Horizon Minerals (ASX:HRZ) has executed a formal asset sale agreement with Forrestania Resources (ASX:FRS) for the divestment of the Lake Johnston Project in Western Australia.
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.
Horizon Minerals has already received $10 million cash from Forrestania. The company will also receive $20 million cash on completion of the transaction, as well as $5 million worth of Forrestania shares.
Horizon Minerals expects the deal to be completed after Forrestania’s shareholder meeting on 12 January.
The company is focusing on the Black Swan Project in which a Prefeasibility Study is nearing completion. As previously reported, Horizon revealed the Black Swan’s life of mine to extend beyond five years – delivering a nameplate capacity of 2.2 million tonnes per year.
The company will continue to grow existing resources at Black Swan which will further enhance the attractiveness of the overall project.
A 30,000m drilling program is currently being undertaken at the Burbanks Project. The first 15,000m as infill drilling aims to improve resource confidence and a further 15,000m of extensional drilling aims to grow the resource.
In 2026, Horizon will aim to expedite further drilling programs across its land package.
Horizon Minerals is focused on becoming Western Australia’s next standalone gold producer across its Western Australian portfolio of projects.
The company is attending the RIU Explorers Conference in Fremantle, Western Australia, held from 17-19 February 2026.
Mining.com.au is a media partner for the conference.
Write to Aaliyah Rogan at Mining.com.au
Images: Horizon Minerals
