New Risk • Apr 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 34% per year over the past 5 years. Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Revenue is less than US$1m. Announcement • Apr 03
Horizon Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 10.178418 million. Horizon Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 10.178418 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,246,810
Price\Range: AUD 1.2
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,235,205
Price\Range: AUD 1.2
Discount Per Security: AUD 0.072
Transaction Features: Rights Offering Announcement • Oct 03
Horizon Gold Limited, Annual General Meeting, Nov 20, 2025 Horizon Gold Limited, Annual General Meeting, Nov 20, 2025. Announcement • Sep 01
Horizon Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 6.952274 million. Horizon Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 6.952274 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,400,670
Price\Range: AUD 0.48
Discount Per Security: AUD 0.0288
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,083,234
Price\Range: AUD 0.48
Transaction Features: Rights Offering Announcement • Jul 29
Horizon Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 4.9536 million. Horizon Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 4.9536 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,320,000
Price\Range: AUD 0.48
Discount Per Security: AUD 0.0288
Transaction Features: Subsequent Direct Listing Announcement • Mar 26
Horizon Gold Limited Announces Transition of Peter Sullivan as Executive Chairman Horizon Gold Limited announced that Peter Sullivan, currently serving as Non-executive Chairman, will transition to the role of Executive Chairman with immediate effect. This move is aimed at strengthening the executive capabilities of the Company with a focus on corporate development as the Company advances through the Gum Creek Feasibility Study. Reported Earnings • Mar 19
First half 2025 earnings released: EPS: AU$0 (vs AU$0.009 loss in 1H 2024) First half 2025 results: EPS: AU$0 (improved from AU$0.009 loss in 1H 2024). Net income: AU$17.0k (up AU$1.13m from 1H 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Feb 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.6m free cash flow). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m (AU$65k revenue, or US$41k). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (AU$65.9m market cap, or US$42.0m). Announcement • Nov 14
Patronus Resources Limited (ASX:PTN) completed the acquisition of 8.42% stake in Alto Metals Limited (ASX:AME). Patronus Resources Limited (ASX:PTN) acquired 8.42% stake in Alto Metals Limited (ASX:AME) on November 14, 2024.
Patronus Resources Limited (ASX:PTN) completed the acquisition of 8.42% stake in Alto Metals Limited (ASX:AME) on November 14, 2024. Recent Insider Transactions • Nov 08
Non-Executive Chairman recently bought AU$790k worth of stock On the 1st of November, Peter Sullivan bought around 2m shares on-market at roughly AU$0.39 per share. This transaction amounted to 78% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Announcement • Oct 03
Horizon Gold Limited, Annual General Meeting, Nov 21, 2024 Horizon Gold Limited, Annual General Meeting, Nov 21, 2024. Reported Earnings • Sep 20
Full year 2024 earnings released: AU$0.012 loss per share (vs AU$0.017 loss in FY 2023) Full year 2024 results: AU$0.012 loss per share (improved from AU$0.017 loss in FY 2023). Net loss: AU$1.71m (loss narrowed 20% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Sep 11
Horizon Gold Limited ORDINARY FULLY PAID to Be Deleted from OTC Equity Horizon Gold Limited ORDINARY FULLY PAID (Australia) will be deleted from OTC Equity effective September 10, 2024, due to Inactive Security. Announcement • Aug 21
Horizon Gold Limited Announces Resignation of Dugald Morrison as Non-Executive Director Horizon Gold Limited announced that effective now that Mr. Dugald Morrison has resigned as a Non-executive Director of the Company to focus on other executive commitments. Date that director ceased to be director 20 August 2024. New Risk • Mar 06
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.5m free cash flow). Shares are highly illiquid. Revenue is less than US$1m (AU$62k revenue, or US$40k). Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (AU$35.5m market cap, or US$23.1m). Board Change • Jan 05
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Non-Executive Director Peter Venn was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Nov 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue is less than US$1m (AU$135k revenue, or US$88k). Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (AU$42.0m market cap, or US$27.4m). Announcement • Nov 14
Horizon Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 5.897485 million. Horizon Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 5.897485 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 19,658,282
Price\Range: AUD 0.3
Discount Per Security: AUD 0.003
Transaction Features: Rights Offering Announcement • Oct 05
Horizon Gold Limited, Annual General Meeting, Nov 23, 2023 Horizon Gold Limited, Annual General Meeting, Nov 23, 2023, at 09:30 W. Australia Standard Time. Board Change • Oct 04
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Director Peter Venn was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 21
Full year 2023 earnings released: AU$0.017 loss per share (vs AU$0.005 loss in FY 2022) Full year 2023 results: AU$0.017 loss per share (further deteriorated from AU$0.005 loss in FY 2022). Net loss: AU$2.14m (loss widened 340% from FY 2022). Production and reserves: Gold Number of mines: 1 (1 in FY 2022) Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Board Change • May 25
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Director Peter Venn was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 20
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Non-Executive Director Peter Venn is the most experienced director on the board, commencing their role in 2016. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Board Change • Feb 22
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Non-Executive Director Peter Venn is the most experienced director on the board, commencing their role in 2016. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Announcement • Dec 20
Horizon Gold Limited Announces Further Impressive Broad, Shallow and High-Grade Intercepts Horizon Gold Limited announced numerous shallow, broad and high grade gold intercepts from RC drilling at its 100% owned Gum Creek Gold Project (Gum Creek or the Project) located in the Mid-West Region of Western Australia. Final assay results have now been received from RC drilling programs at the Specimen Well, Fangio, Kearrys and Beta prospects, which are all located in the northern part of the Project with direct links to the existing haul road network. Assay results for all 2022 RC drilling have now been received. The Company completed a total of 61 RC holes for 4,714 metres at the Specimen Well, Kearrys, Fangio and Beta prospects in October/November 2022. The shallow, broad and high-grade drilling results returned from all four prospects have confirmed the good results from historic drilling and extended gold mineralisation along strike and at depth. The Specimen Well Prospect is located 44 kilometres north of the historic Gidgee Mill and has not been mined previously. The current MRE for the Specimen Well Prospect is 0.41Mt @ 1.59g/t Au for 20,800oz. Twenty-nine RC holes (2,030m) were completed down dip and along strike to the north and south of significant 2021 and historic drill results. Significant shallow gold intercepts were received from the recent extensional drilling include: 11m @ 9.7g/t Au from 8m including 6m @ 17.4g/t Au from 11m (SPRC020). 12m @ 1.4g/t Au from 50m including 6m @ 2.6g/t Au from 50m (SPRC040). 9m @ 1.4g/t Au from 51m to EOH including 5m @ 2.4g/t Au from 51m (SPRC030). 7m @ 1.4g/t Au from 16m including 2m @ 3.0g/t Au from 18m (SPRC024). 9m @ 1.1g/t Au from 26m including 1m @ 3.8g/t Au from 33m (SPRC034). Additional drilling between the current optimised pit shells is warranted to increase the Specimen Well MRE and significantly add to the in-pit resource. Gold mineralisation at Specimen Well is continuous over a 1.4 kilometre strike length, is up to 25 metres wide, and is currently defined to an average maximum vertical depth of ~80 metres. Mineralisation strikes north-northeast, is vertical to steeply east dipping, and remains open to the north, south and down dip. The prospect is deeply weathered with the base of complete oxidation between 50 and 80 metres below surface. Gold occurs in quartz veined, sheared and strongly altered high magnesium basalt and mafic volcaniclastics. Announcement • Dec 13
Horizon Gold Limited Announces Diamond Drilling Returns 15M @ 28.5G/T Au from Kingfisher Horizon Gold Limited announced broad high grade gold intercepts from reverse circulation (RC) and diamond drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia. All assay results have now been received from follow up RC and diamond drilling programs at the Kingfisher and Eagle prospects, and initial RC drilling at the Eagles Peak Prospect. The Kingfisher and Eagle prospects are located within the main Gidgee mining area, whilst Eagles Peak is located just 16 kilometres to the north of the Gidgee Mill with direct links to the existing haul road network (Figure 1). The Company completed a total of 38 RC holes for 5,680 metres at the Kingfisher, Eagle and Eagles Peak prospects between June and October 2022, including four diamond holes for 763 metres at Kingfisher and Eagle. The results have identified additional broad and/or high-grade intercepts at all three prospects, and have highlighted the excellent potential to define a shallow maiden gold resource at the Eagles Peak Prospect. The Kingfisher Prospect lies approximately 3.5 kilometres south of the Gidgee mill. The current Indicated and Inferred MRE for the prospect is 2.06Mt @ 2.19g/t Au for 145,100oz (Table A). Gold mineralisation at Kingfisher is located within two moderately southwest-dipping, planar gold lodes within a 60m wide, 1.2km long shear zone that remains open to the north, south and at depth. Both lodes are interpreted to contain moderately south plunging high grade gold shoots forming part of a large en-echelon vein array that steps down to the north. The recent RC and diamond drilling program at Kingfisher comprised 9 holes for 2,281.9m, including 3 diamond tails for 642.5 metres. A broad, high-grade intercept of 15m @ 28.5g/t Au from 346m including 2m @ 189.8g/t Au from 351m was returned from diamond hole KFRC020D, which targeted a large gap in previous drilling within the eastern lode. Numerous specks of visible gold were identified in the core from 351.5m to 352.7m within a 3.5m wide quartz vein (Figure 2). A second excellent intercept of 16m @ 4.4g/t Au from 174m including 6m @ 9.8g/t Au from 174m was returned from an RC hole (KFRC013) targeting gold mineralisation up-plunge of high-grade intercepts including 10m @ 8.9g/t from 190m1 drilled in 2021 (Figures 3 & 4, Table B). The recent drilling has confirmed the continuity of high-grade gold mineralisation at depth within both eastern and western gold lodes at Kingfisher. As a result, there is now excellent potential for additional drilling to add significant underground ounces to the current Kingfisher MRE by discovering additional high-grade shoots at depth, and to add open pittable ounces by extending the known gold mineralisation along strike to the north and south. The Eagle Prospect is located just 1.4km south of the Gidgee mill. The current Indicated and Inferred MRE for the Prospect is 1.57Mt @ 1.47g/t Au for 74,200oz (Table A). Gold mineralisation at Eagle occurs within steeply dipping quartz-carbonate shear veins and flat lying quartz-carbonate tension vein arrays in altered basalt, within the NNW trending, steeply west dipping Kingfisher Shear Zone. RC and diamond drilling (14 holes for 2,344.8m including 1 diamond tail for 120.5m) was completed down dip and along strike to the north and south of the maiden Eagle MRE, as follow up to the 2021 drill results. Announcement • Nov 17
Horizon Gold Limited Announces Shallow and High Grade Gold Intercepts from its 100% Owned Gum Creek Gold Project in the Mid-West Region of Western Australia Horizon Gold Limited announced significant shallow and high grade gold intercepts from RC drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia. All assay results have now been received from initial RC drilling programs at the Wedge and Melbourne Bitter prospects, and follow up RC drilling at the Think Big Prospect. The Company completed a total of 32 RC holes for 3,183 metres at the Wedge, Melbourne Bitter and Think Big prospects during September/October 2022. The results have uncovered an new high grade shoot at the Wedge Prospect, and have highlighted the excellent potential to define a maiden shallow gold resource at Melbourne Bitter and additional gold mineralisation along strike and at depth at the Think Big Prospect. Wedge Prospect: The Wedge Prospect is located 2km northeast of the historic Gidgee Mill and was previously mined by open cut methods in the early 1990's, however there is no current MRE for the prospect. The recent RC program at Wedge (11 holes for 1,452m), has extended previously interpreted shallow south plunging high grade gold mineralisation and identified a complex fault zone that offsets gold mineralisation between the Wedge and Wedge North pits. Significant gold intercepts were returned from the program, including a spectacular intercept of 52m @ 5.9g/t Au from 91m to EOH including 13m @ 16.7g/t Au from 123m (WERC002) down plunge to the south of the Wedge pit, and 6m @ 1.8g/t Au from 54m including 3m @ 3.0g/t Au from 55m (WERC005) from the central fault zone. The WERC002 intercept is supported by high grade historic intercepts up plunge to the north and remains open down plunge to the south. High grade gold mineralisation at Wedge is located within shoots that dominantly plunge ~30 degrees to the south and north, and are associated with quartz-pyrite veined, strongly sheared, strongly altered basalt. Folded sediments and felsic intrusives also host lower grade mineralisation in the northern parts of the prospect. Mineralisation is continuous over a 450 metre strike and is currently defined to a maximum vertical depth of 110 metres, with the base of complete oxidation at ~60 metres below surface. There is excellent potential to outline a significant gold resource at Wedge, and with additional drilling further extend the known gold mineralisation down dip and down plunge both to the north and south of the numerous broad and high grade intercepts identified in historic drilling. Melbourne Bitter Prospect: The Melbourne Bitter Prospect is located 26km north of the historic Gidgee Mill. The prospect has not been previously mined and there is no current MRE. Initial RC drilling at Melbourne Bitter (16 holes for 1,432m) has confirmed the impressive shallow gold mineralisation identified in wider spaced historic RC drilling, and has identified excellent potential for an open pittable resource at the prospect. Significant gold intercepts received from the recent RC drilling included: 7m @ 6.5g/t Au from 101m including 4m @ 11.1g/t Au from 101m (MBRC032); 17m @ 2.6g/t Au from 34m including 10m @ 4.1g/t Au from 36m (MBRC025); 20m @ 2.1g/t Au from 35m including 6m @ 3.1g/t Au from 49m (MBRC026); 18m @ 1.2g/t Au from 36m including 3m @ 3.4g/t Au from 50m (MBRC024); 5m @ 3.6g/t Au from 79m including 2m @ 7.8g/t Au from 80m (MBRC026); 8m @ 2.2g/t Au from 64m including 5m @ 3.2g/t Au from 65m (MBRC026); 12m @ 1.2g/t Au from 59m including 3m @ 3.4g/t Au from 59m (MBRC025). Gold mineralisation at Melbourne Bitter is located within deeply weathered quartz veined, sheared and altered basalt. Mineralisation within Horizon's tenure is continuous over a 700 metre strike length and is currently only defined to a vertical depth of approximately 120 metres. Primary gold mineralisation at Melbourne Bitter (north) strikes north-northwest, and dips at ~70 to the west, whilst in the south, mineralisation dips at ~30 to the west in a series of stacked gold lodes. The prospect area is deeply weathered with the base of complete oxidation between 80 and 100 metres below surface. Whilst additional drilling is warranted at Melbourne Bitter, a maiden MRE will be completed prior to further drilling. Think Big Prospect: The Think Big Prospect is located 20km south-southeast of the historic Gidgee Mill. The current MRE for the Think Big deposit is 0.48Mt @ 1.26g/t Au for 19,300oz. Five RC holes for 299 metres were completed at the southern end of the Think Big resource as follow up to 2021 drill results that included 16m @ 2.9g/t Au from 19m and 10m @ 1.2g/t Au from 30m . Further significant shallow gold intercepts were returned from the current campaign including: 6m @ 3.5g/t Au from surface including 2m @ 9.1g/t Au from 2m (TBRC041) and 16m @ 0.9g/t Au from 18m including 8m @ 1.3g/t Au from 26m (TBRC039) confirming the width and grades of shallow gold mineralisation immediately along strike of the 2021 drilling. Gold mineralisation at Think Big is continuous over a 1 kilometre strike length and is located within a shallow to moderate east dipping shear zone. Mineralisation is associated with quartz veined limonitic saprolite and quartz-carbonate-sulphide shear veins within altered basalt. The prospect is deeply weathered, with the base of complete oxidation between 75 and 95 metres below surface. Gold mineralisation at Think Big remains open along strike and at depth and further resource definition drilling is warranted in the near term. Board Change • Nov 16
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Non-Executive Director Peter Venn is the most experienced director on the board, commencing their role in 2016. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Announcement • Nov 03
Horizon Gold Limited Announces Substantial New Wide Gold Intercepts and High Grade Gold Results from Rc Drilling At Its 100% Owned Gum Creek Gold Project Located in the Mid-West Region of Western Australia Horizon Gold Limited announced substantial new wide gold intercepts and high grade gold results from RC drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia. All assay results have now been received from initial RC drilling programs at Heron, Hyperno, and Deep South, and a follow up RC program at the Heron South prospect, located between 14 and 19 kilometres south of the Gidgee processing plant with direct links to the existing haul road network. The Company completed a total of 60 RC holes for 5,461 metres at the Heron, Heron South, Hyperno, and Deep South prospects during July/August 2022. The drilling has validated the width and grade of historic RAB and aircore intercepts at Hyperno, increased the confidence in current geological models, and successfully highlighted the potential to define additional gold mineralisation along strike and at depth at all four prospects. The Heron South deposit is located 15km south-southeast of the historic Gidgee mill and has previously been mined by open cut methods. The current MRE for the Heron South deposit is 1.09Mt @ 1.73g/t Au for 60,500oz . The recent RC program has extended shallow gold mineralisation along strike to the north and south and has extended and confirmed interpreted high-grade plunging gold shoots beneath the Heron South open pit. Numerous significant gold intercepts were returned including: 15m @ 3.0g/t Au from 98m including 7m @ 5.5g/t Au from 104m, 8m @ 5.2g/t Au from 178m including 2m @ 13.9g/t Au from 179m, 8m @ 3.2g/t Au from 113m including 6m @ 4.1g/t Au from 113m, 7m @ 3.1g/t Au from 35m including 1m @ 19.2g/t Au from 35m, and 11m @ 1.6g/t Au from 202m including 4m @ 3.0g/t Au from 204m . Gold mineralisation at Heron South is located within shallow flat lying supergene zones, and steeply plunging, steeply east dipping shear zones containing quartz-carbonate-sulphide veins within strongly sericite-carbonate altered mafic units. Mineralisation is continuous over a 650 metre strike and is currently defined to a maximum vertical depth of 200 metres. The base of weathering extends up to 100 metres below surface, with high-grade supergene enrichment overlaying primary gold mineralisation. Subsequent to completing the current Heron South MRE1, Whittle pit shells were generated by Auralia Mining Consulting using a gold price of A$2600/oz . Costs used in the optimisation process were based on up-to-date average industry costs for deposits of a similar scale and geological nature. All processing recovery assumptions were provided by Horizon Gold. The Heron South pit optimisation will be updated once a revised MRE is announced. There is good potential to further extend the known gold mineralisation at Heron South down dip, down plunge and along strike to the north and south with additional drilling. The Heron Prospect is located 14km southeast of the historic Gidgee mill. The prospect has not been previously mined and there is no current MRE. Results from four additional RC holes were recently received. Significant gold intercepts included: 23m @ 1.9g/t Au from 100m including 12m @ 3.3g/t Au from 100m, and 15m @ 0.9g/t Au from 120m including 6m @ 1.6g/t Au from 127m. The additional drilling has confirmed broad shallow supergene mineralisation and down dip extensions to primary gold mineralisation. Gold mineralisation at Heron is located within broad flat-lying supergene enrichment zones overlying three sub-parallel northeast dipping fault zones containing quartz veined altered basalt. Mineralisation is continuous over an 850 metre strike and is currently defined to a maximum vertical depth of approximately 350 metres. The prospect area is deeply weathered with the base of complete oxidation between 60 and 120 metres below surface. Whilst additional drilling is required at depth and along strike to the north and south of Heron, a maiden MRE will be completed prior to any further drilling. The Hyperno Prospect is located 18km southeast of the historic Gidgee mill. The prospect has not been previously mined and there is no current MRE. Initial RC drilling at Hyperno has confirmed the width and grades of shallow gold mineralisation identified in historic aircore and RAB drilling, and identified the potential for an open pittable resource at the prospect. Significant gold intercepts from the recent campaign included: 8m @ 10.1g/t Au from 33m including 2m @ 35.2g/t Au from 35m, 12m @ 1.6g/t Au from 27m including 8m @ 2.2g/t Au from 31m, 5m @ 2.3g/t Au from 34m including 2m @ 4.9g/t Au from 34m, and 10m @ 1.0g/t Au from 37m including 5m @ 1.5g/t Au from 40m . Gold mineralisation at Hyperno is associated with quartz veined limonitic saprolite within two sub- parallel mineralised zones. Mineralisation is both flat lying and dips moderately to the east, is defined to a maximum vertical depth of approximately 100 metres, and has a continuous 600 metre strike length. The area is deeply weathered, with the base of complete oxidation greater than 100 metres below surface. Further drilling is required at depth and along strike to the north and south. The Deep South Prospect is located 19km southeast of the historic Gidgee mill. The prospect has not been previously mined and there is no current MRE. Initial RC drilling at Deep South has confirmed grades and widths consistent with shallow gold mineralisation identified in historic aircore and RAB drilling, and highlighted the potential for an open pittable resource at the prospect. Significant new gold intercepts included: 3m @ 6.8g/t Au from 48m including 1m @ 18.4g/t Au from 48m, 7m @ 2.6g/t Au from 59m including 2m @ 7.9g/t Au from 59m, 8m @ 1.9g/t Au from 39m including 1m @ 12.0g/t Au from 44m, and 4m @ 3.6g/t Au from 49m including 1m @ 9.1g/t Au from 49m . Gold mineralisation at Deep South is located within two sub-parallel flat lying to shallow east dipping zones containing quartz veined mafic saprolite. Mineralisation is continuous over a 250 metre strike length and is currently defined to a maximum vertical depth of approximately 80 metres. The prospect area is deeply weathered with the base of complete oxidation between 60 and 80 metres below surface. Whilst additional drilling is required at depth and along strike to the north and south of Deep South, a maiden MRE will be completed prior to further drilling. Announcement • Oct 25
Horizon Gold Limited Announces Shallow High Grade Gold Intercepts Within Broad Mineralised Zones from Recently Completed RC Drilling At Its 100% Owned Gum Creek Gold Project Horizon Gold Limited announced shallow high grade gold intercepts within broad mineralised zones (up to 40m true width) from recently completed RC drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia. All assay results have now been received from follow up RC drilling at the Howards and Howards South prospects, located 28 kilometres from the Gidgee processing plant with direct links to the existing haul road network. The Company completed a total of 32 RC holes for 2,696 metres at the Howards and Howards South prospects during July/August 2022. The holes were designed to expand on the previously delineated gold mineralisation associated with the current MRE of 8.92Mt @ 0.8g/t Au for 230,500oz. Drilling has now extended potentially open pittable gold mineralisation over a continuous strike of more than 1.4km, with mineralisation remaining open to the north, south and at depth. Numerous shallow high grade gold intercepts were returned from Howards including: 9m @ 16.7g/t Au from 47m including 1m @ 147.5g/t Au from 52m (HWRC256), 5m @ 22.9g/t Au from 28m including 1m @ 110.5g/t Au from 28m (HWRC257), 63m @ 1.3g/t Au from 32m including 27m @ 2.4g/t Au from 62m (HWRC276), 49m @ 0.7g/t Au from 22m including 14m @ 1.6g/t Au from 56m (HWRC271), 27m @ 1.4g/t Au from 4m including 11m @ 2.6g/t Au from 12m (HWRC258), 50m @ 0.7g/t Au from 14m including 6m @ 1.0g/t Au from 16m (HWRC270), 37m @ 0.9g/t Au from 19m including 8m @ 1.9g/t Au from 33m (HWRC279), 38m @ 0.8g/t Au from 46m including 11m @ 1.7g/t Au from 73m (HWRC278), 19m @ 1.3g/t Au from 67m including 8m @ 1.8g/t Au from 67m (HWRC274), and 18m @ 1.3g/t Au from 75m including 10m @ 2.0g/t Au from 80m (HWRC271). Several significant gold intercepts were also returned from Howards South including: 16m @ 1.5g/t Au from 10m including 8m @ 2.5g/t Au from 12m (HSRC017), and 14m @ 1.5g/t Au from 51m including 6m @ 3.0g/t Au from 56m (HSRC015). Importantly these intercepts are along strike to the south of the existing resource. One RC hole (HWRC264) drilled 70m east of the main Howards lode returned 11m @ 1.6g/t Au from 5m including 4m @ 2.7g/t Au from 5m. This intercept is significant as it represents a potential eastern footwall lode that remains open along strike. One historic hole (HWDD220) drilled 45m to the south of HWRC264 returned 7m @ 3.3g/t Au from 5m. Further drilling along strike of these intercepts is required. Gold mineralisation at Howards is hosted within a broad, north-south trending, vertical to steep west- dipping shear zone, approximately 150m from, and sub-parallel to, the east-dipping eastern contact of the Montague granodiorite. The shear zone dips steeply to the east at Howards South. Two sinistral northwest-trending faults offset the Howards northern lode and the Howards South lode from the central Howards lode by 30m and 150m respectively. Mineralisation is associated with strong quartz veining and intense silica-albite-biotite alteration within a sheared basalt above footwall dolerite units at both Howards and Howards South. Additional drilling is required along strike to the north and south of Howards and Howards South respectively. Subsequent to completing the current Howards MRE 1 Whittle pit shells were generated by Auralia Mining Consulting using a gold price of AUD 2600/oz. Costs used in the optimisation process were based on up-to-date average industry costs for deposits of a similar scale and geological nature. All processing recovery assumptions were provided by Horizon Gold. The Howards and Howards South pit optimisations will be updated once a revised Howards MRE is announced. Announcement • Sep 30
Horizon Gold Limited, Annual General Meeting, Nov 18, 2022 Horizon Gold Limited, Annual General Meeting, Nov 18, 2022, at 09:30 W. Australia Standard Time. Announcement • Sep 20
Horizon Gold Limited Announces Additional Shallow High Grade Gold Results from Recently Completes RC Drilling At Creek Gold Project Horizon Gold Limited announced additional shallow high grade gold results from the recently completed RC drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia. All assay results have now been received from initial RC drilling programs at the Hawk, Heron and Shiraz prospects, all located within 15 kilometres of the Gidgee processing plant with direct links to the existing haul road network. The Company completed a total of 42 RC holes for 6,395 metres at the Hawk, Heron and Shiraz prospects during June/July 2022. The drilling has increased the geological confidence, validated the width and grade of historic intercepts, and successfully highlighted extensions to gold mineralization which remains open along strike and at depth at all three prospects. The Hawk Prospect is located only 5km southeast of the historic Gidgee mill and was previously mined by open cut methods. The initial RC program has confirmed and extended shallow gold mineralisation down plunge and down dip beneath and along strike of the Hawk open pit. Numerous significant shallow gold intercepts were returned including 24m @ 3.7g/t Au from 124m including 11m @ 7.6g/t Au from 125m, 7m @ 6.2g/t Au from 119m including 1m @ 29.9g/t Au from 119m, 7m @ 4.9g/t Au from 139m including 1m @ 30.1g/t Au from 142m, 11m @ 2.2g/t Au from 95m including 6m @ 3.7g/t Au from 98m, 9m @ 2.4g/t Au from 134m including 3m @ 4.7g/t Au from 137m, 6m @ 2.5g/t Au from 86m including 2m @ 4.3g/t Au from 88m, and 8m @ 1.5g/t Au from 123m including 2m @ 2.6g/t Au from 123m. Assay results for HKRC017 are pending. Gold mineralisation at Hawk is associated with quartz veined limonitic saprolite and pyritic sericite- silica altered basalt within two sub-parallel, steeply south-west dipping shear zones containing abundant flat-lying quartz tension veins. Mineralisation is continuous over a 450 metre strike and is currently defined to a maximum vertical depth of 130 metres, with high grade gold zones open and plunging to the north. The base of weathering extends to over 120 metres below surface, with high- grade supergene enrichment overlaying primary gold mineralisation. Whilst additional drilling is required down dip, down plunge and along strike to the north and south of Hawk, a maiden MRE will be completed prior to further drilling. The Heron Prospect is located 14km southeast of the historic Gidgee mill and has not been previously mined. Initial RC drilling has identified strike extensions to shallow supergene mineralisation and down dip extensions to the primary gold mineralisation. Significant gold intercepts from the recent campaign include: 15m @ 3.0g/t Au from 84m including 6m @ 6.7g/t Au from 84m, 7m @ 3.1g/t Au from 105m including 2m @ 9.3g/t Au from 105m, 7m @ 2.5g/t Au from 133m including 4m @ 4.2g/t Au from 133m (HRRC004), 5m @ 2.8g/t Au from 65m including 2m @ 5.9g/t Au from 65m (HRRC006), and 7m @ 1.4g/t Au from 64m including 3m @ 2.9g/t Au from 67m. Gold mineralisation at Heron is located within two broad flat-lying supergene enrichment zones overlying three sub-parallel northeast dipping fault zones containing quartz veined altered basalt. Mineralisation is continuous over an 850 metre strike and is currently defined to a maximum vertical depth of approximately 350 metres. The prospect area is deeply weathered with the base of complete oxidation between 60m and 120 metres below surface. Four follow up RC holes for 663m were recently completed at the southern end of the deposit with all assays pending. Whilst additional drilling is required at depth and along strike to the north and south of Heron, a maiden MRE will be completed prior to any further drilling. Shiraz Prospect The Shiraz Prospect is located 15km northeast of the historic Gidgee mill and has previously been mined by open cut methods. The current Mineral Resource Estimate for the Shiraz deposit is 2.92Mt @ 0.83g/t Au for 78,000oz. Initial RC drilling has confirmed the down plunge and down dip extensions to previously delineated gold mineralisation beneath and along strike of the Shiraz open pit and resource block model. Significant broad gold intercepts from the recent campaign include: 29m @ 0.8g/t Au from 105m including 5m @ 2.0g/t Au from 110m, 27m @ 0.8g/t Au from 116m including 6m @ 1.8g/t Au from 134m, 32m @ 0.5g/t Au from 129m including 2m @ 2.1g/t Au from 148m, 24m @ 0.6g/t Au from 92m including 4m @ 1.1g/t Au from 101m, 18m @ 0.6g/t Au from 75m including 2m @ 2.2g/t Au from 86m (SHRC007), 25m @ 0.5g/t Au from 80m, and 20m @ 0.5g/t Au from 100m. Gold mineralisation at Shiraz is associated with a thick, quartz veined pyrite-pyrrhotite-rich quartz dolerite unit that dips steeply to the west. Mineralisation is continuous over a 700 metre strike and is currently defined to a maximum vertical depth of approximately 180 metres. Whilst additional drilling is required at depth and along strike to the north and south at Shiraz, an updated MRE for Shiraz will be completed prior to any further drilling. Announcement • Sep 17
Horizon Gold Limited Auditor Raises 'Going Concern' Doubt Horizon Gold Limited filed its Annual on Sep 15, 2022 for the period ending Jun 30, 2022. In this report its auditor, Hlb Mann Judd, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Reported Earnings • Sep 17
Full year 2022 earnings released: AU$0.005 loss per share (vs AU$0.012 loss in FY 2021) Full year 2022 results: AU$0.005 loss per share (improved from AU$0.012 loss in FY 2021). Net loss: AU$487.0k (loss narrowed 55% from FY 2021). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jul 25
Horizon Gold Limited Announces 32% Increase in Resources At Gum Creek Gold Project Horizon Gold Limited announced a significant increase to the Company's total Mineral Resource Estimate (MRE) that includes updates to the Swan/Swift, Howards, Heron South, Specimen Well, and Kingfisher deposits, and maiden MRE's for the Kingston Town, Manikato, Think Big, Orion, Snook, Camel Bore, Psi, Eagle, and Wahoo prospects all within its 100% owned Gum Creek Gold Project (Gum Creek or the Project) located in the Murchison Region of Western Australia. Following 34,700 metres of infill and extension reverse circulation (RC) and diamond drilling completed at 16 priority targets in 2021, a revised total MRE of 36.83Mt @ 1.51g/t Au for 1.79Moz gold for the Gum Creek Gold Project (Table A), includes Indicated and Inferred resource classifications in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC Code 2012 edition) with all resources located within granted mining leases. This updated MRE represents a 433,100oz (32%) increase in Indicated and Inferred gold when compared with the February 2021 MRE 1 at a discovery cost of less than AUD 14/oz 2. Announcement • May 19
Horizon Gold Limited Commences Initial 2,000m of RC and Diamond Drilling at the Altair and Mensa Prospects Within Its 100% Owned Gum Creek Gold Project Horizon Gold Limited announced the commencement of an initial 2,000m of RC and diamond drilling at the Altair and Mensa prospects within its 100% owned Gum Creek Gold Project. Altair and Mensa exhibit the geological and geochemical hallmarks of a major polymetallic VMS /SEDEX system. The proposed drilling is focused on the most prospective zones within a conductive sedimentary sequence which forms a large open fold extending over five kilometres from Altair to the Mensa Prospect, and could potentially form part of a district-scale VMS camp similar to the Teutonic Bore group of deposits. Three holes have been planned at Mensa to intersect the strongest electromagnetic conductor plates that coincide with elevated magnetics and anomalous geochemistry. At Altair, two RC and one RC pre- collared diamond hole will test the strong gravity and conductivity highs at depth beneath and down plunge of the currently defined Zn-Cu-Ag mineralisation. Downhole electromagnetic surveying is planned at the completion of the Altair and Mensa drilling to detect any late time off-hole conductive anomalies that may represent further base metal drill targets. Immediately following the completion of the initial RC drill program at Altair and Mensa, infill and extension RC drilling will commence on high priority gold targets at the Hawk, Eagle and Kingfisher gold prospects. Announcement • Apr 27
Horizon Gold Limited Plans RC and Diamond Drilling for the Altair and Mensa Prospect Areas Within its 100% Owned Gum Creek Gold Project, in the Mid-West Region of Western Australia Horizon Gold Limited announced details of RC and diamond drilling planned for the Altair and Mensa prospect areas within its 100% owned Gum Creek Gold Project, located in the Mid-West Region of Western Australia. The host rock and electrical conductors at Altair and Mensa cover more than five kilometres of strike. The proposed drilling is focused on the most prospective zones that contain coincident anomalous surface geochemistry, strong electrical conductors and elevated magnetics. The resulting targets are very compelling and have the ability to confirm the potential for a district-scale VMS camp. Previous diamond drilling by Horizon at the Altair Prospect defined a broad continuous lens of polymetallic (zinc-copper-silver+/-gold) mineralisation with a strike of more than 450 metres, down dip extent of 350m and average thickness of 25m. The average density (SG) of all assay intercepts within the lens was estimated at 3.1 tonnes per cubic metre 1. Mineralisation remains open down plunge to the east and at shallow depths along strike to the north. Significant Zn-Cu-Ag intercepts returned from Horizon's diamond drilling campaign included 2: 55.0m @ 3.32% Zn, 0.52% Cu, 9.4g/t Ag from 184.0m incl. 9.0m @ 6.69% Zn, 1.00% Cu, 17.0g/t Ag from 213.0m (ALDD002) 44.4m @ 2.93% Zn, 0.49% Cu, 8.3g/t Ag from 274.2m incl. 2.0m @ 7.05% Zn, 0.92% Cu, 16.8g/t Ag from 306.0 (ALDD012) 78.0m @ 1.90% Zn, 0.32% Cu, 5.4g/t Ag from 288.0 incl. 14.0m @ 2.34% Zn, 0.51% Cu, 7.4g/t Ag from 342.0 (ALDD014) 62.6m @ 2.45% Zn, 0.42% Cu, 7.0g/t Ag from 262.0m incl. 19.0m @ 3.09% Zn, 0.53% Cu, 9.2g/t Ag from 297.0m (ALDD019). The zinc-copper-silver mineralisation defined at Altair is coincident with anomalous multi-element surface geochemistry, magnetic highs visible in regional aeromagnetic surveys, and electromagnetic conductivity highs defined in both helicopter-borne Transient Electromagnetic (TEM) and ground moving loop electromagnetic (MLEM) surveys. The Altair mineralisation is located at the base of a black shale sequence and occurs as fine to very fine grained red/brown sphalerite associated with semi-massive magnetic pyrrhotite in folded sub- millimetre stratiform layers interpreted to reflect original bedding plane deposition. Additionally, drilling by Pancontinental Gold Pty Ltd. and Goldfields Exploration Pty Ltd. in the 1990's intersected broad zones of shallow supergene copper mineralisation at the Altair Prospect including 4: 44m @ 1.2% Cu from 56m (ALAC005) 24m @ 1.0% Cu from 64m (ALRC007) 20m @ 1.1% Cu from 52m (ALRC002). Board Change • Apr 27
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Non-Executive Director Peter Smith is the most experienced director on the board, commencing their role in 2016. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Mar 10
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.008 loss per share (down from AU$0.004 loss in 1H 2021). Net loss: AU$819.0k (loss widened 142% from 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Announcement • Feb 15
Horizon Gold Limited Announces Additional Significant Gold Results from the Recently Completed RC Drilling at its 100% Owned Gum Creek Gold Project Located in the Mid-West Region of Western Australia Horizon Gold Limited announced additional significant gold results from the recently completed RC drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia. All assay results have now been received from initial RC drilling programs at the PSI, Omega North and Specimen Well prospects, located 44 kilometres north of the Gidgee processing plant, with direct links to the existing haul road network. The Company completed a total of 22 RC holes for 2,510 metres at the PSI, Omega North and Specimen Well prospects during October 2021. One diamond core "tail" was completed at Specimen Well (118m), and one diamond core "tail" was completed at Omega North (105.6m). Results for the RC drilling have been received, however the results for the diamond core are still pending. The drilling advanced geological interpretations and confirmed the width and gold grade of historic intercepts at the PSI and Specimen Well prospects. Mineralisation remains open along strike and at depth at PSI and Specimen Well, with the down plunge continuity of gold mineralisation at Omega North yet to be confirmed by diamond core results. The PSI and Omega North prospects are located 44 kilometres north of the old Gidgee mill and have been mined previously by open cut methods. The initial RC program at PSI has confirmed consistent gold grade and widths to primary mineralisation and has extended previously interpreted south plunging gold lodes beneath the PSI pit (Figures 2 and 3). Significant gold intercepts from the recent campaign included: 9m @ 2.6g/t Au from 136m including 3m @ 4.0 g/t au from 136m (PSRC001), 12m @ 2.2g/t Au from 126m including 4m @ 3.5g/t Au from 127m (PSRC002) and 11m @ 2.4g/t Au from 120m including 2m @ 8.8g/t Au from 128m (PSRC003). Omega-PSI prospects long section showing gold intercept pierce points coloured by gram x metre (i.e. average intercept grade (g/t Au) multiplied by intercept width in metres), historic open pits, underground infrastructure,interpreted high-grade ore shoots (gold), and 2021 RC intercepts >20 gram x metres labelled (blue). RC drilling at Omega North did not confirm a south plunge to high grade gold mineralisation, however the potential for high gold grades plunging steeply to the north is still to be confirmed by diamond drill hole OMRC001D (results pending). A best result of 11m @ 0.4g/t Au from 30m including 1m @ 2.2g/t Au from 35m was returned from OMRC004. Gold mineralisation at both PSI and Omega is hosted by Banded Iron Formation (BIF) units within amphibolite. High gold grades occur within quartz veins where steeply dipping oblique shears intersect folded, steeply plunging BIF units. Gold mineralisation at PSI is from 5 to 15 metres in true width and continuous down plunge for over 150 metres. Additional drilling is required along strike to the south of the current drilling at PSI and potentially at depth to the north of Omega North. There is no MRE for this prospect area and a maiden MRE is expected to be completed in the first half of 2022. The Specimen Well prospect is located 44 kilometres north of the historic Gidgee mill and has not been mined previously. The current Mineral Resource Estimate for the Specimen Well deposit is 0.4Mt @ 2.0g/t Au for 23,000oz (Table A). The initial RC program has confirmed broad, shallow, high grade gold mineralisation at the prospect, returning 22m @ 2.1g/t Au from 55m including 14m @ 3.0g/t Au from 56m (SPRC005) up plunge of previous significant gold intercepts (Figure 4), and 11m @ 1.6g/t Au from 47m including 4m @ 3.9g/t Au from 52m (SPRC010) approximately 400m along strike to the north of the Specimen Well resource area (Table D). SPRC010 is in a sparsely drilled area that requires follow-up drilling. High grade gold mineralisation within a previously interpreted south plunging shoot to the south of the main resource area is yet to be confirmed by diamond drill hole SPRC002D (results pending). Additional RC drilling is warranted along strike to the north of the Specimen Well resource area where previous wide spaced aircore and RC drilling has encountered consistent shallow gold mineralisation over a 700 metre strike. Assay results for 18 diamond core holes drilled across 12 prospects throughout the Gum Creek Greenstone Belt are pending. Metallurgical sampling and sighter testwork is ongoing and Mineral Resource Estimation (MRE) work is progressing well with an updated MRE expected to be completed in the first half of 2022. Announcement • Dec 13
Horizon Gold Limited Announces Shallow High Grade Gold Intercepts At Orion and Wahoo Horizon Gold Limited announced additional shallow high grade gold results from the recently completed RC drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia (Figures 1 & 5). All assay results have now been received from initial RC drilling programs at the Orion and Wahoo prospects, located 37 kilometres and 28 kilometres respectively north of the Gidgee processing plant, with direct links to the existing haul road network. The Orion Prospect is located 37km north-northwest of the historic Gidgee mill and has not been mined previously. The initial RC program has confirmed and extended previously delineated shallow supergene and primary gold mineralisation. Numerous shallow gold intercepts were returned including 16m @ 6.2g/t Au from 10m including 4m @ 9.5g/t Au from 20m (ONRC028), 15m @ 2.2g/t Au from 46m including 3m @ 8.0g/t Au from 52m (ONRC024), 12m @ 2.5g/t Au from 47m to EOH including 7m @ 3.9g/t Au from 52m to EOH (ONRC003), 3m @ 8.6g/t Au from 94m including 1m @ 24.7g/t Au from 94m (ONRC021), 11m @ 1.9g/t Au from 26m including 5m @ 3.7g/t Au from 31m (ONRC016), 14m @ 1.3g/t Au from 45m including 2m @ 3.5g/t Au from 57m (ONRC022), 9m @ 1.9g/t Au from 28m including 5m @ 3.0g/t Au from 32m (ONRC019), 8m @ 2.1g/t Au from 6m including 2m @ 3.0g/t Au from 6m (ONRC011), 11m @ 1.5g/t Au from 53m including 4m @ 2.4g/t Au from 53m (ONRC020), and 7m @ 2.2g/t Au from 40m including 3m @ 3.7g/t Au from 40m (ONRC008) (Figures 2 & 3, Table B). Gold mineralisation at Orion is located within shallow flat lying supergene zones, and three sub-parallel shallow east dipping shear zones containing quartz veins within saprolite and strongly weathered limonitic basalt (Figure 3). Gold intercepts within the fresh rock is associated with quartz veining in a silica-albite-chlorite altered basalt. Mineralisation is continuous over a 300 metre strike, is up to 15 metres wide in each of the three zones, and is currently defined to a maximum vertical depth of approximately 80 metres. The base of complete oxidation is between 60 metres and 70 metres below surface. The higher gold grades are currently interpreted to be associated with a dextral north-east trending fault zone and a distinct magnetic high located towards the southern end of the deposit. This magnetic anomaly is yet to be drill tested. Additional drilling is required at depth and along strike to the north and south, with a maiden MRE to be completed early in 2022. Wahoo is located 28 kilometres north of the old Gidgee mill and has been mined previously by open cut methods. Initial RC drilling has confirmed the vertical continuity of the two main gold lodes to the south of the pit, and also extended mineralisation along strike to the south. Significant gold intercepts from the recent campaign included: 8m @ 2.3g/t Au from 99m including 2m @ 8.3g/t Au from 104m (WARC012), 6m @ 3.1g/t Au from 17m including 2m @ 7.9g/t Au from 19m (WARC010), 9m @ 1.7g/t Au from 62m including 5m @ 2.2g/t Au from 65m (WARC010), 6m @ 2.6g/t Au from 60m including 2m @ 6.8g/t Au from 60m (WARC007), and 7m @ 1.5g/t Au from 49m including 4m @ 2.51g/t Au from 52m (WARC003) (Figure 4, Table C). Reported Earnings • Sep 25
Full year 2021 earnings released: AU$0.012 loss per share (vs AU$0.06 profit in FY 2020) Full year 2021 results: Net loss: AU$1.07m (down 123% from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Jul 07
Horizon Gold Limited Announces Additional Significant Results from Ongoing RC Drilling at Its 100% Owned Gum Creek Gold Project Located in the Mid-West Region of Western Australia Horizon Gold Limited announced additional significant results from ongoing RC drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia. All assay results from the initial RC drilling at the Kingston Town Prospect have been received. The prospect and associated shallow pit is located 20 kilometres south of the old Gidgee processing plant. The company completed a total of 20 RC holes for 2,053 metres at the Kingston Town Prospect during May 2021. The holes successfully intercepted shallow strike extensions to supergene gold mineralization to the north and south of previous drilling, and confirmed the interpreted moderate south plunge to high grade gold shoots. Numerous >2g/t Au RC drill intercepts were returned from within the three sub-parallel lodes at Kingston Town. Gold mineralization has a continuous strike of over 300m and remains open to the north, south and at depth in all three lodes. A highly significant intercept of 16m @ 2.3g/t Au from 27m incl. 4m @ 5.7g/t Au from 30m (KTRC001) was returned from the southern end of the central lode, with several intercepts including: 8m @ 2.0g/t Au from 57m (KTRC008), 5m @ 2.9g/t Au from 48m (KTRC010), 12m @ 1.0g/t Au from 35m (KTRC009), and 4m @ 2.3g/t Au from 36m (KTRC007) returned from the northern end of the western and central lodes. Other significant intercepts returned from the central and eastern lodes included: 7m @ 2.0g/t Au from 101m (KTRC017), 9m @ 1.5g/t Au from 33m (KTRC018) and 5m @ 3.1g/t Au from 126m (KTRC018). Mineralization intercepted in weathered rock (above ~80m) corresponds to vein quartz within saprolite. Mineralization within fresh rock is associated with strong quartz veining and disseminated pyrite within albite-sericite-carbonate altered dolerite and basalt. The drilling has confirmed the presence of broad zones of potentially open pit gold mineralization at the Kingston Town Prospect and follow up extension drilling will be completed as soon as possible. KTRC020 is a pre-collar for a planned diamond drill hole tail, designed to intercept the centre of the southerly plunging high grade gold shoot associated within the central lode and provide lithostructural information to help determine the controls on mineralization. This drilling will assist the planning of future extension drilling at the Kingston Town Prospect. Current and Planned Drilling: Initial infill and extension RC drilling has been completed at Howards and Think Big, and is continuing at the Manikato Prospect. Results from these prospects are pending. Programs of Work have been approved or lodged for infill and extension drilling at the Heron South, Kingfisher, Camel Bore and Snook targets, and program design has commenced for RC drilling at the Wahoo and Orion targets. All target areas have the potential to quickly add significant ounces to Horizon's Gum Creek MRE. Announcement • Jun 17
Horizon Gold Limited Announces Rc Drilling Results from Swift, Swan and Eagle Targets Horizon Gold Limited announced numerous highly significant results from ongoing RC drilling at its 100% owned Gum Creek Gold Project located in the Mid-West Region of Western Australia (Figure 1). All assay results from the initial RC drilling at the Swift, Swan and Eagle target areas have been received. These targets are located close to the old Gidgee processing plant and are associated with a cluster of open pit and underground mines that were
developed between 1987 and 2005. The Company completed a total of 38 RC holes for 5,497 metres at the Eagle Prospect, and the Swift and Swan deposit areas during April-May 2021. The holes were successful in defining shallow strike and down plunge extensions to interpreted high grade gold shoots at Eagle and Swift, and extending the strike of shallow mineralisation at the Swan North and Finch targets. A number of high-grade intercepts were returned from RC drilling along the Swift mineralised trend, particularly from beneath the Swift open pit including: 15m @ 4.0g/t Au from 145m incl. 8m @ 7.0g/t Au from 151m (SWRC006), 11m @ 3.5g/t Au from 114m incl. 3m @ 8.1g/t Au from 118m (SWRC003), and 6m @ 2.6g/t Au from 134m (SWRC001) (Figures 2 & 3). Mineralisation is associated with strongly silica- sericite altered pyritic quartz veined mafic units. The drilling has confirmed the locations of interpreted high-grade plunging gold shoots, and the presence of broad zones of potentially open pit gold mineralisation in the Swift resource area. The mineralisation intersected in SWRC006 (15m @ 4.0g/t Au from 145m) forms part of a flat lying mineralised structure potentially linking to steeper gold lodes located immediately below the Swift pit(Figure 3). The geological understanding of these gold shoots will be further improved once the planned diamond drilling and additional infill and extension RC drilling in the Swift area is completed. A number of significant gold intercepts were returned from the sparsely drilled Finch target immediately east of the Butcherbird pit (Figure 2), including: 6m @ 5.4g/t Au from 115m incl. 2m @ 15.4g/t Au from 117m (FIRC005), 8m @ 3.7g/t Au from 40m (FIRC006), 5m @ 2.5g/t Au from 153m (FIRC008), and 3m @ 3.4g/t Au from 20m (FIRC002). This shallow mineralisation is not part of the current Swan MRE. Infill and extension resource drilling is being planned. Other significant drill intercepts from the Swan trend include: 12m @ 1.6g/t Au from 79m including 8m @ 2.2g/t Au from 81m (SNRC003) from the northern-most line at Swan North (remains open to the north), and 13m @ 1.3g/t Au from 112m including 4m @ 2.7g/t Au from 114m (SNRC001) from the upper part of the Premium Lode (Figure 2). Both areas require follow-up extension and infill drilling respectively in order for these areas to be incorporated into the Company's Swan/Swift open cut MRE. Encouraging intercepts were returned from three RC holes drilled beneath the Eagle open pit including: 7m @ 5.5g/t Au from 169m (EARC003), 4m @ 3.3g/t Au from 173m (EARC002), and 12m @ 0.9g/t Au from 119m (EARC001). Mineralisation is associated with quartz-carbonate-pyrite veins within sericite- carbonate altered amygdaloidal basalt. The results confirm the previously interpreted plunging gold shoots and highlight the potential for high gold grades at depth (Figure 4). EARC004 and 005 are pre- collars for planned diamond drilling that will test proposed target zones and provide drill core to help determine the controls on mineralisation. This drilling will also assist the planning of future infill and extension drilling at the Eagle Prospect. The planned diamond core tails and phase 2 RC drill targets can be seen in Figure 4. Reported Earnings • Mar 10
First half 2021 earnings released: AU$0.004 loss per share (vs AU$0.015 loss in 1H 2020) First half 2021 results: Net loss: AU$339.0k (loss narrowed 70% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 25
New 90-day low: AU$0.41 The company is down 5.0% from its price of AU$0.43 on 25 November 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 19% over the same period. Announcement • Feb 16
Horizon Gold Limited Confirms Significant Exploration Potential with Compelling Drill Targets Horizon Gold Limited announced the completion of a comprehensive geological and targeting review (Review) at its 100% owned Gum Creek Gold Project (Gum Creek or the Project) located in the Murchison Region of Western Australia. The Review incorporated all available historic data and will guide future exploration and potential Mineral Resource growth within the highly prospective Gum Creek Gold Project. Horizon completed a program of 38 RC holes for 4,737m at the Swan and Swift deposits in October 2020 which returned exceptional high-grade results, including a best intercept of 29m @ 9.1g/t Au from 70m. The drill results and Review instigated the recent update to the Swan and Swift Open Cut and Underground Mineral Resource Estimate (MRE) which totals 4.85Mt @ 3.0g/t Au for 0.47Moz, taking the Project MRE to 18.59Mt @ 2.28g/t Au for 1.36Moz contained gold. Around 60% of the existing 1.36Moz Mineral Resource Estimate is in free milling deposits. The Gum Creek Greenstone Belt hosts the Gidgee gold deposits and Horizon has the dominant landholding within the belt. It is a north-northwest elongate, south plunging syncline composed of volcanics, sediments and granitoid intrusives. The stratigraphy comprises a lower sequence of mafic and ultramafic volcanics and banded iron formation (BIF), and an upper sequence of volcaniclastics and felsic volcanics. Massive layered pyroxenite-gabbro sills have intruded the eastern part of the belt, mainly into the upper sequence at the lower /upper sequence contact (fault/unconformity). The 48 targets identified span a range of different stages of advancement: Nine high-priority drill ready targets at existing Mineral Resources across the project area that can be upgraded and extended including Swan, Swift, Kingfisher, Howards, Heron South, Specimen Well and Wilsons; Twenty drill ready targets at known mineralised areas with previous drilling and potential to host new Mineral Resources after further drilling is completed including Eagle, Kingston Town, Think
Big, Manakado, Omega, PSI, Orion, Camel Bore, and Wahoo prospects; Thirteen advanced exploration targets which warrant further exploration and drill testing; and Six early stage greenfields targets with potential for major new discoveries. Announcement • Feb 12
Horizon Gold Limited Provides Update Its Mineral Resource Estimate Horizon Gold Limited has updated the Company's Mineral Resource Estimate (MRE) for the Swan and Swift deposits located within its 100% owned Gum Creek Gold Project (Gum Creek or the Project) located in the Murchison Region of Western Australia. The updated MRE for the Swan and Swift open cut deposits is 4.16Mt @ 2.41g/t Au for 323,000oz contained gold. The MRE for the Swan and Swift underground deposits is 0.70Mt @ 6.71g/t Au for 150,000oz contained gold. The revised Total Mineral Resource for the Gum Creek Project is 18.59Mt @ 2.28g/t Au for 1.36Moz contained gold. This MRE represents a 26% increase in global Indicated resources and a less than 2% decrease in contained gold (26,900oz) when compared with the Horizon Gold Ltd. "Mineral Resources as at 30 June 2019" ASX announcement dated 12 July 2019. No Ore Reserves have been declared for the Project. The updated MRE for the Swan and Swift deposits was undertaken in order to include the high-grade reverse circulation (RC) drill intercepts obtained from the October 2020 drill program. The resource work was also initiated subsequent to an independent geological review of the Swan and Swift resource that identified poor reconciliations between previous block model gold grades and adjacent drill hole gold grades. The updated Swan and Swift MRE was completed by Carras Mining Pty Ltd. ("Carras Mining"). The Mineral Resource Estimates for the Swan and Swift deposits are classified in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC, 2012). Dr Spero Carras was engaged by Horizon Gold Limited in December 2020 to re-estimate the Swan and Swift Open Cuts, Swan Underground and Swift Underground following an update of drilling data to include drillholes SBRC089 to SBRC126, and reports of poor reconciliations between previous block model gold grades and adjacent drill hole gold grades. The deposits form part of the Gum Creek greenstone belt within the East Murchison Mineral Field and Southern Cross province of the Archaean Yilgarn Craton in Western Australia. The Competent Person, Dr Spero Carras, visited the Gidgee mine-site in 2004 and was responsible for the Mine Closure Report in 2005. This process involved time spent underground looking at lodes which were being mined, and reviewing drill core. The updated Swan and Swift open cut MRE cut-off grade is 0.7g/t Au. The MRE Indicated and Inferred categories have been partially diluted over a minimum mining width of 2.5m and confined to a AUD 2,500/oz Whittle pit shell. The MRE cut-off grades are 2.5g/t Au for Swan underground Indicated, 3.0g/t Au for Swan and Swift underground Inferred. Top-cuts were applied to the drill hole composite file prior to grades being interpolated. The updated Swan and Swift Open Cut MRE represents a 474% increase in Indicated gold ounces, a decrease of 66% in gold grade and a decrease of 21% in total gold ounces when compared to the 30 June 2019 MRE. The updated Swan and Swift Underground MRE represents a 1550% increase in Indicated gold ounces, a decrease of 15% in total UG gold grade and an overall increase of 70% in total gold ounces when compared to the 30 June 2019 MRE. Is New 90 Day High Low • Jan 29
New 90-day high: AU$0.55 The company is up 17% from its price of AU$0.47 on 29 October 2020. The Australian market is up 14% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 23% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: AU$0.52 The company is up 11% from its price of AU$0.47 on 09 October 2020. The Australian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 20% over the same period. Announcement • Dec 15
Leigh Ryan Commences Employment as Managing Director of Horizon Gold Limited Horizon Gold Limited announced that Mr. Leigh Ryan, Managing Director has on 14 December 2020, commenced employment with the Company and has officially been appointed as director of the Company. Mr. Ryan was most recently Managing Director of Alchemy Resources Limited and before this Managing Director of Chrysalis Resources Limited and earlier the Managing Director of Boss Resources Limited. Mr. Ryan is a qualified geologist with 30 years of experience in the exploration and resource industry, which has included various project evaluation, exploration management and executive management roles throughout Australia and Africa. Announcement • Nov 12
Horizon Gold Limited Approves Appointment of Dugald Morrison as Director Horizon Gold Limited at AGM held on November 12, 2020, it has approved the appointment of Dugald Morrison as Director. Is New 90 Day High Low • Nov 12
New 90-day low: AU$0.36 The company is down 23% from its price of AU$0.47 on 14 August 2020. The Australian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 4.0% over the same period. Announcement • Oct 06
Horizon Gold Limited Announces Executive Changes Horizon Gold Limited advised Leigh Ryan has been appointed the company's new Managing Director. Mr. Ryan is a qualified geologist with 30 years of experience in the exploration and resource industry, which has included various project evaluation, exploration management and executive management roles throughout Australia and Africa. He has worked extensively in WA, Queensland, NSW and various African countries and has been involved in the discovery and resource definition of numerous gold and base metal deposits. Mr. Ryan was most recently Managing Director of Alchemy Resources Limited and before this Managing Director of Chrysalis Resources Limited and earlier the Managing Director of Boss Resources Limited. Prior to this he was Resolute Mining Limited's Group Exploration Manager for Africa and Australia. Mr. Ryan is a member of the Australian Institute of Geoscientists and has completed a graduate certificate in Mineral Economics at the Curtin School of Business, Western Australia. Mr. Ryan will commence in the role no later than 1 January 2021 and in the interim Mr. Jamie Sullivan will continue in his role as an Executive Director, before reverting to a non-executive Director role. Announcement • Oct 05
Horizon Gold Limited Commences Drilling at Gum Creek Gold Project Horizon Gold Limited announced that drilling is underway at its 100% owned Gum Creek Gold Project (Gum Creek or the Project) in Western Australia. Gum Creek has historically produced more than 1 million ounces of gold and hosts a current Mineral Resource of 1.39 million ounces. The Project covers 620km2 of contiguous tenure over the Gum Creek greenstone belt that has supported more than 30 open pit mines and three underground mines in the modern era. The drilling program will comprise a total of 38 RC holes for 4,680 metres. The program will consist of infill and extensional drilling to improve definition of the modelled mineralisation and to target potential extensions to the Swan and Swift Mineral Resource. Is New 90 Day High Low • Sep 28
New 90-day low: AU$0.37 The company is down 20% from its price of AU$0.46 on 30 June 2020. The Australian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 8.0% over the same period. Announcement • Sep 26
Horizon Gold Limited Auditor Raises 'Going Concern' Doubt Horizon Gold Limited filed its Annual on Sep 24, 2020 for the period ending Jun 30, 2020. In this report its auditor, Ernst & Young LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Announcement • Aug 31
Horizon Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 3.279884 million. Horizon Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 3.279884 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,932,945
Price\Range: AUD 0.3
Transaction Features: Rights Offering Announcement • Jul 09
Zeta Resources Limited (ASX:ZER), Paul Bennett, Peter Venn and others completed the acquisition of 24.6% stake in Horizon Gold Limited (ASX:HRN) from Panoramic Resources Limited (ASX:PAN). Zeta Resources Limited (ASX:ZER), Paul Bennett, Peter Venn and others agreed to acquire 24.6% stake in Horizon Gold Limited (ASX:HRN) from Panoramic Resources Limited (ASX:PAN) for AUD 3.8 million on March 30, 2020. The acquisition of a further 16.8 million Horizon Gold shares would increase the Horizon Gold shares held directly by Zeta from approximately 46.6% to 68.5%, Paul Bennett will acquire 0.25 million shares, however Peter Venn will acquire 0.1 million shares at AUD 0.2 per Horizon Gold Limited share. As a result of the acquisition, stake of Panoramic Resources Limited will cease to exist in Horizon Gold Limited.
The Management Agreement between Panoramic Resources Limited and Horizon Gold Limited will remain in place in the near term while longer term arrangements with respect to Horizon Gold Limited executive leadership and support functions are established. Furthermore, it is intended that Victor Rajasooriar, who is Executive Chairman of Horizon Gold Limited step down from the Board, once a new Non-Executive Director is appointed. Completion of the sale to Zeta is subject to Panoramic Resources Limited shareholders’ approval. Panoramic will seek shareholder approval for the Horizon Share Sale between June 1, 2020 and August 1, 2020. As on June 29, 2020, the transaction has been approved by the shareholders of Panoramic Resources. The sale to investors other than Zeta is expected to complete on April 1, 2020. As on April 1, 2020, the sale to buyers apart from Zeta was completed. As on April 6, 2020, Zeta provided an AUD 8 million loan to Panoramic out of which approximately AUD 3,4 million will be off-set by the transfer of approximately 17.2 million Horizon Gold shares under this transaction. Approval of shareholders of Panoramic Resources Limited is required by June 30, 2020. The sale proceeds are to be utilized for ongoing working capital purposes of Panoramic Resources Limited and to set-off approximately AUD 3.4 million of Zeta loan. Morgans Corporate Limited acted as book runner for the sale. BDO Corporate Finance (WA) Pty Ltd acted as fairness Opinion Provider to Panoramic Resources Limited.
Zeta Resources Limited (ASX:ZER), Paul Bennett, Peter Venn and others completed the acquisition of 24.6% stake in Horizon Gold Limited (ASX:HRN) from Panoramic Resources Limited (ASX:PAN) on July 9, 2020. As of July 9, 2020, Panoramic Resources Limited no longer holds any shares in Horizon Gold Limited. 28.5 million options in Panoramic each option exercisable at AUD 0.16 and expiring 3 years from the date of issue were issued to Zeta on June 30, 2020. 