Horizon Minerals (ASX:HRZ) has announced a substantial increase in its total mineral resources following its merger with Poseidon Nickel in October 2024. The merger has added nickel, gold, silver, zinc, and cobalt resources to Horizon’s portfolio, establishing the company as a significant mid-cap gold producer in Western Australia. The company’s total resources now stand at 1.8 million ounces of gold, 20.2 million ounces of silver, 104,000 tonnes of zinc, 422,000 tonnes of nickel, and 7,800 tonnes of cobalt.
The acquired nickel resources from Poseidon, including the Black Swan and Lake Johnston assets, are considered mine-ready, poised to capitalize on the current nickel price upswing. According to Trading Economics, the nickel price has risen by 2.39% since the beginning of this year. CEO Grant Haywood highlighted that the merger brings essential infrastructure, including the Black Swan plant, which will be refurbished and converted into a gold processing facility. Horizon plans further expansion through acquisitions and drilling, starting in June 2025, to increase its gold resources. The company recently achieved its first gold pour from the Boorara and Phillips Find projects, generating approximately $12.85 million in revenue, fueling further growth initiatives.
