Announcement PDF Contents Chairman’s Letter .................................................................................................................... 3 Review of Operations .............................................................................................................. 4 Directors' Report……………………………………………………………………………………...33 Corporate Governance Statement ......................................................................................... 46 Directors' declaration ............................................................................................................. 47 Auditor’s Independence Declaration ...................................................................................... 48 Independent Auditor’s Report ................................................................................................ 49 Consolidated Income Statement............................................................................................ 53 Consolidated Statement of Comprehensive Income.............................................................. 54 Consolidated Statement of Financial Position ....................................................................... 55 Consolidated Statement of Changes in Equity ...................................................................... 56 Consolidated Statement of Cash Flows................................................................................. 57 Notes to the consolidated financial statements...................................................................... 58 Additional ASX Shareholder Information ............................................................................... 82 Corporate Directory ............................................................................................................... 91 2023 ANNUAL REPORT 2 Chairman’s Letter Dear Shareholder, It’s been another very productive 12 months for Horizon Gold Limited. We have again significantly increased the value of the Company’s 100%-owned Gum Creek Gold Project by strengthening and expanding the JORC-compliant gold resource estimate to 2.14 million ounces of gold, announcing a maiden base metal resource at the Altair deposit, and further broadening the Project’s resource development optionality. The revised gold resource represents a 19% increase in contained gold, at an impressive discovery cost of around A$15/oz. During the year the Company completed over 21,000 metres of RC and diamond drilling at 18 priority targets and is planning to continue drilling at high priority targets with the potential to further increase the gold resource base. A regional geological interpretation and exploration targeting exercise has identified numerous new greenfields targets that will guide future exploration and mineral resource growth along the 80 kilometres of continuous prospective strike within the recently expanded 663 square kilometre landholding. In July 2023 the Company acquired 60,759,746 shares in Alto Metals Limited (ASX:AME) for $3.17 million which currently represents 8.5% of AME’s issued capital. This strategic investment is part of Horizon’s broader aim of enhancing the value of the Gum Creek Gold Project. The Company has established a short-term loan facility with its major shareholder, Zeta Resources Limited, which will allow Horizon to prioritise its future strategic objectives while it considers a suitable capital raising strategy. The capital raising will fund further drilling to advance priority exploration and resource expansion targets, undertake an initial scoping study at Gum Creek, and facilitate the repayment of the loan. The Board believes that Gum Creek represents a compelling development opportunity, and with the positive outlook for gold we are confident that our gold-focused strategy will add significant value for shareholders. On behalf of the Board, I would like to thank our shareholders for their ongoing support as we look forward to sharing more exciting drilling results, resource growth and development progress during the year ahead. Yours sincerely Peter Sullivan Chairman 2023 ANNUAL REPORT 3 Review of Operations Horizon Gold Limited (ASX:HRN) (Horizon or the Company) is focused on expanding and enhancing the quality of its gold resources and unlocking the economic potential of its 100%-owned Gum Creek Gold Project (Gum Creek or the Project) located in a world class gold province within the Yilgarn Craton in Western Australia. Gum Creek has historically produced more than 1 million ounces of gold and hosts a current Mineral Resource Estimate (MRE) of 2.14 million ounces. The Project covers 663km2 of contiguous tenure over the Gum Creek greenstone belt located within a well-endowed gold region that hosts multimillion-ounce resources at Mt Magnet, Meekatharra, Wiluna, Bellevue and now at Gum Creek (Figure 1). The Project not only represents a significant brownfields exploration opportunity, but also offers significant greenfields exploration upside along its 80 kilometres of prospective and continuous strike. All the existing resources and most of the potential resource areas are located on granted Mining Leases. The Project also has significant infrastructure in place, including a 110-man camp, an operating airstrip, a relic CIL processing facility, extensive haul road network and a large tailings storage facility. Figure 1: Gum Creek Gold Project showing surrounding mines and gold deposits over simplified geology. 2023 ANNUAL REPORT 4 Project History Gold was first discovered in the area at Jonesville (now part of the Swan deposit) in 1926, with first recorded gold production in 1931. More modern mining operations commenced in the 1980’s and ceased in 2005 when the gold price was approximately A$560/oz. To that time, more than one million ounces of gold was produced from over thirty open pits and three underground mines, with the main gold-producing areas being Swan-Swift, Kingfisher and Omega. Unlocking Value at the Gum Creek Gold Project During the reporting period the Company completed an extensive reverse circulation (RC) and diamond drilling program across 17 high priority gold prospects to upgrade the integrity of the open pit resources and to expand the existing gold resource estimate at Gum Creek. Numerous spectacular extensional results were received from both existing resource and emerging resource targets leading to a major Mineral Resource Estimate (MRE) increase of 343,700oz for a total MRE of 2.14Moz. In the past two years the Gum Creek gold resource base has increased by 57% with over 63% of the resources in the Indicated category. The Company’s focus on drilling is continuing with RC and diamond drilling planned to further increase the MRE. A scoping study based on Whittle in-pit optimised resources for the Gum Creek Project is planned to commence concurrently with the next drilling program. A detailed geological interpretation of previous 1:10,000 scale mapping (simplified in Figure 2), a geochemical targeting exercise and a detailed gold and base metal target review and ranking exercise was completed during the year. The results will guide future exploration and MRE growth within the Company’s highly prospective Gum Creek Project. Regional Geology The Project covers the most prospective parts of the Gum Creek Greenstone Belt, located within the Southern Cross Province of the Youanmi Terrane, which forms part of the mineral rich Archaean Yilgarn Craton in Western Australia. The Gum Creek Greenstone Belt is an elongate, broadly sinusoidal formation about 110km long and 24km wide, dominated by mafic volcanic and sedimentary sequences, intruded by granitoids of various ages and compositions (Figure 2). The margins of the belt are typically dominated by contact-metamorphosed basalts and banded iron formations (BIF). Historically, gold at Gum Creek has been mined from structurally controlled Archean lode-gold deposits and associated near surface supergene gold enrichment zones. Deposits are hosted in a variety of rock types including mafic volcanics, BIF and fine-grained sediments. The Project contains numerous gold and lesser base metal prospects and deposits along its entire 80km strike length. 2023 ANNUAL REPORT 5 Figure 2: Gum Creek Gold Project current mineral resources and exploration targets over regional geology. Gold Resource Estimate On 15 May 2023 the Company announced an updated MRE for the Gum Creek Gold Project of 44.45Mt @ 1.50g/t Au for 2.14 million ounces contained gold (Table A) reported in accordance with the JORC Code (2012 Edition) and based on documentation prepared by Competent Persons as defined by the JORC Code guidelines. The MRE included updates to the Eagle, Howards, Heron South, Kingfisher, Shiraz, and Specimen Well deposits, and maiden MRE’s for the Deep South Reliance, Eagles Peak, Fangio, Kearrys, Hawk, Heron, Hyperno-Reliance, Melbourne Bitter and Wedge prospects. A summary of the updated MRE is detailed in Table A below. 2023 ANNUAL REPORT 6 The revised MRE represents a 343,700oz (19%) increase in Indicated and Inferred contained gold when compared with the July 2022 MRE at a discovery cost of A$15/oz. The Indicated resource ounces in the updated MRE represent 63% of the total MRE (Table B). The free milling portion of the MRE is 32.97Mt @ 1.22g/t Au for 1.30Moz (Table C), representing over 61% of the total resource ounces and a 9% increase to the July 2022 MRE free milling ounces. A comparison of this MRE with the previous MRE is detailed in the ‘Additional ASX Shareholder Information’ at the end of this report and is summarized in Table B. The MRE contains 29 discrete deposit areas that are a mixture of open cut and underground resources. To date, no Ore Reserves have been declared for the Gum Creek Gold Project. A geological map of the belt and project resource locations are shown in Figure 2. Pit optimisation work at $2600/oz and $2800/oz has been undertaken on all gold resources. Table A: Gum Creek Gold Resources as at 15 May 2023 Cut-off grade (g/t Au) Resource Date Swan/Swift OC Swan UG Swift UG Wilsons UG Howards Kingfisher OC Kingfisher UG Heron Heron South Shiraz Eagle Wyooda Snook Hawk Toedter Specimen Well Wedge Camel Bore Kearrys Psi HypernoReliance Melbourne Bitter Deep South Reliance Eagles Peak Orion Wahoo Fangio Jul-22 Jul-22 Jul-22 Jul-13 May-23 May-23 May-23 May-23 May-23 May-23 May-23 Jul-22 Jul-22 May-23 Aug-16 May-23 May-23 Jul-22 May-23 Jul-22 0.4 2.5 / 3.0* 3.0 1.0 0.4 0.6 1.5 0.6 0.8 0.4 0.8 0.8 0.8 0.6 0.5 0.8 0.6 0.8 0.6 0.8 May-23 Total Indicated Au Tonnes Gold (oz) (g/t) Tonnes 9,980,000 301,000 2,131,000 8,064,000 621,000 359,000 330,000 720,000 2,539,000 395,000 430,000 75,000 378,000 379,000 450,000 100,000 1.09 6.91 5.33 0.82 1.77 3.48 2.11 1.79 0.70 1.94 1.56 2.57 1.28 1.47 1.24 2.08 349,500 66,900 365,000 213,100 35,400 40,200 22,400 41,400 57,300 24,700 21,600 6,200 15,500 17,900 18,000 6,700 2,735,000 226,000 138,000 136,000 2,136,000 269,000 917,000 1,822,000 761,000 1,064,000 764,000 862,000 846,000 471,000 689,000 529,000 487,000 100,000 46,000 226,000 0.6 119,000 1.73 6,600 May-23 0.6 214,000 1.56 May-23 0.6 176,000 May-23 Jul-22 Jul-22 May-23 0.6 0.8 0.8 0.6 264,000 69,000 99,000 28,193,000 Inferred Au Gold (oz) (g/t) Tonnes 434,100 118,500 25,400 391,000 266,900 45,100 135,700 110,600 78,900 78,900 68,800 64,800 54,000 34,400 34,000 25,500 23,800 21,800 20,000 19,000 445,000 1.31 18,800 6,100 362,000 1.44 16,800 1.56 2,400 224,000 1.62 11,700 0.99 1.40 1.25 1.35 1,300 8,200 10,400 1,300 305,000 251,000 258,000 129,000 1.16 1.43 1.25 1.33 11,400 11,500 10,400 5,500 84,600 51,600 25,400 26,000 53,800 9,700 95,500 88,200 37,500 21,600 44,100 43,200 47,800 18,900 34,000 25,500 23,800 3,900 2,000 12,300 12,715,000 527,000 138,000 2,267,000 10,200,000 890,000 1,276,000 2,152,000 1,481,000 3,603,000 1,159,000 1,292,000 921,000 849,000 689,000 529,000 487,000 479,000 496,000 326,000 326,000 1.16 12,200 10,700 148,000 1.28 1.64 9,300 48,000 1.19 1.49 1.32 10,100 3,300 4,200 41,000 182,000 258,000 30,000 1,346,000 16,257,000 Gold (oz) 1.06 6.99 5.72 5.36 0.81 1.58 3.31 1.60 1.66 0.68 1.85 1.56 1.82 1.26 1.54 1.50 1.52 1.42 1.25 1.81 0.96 7.10 5.72 5.95 0.78 1.12 3.24 1.51 1.53 0.63 1.80 1.56 1.76 1.25 1.54 1.50 1.52 1.21 1.35 1.69 1.48 Total Au (g/t) 1.51 791,300 44,450,000 1.50 2,137,300 * Cut-off grades are 2.5g/t Au for Swan Underground (UG) Indicated, and 3.0g/t Au for Swan UG Inferred. ** Wyooda includes the Kingston Town, Think Big and Manikato resources which are within 600m and 200m of each other respectively. Notes: Figures have been rounded. The information in this announcement that relates to the reporting of the Wilsons, and Toedter Mineral Resources has been extracted from the Horizon Gold Limited ASX announcement titled “Gum Creek Gold Project Resource Update” dated 12 February 2021 and is available to view on https://horizongold.com.au. The information in this announcement that relates to the reporting of the Swan/Swift Open Pit Mineral Resource, the Swan and Swift Underground Mineral Resource and the Camel Bore, Orion, Psi, Snook, Wahoo and Wyooda Mineral Resources has been extracted from the Horizon Gold Limited ASX announcement titled “32% Increase in Resources at Gum Creek Gold Project” dated 25 July 2022 and is available to view on https://horizongold.com.au. 2023 ANNUAL REPORT 7 Table B: Gum Creek Mineral Resources July 2022 / May 2023 Comparison 2022 Gum Creek MRE Resource Category Tonnes Au (g/t) Ounces Indicated 24,280,000 1.47 1,149,400 Inferred 12,546,300 1.60 644,200 Total 36,826,300 1.51 1,793,600 Note: Figures have been rounded. 2023 Gum Creek MRE Tonnes Au (g/t) Ounces 28,193,000 1.48 1,346,000 16,257,000 1.51 791,300 44,450,000 1.50 2,137,300 Tonnes 16% 30% 21% Variance Au (g/t) 1% -5% -1% Ounces 17% 23% 19% Table C: Gum Creek Mineral Resources by Metallurgical Category as at 15 May 2023 Indicated Inferred Total Tonnes Au (g/t) Ounces Tonnes Au (g/t) Ounces Tonnes Au (g/t) Ounces Free Milling 22,513,000 1.15 834,300 10,460,000 1.37 461,400 32,973,000 1.22 1,295,700 Refractory 5,680,000 2.80 511,700 5,797,000 1.77 329,900 11,477,000 2.28 841,600 Total 28,193,000 1.48 1,346,000 16,257,000 1.51 791,300 44,450,000 1.50 2,137,300 Notes: Figures have been rounded. Preliminary metallurgical testwork indicates oxide mineralisation at all deposits is free milling, transition mineralisation from Eagle, Eagles Peak, Deep South Reliance, Fangio, Hawk, Heron South, Howards, Hyperno-Reliance, Kearrys, Kingfisher, Melbourne Bitter, Orion, Specimen Well, Swan/Swift, Toedter, Wahoo, Wedge and Wyooda is free milling, and fresh mineralisation from Eagle, Eagles Peak, Deep South Reliance, Fangio, Hawk, Howards, Hyperno-Reliance, Kingfisher, Melbourne Bitter, Orion, Swan/Swift, Toedter, Wahoo, and Wedge is free milling. Transition and fresh mineralisation from Camel Bore, Heron, Heron South, Kearrys, Psi, Snook, Specimen Well, Wilsons and Wyooda has variable gold recovery issues. Material Type Base Metal Resource Estimate On 14 March 2023 the Company announced a maiden MRE of 7.0 Mt @ 1.8% Zn, 0.5% Cu, 5.0g/t Ag (2.9% ZnEq) at a 2.0% ZnEq cut-off for 200,000 ZnEq tonnes (130,000t Zn, 30,000t Cu, 1.1Moz Ag) for the Altair Zinc-Copper-Silver deposit located 24 kilometres to the north-northwest of the Gidgee Mill (refer to Figures 2 & 3). Drilling at the Altair prospect during 2022 was completed to test several compelling conductivity highs down plunge to the east of previously defined Zn-Cu-Ag mineralisation. The drill results were incorporated into the Altair MRE (Table D). Table D: Altair Inferred Mineral Resource as at 14 March 2023 (Zinc Equivalent % cut off) Cut-off Total Tonnes & Grade Total Metal Content ZnEq % Mt ZnEq % Zn % Cu % Ag g/t ZnEq (Kt) Zn (Kt) Cu (Kt) Ag (Moz) 1.5 11.9 2.3 1.5 0.3 4.5 270 180 40 1.7 2.0 7.0 2.9 1.8 0.5 5.0 200 130 30 1.1 2.5 4.3 3.3 2.1 0.5 5.4 140 90 20 0.8 Note: The metal equivalent calculation formula is ZnEq % = Zn (%) + 2.78 x Cu (%) + 0.018 x Ag (g/t) using metal prices of A$4,500/t Zn, A$12,500/t Cu and A$30/oz Ag. Based on preliminary metallurgical studies, recoveries used were 90% for Zn, 90% for Cu, and 75% for Ag. In Horizon’s opinion all elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Figures have been rounded. 2023 ANNUAL REPORT 8 Figure 3: Altair Long Section (looking NNE) showing drill traces coloured by geology and resource block model coloured by ZnEq (%). Exploration and Resource Drilling During the 2023 financial year (FY23) the Company completed a total of 215 RC holes for 19,890 metres at 16 high priority targets including the Beta, Deep South, Eagles Peak, Fangio, Hawk, Heron, Heron South, Hyperno, Kearrys, Kingfisher, Howards, Howards South, Melbourne Bitter, Specimen Well, Think Big, and Wedge prospects (refer to Figure 2). The drilling was successful at defining shallow strike extensions and down plunge extensions to interpreted gold shoots and confirming current geological models and interpretations, with numerous shallow and/or high-grade gold intercepts returned from all prospects. The Company also completed six diamond holes for 1,538.4 metres at the Eagle and Kingfisher gold targets and at the Altair base metal target (refer to Figure 2). Five holes were diamond core “tails” extending previously drilled RC pre-collars, whilst one hole was drilled from surface at Altair. The diamond holes were designed to intercept gold mineralisation within fresh rock down plunge from previous high-grade intercepts to provide lithostructural information and possible controls on mineralisation. Core logging has further advanced geological interpretations and improved the Company’s understanding of the structural controls on mineralisation at Kingfisher, Eagle and Altair, and has been of significant assistance to resource modelling and planning of future drill programs at all three prospects. Wedge Prospect The Wedge Prospect is located 2km northeast of the historic Gidgee Mill and was previously mined by open cut methods in the early 1990’s. Assay results from 11 RC holes (1,452m) drilled in August 2022 included a spectacular intercept of 52m @ 5.9g/t Au from 91m to EOH including 13m @ 16.7g/t Au from 123m (WERC002) down plunge to the south of the Wedge pit, and 6m @ 1.8g/t Au from 54m including 3m @ 3.0g/t Au from 55m (WERC005) from the central fault zone. The WERC002 intercept 2023 ANNUAL REPORT 9 is supported by high-grade historic intercepts up plunge to the north and remains open down plunge to the south (Figure 4). A maiden MRE of 0.49Mt @ 1.52g/t Au for 23,800 ounces which included Horizon’s 2022 drilling and historic RC drilling was announced for the Wedge Prospect during the year. Gold mineralisation is continuous over a 450 metre strike and is currently defined to a maximum vertical depth of 110 metres, with the base of complete oxidation at ~60 metres below surface. Additional drilling is planned to further extend the known gold mineralisation down dip and down plunge to the north and south of the broad and high-grade intercepts identified in drilling to date (Figure 4). Figure 4: Wedge Prospect long section (looking west) showing all drill intercept pierce points (coloured by GxM i.e. average intercept grade (g/t Au) multiplied by intercept width in metres), FY23 drilling intercepts >7 GxM, historic unmined drilling intercepts >40 GxM, current resource block model coloured by Au) and A$2800/oz optimised pit shell. Kingfisher Prospect The Kingfisher Prospect lies approximately 3.5 kilometres south of the Gidgee mill. Gold mineralisation at Kingfisher is located within two sub-parallel moderately southwest-dipping, planar gold lodes within a 60m wide, 1.2km long shear zone that remains open to the north, south and at depth. Three diamond core “tails” (642.5m) were completed at Kingfisher during FY23. Assay results from the RC drilling completed in FY22 and the diamond drilling completed FY23 included a spectacular broad, high-grade intercept of 15m @ 28.5g/t Au from 346m including 2m @ 189.8g/t Au from 351m from diamond hole KFRC020D, which targeted a large gap in previous drilling within the eastern lode. Numerous specks of visible gold were identified in the core from 351.5m to 352.7m within a 3.5m wide quartz vein. A second excellent intercept of 16m @ 4.4g/t Au from 174m including 6m @ 9.8g/t Au from 174m was returned from an RC hole (KFRC013) targeting gold mineralisation up-plunge of highgrade intercepts including 10m @ 8.9g/t Au from 190m drilled in 2021 (Figure 5). 2023 ANNUAL REPORT 10 The 2022 drill program results were incorporated into an updated MRE for Kingfisher which now has a combined Open Cut and Underground MRE of 2.17Mt @ 2.60g/t Au for 180,800 ounces representing a 5% increase in tonnes, a 19% increase in gold grade and an increase of 25% in total gold ounces when compared to the July 2022 MRE. The drilling at Kingfisher has confirmed the continuity of highgrade gold mineralisation at depth within both eastern and western gold lodes and highlighted the excellent potential for additional drilling to add underground resource ounces by discovering new highgrade shoots at depth, and to add open cut resources by extending the known shallow gold mineralisation along strike to the north and south. Figure 5: Kingfisher long section (looking SW) showing 2022 drill holes, historic and 2022 gold intercept pierce points coloured by GxM (>24 GxM intercepts labelled), resource block model (coloured by Au) and A$2800/oz optimised pit shell. Hawk Prospect The Hawk Prospect is located only 5km southeast of the historic Gidgee mill and was previously mined by open cut methods. RC drilling (16 holes for 2,464m) was completed beneath and along strike of the Hawk open pit in June 2022, with one additional 95m deep hole drilled to the south of the prospect in August 2022. Numerous significant shallow gold intercepts were returned including:        24m @ 3.7g/t Au from 124m including 11m @ 7.6g/t Au from 125m (HKRC001) 7m @ 6.2g/t Au from 119m including 1m @ 29.9g/t Au from 119m (HKRC008) 7m @ 4.9g/t Au from 139m including 1m @ 30.1g/t Au from 142m (HKRC004) 11m @ 2.2g/t Au from 95m including 6m @ 3.7g/t Au from 98m (HKRC014) 9m @ 2.4g/t Au from 134m including 3m @ 4.7g/t Au from 137m (HKRC007) 6m @ 2.5g/t Au from 86m including 2m @ 4.3g/t Au from 88m (HKRC003) 8m @ 1.5g/t Au from 123m including 2m @ 2.6g/t Au from 123m (HKRC006) A maiden MRE of 0.85Mt @ 1.26g/t Au for 34,400 ounces which included Horizon’s 2022 drilling and historic RC drilling was announced for the Hawk Prospect during the year. Gold mineralisation at Hawk is located within two sub-parallel, steeply south-west dipping shear zones containing abundant flat-lying quartz tension veins. Mineralisation is continuous over a 450 metre strike and is currently defined to a maximum vertical depth of 130 metres. Additional drilling is planned to further extend the known gold 2023 ANNUAL REPORT 11 mineralisation down dip and down plunge to the north of the broad and high-grade intercepts identified in drilling to date (Figure 6). Figure 6: Hawk long section (looking SW) showing 2022 drill traces, historic and 2022 gold intercept pierce points coloured by GxM, current resource block model (coloured by Au) and A$2800/oz optimised pit shell. Eagle Prospect The Eagle Prospect is located just 1.4km south of the Gidgee Mill. Significant gold intercepts received from RC drilling completed in May 2022 and one diamond core “tail” (120.5m) completed in August 2022 included:        12m @ 3.3g/t Au from 210m including 9m @ 4.2g/t Au from 210m (EARC011) 13m @ 2.2g/t Au from 203m including 9m @ 3.0g/t Au from 205m (EARC012) 15m @ 1.4g/t Au from 163m including 5m @ 3.2g/t Au from 168m (EARC012) 11m @ 1.3g/t Au from 22m including 5m @ 2.2g/t Au from 24m (EARC017) 7m @ 1.7g/t Au from 59m including 3m @ 3.5g/t Au from 60m (EARC007) 19m @ 0.8g/t Au from 156m including 5m @ 2.1g/t Au from 168m (EARC010) 36m @ 0.6g/t Au from 150m including 4m @ 3.4g/t Au from 150m (EARC009) The results highlight the significant potential to expand the Eagle MRE and deepen the optimised pit shell along the Kingfisher Shear Zone to the south towards the Kingfisher open pit and to the north towards the historic Roadrunner open pit (Figure 7). The updated 2023 MRE for the Eagle deposit incorporating the 2022 RC and diamond drilling is 1.16Mt @ 1.85g/t Au for 68,800 ounces which represents a 101% increase in indicated ounces, a 26% increase in overall gold grade, and a 7% decrease in total gold ounces when compared to the July 2022 MRE. Further shallow drilling along strike to the north and south of the deposit is planned. 2023 ANNUAL REPORT 12 Figure 7: Eagle long section (looking west) showing the Eagle open pit, gold intercept pierce points coloured by GxM with recent intercepts >7 GxM and historic intercepts >24 GxM labelled, current resource block model (coloured by Au) and A$2800/oz optimised pit shell. Heron Prospect The Heron Prospect is located 14km southeast of the historic Gidgee mill and has not been previously mined. FY23 RC drilling (15 holes for 2,205m) has identified strike extensions to shallow supergene mineralisation and down dip extensions to the primary gold mineralisation. Significant gold intercepts from the recent campaign include:      15m @ 3.0g/t Au from 84m including 6m @ 6.7g/t Au from 84m (HRRC002) 23m @ 1.9g/t Au from 100m including 12m @ 3.3g/t Au from 100m (HRRC013) 7m @ 3.1g/t Au from 105m including 2m @ 9.3g/t Au from 105m (HRRC007) 7m @ 2.5g/t Au from 133m including 4m @ 4.2g/t Au from 133m (HRRC004) 5m @ 2.8g/t Au from 65m including 2m @ 5.9g/t Au from 65m (HRRC006) Gold mineralisation at Heron is located within two broad flat-lying supergene enrichment zones overlying three sub-parallel northeast dipping fault zones containing quartz veined altered basalt. Mineralisation is continuous over an 850 metre strike length and is currently defined to a maximum vertical depth of approximately 350 metres. The prospect area is deeply weathered with the base of complete oxidation between 60m and 120 metres below surface. A maiden MRE of 2.15Mt @ 1.60g/t Au for 110,600 ounces which included Horizon’s 2022 drilling and historic RC drilling was announced for the Heron Prospect during the year. Further drilling is required at depth and along strike (Figure 8). 2023 ANNUAL REPORT 13 Figure 8: Heron Prospect long section (looking SW) showing gold intercept pierce points (coloured by GxM), 2022 drilling intercepts >10 GxM (labelled), previous drilling intercepts >50 GxM (labelled), current resource block model (coloured by Au) and A$2800/oz optimised pit shell. Heron South Prospect The Heron South deposit is located 15km south-southeast of the historic Gidgee Mill. The nine RC holes (1,485m) completed at Heron South during July 2022 extended shallow gold mineralisation along strike to the north and south and confirmed and extended interpreted high-grade south plunging gold shoots beneath the Heron South open pit (Figure 9). Significant gold intercepts from the program included:      15m @ 3.0g/t Au from 98m including 7m @ 5.5g/t Au from 104m (HERC022) 8m @ 5.2g/t Au from 178m including 2m @ 13.9g/t Au from 179m (HERC023) 8m @ 3.2g/t Au from 113m including 6m @ 4.1g/t Au from 113m (HERC026) 7m @ 3.1g/t Au from 35m including 1m @ 19.2g/t Au from 35m (HERC018) 11m @ 1.6g/t Au from 202m including 4m @ 3.0g/t Au from 204m (HERC021) 2023 ANNUAL REPORT 14 Figure 9: Heron South long section (looking west) showing 2022 drill traces, all drill intercept pierce points (coloured by GxM), MIK resource block model (coloured by Au), and A$2800/oz optimised pit shell. The updated 2023 MRE incorporating the 2022 RC drilling at the Heron South deposit is 1.48Mt @ 1.66g/t Au for 78,900 ounces which represents a 36% increase in tonnes, a 4% decrease in gold grade, and a 30% increase in total gold ounces when compared to the July 2022 MRE. Gold mineralisation at Heron South is continuous over a 650 metre strike and is currently defined to a maximum vertical depth of 200 metres. There is excellent potential to further extend the known gold mineralisation at Heron South down dip, down plunge and along strike to the north and south with additional drilling. Hyperno - Reliance Prospects The Hyperno - Reliance prospects are located 18km southeast of the historic Gidgee Mill. Significant gold intercepts from the FY23 RC drilling at Hyperno (36 holes for 2,468m) included:     8m @ 10.1g/t Au from 33m including 2m @ 35.2g/t Au from 35m (HYRC017) 12m @ 1.6g/t Au from 27m including 8m @ 2.2g/t Au from 31m (HYRC006) 5m @ 2.3g/t Au from 34m including 2m @ 4.9g/t Au from 34m (HYRC027) 10m @ 1.0g/t Au from 37m including 5m @ 1.5g/t Au from 40m (HYRC008) The results confirmed the width and grades of shallow gold mineralisation identified in historic aircore and RAB drilling. Gold mineralisation is both flat lying (supergene) and dips moderately to the east, is defined to a maximum vertical depth of approximately 100 metres and has a continuous 600 metre strike length (Figure 10). 2023 ANNUAL REPORT 15 A combined maiden MRE of 0.45Mt @ 1.31g/t Au for 18,800 ounces which included Horizon’s FY23 drilling and historic RC drilling was announced for the Hyperno - Reliance prospects during the year. Further drilling is required at depth and along strike at both prospects (Figure 10). Figure 10: Reliance, Hyperno, Reliance South and Deep South prospects drill hole collar plan coloured by maximum downhole gold, 2022 drilling intercepts >9 GxM (labelled), and A$2800/oz optimised pit shell outlines over interpreted geology. 2023 ANNUAL REPORT 16 Deep South – Reliance South