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Horizon Minerals Limited (ASX:HRZ) Placement to Advance Cannon & Drilling at Penny's Find
Horizon Minerals Limited (ASX:HRZ) is pleased to advise that it has received firm bids to place approximately 74.1 million fully paid ordinary shares in the Company at $0.045 per share to raise approximately $3.34 million.

Funds from the Placement will be used to advance the proposed high-grade Cannon underground mine scheduled for development in H2 CY2023. 1 The mine is now fully permitted with final mining contract / JV negotiations underway and a milling allocation in place at FMR's 1Mtpa Greenfields Mill.

Drilling will also commence at Penny's Find in the June Quarter 2023 testing both strike and depth extensions and infilling a second mineralised domain enabling updated resource modelling and reserve studies.

In addition, the Company will continue the resource growth and new discovery gold exploration program across core assets including Rose Hill, Brilliant North, Binduli and the greater Cannon Golden Ridge project areas.

Commenting on the successful capital raising, Horizon Managing Director Mr Jon Price said:

"At a time of record A$ gold prices, our focus is now on advancing the high-grade Cannon underground mine into production in the second half of 2023. The mine is now fully permitted and we look forward to updating you further in coming weeks. Accelerating the drilling at the Penny's Find gold mine will enable updated resource modelling and reserve studies to be completed to have the mine ready for development in sequence."

"We thank our existing shareholders for their continued support and welcome several new Australian and international shareholders to the register. We now look forward to providing increased news flow on mining developments, drilling results and updated resources and reserves in coming months."

Details of the Placement

The Placement consists of approximately 74.1 million new fully paid ordinary shares to be issued at a price of $0.045 per share to raise a total of approximately $3.34 million before costs utilising the Company's existing placement capacity under Listing Rules 7.1.

The Issue Price of $0.045 a share represents a:

- 4.4% discount to the last trading price of $0.047
- 0.0% discount to the 10-day VWAP of $0.045

New shares issued under the Placement will rank equally with existing ordinary shares on issue.

For more information on the Company, we refer you to the presentation entitled "Growth Strategy Investor Presentation March 2023" released to the ASX on 28 March 2023.

Jon Price 
Managing Director
T: +61 8 9386 9534 

Michael Vaughan 
Media Relations - Fivemark Partners 
T: +61 422 602 720 

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