Horizon Gold (HRN) H2 2024 earnings summary

Executive summary

• Completed a scoping study for the Gum Creek Gold Project, confirming strong economics and a clear path to development, with a 10-year mine life and potential for extension through further drilling and resource expansion.

• Strategic investment in Alto Metals Limited (8.4% stake) under review following Alto's proposed merger with Brightstar Resources.

• Secured short-term loan facilities from major shareholder Zeta Resources Limited to support ongoing activities and funding requirements.

Financial highlights

• Net loss after tax for FY2024 was $1.7M, an improvement from $2.1M net loss in FY2023.

• Income for FY2024 was $65,000, mainly from interest and sundry income.

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

• Net assets increased to $31.96M (up 11% from $28.81M in FY2023), mainly due to capital raised via rights issue.

• Market capitalisation at year-end was $43.5M, 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 secured to support ongoing exploration and development activities.