Horizon Minerals Dec quarter: Company to demerge and progress for IPO

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Horizon Minerals Dec quarter: Company to demerge and progress for IPO

Horizon Minerals, Quarterly Activities Report, IPO, RichmondJulia Creek vanadium project, shareholders, Julia Creek oxide Vanadium Project
Image source: © Intst | Megapixl.com

Highlights

  • Horizon Minerals shares its December 2021 Quarterly Activities and Cashflow Report today.
  • During the quarter, Horizon announced its intention to demerge and progress an IPO.
  • The company secured excellent exploration results for gold and base metals.
  • The stock has been trading marginally up on ASX today.

ASX-listed gold exploration and mining company Horizon Minerals Limited (ASX:HRZ) shared its December 2021 quarterly activities and cashflow Report on Thursday. The company is involved in exploration and production activities within the Kalgoorlie and Coolgardie regions of Western Australia. 

The company revealed that during the Quarter, Horizon completed 14,486m of drilling and received results from over 7,000m as part of the 50,000m resource definition and new discovery exploration program across the entire 1,100km square asset portfolio. During the Quarter, Horizon announced its intention to demerge and progress an IPO for the RichmondJulia Creek vanadium project, including an in-specie distribution back to shareholders. 

The company’s December 2021 Quarterly Activities Report revealed:

  • Toll milling campaigns started treating low-grade stockpiles from the Boorara open pit, with the initial campaign constituting 69,700t milled grading 0.92g/t Au for 1,857oz at a 90% recovery.
  • The initial campaign generated AU$770k in net cash under a profit share arrangement with the toll mill owner, with the second campaign starting late in the Quarter.
  • Follow up drilling at Kestrel, and confirmatory screen fire assays delivered impressive results.
  • Excellent exploration results received for gold and base metals from the greater Boorara area at Kanowna south, Gretel, Black Flag and Golden Ridge.
  • Horizon moved to complete ownership of the Penny’s Find gold project, completed the acquisition of Cannon and executed a nickel rights agreement with Metal Hawk.
  • Cash at the end of quarter stands at AU$3.6 million and listed investments totalling AU$9.5 million.

The stock HRZ was spotted trading 1.960% up at AU$0.130 per share at 12:39 PM AEDT on ASX. 

Bottom Line:

Horizon owns various multi-commodity assets, such as listed investments and a joint venture encompassing the world-class 1.8Bt Richmond - Julia Creek oxide Vanadium Project. Total cash at the bank as of 31 December 2021 was AU$3.6 million. In addition, the company holds investments in ASX listed companies with a current value of roughly AU$9.56 million.

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