The Phillips Find Project is located approximately 45km north-northwest of Coolgardie, Western Australia. Horizon commenced mining operations at Phillips Find in October 2024, with the development of two open pits to be completed under a Joint Venture (JV) Agreement with BML Ventures Pty Ltd (BML).
The project covers over 10km of strike over prospective greenstone stratigraphy with previous mining operations recovering approximately 33,000ozs of gold between 1998 and December 2015 from three open‐pit operations; Bacchus Gift, Newhaven and Newminster.
The current mining operations are focused on a cutback of the two existing open pits at Newhaven and Newminster. The JV structure presents a low financial risk to Horizon, with BML funding all of the project costs. Net cashflows, after asset recovery and repayment of costs, are to be split 50/50 between Horizon and BML. All management, technical, operational and maintenance roles are to be undertaken by BML.
There is a toll milling agreement in place for Phillips Find with FMR Investments (FMR) Greenfields mill for a five months period which started in February 2025. The first gold bar from Phillips Find was poured on 24 February 2025.
The current Mineral Resource at Phillip’s Find is 0.76Mt at a grade of 2.3g/t Au for 54.5koz of gold at an average 0.5g/t Au cut-off grade.