Horizon Minerals Limited: Quarterly Activities Report 30 September 2022

Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to provide the September 2022 Quarterly Activities Report. Horizon is an exploration and production company within the Kalgoorlie and Coolgardie regions of Western Australia.

HIGHLIGHTS

- Exploration program continues with 2,695m drilled and field work conducted at the Greater Boorara - Cannon, Yarmany and Lakewood project areas testing high priority gold and nickel sulphide targets

- Excellent drilling results received from Honeyeater, Black Flag, Monument, Homerton and Pinner gold prospects with further results expected in the December Quarter 2022

- Updated Mineral Resource estimates released for Penny's Find, Coote, Baden Powell and Windanya totalling an additional 91,000 ounces

- Horizon's total Mineral Resource estimate now stands at:

o 22.6Mt grading 1.71g/t Au for 1.24 million ounces at various cut-off grades

- Acquisition of the remaining 50% of the high-grade Penny's Find underground gold project completed

- Divestment of the non-core Kangaroo Hill and Phoenix projects announced for $150,000 in cash and $150,000 in shares in Greenstone Resources (ASX:GSR) with completion expected in the December Quarter 2022

- The listing process of Richmond Vanadium Technology (RVT) progressed with the Prospectus for the planned IPO released on 14 October 2022 and a proposed listing and in-specie distribution to Horizon shareholders in November 2022

- Share Purchase Plan (SPP) completed raising $540,000

- Subsequent to Quarter end, the Company executed a binding term sheet for a US$5 million Convertible Loan facility to advance the Cannon gold project

- Cash at bank of A$2.88 million and listed investments totalling A$1.38 million

A key focus for the Company is on exploration upside within our 1,100km2 tenement package with up to three drill rigs operating as part of the large-scale multi-element new discovery and project generation exploration program. Horizon holds numerous multi - commodity assets including listed investments and a 25% interest in the world class 1.8Bt Richmond vanadium project in northwest Queensland.

Primary activities during the Quarter included the continuation of the CY2022-23 multi-element project generation and new discovery drilling program and release of results, resource modelling and mine optimisation studies for Ore Reserve estimation, advancement of the Cannon, Penny's Find, and Rose Hill underground projects, joint venture assessment and review of further consolidation and divestment opportunities.

In addition, the Company has completed the demerger and restructure the Richmond Vanadium Project and is now progressing a dedicated ASX listing of RVT and IPO in 2022 providing Horizon shareholders with a free allocation of new shares in the IPO and a priority offering.

The Prospectus for the upcoming IPO was released on 14 October 2022.

*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/XF985J24

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