Horizon Minerals has received a funding boost through a share placement from Golden Crane Holdings, raising $9.625 million to support its project developments.
Under the share subscription agreement (SSA), Horizon will issue more than 213 million fully paid ordinary shares at $0.045 per share across two tranches.
Tranche 1 comprises 141 million new shares for $6.345 million, while tranche 2, which is expected in the coming months, involves more than 72 million shares worth $3.28 million. The timing of tranche 2 is dependent on approval from the Foreign Investment Review Board.
Horizon managing director and chief executive officer Grant Haywood said the company is optimistic about the development funding.
“We are very pleased to have the support of a new private equity investor who has committed to provide $9.625 million to fund the company’s ongoing project developments at Boorara and Phillips Find project,” Haywood said.
“With the gold price at all-time highs, we look forward to ongoing gold production from Boorara and Phillips Find, and further production optionality in the future from our advanced suite of development-ready assets.”
The funds raised may also be used to retire or refinance existing debt.
Mining operations commenced at the Boorara gold project in July 2024, targeting 1.24 million tonnes of ore with an average grade of 1.24 grams per tonne (g/t) for 49,500 ounces of gold.
The first ore stockpile of 54,380 tonnes (t) has undergone assaying and metallurgical test work and is being hauled to the Paddington mill for first gold production.
At Phillips Find, a joint venture with BML Ventures, mining began in October 2024. This project will see 200,000t processed at FMR Investments’ Greenfields Mill, with completion expected by June 2025.
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