Horizon Gold (HRN) H2 2024 earnings summary

Executive summary

• Completed a scoping study for the Gum Creek Gold Project, showing strong economics and a clear path to development; feasibility study to commence next.

• Gum Creek hosts a 2.14Moz gold resource and significant infrastructure, with potential for further resource expansion and mine life extension.

• Strategic investment in Alto Metals Limited under review following AME's proposed merger with Brightstar Resources.

• Short-term loan facility established with major shareholder Zeta Resources to support funding needs.

Financial highlights

• Net loss after tax for FY24 was $1.71M, an improvement from $2.14M loss in FY23.

• Income for FY24 was $65,000, mainly from interest and sundry income.

• Cash and cash equivalents at 30 June 2024 were $219,000, with a $1M undrawn loan facility available.

• Net assets increased 11% to $31.96M, driven by a $5.9M rights issue offsetting the annual loss.

• Market capitalisation at year-end was $43.45M, with a closing share price of $0.30.

Outlook and guidance

• Focus on reducing pre-production capital expenditure and optimising the mining schedule for Gum Creek.

• Feasibility study and further drilling planned to expand resources and improve project economics.

• Short-term funding facility increased to $1.5M post year-end to support ongoing activities.