Western Australian gold developer Horizon Minerals is poised for substantial cash inflows as the company completes Phase 1 mining operations at its key projects near Kalgoorlie, with processing set to continue through 2026.
Phillips Find Exceeds Expectations
Mining activities are winding down at Horizon's Phillips Find project, located 45km north-northwest of Coolgardie, where operations have surpassed initial targets. The joint venture with BML Ventures has successfully completed the Newhaven and Newminster pit cutbacks, delivering better-than-expected results.
Three initial toll-treatment campaigns at FMR Investments' Greenfields mill processed 98,945 tonnes at 1.65g/t gold, recovering 4954 ounces of gold, with the first gold poured in February. The operation exceeded its original 200,000-tonne Phase 1 plan, leaving approximately 120,000 tonnes of high-grade and 22,000 tonnes of low-grade ore available for processing.
BML Ventures, which fully funds all mining costs while handling technical and operational roles, has secured a new binding toll-milling agreement for the 120,000 tonnes of high-grade material at a nearby plant. Haulage is already underway, with about 90,000 tonnes stockpiled and processing scheduled for the current December quarter.
Boorara Project Builds Substantial Stockpiles
At Horizon's flagship Boorara project, just 10km east of Kalgoorlie, mining operations remain on track for completion this December quarter. Since commencing in August 2024, the company has accumulated significant stockpiles totaling 464,000 tonnes, including:
- 289,000 tonnes of high-grade ore at 1.14 g/t
- 30,000 tonnes of medium-grade ore at 1g/t
- 145,000 tonnes of low-grade material at 0.61g/t
Ore processing continues under an existing agreement with Norton Gold Fields at the Paddington mill, where Horizon poured its first Boorara gold in January. Although Paddington temporarily reduced customer haulage by around 45% from mid-October, the company has confirmed volumes will return to contracted levels by early December.
Strong Financial Position and Future Outlook
With the Australian gold price currently sitting at A$6274 per ounce - significantly above the A$3600 per ounce used in Horizon's original Boorara feasibility study - the company's financial position appears robust. The estimated unaudited cash balance reached A$33.2 million at the end of October.
The current Boorara high-grade stockpile alone is projected to generate approximately A$25.7 million in free cashflow at a realised price of A$6113 per ounce. An additional A$30 million is expected from the imminent sale of Horizon's non-core Lake Johnston assets to Forrestania Resources by the end of January 2026.
Horizon Minerals managing director and CEO Mr Grant Haywood expressed optimism about the company's trajectory: "We are very pleased with the progress at Phillips Find, with this project aiming to generate strong cashflows from the increased high grade tonnages being mined and processed in a strong gold price environment. 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 WA Goldfields."
Looking ahead, Horizon will continue processing Boorara ore through to Q2 2026, with multiple emerging revenue streams from the company's broader portfolio. The refurbished Black Swan processing hub is targeting 100,000 tonnes per year with first production expected in late 2026, while reserved toll treating slots for up to 87,000 tonnes provide additional flexibility.
The completion of mining at both Phillips Find and Boorara marks Horizon Minerals' successful transition from developer to consistent gold producer, positioning the company to further strengthen its cash balance throughout 2026.
