Horizon Minerals Achieves Key Production Milestone
Horizon Minerals Limited (ASX:HRZ) has successfully poured its first gold bar from the Phillips Find Gold Project. The Company processed the first ore stockpile under a Toll Milling Agreement with FMR Investment Greenfields Mill. The gold pour marks a critical step in strategy to scale production across its Western Australian gold assets.
Gold Production at Phillips Find
The mining of the Newhaven and Newminster cutbacks is progressing at Phillips Find. The processing of the first stockpile of approximately 40,000 tonnes of ore commenced on 19 February 2025. The first gold pour occurred on 24 February 2025. The processing is expected to take two weeks.
Figure 1: The Philip’s Find
Once processing is completed, Horizon will provide an update on the ore tonnes milled, grade, gold ounces produced, and average sale price. The Company remains focused on maintaining efficiency and maximising recovery rates.
Toll Milling Agreement in Place
Horizon entered into a Toll Milling Agreement with FMR Investment Greenfields Mill. The agreement covers the processing of 200,000 tonnes of ore from February to June 2025.
The second ore processing campaign for Phillips Find is scheduled for April 2025. Horizon aims to optimise processing throughput to sustain steady production output.
Joint Venture Agreement with BML Ventures
Horizon approved the development of the Phillips Find Gold Project in August 2024. The Company executed a Joint Venture Agreement with mining specialists BML Ventures Pty Limited. The agreement focuses on developing and mining two open pits, Newhaven and Newminster.
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The collaboration allows Horizon to leverage BML Ventures’ expertise in efficient mine development and operations.
CEO Comments on Gold Production
Horizon Minerals Managing Director and CEO, Grant Haywood, highlighted the significance of the first gold pour.
“The first gold pour from Phillips Find marks another significant milestone for our team and stakeholders. This follows pouring our first gold bars and receiving revenue from our Boorara Gold Project last month. We are excited to build on this success as we continue ramping up production at Phillips Find and Boorara to generate value in a very high gold price environment,” Haywood said.
Horizon’s Market Position
Horizon Minerals has a market capitalisation of $136.92 million. The Company is expanding its production at Phillips Find and Boorara. The development aligns with The Company’s strategy to strengthen its cash flow.
The Company is also exploring additional opportunities to increase production efficiency and expand its resource base.
Gold Market Overview
Gold prices have remained strong, supporting Horizon’s expansion strategy. On 25 February 2025, gold was trading at A$4,619 per ounce, according to ABC Bullion. Investors have been taking profits after a record-breaking session.
Market analysts expect demand for gold to remain robust amid ongoing economic uncertainties. Rising interest in gold-backed investment products has further contributed to price resilience.
Future Production Plans
Horizon Minerals is focused on developing a sustainable mining pipeline. The Company aims to increase its JORC-Compliant Mineral Resources. The goal is to complete feasibility studies on high-grade open-cut and underground projects.
Horizon has several joint ventures across multiple commodities. These include vanadium, copper, PGEs, gold, and nickel-cobalt. The Company’s partners are investing over $20 million in project areas over five years.
Key Highlights
- Horizon poured its first gold bar from Phillips Find on 24 February 2025
- The Company processed 40,000 tonnes of ore in the first campaign
- A Toll Milling Agreement with FMR Investment covers 200,000 tonnes of ore
- The second processing campaign will commence in April 2025
- Horizon’s market capitalisation stands at $136.92 million
- Gold prices were $4,619 per ounce as of 9:15 am AEDT on 25 February 2025
- Analysts project continued demand for gold amid economic uncertainties
Horizon Minerals continues to strengthen its production capabilities. The Company remains focused on expanding its gold portfolio in the Western Australian Goldfields region.
