Annual Report 2023
Perth, Sep 18, 2023 AEST (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) continued to advance and build up its core gold project portfolio in Western Australia through extensional and new discovery drilling for gold, and to leverage off its substantial landholding into other commodities, including NiCo, Ag-Zn, Cu and PGE's.
In addition, the Company along with joint venture partners Richmond Vanadium Technology (ASX:RVT) successfully transitioned the JV to a publicly listed company through a successful IPO and listed RVT on the ASX in December 2022, with Horizon shareholders receiving shares in RVT via an in-specie distribution, and Horizon maintaining a 9% shareholding in RVT.
The Company also acquired the remaining 50% interest in the Penny's Find gold project from JV partner Labyrinth Resources Limited (ASX:LRL) and now owns the project 100%. The Company also divested its Kangaroo Hills and Phoenix tenements to Greenstone Resources Limited (ASX:GSR) for $300,000 in cash and shares.
Horizon also advanced its Cannon project by securing a US$5m loan from Nebari Partners to pay the deferred consideration for the project and to fund its development, with all necessary statutory approvals also secured for the project.
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About Horizon Minerals Limited
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Horizon Minerals Limited