Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with ~1.9moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia. The company has released its long-awaited study into the refurbishment of the Black Swan Plant and the associated mine plan, which demonstrate a profitable mining operation that can produce ~546koz over five years. Alongside the release of the study, the company also raised $175m in equity, which provides the funding required to execute the development plan. With final engineering due in the coming months and funding in hand, HRZ is up to 18 months away from becoming a significant standalone gold producer, with production expected to commence in late FY27. Post the release of the study and capital raise, we have made several adjustments to our modelling which has resulted in a decrease in our valuation to $2.988/share from $3.620/share, which is a premium of 170% to the current share price.
