Perth, Australia, Oct 27, 2023 - (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to advise that the divestment of 62 non-core tenements to Northern Star Resources Limited ("Northern Star" and "NST") has now been completed with all conditions precedent satisfied including the receipt of $3.1 million in cash into Horizon's bank account today.

Payment terms of the Asset Sale Agreement and the Royalty Deed are based on the following:

- Northern Star paying Horizon $3.1m in cash at completion.

- Additional potential deferred payments including:

- Discovery Payments of A$20 p/oz for any JORC compliant Mineral Resource located on the Tenements, capped at 2 million ounces (a maximum return of $40 million); and

- A Net Smelter Royalty ("NSR") of 0.5% on all metals and minerals extracted from the Tenements.


About Horizon Minerals Limited:

Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

Contact:

Grant Haywood
Chief Executive Officer
T: +61 8 9386 9534
E: grant.haywood@horizonminerals.com.au

Michael Vaughan
Media Relations - Fivemark Partners
T: +61 422 602 720
E: michael.vaughan@fivemark.com.au

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