Horizon Minerals Limited: Divest Gunga West & Toll Milling Allocation

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to advise it has reached agreement with FMR Investments Pty Ltd ("FMR") to divest the Gunga West gold project near Coolgardie in the Western Australian goldfields.

Horizon acquired Gunga West as part of a larger asset swap of projects with Northern Star Resources Ltd. as announced to the ASX on 12 September 2019 and included the core Rose Hill, Brilliant North and Golden Ridge tenure.

The divestment comprises seven mining leases, one prospecting licence and one miscellaneous license making up the Gunga West project. Under the Agreement, FMR will pay $400,000 in cash on the following terms:

- Deposit of $100,000 in cash
- $300,000 in cash on completion
- Access to FMR's Greenfields toll mill in Coolgardie on commercial terms for ore treatment of 200,000 tonnes commencing in 2023

Completion is expected in the next four weeks and subject to standard conditions precedent for a transaction of this nature including due diligence, Ministerial consent, any third-party assignments and provision of mining information.

Commenting on the divestment, Managing Director Mr Jon Price said:

"The sale of Gunga West is in line with our strategy of divesting non-core assets and listed investments and we will continue to do so where it adds value for shareholders." "Proceeds from these sales will be used for development capital to advance the proposed sequence of underground mines using a contract mining - toll milling model delivering a greater return on investment. Securing toll milling at the Greenfields Mill in Coolgardie is also a great result providing a processing solution for our Rose Hill project."

About Horizon Minerals Limited:

Horizon Minerals Ltd. (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

Source:
Horizon Minerals Ltd.

Contact:

Jon Price Managing Director T: +61 8 9386 9534 E: jon.price@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners T: +61 422 602 720 E: michael.vaughan@fivemark.com.au