Horizon Minerals (ASX:HRZ) has poured its first gold bar from the Boorara Gold Project in Western Australia.
CEO Grant Haywood says the company is stoked to become Australia’s newest gold producing company in 2025.
In an update to the market, Horizon says the first stockpile of 56,654 wet metric tonnes @ 0.8 grams per tonne gold was accepted by privately held Norton Gold Fields’ Paddington Mill in early December 2024. Since then, ongoing haulage has continued through to January 2025.
As of yesterday (14 January), Horizon Minerals, which has a market capitalisation of $73.82 million, says the entire stockpile no.1 has been hauled to the Paddington Mill run of mine.
Prior to yesterday, Horizon Minerals achieved 50% of the delivery schedule and agreed the first invoice estimate with Paddington which is now payable on or about 21 January 2025.
“We have a mineral resource of 1.8 million ounces across our projects and developing a sustainable gold production pipeline which includes numerous projects that are ready for a final investment decision, such as Penny’s Find and the Cannon projects,” Haywood says.
“With the cashflow we expect to generate from Boorara and our other advanced projects, we will seek to use this production pipeline to feed a refurbished Black Swan mill after completion of our proposed merger with Poseidon Nickel (ASX:POS).”
The company notes mining is continuing at Boorara pits two and four building the next stockpile for haulage.
Horizon Minerals is an emerging mid-tier gold producer focused on its extensive portfolio of projects in the heart of the Western Australian Goldfields region. The company’s share price has been on a slight upward trajectory since December 2024 and is today trading at about $0.047.
The Boorara Gold Project sits 10km east of the Super Pit Gold Mine in Western Australia. Boorara, which is divided into three project areas, contains over 1.5km of gold mineralisation striking north-west.
As of 10.30am AEDT this morning, gold’s spot price was sitting at $4,331.51 per ounce.
Last year, the price of gold was considered favourable to producers in comparison to exploration companies. As Minining.com.au previously reported, established gold producers enjoy significant boosts to their share prices while the price continues to rise.
Write to Aaliyah Rogan at Mining.com.au
Images: Horizon Minerals & Mining.com.au
