Horizon to divest Lake Johnston for $35M

• Binding Heads of Agreement signed with Forrestania Resources Limited to divest 100% interest in Lake Johnston Project
• Total consideration of $35 million, comprising $30 million cash and $5 million in Forrestania shares
• Funds from divestment to advance Horizon's 100% owned Black Swan project and enable early funding of long lead items

Horizon Minerals Limited (ASX: HRZ) has entered into a binding Heads of Agreement with Forrestania Resources Limited (ASX: FRS) to divest its 100% owned Lake Johnston Project for a total consideration of $35 million. The transaction comprises $30 million in cash and $5 million in Forrestania fully paid ordinary shares. Completion of the transaction is subject to several conditions, including Forrestania successfully completing a capital raising to fund the acquisition. Funds from the divestment will be used to advance Horizon's 100% owned Black Swan project, enable Horizon to early fund long lead items for the refurbishment of the Black Swan processing plant, and for potential M&A. The pre-feasibility study on the Black Swan processing plant remains on track, and Horizon's recent acquisition of the Gordons Dam Project further enhances the Black Swan project. Horizon is currently undertaking a 30,000m drilling program at its 100% owned Burbanks project, with the first 15,000m focused on infill drilling to improve resource confidence and a further 15,000m of extensional drilling to grow the resource. In the new year, the company will also aim to accelerate further drilling programs across its highly prospective land package.