Announcement PDF ANNUAL FINANCIAL REPORT 2025 CONTENTS CORPORATE PARTICULARS ................................................................................................................................................ 1 DIRECTORS' REPORT.......................................................................................................................................................... 2 AUDITOR’S INDEPENDENCE DECLARATION ........................................................................................................................ 12 DIRECTORS’ DECLARATION .............................................................................................................................................. 13 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ..................................................... 14 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ....................................................................................................... 15 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ........................................................................................................ 16 CONSOLIDATED STATEMENT OF CASH FLOWS ................................................................................................................... 17 NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS................................................................ 18 CONSOLIDATED ENTITY DISCLOSURE STATEMENT.............................................................................................................. 51 INDEPENDENT AUDIT REPORT TO THE MEMBERS OF HORIZON MINERALS LIMITED .............................................................. 52 SHAREHOLDER INFORMATION ......................................................................................................................................... 60 TENEMENT SCHEDULE ..……………………………………………………………………………………………………............62 About Horizon Minerals Limited Horizon Minerals Limited (Horizon and the Company) is an emerging mid-tier gold producer with high quality projects located in the heart of the West Australian goldfields. The recent acquisition of Poseidon Nickel Limited’s processing infrastructure provides the Company a pathway for sustainable, long-term gold production and cashflow as an independent mid-cap producer. 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. CORPORATE PARTICULARS DIRECTORS Ashok Parekh Non-Executive Chairman Warren Hallam Non-Executive Director Robert Waugh Non-Executive Director CHIEF EXECUTIVE OFFICER Grant Haywood Managing Director & Chief Executive Officer COMPANY SECRETARY Daniel Coletta REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS Level 2, 16 Ord Street WEST PERTH WA 6005 Telephone +61 8 9386 9534 Email info@horizonminerals.com.au POSTAL ADDRESS PO Box 1064 WEST PERTH WA 6872 SHARE REGISTRY Computershare Investor Services Pty Ltd Level 17 221 St Georges Terrace PERTH WA 6000 Telephone + 61 8 9323 2000 AUDITORS PKF Perth Level 8 905 Hay Street PERTH WA 6000 Telephone +61 8 9426 8999 STOCK EXCHANGE LISTING Australian Securities Exchange Home Exchange: Perth Code: HRZ Horizon Minerals Limited Annual Financial Report 2025 Page 1 DIRECTORS' REPORT The Directors present their report together with the financial statements of the consolidated entity (hereafter referred to as the Group) for the financial year ended 30 June 2025 and the auditor’s report thereon. DIRECTORS The following persons held office as Directors of Horizon Minerals Limited during the financial year and up to the date of this report: • • • • • • Ashok Parekh Grant Haywood Warren Hallam (appointed 1 September 2024) Robert Waugh (appointed 1 May 2025) Christopher Hansen (resigned 20 September 2024) Jonathan Price (resigned 31 August 2024) INFORMATION ON DIRECTORS Ashok Parekh, Non-Executive Chairman Appointed 14 June 2019, appointed Chairman 1 July 2020 B.Bus, AIMM, CTA, FNTAA, FTIA, FCA Mr Parekh is a chartered accountant, of over 40 years’ experience, who owns a large accounting practice in Kalgoorlie, which he has operated for 35 years. He was awarded the Centenary Medal in 2003 by the Governor General of Australia and was recently awarded the Meritorious Service Award by the Institute of Chartered Accountants, the highest award granted by the institute in Australia. Mr Parekh has over 35 years’ experience in providing advice to mining companies and service providers to the mining industry. He has spent many years negotiating with public listed companies and prospectors on mining deals which have resulted in new IPOs and the commencement of new gold mining operations. He has also been involved in the management of gold mining and milling companies in the Kalgoorlie region and has been the Managing Director of some of these companies. He is well known in the West Australian mining industry and has a very successful background in the ownership of numerous businesses in the Goldfields. Directorships held in other listed companies in the past 3 years: - Kingwest Resources Limited (ASX: KWR) (Appointed 2 May 2022) OzAurum Resources Limited (ASX: OZM) (Appointed 21 May 2025) Grant Haywood, Managing Director and Chief Executive Officer Appointed Chief Executive Officer 1 July 2023, appointed Managing Director 18 June 2024 BEng (Mining Engineering) Hons, MSc (Minerals Economics), Dip Bus (Frontline Management), GAICD, FAusIMM, WA First Class Mine Managers Certificate Mr Haywood is a mining engineer with over 30 years’ experience in underground and open cut mining operations and is a graduate of the Western Australian School of Mines (WASM). Grant also attained his Masters in Mineral Economics from WASM, holds a First Class Mine Managers Certificate and is also a Graduate of the Australian Institute of Company Directors and a Fellow of the Australian Institute of Mining and Metallurgy. He has managed mining projects in senior leadership positions from feasibility through to development and operations predominantly in the Western Australian goldfields for junior and multinational gold mining companies including Phoenix Gold, Saracen Mineral Holdings and Gold Fields. Directorships held in other listed companies in the past 3 years: None Warren Hallam, Non-Executive Director Appointed 1 September 2024 BSc (Env Science), Grad Dip (Extractive Metallurgy), MSc (Mineral Economics), FAusIMM Mr Hallam has a built a strong track record of over 35 years in operations, corporate and senior leadership roles across multiple commodities. This includes previous Managing Director roles at Metals X Limited, Millenium Metals Limited and Capricorn Metals Limited. Mr Hallam is a metallurgist who also holds a Masters in Mineral Economics from Curtin University. Mr Hallam has considerable technical, managerial and financial experience across a broad range of commodities being predominantly gold, nickel, copper, tin, lithium, rare earth elements and iron ore. As Executive Director and Managing Director of Metals X, Mr Hallam played a critical role in the development of Metals X into a leading global tin and top-10 Australian gold producer. Horizon Minerals Limited Annual Financial Report 2025 Page 2 DIRECTORS' REPORT Warren Hallam, Non-Executive Director (continued) Directorships held in other listed companies in the past 3 years: - Aurora Energy Metals Limited (ASX: 1AE) (Appointed 1 January 2025) St Barbara Limited (ASX: SBM) (Appointed 7 September 2023) Kingfisher Mining Limited (ASX: KFM) (Appointed 4 December 2018) Poseidon Nickel Limited (ASX: POS) (Appointed 1 June 2022 – 19 February 2025) Chair of NiCo Resources Limited (ASX:NC1) (29 April 2021 – 27 March 2023) Robert Waugh, Non-Executive Director Appointed 1 May 2025 BSc (Geology), MSc (Mineral Economics), FAusIMM, MAIG Mr Waugh has over 35 years experience in the resources sector with the majority in gold and base metals. Mr Waugh has held senior exploration management roles at major mining house WMC Resources Limited and BHP Billiton Limited, prior to his Managing Director role with Musgrave Minerals Limited which culminated with the $200m acquisition by Ramelius Reosurces Limited in late 2023. Mr Waugh has had significant exploration success over his career, including being part of the teams that discovered the Break of Day, White Heat and Big Sky gold deposits at Cue in Western Australia, the Nebo-Babel Ni-Cu deposit in the West Musgrave region of Western Australia, the Cobbler gold deposit at Norseman in Western Australia, and the Duke Batman and Honeypot uranium deposits in Queensland. Directorships held in other listed companies in the past 3 years: - Caprice Resources Limited (ASX: CRS) (Appointed 9 April 2025) Future Battery Minerals Limited (ASX: FBM) (Appointed 25 June 2024) Musgrave Minerals Limited (ASX: MGV) (Company delisted from the ASX on 29 September 2023) COMPANY SECRETARY Daniel Coletta – appointed 4 September 2025. Julian Tambyrajah – appointed 3 December 2020 and ceased employment 4 September 2025. CORPORATE INFORMATION Horizon Minerals Limited is a company limited by shares that is incorporated and domiciled in Australia. PRINCIPAL ACTIVITIES The principal activities of the Group during the financial year was for the exploration, development and production of gold and other mineral resources in Western Australia. OPERATING RESULTS The net loss of the Group for the year ended 30 June 2025, after providing for income tax, amounted to a loss of $23,847,246 (2024: Loss $3,457,497). The loss for the year includes an impairment expense amount of $7,000,000 relating to the nickel exploration assets acquired upon the acquisition of Poseidon Nickel Ltd during the year. REVIEW OF OPERATIONS The following activities occurred during the financial year: Exploration: A drilling program of extensional and infill drilling commenced at the Burbanks Project with a total of 30,000 metres of drilling planned in key areas to enhance resource continuity and confidence to enable future conversion to an Ore Reserve as well as targeted extensional drilling of known high grade lodes. Operations: Mining activities at the Boorara Open Pit gold mine and at the Phillips Find Open Pit gold mine commenced with steady state gold production and revenue being generated from the ore sale and toll milling agreements in place. Project update: The Company appointed GR Engineering (GRS) to undertake a Pre-Feasibility Study (PFS) for the conversion of the Black Swan processing plant from nickel to gold, with expected completion of the study in late 2025. Horizon Minerals Limited Annual Financial Report 2025 Page 3 DIRECTORS' REPORT SIGNIFICANT CHANGES IN STATE OF AFFAIRS During the 2025 financial year the Group transitioned from the exploration stage to the production stage at the Boorara/Phillips Find open pit mines. In February 2025 the Company completed a merger with Poseidon Nickel Limited (ASX:POS) via a Scheme of Arrangement where under the scheme: • • Each POS shareholder received 0.1156 Horizon shares for every 1 POS share held; and Each POS optionholder (other than those holders of POS Incentive Options) received 0.1156 Horizon options for every1 POS option held. This transaction has consolidated Horizon’s large gold resource and Poseidon’s Black Swan processing facility to provide a pathway for sustainable, long-term gold production and cashflow as an independent mid-cap producer. MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR On 17 July 2025 the Group 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 announced the execution of a binding sale agreement with Yandal Resources Limited for the purchase of the Gordons Gold Project. The project comprises of 34 granted mining, prospecting, exploration and miscellaneous licences covering an area of approximately 77km2 strategically located in close proximity to the Black Swan processing plant and was acquired for total consideration of $2.810 million made up of a combination of cash payments and Horizon shares. On 4 September 2025 the Company announced that Daniel Coletta has replaced Julian Tambyrajah as Company Secretary. On 5 September 2025 the Company announced that Nebari Gold Fund had 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 FX rate of 0.654. There are no other matters or circumstances that have arisen since 30 June 2025 that have or may significantly affect the operations, results, or state of affairs of the Group in future financial periods. LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS In the opinion of the Directors, it would prejudice the interests of the Group to provide additional information, beyond that reported in this Annual Financial Report, relating to likely developments in the operations of the Group and the expected results of those operations in financial years subsequent to 30 June 2025. DIVIDENDS PAID OR RECOMMENDED Since the end of the previous financial year, no amount has been paid or declared by way of dividend. The Directors do not recommend that any dividend be paid. Horizon Minerals Limited Annual Financial Report 2025 Page 4 DIRECTORS' REPORT MEETINGS OF DIRECTORS The number of directors’ meetings (including meetings of committees of Directors) held and attended by each of the Directors of the Group during the year were: Full Meetings of Directors Directors Number Remuneration Committee Number Eligible To Participate Attended Eligible To Participate Attended Ashok Parekh 8 8 2 2 Grant Haywood 8 8 2 2 Warren Hallam (appointed 01/09/24) 6 6 1 1 Robert Waugh (appointed 01/05/25) 2 2 0 0 Jonathan Price (resigned 31/08/24) 2 2 1 1 Chris Hansen (resigned 20/09/24) 2 2 1 1 DIRECTORS INTERESTS As at the date of this report interests of the Directors in the shares and rights or options of the Company were: Ordinary shares Directors Options over ordinary shares Performance Rights Ashok Parekh 25,349,524 - - Grant Haywood 3,290,717 - 7,500,000 Warren Hallam 1 1,730,361 12,845 - Robert Waugh 607,857 - - 1 Options were allotted from the Scheme of Arrangement with Poseidon Nickel Limited. AUDITED REMUNERATION REPORT The information provided in this remuneration report has been audited as required by section 308(3C) of the Corporations Act 2001. REMUNERATION GOVERNANCE The role of the Remuneration Committee has been assumed by the full Board. The Board’s policy for determining the nature and amount of remuneration for board members and senior Executives of the Company is as follows: The objective of the Company’s policy is to provide remuneration that is competitive and appropriate. The Board ensures that executive reward satisfies the following key criteria for good reward governance practices: (i) (ii) (iii) (iv) competitiveness and reasonableness; acceptability to shareholders; transparency; and capital management. Horizon Minerals Limited Annual Financial Report 2025 Page 5 DIRECTORS' REPORT (a) Details of Remuneration The key management personnel of the Consolidated Entity consisted of the following directors of Horizon Minerals Limited: • Ashok Parekh – Non-Executive Chairman (appointed 1 July 2020) • Grant Haywood – Chief Executive Officer and Managing Director (appointed 1 July 2023 and 18 June 2024 respectively) • Warren Hallam – Non-Executive Director (appointed 1 September 2024) • Robert Waugh – Non-Executive Director (appointed 1 May 2025) • Jonathan Price – Non-Executive Director (resigned 31 August 2024) • Peter Bilbe - Non-Executive Director (resigned 18 June 2024) • Chris Hansen – (appointed 18 June 2024 and resigned 20 September 2024) And the following executives: • Julian Tambyrajah – Chief Financial Officer & Company Secretary (ceased employment 4 September 2025) Details of Remuneration The remuneration of the key management personnel of the Group are set out in the following tables: Short Term Benefits Name Year Salary & Wages $ Long Term Benefits Directors’ Fee $ Share based payments $ Superannuation $ Performance Related % Total $ Ashok Parekh 2025 - 84,000 - 9,660 93,660 - (Non-Executive Chairman) 2024 - 72,000 - 7,920 79,920 - Grant Haywood 2025 388,125 - 55,582 30,000 473,707 11.73 (Managing Director & CEO) 2024 393,526 - - 27,500 421,026 - Warren Hallam 2025 - 55,667 - 6,402 62,069 - (Non-Executive Director) 2024 - - - - - - Robert Waugh 2025 - 11,667 - 1,342 13,009 - (Non-Executive Director) 2024 - - - - - - Peter Bilbe 2025 - - - - - - (Non-Executive Director) 2024 - 52,200 - 5,742 57,942 - Chris Hansen 2025 - 13,500 - 191 13,691 - (Non-Executive Director) 2024 - - - - - - Jonathan Price 2025 - 9,000 - 1,035 10,035 - (Non-Executive Director) 2024 - 54,000 - 5,940 59,940 - Julian Tambyrajah 2025 344,082 - 21,792 30,000 395,874 5.50 (Chief Financial Officer & Company Secretary) 2024 358,682 - - 27,500 386,182 - Total 2025 732,207 173,834 77,374 78,630 1,062,045 Total 2024 752,208 178,200 - 74,602 1,005,010 Other KMP Horizon Minerals Limited Annual Financial Report 2025 Page 6 DIRECTORS' REPORT (a) Details of Remuneration (continued) The proportion of remuneration linked to performance and the fixed proportion are as follows: Fixed Remuneration Name Ashok Parekh At risk - STI At risk – LTI 2025 2024 2025 2024 2025 2024 100% 100% 0% 0% 0% 0% 88% 100% 0% 0% 12% 0% 100% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 100% 100% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 94% 100% 0% 0% 6% 0% (Non-Executive Chairman) Grant Haywood (Managing Director & CEO) Warren Hallam (Non-Executive Director) Robert Waugh (Non-Executive Director) Jonathan Price (Non-Executive Director) Peter Bilbe (Non-Executive Director) Chris Hansen (Non-Executive Director) Other KMP Julian Tambyrajah (Chief Financial Officer & Company Secretary) The Company has no formal policy regarding bonus remuneration. The Directors may reward executives with bonuses at their discretion. The Company has no formal policy regarding the provision of Directors’ remuneration. Directors’ fees in total are determined by the shareholders in a general meeting. Shareholders have approved Directors’ Fees in total up to $250,000 per annum. For those Directors that are not on a salary, any time spent over and above expected Non-Executive Director paid fees may be paid as consulting fees for specialist services beyond normal duties at commercial rates calculated according to the amount of time spent on Company business. The share price of the Company has fluctuated with the markets and has also been influenced by the Company‘s investments in other ASX listed companies. Over the past five years the directors’ fees have remained static and have not been influenced by the fluctuating share price. Horizon Minerals Limited Annual Financial Report 2025 Page 7 DIRECTORS' REPORT (a) Details of Remuneration (continued) Service agreements Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details of these agreements are as follows: Details Service Terms Name Ashok Parekh Title Non-Executive Chairman Agreement Commenced 14 June 2019 Terms of Agreement Continues subject to re-election at AGM Details Mr Parekh was engaged as a Non-Executive Director by resolution of the board and was later re-elected at the annual general meeting. Mr Parekh is remunerated with Directors Fees of $90,000 per annum plus superannuation. Details Service Terms Name Grant Haywood Title Chief Executive Officer (appointed 18 June 2024 Managing Director) Agreement Commenced 18 June 2024 Term of Agreement Continuous Details Mr Haywood is on a base salary of $375,000 plus superannuation, the excess superannuation over the cap was added back to the base. Mr Haywood may terminate the contract by giving three (3) months’ notice or at the Company’s discretion salary payment in lieu of notice. Mr Haywood is entitled to six (6) months termination/break fee payment if the Company terminates for any other reason than serious misconduct. Details Service Terms Name Warren Hallam Title Independent Non-Executive Director Agreement Commenced 1 September 2024 Term of Agreement Continues subject to re-election at AGM Details Mr Hallam was engaged as a Non-Executive Director by resolution of the board. Mr Hallam is remunerated with Directors Fees of $70,000 per annum plus superannuation. Details Service Terms Name Robert Waugh Title Independent Non-Executive Director Agreement Commenced 1 May 2025 Term of Agreement Continues subject to re-election at AGM Details Mr Waugh was engaged as a Non-Executive Director by resolution of the board. Mr Waugh is remunerated with Directors Fees of $70,000 per annum plus superannuation. Horizon Minerals Limited Annual Financial Report 2025 Page 8 DIRECTORS' REPORT a) Details of Remuneration (continued) Service agreements (continued) Details Service Terms Name Julian Tambyrajah Title Chief Financial Officer & Company Secretary Agreement Commenced 1 December 2020 Agreement Terminated 4 September 2025 Details Mr Tambyrajah is on a base salary of $335,500 plus superannuation, the excess superannuation over the cap was added back to the base. Mr Tambyrajah may terminate the contract by giving three (3) months’ notice or at the Company’s discretion salary payment in lieu of notice. Mr Tambyrajah is entitled to six (6) months termination/break fee payment if the Company terminates for any other reason than serious misconduct (b) Interests in the Shares of the Company The number of shares in the Company held during the financial year by key management personnel of Horizon Minerals Limited, including their personally related parties, is set out below: 2025 Balance at the start of the year Shares purchased Exercise of Options Shares sold Balance held at Appointment/ resignation Balance at the end of the year Ashok Parekh 24,084,407 800,000 - - - 24,884,407 Grant Haywood 2,405,600 420,000 - - - 2,825,600 Warren Hallam 1 - 1,265,244 - - - 1,265,244 Robert Waugh - - - 142,740 142,740 Jonathan Price 5,450,000 550,000 - - (6,000,000) - Chris Hansen 9,945,212 - - - (9,945,212) - 155,782 151,062 - - - 306,844 42,041,001 3,186,306 - - (15,802,472) 29,424,835 Other KMP Julian Tambyrajah TOTAL 1 Shares purchased includes 154,133 shares allotted from the Scheme of Arrangement with Poseidon Nickel Limited. 2024 Balance at the start of the year Shares purchased Exercise of Options Shares sold Balance held at Appointment/ resignation Balance at the end of the year Ashok Parekh 24,084,407 - - - - 24,084,407 Peter Bilbe 2,480,000 - - - (2,480,000) - Jonathan Price 5,200,000 250,000 - - - 5,450,000 Grant Haywood 2,405,600 - - - - 2,405,600 - - - - 9,945,212 9,945,212 - 155,782 - - - 155,782 34,170,007 405,782 - - 7,465,212 42,041,001 Chris Hansen Other KMP Julian Tambyrajah TOTAL Horizon Minerals Limited Annual Financial Report 2025 Page 9 DIRECTORS' REPORT (c) Share-Based Compensation (i) Options The following options were on issue to key management personnel at 30 June 2025: Unlisted Options Directors 12,845 Warren Hallam1 1 Options were allotted from the Scheme of Arrangement with Poseidon Nickel Limited. During the year, 527,822 options that had previously been purchased on market by Grant Haywood expired. These options had an exercise price of $0.097 and an expiry date of 30 June 2025. During the year ended 30 June 2025, there were no options exercised by directors. (ii) Performance Rights Details of performance rights over ordinary shares in the Company provided as remuneration to key management personnel of Horizon Minerals Limited are set out below. When vesting conditions are met, each right is convertible into one ordinary share of Horizon Minerals Limited. Year ended 30 June 2025 Balance at beginning of year unvested Directors and other KMP Granted Value to be expensed* $ No. No. Lapsed/ cancelled Balance at end of year unvested No. Value expensed in 2024/25^ $ Value to be expensed* $ Value to be expensed* $ No. Grant Haywood - - 7,500,000 286,000 - 7,500,000 55,582 230,418 Julian Tambyrajah - - 2,125,500 98,694 - 2,125,500 21,792 76,902 TOTAL - - 9,625,500 384,694 - 9,625,500 77,374 307,320 * Maximum value to be expensed in future periods if all vesting conditions are met. ^ All performance rights have lapsed or been forfeited; therefore, these amounts represent no value to the individual at year end. The performance rights issued during the year were issued in classes with varying performance and vesting conditions (refer to note 26). Details of the number of rights issued per class to each key management personnel are as follows: KMP Class A No. Class B No. Class C No. Total No. Grant Haywood 2,500,000 2,500,000 2,500,000 7,500,000 Julian Tambyrajah 708,500 708,500 708,500 2,125,500 3,208,500 3,208,500 3,208,500 9,625,500 TOTAL The fair value at grant date of the performance rights are independently determined using a Hoadley’s Barrier 1 model. A total amount of $262,090 is included in the Statement of Financial Performance and Statement of Changes in Equity for the year ended 30 June 2025 of which $77,374 is attributable to Key Management Personnel. There were no performance rights on issue to key management personnel at 30 June 2024. The assessed fair value at grant date of performance rights granted to the individuals is allocated equally over the period from grant date to vesting date, and the amount is included in the remuneration tables above. Fair values at grant date are independently determined using a Hoadley’s Barrier 1 model that takes into account the vesting condition of the rights, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the rights. Horizon Minerals Limited Annual Financial Report 2025 Page 10 DIRECTORS' REPORT (d) Other Transactions with Key Management Personnel Transactions with related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. The following transactions occurred during the year: - Goldfields Hotels Pty Ltd, a Company associated with Mr Ashok Parekh, provided services to the Company totalling $37,962 (2024: $37,069), with an amount payable of $2,942 at 30 June 2025 (2024: $2,914). - Palace Hotel, a Company owned by Mr Ashok Parekh, provided services to the Company totalling $24,466 (2024: $7,910), with an amount payable of $7,382 at 30 June 2025 (2024: nil). This is the end of the Audited Remuneration Report. INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS During the financial year, the Group maintained an insurance policy which indemnifies the Directors and Officers of Horizon Minerals Limited in respect of any liability incurred in connection with the performance of their duties as Directors or Officers of the Group. The Group's insurers have prohibited disclosure of the amount of the premium payable and the level of indemnification under the insurance contract. NON-AUDIT SERVICES The Directors are satisfied that the provision of non-audit services, during the year, by the auditor or a related practice of the auditor is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. Details of the amount paid to the Company’s auditors during the year are set out in Note 28 of this report. AUDITOR’S INDEPENDENCE DECLARATION In accordance with section 307C of the Corporations Act 2001, the Directors have obtained a Declaration of Independence from PKF Perth, the Group’s auditor, as presented on the following page. ENVIRONMENTAL REGULATION The Group’s exploration and mining operations are subject to environment regulation under the laws of the Commonwealth and the States. The Company holds exploration/mining tenements in Western Australia, Northern Territory and Queensland and thus is subject to the Mining Acts of these states, each with specific conditions relating to environmental management. The Directors advise that during the year ended 30 June 2025, no claim has been made by any competent authority that any environmental issues, no condition of license or notice of intent has been breached, and no claim has been made for increase of bond. The Directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which requires entities to report annual greenhouse gas emissions and energy use. For the measurement period 1 July 2024 to 30 June 2025 the directors have assessed that there are no current reporting requirements but may be required to do so in the future. PROCEEDI