Horizon Minerals is set to acquire 100 per cent of Poseidon Nickel in a merger that will see the company rebrand as “Horizon 2.0”.
The merger will consolidate 1.8 million ounces of gold and strategic project infrastructure for Horizon to transition into Western Australia’s next standalone producer.
On February 7, the Supreme Court of Western Australia approved the scheme, with the acquisition expected to be finalised on February 19.
Once the acquisition is complete, Poseidon’s Black Swan processing facility in WA will become a jewel in Horizon’s crown, bringing in 2.2 million tonnes per annum once operational.
There will also be a renewed drilling push at Black Swan in the future, with Horizon reporting that only five per cent of drill assays have been tested for gold despite multiple gold nuggets being found.
While focusing on Black Swan, Horizon will also turn its attention to its Burbanks, Phillips Find and Pennys Find deposits, with first gold expected from Phillips Find in the first quarter of 2025. First gold has already been poured at Burbanks.
The board and leadership team will have a small facelift as the merger solidifies, with current Poseidon chief executive officer Brendan Shalders remaining with the company in a consulting role for at least three months post-merger.
Grant Haywood will continue on as managing director, while the position of chief financial officer will be taken on by Julian Tambyrajah.
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