Horizon Minerals (ASX:HRZ) has completed the divestment of the Lake Johnston processing plant in Western Australia, to Forrestania Resources (ASX:FRS).
In mid-November 2025, both companies entered into a binding heads of agreement for a total consideration of $35 million for the Lake Johnston Project.
Following the company receiving $10 million in non-refundable cash, Horizon Minerals has received $20 million in cash and $5 million in Forrestania shares issued at $0.175 per share.
CEO Grant Haywood says the completion of the transaction further bolsters Horizon’s cash position and balance sheet as it looks to progress the Black Swan plant processing hub.
“The studies on the Black Swan plant refurbishment and conversion to a gold plant, along with the life of mine plan to provide ore to the plant are largely complete and shall be released to the market shortly,” Haywood says.
Forrestania will now begin refurbishment and conversion work designed to transform Lake Johnston into a near-term gold production centre. The company controls gold resources located within economic trucking distance of the plant and is in the process of assessing mine planning options.
Lake Johnston is licensed to operate until 2041 and features three stage crushing comminution circuit, two stage milling and flotation processing circuit, as well as workshops, laboratories and stores.
The plant also has an established accommodation camp and mining leases and associated tenure covering 86km2.
As previously reported, Horizon Minerals will be attending and presenting at this year’s RIU Explores Conference in Fremantle, Perth. The conference is held from 17-19 February at the Esplanade Hotel Fremantle by Rydges.
Speaking to Mining.com.au, General Manager of Corporate Development Christian Price says the company will discuss the outcomes of the Black Swan studies in its presentation, which increased the project’s gold ore processing capacity from 1.5 million tonnes per year to 2.2 million tonnes.
“RIU is a fantastic conference to connect directly with explorers and developers on the ASX, meet and talk to the company leaders and their key team members,” Price says.
Price adds the presentation will “demonstrate Horizon Minerals is in a strong position to expedite the strategy to convert the Black Swan Processing Hub commencing in 2026 through to completion in 2027”.
Mining.com.au is a media partner for this year’s RIU Explorers Conference and will be on the floor.
Write to Aaliyah Rogan at Mining.com.au
Images: Horizon Minerals
