Horizon Minerals (ASX: HRZ) is moving fast. The Company has placed orders for key long lead items to support the gold conversion of its 100% owned Black Swan Processing Hub (BSPH), located near Kalgoorlie in the Goldfields region of Western Australia. The move marks a significant step in the Horizon Minerals gold project, coming shortly after a fully funded capital raise and the completion of the Black Swan Studies.
Figure 1: Black Swan Processing Hub processing plant infrastructure near Kalgoorlie, Western Australia. [Horizon Minerals]
The Horizon Minerals BSPH project news signals serious intent. By committing to critical equipment ahead of awarding a full Engineering, Procurement and Construction (EPC) contract, the Company is protecting its development schedule. This approach keeps the Project on track and reduces the risk of construction delays, a common challenge in mining development Australia.
Horizon Minerals Gold Project Orders Long Lead Items to Stay on Schedule
Horizon Minerals has ordered two critical pieces of equipment for the Black Swan Processing Hub. These items take the longest to manufacture and deliver, which is why ordering them early is essential in mining development Australia.
The key items ordered include:
- Pre-leach Thickener: provides consistency in underflow density to the carbon in leach (CIL) circuit and supports the overall water balance with the gold gravity circuit
- SAG and Ball Mill Motors with Variable Speed Drives (VSD): modernises the motor and drive systems for improved reliability, scalability and potential for increased throughput
FEED Studies on Track and EPC Contract Ahead
Horizon Minerals confirms that Front End Engineering Design (FEED) studies are currently underway. Completion is expected within the next four to five weeks. These studies form the technical foundation for the full EPC contract, which will be awarded once FEED is complete.
Figure 2: Block flow diagram of the Black Swan Processing Hub highlighting long lead items ordered for the gold conversion process. [Horizon Minerals]
The Company made the early commitment to long lead items deliberately. It ensures the Horizon Minerals gold project keeps pace with its development schedule, without waiting for the formal EPC contract to be in place. Several operational readiness programs are also about to commence at the Black Swan Processing Hub, with initial ore feed expected from Boorara, Burbanks, and Cannon.
What Managing Director Grant Haywood Said
Grant Haywood, Managing Director and CEO of Horizon Minerals, said the early ordering of long lead items was a direct follow-on from the Black Swan Studies and the successful capital raise.
Figure 3: Horizon Minerals Managing Director and CEO Grant Haywood. [Horizon Minerals]
“The early commitment to these critical items materially de-risks the construction schedule and supports the transformation of the Black Swan Processing Hub into a strategic 2.2Mtpa gold processing facility in the Kalgoorlie Goldfields region,” Mr Haywood said. Advanced FEED studies are also progressing well, and Mr Haywood confirmed completion is expected in the coming weeks.
Quarterly Cash Flow Highlights
The quarterly cash flow report for the period ended 31 December 2025 reflects a solid financial base for the Horizon Minerals gold project. Some important figures include:
- Gold sales receipts of $28.223 million for the current quarter, and $70.118 million year to date
- Cash and cash equivalents of $37.495 million as on 31 December 2025, up from $34.357 million at the start of the quarter
- Net cash from operating activities of $27,000 for the quarter, and $6.066 million year to date
- Estimated quarters of funding available: 7.03, confirming a well-funded position
The Company also received a $10 million non-refundable deposit from the sale of the Lake Johnston asset during the period. The Nebari Convertible Loan Facility was fully extinguished during the period upon the final conversion of notes to Horizon shares, further simplifying the balance sheet.
Share Price Performance
Horizon Minerals (ASX: HRZ) last traded at $1.070 per share. The Company’s 52-week range is $0.645 to $1.560 per share, reflecting strong momentum since the Black Swan Studies were released and the capital raise was completed. Market capitalisation currently stands at $275.62 million.
Figure 4: One-year share price performance of Horizon Minerals (ASX: HRZ). [ASX]
Industry Outlook
The Western Australian goldfields remain one of the most active gold development corridors in the country. Australia’s gold output continues to attract institutional capital, with mid-tier producers increasingly valued for their processing infrastructure. The global gold price environment, with Australian gold above $5,000 per ounce, is supportive of projects like the Horizon Minerals BSPH project, adding further confidence to the economics of mining development Australia at this scale.
Frequently Asked Questions
Q1. What is the Black Swan Processing Hub?
Ans. The Black Swan Processing Hub (BSPH) is a 100% owned asset of Horizon Minerals, located approximately 50km northeast of Kalgoorlie in Western Australia.
Q2. Why has Horizon Minerals ordered long lead items before the EPC contract is awarded?
Ans. Long lead items such as the Pre-leach Thickener and SAG and Ball Mill Motors with VSDs have extended manufacturing and delivery times. Ordering them early protects the construction schedule and reduces the risk of delays in mining development Australia.
Q3. When are the FEED studies expected to be completed?
Ans. Horizon Minerals expects the Front End Engineering Design (FEED) studies to be completed within the next four to five weeks from the date of the announcement on 6 Mar 2026.
Q4. What is the Company’s current cash position?
Ans. As on 31 December 2025, Horizon Minerals held cash and cash equivalents of $37.495 million. The Company has an estimated 7.03 quarters of funding available, reflecting a well-capitalised position ahead of the Horizon Minerals BSPH project development phase.
