Maritana Minerals Limited (ASX:MRT), formerly 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. MRT has released its March 2026 quarterly report which provides a summary of progress on mining, exploration and development activities. Revenue of $4.1m was generated from gold sales at Boorara, which was impacted by lower processing rates as the ore purchase agreement was terminated. Phillips Find delivered another distribution of $10m to MRT. Pivotally, the feasibility study for Black Swan was released whilst a capital raise was conducted alongside the release which provides the residual funding to commence development. Post the quarterly update, we have made several adjustments to our modelling which has resulted in an increase in our valuation to $3.002/share from $2.978/share, which is a premium of 300% to the current share price.
