Horizon Minerals (ASX:HRZ) has reported significant revenue generation from its Phillips Find and Boorara Gold projects in Western Australia, totaling $20.3 million to date. During the June quarter, the company received $12.8 million in revenue from Paddington, along with $7.5 million from FMR Investments for processing 51,228 tonnes of ore at 0.92g/t gold, achieving a 94.71% metallurgical recovery and selling 1,439.3 ounces at an average of $5,195 per ounce.
At Phillips Find, Horizon processed 18,676 tonnes of ore at 1.97 grams per tonne gold, with a 95.5% metallurgical recovery, yielding 1,132.2 ounces sold at an average price of $5,140 per ounce, resulting in $5.8 million in revenue. The company achieved its first free cashflow distribution from the project, generating $1.5 million in net cashflow directly to Horizon. The remaining 70,000 tonnes of ore from Phillips Find is slated for processing in September and October at Focus Minerals’ Three Mile Hill plant. Horizon, with a market capitalization of $125.76 million, plans to toll treat an additional 87,000 tonnes of ore at the Greenfields Mill in August, including 27,000 tonnes from Boorara.
Horizon also reported that 190,000 tonnes of high-grade ore and 126,000 tonnes of low-grade ore have been stockpiled at Boorara. The high-grade ore is prioritized for treatment under an agreement with Norton Gold Fields, processing 1.24 million tonnes of Boorara ore at the Paddington Mill. March 2025 quarter payments have been received from Paddington, yielding $6.3 million in revenue. These activities position Horizon to capitalize on current gold prices, which are around $5,245.91 per ounce.
