08 4 1,485 1.28 61 Transition 85 1.25 3 85 1.25 3 Fresh 252 1.27 10 252 1.27 10 Total 1,699 1.29 70 123 1.08 4 1,822 1.28 75 Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding. horizonminerals.com.au Page | 5 Pre-Feasibility Study Parameters To determine the optimum selective mining unit size (SMU) for Crake, changes to ore tonnes and ounces for various SMU sizes were compared against the resource model. The block size was increased to maintain a practical mining width and used for the regularisation of the resource model. To determine the optimum SMU size for Crake changes to ore tonnes and ounces for various SMU sizes were compared against the resource model. Refer to Table 5 for the calculated economic cut-off grades which are well below the 2025 Mineral Resource cut-off grade of 0.5 g/t Au. The Crake Ore Reserve has been reported above at 0.5 g/t Au. The optimisation was completed in Dassault Systèmes’ Whittle™ software using their Lerchs-Grossman algorithm. The processing and treatment inputs were in line with those used for the cut-off grade analysis which are indicated in Table 5. The load and haul mining costs were based on recent contractor rates at Horizon’s operations. Haulage costs were quoted from current contract haulage providers. The summary of the key PFS inputs are also included in Table 5. Horizon has licencing and permitting in place and a favourable relationship with the local first- nations people. Environmental baseline studies have been completed. The estimated Ore Reserve has been prepared by competent persons in accordance with JORC Code 2012 and is included in Table 6. See Appendix 1 for the Crake JORC Table 1, Section 4. Table 5 –Summary of Crake PFS Ore Reserve parameters/inputs Parameter Units Oxide Transitional Fresh Processing Cost AUD/t $33 $38 $43 ROM Rehandle AUD/t $0.60 $0.60 $0.60 Haulage to Process AUD/t $16 $16 $16 Grade Control AUD/t $1.0 $1.0 $1.0 Year 1 price AUD/ Oz $5,000 $5,000 $5,000 Year 2 price (AUD) AUD/ Oz $4,500 $4,500 $4,500 Met Recovery % 98 95.8 95.8 Royalties State % 2.5 2.5 2.5 Royalties other % 0.5 0.5 0.5 Cut-Off grade g/t 0.35 0.38 0.42 Mining Operational activities shall be undertaken by a mining contractor, with technical and managerial oversight provided by Horizon. Mining is by conventional open pit truck and shovel techniques. Costs were estimated using recent contractor mining costs at other Horizon operations. Processing costs are based on calculated BSP PFS plant costs. All Inferred Resources were excluded from the optimisation process, financial modelling and the estimation of Ore Reserve. An Australian dollar gold price of $4,500 per ounce was applied. WA state royalties were subtracted from the gold price as part of the horizonminerals.com.au Page | 6 optimisation process. Bulk densities were derived from test work. A cut-off grade of 0.5 g/t Au was applied and a discount factor of 8% was applied to the financial model. The Mineral Resource contained within the design was based on optimisation of the Indicated Mineral Resource, with no Inferred Mineral Resources included and modifying factors applied. The Crake MRE was originally reported as “Updated Crake Resource improves in quality” (Crake) dated 7 September 2021. Re-reporting of the model (crake_mre_august_2021_final.mdl) at a 0.5 g/t Au cut off increases tonnes by 28% and contained ounces of gold by 12% (Table 4). Ore Reserve Statement Table 6 – Crake Ore Reserve Estimate Material Probable Total kt Au (g/t) kOz kt Au (g/t) kOz Oxide 52 1.15 2 52 1 2 Trans 153 1.16 6 153 1 6 Fresh 667 1.25 27 667 1 27 Total 872 1.23 34 872 1.2 34 Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding. Kalpini Project Summary The Kalpini site is located 65 km northeast of Kalgoorlie (Figure 1). The project is 42 km from the BSP processing hub. The main ore deposits in the area are Atlas, Camelia, and Gambia. The project is to be processed through the Horizon owned BSP processing hub after the completion of its refurbishment. Mineral Resource Estimate Horizon completed an updated Mineral Resource Estimate (MRE) in November 2021 (Table 7) with a revision to the cut-off grade in November 2025. Table 7 – Kalpini Project – Mineral Resource Estimate3 by Classification – 0.5 g/t Au Cut Off3 Indicated Inferred Total kt Au (g/t) koz kt Au (g/t) koz kt Au (g/t) koz Oxide 32 1.48 2 7 1.31 0 39 1.45 2 Transition 298 1.48 14 28 1.02 1 326 1.44 15 Fresh 1,439 2.17 100 556 1.76 31 1,994 2.06 132 Total 1,768 2.04 116 591 1.72 33 2,359 1.96 149 Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding. Pre-Feasibility Study Parameters To determine the optimum selective mining unit size (SMU) for Kalpini, changes to ore tonnes and ounces for various SMU sizes were compared against the resource model. The block size was increased to maintain a practical mining width and used for the regularisation of the resource model. horizonminerals.com.au Page | 7 The calculated economic cut-off grades (Table 8) are well below the 2025 Mineral Resource cut-off of 0.5 g/t Au. The Kalpini Ore Reserve has been reported above 0.5 g/t Au. The optimisation was completed in Dassault Systèmes’ Whittle™ software using their Lerchs-Grossman algorithm. The processing and treatment inputs were in line with those in the cut-off grade analysis in Table 5. The load and haul mining costs were based on recent contractor rates at Horizon’s operations. Haulage costs were quoted from current contract haulage providers. A summary of the key PFS inputs is also included in Table 5. It should be noted Horizon Minerals has licencing and permitting in place and a favourable relationship with the local first-nations people. Environmental baseline studies have been completed. Mining Operational activities shall be undertaken by a mining contractor with technical and managerial oversight provided by Horizon. Mining is by conventional open pit truck and shovel techniques. Costs were estimated using recent contractor mining costs at other Horizon operations. The key parameters for the project are included in Table 8. Table 8 –Summary of Kalpini PFS Key inputs Parameter Units Oxide Transitional Fresh Processing Cost AUD/t $33 $38 $43 ROM Rehandle AUD/t $0.60 $0.60 $0.60 Haulage to Process AUD/t $12.66 $12.66 $12.66 Grade Control AUD/t $1.0 $1.1 $1.2 Year 1 price (AUD) AUD/troy Oz $4,500 $4,500 $4,500 Met Recovery % 95 91.5 91.5 Royalties State % 2.5 2.5 2.5 Royalties other % 0.5 0.5 0.5 Cut-Off grade g/t 0.35 0.41 0.45 Table 8 – Kalpini Summary of Ore Reserve at 0.5 cut off Material Probable Total kt Au (g/t) kOz kt Au (g/t) kOz Oxide 31 0.97 1.0 31 0.97 1.0 Trans 239 1.18 9.0 239 1.18 9.0 Fresh 597 1.93 37.1 597 2.00 37.1 Total 867 1.69 47.1 867 1.69 47.1 Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding. horizonminerals.com.au Page | 8 Processing costs are based on calculated BSP PFS plant costs. All Inferred Resources were excluded from the optimisation process, the financial modelling and the estimation of Ore Reserve. An Australian dollar gold price of $4,500 per ounce was applied. WA state royalties were subtracted from the gold price as part of the optimisation process. Bulk densities were derived from test work. A lower cut-off grade of 0.5 g/t Au was applied. Discount factor of 8% was applied to the economic model. The Mineral Resource contained within the design was based on optimisation of the Indicated Mineral Resource, with no Inferred Mineral Resources included and modifying factors applied. To determine the optimum SMU size for Kalpini changes to ore tonnes and ounces for various SMU sizes were compared against the resource model. The block size (XYZ) yielding minimum reduced ore tonnes whilst maintaining a practical mining width were used for the regularisation of the resource model. The calculated economic cut-off grades (Table 5) are well below the 2025 Mineral Resource cut-off of 0.5 g/t Au. The Kalpini Ore Reserve has been reported at above 0.5 g/t Au. The optimisation was completed in Dassault Systèmes’ Whittle™ software using their Lerchs-Grossman algorithm. The processing and treatment inputs were in line to those in the cut-off grade analysis (Table 5). The load and haul mining costs were based on recent contractor rates from Horizon’s operations. Haulage costs were quoted from current contract haulage providers. The summary of the key PFS inputs is also included in Table 5. The estimated Ore Reserve has been prepared by competent persons in accordance with JORC Code 2012 and is included in Table 9. See Appendix 1 for the Kalpini JORC Table 1, Section 4. Summary The total change in the Global Ore Reserve is a 246% increase in tonnes to the FY 2025 Ore Reserve4 with an 25% drop in grade for a 160%, or 131,615 oz, increase in contained gold (Table 10 ). Table 10 – Horizon Minerals Gold Ore Reserve Summary HORIZON MINERALS GOLD ORE RESERVE SUMMARY Project Cutoff Proven Probable Total Au ppm kt Au g/t Ounces kt Au g/t Ounces kt Au g/t Ounces Boorara 0.5 450 1.10 15,915 1680 1.21 65,357 2130 1.19 81,272 Cannon UG5 1.0 135 4.10 17,700 135 4.10 17,700 Pennys Find6 1.5 328 3.20 33,400 328 3.20 33,400 Kalpini 0.5 867 1.69 47,203 867 1.69 47,203 Crake 0.5 870 1.23 34,405 870 1.23 34,405 TOTAL 450 1.1 15,915 4,330 198,065 4,330 1.54 213,980 Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding. 4 Refer to “Annual Report 2025” dated 20 October 2025 5 Refer ASX Announcement “Positive Results for Cannon Underground Gold Project and Feasibility Study Update” dated 29 March 2022 6 Refer ASX Announcement “Penny’s Find Pre-Feasibility Study and Ore Reserve” dated 18 December 2024 horizonminerals.com.au Page | 9 ASX Listing Rule 5.9 Disclosures Pursuant to ASX listing rule 5.9, and in addition to the information contained in the attached JORC Code tables, the Company provides the following details in respect of the Mineral Reserves listed above. Boorara Overview The Boorara Gold Project is located 15 km east of Kalgoorlie-Boulder (Figure 1) adjacent to the Super Pit, and 1 km southwest of the Nimbus Silver-Zinc Project site where established offices are connected to mains power and existing water supplies. Material Assumptions and Outcomes Boorara Open Pit has been reported above 0.5 g/t cut off for only Measured and Indicated material contained in the designed and optimised open pit. Cut-off grade parameters are outlined in the summary in Table 3. In addition to these inputs, the load and haul costs were incorporated as well as drill and blast rates and costs including technical services, rehabilitation, dewatering, and contractor management. The geotechnical parameters were determined by Absolute Geotechnics in January 2022 and are incorporated into the optimisation and design. The optimisation was completed in Dassault Systèmes’ Whittle software using a Lerchs-Grossman algorithm. Minimum mining widths of 50m were applied in the optimisation and designs. The pit design parameters followed the nominated pit shells, whilst also nominally adhering to the geotechnical parameters in the correct zones. As mining was expected to be selective mining utilising small-scale mining fleet (nominally CAT 777D trucks) haul road width was set at 12m with passing bays. The Processing Cost Adjustment Factor (PCAF) includes processing costs, transportation costs, and mining costs attributable to Ore only, such as the grade control costs and haulage. The processing and treatment inputs and costs were in line with those in the cut-off grade analysis. The cost estimation is based on load and haul contract rate provided by Hamptons mining services (Hamptons). Similarly, the drill and blast contract rates were those utilised by Hamptons. Hamptons provided a surface road haulage cost for Boorara to BSPH of 13.05/t-ore. As the mine recently been operating with the contractor already mobilised, no significant capital expenses are anticipated. Only Proven and Probable Ore was utilised in the mining schedule, while inferred ore was considered waste. The results of the economic model returned a positive net present value (NPV), demonstrating economic viability of the plan. horizonminerals.com.au Page | 10 Revenue Factors Considering the current favourable condition of the gold price (current spot price of ~AUD7,100/oz), a gold price for the first year was factored to AUD5,000/oz, and a price of AUD4,500/oz after that time for the remainder of the operation. The gold prices are based on market spot prices discounted by 20% at the time of writing. Market Assessment The gold price is determined by multiple factors in the market and world economics. Quantities produced and supplied to the market have little or no impact on the pricing. There is no current substitute for Gold in its various markets. Economic An economic operations model was produced for the Boorara operation, considering contractor mining and processing at BSPH. The results of the economic model returned a positive net present value (NPV), demonstrating economic viability of the plan. Criteria for Classification Measured Ore is included in the Ore Reserve as Proven, and Indicated ore in included as probable, No Inferred or has been included in the Ore Reserve. Indicated Ore has been designated as waste. Mining Method and Assumptions The mining method chosen is traditional truck and backhoe excavators operated by contractors. The mine was operational until December 2025. The geotechnical parameters were determined by Absolute Geotechnics in January 2022. The analysis was carried out utilising all available data. Unit (SMU) was set to 2.5 x 2.5 x 2.5 m, which is deemed appropriate for the size of equipment to be used The reblocking of the Resource model to the SMU sizes factored dilution and ore loss into the mine planning model (16% ore loss and 16% dilution). No further factors were applied. A minimum mining width of 50 m was adopted for the designed mine plan. Although the Inferred Resources were included in the pit design and mine schedule, they were not included in the Ore Reserve totals. The economic evaluation of the mine plan considered both with and without input from Inferred Resources, both returning viable results. Processing Method and Assumptions The Ore from the Project is considered to be processed at the Black Swan. The metallurgical recoveries used were 96% for oxides, transition and fresh rock types. The BSPH will use the well-established technology of Carbon-in-Leach (CIL) to extract the gold from the resource to produce Dore. horizonminerals.com.au Page | 11 There do not appear to be any deleterious elements in the ores from Boorara. The specification of minerals for the processing routes were appropriate. Cut-off Grades or Quality Parameters The cut-off grade is used to differentiate between mill feed and waste materials, generally determined at the pit exit where the material to the process plant will be cash positive or negative. This cut-off grade calculation derives a marginal economic cut-off for Gold. The parameters used for the cut-off grade are indicated in Table 3. The calculated economic Year 1 cut-off grades of 0.35, 0.38 and 0.42 g/t Au and the Year 2 cutoff grades of 0.39, 0.43 and 0.47 g/t Au. Both sets of cut off grades are well below the 2025 Mineral Resource Estimate cut- off of 0.5 g/t Au. The Mineral Resource Estimate was built around 0.5 g/t Au contour wireframes. No additional quality parameters have been applied. Estimation Methodology The resource block model was released with an Au cut-off grade of 0.5g/t Au. The Mineral Resource model was depleted with the surveyed end of August 2025 topography. The optimisation was completed in Dassault Systèmes’ Whittle software using a Lerchs-Grossman algorithm. The mining cost adjustment factor (MCAF) used was the waste mining cost for oxide, transition, and fresh, utilising the specific costs for each block. The Processing Cost Adjustment Factor (PCAF) includes processing costs, transportation costs, and mining costs attributable to Ore only, such as the grade control and haulage costs. Both MCAF and PCAF were converted to AUD/t by dividing the result by the block density for each cell in the model. No additional mining dilution or recovery factors were applied during the optimisation. Two scenarios were run – Scenario 1 was the Mine Operational Scenario, which included all categories of the mineralisation as potential plant feed with a Gold grade of greater than 0.5 g/t Au. In addition to the Measured and Indicated Mineralisation, this schedule included the Inferred Mineralisation as plant feed. Scenario 2 was the Ore Reserve scenario, which only included Measured and Indicated category mineralisation as potential plant feed with a Gold grade of greater than 0.5 g/t Au. The Inferred category mineralisation was considered as Waste for this scenario. This production schedule was used for reporting the Ore Reserves for Boorara. The two pit designs, 20250811_LOC_CUT_PIT2 and 20250812_LOC_PIT4, supplied by Horizon have been developed already and are operational with limited opportunity to make modifications. These were used as supplied as initial cutbacks. The ultimate pit was designed based on the selected pit shell 32 (Revenue Factor 0.92) for scenario 1. The designed ultimate pit is illustrated in Figure 2The ultimate pit will be completely mined in less than three years. The mine was staged and scheduled and a cash flow analysis completed. horizonminerals.com.au Page | 12 Material Modifying Parameters Environmental studies have been carried out at Boorara; permits at Boorara are in place and the mine is recently operational. The cutback design will require an amendment to the Mining proposal and closure plan. The mine is recently operational and has the installed infrastructure supported by the mining contractor and Horizon at Boorara. The infrastructure will remain in place for the future cutback. Waste dump and ROM areas have been redesigned to incorporate the required changes in infrastructure. Figure 2 indicates the ultimate pit design incorporating the waste dumps and ROM. Horizon Minerals has a favourable relationship with the local first-nations people. A native title agreement has been finalised with local groups covering multiple company assets including Boorara. All factors for the mining and processing of the ore are well-established and no obstructions are foreseen. No barriers to obtaining agreements and permits are foreseen and the tenements are in good standing. Figure 2 – Boorara Ore Reserve Pit Design horizonminerals.com.au Page | 13 Crake Overview The Crake project located within the 100% owned Binduli gold project, located 9 km west of Kalgoorlie-Boulder in the heart of the Western Australian goldfields. Crake is one of Horizon’s core open pit and underground satellite gold projects being advanced to provide ore feed to the BSPH. Material Assumptions and Outcomes Crake Open Pit has been reported above 0.5 g/t cut off for only Measured and Indicated material contained in the designed open pit. Cut-off grade parameters are outlined in the summary in Table 5. In addition to these inputs, the load and haul costs were incorporated as well as drill and blast rates and costs including technical services, rehabilitation, dewatering, and contractor management. The geotechnical parameters were determined by Absolute Geotechnics in January 2022 and are incorporated into the optimisation and design. The optimisation was completed in Dassault Systèmes’ Whittle software using a Lerchs-Grossman algorithm. Minimum mining widths of 50m were applied in the optimisation and designs. The pit design parameters followed the nominated pit shells, whilst also nominally adhering to the geotechnical parameters in the correct zones. As mining method requires selective mining utilising small-scale mining fleet (nominally CAT 777D trucks) haul road width was set at 12m with passing bays. The Processing Cost Adjustment Factor (PCAF) includes processing costs, transportation costs, and mining costs attributable to Ore only, such as the grade control costs. The processing and treatment inputs and costs were in line with those in the cut-off grade analysis. The cost estimation is based on load and haul contract rate provided by Hamptons mining services. Similarly, the drill and blast contract rates were those utilised by Hamptons transport. Hamptons provided a surface road haulage cost for Crake to BSPH of 15.94/t-ore. Only Proven and Probable Ore was utilised in the mining schedule, while inferred ore was considered waste. The results of the economic model returned a positive net present value (NPV), demonstrating economic viability of the plan. Revenue Factors Considering the current favourable condition of the gold price (current spot price of ~AUD7,100/oz), a gold price for the first year was factored to AUD5,000/oz, and a price of AUD4,500/oz after that time for the remainder of the operation. The gold prices are based on market spot prices discounted by 20% at the time of optimisation. horizonminerals.com.au Page | 14 Market Assessment The gold price is determined by multiple factors in the market and world economics. Quantities produced and supplied to the market have little or no impact on the pricing. There is no current substitute for Gold in its various markets. Economic An economic operations model was produced for the Crake operation, consi