Horizon Minerals has received another $10 million in March from its Phillips Find gold joint venture with BML Ventures, as the final toll-treatment campaigns at the project concluded. The company processed 127,043 tonnes grading 2.31 grams per tonne (g/t) gold at a third-party mill, producing 9,141 ounces at a recovery rate of 96.9 per cent. Lower-grade ore sent to Focus Minerals' Three Mile Hill mill totalled 26,927 tonnes grading 1.13 g/t gold for 879 ounces, at a recovery of 89.8 per cent.
Across the full Phillips Find campaign, the joint venture processed 225,988 tonnes at an average grade of 2.02 g/t gold, yielding 14,095 ounces of high-grade production. An additional ore parcel of about 30,000 tonnes grading 0.8 g/t gold was treated during the quarter, with final reconciliation pending. Horizon expects a final cash distribution in April.
The cash injection strengthens Horizon's available capital and supports the acceleration of the Black Swan Processing Hub, a regional gold processing centre near Kalgoorlie-Boulder. The company's estimated unaudited cash stack now stands at $114.1 million, including the latest $10 million payment, a final $20 million from its Lake Johnston asset sale, and $55 million from a recent placement. This excludes an additional $120 million from Tranche 2 of the placement, subject to shareholder approval. Horizon also holds about $21.4 million in unrestricted listed shareholdings.
Horizon plans to use the growing cash pile to continue refurbishing and converting its 2.2 million-tonne-per-annum Black Swan processing hub, transforming a former nickel processing plant into a regional gold facility. This is a key part of the company's hub-and-spoke strategy, as gold processing capacity in the Kalgoorlie region remains tight amid rising gold prices, now at A$7,255 per ounce.
