• Three processing campaigns of Phillips Find ore completed, totalling 98,945 tonnes at 1.65g/t Au for 4,954 ounces produced
• Mining of the first phase at Phillips Find coming to a close, with 120,000 tonnes of high grade and 22,000 tonnes of low-grade ore stockpiled
• Boorara mining progressing well, with significant stockpiles of high-grade, medium grade and low-grade ore

Horizon Minerals Limited (ASX: HRZ) has provided an update on the development of the Phillips Find and Boorara Gold Projects. At Phillips Find, three processing campaigns of ore have been completed at FMR Investments' Greenfields mill, totalling 98,945 tonnes at 1.65g/t Au for 4,954 ounces produced. Mining of the first phase at Phillips Find is coming to a close, with approximately 120,000 tonnes of high grade and 22,000 tonnes of low-grade ore stockpiled. Due to the volume of ore mined being greater than the originally planned 200,000 tonnes, Horizon's JV partner BML Ventures Pty Ltd has executed a binding Toll Milling Agreement to treat 120,000 tonnes of high grade ore at a nearby processing plant. Ore haulage has commenced, with 90,000 tonnes of ore stockpiled for processing in the current December 2025 quarter, and final distributions expected in January 2026. The remaining Phillips Find ore will be treated at Focus Minerals Ltd's Three Mile Hill plant in January 2026. At Boorara, mining is progressing well and due to be completed in the current December 2025 quarter. Significant stockpiles of ore have been generated, with 289,000 tonnes at 1.14g/t Au of high-grade, 30,000 tonnes at 1.00g/t Au of medium grade and 145,000 tonnes at 0.61g/t Au of low-grade ore stockpiled. The high-grade ore is being processed under the Ore Purchase Agreement with Norton Gold Fields to treat at the Paddington Mill. However, Paddington has advised that in the short-term it has elected to prioritise its own ore feed, resulting in a reduction of ore haulage for all customers, including Horizon, by approximately 45% from mid-October 2025. This will defer some cashflow into the March and June 2026 quarters. Paddington has advised that Boorara ore haulage volumes are expected to resume to contracted levels by early December 2025. Horizon's balance sheet is strengthening, with estimated unaudited cash at the end of October 2025 of $33.2m and an additional $30.0m of cash expected by the end of January 2026 from the proposed sale of the Company's Lake Johnston asset.

Horizon expects the Boorara high-grade stockpile at the end of October 2025 to generate $25.7m of free cashflow from processing at Paddington based on the Net Realisable Value at a $6,113/oz gold price.