Horizon Gold targets 2028 Gum Creek Project production

• Horizon Gold completed a definitive feasibility study targeting first gold production at its Gum Creek Project by late 2028.
• The project requires $350 million in initial capital and expects to produce 880,000 recovered gold ounces over a 10-year period.
• The business plans to advance funding, approvals, and detailed engineering to reach a final investment decision by mid-2027.

Horizon Gold (ASX:HRN) has released a definitive feasibility study setting a pathway to start gold production at its Gum Creek Project in Western Australia by late 2028.

The open-pit plan targets 25.1 million tonnes of ore to generate an estimated $5,500 per ounce gold price.

"The completion of this DFS is a defining milestone for Horizon Gold, confirming Gum Creek as a robust, simple and technically de-risked development project ready to advance quickly towards an FID," said Horizon Gold CEO Scott Williamson.

The development calls for $159 million in processing plant expenditure alongside a maiden probable ore reserve of 18.2 million tonnes at 1.24 grammes per tonne of gold.

Horizon Gold stated that plant construction is scheduled to begin in late 2027 following expected regulatory approvals and financing arrangements.

Following the announcement, the Horizon Gold share price was down at $0.33.

The company appointed Orimco as its financial adviser in July to assist with securing funding from Australian and international lending institutions.

The open-pit study excludes an additional 416,000 ounces of underground free-milling resources that could provide further operational upside.