Horizon Minerals’ sites are on track for significant development, with its Phillips Find project completing three processing campaigns, and its Boorara project’s mining due to be completed this quarter.
These processing campaigns for Phillips Find were completed at FMR Investments’ greenfields mill, totalling 98,945 tonnes at 1.65 grams per tonne (g/t) of gold (Au) for 4954 ounces produced.
For Boorara, outstanding 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.
Horizon managing director and chief executive officer Grant Haywood said the company is “very pleased” with the progress at Phillips Find.
“This project is aiming to generate strong cash flows from the increased high-grade tonnages being mined and processed in a very strong gold price environment,” he said.
For Phillips Find, its gold projects are coming to a close, with roughly 120,000 tonnes of high-grade and 22,000 tonnes of low-grade ore stockpiled.
Horizon said that due to the volume of the ore mined being greater than the originally planned 200,000 tonnes for the first phase of the project, the site’s joint-venture (JV) partner, Ventures, executed a Toll Milling Agreement to treat 120,000 tonnes of high-grade ore at a nearby processing plant.
Likewise, ore haulage has also commenced, with 90,000 tonnes of ore stockpiled for processing with treatment scheduled for this December quarter, and final distributions expected in January 2026.
Boorara’s high-grade ore is being processed under the Ore Purchase Agreement with Norton Gold Fields for treatment at Paddington Mill.
However, Paddington has also advised that for the short-term, it has chosen to prioritise its own ore feed and as a result, ore haulage for customers, including Horizon, was reduced by roughly 45 per cent from October this year.
“The delay in realising cash flow from the third party processing of our Boorara ore into next year is not ideal,” Haywood said.
“However, we expect our cash at bank to rise rapidly in the first months of 2026 as we advance our plans to be the next emerging mid-tier gold producer in the Western Australian goldfields.”
Paddington has advised that Boorara ore haulage volumes are expected to resume to contracted levels by early December.
Also a positive for Boorara, the high-grade stockpile from October is estimated to generate $25.7 million of free cashflow from processing at Paddington, based on the net realisable value at a $6,115 per ounce gold price.
Likewise, Horizon’s set to see an additional $30.3 million of cash from the proposed sale of its Lake Johnsons asset to Forrestania Resources at the end of January 2026.
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