Soaring gold prices have prompted a strategic rethink at Horizon Minerals, with the company pushing back a key feasibility study for its Black Swan plant conversion near Kalgoorlie into the new year.
Feasibility Study Delayed for Bigger Vision
Horizon Minerals has announced it will now deliver the feasibility study for its Black Swan project in the March quarter of 2026. The delay is a strategic move to reassess the project's economics, driven by record-breaking gold prices that are currently nudging past A$6700 per ounce.
The company is actively exploring ramped-up throughput options. New modelling suggests the plant's capacity could be turbocharged from 1.5 million tonnes per annum (Mtpa) to 2.2 Mtpa. This work adds fresh potential to a near-complete pre-feasibility study.
Enhanced Scale and Mine Life
The robust gold market has fundamentally improved the project's outlook. Horizon now foresees an extended minimum mine life of 5.5 years for the baseline operation, which boosts the project's overall scale and potential free cash flow generation.
While the pre-feasibility and mining studies for the baseline are well advanced, the brief delay allows for optimised scheduling. This optimisation is expected to enhance both output and project economics at Black Swan. A final investment decision is slated to follow shortly after the study's release.
Hub-and-Spoke Strategy in the Goldfields
The revamped Black Swan processing plant, located nine kilometres south of Coolgardie, is set to become the core of Horizon's hub-and-spoke strategy in the region. It will draw ore from the company's flagship deposits at Boorara and Burbanks, all within trucking distance.
Recent drilling at the Burbanks deposit has delivered some extremely high-grade intercepts, highlighting its strong grade and underground mining potential. Meanwhile, the Boorara project continues to generate revenue through an existing toll milling operation, bolstering Horizon's cash reserves.
The plant itself, a former major nickel operation, is already undergoing a fast-tracked refurbishment to convert it into a gold treatment facility. The site is well-positioned with established infrastructure, power, and water.
Backed by a 1.8-million-ounce gold resource across its regional holdings, Horizon's focus on scaling up Black Swan positions the company to emerge as Western Australia's next independent mid-tier gold producer. The company is targeting first gold production from Black Swan for late 2026.
