Horizon Minerals (ASX:HRZ) CEO Grant Haywood says the company has a strengthened capital balance that will support the acceleration of the Black Swan Processing Hub after receiving cash from Phillips Find mining campaign.
“This positions the company to unlock significant value from its well-developed gold projects, while also capitalising on opportunities in the Kalgoorlie region where processing capacity is currently constrained,” Haywood says.
“With the project now fully funded, Horizon is well placed to advance its strategy of becoming the next mid-tier gold producer in the Western Australian Goldfields.”
Horizon received $10 million in joint venture distributions in March 2026 for the Phillips Find Gold Project in Western Australia, following mining campaigns undertaken by the joint venture partner, BML Ventures.
BML Ventures completed mining activities at Phillips Find in November 2025, with two processing campaigns now completed.
Gold ore from the project was processed at a nearby third-party mill, returning a total of 127,043 tonnes @ 2.31 grams per tonne gold for 9,141 ounces.
Tonnage produced provided a metallurgical recovery rate of 96.9%, bringing Phillips Find to have processed a total of 225,988 tonnes @ 2.02g/t gold for 14,095 ounces.
Horizon has also treated a parcel of 30,000 tonnes @ 0.8g/t gold. The parcel of lower grade material has yet to be reconciled.
The company expects its final cash distribution from the joint venture in April 2026, after the lower-grade package, all gold is sold, and final project costs are reconciled.
Horizon’s estimated unaudited cash balance is marked at $114.1 million as of 6 March, including a $10 million payment from the joint venture, the final $20 million payment for the sale of Lake Johnston, and $55 million received in tranche one of a capital raise.
The cash balance excluded $120 million expected to be raised in tranche two, awaiting shareholder approval at an upcoming general meeting on 7 April.
As reported by Mining.com.au, Horizon placed an order for long-lead items earlier this month to complete development activities at the Black Swan Processing Hub, also located in Western Australia.
Horizon Minerals is an emerging mid-tier gold producer focused on developing projects in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Horizon Minerals
