Horizon Minerals : Encouraging Platinum and Palladium Results From Lakewood

ASX: HRZ

ASX ANNOUNCEMENT

7 April 2022

ENCOURAGING PLATINUM-PALLADIUM-NICKEL-COBALT

MINERALISATION INTERCEPTED AT LAKEWOOD

HIGHLIGHTS

• • First pass reconnaissance drilling testing multi-commodity potential completed at the 100% owned Lakewood project, 20km southeast of Kalgoorlie - Boulder in Western Australia

• • Preliminary assay results received from the initial air core program comprising 59 holes for 3,002m testing four priority targets within the 90km2 project area

• • Drilling over a mafic/ultramafic intrusive and sediments returned shallow, highly anomalous Pt-Pd-Ni-Co mineralisation in the weathered profile

• • Significant composite results received to date from the key targets include 1:

  • o 8m @ 206ppb Pt & 35ppb Pd from surface (PGM 2E 0.24g/t), 4m @ 67ppb Pt and 39ppb Pd from 8m (PGM 2E 0.11g/t)3 and 4m @ 124ppb Pt and 24ppb Pd from 24m (PGM 2E 0.14g/t) (LKAC21025)

  • o 4m @ 133ppb Pt & 37ppb Pd from 20m (PGM 2E 0.17g/t), and 4m @ 90ppb Pt, 34ppb Pd and 503ppm Ni from 24m (LKAC21014)

  • o 8m @ 131ppb Pt, 14 ppb Pd (PGM 2E 0.14g/t), 726ppm Ni, 119ppm Co from 20m and 4m @ 102ppm Cd from 64m, 4m @ 921ppm Cu from 68m (to end of hole)

    (LKAC21023)

  • o 4m @ 33ppb Pt & 77ppb Pd (PGM 2E 0.11g/t), and 417ppm Ni from 32m (LKAC21020)

• • Results demonstrate the potential for significant primary mineralisation at depth and along strike within the project area with multiple targets yet to be tested

• • Single metre split samples now collected and submitted to the laboratory with results expected in the current June Quarter 2022 2

• • Follow up RC drilling along strike and beneath the anomalous mineralised zones is planned to commence once the current gold and nickel drilling program at Cannon is completed 2

Commenting on the initial Lakewood results, Horizon Managing Director Mr Jon Price said:

"It is great to see these encouraging first pass results at Lakewood after completion of an extensive target generation study. By applying the latest exploration technology and working with expert consultants and academia, our exploration team has done a great job in identifying and successfully testing our asset base for new precious and critical energy metals."

"To be intercepting platinum group metals and nickel-cobalt in this highly underexplored area on the edge of Kalgoorlie - Boulder highlights the untapped potential of the region. We now look forward to further assay results and the next round of drilling to further test this exciting prospect and other new regional targets."

1 See Table 1 on Page 7, Competent Persons Statement on page 7 and JORC Tables on Page 11. 2 See Forward Looking and Cautionary Statements on Page 10.3 PGM 2E is the sum of Pt (ppb) and Pd (ppb) converted to Pt-Pd g/t (ppb x 1000)

horizonminerals.com.au

163 Stirling Hwy Nedlands WA 6009

PO Box 1104

T: [phone]

ACN 007 761 186

Nedlands WA 6909

E:[e-mail]

ABN 88 007 761 186

Overview

Horizon Minerals Limited (ASX: HRZ) ("Horizon" or the "Company") is pleased to announce new multi-commodity drilling results from the 100% owned Lakewood project area located 20km southeast of Kalgoorlie - Boulder in the heart of the Western Australian goldfields (Figure 1).

Figure 1: Horizon's Project area location, resources and surrounding infrastructure

The drilling formed part of the 50,000m CY21 program testing high priority resource definition and new discovery targets across the 1,100km2 portfolio. The aim of the program was to organically grow the project pipeline within a 75km radius of Kalgoorlie. The 59 hole, 3,002m air core program was designed to test three historic gold prospects and one 'proof of concept' multi-commodity target after an extensive geoscience evaluation in conjunction with independent consultants, government departments and academia.

The RC rig has now commenced drilling at the Cannon Au-Ni Project area and is scheduled to return to Lakewood in the current June Quarter 2022 1.

1 See Forward Looking and Cautionary Statements on Page 10.

Project Geology

The Lakewood Project is extensively covered by Playa Lake sediments, aeolian deposits derived from desiccated playas and other transported Cainozoic material. Only a small portion of the Project area is covered by in-situ soils, and there is virtually no outcrop. Lakewood typically comprises a thin veneer of soils overlying plastic clays that vary in thickness from 2m - 40m. Below this are unconsolidated clays and sands and then bedrock. Sandy grey clay filled paleochannels exist within the central Project area, some of which host small amounts of alluvial gold. There has been no mining activity on the tenure.

The interpreted geology of the Lakewood Project is a late-stage sedimentary basin dominated by metamorphosed sedimentary rocks and felsic volcanic/intrusive rocks of the Black Flag Formation, together with a sequence of sediments, basalts, mafic and ultramafic intrusives on the eastern edge.

Recent interpretative gravity work in 2021 by an external consultant has shown that this linear zone of mafic/ultramafic intrusives is located on a regional scale (~10mGal), deep seated (+1,600m) NNW trending, vertical dipping litho-boundary. This could be a potentially key driver as many of the Ni and PGM occurrences in the Eastern Goldfields are sited close to deep crustal structures.

Summary of Results

Very little Ni-PGM information is available on the GSWA-Wamex website relating to the historical exploration in this anomalous area and, in particular, the mafic/ultramafic intrusives. Field inspection prior to drilling identified encouraging but occasional ironstone gossan float trails and shallow (gossan) pitting within a weathered ultramafic host. Both areas were drill tested with the air core rig.

Figures 2 - 4 illustrate the drilling highlights and Platinum (Pt) distribution in the two cross sections. Both sections show the flat nature of the oxide Pt enrichment zone. The 50/100ppb contours appear to be concentrated around particular drillholes and not widespread and dispersed across the entire line. Background values are estimated to be <25ppb Pt and <20ppb Pd.

Maximum 4m composite results of 259ppb Pt, 77ppb Pd, 807ppm Ni, and 162ppm Co are encouraging and combined with elevated Ag (6.58g/t), As (188ppm), Au (47ppb), Cd (102ppm), Cu (921ppm), Pb (0.12%) and Zn (0.16%) suggests that the Lakewood intrusive/sedimentary complex has a genuine polymetallic signature1. Single samples have been collected and submitted for confirmation multi-element analysis.

A gravity map is shown in Figure 5 and highlights several 'red' gravity highs at Lakewood. Gravity maps typically demonstrate the variations between rock density units below the surface. Higher density rocks (e.g. mafic dolerite or ultramafic intrusive rocks) produce a higher gravity reading compared to low density rocks (e.g. clays, shales, siltstone). The gravity trend extends for 9km. Gravity highs in the central or western portion of Lakewood possibly represent large intrusives buried beneath the sedimentary cover. The gravity highs to the east of the litho-boundary structure also have a strong and disrupted magnetic signature. Other deep structures are clearly visible and provide a number of new and essentially untested drill targets.

1 See Table 1 on Page 7, Competent Persons Statement on page 7 and JORC Tables on Page 11.

Figure 2. Lakewood drilling highlights

Figure 3. Cross section 6579760mN showing Pt distribution

Figure 4. Cross section 6579360mN showing Pt distribution

Figure 5. Gravity map (High Pass Filtering with a cut-off wavelength of 5,000m) showing drill targets and some interpreted structures.