• Attractive gold development opportunity with low capital intensity, utilising existing mining and Black Swan processing infrastructure
• Average annual gold production of approximately 102koz
• Mine plan contains approximately 74% Measured and Indicated Resources with the balance Inferred Resources

Horizon Minerals is pleased to present the outcomes of the Black Swan Plant and Mine Planning Scoping Studies completed to support the development of its 100%-owned Black Swan Project Processing Hub (BSPH or the Project), located near Kalgoorlie in the Goldfields region of Western Australia. The Studies deliver a robust economic outcome, projecting average annual gold production of approximately 102koz at an average mine production grade of 1.65g/t Au. The Studies present a low capital intensity project with startup capital for processing, mining and infrastructure projected to be repaid in 18 months from start of commissioning at a gold price assumption of A$5,500/oz. The majority of planned mining activities are open pit resources, supported by high-grade underground mines. The strong results from the Studies provide Horizon Minerals with the confidence to progress the BSPH toward development while continuing optimisation and upgrading of remaining Mineral Resources to Ore Reserves.

The Studies project total gold production of 546koz over the initial 5-year mine life, with an average annual gold production of approximately 102koz.

Horizon Minerals believes potential upside exists to the study's production profile based on systematic exploration and Mineral Resource classification drilling currently being undertaken across key deposits, as well as potential to debottleneck the processing flowsheet to increase processing ore feed above the assumed annual throughput of 2.2Mtpa.