Gum Creek Open Pit DFS Confirms Pathway for WA’s Next Major Gold Mine Development

Horizon Gold Limited (ASX: HRN) (‘Horizon’ or ‘the Company’) is pleased to announce the Definitive Feasibility Study (‘DFS’ or ‘Study’) of its 100% owned Gum Creek Gold Project (‘Project’) in Western Australia.

The Open Pit DFS confirms Gum Creek’s potential to become Western Australia’s next major gold project development, underpinned by low operating costs, a high-margin production profile and strong growth potential from extensive underground mining opportunities and sulphide ore deposits which currently sit outside the DFS scope.

HIGHLIGHTS

• Average annual gold production target of 98kozpa over the first five years and 880kozproduced over a 10 year mine life, with first gold scheduled for H2 2028
• Pre-production capital cost of A$350m, including mine development, process plant and associated infrastructure (incl. contingency and commissioning)
• Pre-tax free cash flow of A$1,854m, NPV5 of A$1,307m and IRR of 53.1%, based on a gold price of A$5,500/oz, delivering a payback of 23 months from first production
• Strong margins, with an All-in Sustaining Cost (AISC) of A$2,995/oz
• Approvals process on track for a Final Investment Decision (FID) in Q2 2027
• Significant upside to grow production and extend mine life by bringing free-milling underground ore and sulphide deposits into the mine plan

The Study is based on free-milling open pit mining delivering a robust Production Target containing 962koz of mined gold (880koz recovered), underpinned predominantly by a maiden Ore Reserve Estimate of 18.2 Mt at 1.24 g/t Au for 728koz contained gold.

Cautionary Statement

The Production Target (and forecast financial information derived from the Production Target) referred to in this announcement is underpinned by 76% Probable Ore Reserve ounces, 18% Indicated Resource ounces and 6% Inferred Resources ounces. The first 5 years of the Production Target is underpinned by approximately 97% Probable Ore Reserve ounces, and approximately 3% Inferred Mineral Resource ounces. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself (or the forecast financial information) will be realised.

The Company believes it has a reasonable basis to disclose a production target that includes some Inferred Mineral Resources, as the Inferred Resources are not a determining factor in the viability of the Project. Importantly, the feasibility of the development scenario outlined in the DFS does not hinge on the current Inferred Mineral Resources. Also, the Inferred Mineral Resources do not feature as a significant proportion early in the mine plan.

To achieve the range of outcomes anticipated in the DFS, an estimated A$350m of initial capital will be required. The Company believes the assumptions made are reasonable to enable it to obtain the requisite funding required to develop the Project. Reference should also be made to other disclaimers included in this announcement. Investors should note that there is no certainty that Horizon will be able to raise that amount of funding when needed (nor any certainty as to the form such capital raising may take, such as equity, debt, hybrid and/or other capital raising, nor whether the production target, financial forecasts or other forward-looking information in this announcement may be achieved). Itis also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Horizon’s existing shares.

Managing Director and CEO Scott Williamson said:

“The completion of this Definitive Feasibility Study is a defining milestone for Horizon Gold, confirming Gum Creek as a robust, simple and technically de-risked development project ready to advance quickly toward a Final Investment Decision. Gum Creek is one of the most advanced undeveloped gold projects in Western Australia, and this study underpins a clear pathway to production in 2028. We’re proud of the work our team has put into this DFS, and we look forward to progressing towards FID in Q2 2027 as we advance Gum Creek towards production and continue our exciting exploration across the belt.”

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