Horizon Minerals (ASX: HRZ) – dominant Kalgoorlie position
COMPANY SCOREBOARD
| Pro Plus | Pro | Con Plus | Con |
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ABOUT COMPANY
Horizon Minerals (HRZ) (https://horizonminerals.com.au/) owns a large portfolio of tenements in the Kalgoorlie and Coolgardie Regions WA. It currently focuses on developing the Boorara gold project, which has the potential to provide long-life base load feed supported by multiple open pits and underground satellite mines in close proximity to a stand-alone processing plant.
On 2 December 2022 (record day), the company diversified the vanadium asset through in species distribution of RVT share (1:31.14).
In Feb 2024, the company announced script merge with GSR to consolidate tenements.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| HRZ | 0.036 | 1118559129 | 40268128.6440 | 0/5 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 4067 | 45.74% | 43.46% | 4.56% | last raise $3.34m@4.5c; pre raise $6m@9c+11cOpt; |
The company executed a US$5m Convertible Loan Facility with the interest rate of 8.5% plus Sofr, of which $2m is used to pay the previous Cannon acquisition.
20m RVT@30c worth $6m.
The long serving managing director is an accountant in Kalgoorlie, he steps down in June 2023 along with 2 senior exploration staff without replacement.
FLAGSHIP ASSETS
Kalgoorlie Gold Portfolio
Project Data
The 2021 & 2022 drilling programs haven’t delivered any resource increase, but only more confidence of existing resources.
The company wants to toll treat all the small deposits in 2023.
In Oct 2023, the company sold some East Kalgoorlie tenements (Boorara Project) to NST for $3.1m.
Below are the portfolio resources:
SUMMARY
The accountant will need to hire a geologist and come up with a credible development plan to cut through share price.
He started to make some effort writing the report since July 2022 after the share price sank to 7c.