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Logical consolidation of complementary assets in the Western Australian Goldfields.

The proposed transaction will consolidate Horizon’s large gold resource and Poseidon’s Black Swan processing infrastructure in the Kalgoorlie-Coolgardie districts.

The combination provides a pathway for sustainable, long-term gold production and cashflow as an independent mid-cap producer.

Substantial resource base and regional tenure.

Combined JORC Mineral Resources of around 1.8 million ounces of gold at an average grade of 1.84g/t gold and 422,700 tonnes nickel at an average grade of 1% nickel.

Combined tenure of 1,309 square kilometres in an attractive geological position in the WA Goldfields.

A strong pipeline of production sources, Mineral Resource growth opportunities, advanced brownfield exploration targets and greenfield exploration opportunities.

A New Horizon
The merged entity will allow Horizon to establish gold processing capabilities at Black Swan.

The Black Swan infrastructure provides a production pathway for Horizon’s aspiration to reach 100,000 gold ounces annually.

The concentrator is readily amenable to processing gold through cost-effective refurbishment and addition of new CIL circuit.

This unlocks shared value in a strong gold price environment with a credible strategy to achieve a re-rating as a sustainable gold producer.

Transaction details
The proposed transaction is conditional on Poseidon shareholder and option holder approvals, court approvals and other conditions.

Poseidon shareholders are to receive 0.1156 Horizon shares for each Poseidon share they hold.

The pro-forma ownership will be 70% Horizon and 30% Poseidon.

Raising
Horizon has received firm commitments to raise $14 million at A$0.045 per share via a two-tranche placement.

Following the raise, the new Horizon will hold a pro-forma cash position of $19 million.

Horizon Minerals MD Grant Haywood Tells Just Stocks About Merger with Poseidon Nicke