Horizon Gold (HRN) H2 2025 earnings summary

Executive summary

• Gold prices surged ~40% year-over-year, enhancing the value of marginal deposits and supporting a robust outlook for the Gum Creek Gold Project.

• Feasibility Study for Gum Creek is underway, targeting completion in H1 2026, focusing on free milling gold resources and expansion drilling to grow the 2.1Moz resource base.

• Corporate initiatives included a $5M profitable sale of Alto Metals shares and a $12M capital raise, strengthening the financial position for ongoing studies and exploration.

Financial highlights

• Net loss after tax for FY2025 was $972,000, a significant improvement from the $1,705,000 loss in FY2024.

• Total comprehensive profit for the year was $1,517,000, driven by a $2,489,000 gain on revaluation of equity instruments.

• Cash and cash equivalents at year-end were $503,000, with an additional $1.5M undrawn loan facility available.

• Net assets increased 5% to $33.53M, reflecting improved financial health.

• Market capitalisation rose to $84M, with the share price closing at $0.58, up from $0.30 the previous year.

Outlook and guidance

• Updated Resource Estimate for Gum Creek expected in Q4 2025; Feasibility Study completion targeted for early 2026.

• Planned drilling aims to extend mine life beyond the 10 years outlined in the 2024 Scoping Study and enhance underground mining potential.