Horizon Gold Maps 2028 Gum Creek Start After DFS

The project is most sensitive to the gold price. At $4,000/oz the pre-tax NPV falls to $335 million with a 19.5% IRR and $569 million of free cash flow across the mine life.

The proposed plant is designed for 2.4 million tonnes per annum using conventional three-stage crushing, single-stage ball milling, gravity recovery and carbon-in-leach processing. Overall gold recovery is forecast at 91.5%. Horizon has designed the crushing and milling circuits for a potential expansion to 3.0 million tonnes per annum through larger crushers, a reserved footprint for a second mill, and space for additional leach and adsorption tanks.

Process plant expenditure accounts for $159 million of pre-production capital. Non-process infrastructure contributes $114.1 million. The total includes a $30.4 million contingency and commissioning costs.

Existing roads, an operating airstrip, potable water, and a 50-person camp provide a base for early works. Plans call for expanding existing accommodation and constructing a new 252-person village. Early accommodation work is scheduled from the third quarter of 2026. Site works begin from early 2027. Process plant contractor engagement is targeted by the second quarter of 2027 before construction mobilisation in the fourth quarter.

The open-pit case excludes 416,000 ounces of free-milling underground resources grading 3.6 g/t gold and the 400,000 ounce Wilsons Underground sulphide resource grading 4.31 g/t gold. Infill drilling is under way at Kingfisher to improve resource confidence. Existing underground development at Kingfisher, Swan, and Omega could lower the capital needed to access higher-grade material outside the current mine plan.

Horizon has also identified toll processing or a joint venture as possible lower-capital early production routes under existing approvals. Neither option forms part of the DFS production target.

The final investment decision is targeted for the second quarter of 2027, subject to funding and approvals. Plant construction is scheduled to begin in the fourth quarter of that year.