Horizon Minerals (ASX:HRZ) is building up cashflow via its Phillips Find and Boorara Gold projects in Western Australia, generating $20.3 million in revenue to date.
During the June quarter so far, $12.8 million in revenue has been received from Paddington, in addition to $7.5 million received from FMR Investments for the treatment of 51,228 tonnes @ 0.92g/t gold and metallurgical recovery of 94.71% for 1,439.3 ounces sold at an average $5,195 per ounce.
At Phillips Find, 18,676 tonnes of ore @ 1.97 grams per tonne gold and 95.5% metallurgical recovery delivering 1,132.2 ounces has been sold at an average price of $5,140 per ounce. As a result, $5.8 million in revenue has been generated.
The first free cashflow distribution from the project has been achieved, generating $1.5 million in net cashflow directly to Horizon.
The remaining 70,000 tonnes of ore from Phillips Find is scheduled to be processed in September and October this year, through Focus Minerals’ (ASX:FML) Three Mile Hill processing plant.
Horizon, which has a market capitalisation of $125.76 million, says an additional 87,000 tonnes of ore will be toll treated at the Greenfields Mill in August. This includes 27,000 tonnes of ore from Boorara, to complete the toll milling agreement with FMR Investments.
At Boorara, the company says 190,000 tonnes of high-grade ore has been stockpiled, as well as 126,000 tonnes of low-grade ore.
The high-grade ore stockpiles are being prioritised for treatment under the ore purchase agreement with privately held Norton Gold Fields to treat at the Paddington Mill for the processing of 1.24 million tonnes of Boorara ore.
Horizon notes the March 2025 quarter payments have been received from Paddington, yielding $6.3 million in revenue.
Trading Economics says gold’s price climbed above US$3,390 ($5,239.25) per ounce yesterday (17 June), extending gains as escalating tensions in the Middle East boosted demand for safe-haven assets.
According to ABC Bullion, the gold price is sitting at $5,245.91 per ounce as of 9am AEST today.
Horizon Minerals will be attending the Noosa Mining Investor Conference, held between 23-25 July, at the Peppers Noosa Resort.
Mining.com.au is an official media partner of this year’s conference.
Write to Aaliyah Rogan at Mining.com.au
Images: Horizon Minerals
