Horizon Minerals Limited (ASX: HRZ) (“Horizon” or “the Company”) is pleased to announce that it has entered into a binding Toll Milling Agreement (“TMA”) with FMR Investments Pty Ltd (“FMR”) to treat 200kt of Horizon ore from the Cannon underground project, or other deposit, commencing in the December 2024 Quarter.
HIGHLIGHTS
- Binding TMA has been executed with FMR, which owns the Greenfields Mill located northeast of Coolgardie and 30km southwest of Kalgoorlie-Boulder in WA
- Horizon will arrange contract mining and hauling of ore from Cannon for ore processing at FMR’s 1.0Mtpa Greenfields Mill, located ~67km by road from the Cannon Project
- An agreed 200kt of ore will be processed over a period of eight months, commencing in the December 2024 Quarter
- The TMA contains competitive ore treatment rates with the payment structure as follows:
o Horizon is responsible for delivery of each stockpile to the Greenfields Mill ROM near Coolgardie
o Payment of processing costs must be made before the value of the processed and refined gold at the Perth Mint is transferred from FMR’s metal account to Horizon
o If the delivery schedule is missed Horizon will forfeit its allocated tones for that month and from the overall 200kt allocation - An Ore Reserve for Cannon has already been established including forecast economics for the ore to be processed via a Toll Milling Agreement
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Learn more about Horizon Minerals at: HorizonMinerals.com.au