Horizon Minerals (ASX:HRZ) CEO Grant Haywood says the Phillips Find Project in Western Australia, is aiming to generate “strong” cashflows from the increased tonnages being mined and processed.
Three processing campaigns of Phillips Find ore have been completed at FMR Investments’ Greenfields Mill, totalling 98,945 tonnes at 1.65 grams per tonne gold for 4,954 ounces produced.
The first phase of mining at the project is coming to a close, with 120,000 tonnes of high-grade and 22,000 tonnes of low-grade ore stockpiled.
Due to the volume of ore mined being greater than the originally planned 200,000 tonnes for the phase one mining project, Horizon’s Phillips Find joint venture partner BML Ventures has executed a toll milling agreement to treat 120,000 tonnes of ore at a nearby processing plant.
Ore haulage has also begun, with treatment expected to occur during this current quarter. Final distributions are expected to take place in January 2026.
Focus Minerals’ (ASX:FML) Three Mile Hill plant will be used to treat the remaining Phillips Find ore in January.
Meanwhile at the Boorara Project, mining is progressing and due for completion this quarter. Some cashflows expected in Q4 2025 and Q1 2026 will now be expected in the March and June 2026 quarters.
Haywood says the delay in realising cashflow from third-party processing at Boorara ore into next year is not ideal.
“However, we expect our cash at bank to rise rapidly in the first months of 2026 as we advance our plans to be the next emerging mid-tier gold producer in the Western Australian Goldfields,” he says.
Horizon estimates an unaudited cash of $33.2 million, as of the end of October 2025.
Boorara is expected to generate $25.7 million of free cashflow from processing, based on the net realisable value at a $6,113 per ounce gold price.
An additional $30 million of cash is expected by the end of January 2026 from the proposed sale of the Lake Johnston Project to Forrestania Resources (ASX:FRS).
In early August, Horizon signed a binding tenement sale agreement with Yandal Resources (ASX:YRL), executing the sale of its portfolio of assets in the Western Australian Goldfields.
The company paid 2.81 million, already covering a $200,000 deposit to execute the sale agreement, as well as an additional $1 million cash on completion of the agreement, as well as $1.61 million in shares to Yandal.
The package offers a whole interest in around 77km2 area comprising the Gordons, Mt Jewell, Malone, and Mulgarrie gold projects, with 34 mining, prospecting, exploration, and miscellaneous licences.
As previously reported, Haywood said the assets are strategically located near its Black Swan processing facility.
“Our key focus is completing study work with the aim of generating a five-year life of mine plan processing through our Black Swan processing plant,” Haywood says.
Horizon Minerals is focused on becoming the next standalone gold producer with its portfolio of assets in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Horizon Minerals
