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 released a mining update which provided insights into the ongoing mining operations at the Phillips Find Joint Venture (JV) and Boorara. Phillips Find is largely tracking to expectations with potential upside given the material outperformance in recoveries. The mining and processing schedule remains unchanged to HRZ’s prior communications; however, the JV decided to make an early cash-flow release to HRZ, with the remainder to be paid out in October 2025 upon the conclusion of the JV. At Boorara, haulage and processing rates have continued to increase after a gap in the schedule experienced during the turn in the quarter. This improved trajectory has led to increasing revenue generation from the operation. As haulage and processing rates match mining rates, this supports our view that the operation is close to inflecting towards consistent positive cash flow in FY26. Post update, we retain our valuation of $0.169/share which is a premium of 232% to the current share price.
