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Underground mine design and schedule producing 329.9kt at a fully diluted grade of 3.2g/t Au for 33.5koz over an approximate 23 month mine life

Metallurgical recovery of 88.9% produces 29.8koz recovered under an assumed third party toll milling arrangement in the region

Project generates $24.0 million in free cash flow (after capital) at a gold price of A$3,600/oz

A maiden Ore Reserve, which constitutes 99.7% of the ounces in the production target in the PFS, stands at 328.3kt at 3.2g/t Au for 33.4koz

Pennys Find is fully permitted with all statutory approvals in place

PFS assumes contract mining and haulage, with management and technical services provided by Horizon

Pennys Find is one of several near-term development projects held by Horizon and will be ranked and assessed alongside the Cannon and Kalpini projects for potential processing through third party infrastructure or the wholly owned processing infrastructure to be acquired under the proposed merger with Poseidon.

Horizon Minerals Talks Results Of A Prefeasibility Study On Its Pennys Find Gold Project In WA