Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia. HRZ is currently engaged in two mining campaigns which will be toll treated or sold under ore sale and toll agreements with three mill operators in and around Kalgoorlie and Coolgardie. In the current gold price environment, we expect these mining campaigns to generate significant cash flows in FY26 which can support HRZ’s longer-term goal of becoming a standalone gold producer. In CY24, HRZ made two significant acquisitions being Greenstone Resources Ltd (ASX:GSR) and Poseidon Nickel Ltd (ASX:POS) which bring in another source of core feed with the Burbanks gold mine and the Black Swan plant that is currently on care and maintenance but could be refurbished to produce gold. Looking forward, HRZ will be focusing on delivering positive outcomes from the two mining campaigns underway which will help fund a large drilling campaign and feasibility studies into the refurbishment and restart of the Black Swan plant. In our preliminary assessment of a restart, we think HRZ can deliver a five-year mine plan that can support a throughput of 1.5mpta producing ~85kozpa which if delivered should create significant value for shareholders.