Horizon Minerals (ASX:HRZ) announced financial results for the quarter ended 30 September 2022.

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.

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.

Continuation of the large-scale exploration program and release of further drilling results.

Advancing the Cannon, Penny?s Find and Rose Hill underground gold projects.

Progressing the IPO and ASX listing of the Richmond Vanadium Project (RVP).

Continuing to pursue value accretive consolidation and divestment opportunities.

Following the announcement the company?s share price unchanged.