Horizon Gold (HRN) Trading Update summary

Project development and exploration

• Feasibility study for Gum Creek Gold Project initiated, focusing on resource modeling, mining schedules, costs, and dewatering strategies.

• Planned 1,900m geotechnical drilling and 10,000m infill/extensional RC drilling to improve resource confidence and support pit design.

• High-grade gold intercepts reported at Wedge and Hawk Prospects, supporting resource expansion potential.

• Significant upside remains with potential to extend mine life via underground mining and drilling at 12 additional resource areas.

Resource and asset position

• Gum Creek hosts a gold resource of 44.45Mt @ 1.50g/t Au for 2.14Moz, covering 504km² of tenure.

• Altair base metal resource stands at 7Mt @ 2.9% ZnEq, with 130kt Zn, 30kt Cu, and 1.1Moz Ag.

• Alto Metals investment (8.4% stake) valued at $3.65 million after a proposed acquisition by Brightstar Resources.

Financial and corporate update

• Cash at hand at quarter end was $305,000, with an undrawn $500,000 available from a $1.5 million loan facility at 8% interest.

• Quarterly exploration and evaluation spend was $525,000, mainly for Gum Creek economic evaluation and consulting.

• Estimated funding covers 0.9 quarters, but future expenditure expected to decrease due to one-off payments in the period.

• Company intends to raise equity, borrow further, or sell non-core assets if needed to fund operations.

• Non-executive director Dugald Morrison resigned during the quarter.