Strategic review identifies potential to unlock greater value for Horizon Minerals Limited (ASX:HRZ)?shareholders via a demerger, IPO and ASX listing of the Richmond ? Julia Creek oxide vanadium project. Horizon has executed a Process Deed with joint venture partner Richmond Vanadium Technology Pty Ltd. (?RVT?) where both companies have agreed to work to progress a transaction currently anticipated to include the restructuring of the respective project ownership interests into a dedicated incorporated vehicle holding 100% of the project (?IPO Vehicle?) with shares initially held by Horizon (25%) and the existing shareholders of RVT (75%), establishment of a high-quality Board and executive team for the IPO Vehicle, an in-specie distribution of a portion of Horizon?s shares in the IPO Vehicle to Horizon shareholders, an IPO of new shares in the IPO Vehicle and application to list on the ASX with priority to invest in the IPO given to existing Horizon shareholders. Completion of transaction documents expected in the March Quarter 2022, enabling the IPO Vehicle to seek an ASX listing in the June Quarter 2022. Further details on the transaction and timing will be provided in the March Quarter 2022.