• Mining and processing at Phillips Find Gold Project completed
• $10M in JV distributions received, strengthening balance sheet
• High-grade ore processing yielded 14,095 ounces at 96.9% recovery
• Funds to support refurbishment of Black Swan Processing Hub

Horizon Minerals Ltd (ASX: HRZ) has provided an update on the development of the Phillips Find Gold Project. Mining undertaken by the Phillips Find JV partner BML Ventures Pty Ltd was completed in late November 2025, with two processing campaigns completed. The Company has received a further $10M in JV distributions in March 2026. Processing of high-grade ore at a nearby third-party mill totalled 127,043 tonnes at 2.31 g/t Au for 9,141 ounces produced at an excellent metallurgical recovery of 96.9%. Processing of lower-grade ore at Focus Minerals' Three Mile Hill mill totalled 26,927 tonnes at 1.13 g/t Au for 879 ounces produced at a recovery of 89.8%. In total, the Phillips Find project has processed 225,988 tonnes at 2.02 g/t Au for 14,095 ounces of high-grade gold. A parcel of lower-grade material of approximately 30,000 tonnes at 0.8 g/t Au has also been treated this quarter, with the final reconciliation expected in April 2026. The cash received from the Phillips Find mining campaign strengthens Horizon Minerals' available capital and supports the acceleration of the Black Swan Processing Hub as a regional centre for gold processing.

With the project now fully funded, Horizon is well placed to advance its strategy of becoming the next mid-tier gold producer in the WA Goldfields.