ANNUAL REPORT
2024
CONTENTS
CORPORATE PARTICULARS ....................................................................................................................................... 1
CHAIRMAN AND CEO’S REVIEW ............................................................................................................................... 2
OPERATIONS REPORT ................................................................................................................................................ 3
DIRECTORS' REPORT ................................................................................................................................................. 23
AUDITOR’S INDEPENDENCE DECLARATION ......................................................................................................... 36
DIRECTORS’ DECLARATION ..................................................................................................................................... 37
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ...................... 38
CONSOLIDATED STATEMENT OF FINANCIAL POSITION .................................................................................... 39
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ..................................................................................... 40
CONSOLIDATED STATEMENT OF CASH FLOWS ................................................................................................... 41
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS ................................... 42
CONSOLIDATED ENTITY DISCLOSURE STATEMENT ............................................................................................ 75
INDEPENDENT AUDIT REPORT TO THE MEMBERS OF HORIZON MINERALS LIMITED ................................... 76
SHAREHOLDER INFORMATION ............................................................................................................................... 81
About Horizon Minerals Limited
Horizon Minerals Limited (Horizon and the Company) is an emerging mid-tier gold producer with high quality projects
located in the heart of the West Australian goldfields. The Company is led by a Board and Management team with deep
experience developing and operating successful gold mines within the Kalgoorlie region.
Horizon has a large tenement holding which hosts over a million ounces of gold in Resources and has significant open
cut and underground growth potential.
Corporate Governance
The Company has adopted the 4th Edition of the ASX Corporate Governance Recommendations. A summary statement
which has been approved by the Board together with current policies and charters is available on the Company website
at the following address www.horizonminerals.com.au.
Horizon Minerals Limited Annual Report 2024
Page 1
CORPORATE PARTICULARS
DIRECTORS
Ashok Parekh
Non-Executive Chairman
Warren Hallam
Non-Executive Director
CHIEF EXECUTIVE OFFICER
Grant Haywood
Managing Director & Chief Executive Officer
COMPANY SECRETARY
Julian Tambyrajah
Chief Financial Officer & Company Secretary
REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS
Level 2, 16 Ord Street
WEST PERTH WA 6005
Telephone +61 8 9386 9534
Email
info@horizonminerals.com.au
POSTAL ADDRESS
PO Box 1064
WEST PERTH WA 6872
SHARE REGISTRY
Computershare Investor Services Pty Ltd
Level 17
221 St Georges Terrace
PERTH WA 6000
Telephone + 61 8 9323 2000
AUDITORS
PKF Perth
Level 8
905 Hay Street
PERTH WA 6000
Telephone +61 8 9426 8999
STOCK EXCHANGE LISTING
Australian Securities Exchange
Home Exchange: Perth
Code: HRZ
Horizon Minerals Limited Annual Report 2024
Page 2
CHAIRMAN AND CEO’S REVIEW
Dear Shareholder
I am pleased to present to you the annual report for Horizon Minerals Limited. The 2024 financial year has been a year
of significant progress for the company as we transform from an exploration company into one of Australia’s newest gold
producers. In challenging economic conditions, with poor sentiment for gold juniors notwithstanding strong gold prices in
Australian dollar terms.
Capital markets were quite volatile, particularly for junior explorers and emerging developers, but the gold price has
remained strong ranging from A$2,843-$3,728 finishing the year at A$3,488/oz (Source: Perth Mint).
The global economy has faced numerous headwinds, including geopolitical tensions, fluctuating commodity prices, and
inflationary pressures. There has been continual tightening of monetary policy from most central banks to quell these
inflationary pressures on the economy, which has led to challenging conditions with reduced liquidity and available
funding for drilling and development. There has been some conservatism in the general market for juniors in the gold
space within these volatile markets leading to companies in this space aiming to reduce costs albeit in a high inflationary
environment and focussing on organic growth and looking for opportunities with M&A at asset and corporate level to
strengthen the project resource base and/or the balance sheet. This culminated towards the end of the year with the
completion of the merger with Greenstone Resources Limited adding an additional 0.52 million ounces from the
cornerstone Burbanks project and Phillips Find project increasing the Company’s resource base in the goldfields of WA
to 1.8 million ounces. Further consolidation is anticipated in the year to come.
Locally, severe labour shortages and escalating costs have prevailed in Western Australia and the goldfields region,
however, it appeared to be somewhat easing towards the end of the financial year. The number of suitably skilled workers
continues to decline against demand with a real need for additional TAFE graduates in trades and tertiary graduates
particularly in mining disciplines and the earth sciences.
Over the course of the year, the Company has made substantial progress towards development of a pipeline of gold
projects to bring in sustainable cashflow into the business. Significant achievements in this regard were executing milling
agreements to process 1.24 million tonnes of ore from our cornerstone Boorara gold project at Norton Gold Fields’
Paddington gold processing plant and 200 thousand tonnes of ore from our Phillips Find project to treat at FMR
Investments’ Greenfields Mill. Our dedicated team progressed on a number of fronts during the year with exploration
programs continuing in new discovery and resource growth areas, acquisitions and divestments and mining studies.
A range of air core, reverse circulation and diamond drilling was completed during the year with excellent results received
across the portfolio including Pennys Find, Cannon North, Falcon, Honeyeater and Kestrel. The drilling at Pennys Find
confirmed a new lode system along strike to the north of the existing resource, in addition to extending the known resource
at depth. A maiden gold resource for Pinner, and resource updates for Monument, Pennys Find and Boorara were
announced. Open pit studies commenced on Boorara and Kalpini with an underground study underway at Pennys Find.
The company has a clear objective to be a sustainable gold producer, initially by utilising existing infrastructure in the
WA goldfields commencing at Boorara and Phillips Find, with the Kalpini open pit planned to follow. It is planned that
underground mining shall commence at the Company’s development ready Cannon gold project, followed by Pennys
Find and Rose Hill. The Company believes there is enormous upside to the cornerstone Burbanks project and aims to
progress resource extension and infill drilling in the coming year, along with advancing the approvals process for mining.
During the year, the Company announced a number of divestments including non-core assets and the sale of listed
investments to contribute to exploration funding and project development. These divestments will continue in the FY2025
along with expected cashflows from operations enabling focus on core exploration areas and to assist in funding further
proposed developments. Further M&A shall also be explored at both corporate and asset level.
We’d like to take the opportunity to thank all our Board members, staff, contractors, external consultants and you, our
shareholders, for your support during the year. The Horizon team look forward to keeping you fully informed as the
business grows in what will be another very exciting year ahead.
Ashok Parekh
Grant Haywood
Chairman
Managing Director & CEO
Perth, WA
27 September 2024
Horizon Minerals Limited Annual Report 2024
Page 3
OPERATIONS REPORT
CORPORATE
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The Company recognises the importance of Environmental, Social and Governance (ESG) factors and is committed to
continuous improvement in this regard. During the year, a review commenced of all internal policies, procedures,
governance principles to identify improvements and opportunities to ensure we meet or exceed our social license to
operate. The Company engaged BDO in 2022 to assist in developing our ESG operational plan and roadmap and our
first internal Sustainability Report. The Company will look to update is operation plan and roadmap, along with the ESG
framework and strategy during the 2024/25 financial year.
ISSUED CAPITAL
At 30 June 2024, Horizon Minerals Limited had 1,118,559,102 fully paid ordinary shares on issue.
Class of securities
Issued at 30 June 2024
Fully Paid Ordinary Shares (HRZ)
1,118,559,102
Listed Options (HRZOB, strike price 9.7c, expiry 30 Jun 2025)
51,871,015
Listed Options (HRZO, strike price 8.7c expiry 21 Sep 2025)
26,723,151
COMPANY INVESTMENTS
At 30 June 2024 Horizon held the following listed investments:
As at 30 June 2024, the Company had cash on hand of approximately $4.29 million.
CORPORATE ACTIVIES
On 1 July 2024 Grant Haywood commenced as the Chief Executive Officer (previously the Chief Operating Officer)
following the resignation of Jon Price as Managing Director and CEO concluding his tenure on 30 June 2023.
On 5 July 2024 the Group executed an Option and Sale Agreement with Metal Hawk Limited (ASX: MHK) to purchase
seven tenements within the Yarmany West project area. The option fee received included $400k ($200k in cash and
$200k in MKH shares). An expenditure requirement for MHK to spend $1 million exploration expenditure, then the option
to exercise with the payment of $1 million for the sale of 100% of the tenements or forego the exercise fee and instead
sell 80% and Horizon retains 20% on a free carry to decision to mine.
The Group completed the acquisition of Gunga West gold project to FMR Investments Pty Ltd on 17 July 2023 (see
announcement 20 June 2022 for terms and conditions now satisfied).
On 30 August 2024 the Group executed an Option and Sale Deed with Dundas Minerals Limited (ASX: DUN) to purchase
19 tenements in the Baden Powell and Windanya project areas. The option fee received $500k consisted of $375k in
cash, $250k in DUN shares, and $125k cash on the first anniversary of the execution date.
Company
Securities
ASX
Number
Spot Value at
30 June 2024
Dundas Minerals Limited
Ordinary Shares
DUN
3,234,327
67,921
Metal Hawk Limited
Ordinary Shares
MHK
1,134,430
56,721
Richmond Vanadium Technology Ltd
Ordinary Shares
RVT
19,833,363
4,760,007
Ora Banda Mining Limited
Ordinary Shares
OBM
3,194,282
1,070,084
TOTAL
5,954,733
Horizon Minerals Limited Annual Report 2024
Page 4
OPERATIONS REPORT
CORPORATE
CORPORATE ACTIVIES (CONTINUED)
During the year the Group commenced drilling near Cannon with follow up drilling at Pennys Find, Kanowna South,
Lakewood, Kestrel, Honeyeater and Binduli.
On 31 August 2023 the Group announced drilling results for Monument and Pinner creating open pit potentials near the
Cannon underground project.
On 5 October 2023 the Group executed a Share Sale Agreement for the acquisition of Charter Minerals Pty Ltd the 100%
owner of two greenfield Lithium prospects near Bridgetown less than 20 km from the world class Greenbushes Lithium
Mine, Western Australia. The consideration paid was $75k plus 4 million ordinary Horizon shares.
On 23 October 2024 the Group executed a binding Asset Sale Agreement and Royalty Deed for 62 prospecting licences
to Northern Star Resources Limited (ASX: NST) for $3.1 million in cash. Included in the sale terms is a $20 p/oz Discovery
Payment up to 2 million ounces and NSR of 0.5% on al metals and minerals extracted from the tenements.
DIVESTMENT OF ROYALTIES
On 29 March 2021, Horizon announced a Royalty Sale Agreement to Vox Royalty Corp. (TSX: VOX) (Vox) which included
the Janet Ivy Production Royalty and the Otto Bore Production Royalty. Vox paid A$4 million in cash at Completion and
a further A$3 million in cash or Vox shares at Vox’s election (priced on a 30-day VWAP basis) upon Vox receiving
cumulative payments of A$750,000 from the transaction royalties.
Upon receipt of the 30 June 2023 quarterly production results on the Janet Ivy Production Royalty, the deferred
payment of $3 million from Vox has been triggered and will become due and payable within 10 days of the receipt of
the royalty payment from the Janet Ivey project. However, Vox had elected to pay the $3 million in Vox shares instead
of cash. Further that the Vox shares would be subject to a 4-month escrow.
On 28 November 2023 the Group announced that the milestone for the deferred payment to be received from Vox
Royalties Corp. (Vox) of $3 million in Vox shares had been calculated based on a 30 day VWAP returning a Vox
share price of CAD$2.7778 per share for A$3 million at an exchange rate of CAD: AUD of 0.8782 equates to
CAD$2,634,600 and as a result 948,448 Vox shares.
On 13 February 2024 the Group announced that Horizon and Greenstone Resources Limited (Greenstone and GSR)
had agreed to merge by way of a Scheme of Arrangements for shares and listed options (Schemes) at a ratio established
at 0.2868 Horizon shares for every Greenstone share and 0.2868 Horizon listed options for every Greenstone listed
options. That the Schemes were subject to Greenstone shareholder approval at general meeting and subject to 2 court
reviews and approval by the court.
On 29 April 2024 the Group announced the release from escrow of the 948,448 Vox shares following 4 months of escrow
from the date of issue on 23 November 2024. That following the release the entire parcel of 948,448 Vox shares were
sold on the NASDAQ for an average price of US$2.077 resulting in cash received of A$2,927,918 (US$1,913,101 @
0.6534 USD/AUD) before broker commission and US/Canadian withholding taxes.
On 6 May 2024 the Group announced a binding Ore Sale Agreement for the treatment of 1.4Mt (from Horizons Boorara
Gold Project) at the Paddington Mill which was 56km from Boorara subject to certain conditions precedent including a
Boorara ore reserve, mine design, mining and delivery schedule and modifying factors being accepted by Paddington
Gold Pty Ltd a wholly owned subsidiary of Norton Gold Fields Ltd.
On 13 May 2024 the Group announced that it had executed a binding Toll Milling Agreement with FMR Investments Pty
Ltd for treatment of 200kt at the Greenfields Mill near Coolgardie.
On 18 June 2024 the Group announcement the ‘Implementation of Schemes of Arrangement’ which has the date for
Change of Control where Horizon issued shares and listed options to Greenstone Resources Limited shareholders and
option holders on a ratio agreed in Scheme Implementation Deed announced on 13 February 2024. GSR was also
delisted from the ASX on 18 June 2024 and became a wholly owned subsidiary of Horizon.
Horizon Minerals Limited Annual Report 2024
Page 5
OPERATIONS REPORT
CORPORATE
SUBSEQUENT EVENTS
On 25 July 2024 the Group announced the Boorara Ore Reserve supports development after completion of the ore
reserve, mine design, mining schedule and a financial model with AMC consultants, that showed a return of $19.9 million
after mining and processing costs, a recovered 45.8koz over 14 months.
On 25 July 2024 that the conditions precedent had been satisfied for the Ore Sale Agreement with Paddington Gold Pty
Ltd and that mining and haulage contracts had been executed with Hamptons Transport Services Pty Ltd, following Final
Investment Decision (FID) by the Horizon board of directors.
On 7 August 2024 the Group announced a new Joint Venture with BML Ventures Pty Ltd (BML) for the development of
two open pits at Philips Find. The ore is to be processed at the Greenfields Mill in Coolgardie utilising the Toll Milling
Agreement for 200kt with FMR Investments Pty Ltd. Mining is planned to commence during the September 2024 quarter
subject to the Mining Proposal currently under assessment with DMIRS.
On 29 August 2024 the Group announced that mining had commenced at the Boorara Gold Project with Hamptons
Transport Services Pty Ltd (Hamptons) as mining and haulage contractor.
On 12 September 2024 the Group announced the Mining Proposal for Phillips Find submitted to DMIRS was pending
approval and that mobilisation to site was ready from mid-September 2024 subject to the Mining Proposal approval.
On 2 September 2024 the Group announced the Mr Jon Price resigned as a Non-Executive Director of the Company
with effect of 31 August 2024. At the same time, the appointment of Mr Warren Hallam as a Non-Executive Director of
the Company was announced.
On 23 September 2024 the Group announced the resignation of Mr Chris Hansen as a Non-Executive Director. The
Company advised that is not seeking to replace this position.
Horizon Minerals Limited Annual Report 2024
Page 6
OPERATIONS REPORT
DEVELOPMENT & OPERATIONS
OVERVIEW
The Group continued to advance and build up its core gold project portfolio in Western Australia through extensional and
new discovery drilling for gold, and to leverage off its substantial landholding into other commodities, including Ni-Co,
Ag-Zn, Cu, Li and PGE’s. The Group divested its Yarmany West and Baden Powell and Windanya projects under earn-
in option agreements with Metal Hawk Limited and Dundas Minerals Limited respectively. Also divested were 62 non-
core tenements to Northern Star Resources Limited for $3.1m in cash, discovery payment of $20/resource ounce and a
NSR royalty of 0.5%. The Group also merged with Greenstone Resources Limited (formerly ASX: GSR) via scheme of
arrangement with bought an additional 520,000 oz of gold into our WA goldfields portfolio and a 50% holding in the Mt
Thirsty Ni-Co-Mn project near Norseman in WA. Horizon made significant steps in becoming a gold producer by securing
a 1.24Mt Ore Purchase Agreement with Paddington Gold Pty Ltd to enable mining and treatment of ore from the Group’s
100% owned Boorara project, and also secured a 200kt Toll Milling Agreement to treat the Group’s Phillips Find project
at FMR Investments’ Greenfields mill near Coolgardie. Horizon also advanced its Cannon project by commencing pre-
production works including building of a dewatering pipeline to enable water to be removed to expose the portal position
to allow underground mining to commence.
The locations of all WA projects are shown in Figure 1.
Figure 1
Horizon Minerals Ltd WA Projects
Horizon Minerals Limited Annual Report 2024
Page 7
OPERATIONS REPORT
DEVELOPMENT & OPERATIONS
OVERVIEW (CONTINUED)
BOORARA-CANNON GOLD PROJECT AREA
The Boorara-Cannon Gold Project (BGP) area comprises the 100% owned 428,000oz Boorara gold mine, the Golden
Ridge project to the south, Cannon project 10km to the east and the Kanowna South and Balagundi prospects to the
north (Figure 2). The Group is aiming to monetise in ground assets by mining and toll milling using a contract / JV model.
As highlighted above, the Group has secured an Ore Purchase Agreement that will allow the mining of Boorara via open
pit mining methods over a period of 14 months and milling over 19 months. The Group’s development ready Cannon
underground gold project is also progressing as the first in a series of underground projects, followed by Penny’s Find
and Rose Hill with further study work being undertaken to bring these Mineral Resources into Ore Reserves.
OPEN PIT GOLD PROJECTS
Horizon Minerals is focussed on bringing additional open pit mines into production. The 200kt Toll Milling Agreement
with FMR Investments will be utilised to mine the Phillips Find Project, as cutbacks to the existing Newminster and
Newhaven open pits. Mining is scheduled to commence in the last quarter of 2024 and processing early in 2025.
The Mineral Resource Estimate (JORC 2012) for Phillips Find (Open Pit) is shown below:
Table 1: Phillips Find Open Pit Mineral Resource Estimate
Phillips Find at 0.5 g/t lower cut-off grade
Resource category
Tonnes (Mt)
Grade (g/t Au)
Gold Metal (Oz)
Measured
-
-
-
Indicated
0.54
2.40
41,650
Inferred
0.19
2.10
12,700
Total
0.73
2.30
54,360
The Group is also progressing its 100% owned Kalpini open pit gold project through an Ore reserve study being
undertaken by AMC Consultants. It is envisaged that the Kalpini open pit shall be brought into production following
mining at Boorara.
The Mineral Resource Estimate (JORC 2012) for Phillips Find (Open Pit) is shown below:
Table 2: Kalpini Open Pit Mineral Resource Estimate
Kalpini at 0.8 g/t lower cut-off grade
Resource category
Tonnes (Mt)
Grade (g/t Au)
Gold Metal (Oz)
Measured
-
-
-
Indicated
1.40
2.43
108,000
Inferred
0.50
2.00
31,000
Total
1.87
2.33
139,000
The Group also looks forward to progressing the newly acquired Burbanks project via open pit and underground methods.
UNDERGROUND GOLD PROJECTS
Horizon Minerals is focussed on bringing the Cannon and Pennys Find underground mines into production once sufficient
cashflows are generated from open pit mining. The high-grade ore will likely be mined though a contractor / toll milling or
JV model. The first planned underground mining operation is the Cannon Gold Project which was acquired by the Group
in October 2021. The Mineral Resource Estimate (MRE) was updated the following month, and the Feasibility Study
competed in 2022.
Horizon Minerals Limited Annual Report 2024
Page 8
OPERATIONS REPORT
EXPLORATION AND EVALUATION
UNDERGROUND GOLD PROJECTS (CONTINUED)
Table 3: Summary of Cannon Underground Ore Reserves by Classification
Classification
Tonnes
g/t Au
Ounces
Proven
-
-
-
Probable
135,000
4.1
17,680
Total
135,000
4.1
17,680
The Ore Reserve reflects the mining of the Cannon Mineral Resource using underground mining methods below the
existing open pit. There is approximately four months of preproduction work including pit dewatering, mobilisation, and
site establishment, followed by sixteen months of mining.
Operational activities shall be undertaken by a mining contractor or JV partner with technical and managerial oversight
by Horizon. Mining will be underground with access via a portal within the pit to develop the decline to the base of the
mine. Lateral ore drives will be developed from the decline. The mining method will be a bottom-up method using longhole
stoping with Cemented Rockfill (CRF) and loose fill. Ore and waste shall be loaded out by conventional diesel-powered
Load-Haul-Dump (LHD) loaders and low profile trucks. Development will be undertaken with Jumbo Drills, and stoping
with Longhole drills.
It is anticipated that the 100% owned Penny’s Find gold mine shall be developed next in the underground development
project pipeline, followed by the Rose Hill project. The Penny’s Find resource was updated following additional drilling
during the year and stands at:
Table 4: Penny’s Find Underground Mineral Resource Estimate at a 1.5g/t au cut-off grade
Classification
Tonnes (M)
g/t Au
Ounces
Indicated
0.31
5.19
50,957
Inferred
0.12
3.02
12,000
Total
0.429
4.57
63,000
The 100% Rose Hill gold project is the next project planned to be brought into production following Penny’s Find. The
Rose Hill resource stands at:
Table 5: Rose Hill Open Pit Mineral Resource Estimate at a 0.5g/t au cut-off grade
Classification
Tonnes (M)
g/t Au
Ounces
Measured
0.19
2.0
12,300
Indicated
0.09
2.0
6,100
Total
0.29
2.0
18,400
Table 6: Rose Hill Underground Mineral Resource Estimate at a 2.0g/t au cut-off grade
Classification
Tonnes (M)
g/t Au
Ounces
Indicated
0.3
4.5
47,100
Inferred
0.2
4.8
27,800
Total
0.51
4.6
74,900
Horizon Minerals Limited Annual Report 2024
Page 9
OPERATIONS REPORT
EXPLORATION AND EVALUATION
EXPLORATION CANNON, MONUMENT AND PINNER
In addition to the Cannon underground operation, there is potential for two nearby small open pit operations at Monument
and Pinner to supplement the high-grade Cannon ore. The two prospects have been tested by historical drilling which
demonstrated that both had patchy mineralisation. Drilling was conducted at the Greater Boorara-Cannon area
(Monument, Pinner, Cannon North and Martins) Figure 2.
Figure 2: Cannon Project area showing surrounding prospects
Drilling at Monument and Pinner included 26 holes totalling 1,259m of Air Core (AC) and Reverse Circulation (RC) drilling
targeting shallow mineralisation to increase drill density and resource confidence to support assessment of small-scale
open pit mining. At Monument five aircore holes for 198m and seven RC holes for 567m were drilled with better results
including:
o
9m @ 1.36g/t Au from 27m (CAAC23003)
o
1m @ 0.92g/t Au from 29m, 4m @ 1.23g/t Au from 38m and 1m @ 3.38g/t Au from 47m
(CARC23007)
o
7m @ 1.32g/t Au from 53m (CARC23009)
Horizon Minerals Limited Annual Report 2024
Page 10
OPERATIONS REPORT
EXPLORATION AND EVALUATION
EXPLORATION CANNON, MONUMENT AND PINNER (CONTINUED)
A further 14 Aircore (AC) holes for 483m were drilled at Pinner to validate historic results and infill sufficient detail to for
the maiden MRE. Better results at Pinner include1:
o
2m @ 3.03g/t Au from 36m and 4m @ 0.55g/t Au from 41m (CAAC23010)
o
2m @ 2.12g/t Au from 10, 1m @ 1.11g/t Au from 15m and 1m @ 0.74g/t Au from 21m (CAAC23011)
o
6m @ 1.23g/t Au from 28m (CAAC23013)
The Martin’s Prospect, located to the west of Boorara had historical workings and quartz outcrops that reconnaissance
sampling indicated to be mineralised. Four holes for 280m of RC were drilled testing the area for mineralisation.
Anomalous mineralisation was identified in two of the drill holes.
See Figure 3 for recent and historic assay results 1. Mineralisation at Monument has now been defined along 700m of
strike length and remains open to the north, south and at depth.
Figure 3: Monument and Homerton locations and drilling highlights 1
One drillhole was drilled 200m north, and along strike of the Cannon open pit mine during the quarter. CARC23014 was
earlier drilled to 180m with a Down Hole EM (DHEM) survey indicating that there was a potential EM conductor at depth.
In conjunction with Southern Geoscience Corporation (SGC), it was decided to re-enter the hole and extend the drilling
to 282 m and conduct another DHEM from 180 - 282m.
No new significant Au mineralisation was detected to 282 m however preliminary verbal advice from SGC suggests the
conductor is firmed up, but now deeper than the extended drillhole (Figure 4).
Horizon Minerals Limited Annual Report 2024
Page 11
OPERATIONS REPORT
EXPLORATION AND EVALUATION
EXPLORATION CANNON, MONUMENT AND PINNER (CONTINUED)
Figure 4. Schematic of CARC23014 and the original EM anomaly
EXPLORATION PENNY’S FIND
The high-grade gold mineralisation at Penny’s Find is hosted in narrow quartz veins at the contact between footwall
sediments including black shale and siltstone and a hanging wall basalt. The quartz veins dip about 60° to the northeast
and collectively average 1m to 5m true width. Only minor sulphides are present.
Open pit mining to 85m (242m RL) was completed by Empire Resources in 2018 with toll treatment processing at
Lakewood (Kalgoorlie) and Burbanks (Coolgardie). Production from the open pit totalled 18,300oz at 4.47g/t Au (as
announced to the ASX by Empire (ASX: ERL) on 25 July 2018).
Metallurgical test work and toll milling data from open pit ore processing has shown fresh mineralisation to be free milling
with a high gravity recoverable gold component and a total gold recovery which exceeded 90%.
During the 2024 financial year, Horizon Minerals drilled two RC holes for 789m to further infill the mineralisation to the
north to ensure sufficient density to classify that area of the resource as Indicated., for potential inclusion in an Ore
Reserve1. Two small RC holes for 160m were also drilled north of the Penny’s Find open pit to investigate unrelated,
anomalous gold from old historic holes.
Significant downhole intercepts include2:
o
5m @ 2.97g/t Au from 370m (PFRC23012A)
o
2m @ 1.27g/t Au from 305m (PFRC23011)
Horizon Minerals Limited Annual Report 2024
Page 12
OPERATIONS REPORT
EXPLORATION AND EVALUATION
EXPLORATION GOLDEN RIDGE, KANOWNA SOUTH, RUNDLE DAM AND LAKEWOOD
During the financial year, the Group conducted a small drill program consisting of five (5) RC drillholes for 598m at the
Golden Ridge, Kanowna South, and Rundle Dam prospects. A further five Aircore (AC) drillholes for 219m were drilled
at the Binduli North Camp 1.
Two (2) RC holes were drilled at Golden Ridge South approximately 1.6km south along strike from the Golden Ridge
mine. One drill hole to 120m was a recommended hole to test an earlier DHEM anomaly discovered in 2022. No
significant sulphides or potential conductor was encountered in the drillhole. A second hole to 110m depth tested the
down dip extent of narrow, high grade quartz Au mineralisation discovered in GRAC21007 (2 m @ 7.10 g/t from 53m).
No quartz was observed suggesting the vein had pinched out or was faulted off. No significant mineralisation was
observed in either hole.
Two (2) RC holes for 196m were completed at Kanowna South. One hole aimed to test the anomalous black shale near
the Yarri Rd prospect. Two styles of mineralisation detected to date are:
1.
15-20m wide zones of highly anomalous gold hosted in black shale, and,
2.
Thin, high-grade quartz veins with a strong arsenopyrite-fuchsite association.
Better gold intercepts results include1:
o
1m @ 5.91g/t Au from 66m in KSRC23008.
o
1m @ 4.40g/t Au from 46m in KSAC23002.
One deep RC hole to 250m was drilled at Rundle Dam, west of Ora Banda to test a strong IP conductor anomaly
generated in 2017 that was associated with an ultramafic-basalt sequence.
EXPLORATION BINDULI NORTH
Drilling was conducted during the financial year at the Falcon and Kestral prospects of the Binduli North Camp and
included 19 AC drillholes for 964m and seven RC drillholes for 799m (Figure 5).
The local geology at the Falcon prospect is similar to that at the nearby Honeyeater and Kestrel prospects in relation to
being dominated by the Black Flag Group and a NW-NNW trending sequence of intermediate and felsic volcanics,
sedimentary rocks and porphyry intrusives.
Mineralisation at Falcon is thin and probably the result of supergene concentration in the oxide profile. Better results at
Falcon include1:
o
1m @ 0.8g/t Au from 25m and 1m @ 10.09g/t Au from 29m in FCAC23002. The gold relates to
horizontal supergene oxide mineralisation.
o
2m @ 1.4g/t Au from 24m in the adjacent drill hole FCAC23003.
Horizon Minerals Limited Annual Report 2024
Page 13
OPERATIONS REPORT
EXPLORATION AND EVALUATION
EXPLORATION GOLDEN RIDGE, KANOWNA SOUTH, RUNDLE DAM AND LAKEWOOD (CONTINUED)
Figure 5: Falcon and Kestral Drilling
EXPLORATION GREENBUSHES
During the financial year, the Group entered into a binding Share Sale Agreement (SSA) with private company Charter
Minerals Pty Ltd (“Charter” or “CMPL”) for the acquisition of a 100% interest in two Bridgetown-Greenbushes Lithium
Tenements, located north and southwest of Bridgetown and less than 20km from the world class Greenbushes Lithium
Mine, in the south of Western Australia. The Group has also applied for five Exploration Licences in proximity to the
Greenbushes Lithium Mine and near Bridgetown in addition to the Charter tenements1.
A small first pass, site reconnaissance soil and rock chip sampling program was completed 6 – 10 November 2023 at
the newly acquired Bridgetown-Greenbushes project 250km south or Perth WA (Figure 6). Results were received during
the quarter with no anomalous lithium identified in 3 rock chip samples taken. Some encouragement was noted on
E70/5981 where a micaceous felsic schist sample (MRP049763) recorded elevated values of 150ppm Be, 227ppm Rb
and 128ppm Sn.
Horizon Minerals Limited Annual Report 2024
Page 14
OPERATIONS REPORT
EXPLORATION AND EVALUATION
EXPLORATION GREENBUSHES (CONTINUED)
Roadside verge soil sampling was also conducted on E70/5980-5981 and E70/6551 centred about 10km south east of
the Greenbushes mine. A total of 33 samples were taken overall with several areas returning anomalous lithium up to
91.9ppm Li against a background of about 20-40ppm Li.
Figure 6. Bridgetown Soil Sampling Highlights
EXPLORATION YAMARNY
The Yarmany East gold-lithium project area is located 50km northwest of Coolgardie (Figure 1). There is little outcrop
with much of the Yarmany East area covered by lateritic material and alluvium. Horizon undertook first pass soils (321
samples) and augers (976 samples) at different times during 2021 and 2022, with differing sampling techniques, analytes
and at a variable spacing. Soils were typically taken on a 100m x 100m grid over prospective gold targets in 2021 while
the augers were part of the 2022 regional multi-element sampling program that covered the entire Yarmany tenure.
234 pulps were retrieved from the 2021-2022 RC gold program at Yarmany and resubmitted for lithium and pathfinder
geochemistry late in January 2024. The RC holes targeted gold where historic drilling had discovered anomalous
mineralisation. No pegmatites were logged however on a routine drilling review in 2023, large zones, 20-30m wide, of
white, pallid clays beneath a transported profile were noted. Elevated results from the pulps include 4m @ 72.5ppm Cs,
30ppm Nb, 417.2ppm Rb and 55.5ppm Ta (YMRC22035 56-60m), and 8m @ 93ppm Li (adjacent hole YMRC21036 20-
28m, background values were 20-40ppm Li).
Horizon Minerals Limited Annual Report 2024
Page 15
OPERATIONS REPORT
EXPLORATION AND EVALUATION
EXPLORATION BURBANKS GOLD PROJECT
The Burbanks Gold Project is located 9.0 kilometres Southeast of Coolgardie, Western Australia. The Project includes
the Burbanks Mining Centre and over 5.0 kilometres of the highly prospective Burbanks Shear Zone, historically the most
significant gold producing structure within the Coolgardie Goldfield.
The Burbanks Mining Centre comprises the Birthday Gift and Main Lode underground gold mines. The recorded historic
underground production at Burbanks (1885-1961) totalled 444,600t at 22.7 g/t Au for 324,479oz predominantly from
above 140 metres below the surface. Intermittent open pit and underground mining campaigns between the early 1980’s
to present day has seen total production from the Burbanks Mining Centre now exceed 420,000oz.
During the period the Group released an updated Mineral Resource Estimate (MRE) for the Burbanks Gold Project
incorporating the results from the recently completed 10,000m Phase-1 drill campaign, with the MRE subsequently
increasing by 68%. The current Burbanks MRE is:
Table 7: Burbanks Open Pit (above 150m b.s.l.) Mineral Resource Estimate at a 0.5g/t au cut-off grade
Classification
Tonnes (M)
g/t Au
Ounces
Indicated
1.43
2.02
92,780
Inferred
3.43
1.86
204,870
Total
4.86
1.9
297,650
Horizon Minerals Limited Annual Report 2024
Page 16
OPERATIONS REPORT
EXPLORATION AND EVALUATION
EXPLORATION BURBANKS GOLD PROJECT
Table 8: Burbanks Underground Mineral Resource Estimate at a 2.0/2.5+g/t au cut-off grade
Classification
Tonnes (M)
g/t Au
Ounces
Indicated
0.12
4.26
16,726
Inferred
1.07
4.39
151,192
Total
1.19
4.38
167,918
+2.5g/t cut-off below 150m b.s.l. for Main Load/Burbanks North, 2.0g/t cut-off below 150m b.s.l. for Birthday Gift
During the financial year, the Group undertook a RC and diamond drilling program targeting down dip and along strike
extensions to known high-grade gold lodes in largely the upper 500 metres and adjacent to the existing mineral resource.
Multiple high-grade extensions were discovered extending mineralisation an additional 60 metres beneath the previously
drilled areas (Figure 11). Better significant intercepts include:
o 1.55m @ 20.43g/t Au from 301.0 metres, including: 0.35m @ 86.80 g/t Au from 302.25 metres (BBRC463D)
o 2.0m @ 11.79g/t Au from 425.0 metres, including: 0.45m @ 49.40 g/t Au from 426.55 metres (BBRC463D)
Figure 11
Long section of recent high grade drilling intercepts
Horizon Minerals Limited Annual Report 2024
Page 17
OPERATIONS REPORT
EXPLORATION AND EVALUATION
BURBANKS GOLD PROJECT (CONTINUED)
An additional campaign of infill-sampling up to 75 drill holes following a comprehensive geological review and updated
geological modelling, numerous zones within previously drilled holes have been identified as potentially intercepting
previously unmodelled ore lodes.
Significant intercepts from infill-sampling include:
o
0.50 metres @ 33.20g/t Au from 317.8 metres BBDD029
o
0.50 metres @ 5.37g/t Au from 296.9 metres BBRC352D
o
0.30 metres @ 5.05g/t Au from 156.7 metres KHRC006D
o
1.22 metres @ 3.68g/t Au from 382.8 metres BBRC341D
o
0.40 metres @ 2.30g/t Au from 229.7 metres BBRC352D
o
1.00 metres @ 1.57g/t Au from 256.0 metres BBRC336D
o
1.00 metres @ 1.19g/t Au from 262.0 metres BBRC336D
o
0.50 metres @ 1.20g/t Au from 303.0 metres BBRC352D
o
0.30 metres @ 1.05g/t Au from 256.9 metres BBRC353D
o
1.00 metres @ 1.38g/t Au from 287.0 metres BBRC364D
These gold intercepts are not included in the most recent Burbanks Mineral Resource Estimate (MRE) and are well
positioned to potentially add ounces, support continuity and increase resource confidence in future MRE updates.
Geological studies by the Group during the financial year have served to refine the Group’s understanding of the
mineralising system at Burbanks. This geological review included a detailed analysis being undertaken on all lithologies
and mineralisation styles utilising thin section petrographic studies by external consultants, structural modelling, and
multi-element geochemical classification.
The improved geological understanding of the project has shown that the lodes are hosted in sub-vertical, and continuous
lodes, hosted in three different ‘styles’. Using the recently reviewed structural data, the Group has been able to better
establish continuity of mineralisation between intercepts, which will serve to improve continuity of domains in any
upcoming MREs.
EXPLORATION - PHILLIPS FIND (REGIONAL AND MINING CENTRE)
The Phillips Find Project covers over 10 kilometres of strike over prospective greenstone stratigraphy and includes the
Phillips Find Mining Centre (PFMC) where approximately 33,000 ounces of gold has been produced between 1998 and
December 2015 from three open‐pit operations; Bacchus Gift, Newhaven and Newminster.
The Mineral Resource Estimate (JORC 2012) for Philips Find was updated in June 2022:
Table 9: Phillips Find Open Pit Mineral Resource Estimate at a 0.5g/t au cut-off grade
Classification
Tonnes (M)
g/t Au
Ounces
Indicated
0.54
2.40
42,000
Inferred
0.19
2.09
12,000
Total
0.73
2.32
54,000
Horizon Minerals Limited Annual Report 2024
Page 18
OPERATIONS REPORT
EXPLORATION AND EVALUATION
BURBANKS GOLD PROJECT (CONTINUED)
Table 10: Phillips Find Underground Mineral Resource Estimate at a 2.0g/t au cut-off grade
Classification
Tonnes (M)
g/t Au
Ounces
Indicated
-
-
-
Inferred
0.02
2.27
208
Total
0.02
2.27
208
EXPLORATION - MT THIRSTY COBALT- NICKEL (50% JV)
The Mt Thirsty Project is a 50/50% Joint Venture (MTJV) between the Group and Conico Limited is located 16 kilometres
North-Northwest of Norseman, Western Australia.
The Project contains the Mt Thirsty cobalt-nickel oxide deposit with a reported mineral resource of 66.2 million tonnes @
0.06% cobalt; 0.43% nickel and 0.45%. A Pre-Feasibility Study (PFS) of the Project was completed and announced to
the ASX on 20 February 2020. In addition to the Co-Ni oxide deposit, the Project also hosts nickel sulphide and PGE
potential.
The Mt Thirsty scoping study has been undertaken but has not been released as ASX and ASIC (ASX referred the matter
to ASIC) had compliance issues around forward looking statements, and the amount of Inferred Resources in the scoping
study. Recent enquiries made to ASX in July 2024 (post merger with GSR) require source data including commodity
prices which needed to be updated to a more recent forecast. The Company will liaise with its JV partner who is managing
the Mt Thirsty JV on next steps in relation to the scoping study.
NIMBUS SILVER-ZINC PROJECT– EXPLORATION AND EVALUATION
The Nimbus project lies immediately adjacent to the Boorara gold mine (Figures 1 and 2) and was placed on care and
maintenance in 2007 after producing 3.6Moz from 318kt processed at a grade of 353g/t Ag. The old milling circuit has
since been removed and the area rehabilitated.
The Project hosts a high-grade silver zinc Resource of 256kt @ 773g/t Ag and 13% Zn that has been estimated from the
global Nimbus Resource of 12.1Mt @ 52g/t Ag, 0.9% Zn and 0.2g/t Au for a total of 20Moz Ag and 104kt Zn and 78koz
Au (JORC 2012) (see Tables and Competent Persons Statement on Page 20).
Nimbus is a shallow-water and low-temperature VHMS deposit with epithermal characteristics (i.e. a hybrid bimodal felsic
deposit), which is consistent with its position near the margin of the Kalgoorlie Terrane. The current Discovery and East
pits have been subject to extensive drilling highlighting significant potential to extend mineralisation along strike and at
depth below 400m. Regional exploration has been limited to the north and south and considered highly prospective for
further precious and base metal deposits.
Extensive metallurgical test work has been completed on Nimbus ore with the Feasibility Study put on hold in 2014 due
to depressed silver prices. In light of increasing silver and zinc prices and as announced to the ASX on 11 February
2021, the Group will retain the project and engage an independent technical team to complete the DFS in 2021.
During the year, limited activities were conducted pending funding and final clearance of the contaminated site
classification which had been cleaned up, inspected and reported on to DIMRS.
WHITE RANGE GOLD PROJECT (DIVESTED)
The Group divested its White Range Gold Project in the Northern Territory to Red Dingo Corporation Pty Ltd. The Group
is attending to some clean up, however, has been delayed due to access to contractors and sample validation and final
regulatory approvals for the site to make application for return of environmental bonds held by The Department of
Industry, Tourism and Trade in respect of the White Range tenements.
Horizon Minerals Limited Annual Report 2024
Page 19
OPERATIONS REPORT
EXPLORATION AND EVALUATION
Horizon Minerals Limited – Summary of Gold Mineral Resources*
Project
Cutoff
Measured
Indicated
Inferred
Total
Au g/t
Mt
Au
g/t
Oz
Mt
Au
g/t
Oz
Mt
Au
g/t
Oz
Mt
Au
g/t
Oz
Boorara OP
0.5
1.12
1.22
44,000
6.85
1.28
281,000
2.56
1.26
103,000
10.53
1.27
428,000
Burbanks OP
0.5
1.43
2.00
92,780
3.43
1.90
204,870
4.86
1.90
297,650
Burbanks UG
2.5/2.0*
0.12
4.30
16,730
1.07
4.40
151,190
1.19
4.40
167,920
Phillips Find OP
0.5
0.54
2.40
41,650
0.19
2.10
12,700
0.73
2.30
54,360
Phillips Find UG
2
0.03
2.30
210
0.03
2.30
210
Golden Ridge
1
0.47
1.83
27,920
0.10
1.70
2,800
0.52
1.82
30,720
Golden Ridge
North
0.8
0.65
1.15
24,260
0.77
1.30
32,340
1.42
1.23
56,600
Cannon UG
1
0.19
4.80
28,620
0.10
2.30
3,450
0.23
4.29
32,070
Monument
0.5
0.92
1.11
33,000
0.92
1.11
33,000
Pinner
0.5
0.06
1.02
2091
0.27
1.25
10,753
0.33
1.21
12,844
Pennys Find
1.5
0.30
5.19
51,000
0.12
3.00
12,000
0.43
4.57
63,000
Kalpini
0.8
1.40
2.43
108,000
0.50
2.00
31,000
1.87
2.33
139,000
Rose Hill UG
2
0.33
4.50
47,100
0.20
4.80
27,800
0.51
4.60
74,900
Rose Hill OP
0.5
0.19
2.00
12,300
0.09
2.00
6,100
0.29
2.00
18,400
Jacques-Peyes
0.8
0.97
2.59
81,000
0.80
2.00
49,000
1.74
2.32
130,000
Teal
1
1.01
1.96
63,680
0.80
2.50
64,460
1.81
2.20
128,140
Crake
0.8
1.33
1.47
63,150
0.10
1.30
3,300
1.42
1.46
66,450
Coote
1
0.40
1.50
21,000
0.42
1.54
21,000
Capricorn
0.5
0.70
1.20
25,500
0.70
1.20
25,500
Baden Powell
0.5
0.60
1.20
23,000
0.60
1.20
23,000
Total
1.31
1.34
56,300
15.74
1.85
935,081
13.66
1.85
811,373
30.55
1.84
1,802,764
* at 30 June 2024
CONFIRMATION
The information in this report that relates to Horizon’s Mineral Resources estimates is extracted from and was originally
reported in Horizon’s ASX announcements “Intermin’s Mineral Resources Grow 30% to over 560,000 Ounces”,
(ASX:IRC) (Teal) dated 19 September 2018, “Gold resources increase to 1.24moz” (Coote, Capricorn, Baden Powell)
dated 28 September 2022 , “Rose Hill firms as quality high grade open pit and underground gold project” dated 8
December 2020, “Pennys Find Resource Update” dated 29 December 2023, “Updated Crake Resource improves in
quality” dated 7 September 2021, “Jacques Find- Peyes Farm Mineral Resource update” dated 15 September 2021,
“Asset Swap with Northern Star Completion”, dated 20 December, 2019, “Investor Presentation June 2022”, 31 May
2022, "Maiden Resources for Monument and Golden Ridge North “, 19 July 2023 and “Kalpini Gold Project Mineral
Resource Update” dated 28 September 2021, each of which is available at www.asx.com.au. Horizon Minerals
resources at Burbanks and Phillips Find were originally reported in "Group Mineral Resources Statement Amended"
dated 1 August 2024, available at www.asx.com.au.
The Company confirms that it is not aware of any new information or data that materially affects the information
included in the original market announcements and that all material assumptions and technical parameters
underpinning the estimates in those announcements continue to apply and have not materially changed. The Company
confirms that the form and context of the Competent Person’s findings in relation to those Mineral Resources estimates
or Ore Reserves estimates have not been materially modified from the original market announcements.
Horizon Minerals Limited Annual Report 2024
Page 20
OPERATIONS REPORT
EXPLORATION AND EVALUATION
COMPETENT PERSONS STATEMENT
Golden Ridge
The information in this table that relates to the Golden Ridge is based on information compiled by Mr David O’Farrell. Mr
O’Farrell is a Member of the Australasian Institute of Mining and Metallurgy. Mr O’Farrell was a full-time employee of
Horizon Minerals Ltd at the time and is now an independent contractor. The information was prepared under the JORC
Code 2012. Mr O’Farrell has sufficient experience that is relevant to the style of mineralisation, type of deposit under
consideration and to the activity that they are undertaking to qualify as a Competent Person as defined in the 2012 edition
of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr O’Farrell
consents to the inclusion in this report of the matters based on their information in the form and context in which they
appear.
Teal
The information in this table that relates to the Estimation and Reporting of Gold Mineral Resources at the Teal Deposit
is based on information compiled by Messrs David O’Farrell and Andrew Hawker. Both are Members of the Australasian
Institute of Mining and Metallurgy. Mr O’Farrell was a full-time employee of Horizon Minerals Ltd at the time and is now
an independent contractor. Mr Hawker is an independent consultant. The information was prepared under the JORC
Code 2012. Messrs O’Farrell and Hawker have sufficient experience that is relevant to the style of mineralisation, type
of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Person as defined
in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
Messrs O’Farrell and Hawker consent to the inclusion in this report of the matters based on their information in the form
and context in which they appear.
Cannon, Kalpini
The information in this table that relates to the Estimation and Reporting of Gold Mineral Resources at the Cannon and
Kalpini Deposits is based on information compiled by Messrs David O’Farrell and Stephen Godfrey. Mr O’Farrell is a
member of the Australasian Institute of Mining and Metallurgy. Mr Godfrey is a Fellow of the Australasian Institute of
Mining and Metallurgy (FAusImm 110542) and a member of the Australian Institute of Geoscientists (MAIG 3993). Mr
O’Farrell was a full-time employee of Horizon Minerals Ltd at the time and is now an independent contractor. Mr Godfrey
is a full-time employee of Horizon Minerals Ltd. The information was prepared under the JORC Code 2012. Messrs
O’Farrell and Godfrey have sufficient experience that is relevant to the style of mineralisation, type of deposit under
consideration and to the activity that they are undertaking to qualify as a Competent Person as defined in the 2012 edition
of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Messrs O’Farrell
and Godfrey consent to the inclusion in this report of the matters based on their information in the form and context in
which they appear.
Boorara
The information in this announcement which relates to Exploration Results and geological interpretation at Boorara is
based on information compiled by Horizon Minerals Limited under the supervision and review of Mr Stephen Godfrey
Resource Development Manager at Horizon Minerals Ltd, who is a Fellow of the Australasian Institute of Mining and
Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Godfrey consents to the inclusion in the
announcement of the matters based on their information in the form and context in which it appears.
The information in this table that relates to the Estimation and Reporting of Gold Mineral Resources at the Boorara and
Jacques-Peyes Deposits is based upon information compiled by Mr Mark Drabble B.App.Sci.(Geology), a Competent
Person who is a current Member of the Australian Institute of Mining and Metallurgy and a Member of the Australian
Institute of Geoscientists (MAIG). Mr Drabble is a Principal Geological Consultant at Optiro Pty Ltd. and an independent
consultant to Horizon Minerals Ltd. Mr Drabble has sufficient experience relevant to the style of mineralisation and deposit
type under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Drabble
consents to the inclusion in the report of matters based on his information in the form and context in which it appears.
Rose Hill
The information in this table that relates to the Estimation and Reporting of Gold Mineral Resources at the Rose Hill
Deposit is based upon information compiled by Ms Christine Shore BSc., a Competent Person who is a current Fellow
of the Australian Institute of Mining and Metallurgy. Ms Shore was a Principal Geological Consultant at Entech Pty Ltd.
and an independent consultant to Horizon Minerals Ltd. Ms Shore has sufficient experience relevant to the style of
mineralisation and deposit type under consideration and to the activities being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves’. Ms Shore consents to the inclusion in the report of matters based on her information in the form and
context in which it appears. Open pit resource is defined as surface (~412m RL) to 367.5m RL, UG resource defined by
<367.5m RL.
Horizon Minerals Limited Annual Report 2024
Page 21
OPERATIONS REPORT
EXPLORATION AND EVALUATION
COMPETENT PERSONS STATEMENT
Crake
The information in this table that relates to the Estimation and Reporting of Gold Mineral Resources at the Crake Deposit
is based on information compiled by Mr Stephen Godfrey and Ms Jill Irvin. Mr Godfrey is a Fellow of the Australasian
Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists. Ms Irvin is a Member of the
Australian Institute of Geoscientists. Mr Godfrey is a full-time employee of Horizon Minerals Ltd. Ms Irvin is Principal
Geologist with Entech Ltd. The information was prepared under the JORC Code 2012. Mr Godfrey and Ms Irvin have
sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity
that they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Godfrey and Ms Irvin consent to the inclusion
in this report of the matters based on their information in the form and context in which they appear.
Coote, Capricorn, Baden Powell, Pinner, Monument, Golden Ridge North
The information in this table that relates to the Estimation and Reporting of Gold Mineral Resources at the Coote,
Capricorn, Baden Powell, Pinner, Monument and Golden Ridge North Deposits is based on information compiled by Mr
Stephen Godfrey. Mr Godfrey is a Fellow of the Australasian Institute of Mining and Metallurgy and a member of the
Australian Institute of Geoscientists. Mr Godfrey are full time employee of Horizon Minerals Ltd. The information was
prepared under the JORC Code 2012. Mr Godfrey has sufficient experience that is relevant to the style of mineralisation,
type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in
the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
Mr Godfrey consents to the inclusion in this report of the matters based on their information in the form and context in
which they appear.
Burbanks, Phillips Find
The information in this report that relates to Exploration Results, Geological Interpretation, Mineral Resource Estimation
and Reporting of global gold Mineral Resources at the Phillips Find deposits and Burbanks deposits is based on
information compiled by and work done under the supervision of Mr Glenn Poole, BSc, a Competent Person and a current
Member of the Australian Institute of Mining and Metallurgy (AuslMM 317798). Mr Poole is Chief Geologist at Horizon
Minerals Ltd and has sufficient experience relevant to the style of mineralisation and deposit type under consideration
and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Poole consents to the inclusion in
the report of matters based on his information in the form and context in which it appears.
Mt Thirsty Nickel /Cobalt
Mt Thirsty reported at a cut-off Grade 0.25% NiEq%*
Category
Tonnes
Grade
Contained Metal
Mt
Ni (%)
Co (%)
Mn (%)
Ni (‘000t)
Co (‘000t)
Mn (‘000t)
Mt Thirsty Main (MTTM)
Measured Resource
-
-
-
-
-
-
-
Indicated Resource
30.2
0.51
0.10
0.69
154.7
29.3
207.8
Inferred Resource
31.9
0.35
0.03
0.24
110.4
9.3
76.6
Total Resource
62.1
0.43
0.06
0.46
265.1
38.5
284.4
Mt Thirsty North (MTTN)
Measured Resource
-
-
-
-
-
-
-
Indicated Resource
-
-
-
-
-
-
-
Inferred Resource
4.2
0.43
0.05
0.29
17.9
2.0
11.8
Total Resource
4.2
0.43
0.05
0.29
17.9
2.0
11.8
TOTAL RESOURCE
66.2
0.43
0.06
0.45
283.0
40.5
296.2
*NiEq = (Ni% x Ni Recovery % x Ni Payability %) + ((Co% x Co Price x Co Recovery % x Co Payability %) / Ni Price) + ((Mn% x Mn Price
x Mn Recovery % x Mn Payability %) / Ni Price), where:
Horizon Minerals Limited Annual Report 2024
Page 22
OPERATIONS REPORT
EXPLORATION AND EVALUATION
Commodity
Price
Recovery
Payable Metal
(US$/t)
(%)
(%)
Nickel
53,000
92
85
Cobalt
23,000
92
70
Manganese
2,000
75
70
Confirmation
The information is this report that relates to Horizon’s Mineral Resources estimates on the Nimbus Silver Zinc Project is
extracted from and was originally reported in "Nimbus Zinc Silver Project Update" dated 28 August 2024 and available
at www.asx.com.au.
Horizon Minerals Ltd resources at Mt Thirsty were originally reported in "Group Mineral Resources Statement Amended"
dated 1 August 2024, available at www.asx.com.au.
The Company confirms that it is not aware of any new information or data that materially affects the information included
in the original market announcements and that all material assumptions and technical parameters underpinning the
estimates in those announcements continue to apply and have not materially changed. The Company confirms that the
form and context of the Competent Person’s findings in relation to those Mineral Resources estimates have not been
materially modified from the original market announcements.
Competent Persons Statements Non-Gold Resources
Nimbus
The 2013 Estimation of TSF1 and TSF2 by Mr David Williams, MAIG, MAusIMM an employee of CSA Global.
The 2015 total Mineral Resource Estimate was undertaken by Mr David Williams, MAIG, MAusIMM an employee of CSA
Global.
The 2016 Nimbus High Grade estimate was undertaken by Mark Rigby Senior Project Geologist, MacPhersons
Resources Limited.
The Mineral Resource Estimates have been audited in detail by Mr Stephen Godfrey, Manager Resource Development
with Horizon Minerals Limited. Mr Godfrey is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM
#110542) and a Member of the Australian Institute of Geoscientists (MAIG #3993). Mr Godfrey has sufficient experience
that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that they are
undertaking to qualify as a Competent Persons as defined in the 2012 edition of the ‘Australasian Code for Reporting of
Exploration, Results, Mineral Resource and Ore Reserves’. Mr Godfrey consents to the inclusion in this announcement
of the matters based on their information in the form and context in which they appear.
The Company confirms that it is not aware of any new information or data that materially affects the information included
in the original market announcements and that all material assumptions and technical parameters underpinning the
estimates in those announcements continue to apply and have not materially changed.
Mt Thirsty
The information in this announcement which relates to Exploration Results and Geological Interpretation at Mt Thirsty is
based on information compiled by Mr Glenn Poole who is a Member of the Australasian Institute of Mining and Metallurgy
(MAusIMM 317798). Mr Poole is Chief Geologist at Horizon Minerals Ltd and has sufficient experience relevant to the
style of mineralisation and deposit type under consideration and to the activities being undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves. Mr Poole consents to the inclusion in the report of matters based on his information in the
form and context in which it appears.
The Mineral Resource Statement for the Mt Thirsty Mineral Resource Estimate was prepared during 2023 and is reported
according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the
‘JORC Code’) 2012 edition.
The information in this announcement which relates to Mineral Resources at Mt Thirsty is based on information provided
to and compiled by Richard Gaze, who at the time was a full-time employee of WSP Australia Pty Ltd, and a Member of
the Australasian Institute of Mining and Metallurgy (MAusIMM). Richard Gaze has sufficient relevant experience
regarding the style of mineralisation and type of deposits under consideration and to the activity for which he is
undertaking to qualify as a Competent Person as defined in JORC 2012.
The company is not aware of any new information or data that materially affects the information presented and that the
material assumptions and technical parameters underpinning the estimates continue to apply and have not materially
changed. The company confirms that the form and context in which the Competent Persons’ findings are presented
have not been materially modified from the original market announcements.
Horizon Minerals Limited Annual Report 2024
Page 23
DIRECTORS' REPORT
The Directors present their report together with the financial statements of the consolidated entity (hereafter referred to
as the Group) for the financial year ended 30 June 2024 and the auditor’s report thereon.
DIRECTORS
The following persons held office as Directors of Horizon Minerals Limited during the financial year and up to the date of
this report:
•
Ashok Parekh
•
Grant Haywood (appointed Managing Director 18 June 2024)
•
Christopher Hansen (appointed 18 June 2024, resigned 20 September 2024)
•
Warren Hallam (appointed 1 September 2024)
•
Peter Bilbe (resigned 18 June 2024)
•
Jonathan Price (resigned 31 August 2024)
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
INFORMATION ON DIRECTORS
Ashok Parekh, Non-Executive Chairman
Appointed 14 June 2019, appointed Chairman 1 July 2020
B.Bus, AIMM, CTA, FNTAA, FTIA, FCA
Mr Ashok Parekh is a chartered accountant, of over 40 years’ experience, who owns a large accounting practice in
Kalgoorlie, which he has operated for 35 years. He was awarded the Centenary Medal in 2003 by the Governor General
of Australia and was recently awarded the Meritorious Service Award by the Institute of Chartered Accountants, the
highest award granted by the institute in Australia.
Mr Parekh has over 35 years’ experience in providing advice to mining companies and service providers to the mining
industry. He has spent many years negotiating with public listed companies and prospectors on mining deals which have
resulted in new IPOs and the commencement of new gold mining operations. He has also been involved in the
management of gold mining and milling companies in the Kalgoorlie region and has been the Managing Director of some
of these companies. He is well known in the West Australian mining industry and has a very successful background in
the ownership of numerous businesses in the Goldfields.
Directorships held in other listed companies in the past 3 years:
-
Kingwest Resources Limited (ASX: KWR) (Appointed 2 May 2022)
Grant Haywood, Managing Director and Chief Executive Officer
Appointed 18 June 2024
BEng (Mining Engineering) Hons, MSc (Minerals Economics), Dip Bus (Frontline Management), GAICD, FAusIMM, WA
First Class Mine Managers Certificate
Mr Haywood is a mining engineer with over 30 years’ experience in underground and open cut mining operations and is
a graduate of the Western Australian School of Mines (WASM). Grant also attained his Masters in Mineral Economics
from WASM, holds a First Class Mine Managers Certificate and is also a Graduate of the Australian Institute of Company
Directors and a Fellow of the Australian Institute of Mining and Metallurgy. He has managed mining projects in senior
leadership positions from feasibility through to development and operations predominantly in the Western Australian
goldfields for junior and multinational gold mining companies including Phoenix Gold, Saracen Mineral Holdings and Gold
Fields.
Directorships held in other listed companies in the past 3 years: None
Christopher (Chris) Hansen, Non-Executive Director
Appointed 18 June 2024, resigned 20 September 2024
BSc Geology; MSc Mineral Economics
Mr Hansen is a multidisciplinary metals and mining professional, combining core technical fundamentals with a strong
finance and project development mind set. Having initially focused on building a solid technical foundation with industry
majors such as Fortescue Metals Group and Barrick Gold, Mr Hansen later joined a preeminent London based mining
private equity fund developing robust investment skills, project development expertise, market knowledge and strong
industry relations. Since returning to Australia, Mr Hansen has leveraged his experience in both public and private
markets, most recently having led mining business development activities for one of Australia’s largest private investment
groups. Mr Hansen holds a BSc in Geology from the University of Auckland, and an MSc in Mineral Economics from
Curtin University.
Horizon Minerals Limited Annual Report 2024
Page 24
DIRECTORS' REPORT
Christopher (Chris) Hansen, Non-Executive Director (Continued)
Directorships held in other listed companies in the past 3 years:
- Greenstone Resources Limited (ASX: GSR) (Appointed 17 May 2021, resigned 18 June 2024)
- Tempus Resources Ltd (ASX: TMR).
Warren Hallam, Non-Executive Director
Appointed 1 September 2024
BSc (Env Science), Grad Dip (Extractive Metallurgy), MSc (Mineral Economics), MAusIMM, MAICD
Mr Hallam has a built a strong track record of over 35 years in operations, corporate and senior leadership roles across
multiple commodities. This includes previous Managing Director roles at Metals X Limited, Millenium Metals Limited and
Capricorn Metals Limited. Mr Hallam is a metallurgist who also holds a Masters in Mineral Economics from Curtin
University. Mr Hallam has considerable technical, managerial and financial experience across a broad range of
commodities being predominantly gold, nickel, copper, tin, lithium, rare earth elements and iron ore.
As Executive Director and Managing Director of Metals X, Mr Hallam played a critical role in the development of Metals
X into a leading global tin and top-10 gold producer.
Directorships held in other listed companies in the past 3 years:
- St Barbara Limited (ASX: SBM) (Appointed 7 September 2023)
- Poseidon Nickel Limited (ASX: POS) (Appointed 1 June 2022)
- Kingfisher Mining Limited (ASX: KFM) (Appointed 4 December 2018)
- Non-Executive Director of Nelson Resources Limited (ASX:NES) (1 February 2019 – 31 May 2022)
- Chair of NiCo Resources Limited (ASX:NC1) (29 April 2021 – 27 March 2023)
COMPANY SECRETARY
Julian Tambyrajah, Chief Financial Officer & Company Secretary
Appointed Company Secretary 3 December 2020
B.Com. (Accounting), CPA, ACIS/AGIA, MAICD
Mr Tambyrajah is a global mining finance executive, a qualified Accountant (CPA) and Chartered Company Secretary
(ACIS/AGIA) with over 25 years’ experience including 18 years at the CFO & Company Secretary level. Mr Tambyrajah
has significant experience that covers financial and techno-commercial areas such as treasury, financing, accounting,
systems, supply and logistics, business development M&A, investor relations, project evaluation, feasibility studies,
construction, and operations management for start-ups and global multi-billion-dollar organisations.
Mr Tambyrajah has held the position of Chief Financial Officer, Director and Company Secretary of several listed
(AIM/ASX/TSX) public and private equity companies, including Central Petroleum Limited (CTP), Crescent Gold Limited
(CRE), Rusina Mining NL (RML), DRD Gold Limited (DRD), Dome Resources NL (Gold producers) and held management
and accounting roles for Hills Industries, Brown & Root, Woodside and Normandy Mining. Mr Tambyrajah has extensive
experience in raising equity and debt from national and international financial markets, some of which includes raising
US$49m whilst at BMC UK, A$122m whilst at Crescent Gold and A$105m whilst at Central Petroleum.
CORPORATE INFORMATION
Horizon Minerals Limited is a company limited by shares that is incorporated and domiciled in Australia.
PRINCIPAL ACTIVITIES
The principal continuing activities during the year of the Group, constituted by Horizon Minerals Limited and the entities
it controlled during the year, consisted of exploration for and mining of gold and other mineral resources.
OPERATING RESULTS
The net loss of the Group for the year ended 30 June 2024, after providing for income tax, amounted to a loss of
$3,457,497 (2023: Loss $1,009,710).
REVIEW OF OPERATIONS
Exploration Activity
Please refer to the Operations Report for detailed information on the Group’s exploration activities over the past year.
Horizon Minerals Limited Annual Report 2024
Page 25
DIRECTORS' REPORT
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
•
On 23 October 2023, the Group announced the divestment of 62 non-core tenure for $3,100,000 in cash to
Northern Star Resources Limited.
Payment terms of the Asset Sale Agreement and the Royalty Deed are based on the following:
o
Northern Star paying Horizon $3,100,000 in cash at completion.
o
Additional potential deferred payments including:
-
Discovery Payments of A$20 p/oz for any JORC compliant Mineral Resource located on the Tenements,
capped at 2 million ounces (a maximum return of $40 million); and
-
A Net Smelter Royalty (“NSR”) of 0.5% on all metals and minerals extracted from the Tenements.
•
13 February 2024, the Group announced of a merger with Greenstone Resources Limited (ASX: GSR) to be
conducted by way of schemes of arrangement under the Corporations Act 2001 (Cth), whereby Horizon will
acquire 100% of the fully paid ordinary shares in Greenstone (Share Scheme) and 100% of the listed Greenstone
options (Options Scheme, and together with the Share Scheme, the Schemes), subject to the satisfaction of
various conditions.
Under the Schemes:
o
each Greenstone shareholder will receive 0.2868 Horizon shares for every Greenstone share held; and
o
each Greenstone listed option holder will receive 0.2868 new Horizon listed options for every listed Greenstone
option held.
o
Based on the last trading price of Horizon and Greenstone, the exchange ratio under the Share Scheme
represents:
o
an 89% premium to Greenstone’s last traded price on 9 February 2024 of $0.0055; and
o
a 40% premium to the 30-day volume weighted average price (VWAP) of $0.0074 per Greenstone share for the
period up to 9 February 2024.
o
Horizon shareholders will own 63.1% of the merged entity while Greenstone shareholders will own the remaining
36.9%.
o
The Schemes are unanimously recommended by the Greenstone Board and each member of the Greenstone
Board intends to vote all Greenstone Shares they control in favour of the Share Scheme and all Greenstone
Listed Options they control in favour of the Option Scheme, subject to no superior proposal emerging and the
Independent Expert concluding (and continuing to conclude) that the Schemes are in the best interests of
Greenstone shareholders and option holders respectively.
o
The combined group will have a global JORC Mineral Resource of ~1.8 million ounces, as well as an enviable
exploration holding, all of which is centred around the gold mining hubs of Kalgoorlie and Coolgardie.
o
The transaction brings together complementary assets with both near-term small mining opportunities and larger
baseload deposits with potential to develop into long-life cornerstone operations.
o
The combined group will be pursuing its growth strategy from a position of greater market scale, underpinned
by a cash and listed investments balance of ~$14.9 million and lower consolidated cost base.
o
Post implementation, the merged entity will continue to trade as Horizon Minerals Ltd under the ticker ASX:
HRZ.
o
The Implementation of the Schemes of Arrangement occurred on 18 June 2024 when Horizon took control of
Greenstone Resource Limited and it became a wholly owned subsidiary.
•
On 29 April 2024, the Group announced that it had sold on market its holding in Vox Royalty Corp. 948,448 shares
were sold for an average price of USD2.077 which returned gross proceeds of A$2,927,918 before broker
commission and US/Canada withholding tax for foreign source income.
•
On 6 May 2024, the Group announced that it had entered into a binding Ore Sale Agreement with Paddington
Gold Pty Ltd to treat 1.4Mt of the Group’s ore from the Boorara Gold Project.
•
On 13 May 2024, the Group announced it had entered into a binding Toll Milling Agreement with FMR
Investments Pty Ltd to treat 200kt of Horizon ore from the Cannon underground project, or other deposit,
commencing in the December 2024 quarter.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
On 25 July 2024 the Group announced the Boorara Ore Reserve supports development after completion of the ore
reserve, mine design, mining schedule and a financial model with AMC consultants, that showed a return of $19.9 million
after mining and processing costs, a recovered 45.8koz over 14 months.
On 25 July 2024 that the conditions precedent had been satisfied for the Ore Sale Agreement with Paddington Gold Pty
Ltd and that mining and haulage contracts had been executed with Hamptons Transport Services Pty Ltd, following Final
Investment Decision (FID) by the Horizon board of directors.
Horizon Minerals Limited Annual Report 2024
Page 26
DIRECTORS' REPORT
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR (CONTINUED)
On 7 August 2024 the Group announced a new Joint Venture with BML Ventures Pty Ltd (BML) for the development of
two open pits at Philips Find. The ore is to be processed at the Greenfields Mill in Coolgardie utilising the Toll Milling
Agreement for 200kt with FMR Investments Pty Ltd. Mining is planned to commence during the September 2024 quarter
subject to the Mining Proposal currently under assessment with DMIRS.
On 29 August 2024 the Group announced that mining had commenced at the Boorara Gold Project with Hamptons
Transport Services Pty Ltd (Hamptons) as mining and haulage contractor.
On 12 September 2024 the Group announced the Mining Proposal for Phillips Find submitted to DMIRS was pending
approval and that mobilisation to site was ready from mid-September 2024 subject to the Mining Proposal approval.
On 2 September 2024 the Group announced the Mr Jon Price resigned as a Non-Executive Director of the Company
with effect of 31 August 2024. At the same time, the appointment of Mr Warren Hallam as a Non-Executive Director of
the Company was announced.
On 23 September 2024 the Group announced the resignation of Mr Chris Hansen as a Non-Executive Director. The
Company advised that is not seeking to replace this position.
There are no other matters or circumstances that have arisen since 30 June 2024 that have or may significantly affect
the operations, results, or state of affairs of the Group in future financial periods.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
In the opinion of the Directors, it would prejudice the interests of the Group to provide additional information, beyond that
reported in this Annual Report, relating to likely developments in the operations of the Group and the expected results of
those operations in financial years subsequent to 30 June 2024.
Horizon Minerals Limited Annual Report 2024
Page 27
DIRECTORS' REPORT
DIVIDENDS PAID OR RECOMMENDED
Since the end of the previous financial year, no amount has been paid or declared by way of dividend. The Directors do
not recommend that any dividend be paid.
MEETINGS OF DIRECTORS
The number of directors’ meetings (including meetings of committees of Directors) held and attended by each of the
Directors of the Group during the year were:
Full Meetings of Directors
Directors
Eligible To Participate
Number
Attended
Ashok Parekh
4
4
Peter Bilbe (resigned
18/6/24)
3
3
Jonathan Price
(resigned 31/8/24)
4
4
Chris Hansen
(resigned 20/9/24)
1
1
DIRECTORS INTERESTS
As at the date of this report interests of the Directors in the shares and options of the Company were:
Ordinary Shares
Total Holdings
Directors
Direct Interest
Indirect
Interest
Shares
Listed Options
Ashok Parekh
-
24,084,407
24,084,407
-
Grant Haywood
-
2,405,600
2,405,600
527,822
Warren Hallam (appointed 1/9/24)
-
-
-
-
SHARES UNDER OPTION
Unissued ordinary shares of Horizon Minerals Limited under option as at the date of this report are as follows:
Nature
Expiry Date
Exercise Price of
Options
Number under
Option
HRZOB: Listed Options
30 June 2025
$0.097
51,871,015
HRZO: Listed Options
21 September 2025
$0.087
26,723,171
Option holders do not have any rights to participate in any issues of shares or other interests in the Company or any
other entity.
There have been no unissued shares or interests under option of any controlled entity within the Group since the end of
the reporting period.
No person entitled to exercise the option had or has any right by virtue of the option to participate in any share issue of
any other body corporate.
Horizon Minerals Limited Annual Report 2024
Page 28
DIRECTORS' REPORT
AUDITED REMUNERATION REPORT
The information provided in this remuneration report has been audited as required by section 308(3C) of the Corporations
Act 2001.
REMUNERATION GOVERNANCE
The role of the Remuneration Committee has been assumed by the full Board. The Board’s policy for determining the
nature and amount of remuneration for board members and senior Executives of the Company is as follows:
The objective of the Company’s policy is to provide remuneration that is competitive and appropriate. The Board ensures
that executive reward satisfies the following key criteria for good reward governance practices:
(i)
competitiveness and reasonableness;
(ii)
acceptability to shareholders;
(iii)
transparency; and
(iv)
capital management.
Details of Remuneration
The remuneration of the key management personnel of the Group are set out in the following tables:
The key management personnel of the Consolidated Entity consisted of the following directors of Horizon Minerals
Limited:
•
Ashok Parekh – Non-Executive Chairman
•
Peter Bilbe – Non-Executive Director (resigned 18 June 2024)
•
Jonathan Price – Non-Executive Director (resigned 31 August 2024)
•
Grant Haywood – Chief Executive Officer appoint 1 July 2023 (appointed Managing Director 18 June 2024)
•
Chris Hansen – (appointed 18 June 2024, resigned 20 September 2024)
•
Warren Hallam – Non-Executive Director (1 September 2024)
And the following executives:
•
Julian Tambyrajah – Chief Financial Officer & Company Secretary
Short Term Benefits
Long Term Benefits
Name
Year
Salary &
Wages
$
Directors’
Fee
$
Share
based
payments
$
Superannuation
$
Total
$
Performance
Related
%
Ashok Parekh
2024
-
72,000
-
7,920
79,920
-
(Non-Executive Chairman)
2023
-
72,000
19,535
7,560
99,095
19.71
Peter Bilbe
2024
-
52,200
-
5,742
57,942
-
(Non-Executive Director)
2023
-
54,000
11,163
5,670
70,833
15.76
Jonathan Price
2024
-
54,000
-
5,940
59,940
-
(Non-Executive Director)
2023
572,006
-
55,815
27,500
655,321
8.52
Grant Haywood
2024
393,526
-
-
27,500
421,026
-
(Managing Director & CEO)
2023
342,485
-
24,085
27,500
394,070
6.11
Christopher Hansen
2024
-
-
-
-
-
-
(Non-Executive Director)
2023
-
-
-
-
-
-
Other KMP
Julian Tambyrajah
2024
358,682
-
-
27,500
386,182
-
(Chief Financial Officer &
Company Secretary)
2023
335,500
-
24,085
27,500
387,085
6.22
Total
2024
752,208
178,200
-
74,602
1,005,010
Total
2023
1,249,991
126,000
134,683
95,730
1,606,404
Horizon Minerals Limited Annual Report 2024
Page 29
DIRECTORS' REPORT
(a)
Details of Remuneration (continued)
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed Remuneration
At risk - STI
At risk – LTI
Name
2024
2023
2024
2023
2024
2023
Ashok Parekh
100%
80%
0%
0%
0%
20%
(Non-Executive Chairman)
Peter Bilbe
100%
84%
0%
0%
0%
16%
(Non-Executive Director)
Jonathan Price
100%
91%
0%
0%
0%
9%
(Managing Director & CEO)
Grant Haywood
100%
94%
0%
0%
0%
6%
(Managing Director & CEO)
Chris Hansen
0%
-
0%
-
0%
-
(Non-Executive Director)
Other KMP
Julian Tambyrajah
100%
94%
0%
0%
0%
6%
(Chief Financial Officer &
Company Secretary)
The Company has no formal policy regarding bonus remuneration. The Directors may reward executives with bonuses
at their discretion.
The Company has no formal policy regarding the provision of Directors’ remuneration. Directors’ fees in total are
determined by the shareholders in a general meeting.
Shareholders have approved Directors’ Fees in total up to $250,000 per annum.
Directors that are not on a salary, consequently any time spent over and above expected Non-Executive Director paid
fees may be paid as consulting fees for specialist services beyond normal duties at commercial rates calculated according
to the amount of time spent on Company business. In the year ended 30 June 2024, the directors did not receive any
share-based compensation for services as directors of the Company.
The share price of the Company has fluctuated with the markets and has also been influenced by the Company‘s
investments in other ASX listed companies. Over the past five years the directors’ fees have remained static and have
not been influenced by the fluctuating share price.
Horizon Minerals Limited Annual Report 2024
Page 30
DIRECTORS' REPORT
(a)
Details of Remuneration (continued)
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements.
Details of these agreements are as follows:
Details
Service Terms
Name
Ashok Parekh
Title
Non-Executive Chairman
Agreement Commenced
14 June 2019
Terms of Agreement
No formal contract Continues subject to re-election at AGM
Details
Mr Parekh was engaged as a Non-Executive Director by resolution of the
board and was later re-elected at the annual general meeting. Mr Parekh
is remunerated with Directors Fees of $72,000 per annum plus
superannuation.
Details
Service Terms
Name
Jonathan Price
Title
Non-Executive Director (resigned 31 August 2024)
Agreement Commenced
1 July 2023 (resigned on 31 August 2024)
Terms of Agreement
Resigned
Details
Mr Price was engaged as a Non-Executive Director by resolution of the
board and was later re-elected at the annual general meeting. Mr Price is
remunerated with Directors Fees of $54,000 per annum plus
superannuation.
Details
Service Terms
Name
Grant Haywood
Title
Chief Executive Officer (appointed 18 June 2024 Managing Director)
Agreement Commenced
18 June 2024
Term of Agreement
Continues
Details
Mr Haywood is on a base salary of $375,000 plus superannuation, the
excess superannuation over the cap was added back to the base. Mr
Haywood may terminate the contract by giving three (3) months’ notice or
at the Company’s discretion salary payment in lieu of notice.
Mr Haywood is entitled to six (6) months termination/break fee payment if
the Company terminates for any other reason than serious misconduct.
Horizon Minerals Limited Annual Report 2024
Page 31
DIRECTORS' REPORT
a)
Details of Remuneration (continued)
Service agreements (continued)
Details
Service Terms
Name
Christopher (Chris) Hansen
Title
Independent Non-Executive Director
Agreement Commenced
18 June 2024
Term of Agreement
Resigned
Details
Mr Hansen was engaged as a Non-Executive Director by resolution of the
board. Mr Hansen is remunerated with Directors Fees of $54,000 per
annum plus superannuation.
Details
Service Terms
Name
Warren Hallam
Title
Independent Non-Executive Director
Agreement Commenced
1 September 2024
Term of Agreement
Continues subject to re-election at AGM
Details
Mr Hallam was engaged as a Non-Executive Director by resolution of the
board. Mr Hallam is remunerated with Directors Fees of $54,000 per
annum plus superannuation.
Details
Service Terms
Name
Julian Tambyrajah
Title
Chief Financial Officer & Company Secretary
Agreement Commenced
1 December 2020
Term of Agreement
Continuous
Details
Mr Tambyrajah is on a base salary of $335,500 plus superannuation, the
excess superannuation over the cap was added back to the base.
Mr Tambyrajah may terminate the contract by giving three (3) months’
notice or at the Company’s discretion salary payment in lieu of notice.
Mr Tambyrajah is entitled to six (6) months termination/break fee payment
if the Company terminates for any other reason than serious misconduct
Horizon Minerals Limited Annual Report 2024
Page 32
DIRECTORS' REPORT
(b)
Interests in the Shares of the Company
The number of shares in the Company held during the financial year by key management personnel of Horizon Minerals
Limited, including their personally related parties, is set out below:
2024
Balance at the
start of the year
Shares
purchased
Shares sold
Exercise of
Options
Balance held at
Appointment/
resignation
Balance at the
end of the
year
Ashok Parekh
24,084,407
-
-
-
24,084,407
Peter Bilbe
2,480,000
-
-
-
(2,480,000)
-
Jonathan Price
5,200,000
250,000
-
-
5,450,000
Grant Haywood
2,405,600
-
-
-
-
2,405,600
Chris Hansen
-
-
-
-
9,945,212
9,945,212
Other KMP
Julian Tambyrajah
-
155,782
-
-
-
155,782
TOTAL
34,170,007
405,782
-
-
7,465,212
42,041,001
2023
Balance at the
start of the year
Shares
purchased
Shares sold
Exercise of
Options
Balance held at
resignation
Balance at the
end of the
year
Ashok Parekh
23,064,353
9,928,927
(8,908,873)
-
-
24,084,407
Peter Bilbe
1,980,000
500,000
-
-
-
2,480,000
Jonathan Price
4,500,000
700,000
-
-
-
5,200,000
Other KMP
-
Julian Tambyrajah
-
-
-
-
-
-
Grant Haywood
2,350,000
55,600
-
-
-
2,405,600
TOTAL
31,894,353
11,184,527
(8,908,873)
-
-
34,170,007
Horizon Minerals Limited Annual Report 2024
Page 33
DIRECTORS' REPORT
(c)
Share-Based Compensation
(i)
Options
Directors
Listed Options
Grant Haywood
527,822
(ii)
Performance Rights
In the year ended 30 June 2018, the Company provided benefits to employees (including directors) of the Company in
the form of share-based payment transactions, whereby performance rights convertible to ordinary shares were granted
at nil consideration as an incentive to improve Director and shareholder goal congruence. See Note 24 for details.
Details of performance rights over ordinary shares in the Company provided as remuneration to the Directors’ of Horizon
Minerals Limited are set out below. When vesting conditions are met, each right is convertible into one ordinary share of
Horizon Minerals Limited. All performance rights were voluntarily forfeited by directors and executives in the year ended
30 June 2023.
Year ended 30 June 2024
Directors
Balance at beginning of
year unvested
Granted
Lapsed/
cancelled
Balance at end of year unvested
No.
Value to be
expensed*
$
No.
Value to be
expensed*
$
No.
No.
Value
expensed
in
2023/24^
$
Value to be
expensed*
$
Ashok Parekh
-
-
-
-
-
-
-
-
Peter Bilbe
-
-
-
-
-
-
-
-
Jonathan Price
-
-
-
-
-
-
-
-
Grant Haywood
-
-
-
-
-
-
-
-
Chris Hansen
-
-
-
-
-
-
-
-
Other KMP
Julian Tambyrajah
-
-
-
-
-
-
-
-
TOTAL
-
-
-
-
-
-
-
-
Year ended 30 June 2023
Directors
Balance at beginning of
year unvested
Granted
Lapsed/
cancelled
Balance at end of year unvested
No.
Value to be
expensed*
$
No.
Value to be
expensed*
$
No.
No.
Value
expensed
in
2022/23^
$
Value to be
expensed*
$
Ashok Parekh
700,000
19,535
-
-
(700,000)
-
19,535
-
Peter Bilbe
400,000
11,163
-
-
(400,000)
-
11,163
-
Jonathan Price
2,000,000
55,815
-
-
(2,000,000)
-
55,815
-
Other KMP
Julian Tambyrajah
1,000,000
24,085
-
-
(1,000,000)
-
24,085
-
Grant Haywood
1,000,000
24,085
-
-
(1,000,000)
-
24,085
-
TOTAL
5,100,000
134,683
-
-
(5,100,000)
-
134,683
-
* Maximum value to be expensed in future periods if all vesting conditions are met.
^ All performance rights have lapsed or been forfeited; therefore, these amounts represent no value to the individual at year end.
Horizon Minerals Limited Annual Report 2024
Page 34
DIRECTORS' REPORT
Performance Rights
The performance rights were issued in classes with varying performance and vesting conditions (refer Note 24). Details
of the number of rights issued per class are as follows:
Directors
Expired
Class I
Cancelled
Class J
Total
No.
No.
No.
Ashok Parekh
350,000
350,000
700,000
Peter Bilbe
200,000
200,000
400,000
Jonathan Price
1,000,000
1,000,000
2,000,000
Other KMP
Julian Tambyrajah
500,000
500,000
1,000,000
Grant Haywood
500,000
500,000
1,000,000
TOTAL
2,550,000
2,550,000
5,100,000
Further details on the performance and valuations attaching to the performance rights are included in Note 24a to the
Financial Statements.
The fair value of the rights was determined using a Hoadley’s Barrier 1 model. A total amount of nil is included in the
Statement of Financial Performance and Statement of Changes in Equity for the year ended 30 June 2024 (2023 -
$179,132), of which $134,683 is attributable to Key Management Personnel.
The assessed fair value at grant date of performance rights granted to the individuals is allocated equally over the period
from grant date to vesting date, and the amount is included in the remuneration tables above. Fair values at grant date
are independently determined using a Hoadley’s Barrier 1 model that takes into account the vesting condition of the
rights, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the
expected dividend yield and the risk-free interest rate for the term of the rights.
(iii)
Options
During the year ended 30 June 2024, there were no options exercised by directors.
(e)
Other Transactions with Key Management Personnel
There were no other transactions with Key Management Personnel during the year.
This is the end of the Audited Remuneration Report.
Horizon Minerals Limited Annual Report 2024
Page 35
DIRECTORS' REPORT
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
During the financial year, the Group maintained an insurance policy which indemnifies the Directors and Officers of
Horizon Minerals Limited in respect of any liability incurred in connection with the performance of their duties as Directors
or Officers of the Group. The Group's insurers have prohibited disclosure of the amount of the premium payable and the
level of indemnification under the insurance contract.
NON-AUDIT SERVICES
The Directors are satisfied that the provision of non-audit services, during the year, by the auditor or a related practice of
the auditor is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.
No non-audit services have been provided by the Company’s auditors in year ended 30 June 2024. Remuneration paid
to the Company’s auditors is detailed in Note 21 of this report.
AUDITOR’S INDEPENDENCE DECLARATION
In accordance with section 307C of the Corporations Act 2001, the Directors have obtained a Declaration of
Independence from PKF Perth, the Group’s auditor, as presented on page 15 of this Annual Report.
ENVIRONMENTAL REGULATION
The Group’s exploration and mining operations are subject to environment regulation under the laws of the
Commonwealth and the States. The Company holds exploration/mining tenements in Western Australia, Northern
Territory and Queensland and thus is subject to the Mining Acts of these states, each with specific conditions relating to
environmental management. In some instances, bonds are held by the Company’s bank in favour of the Minister for
Mines to be released to the Company when the Minister is satisfied that conditions imposed on tenement licences have
been met. In some jurisdictions Cash Bonds must be lodged with the relevant Department until conditions are fulfilled.
Bonds currently in place in respect of the Company’s tenement holdings are tabulated below.
Tenement Number
Tenement Name
Bond Held $
MLs150, 151
White Range
257,927*
*Pursuant to the White Range Mining Tenement Sale Agreement dated 18 January 2013 the Purchaser Red Dingo
Corporation Pty Ltd is required to replace the Security Bond allowing refund of the current $257,927 to Horizon Minerals
Limited.
The Directors advise that during the year ended 30 June 2024, no claim has been made by any competent authority that
any environmental issues, no condition of license or notice of intent has been breached, and no claim has been made
for increase of bond.
The Directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which requires
entities to report annual greenhouse gas emissions and energy use. For the measurement period 1 July 2023 to 30 June
2024 the directors have assessed that there are no current reporting requirements but may be required to do so in the
future.
PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of Court to bring proceedings on behalf of the Group or intervene in any proceedings to
which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those
proceedings.
The Group was not a party to any such proceedings during the year.
This report is made in accordance with a resolution of directors, and signed for on behalf of the board by:
Ashok Parekh
Director
Perth, WA
27 September 2024
Pa ge 36
AUDITOR’S INDEPENDENCE DECLARATION
TO THE DIRECTORS OF HORIZON MINERALS LIMITED
In relation to our audit of the financial report of Horizon Minerals Limited for the year ended 30 June 2024, to the
best of my knowledge and belief, there have been no contraventions of the auditor independence requirements
of the Corporations Act 2001 or any applicable code of professional conduct.
PKF PERTH
SIMON FERMANIS
PARTNER
27 September 2024
PERTH, WESTERN AUSTRALIA
Horizon Minerals Limited Annual Report 2024
Page 37
DIRECTORS’ DECLARATION
In the Directors’ opinion:
1.
The financial statements, comprising the consolidated statement of comprehensive income, consolidated
statement of financial position, consolidated statement of changes in equity, consolidated statement of cash flows
and accompanying notes, are in accordance with the Corporations Act 2001 including:
(a)
complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
(b)
giving a true and fair view of the consolidated entity’s financial position as at 30 June 2024 and of the
performance for the financial year ended on that date; and
(c)
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
2.
The information disclosed in the consolidated entity disclosure statement is true and correct.
3.
The financial statements and notes thereto are in accordance with International Financial Reporting
Standards issued by the International Accounting Standards Board.
4.
The Directors have been given the declarations by the Chief Executive Officer and the Chief Financial Officer
required by Section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations
Act 2001.
On behalf of the Directors:
Ashok Parekh
Director
Perth, WA
27 September 2024
Horizon Minerals Limited Annual Report 2024
Page 38
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
Note
2024
$
2023
$
Continuing operations
Gold sales
-
81,882
Interest income
3
143,314
20,105
Gain on demerger
-
8,663,873
Other income
4
6,792,732
338,850
Total income from continuing operations
6,936,046
9,104,710
Cost of sales
5
-
(627)
Exploration and evaluation expenditure
(1,197,463)
(2,946,794)
Depreciation expenses
(39,923)
(77,175)
Net change in fair value of financial assets at fair value through profit or
loss
10
(3,840,772)
(535,889)
Employee benefits expense
(1,604,559)
(2,123,402)
Share based payments
-
(179,132)
Building and occupancy costs
5
(51,825)
(101,513)
Consultancy and professional fees
(512,168)
(631,138)
Impairment provision
13a
(418,961)
(3,003,901)
Interest expenses and finance charges
(1,690,704)
(689,861)
Impairment of Receivables
-
(11,598)
Other expenses
(536,933)
(652,199)
Fair value (loss)/gain on derivative liability
28d
(500,235)
838,809
Loss from continuing operations before income tax
(3,457,497)
(1,009,710)
Income tax (expense)/benefit
7
-
-
Loss for the year
(3,457,497)
(1,009,710)
Other comprehensive income
Other comprehensive income for the year, net of tax
-
-
Loss for the year and total comprehensive income attributable to
owners of Horizon Minerals Limited
(3,457,497)
(1,009,710)
2024
2023
Basic earnings/(loss) per share
20
(0.48) cents
(0.16) cents
Diluted earnings/(loss) per share
20
(0.48) cents
(0.16) cents
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction
with the accompanying notes.
Horizon Minerals Limited Annual Report 2024
Page 39
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
Note
2024
$
2023
$
Current assets
Cash and cash equivalents
8
4,290,214
5,623,808
Trade and other receivables
9
586,589
533,485
Total current assets
4,876,803
6,157,293
Non-current assets
Financial assets at fair value through profit or loss
10
5,954,733
8,170,784
Other assets
11
278,927
257,927
Property, plant and equipment
12
1,246,250
384,410
Exploration and evaluation expenditure
13a/b
46,541,297
29,733,516
Right of use assets
14
33,093
31,610
Total non-current assets
54,054,300
38,578,247
Total assets
58,931,103
44,735,540
Current liabilities
Trade and other payables
15
1,971,725
378,706
Lease liability
14
33,093
35,516
Convertible note liability and derivative
16
8,194,908
6,929,786
Employee entitlements
421,109
316,057
Total current liabilities
10,620,835
7,660,065
Non-current liabilities
Rehabilitation provisions
17
1,838,617
1,601,117
Employee entitlements
196,788
182,750
Total non-current liabilities
2,035,405
1,783,867
Total liabilities
12,656,240
9,443,932
Net assets
46,274,863
35,291,608
Equity
Contributed equity
18a
80,559,064
66,211,489
Share options reserve
19a
93,177
-
Accumulated Losses
19b
(34,377,378)
(30,919,881)
Total equity
46,274,863
35,291,608
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Horizon Minerals Limited Annual Report 2024
Page 40
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
Group
Contributed
Equity
Share Options
Reserve
Share based
payment
Reserve
Accumulated
Losses
Total Equity
$
$
$
$
$
Balance at 1 July 2022
70,089,303
-
835,750 (30,925,053)
40,000,000
Shares issued during the year
4,227,779
-
-
-
4,227,779
Share issue costs
(105,593)
-
-
-
(105,593)
Performance rights vesting
-
-
179,132
-
179,132
In-species return of capital
(8,000,000)
-
-
-
(8,000,000)
Share based payments reclassified to accumulated losses
-
-
(433,005)
433,005
-
Options expired reclassified to accumulated losses
-
-
(581,877)
581,877
-
Total comprehensive profit/(loss) for the year
-
-
-
(1,009,710)
(1,009,710)
Balance at 30 June 2023
66,211,489
-
- (30,919,881)
35,291,608
Balance at 1 July 2023
66,211,489
-
- (30,919,881)
35,291,608
Shares issued during the year
150,000
-
-
-
150,000
Share issue costs
-
-
-
-
-
Performance rights vesting
-
-
-
-
-
Shares issued for Greenstone Resources Ltd acquisition 18
14,197,575
-
-
-
14,197,575
Options issued for Greenstone Resources Ltd acquisition 19
-
93,177
-
-
93,177
Share based payments reclassified to accumulated losses
-
-
-
-
-
Options expired reclassified to accumulated losses
-
-
-
-
-
Total comprehensive profit/(loss) for the year
-
-
-
(3,457,497)
(3,457,497)
Balance at 30 June 2024
80,559,064
93,177
- (34,377,378)
46,274,863
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Horizon Minerals Limited Annual Report 2024
Page 41
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
Note
2024
$
2023
$
Cash flows from operating activities
Receipts from customers
130,730
255,595
Payments to suppliers and employees
(3,406,595)
(2,737,714)
Interest received
143,394
20,036
Payments for exploration and evaluation expenditure
(1,077,905)
(4,430,268)
Payments for trial mine production costs
(11,185)
(627)
Proceeds for trial mine production sales
-
81,882
Withholding tax expense
(74,518)
-
Net cash inflow/(outflow) from operating activities
23a
(4,296,079)
(6,811,096)
Cash flows from investing activities
Payments for property, plant and equipment
(856,780)
(36,500)
Proceeds from sale of property, plant and equipment
104,091
36,182
Payments for purchase of tenements
(75,000)
(3,226,800)
Proceeds from sale of tenements
3,450,000
475,000
Payments for capitalised exploration and evaluation expenditure
(1,969,283)
(2,962,447)
Payments for acquisition of assets (net of cash acquired)
30
112,854
-
Dividends received
24,547
-
Proceeds from sale of investments
2,957,727
1,758,071
Net cash inflow/(outflow) from investing activities
3,748,156
(3,956,494)
Cash flows from financing activities
Proceeds from issue of convertible notes
-
7,254,309
Proceeds from issues of shares
-
4,004,579
Share issue costs
-
(105,593)
Interest paid
(749,351)
(6,715)
Borrowing costs
-
(111,131)
Payments for lease liability
(36,320)
(50,686)
Net cash (outflow)/inflow from financing activities
(785,671)
10,984,763
Net increase/(decrease) in cash and cash equivalents
(1,333,594)
217,173
Cash and cash equivalents at the beginning of the financial year
5,623,808
5,406,635
Cash and cash equivalents at the end of the financial year
8
4,290,214
5,623,808
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Horizon Minerals Limited Annual Report 2024
Page 42
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
1
SUMMARY OF MATERIAL ACCOUNTING POLICIES
Reporting Entity
This financial report of Horizon Minerals Limited (‘the Company’) for the year ended 30 June 2024 comprises the
Company and its subsidiaries (collectively referred to as ‘the Consolidated Entity or the Group’). Horizon Minerals
Limited is a company limited by shares incorporated in Australia whose shares are publicly traded on the
Australian Securities Exchange. The financial report was authorised for issue in accordance with a resolution of
Directors dated 27 September 2024.
The following is a summary of the material accounting policies adopted by the Group in the preparation of the
financial report.
1a
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Australian
Accounting Interpretations and the Corporations Act 2001. The functional and presentation currency of
Horizon Minerals Limited is in Australian Dollars.
Compliance with IFRSs
The financial statements of Horizon Minerals Limited also comply with International Financial Reporting
Standards (IFRSs) as issued by the International Accounting Standards Board (IASB).
New Accounting Standards and Interpretations
In the year ended 30 June 2024, the Company has reviewed and adopted all of the new and revised
Standards and Interpretations issued by the AASB that are relevant to its operations and effective for
annual reporting periods beginning on or after 1 July 2022.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are
not yet mandatory, have not been early adopted by the company for the annual reporting period ended 30
June 2024.
The Company has also reviewed all new Standards and Interpretations that have been issued but are not
yet effective for the year ended 30 June 2024. As a result of this review the Directors have determined that
there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its
business and, therefore, no change is necessary to Company accounting policies.
Historical Cost Convention
These financial statements have been prepared under the historical cost convention, as modified by the
revaluation of available-for-sale financial assets.
Critical Accounting Estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying the Group’s accounting policies.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and
estimates are significant to the financial statements are disclosed in Note 2.
Going concern
The financial statements have been prepared on the basis of going concern which contemplates continuity
of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course
of business.
As disclosed in the financial statements, the Company incurred a loss of $3,457,497 (30 June 2023: loss
of $1,009,710) and had cash outflows from operating activities of $4,296,079 for the year ended 30 June
2024 (30 June 2023 outflows of $6,811,096).
The ability of the Company and the Group to continue to pay its debts as and when they fall due is
dependent upon the Company successfully raising additional share capital and ultimately developing its
mineral properties. The Company has a Loan Agreement with Nebari which matures with a final payment
on 29 May 2025 of $7,826,796 (US$5,102,040). The above conditions represent a material uncertainty
that may cast significant doubt about the Group’s ability to continue as a going concern and therefore the
Group may be unable to realise its assets and discharge its liabilities in the normal course of business.
Horizon Minerals Limited Annual Report 2024
Page 43
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
1
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
Going concern (continued)
The accounts have been prepared on the basis that the Company can meet its commitments as and when
they fall due and can therefore continue normal business activities, and the realisation of assets and
liabilities in the ordinary course of business. The Directors believe that they will continue to be successful
in securing additional funds through equity issues as and when the need to raise working capital arises.
1b
Principles of consolidation
(i)
Subsidiaries
The consolidated financial statements comprise the financial statements of Horizon Minerals
Limited and its controlled entities, As at 30 June 2024, Horizon Minerals Limited and its subsidiaries
together are referred to in this financial report as the Consolidated Entity or the Group.
Control exists where the Company has the capacity to dominate the decision-making in relation to
the financial and operating policies of another entity so that the other entity operates with the
Company to achieve the objectives of the Company. All inter-company balances and transactions
between entities in the Group, including any unrealised profits and losses have been eliminated on
consolidation.
Where control of an entity is obtained during a financial year, its results are included in the
consolidated statement of comprehensive income from the date on which control commences. They
are de-consolidated from the date that control ceases.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including
goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative
translation differences recognised in equity. The consolidated entity recognises the fair value of
the consideration received and the fair value of any investment retained together with any gain or
loss in profit or loss.
(ii)
Joint operations
Joint operations entered into are not separate legal entities but rather are contractual arrangements
between the participants for the sharing of costs and output and do not in themselves generate
revenue and profit.
1c
Income tax
The income tax expense or revenue for the period is the tax payable on the current period’s taxable income
based on the national income tax rate for each jurisdiction adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences between the tax bases of assets and liabilities and their
carrying amounts in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to
apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted
or substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts
of deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception
is made for certain temporary differences arising from the initial recognition of an asset or a liability. No
deferred tax asset or liability is recognised in relation to these temporary differences if they arose in a
transaction, other than a business combination, that at the time of the transaction did not affect either
accounting profit or taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
Horizon Minerals Limited Annual Report 2024
Page 44
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
1
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
1c
Income tax
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying
amount and tax bases of investments in controlled entities where the parent is able to control the timing of
the reversal of the temporary differences and it is probable that the differences will not reverse in the
foreseeable future.
Current and deferred tax balances attributable to amounts recognised directly in other comprehensive
income/equity are also recognised directly in other comprehensive income/equity.
The charge for current income tax expense is based on the profit for the year adjusted for any non-
assessable or disallowed items. It is calculated using the tax rates that have been enacted or are
substantially enacted by the reporting date.
The amount of benefits brought to account or which may be realised in the future is based on the
assumption that no adverse change will occur in income taxation legislation and the anticipation that the
economic entity will derive sufficient future assessable income to enable the benefit to be realised and
comply with the conditions of deductibility imposed by the law.
The Group is consolidated for income tax purposes effective 1 July 2016.
1d
Revenue recognition
The Group recognises revenue as follows:
(i)
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the consolidated entity
is expected to be entitled in exchange for transferring goods or services to a customer. For each
contract with a customer, the consolidated entity: identifies the contract with a customer; identifies
the performance obligations in the contract; determines the transaction price which takes into
account estimates of variable consideration and the time value of money; allocates the transaction
price to the separate performance obligations on the basis of the relative stand-alone selling price
of each distinct good or service to be delivered; and recognises revenue when or as each
performance obligation is satisfied in a manner that depicts the transfer to the customer of the
goods or services promised
(ii)
Sale of gold
Revenue from the sale of goods is measured at the fair value of the consideration received or
receivable. Revenue is recognised at the point in time when the customer obtains control of the
goods, which is generally at the time of delivery.
(ii)
Interest income
Interest revenue is recognised on a proportional basis taking into account the interest rates
applicable to the financial assets.
(iii)
Other services
Other debtors are recognised at the amount receivable and are due for settlement within 30 days
from the end of the month in which services were provided.
Horizon Minerals Limited Annual Report 2024
Page 45
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
1
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
1e
Mineral prospects and exploration expenditure thereon
The Group’s policy with respect to exploration expenditure is to write off all costs unless the directors and
management are of the view that there is a reasonable prospect that the costs may be recovered in future
income years. Costs that may reasonably be expected to be recovered are capitalised to the statement of
financial position as a non-current asset and accumulated separately for each area of interest. Such
expenditure comprises net direct cash and where applicable, an apportionment of related overhead
expenditure.
Each area of interest is limited to a size related to a known or probably mineral resource capable of
supporting a mining operation. Expenditure is not carried forward in respect of any area of interest unless
the Group’s right to tenure to that area of interest is current.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to
carry forward costs in relation to that area of interest. At 30 June 2023, the Directors considered that the
carrying value of the mineral tenement interests of the Group was as shown in the accounts and did not
need adjusting.
Exploration and evaluation assets are transferred to Development Phase assets once technical feasibility
and commercial viability of an area of interest is demonstrable. Exploration and evaluation assets are
tested for impairment, and any impairment loss is recognised, prior to being reclassified.
1f
Mine properties and mining assets
Mine properties represents the acquisition cost and/or accumulated exploration, evaluation and
development expenditure in respect of areas of interest in which mining has commenced.
Mine development costs are deferred until commercial production commences. When commercial
production is achieved mine development is transferred to mine properties, at which time it is amortised
on a unit of production basis based on ounces mined over the total estimated resources related to this
area of interest.
Significant factors considered in determining the technical feasibility and commercial viability of the project
are the completion of a feasibility study, the existence of sufficient resources to proceed with development
and approval by the board of Directors to proceed with development of the project.
1g
Deferred stripping costs
Stripping is the process of removing overburden and waste materials from surface mining operations to
access the ore. Stripping costs are capitalised during the development of a mine and are subsequently
amortised over the life of mine on a units of production basis, where the unit of account is ounces of gold
sold.
1h
Financial assets at fair value through profit or loss
Financial assets that are held for trading and investments that the Group manages based on their fair value
in accordance with the Group’s documented risk management and/or investment strategy are measured
at fair value through profit or loss unless the Group irrevocably elects at initial recognition to present the
changes in fair value in other comprehensive income.
Upon initial recognition, financial assets measured at fair value through profit or loss are recognised at fair
value and any transaction costs are recognised in profit or loss when incurred. Subsequent to initial
recognition, financial assets at fair value through profit or loss are measured at fair value, and changes
therein are recognised in profit or loss.
Horizon Minerals Limited Annual Report 2024
Page 46
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
1
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
1i
Impairment of assets
Mining tenements assets and other intangible assets that have an indefinite useful life are not subject to
amortisation and are tested annually for impairment, or more frequently if events or changes in
circumstances indicate that they might be impaired. Other assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are
separately identifiable cash inflows which are largely independent of the cash flows from other assets or
groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered impairment
are reviewed for possible reversal of the impairment at each reporting date.
1j
Plant and equipment
Plant and equipment is stated at historical cost less depreciation and impairment. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the
Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged
to profit and loss during the financial period in which they are incurred.
Depreciation is calculated on a diminishing value basis to write off the net cost of each item of plant and
equipment over its expected useful life to the Group. The expected useful lives are as follows:
Plant and equipment 5 - 10 years.
Property 25 – 40 years.
Motor vehicles 3 – 5 years.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting
date. An asset's carrying amount is written down immediately to its recoverable amount if the asset's
carrying amount is greater than its estimated recoverable amount (Note 1h).
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are
included in the profit and loss.
1k
Trade receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using
the effective interest method, less any allowance for expected credit losses. Trade receivables are
generally due for settlement within 30 days.
The consolidated entity has applied the simplified approach to measuring expected credit losses, which
uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have
been grouped based on days overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Horizon Minerals Limited Annual Report 2024
Page 47
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
1
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
1l
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the
financial year and which are unpaid, together with assets ordered before the end of the financial year. The
amounts are unsecured and are usually paid within 30 days of recognition.
1m
Employee benefits
(i)
Share-based payments
Share-based compensation benefits are provided to directors through the granting of options and
performance rights.
The fair value of options and performance rights granted by the Group are recognised as an
employee benefits expense with a corresponding increase in equity. The total amount to be
expensed is determined by reference to the fair value of the options and performance rights
granted, which includes any market performance conditions but excludes the impact of any service
and non-market performance vesting conditions and the impact of any non-vesting conditions.
Non-market vesting conditions are included in assumptions about the number of options and
performance rights that are expected to vest. The total expense is recognised over the vesting
period, which is the period over which all of the specified vesting conditions are to be satisfied. At
the end of each period, the entity revises its estimates of the number of options that are expected
to vest based on the non-marketing vesting conditions. It recognises the impact of the revision to
original estimates, if any, in profit or loss, with a corresponding adjustment to equity.
1n
Financial Liabilities
Financial liabilities are initially measured at fair value.
Financial liabilities including trade and other payables, loans and borrowings, deferred contingent
considerations and the debt component of convertible notes are measured subsequently at amortised cost.
The effective interest method is a method of calculating the amortised cost of a financial liability and of
allocating interest expense over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments (including all fees paid or received that form an integral part of
the effective interest rate, transaction costs and other premiums or discounts) through the expected life of
the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.
Financial liabilities at FVTPL, including those warrants issued which meet the definitions of a financial
liability in accordance with the substance of the contractual arrangements, are initially measured at fair
value and subsequently measured at fair value at each reporting date. Any gains and losses arising on
changes in fair value are recognised in profit or loss to the extent that they are not part of a designated
hedging relationship.
(i)
Classification of Debt and Equity Instruments
Convertible loan notes issued by the Group are classified as financial liabilities in accordance with
the substance of the contractual arrangements and the definitions of a financial liability and an
equity instrument.
Conversion options that will be settled by the exchange of a fixed amount of cash for a variable
number of the Company’s own equity instruments are considered a financial liability. The
conversion features that fail the equity classification are accounted for as derivative financial
liabilities and are accounted for separately from their host debt component. Derivative financial
liabilities are recognised initially at fair value at the date a derivative contract is entered into and are
subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is
recognised in profit or loss immediately.
Horizon Minerals Limited Annual Report 2024
Page 48
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
1
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
(i)
Classification of Debt and Equity Instruments (continued)
The option derivatives embedded in the convertible notes are assessed to determine whether it is
to be separated from its debt host contract on the basis of the stated terms of the option feature.
The debt component of convertible notes is subsequently measured at amortised cost as described
above. The effective interest charged on the debt host contract is reported in interest expenses
and finance charges.
1o
Fair value measurement
The fair value of financial assets and financial liabilities must be estimated for recognition and
measurement or for disclosure purposes.
The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and
trading and available-for-sale securities) is based on quoted market prices at the reporting date. The
quoted market price used for financial assets held by the Company is the current bid price: the appropriate
quoted market price for financial liabilities is the current ask price.
The nominal value less estimated credit adjustments of trade receivables and payables are assumed to
approximate their fair values.
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that
reflects the significance of the inputs used in making the measurements. Classifications are reviewed at
each reporting date and transfers between levels are determined based on a reassessment of the lowest
level of input that is significant to the fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal
expertise is either not available or when the valuation is deemed to be significant. External valuers are
selected based on market knowledge and reputation. Where there is a significant change in fair value of
an asset or liability from one period to another, an analysis is undertaken, which includes a verification of
the major inputs applied in the latest valuation and a comparison, where applicable, with external sources
of data.
1p
Goods and services tax
Revenues, expenses and assets are recognised net of the amount of associated goods and services tax
(GST), unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised
as part of the cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net
amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or
payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or
financing activities which are recoverable from, or payable to, the taxation authority, are presented as
operating cash flows.
1q
Contributed equity
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction from the proceeds. Incremental costs directly attributable to the issue of new shares or options
for the acquisition of a business are not included in the cost of acquisition as part of the purchase
consideration.
If the entity reacquires its own equity instruments, e.g. as the result of a share buy-back, those instruments
are deducted from equity and the associated shares are cancelled. No gain or loss is recognised in the
profit or loss and the consideration paid including any directly attributable incremental costs (net of income
taxes) is recognised directly in equity.
1r
Provisions
Provisions for legal claims recognised when the Group has a present legal obligation as a result of past
events, it is probable that an outflow of resources will be required to settle the obligation, and the amount
has been reliably estimated. Provisions are not recognised for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement
is determined by considering the class of obligations as a whole. A provision is recognised even if the
Horizon Minerals Limited Annual Report 2024
Page 49
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
1
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
likelihood of an outflow with respect to any one item included in the same class of obligations may be
small.
Provisions are measured at the present value of management's best estimate of the expenditure required
to settle the present obligation at the reporting date. The discount rate used to determine the present value
reflects current market assessments of the time value of money and the risks specific to the liability.
1s
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker.
1t
Borrowing costs
Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of
time that is required to complete and prepare the assets for its intended use or sale. Other borrowing costs
are expensed.
1u
Rehabilitation costs
The Group’s mining, extraction and processing activities give rise to obligations for site rehabilitation.
Rehabilitation obligations can include facility decommissioning and dismantling; removal or treatment of
waste materials; land rehabilitation; and site restoration. The extent of work required and the associated
costs are estimated based on feasibility estimates using current restoration standards and techniques.
Provisions for the cost of each rehabilitation program are recognised at the time that environmental
disturbance occurs.
Rehabilitation provisions are initially measured at the expected value of future cash flows required to
rehabilitate the relevant site.
At each reporting date the rehabilitation liability is re-measured to account for any new disturbance,
updated cost estimates, changes to the estimated lives of operations and new regulatory requirements.
Horizon Minerals Limited Annual Report 2024
Page 50
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2
CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually evaluates its
judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and assumptions on historical experience and on other various
factors, including expectations of future events, management believes to be reasonable under the circumstances.
The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements,
estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts
of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.
2a
Share-based payment transactions
The consolidated entity measures the cost of equity-settled transactions with employees by reference to
the fair value of the equity instruments at the date at which they are granted. The fair value is determined
by using either the Binomial or Black-Scholes model taking into account the terms and conditions upon
which the instruments were granted. The accounting estimates and assumptions relating to equity-settled
share-based payments would have no impact on the carrying amounts of assets and liabilities within the
next annual reporting period but may impact profit or loss and equity. Refer to note 24 for further
information.
2b
Impairment of non-financial assets other than goodwill and other indefinite life intangible assets
The consolidated entity assesses impairment of non-financial assets other than goodwill and other
indefinite life intangible assets at each reporting date by evaluating conditions specific to the consolidated
entity and to the particular asset that may lead to impairment. If an impairment trigger exists, the
recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-
use calculations, which incorporate a number of key estimates and assumptions.It is reasonably possible
that the underlying metal price assumption may change which may then impact the estimated life of mine
determinant and may then require a material adjustment to the carrying value of mining plant and
equipment, mining infrastructure and mining development assets. Furthermore, the expected future cash
flows used to determine the value-in-use of these assets are inherently uncertain and could materially
change over time. They are significantly affected by a number of factors including reserves and production
estimates, together with economic factors such as metal spot prices, discount rates, estimates of costs to
produce reserves and future capital expenditure.
Horizon Minerals Limited Annual Report 2024
Page 51
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2
CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS (CONTINUED)
2c
Income tax
The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant
judgement is required in determining the value of the deferred tax asset. There are many transactions and
calculations undertaken during the ordinary course of business for which the ultimate tax determination is
uncertain. The consolidated entity recognises liabilities for anticipated tax audit issues based on the
consolidated entity's current understanding of the tax law. Where the final tax outcome of these matters is
different from the carrying amounts, such differences will impact the current and deferred tax provisions in
the period in which such determination is made.
2d
Rehabilitation provision
A provision has been made for the present value of anticipated costs for future rehabilitation of land
explored or mined. The consolidated entity's mining and exploration activities are subject to various laws
and regulations governing the protection of the environment. The consolidated entity recognises
management's best estimate for assets retirement obligations and site rehabilitations in the period in which
they are incurred. Actual costs incurred in the future periods could differ materially from the estimates.
Additionally, future changes to environmental laws and regulations, life of mine estimates and discount
rates could affect the carrying amount of this provision.
2e
Exploration and evaluation costs
Exploration and evaluation costs have been capitalised on the basis that the consolidated entity will
commence commercial production in the future, from which time the costs will be amortised in proportion
to the depletion of the mineral resources. Key judgements are applied in considering costs to be capitalised
which includes determining expenditures directly related to these activities and allocating overheads
between those that are expensed and capitalised.
In addition, costs are only capitalised that are expected to be recovered either through successful
development or sale of the relevant mining interest. Factors that could impact the future commercial
production at the mine include the level of reserves and resources, future technology changes, which could
impact the cost of mining, future legal changes and changes in commodity prices. To the extent that
capitalised costs are determined not to be recoverable in the future, they will be written off in the period in
which this determination is made.
2f
Asset acquisition not constituting a business
In determining when an acquisition is an asset acquisition and not a business combination, the Group used
significant judgement to assess that the assets acquired did not constitute a business in accordance with
AASB 3 Business Combination. Under AASB 3 a business is an integrated set of activities and assets that
is capable of inputs and processes, which when applied to those has the ability to create outputs.
Management determined that the purchase of Greenstone Resources Limited (GSR) under the Scheme
was an asset acquisition.
2g
Fair value at acquisition
On initial recognition, the assets and liabilities of GSR were included in the statement of financial position
at their fair values. In measuring the fair value of the exploration projects, management considers generally
accepted technical valuation methodologies and comparable transactions in determining the fair value.
Due to the subjective nature of valuation with respect to exploration projects with limited exploration results,
management have determined the price paid to be indicative of the fair value of the assets acquired.
Horizon Minerals Limited Annual Report 2024
Page 52
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2024
$
2023
$
3
INTEREST INCOME
Interest income
143,314
20,105
4
OTHER INCOME
Loss on sale of investments
(19,693)
(13,731)
Profit on sale of tenement interest (1)
3,608,687
100,000
Recovery of administration costs
101,879
209,197
Sale of royalty rights (2)
3,000,000
-
Diesel fuel rebate
1,859
-
Other income
100,000
43,384
6,792,732
338,850
(1)
Profit on sale of tenement interest
On 23 October 2024 the Group executed a binding Asset Sale Agreement and Royalty Deed
for 62 prospecting licences to Northern Star Resources Limited (ASX: NST) for $3.1 million in
cash. Included in the sale terms is a $20 p/oz Discovery Payment up to 2 million ounces and
NSR of 0.5% on all metals and minerals extracted from the tenements
(2)
Sale of royalty rights
On 29 March 2021, Horizon announced a Royalty Sale Agreement to Vox Royalty Corp. (TSX:
VOX) (Vox) which included the Janet Ivy Production Royalty and the Otto Bore Production
Royalty. Vox paid A$4 million in cash at Completion and a further A$3 million in cash or Vox
shares at Vox’s election (priced on a 30-day VWAP basis) upon Vox receiving cumulative
payments of A$750,000 from the transaction royalties.
Upon receipt of the 30 June 2023 quarterly production results on the Janet Ivy Production
Royalty, the deferred payment of $3 million from Vox has been triggered and will become due
and payable within 10 days of the receipt of the royalty payment from the Janet Ivey project.
However, Vox had elected to pay the $3 million in Vox shares instead of cash. Further that the
Vox shares would be subject to a 4-month escrow.
On 28 November 2023 the Group announced that the milestone for the deferred payment to
be received from Vox Royalties Corp. (Vox) of $3 million in Vox shares had been calculated
based on a 30 day VWAP returning a Vox share price of CAD$2.7778 per share for A$3
million at an exchange rate of CAD: AUD of 0.8782 equates to CAD$2,634,600 and as a result
948,448 Vox shares.
5
EXPENSES
Profit/(loss) before income tax includes the following specific expenses:
Cost of sales
Trial mine processing costs
-
627
Cost of sales
-
627
Building and occupancy costs
Rental expense
17,807
26,268
Interest expense – right of use asset (refer Note 14)
804
3,793
Amortisation – right of use asset (refer Note 14)
31,610
47,414
Other
1,604
24,038
Building and occupancy costs
51,825
101,513
Superannuation expenses
Defined contribution superannuation expense
109,895
132,386
Superannuation expenses
109,895
132,386
Horizon Minerals Limited Annual Report 2024
Page 53
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
6
SEGMENT INFORMATION
Management has determined the operating segments based on the reports reviewed by the Board that are used
to make strategic decisions.
The Board considers that the reportable segments are defined by the nature of the exploration activities. As such
there are two reportable segments being Vanadium/Molybdenum tenements and Gold tenements.
2024
Vanadium/
Molybdenum
Tenement
Gold Tenements
Total
$
$
$
Revenue and other income
-
6,812,425
6,812,425
(Loss)/profit before income tax
(241,920)
501,574
259,654
Total segment assets
(241,920)
48,686,156
48,686,156
2023
Vanadium/
Molybdenum
Tenement
Gold Tenements
Total
$
$
$
Revenue and other income
-
81,882
81,882
loss before income tax
-
(493,926)
(493,926)
Total segment assets
241,920
30,699,029
30,940,949
2024
2023
$
$
6a
Segment revenue
Segment revenue reconciles to revenue from continuing operations as follows:
Segment revenue
6,812,425
81,882
Interest revenue
143,314
20,105
Other income
(19,693)
62,309
Revenue from continuing operations
6,936,046
164,296
6b
Segment profit/(loss)
Segment loss reconciles to total comprehensive income as follows:
Segment profit/(loss) before income tax
259,654
(493,926)
Interest revenue
143,314
20,105
Net change in value of financial assets at fair value through profit & loss
(3,860,465)
(535,889)
Loss before income tax
(3,457,497)
(1,009,710)
Horizon Minerals Limited Annual Report 2024
Page 54
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2024
2023
$
$
6
SEGMENT INFORMATION (CONTINUED)
6c
Segment assets
Segment assets reconcile to total assets as follows:
Segment assets
48,686,156
30,940,949
Unallocated assets
10,244,947
13,794,591
Total assets
58,931,103
44,735,540
6d
Segment liabilities
The Group’s liabilities are not reported to management on an
individual segment basis, but rather reported on a consolidated basis.
7
INCOME TAX
7a
The prima facie income tax expense on pre-tax accounting loss
reconciles to the income tax expense in the financial statements as
follows:
Profit/(Loss) from continuing operations before income tax expense
(3,457,497)
(1,009,710)
Income tax expense/(benefit) calculated at 25% (2023: 25%)
(864,374)
(252,428)
Capital raising cost allowable
(93,141)
(95,078)
(957,515)
(347,506)
Movements in unrecognised timing differences
299,151
(2,481,881)
Expenses that are not deductible in determining taxable profit
60,846
130,166
Movement in share revaluations
1,184,368
133,972
Tax losses not recognised
(586,850)
2,565,249
Unused tax losses not recognised as a deferred tax asset
-
-
Income tax expense reported in the Statement of Profit or Loss and Other
Comprehensive Income
-
-
7b
Unrecognised deferred tax balances:
The following deferred tax assets (2024: 25%, 2023: 25%) have not been
brought to Account:
Unrecognised deferred tax asset – tax losses
23,010,100
22,553,987
Unrecognised deferred tax asset – capital losses
1,565,655
1,552,105
Unrecognised deferred tax liability – capitalised exploration expenses
(7,135,154)
(6,557,310)
Unrecognised deferred tax asset/(liability) – share investments
1,519,248
334,880
Unrecognised deferred tax asset – other temporary differences
559,844
415,037
Equity accounted investments
-
-
Net deferred tax assets/(liability) not brought to account
19,519,693
18,298,699
Horizon Minerals Limited Annual Report 2024
Page 55
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2024
2023
$
$
7
INCOME TAX (CONTINUED)
7c
The taxation benefits of tax losses and timing not brought to account will only
be obtained if:
assessable income is derived of a nature and of amount sufficient to
enable the benefit from the deductions to be realised;
conditions for deductibility imposed by the law are complied with; and
no changes in tax legislation adversely affect the realisation of the benefit
from the deductions.
7d
Tax consolidation
Horizon Minerals and its wholly owned Australian subsidiaries are part of an
income tax consolidated group and have entered into tax sharing and tax
funding agreements. Under the terms of these agreements, the subsidiaries
will reimburse Horizon Minerals for any current income tax payable by Horizon
Minerals arising in respect of their activities. The reimbursements are payable
at the same time as the associated income tax liability falls due and will
therefore be recognised as a current tax-related receivable by Horizon
Minerals when they arise. In the opinion of the Directors, the tax sharing
agreement is also a valid agreement under the tax consolidation legislation
and limits the joint and several liability of the subsidiaries in the event of a
default by Horizon Minerals.
7e
Change in corporate tax rate
Due to changes in operational circumstances, Horizon Minerals and its
subsidiaries should be considered a ‘base rate entity’ for income tax purposes
and therefore eligible for the reduced corporate tax rate. The impact of this
change in the corporate tax rate has been reflected in the unrecognised
deferred tax positions and the prima face income tax reconciliation above.
8
CASH AND CASH EQUIVALENTS
Cash at bank and on hand
4,290,214
5,623,808
Reconciliation to cash at the end of the year
The above figures are reconciled to cash at the end of the financial year as
shown in the cash flow statement as follows:
Balances as above
4,290,214
5,623,808
Balances per statement of cash flows
4,290,214
5,623,808
9
TRADE AND OTHER RECEIVABLES
Trade receivables
76,533
367,306
Other receivables – ATO receivables
189,914
72,234
Other receivables – sale of tenement – deferred payment
125,000
-
Prepayment and other receivables
151,777
76,766
Accrued interest
-
79
Term deposit – bonds & credit card security deposit
43,365
17,100
586,589
533,485
Horizon Minerals Limited Annual Report 2024
Page 56
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
9
TRADE AND OTHER RECEIVABLES (CONTINUED)
2024
2023
$
$
Effective interest rates and credit risk
Information concerning the effective interest rate and credit risk of both current
and non-current receivables is set out below.
Interest rate risk
All receivable balances are non-interest bearing.
Credit rate risk
There is no concentration of credit risk with respect to current and non-current
receivables. Refer to Note 28 for further information on the Group’s risk
management policies. Due to short term nature, fair value approximates
carrying value.
10
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Shares and options in listed companies at market value
5,954,733
8,170,784
5,954,733
8,170,784
Included is $4,760,007 of shares held in shares held in Richmond Vanadium
Technology Limited (2023: $8,131,679); $1,070,084 in Ora Banda Mining
Limited (2023: nil); $56,722 in Metal Hawke Limited (2023: nil); $67,920 in
Dundas Minerals Limited (2023: nil).
The net change in fair value on financial assets at fair value through profit or
loss for the year was a loss of $3,840,772 (2023: $535,889).
All financial assets at fair value through profit or loss are denominated in
Australian currency. Refer to Note 29 for further information concerning the
price and fair value measurement.
11
OTHER ASSETS
Security deposits
278,927
257,927
278,927
257,927
The security deposits arise from monies held in trust accounts or lodged with
appropriate authorities in relation to mining tenements held. The Group has
restricted access to these funds, but they are expected to be reimbursed in the
future.
Horizon Minerals Limited Annual Report 2024
Page 57
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2024
$
2023
$
12
PROPERTY, PLANT & EQUIPMENT
Plant and equipment at cost
5,790,829
4,861,502
Accumulated depreciation and impairment
(4,665,984)
(4,634,412)
Total plant and equipment
1,124,845
227,090
Property at cost
266,218
322,571
Accumulated depreciation and impairment
(182,640)
(176,697)
Total property
83,578
145,874
Motor vehicles – at cost
243,432
214,643
Accumulated depreciation
(205,605)
(203,197)
Total motor vehicles
37,827
11,446
1,246,250
384,410
RECONCILIATIONS
12a Plant and equipment
Carrying amount at beginning of the year
227,090
258,513
Reclassification of carrying amount
-
-
Additions
929,757
36,500
Disposals
(430)
(1,083)
Depreciation
(31,572)
(66,840)
Loss on impairment
-
-
Carrying amount at end of year
1,124,845
227,090
12b
Property
Carrying amount at beginning of the year
145,874
152,886
Reclassification of carrying amount
-
-
Additions
34,476
-
Disposals
(90,829)
-
Depreciation
(5,943)
(7,012)
Carrying amount at end of year
83,578
145,874
12c
Motor Vehicle
Carrying amount at beginning of year
11,446
16,409
Additions
29,410
-
Disposals
(621)
(1,638)
Depreciation
(2,408)
(3,325)
Carrying amount at end of year
37,827
11,446
Horizon Minerals Limited Annual Report 2024
Page 58
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2024
$
2023
$
13
EXPLORATION AND EVALUATION EXPENDITURE
During the year ended 30 June 2024, the Group incurred and capitalised the
following exploration, evaluation, development and production expenditure:
13a
Exploration and e valuation phase
Carrying amount at beginning of the year
29,733,516
29,377,548
Capitalised during the year
2,489,268
2,545,842
Purchase of Greenstone Resources Ltd 30
14,899,632
-
Purchases of tenements*
228,062
950,000
Sale of tenements**
(390,220)
(135,973)
Impairment***
(418,961)
(3,003,901)
Carrying amount at end of year
46,541,297
29,733,516
* Purchases of tenements
Bridgetown-Greenbushes acquisition
Horizon Minerals Limited entered into a binding Share Sale Agreement ("SSA") with
private company Charter Minerals Pty Ltd ("Charter" or "CMPL") for the acquisition
of a 100% interest in two greenfield Lithium prospects near Bridgetown less than
20km from the world class Greenbushes Lithium Mine, Western Australia. The
consideration paid was $75k plus 4 million ordinary Horizon shares.
** Sale of tenements
Metal Hawk
Horizon Minerals Limited entered into a binding option and sale deed ("Option") with
Metal Hawk Limited (ASX: MHK) ("Metal Hawk" or "MHK") to purchase an interest
in seven tenements within the Company's Yarmany project area ("Tenements").
The Option relates to all mineral rights over seven Exploration Licences covering an
area of 98 blocks approximately 40 kilometres west of Kalgoorlie. The Option
provides for the following:
•
MHK paying Horizon a $400,000 non-refundable option fee within five days of
signing the Option, comprising $200,000 in cash and $200,000 in MHK shares,
with the number of shares determined by the 20-Day VWAP prior to execution.
•
MHK must incur at least $1.0m of on ground exploration expenditure on the
Tenements prior to exercising the Option, which has a term of 24 months.
•
MHK may withdraw from the Option with 30 days notice, or allow the Option to
lapse, after incurring a minimum of $500,000 of exploration expenditure, with all
tenure remaining 100% owned by Horizon in those circumstances.
•
If MHK exercises the Option, then at Horizon's election, Horizon may:
o Sell 100% of its interests in the Tenements to MHK for $1.0m completion
consideration, with this consideration to be settled in either cash, shares or
any combination of both at MHK's election; or
o Sell 80% of its interests in the tenements to MHK and forego the completion
consideration, but retain a 20% interest free carried to a decision to mine at
which time a Joint Venture (JV) will be formed with MHK.
•
MHK shall have a licence to explore for minerals on the Tenements during the
Option period and must meet annual expenditure commitments and keep the
Tenements in good standing.
•
All MHK Option fee shares, and completion consideration shares issued, shall
be subject to voluntary escrow of six months.
Horizon Minerals Limited Annual Report 2024
Page 59
NOTES TO AND FORMING PART OF
THE CONSOLIDATED FINANCIAL
STATEMENTS
13
EXPLORATION AND EVALUATION EXPENDITURE (CONTINUED)
Gunga project sale completion
As announced on the ASX on 20 June 2022, the Company agreed to divest its
100% interest in the project to FMR Investments Pty Ltd on the following terms:
•
Deposit of $100 cash;
•
$300,000 in cash on completion; and
•
Access to FMR’s Greenfields toll mill in Coolgardie on commercial terms for ore
treatment of 200,00 tonnes.
As at 30 June 2022, the deposit of $100,000 was recognised as income and a
receivable of $300,000. As at 30 June 2022 no derecognition of the cost base of the
capitalised exploration and evaluation expenditure was recognised.
In the year ended 30 June 2024, all conditions precedent, including provision of
signed transfers, all mining information and statutory consents have been
completed and the $300,000 completion cash payment received. The delay in
completing the transaction has been due to obtaining third party consents.
Dundas
Horizon Minerals Limited entered into a binding option and sale deed ("Option") with
Dundas Minerals Limited ("Dundas" or "DUN") to purchase an interest in 19
tenements within the Company's Baden Powell and Windanya project areas
("Tenements").
The Option relates to all mineral rights over 16 Prospecting Licences, two Mining
Leases and one Mining Lease Application covering an area of 3,230 hectares
approximately 45 kilometres north of Kalgoorlie. The Option provides for the
following:
•
Dundas paying Horizon a $500,000 non-refundable option fee which consists
of:
o $375,000 within five days of signing the Option, comprising $125,000 in
cash and $250,000 in DUN shares, with the number of shares determined
by the 5-Day VWAP prior to execution; and
o $125,000 in cash payable on the first 12-month anniversary of the execution
date.
•
Dundas must incur at least $500,000 of on ground exploration expenditure on
the Tenements prior to exercising the Option, which has a term of 24 months.
•
Dundas may withdraw from the Option with 30 days' notice or allow the Option
to lapse, only after incurring a minimum of $500,000 of exploration expenditure
and paying the option fee, with all tenure remaining 100% owned by Horizon in
those circumstances.
•
If Dundas exercises the Option, then Horizon will:
•
Sell 85% of its interests in the Tenements to Dundas for $1.0m completion
consideration, with this consideration to be settled in either cash, shares or any
combination of both at Dundas' election; and
o Retain a 15% interest free carried to a decision to mine at which time a Joint
Venture (JV) will be formed with Dundas.
o Have priority ore processing rights from the tenements to process ore
through secure processing arrangements that are on equal or better terms
than other processing alternatives of the JV.
•
Dundas shall have a licence to explore for minerals on the Tenements during
the Option period and must meet annual expenditure commitments and keep
the Tenements in good standing.
•
All Dundas Option fee shares, and completion consideration shares issued,
shall be subject to voluntary escrow of six months.
Horizon Minerals Limited Annual Report 2024
Page 60
NOTES TO AND FORMING PART OF
THE CONSOLIDATED FINANCIAL
STATEMENTS
13
EXPLORATION AND EVALUATION EXPENDITURE (CONTINUED)
Northern Star
Horizon Minerals Limited entered into a binding Asset Sale Agreement ("ASA") and
a royalty deed ("RD") (together the "Agreements") with Northern Star Resources
Limited (ASX: NST) ("Northern Star" or "NST") for NST to purchase 62 tenements
within the Company's eastern Kalgoorlie project area ("Tenements").
The payment terms of the ASA are based on the following:
•
Northern Star paying Horizon $3.1m in cash at completion
•
Additional potential deferred payments including:
•
Discovery Payments of A$20/ounce for any JORC compliant Mineral Resource
located on the Tenements, capped at 2 million ounces; and
•
A Net Smelter Royalty ("NSR") of 0.5% on all metals and minerals extracted
from the Tenements.
The Agreements related to 62 Prospecting Licences covering an area of 10,170
hectares approximately 10 kilometres east of Kalgoorlie. This tenure is non-core for
Horizon and will save over $400,000 of annual holding costs, reduce administration
time and allow better focus on core projects. The ASA was unconditional and
completion occurred in October 2023.
***Impairment of mining tenements
During the year ended 30 June 2024, impairment to tenements was recorded as
$418,961 (2023: 3,003,901). Management considered recent ASIC guidance and
other relevant factors and has determined that various minor deposits had little
potential of being mined and have therefore impaired the carrying amount of
Exploration and Evaluation.
The ultimate recoupment of expenditure above relating to the exploration and
evaluation phase is dependent upon the successful development and commercial
exploitation, or alternatively, sale of the respective areas of interest.
Horizon Minerals Limited Annual Report 2024
Page 61
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2024
$
2023
$
14
RIGHT-OF-USE ASSET AND LEASE LIABILITY
Amounts recognised in the consolidated statement of financial position
Right-of-use asset
Property – head office lease
Opening balance
31,610
79,024
Additions
33,093
-
Amortisation
(31,610)
(47,414)
Closing balance
33,093
31,610
Lease liability
Opening balance
35,516
86,202
Additions
33,093
-
Lease payments
(36,320)
(54,479)
Interest expense
804
3,793
Closing balance
33,093
35,516
Current lease liability
33,093
35,516
Non-current lease liability
-
-
Total lease liability
33,093
35,516
Amounts recognised in the consolidated statement of profit or loss
Amortisation of right-of-use asset
Property – office lease amortisation
31,610
47,414
31,610
47,414
The total cash outflow for the lease in the twelve months to 30 June 2024 was
$36,320 (2023: $54,479).
On 1 July 2019, the Company held one lease for the head office based in
Nedlands. The lease was renewed on 22 February 2020 for a further two year
period with an option to extend for another two years thereafter which was
executed.
The Lease was terminated on 18 June 2024.
15
TRADE AND OTHER PAYABLES
Trade payables
1,068,157
319,674
Accrued expenses
903,568
59,032
1,971,725
378,706
Horizon Minerals Limited Annual Report 2024
Page 62
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2024
$
2023
$
16
CONVERTIBLE NOTE LIABILITY AND DERIVATIVE
Convertible note liability
6,517,737
5,752,850
Convertible note derivative
1,677,171
1,176,936
8,194,908
6,929,786
On 23 November 2022 the Company entered into an agreement with Nebari
Gold Fund 1, LP pursuant to which it issued convertible notes with an
aggregate principal value of USD$5,102,040 in two tranches. The first
tranche of USD$2,040,816 was received on 29 November 2022 equivalent
to a drawdown amount of AUD$2,828,878 and the second tranche of
USD$3,061,224 was received on 13 June 2023 equivalent to a drawdown
amount of AUD$4,425,431. The convertible note has a 30-month maturity
term.
The convertible note can be converted into shares in the Company at the
option of the Lender, in multiple parts, and at any time prior to the 29 May
2025 or to the principal amount being repaid, whichever is realised first. The
principal is repayable on the maturity date 29 May 2025.
If the notes are converted, the conversion price will be an amount equal to a
25% premium to the 15-day VWAP of the Company’s share price at the
lowest of:
a)
29 September 2022;
b)
the completion date of the loan agreement between the Company and
Nebari Gold Fund 1, LP, executed on 23 November 2002; and
c)
19 October 2022.
The conversion price has a mechanism under the Loan Agreement which
adjust it for a demerger and / or a merger, both of which have occurred since
the loan was agreed. The current conversion price is $0.042.
The conversion feature of the notes has been recognised at fair value as a
convertible note derivative. The reconciliation for the movements in the
convertible note features is shown in Note 28d Fair Value Measurement.
The rate per annum determined by the Lender to be the aggregate of the
Term SOFR Delta on the first day of that Interest Period plus 7.0% per
annum; or the default interest rate is 17.5%.
SOFR means the three-month term SOFR reference rate administered by
CME Group Benchmark Administration Limited
17
PROVISIONS
Rehabilitation of mine site
1,838,617
1,601,117
1,838,617
1,601,117
2024
$
2023
$
17a MOVEMENT IN PROVISION
Carrying amount at beginning of the year
1,601,117
1,454,400
Increase in provision recognised
-
146,717
Provision acquired on acquisition on Greenstone Resources Ltd 30
237,500
-
Carrying amount at end of year
1,838,617
1,601,117
Horizon Minerals Limited Annual Report 2024
Page 63
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2024
No.
2023
No.
2024
$
2023
$
18
CONTRIBUTED EQUITY
18a
Share capital
At the beginning of the year
696,983,676
612,419,645
66,211,489
70,089,303
Placement**
4,000,000
74,137,461
150,000
3,336,186
Share Purchase Plan
-
7,426,570
-
668,393393
Greenstone Resources Ltd – acquisition 30
410,957,779
-
13,972,564
-
Argonaut PCF – lead manager
6,617,647
225,011
Labyrinth Resources Limited – acquisition
-
3,000,000
-
223,200
In-species return of capital - RVT
-
-
-
(8,000,000)
Capital raising costs
-
-
-
(105,593)
Total Contributed Equity
1,118,559,102
696,983,676
80,559,064
66,211,489
*Forms part consideration for the acquisition of Charter Minerals Pty Ltd which own Exploration Licences 70/5980
and E70/5981 in Bridgetown, Western Australia. See released dated 5 October 2023.
18b
Terms and conditions of contributed equity
Ordinary shares
Ordinary shares have no par value. Ordinary shares have the right to receive dividends as declared and, in the
event of winding up the Company, to participate in the proceeds from the sale of all surplus assets in proportion
to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in
person or by proxy, at a meeting of the Company.
18c
Options
Listed
Options No.
Listed
Options No.
Total
No.
Exercise Price
$0.097*
$0.087
Expiry date
30 June 2025
21 September
2025
Balance at 1 July 2023
51,871,015
-
51,871,015
Issued during the year
-
26,723,171
26,723,171
Balance at 30 June 2024
51,871,015
26,723,171
78,594,186
*Exercise price changed in November 2022 from $0.11 to $0.097 due to the return of capital and in-specie
distribution of RVT shares.
Unlisted
Options No.
Unlisted
Options No.
Listed
Options No.
Total
No.
Exercise Price
$0.12
$0.16
$0.11
Expiry date
30 Sept 2022
30 Sept 2022
30 June 2025
Balance at 1 July 2022
12,000,000
12,000,000
-
24,000,000
Issued during the year
-
-
51,871,015
51,871,015
Expired during the year
(12,000,000)
(12,000,000)
-
(24,000,000)
Balance at 30 June 2023
-
-
51,871,015
51,871,015
.
Horizon Minerals Limited Annual Report 2024
Page 64
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2024
$
2023
$
19a
RESERVES AND ACCUMULATED LOSSES
(i)
Share based payments reserve
Opening balance
-
835,750
Performance rights issued during the year
-
179,132
Options reclassified to profit or loss
-
(581,877)
Share based payments reclassified to profit or loss
-
(433,005)
Reclassified subsequently to profit or loss
-
-
Closing Balance
-
-
(ii) Share options reserve
Opening balance
-
835,750
Options issued for Greenstone Resources Ltd acquisition 30
-
179,132
Closing Balance
-
-
Opening balance
Performance rights issued during the year
Options reclassified to profit or loss
-
93,177
93,177
-
-
-
The option reserve comprises:
Class of securities
Number
Listed Options (HRZOB, strike price 9.7c, expiry 30 Jun 2025)
51,871,015
Listed Options (HRZO, strike price 8.7c expiry 21 Sep 2025)
26,723,151
19b
Accumulated losses
Opening balance
(30,919,881)
(30,925,053)
Reserves reclassified to accumulated losses
-
1,014,882
Reserves reclassified subsequently to accumulated losses
-
-
Profit/(loss) for the year
(3,457,497)
(1,009,710)
Closing balance
(34,377,378)
(30,919,881)
20
EARNINGS PER SHARE
Operating loss after tax attributable to members of Horizon Minerals
Limited
(3,457,497)
(1,009,710)
Basic loss per share
(0.48)
(0.16) cents
Diluted loss per share
(0.48)
(0.16) cents
Number
Number
Weighted average number of ordinary shares outstanding during the
year used in the calculation of basic earnings per share.
713,570,848
638,834,076
Horizon Minerals Limited Annual Report 2024
Page 65
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2024
$
2023
$
21
REMUNERATION OF AUDITORS
Remuneration for audit services and review of the financial reports of the
parent entity or any entity in the Group to PKF Perth. No other fees were
paid or payable for services provided by the auditor of the parent, related
practices or non-related audit firms.
PKF Perth
124,050
131,515
124,050
131,515
22
KEY MANAGEMENT PERSONNEL DISCLOSURES
22a
Details of remuneration
Short-term benefits
930,408
1,375,991
Post-employment benefits
74,602
95,730
Share based payments
-
134,683
1,005,010
1,606,404
23 STATEMENT OF CASH FLOWS
23a
Reconciliation of net cash from operating activities to Profit/(Loss)
after income tax
Operating Profit/(Loss) after income tax
(3,457,497)
(1,009,710)
Depreciation and amortisation
71,532
124,590
In-species return of capital – RVT
-
(8,066,667)
Share based payment
-
179,132
Unwind expired share-based payments
-
(433,005)
In-species receipt of royalties
(3,078,264)
-
Net change in fair values of financial assets at fair value through profit or
loss
3,840,772
535,889
Loss on sale of investments
19,693
13,731
Profit on sale of tenements and non-current assets
(3,631,050)
(15,288)
Impairment loss on tenements
418,961
3,003,901
Interest and borrowing costs
1,690,704
689,861
Dividends received
(24,547)
-
Fair value gain on derivative liability
500,235
(838,809)
Unrealised foreign exchange losses
(8,475)
-
Movement in assets and liabilities relating to operating activities:
Provisions
6,825
28,284
Receivables
258,953
(55,777)
Prepayments
(18,637)
(13,166)
Trade creditors and accruals
(885,284)
(954,062)
Net cash inflow/(outflow) from operating activities
(4,296,079)
(6,811,096)
Horizon Minerals Limited Annual Report 2024
Page 66
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
2024
$
2023
$
24
CAPITAL AND OTHER COMMITMENTS
24a
Exploration expenditure commitments
Commitments for minimum expenditure requirements on the mineral
exploration assets it has an interest in are payable as follows:
Within one year
3,035,960
3,209,180
Later than one year but not later than five years
2,889,000
2,746,020
Later than five years
888,300
1,071,100
6,813,260
7,026,300
25
RELATED PARTY TRANSACTIONS
25a
Details of remuneration
Disclosures relating to Key Management Personnel are set out in Note 22.
25b
Other transactions with Director
Transactions with related parties are on normal commercial terms and
conditions no more favourable than those available to other parties unless
otherwise stated.
Goldfields Hotels Pty Ltd, a Company associated with Mr Ashok Parekh,
provided services to the Company totalling $37,069, with an amount payable
of $2,914 at 30 June 2024.
Palace Hotel, a Company owned Mr Ashok Parekh, provided services to the
Company totalling $7,910.
25c
Subsidiaries
See Note 26 for further details regarding subsidiaries.
Horizon Minerals Limited Annual Report 2024
Page 67
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
26
INVESTMENT IN CONTROLLED ENTITIES
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in Note 1(b):
Equity Holding
Name of Entity
Country of
Incorporation
Class of
Shares
2024
%
2023
%
Direct Subsidiaries
Black Mountain Gold Ltd
Australia
Ordinary
100
100
MacPhersons Resources Limited
Australia
Ordinary
100
100
Gordon Sirdar Gold Mine Pty Ltd (previously known as CGP Minerals Pty Ltd)
Australia
Ordinary
100
100
Mining and Milling Services Pty Ltd (previously known as CGP Assets Pty Ltd)
Australia
Ordinary
100
100
Charter Minerals Pty Ltd
Australia
Ordinary
100
100
Greenstone Resources Limited
Australia
Ordinary
100
100
Indirect Subsidiaries
Kalgoorlie Ore Treatment Company Pty Ltd
Australia
Ordinary
100
100
Polymetals (WA) Pty Ltd
Australia
Ordinary
100
100
Coolgardie Mining Company Pty Ltd
Australia
Ordinary
100
100
The indirect subsidiaries are direct subsidiaries of MacPhersons Resources Limited and Greenstone Resources
Limited.
Horizon Minerals Limited, incorporated in Australia, is the ultimate parent entity of the Group.
Horizon Minerals Limited Annual Report 2024
Page 68
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
27
CONTINGENT ASSETS AND LIABILITIES
27a
Security bonds are held with respect to tenements held in Northern Territory. Bonds are set by the Department of
Primary Industry and Resources, however there is no certainty that such bonds will be adequate to cover any
environmental damage. Horizon Minerals Limited and its controlled entities are not able to determine the nature
or extent of any further liability in view of changing environmental requirements.
27b
Horizon Minerals Limited has been advised of a potential liability arising as a result of the storage of laboratory
waste material at the White Range project site and is currently awaiting approval from the NT Environmental
Protection Authority to bury the material at White Range. As at the date of this report, the potential liability for the
rectification remains unquantifiable.
28
FINANCIAL RISK MANAGEMENT
The Group's activities expose it to a variety of financial risks; market risk (including fair value interest rate risk
foreign currency risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. The Group's overall
risk management program focuses on the unpredictability of financial markets and seeks to minimise potential
adverse effects on the financial performance of the Group.
Risk management is carried out by the Board of Directors, who identify, evaluate and manage financial risks as
they consider appropriate.
28a
Market risk
Price risk
The Group is exposed to equity securities price risk. This arises from investments held by the Group and classified
on the statement of financial position as financial assets at fair value through profit and loss of $5,954,733 (2023:
$8,170,784).
The investments assets are classified as financial asset at fair value through profit and loss and any changes to
their value is recognised in profit and loss when incurred. The group have used an equity price change of 70%
upper and lower representing a reasonable possible change based upon the weighted average historic share
price volatility over the last 12 months on the investment portfolio held. If the value of the investments held had
moved in accordance with the volatility, and all other factors kept constant, the impact on the profit and loss for
the year ended 30 June 2024 would have been ± $4,168,313 (2023: ± $5,719,549).
Fair value interest rate risk
Refer to (28d) below.
Foreign currency risk
The Group is exposed to foreign currency risk. This arises from the convertible note held by the Group on the
statement of financial position.
The Group have used a foreign exchange rate of 0.6674 on conversion of debt at balance date. A change 1% in
the foreign exchange rate would result and all other factors kept constant, the impact on the profit and loss for the
year ended 30 June 2024 would have been ± $81,949.
28b
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations and arises principally from the Group’s receivables from customers.
Presently, the Group undertakes mining, exploration and evaluation activities exclusively in Australia. At the
balance sheet date there were no significant concentrations of credit risk.
(i)
Cash and cash equivalents
The Group limits its exposure to credit risk by only investing in liquid securities and only with major Australian
financial institutions.
(ii)
Trade and other receivables
The Group’s trade and other receivables relate to, GST refunds and other income.
The Group has determined that its credit risk exposure on all other trade receivables is low, as customers
are considered to be reliable and have short contractual payment terms. Management does not expect any
of these counterparties to fail to meet their obligations.
Horizon Minerals Limited Annual Report 2024
Page 69
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
28
FINANCIAL RISK MANAGEMENT (CONTINUED)
28b
Credit risk (continued)
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group’s
maximum exposure to credit risk at the reporting date was:
Carrying Amount
2024
2023
$
$
Cash and cash equivalents
4,290,214
5,623,808
Trade and other receivables
586,589
533,485
Total
4,876,803
6,157,293
28c
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability
of funding through the ability to raise further funds on the market and the ability to close-out market positions. Due
to the dynamic nature of the underlying businesses, the Board aims at maintaining flexibility in funding through
management of its cash resources.
Maturities of financial liabilities.
30 June 2024
Group
Less
than 6
months
6 – 12
months
Between
1 and 2
years
Between
2 and 5
years
Over
5
years
Total
contractual
cash flows
Carrying
Amount
(assets)/
liabilities
Interest
Rate
(% p.a.)
Non-derivatives
$
$
$
$
$
$
$
Non-interest bearing
payables
1,971,725
454,202
-
-
-
2,425,927
2,425,927
-
Convertible note liability
and derivative
-
1,677,171
-
-
-
1,677,171
1,677,171
-
Total non-derivatives
1,971,725
2,11,373
-
-
-
4,103,098
4,103,978
30 June 2023
Group
Less
than 6
months
6 – 12
months
Between
1 and 2
years
Between
2 and 5
years
Over
5
years
Total
contractual
cash flows
Carrying
Amount
(assets)/
liabilities
Interest
Rate
(% p.a.)
Non-derivatives
$
$
$
$
$
$
$
Non-interest bearing
payables
378,706
351,573
-
-
-
-
730,279
-
Convertible note liability
and derivative
-
-
1,176,936
-
-
-
1,176,936
-
Total non-derivatives
378,706
351,573
1,176,936
-
-
-
1,907,215
Horizon Minerals Limited Annual Report 2024
Page 70
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
28
FINANCIAL RISK MANAGEMENT (CONTINUED)
28d
Fair value measurements
The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or
for disclosure purposes.
AASB 7 Financial Instruments: Disclosures requires disclosure of fair value measurements by level of the following
fair value measurement hierarchy:
(a)
quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1),
(b)
inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (as prices) or indirectly (derived from prices) (level 2), and
(c)
inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3).
The following table presents the group’s assets and liabilities measured and recognised at fair value at 30 June
2024 and 30 June 2023:
At 30 June 2024
Level 1
Level 2
Level 3
Total
Assets
Financial assets at fair value through profit or loss
- Trading Securities
5,954,733
-
-
5,954,733
Other financial assets
- Security deposits
278,927
-
-
278,927
Total assets
6,233,660
-
-
6,233,660
At 30 June 2023
Level 1
Level 2
Level 3
Total
Assets
Financial assets at fair value through profit or loss
- Trading Securities
8,170,784
-
-
8,170,784
Other financial assets
- Security deposits
257,927
-
-
257,927
Total assets
8,428,711
-
-
8,428,711
At 30 June 2024
Level 1
Level 2
Level 3
Total
Liabilities
Financial liabilities at fair value through profit or loss
- Convertible Note Derivative
-
1,677,171
-
1,677,171
Total liabilities
-
1,677,171
-
1,677,171
At 30 June 2023
Level 1
Level 2
Level 3
Total
LIABILITIES
Financial liabilities at fair value through profit or loss
- Convertible Note Derivative
-
1,176,936
-
1,176,936
Total liabilities
-
1,176,936
-
1,176,936
The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading
and available-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted
market price used for financial assets held by the group is the current bid price. These instruments are included
in level 1.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined using valuation techniques. These valuation techniques maximise the use of
observable market data where it is available and rely as little as possible on entity specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Horizon Minerals Limited Annual Report 2024
Page 71
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
28
FINANCIAL RISK MANAGEMENT (CONTINUED)
28d
Fair value measurements (continued)
Movements in level 2 assets and liabilities during the current financial year are set out below:
Convertible Note
Liability
Derivative
Total
$
$
$
Balance at 1 July 2023
5,752,850
1,176,936
6,929,786
Additions
-
-
-
Gain recognised in profit or loss
-
500,235
500,235
Unwinding of interest
753,456
-
753,456
Foreign exchange
11,431
-
11,431
Balance at 30 June 2024
6,517,737
1,677,171
8,194,908
The level 3 assets and liabilities unobservable inputs and sensitivity are as follows:
Description
Unobservable inputs
Measure
Sensitivity
Convertible note
derivative
Volatility
85%
1% change would increase/decrease fair value
by $24,648
Interest rate
4.15%
0.25% change would increase/decrease fair
value by $14,735
Foreign exchange rate
(USD/AUD)
0.6674
1% change would increase/decrease fair value
by $81,949
28e
Cash flow interest rate risk
As the Group has no significant variable interest-bearing assets, the Group's income and operating cash flows
are not exposed to changes in market interest rates.
28f
Capital risk management
In employing its capital (or equity as it is referred to on the statement of financial position) the Group seeks to
ensure that it will be able to continue as a going concern and provide value to shareholders by way of increased
market capitalisation. The Group has invested its available capital in intangible assets such as acquiring and
exploring mining tenements and in investments. As is appropriate at this stage, the Group is funded predominantly
by equity.
Horizon Minerals Limited Annual Report 2024
Page 72
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
29
PARENT ENTITY FINANCIAL INFORMATION
2024
$
2023
$
Current assets
12,318,130
17,156,988
Non-current assets
26,963,344
10,005,435
Total assets
39,281,474
27,162,423
Current liabilities
2,002,286
7,667,699
Non-current liabilities
9,122,911
913,917
Total liabilities
11,125,197
8,581,616
Net assets
28,156,277
18,580,807
Equity
Contributed equity
80,559,064
66,211,489
Reserves
93,177
-
Accumulated profits/(losses)
(52,495,964)
(47,630,682)
Total equity
28,156,277
18,580,807
Profit/(Loss) for the year
(4,865,282)
(23,199,320)
Horizon Minerals Limited Annual Report 2024
Page 73
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
30
ACQUISITION OF GREENSTONE RESOURCES LIMITED
On 18 June 2023, Horizon Minerals Limited acquired 100 % of Greenstone Resources Limited following approval
by Horizon Shareholders at the Share Scheme Meeting held on 31 May 2024. Existing Greenstone shareholders
will receive 0.2868 Horizon Minerals Limited shares for each Greenstone share held resulting in an associated
increase in share capital of $ 14,197,575. The number of shares issued with was 417,575,426 at the determined
share price of 0.034 cents per. Each Greenstone listed option holder will receive 0.2868 new Horizon listed options
for every listed Greenstone option held. The number of options issued was 26,723,171.
The acquisition of the net assets has been accounted for as an asset acquisition. The assets and liabilities are
allocated a carrying amount based on their relative fair values in an asset purchase transaction
The value of the assets acquired and liabilities assumed has been allocated on a fair value basis. The Group has
determined that, due to the nature of the asset acquired, it cannot obtain a reliable estimate of the fair value of
the tenements, and therefore has measured the value of the tenements acquired indirectly by reference to the fair
value of the shares issued and the cash paid by the company. Details of the net assets acquired, and the purchase
consideration are as follows:
Purchase consideration
Ordinary shares issued
13,972,564
-
Listed options issued
93,177
-
Costs of acquisition, incl cash settlement of unlisted options in GSR
1,656,394
-
Total consideration
15,722,146
-
The fair value of the assets and liabilities of GSR at the date of acquisition are as follows:
Assets
-
Cash and cash equivalents
112,854
-
Trade and other receivables
161,549
-
Financial assets
1,070,084
-
Right-of use asset
33,093
-
Other assets
21,000
Property, plant and equipment
110,299
-
Exploration and evaluation expenditure
14,899,632
-
Total assets
16,408,511
-
Liabilities
Trade and other payables
(292,415)
-
Lease liability
(33,093)
-
Employee entitlements
(123,357)
-
Provisions
(237,500)
-
Total liabilities
(686,365)
-
Net assets acquired
15,722,146
-
Horizon Minerals Limited Annual Report 2024
Page 74
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS
31
MATTERS SUBSEQUENT TO THE FINANCIAL YEAR
On 25 July 2024 the Group announced the Boorara Ore Reserve supports development after completion of the
ore reserve, mine design, mining schedule and a financial model with AMC consultants, that showed a return of
$19.9 million after mining and processing costs, a recovered 45.8koz over 14 months.
On 25 July 2024 that the conditions precedent had been satisfied for the Ore Sale Agreement with Paddington
Gold Pty Ltd and that mining and haulage contracts had been executed with Hamptons Transport Services Pty
Ltd, following Final Investment Decision (FID) by the Horizon board of directors.
On 7 August 2024 the Group announced a new Joint Venture with BML Ventures Pty Ltd (BML) for the
development of two open pits at Philips Find. The ore is to be processed at the Greenfields Mill in Coolgardie
utilising the Toll Milling Agreement for 200kt with FMR Investments Pty Ltd. Mining is planned to commence during
the September 2024 quarter subject to the Mining Proposal currently under assessment with DMIRS.
On 29 August 2024 the Group announced that mining had commenced at the Boorara Gold Project with Hamptons
Transport Services Pty Ltd (Hamptons) as mining and haulage contractor.
On 12 September 2024 the Group announced the Mining Proposal for Phillips Find submitted to DMIRS was
pending approval and that mobilisation to site was ready from mid-September 2024 subject to the Mining Proposal
approval.
On 2 September 2024 the Group announced the Mr Jon Price resigned as a Non-Executive Director of the
Company with effect of 31 August 2024. At the same time, the appointment of Mr Warren Hallam as a Non-
Executive Director of the Company was announced.
On 23 September 2024 the Group announced the resignation of Mr Chris Hansen as a Non-Executive Director.
The Company advised that is not seeking to replace this position.
There are no other matters or circumstances that have arisen since 30 June 2024 that have or may significantly
affect the operations, results, or state of affairs of the Group in future financial periods.
Horizon Minerals Limited Annual Report 2024
Page 75
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
Name of entity
Type of entity
Trustee,
partner or
participant in
JV
Percentage
of share
capital held
Country of
incorporation
Australian
resident or
foreign tax
resident
Countries
of
residence
for tax
purposes
Horizon Minerals
Ltd
Body
corporate
n/a
n/a
Australia
Australia
n/a
Black Mountain
Gold Ltd
Body
corporate
n/a
100
Australia
Australia
n/a
MacPhersons
Resources
Limited
Body
corporate
n/a
100
Australia
Australia
n/a
Gordon Sirdar
Gold Mine Pty Ltd
Body
corporate
n/a
100
Australia
Australia
n/a
Mining and Milling
Services Pty Ltd
Body
corporate
n/a
100
Australia
Australia
n/a
Charter Minerals
Pty Ltd
Body
corporate
n/a
100
Australia
Australia
n/a
Greenstone
Resources
Limited
Body
corporate
n/a
100
Australia
Australia
n/a
Kalgoorlie Ore
Treatment
Company Pty Ltd
Body
corporate
n/a
100
Australia
Australia
n/a
Polymetals (WA)
Pty Ltd
Body
corporate
n/a
100
Australia
Australia
n/a
Coolgardie Mining
Company Pty Ltd
Body
corporate
n/a
100
Australia
Australia
n/a
Determination of tax residency
Section 295 (3A) Corporations Act requires that the tax residency of each entity which is included in the Consolidated
Entity Disclosure Statement (CEDS) be disclosed. In the context of an entity which was an Australian resident, "Australian
resident" has the meaning provided in the Income Tax Assessment Act 1997 (Cth). The determination of tax residency
involves judgment as the determination of tax residency is highly fact dependent and there are currently several different
interpretations that could be adopted, and which could give rise to a different conclusion on residency.
In determining tax residency, the Group has applied the following interpretations:
Australian tax residency
The Group has applied current legislation and judicial precedent, including having regard to the Commissioner of
Taxation's public guidance in Tax Ruling TR 2018/5.
Pa ge 76
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF HORIZON MINERALS LIMITED
Report on the Financial Report
Opinion
We have audited the financial report of Horizon Minerals Limited (the “Company”), which comprises the consolidated
statement of financial position as at 30 June 2024, the consolidated statement of profit or loss and other comprehensive
income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended,
and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure
statement, and the directors’ declaration of the Company and the Group comprising the Company and the entities it controlled
at the year’s end or from time to time during the financial year.
In our opinion the accompanying financial report of Horizon Minerals Limited is in accordance with the Corporations Act 2001,
including:
i)
Giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its performance for the year ended
on that date; and
ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty Related to Going Concern
Without modifying our opinion, we draw attention to the financial report which indicates the Group has incurred an operating
loss of $3,457,497 (2023: $1,009,710) and operating cash outflows of $4,296,079 (2023: $6,811,096) for the year ended 30
June 2024. These conditions along with other matters in note 1a, indicate the existence of a material uncertainty that may cast
significant doubt about the Group’s ability to continue as a going concern and therefore, the Group may be unable to realise
its assets and discharge its liabilities in the normal course of business.
The financial report of the Group does not include any adjustments in relation to the recoverability and classification of
recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the Group not
continue as a going concern.
Independence
We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001
and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for
Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report
in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
Pa ge 77
Key Audit Matters
A key audit matter are those matters that, in our professional judgement, were of most significance in our audit of the
financial report for the current period. These matters were addressed in the context of our audit of the financial report as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to
the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters
described below to be the key audit matters to be communicated in our report.
Carrying value of capitalised exploration expenditure
Why significant
How our audit addressed the key audit matter
As at 30 June 2024 the carrying value of exploration
and evaluation assets was $46,541,297 (2023:
$29,733,516), as disclosed in Note 13.
The Group’s accounting policy in respect of
exploration and evaluation expenditure is outlined
in Note 1 (e). Estimates and judgments in relation
to
capitalised
exploration
and
evaluation
expenditure is detailed at Note 2(e).
Significant judgement is required:
•
In
determining
whether
facts
and
circumstances indicate that the exploration
and evaluation expenditure should be
tested for impairment in accordance with
Australian Accounting Standard AASB 6
Exploration for and Evaluation of Mineral
Resources (AASB 6) and;
•
In
determining
the
treatment
of
exploration and evaluation expenditure in
accordance with AASB 6, and the Group’s
accounting policy. In particular:
o whether the areas of interest meet the
recognition conditions for an asset; and
o which elements of exploration and
evaluation expenditures of interest.
Our work included, but was not limited to, the following
procedures:
•
conducted
a
detailed
review
of
management’s
assessment of impairment trigger events prepared in
accordance with AASB 6 including:
-
assessed whether the rights to tenure of the areas of
interest remained current at reporting date as well
as confirming that rights to tenure are expected to
be renewed for tenements that will expire in the
near future;
-
held discussions with the Directors and management
as to the status of ongoing exploration programmes
for the areas of interest, as well as assessing if there
was evidence that a decision had been made to
discontinue activities in any specific areas of interest;
and
-
obtained evidence of the Group’s future intention,
reviewing planned expenditure and related work
programmes.
•
considered whether exploration activities for the areas of
interest had reached a stage where a reasonable
assessment of economically recoverable reserves
existed;
•
tested on a sample basis, exploration and evaluation
expenditure incurred during the year for compliance with
AASB 6 and the Group’s accounting policy; and
•
assessed the appropriateness of the related disclosures.
Pa ge 78
Asset Acquisition
Why significant
How our audit addressed the key audit matter
As outlined in Note 30, the Group acquired 100% of
Greenstone
Resources
Limited
(“Greenstone”).
Existing Greenstone shareholders received 0.2868
Horizon Minerals Limited shares for each Greenstone
share held resulting in an associated increase in share
capital of $ 13,972,564. The number of shares issued
was 410,957,779 at the determined share price of
0.034 cents per share. In addition, 6,617,647 shares
were issued to Argonaut Corporate Advisory Services
at the determined share price of 0.034 cents per
share, who were advisors to the acquisition.
The Group assessed that the assets and liabilities
acquired did not constitute a business in accordance
with AASB 3 Business Combinations, and thus the cost
of the acquisition was measured in accordance with
AASB 2 Share-based Payment.
Significant judgement is required:
• in determining whether an acquisition is an asset
acquisition or business combination; and
• the fair value of the assets and liabilities to be
taken up in the Group’s statement of financial
position on the acquisition date.
Our work included, but was not limited to, the following
procedures:
• reviewed the ASIC Registration of Greenstone Scheme
Booklet;
• reviewed management’s determination as to whether the
acquisition should be accounted for as an asset acquisition
or business combination;
• reviewed management’s assessment of the fair value of
the consideration; and
• assessed the appropriateness of the related disclosures.
Other Information
Those charged with governance are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2024, but does not include the financial report and our
auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any form of
assurance conclusion thereon, with the exception of the Remuneration Report.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in
the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.
Pa ge 79
Responsibilities of Directors’ for the Financial Report
The Directors of the Company are responsible for the preparation of:-
a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in
accordance with Australian Accounting Standards and the Corporations Act 2001; and
b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act2001;
and
for such internal control as the Directors determine is necessary to enable the preparation of:-
i) the financial report (other than the consolidated entity disclosure statements) that gives a true and fair view and is
free from material misstatement, whether due to fraud or error; and
ii) the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud
or error.
In preparing the financial report, the Directors are responsible for assessing the Group’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing
Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of this financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s
internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Directors.
•
Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Pa ge 80
• Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether
the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the group financial report. We are responsible for the direction, supervision
and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear
on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Directors, we determine those matters that were of most significance in the
audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in
our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on the Remuneration Report
Opinion
We have audited the Remuneration Report included in the Directors’ Report for the year ended 30 June 2024.
In our opinion, the Remuneration Report of Horizon Minerals Limited for the year ended 30 June 2024, complies with
section 300A of the Corporations Act 2001.
Responsibilities
The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in
accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration
Report, based on our audit conducted in accordance with Australian Auditing Standards.
PKF PERTH
SIMON FERMANIS
PARTNER
27 September 2024
PERTH, WESTERN AUSTRALIA
Horizon Minerals Limited Annual Report 2024
Page 81
SHAREHOLDER INFORMATION
Additional information required by the Australian Stock Exchange Limited Listing Rules, and not disclosed elsewhere in
this report.
SHAREHOLDINGS
The numbers of ordinary shares held by the substantial shareholders as at 16 September 2024 were:
Holder
Number of
shares
% of issued
capital
Issued Capital
(ORD)
Sparta AG
57,290,397
5.12
DELPHI Unternehmensberatung Aktiengesellschaft
22,150,000
1.98
Total Holding
79,440,397
7.10
1,118,559,102
QUOTED SECURITES OPTIONHOLDINGS
Nature
Expiry Date
Exercise Price of
Options
Number under
Option
Number of Holders
Listed options
30 June 2025
9.77 cents
51,871,015
119
Listed options
21 September 2025
8.70 cents
26,723,171
97
CLASS OF SHARES AND VOTING RIGHTS
As at 16 September 2024 there were 5,981 holders of the ordinary shares and 215 holders of the listed options of the
Company. The voting rights attached to the shares are:
•
at a meeting of members or classes of members each member entitled to vote may vote in person or by proxy or
by attorney; and
•
on a show of hands every person present who is a member has one vote, and on a poll every person present in
person or by proxy or attorney has one vote for each ordinary share held.
DISTRIBUTION OF SHAREHOLDERS (as at 16 September 2024)
Category
Number of Shareholders
1
–
1,000
170
1,001
–
5,000
502
5,001
–
10,000
723
10,001
–
100,000
3,374
100,001
–
over
1,212
TOTAL SHAREHOLDERS
5,981
The number of shareholders holding less than a marketable parcel as at 16 September 2024 was 1,558.
DISTRIBUTION OF OPTION HOLDERS EXP 30/06/2025 @ $0.097 (as at 16 September 2024)
Category
Number of Shareholders
1
–
1,000
-
1,001
–
5,000
-
5,001
–
10,000
-
10,001
–
100,000
64
100,001
–
over
55
TOTAL OPTION HOLDERS
119
The number of option holders holding less than a marketable parcel as at 16 September 2024 was 79.
DISTRIBUTION OF OPTION HOLDERS EXP 21/09/2025 @ $0.087 (as at 16 September 2024)
Category
Number of Shareholders
1
–
1,000
-
1,001
–
5,000
-
5,001
–
10,000
-
10,001
–
100,000
58
100,001
–
over
39
TOTAL OPTIONHOLDERS
97
The number of option holders holding less than a marketable parcel as at 16 September 2024 was 58.
Horizon Minerals Limited Annual Report 2024
Page 82
SHAREHOLDER INFORMATION
TWENTY LARGEST SHAREHOLDERS (as at 16 September 2024)
Rank
Name
No of Shares
% of
holding
1
SPARTA AG
42,200,000
3.77
2
SHIPBARK PTY LIMITED
41,953,662
3.75
3
FMR INVESTMENTS PTY LTD
27,731,119
2.48
4
BNP PARIBAS NOMINEES PTY LTD
24,352,872
2.18
5
BILL BROOKS PTY LTD
23,076,026
2.06
6
BNP PARIBAS NOMS PTY LTD
22,952,396
2.05
7
DELPHI UNTERNEHMENSBERATUNG AKTIENGESELLSCHAFT
21,150,000
1.89
8
SPARTA AG
15,090,397
1.35
9
GOLDFIELDS HOTELS PTY LTD
13,936,696
1.25
10
BNP PARIBAS NOMINEES PTY LTD
12,939,352
1.16
11
YANDAL INVESTMENTS PTY LTD
12,906,000
1.15
12
YARRAWAH PTY LTD
12,000,000
1.07
13
ROMAN DENTAL PTY LTD
11,846,435
1.06
14
MR LAFRAS LUITINGH
11,472,000
1.03
15
MR WILLEM RAVESTEYN + MRS ROSEMARY ANNE RAVESTEYN
11,240,000
1.00
16
ADVANCED TACTICS SMSF LIMITED PTY LTD
11,000,000
0.98
17
BOND STREET CUSTODIANS LIMITED
10,500,000
0.94
18
JETOSEA PTY LTD
10,219,030
0.91
19
CARAGOYA PTY LTD
9,999,000
0.89
20
CLARE WILSON
9,607,800
0.86
Top 20 holders of FULLY PAID ORDINARY SHARES (Total)
356,172,785
31.84
Total Remaining Holders Balance
762,386,317 68.16
Horizon Minerals Limited Annual Report 2024
Page 83
SHAREHOLDER INFORMATION
TWENTY LARGEST OPTIONHOLDERS (as at 16 September 2024)
Rank
Name
No of Shares
% of
holding
1
MR SEONG TAE KIM
7,000,000
13.50
2
BNP PARIBAS NOMS PTY LTD
5,222,222
10.07
3
MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED
5,000,000
9.64
4
SHIPBARK PTY LTD
4,333,334
8.35
5
SPARTA AG
3,233,333
6.23
6
BILL BROOKS PTY LTD
2,777,778
5.36
7
MR GRAHAM ROBERT FOREMAN
1,800,000
3.47
8
SHIPBARK PTY LIMITED
1,785,286
3.44
9
MR JOHN HENRY MATTERSON
1,222,222
2.36
10
KALAM PROPERTY PTY LTD
1,200,000
2.31
11
GAZUMP RESOURCES PTY LTD
1,155,630
2.23
12
MR CHRISTOPHER WILLIAM CHALWELL + MR IAN WAYNE WILSON
1,000,000
1.93
12
MR LUKE KUKULJ
1,000,000
1.93
12
MR STEVEN JOHN MONAGHAN & MRS AMANDA SHIELA MONAGHAN
1,000,000
1.93
15
MRS JASPREET KAUR
727,778
1.40
16
MR JACK KEITH PENFOLD
625,555
1.21
17
MR DARYL CHRISTIAN BRYON & MRS ELIZABETH SUE BRYON
555,000
1.07
18
GABADY PTY LTD
505,522
0.97
19
KHE SANH PTY LTD
450,000
0.87
20
OCEAN REEF HOLDINGS PTY LTD
400,000
0.77
Top 20 holders of LISTED OPTIONS EXP 30/06/2025 @ $0.097 (Total)
40,993,660
79.03
Total Remaining Holders Balance
10,877,355 20.97
Horizon Minerals Limited Annual Report 2024
Page 84
TENEMENT SCHEDULE
AS AT 30 JUNE 2024
Project
Tenement
Registered Holders
Equity
Notes
BINDULI
L26/261
HRZ
100%
M26/346
BMG
100%
M26/499
HRZ
100%
M26/549
BMG
100%
M26/621
BMG
100%
P26/4256
BMG
100%
P26/4579
BMG
100%
P26/4580
BMG
100%
MLA26/855
BMG
100%
PLA26/4318
BMG
100%
BLACK FLAG
E26/220
BMG
100%
P24/5143
BMG
100%
P24/5144
BMG
100%
P24/5145
BMG
100%
P24/5146
BMG
100%
P24/5147
BMG
100%
P24/5148
BMG
100%
P24/5149
BMG
100%
P24/5150
BMG
100%
P24/5151
BMG
100%
P24/5152
BMG
100%
P24/5153
BMG
100%
P24/5154
BMG
100%
P24/5155
BMG
100%
P24/5156
BMG
100%
P24/5157
BMG
100%
P24/5158
BMG
100%
P24/5159
BMG
100%
P24/5160
BMG
100%
P24/5348
BMG
100%
P24/5415
BMG
100%
P24/5637
BMG
100%
P24/5638
BMG
100%
P24/5639
BMG
100%
P24/5640
BMG
100%
BRIDGETOWN-
E70/5980
CHA
100%
GREENBUSHES
E70/5981
CHA
100%
E70/6551
BMG
100%
ELA70/6552
BMG
100%
ELA70/6553
BMG
100%
ELA70/6554
BMG
100%
ELA70/6555
BMG
100%
CANNON
E25/349
BMG
100%
GOLD MINE
E25/543
BMG
100%
E25/564
BMG
100%
L25/43
BMG
100%
L25/48
BMG
100%
L25/50
BMG
100%
L25/51
BMG
100%
Horizon Minerals Limited Annual Report 2024
Page 85
TENEMENT SCHEDULE
AS AT 30 JUNE 2024 (CONTINUED)
Project
Tenement
Registered Holders
Equity
Notes
CANNON
M25/182
BMG
100%
GOLD MINE
M25/327
BMG
100%
M25/329
BMG
100%
M25/330
BMG
100%
M25/333
BMG
100%
M25/357
BMG
100%
P25/2365
BMG
100%
P25/2449
BMG
100%
P25/2633
BMG
100%
P25/2670
BMG
100%
P25/2761
BMG
100%
P25/2733
BMG
100%
CHADWIN
P16/3121
BMG
100%
COOLGARDIE
E16/589
BMG
100%
E16/590
BMG
100%
E16/591
BMG
100%
E16/592
BMG
100%
LA15/429
BMG
100%
LA15/430
BMG
100%
GOLDEN
M26/41
BMG
100%
RIDGE
M26/433
BMG
100%
(NIMBUS)
M26/534
BMG
100%
KALPINI
L27/88
BMG
100%
M27/485
BMG
100%
KANOWNA
P26/4064
BMG
100%
BELLE
P26/4065
BMG
100%
(NIMBUS)
P26/4156
BMG
100%
P26/4535
BMG
100%
P27/2380
BMG
100%
P27/2381
BMG
100%
LAKEWOOD
E26/209
BMG
100%
P26/4316
BMG
100%
P26/4317
BMG
100%
PLA26/4318
BMG
100%
P26/4319
BMG
100%
P26/4320
BMG
100%
P26/4321
BMG
100%
P26/4322
BMG
100%
P26/4323
BMG
100%
P26/4324
BMG
100%
P26/4325
BMG
100%
P26/4326
BMG
100%
P26/4327
BMG
100%
P26/4328
BMG
100%
P26/4329
BMG
100%
P26/4330
BMG
100%
P26/4331
BMG
100%
P26/4332
BMG
100%
P26/4333
BMG
100%
Horizon Minerals Limited Annual Report 2024
Page 86
TENEMENT SCHEDULE
AS AT 30 JUNE 2024 (CONTINUED)
Project
Tenement
Registered Holders
Equity
Notes
LAKEWOOD
P26/4334
BMG
100%
P26/4335
BMG
100%
P26/4336
BMG
100%
P26/4337
BMG
100%
P26/4338
BMG
100%
P26/4339
BMG
100%
P26/4340
BMG
100%
P26/4341
BMG
100%
P26/4342
BMG
100%
P26/4343
BMG
100%
P26/4344
BMG
100%
P26/4345
BMG
100%
P26/4350
BMG
100%
PENNY’S FIND
G27/1
BMG
100%
L27/90
BMG
100%
L27/91
BMG
100%
L27/92
BMG
100%
L27/93
BMG
100%
M27/156
BMG
100%
ROSEHILL
M15/652
BMG
100%
M15/1204
BMG
100%
P15/6380
BMG
100%
WHITE FLAG
E26/168
BMG
100%
M26/616
HRZ
100%
1
P26/4078
BMG
100%
P26/4079
BMG
100%
P26/4080
BMG
100%
WINDANYA
M24/919
BMG
100%
M24/959
BMG
100%
P24/4817
BMG
100%
P24/5046
BMG
100%
P24/5047
BMG
100%
P24/5048
BMG
100%
P24/5049
BMG
100%
P24/5050
BMG
100%
P24/5051
BMG
100%
P24/5052
BMG
100%
P24/5055
BMG
100%
P24/5056
BMG
100%
P24/5057
BMG
100%
P24/5058
BMG
100%
P24/5059
BMG
100%
P24/5464
BMG
100%
P24/5507
BMG
100%
MLA24/1004
BMG
100%
Horizon Minerals Limited Annual Report 2024
Page 87
TENEMENT SCHEDULE
AS AT JUNE 2024 (CONTINUED)
Project
Tenement
Registered Holders
Equity
Notes
YARMANY
E15/1655
BMG
100%
E15/1723
BMG
100%
E16/470
BMG
100%
E16/471
BMG
100%
E16/493
BMG
100%
E16/494
BMG
100%
E16/497
BMG
100%
E16/503
BMG
100%
E16/506
BMG
100%
E16/507
BMG
100%
E16/510
BMG
100%
E16/519
BMG
100%
E16/521
BMG
100%
E16/525
BMG
100%
E16/526
BMG
100%
E16/591
BMG
100%
P16/3212
BMG
100%
P16/3213
BMG
100%
NIMBUS/
E25/511
KOTC
100%
BOORARA
L25/32
KOTC
100%
L25/35
KOTC
100%
L25/36
KOTC
100%
L26/240
POLY
100%
L26/252
KOTC
100%
L26/266
POLY
100%
L26/270
POLY
100%
L26/274
POLY
100%
L26/275
KOTC
100%
M25/355
KOTC
100%
M26/29
POLY
100%
M26/161
POLY
100%
M26/277
POLY
100%
M26/318
POLY
100%
M26/490
KOTC
100%
M26/598
KOTC
100%
P25/2393
KOTC
100%
P25/2394
KOTC
100%
P25/2403
KOTC
100%
P25/2404
KOTC
100%
P25/2405
KOTC
100%
P25/2450
KOTC
100%
P25/2467
KOTC
100%
P25/2468
KOTC
100%
P25/2469
KOTC
100%
P25/2470
KOTC
100%
P25/2471
KOTC
100%
P25/2472
KOTC
100%
Horizon Minerals Limited Annual Report 2024
Page 88
TENEMENT SCHEDULE
AS AT 30 JUNE 2024 (CONTINUED)
Project
Tenement
Registered Holders
Equity
Notes
NIMBUS/
P25/2473
KOTC
100%
BOORARA
P25/2474
KOTC
100%
P25/2475
KOTC
100%
P25/2526
KOTC
100%
P25/2551
KOTC
100%
P25/2552
KOTC
100%
P25/2643
KOTC
100%
P25/2644
KOTC
100%
P25/2645
KOTC
100%
P25/2646
KOTC
100%
P25/2647
KOTC
100%
P25/2697
KOTC
100%
P25/2732
KOTC
100%
P26/4199
KOTC
100%
P26/4204
KOTC
100%
P26/4205
KOTC
100%
P26/4206
KOTC
100%
P26/4207
KOTC
100%
P26/4208
KOTC
100%
P26/4297
KOTC
100%
P26/4299
KOTC
100%
P26/4300
KOTC
100%
P26/4301
KOTC
100%
P26/4302
KOTC
100%
P26/4381
KOTC
100%
P26/4382
KOTC
100%
P26/4383
KOTC
100%
P26/4384
KOTC
100%
P26/4385
KOTC
100%
P26/4386
KOTC
100%
P26/4405
KOTC
100%
P26/4431
KOTC
100%
P26/4432
KOTC
100%
P26/4505
KOTC
100%
P26/4509
KOTC
100%
P26/4510
KOTC
100%
P26/4518
KOTC
100%
P26/4582
KOTC
100%
P27/2265
KOTC
100%
P27/2266
KOTC
100%
P27/2267
KOTC
100%
P27/2268
KOTC
100%
P27/2269
KOTC
100%
P27/2429
KOTC
100%
P27/2466
KOTC
100%
P27/2467
KOTC
100%
Horizon Minerals Limited Annual Report 2024
Page 89
TENEMENT SCHEDULE
AS AT 30 JUNE 2024 (CONTINUED)
Project
Tenement
Registered Holders
Equity
Notes
BURBANKS
M15/161
GSR
100%
2
M15/731
GSR
100%
2
P15/5249
GSR
100%
2
P15/5412
GSR
100%
2
P15/6314
GSR
100%
2
P15/6381
GSR
100%
2
P15/6382
GSR
100%
2
P15/6757
GSR
100%
2
PHOENIX
M15/119
GSR
100%
2
PHILLIPS FIND
M16/130
GSR
100%
2
M16/133
GSR
100%
2
M16/168
GSR
100%
2
M16/171
GSR
100%
2
M16/242
GSR
100%
2
M16/258
GSR
100%
2
M16/550
GSR
100%
2
P16/2985
GSR
100%
2
P16/2986
GSR
100%
2
P16/2987
GSR
100%
2
P16/2988
GSR
100%
2
P16/2998
GSR
100%
2
P16/2999
GSR
100%
2
P16/3037
GSR
100%
2
P16/3038
GSR
100%
2
P16/3039
GSR
100%
2
P16/3040
GSR
100%
2
P16/3041
GSR
100%
2
P16/3042
GSR
100%
2
P16/3043
GSR
100%
2
P16/3084
GSR
85%
2
P16/3085
GSR
85%
2
P16/3086
GSR
85%
2, 3
P16/3087
GSR
85%
2, 3
P16/3088
GSR
100%
2
P16/3358
GSR
100%
2
Horizon Minerals Limited Annual Report 2024
Page 90
TENEMENT SCHEDULE
AS AT 30 JUNE 2024 (CONTINUED)
Project
Tenement
Registered Holders
Equity
Notes
Joint Ventures
YARMANY JV
E16/492
BMG
100%
4
GOLD TIGER
E16/499
BMG
100%
4
MT THIRSTY -
E63/1267
GSR
50%
5
CONICO LTD
E63/1790
GSR
50%
5
(FORMERLY
L63/80
GSR
50%
5
AUSTRALIAN COBALT
L63/81
GSR
50%
5
LTD)
L63/91
GSR
50%
5
P63/2045
GSR
50%
5
R63/4
GSR
50%
5
Abbreviations
BMG
Black Mountain Gold Ltd
CHA
Charter Minerals Pty Ltd
HRZ
Horizon Minerals Limited
POLY
Polymetals (WA) Pty Ltd
KOTC
Kalgoorlie Ore Treatment Company Pty Ltd
GSR
Greenstone Resources Limited
Notes
(1)
Royalty of A$1 per tonne of ore mined and treated from M26/616 is payable to Pamela Jean Buchhorn.
(2)
On 18 June 2024, Horizon implemented the merger with Greenstone Resources Limited. The transaction brought Greenstone’s
complementary assets over to Horizon as listed in the above tenement schedule.
(3)
Hayes Mining Pty Ltd own 15% interest in P16/3084 to P16/3087.
(4)
An earn-in JV whereby Gold Tiger Resources (Australia) Limited can earn 90% over 4 stages (4 years) by spending A$300,000
and paying Horizon A$120,000 non-refundable cash amounts. Gold Tiger Resources (AUS) Limited has earned a 75% interest,
leaving Horizon with a 25% interest.
(5)
The Mt Thirsty Cobalt-Nickel-Manganese Project is a large laterite hosted resource, held in a 50:50 joint venture by Horizon
(formerly Greenstone Resources) and Conico Ltd (ASX: CNJ). Conico Ltd is the Joint Venture manager. The Project is located
16km from the historic mining town of Norseman, Western Australia. 150km to the north lies Kalgoorlie, the epicentre of the
West Australian mining industry and 195km to the south is the port of Esperance. Access to the site is primarily via the sealed
Coolgardie–Esperance Highway, which runs north-south from Esperance to Kalgoorlie.
Horizon Minerals Limited Annual Report 2016
Page 91
Level 2, 16 Ord Street, West Perth WA 6005
PO Box 1064, West Perth WA 6872
ACN 007 761 186 ABN 88 007 761 186
T 08 9386 9534
E info@horizonminerals.com.au
W horizonminerals.com.au