Horizon Minerals divested 62 non-core tenements to Northern Star Resources (ASX:NST) for a cash consideration of $3.1 million.

The agreement with Northern Star includes additional potential deferred payments, such as discovery payments capped at 2 million ounces and a 0.5% net smelter royalty.

The divestment is expected to save the company over $400,000 in annual holding costs, streamline administrative efforts, and allow a stronger focus on core projects, particularly the Kanowna South project.

Horizon Minerals CEO Grant Haywood emphasised the strategic benefits of this divestment in the current challenging market conditions, solidifying the company's portfolio and minimising overheads.