The first gold-bearing ore at Phillips Find is now being mined, with processing of 200,000 tonnes (t) scheduled to begin in February 2025. Credit: New Africa/Shutterstock.

Australian gold producer Horizon Minerals has secured A$9.62m ($5.91m) of investment through a private placement with Golden Crane Holdings.

The share subscription agreement (SSA) involves the issuance of around 213.9 million ordinary shares at A$0.045 each.

The capital raised will be allocated towards project development and may also facilitate the retiring or refinancing of debt.

Horizon Minerals managing director and CEO Grant Haywood said: “We are very pleased to have the support of a new private equity investor who has committed to provide $9.625m to fund the company’s ongoing project developments at Boorara and Phillips Find Project.

“With the gold price at all-time highs, we look forward to ongoing gold production from Boorara and Phillips Find, and further production optionality in the future from our advanced suite of development ready assets.”

This placement will be implemented in two tranches. Tranche one involves the issuance of 141 million new shares to an unrelated party.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Tranche two will consist of nearly 72.9 million new shares, which will be issued in the coming months, contingent on Foreign Investment Review Board approval, if required. This tranche aims to raise A$3.28m.

In late July 2024, Horizon approved the development of the Boorara project, which includes mining a series of four open pits containing 1.24 million tonnes of ore at a grade of 1.24 grams per tonnes of gold, yielding an estimated 49,500oz of gold.

The first ore stockpile, comprising 54,380t, has undergone assaying and metallurgical test work and is currently being transported to the Paddington mill for imminent gold production.

Additionally, mining at Phillips Find commenced in October 2024 through a joint venture with BML Ventures.

The first gold-bearing ore is now being mined, with processing of 200,000t scheduled to begin in February 2025 at FMR Investments’ Greenfields Mill and completed by the end of June 2025.