Announcement PDF 29 April 2024 QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31 MARCH 2024 Key Points ▪ Compelling financial outcomes returned from the 100% owned Gum Creek Gold Project (“Project”) free milling open pit Scoping Study (“Study”)1. ▪ Initial open pit mine production target of 24.46Mt @ 1.13g/t Au for 888,000 ounces comprised of 76% indicated and 24% inferred gold resource ounces. “There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.” ▪ Projected average recovered gold production of approximately 84,000 ounces per year from selected near surface open pittable gold deposits processed through a new 2.4 million tonne per annum gravity / CIL plant over a 10-year Life of Mine (LOM). ▪ Robust financial metrics using a conservative A$2,900/oz base case gold price assumption and current industry costings: ▪ ▪ ▪ Pre-tax cashflow of A$574M, pre-tax Net Present Value at an 8% discount rate (NPV8) of approximately A$318M, and pre-tax IRR of 31.5%. Payback period from commencement of mining of 3.0 years. Significant potential upside to the Study base case gold price with the A$3,300/oz gold price scenario returning: ▪ ▪ Pre-tax cashflow of A$904M, pre-tax NPV8 of approximately A$548M, and pretax IRR of 45.8%. Payback period from commencement of mining of 2.1 years. ▪ Pre-production capital cost of A$238.5M, LOM C1 cash operating cost of A$1,730/oz produced, and LOM all-in sustaining cost of A$1,931/oz produced. ▪ The Study retains significant upside including excellent potential to extend the proposed mine life through underground mining options at all deposits (including Swan/Swift, Kingfisher, Omega, and Wilsons) and other processing methods yet to be evaluated. ▪ Additional resource drilling at the 12 resource areas not included in the study could potentially elevate them to an economically viable status for inclusion into the mining schedule and further enhance the positive economic outlook of the highly prospective Gum Creek Project. ________________________________________________________________________________ 1 Refer to Horizon Gold Ltd ASX Announcement dated 20 March 2024 titled “Compelling Gum Creek Scoping Study”. CP L.Ryan 1 Horizon Gold Limited ACN: 614 175 923 Suite 8, Level 3, 47 Havelock Street, West Perth WA 6005 | PO Box 39, West Perth WA 6872 Telephone: +61 8 6331 6092 | Email: info@horizongold.com.au | Website: www.horizongold.com.au Horizon Gold Limited (ASX: HRN) (Horizon or the Company) is focussed on progressing its exploration and development activities at the 100%-owned Gum Creek Gold Project (Gum Creek or the Project) located in the Mid-West Region of Western Australia (Figure 1). Gum Creek has historically produced more than 1 million ounces of gold and currently hosts a gold resource of 2.14 million ounces 2 . The Project covers 519km2 of granted tenure over the highly prospective and underexplored Gum Creek greenstone belt, which contains 37 open pit and three underground gold mines. Due to ongoing exploration success and the definition of a 44.45Mt @ 1.50g/t Au for 2.14Moz mineral resource estimate (MRE) including a 1.30 million ounce (33Mt @ 1.22g/t Au) free milling gold resource at Gum Creek, Horizon completed a scoping study on free milling, near surface open pittable resources to assess the potential to recommence production through a new processing plant located at the previously permitted Gidgee mill site. Figure 1: Gum Creek Gold Project and surrounding gold resources and gold processing operations 2 Refer to Horizon Gold Ltd ASX Announcement dated 15 May 2023 titled “19% Increase in Resources at Gum Creek Project”. 2 Gum Creek Scoping Study3 The Study evaluated free milling Whittle optimised in-pit gold resources from only 14 of the current 26 Gum Creek Gold Project resource areas using a base case gold price of A$2900/oz. All gold resources used in the Study, including Eagle, Hawk, Heron South, Howards, Hyperno-Reliance, Kingfisher, Manikato, Shiraz, Snook, Specimen Well, Swan/Swift, Think Big, Toedter, and Wedge, are located on granted mining leases. Ore is to be processed through a new 2.4Mt per annum gravity / CIL processing plant located at the previously permitted Gidgee gold processing site using established infrastructure including air strip, haul roads, tailings dam, waste dumps, in-pit water resources, camp (for construction and overflow purposes) and existing ROM pads where possible and upgraded where required. The Study envisaged an average recovered gold production of approximately 84,000oz per year over a 10-year LOM using an initial open pit mine production target of 24.46Mt @ 1.13g/t Au for 888,000 ounces comprised of 76% indicated and 24% inferred gold resource ounces 4 (compliant with the JORC 2012 guidelines) (Table 1). Table 1: Scoping Study Open Pit Mine Production Target by Deposit Deposit Swan/Swift OC* Howards* Eagle Heron South Toedter Hawk Kingfisher OC Hyperno-Reliance Manikato Shiraz* Snook Specimen Well Think Big Wedge Total Tonnes 10,396,000 8,160,000 1,145,000 907,000 566,000 765,000 256,000 328,000 335,000 491,000 158,000 252,000 431,000 274,000 24,463,000 Production Target Au (g/t) 1.29 0.85 1.08 1.17 1.48 1.09 2.11 1.25 1.20 0.81 1.83 1.52 1.06 1.65 1.13 Ounces 431,000 222,000 40,000 34,000 27,000 27,000 17,000 13,000 13,000 13,000 9,000 12,000 15,000 15,000 888,000 * MIK models constructed as diluted mining models, hence no further mining dilution or mining recovery factors have been applied. Notes: Figures have been rounded. The Whittle optimisation work in this Study used the mineral resource estimates referred to in previous Horizon Gold Limited ASX announcements titled “Gum Creek Gold Project Resource Update” dated 12 February 2021, “32% Increase in Resources at Gum Creek Gold Project” dated 25 July 2022 and “19% Increase in Gold Resources at Gum Creek Gold Project” dated 15 May 2023, all of which are available to view at https://horizongold.com.au/announcements/. The estimated pre-production capital cost of A$238.5M includes existing plant demolition and removal, a new 2.4Mt per annum gravity / CIL processing plant, a new 200-person camp, pit dewatering costs, and a 20% contingency. The Company is currently investigating ways to lower pre-production capital costs focusing on dewatering and contingency cost reductions. Pre-production mining costs (open pit pre-strip) of A$36.4M are included in the mine operating costs over the first 5 months of operations. Sustaining capital includes all capital expenditure post-production commencement. Sustaining capital for the processing plant includes allocation of capital replacements and throughput optimisation as well as the construction of a second tailings storage facility (Table 2). Refer to Horizon Gold Ltd ASX Announcement dated 20 March 2024 titled “Compelling Gum Creek Scoping Study”. CP L.Ryan “There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.” 3 4 3 Table 2: Summary of Capital Expenditure Pre-Production Capital (A$M) Demolition of existing Processing Plant 1.0 Processing Facilities (incl. offices)* 193.1 Camp and Site Facilities 25.4 Property Plant & Equipment (incl. vehicles and administration offices) 3.0 Tailings Storage Facility (TSF)* 3.5 Open Pit Dewatering (pumps, pipes, and operating costs incl. diesel) 10.5 Pre-production Mining Contractor Costs** 2.0 Total Pre-production Capital 238.5 Sustaining Capital (LOM) (A$M) Tailings Storage Facility (TSF) 30.1 Dewatering & Water Management (pumps, pipes, vehicles & equipment) 62.8 Property Plant & Equipment (vehicle & building maintenance) 2.0 Total Sustaining Capital 94.9 Total Capital Costs 333.4 * Costs are expected to be accurate within the study allowance of ±35%, the estimates include a contingency allowance of 20%. ** Pre-production mining costs of $36.4M in addition to mining contractor costs are included in mine operating costs over the first 5 months. LOM C1 cash operating costs of A$1,730/oz (produced), include Mining costs (A$34.30/t milled, A$993.6/oz produced), Processing costs (A$23.61/t milled, A$684.1/oz produced) and General and Administration (G&A) costs (A$1.82/t milled, A$52.7/oz produced). LOM All-in Sustaining Costs (AISC) of A$1,931/oz (produced), include Sustaining Capital costs (A$3.88/t milled, A$112.4/oz produced) and Royalties (Govt & 3rd party) (A$3.05/t milled, A$88.4/oz produced) (Table 3). It is estimated that approximately A$13.4M in royalties will be paid to third party companies, and approximately A$61.2M in royalties will be paid to the State Government over the LOM. Table 3: Estimated Operating Costs Operating Cost Description LOM Operating Cost (A$M) A$/t milled $/oz Au Produced Mining (incl. grade control, haulage, dewatering) 838.9 34.30 $993.6 Processing 577.6 23.61 684.1 Site G&A 44.5 1.82 52.7 C1 Cash Operating Cost* 1,461.0 59.72 1,730.40 Royalties 74.6 3.05 88.4 Sustaining Capital 94.9 3.88 112.4 All-in Sustaining Cost (AISC)** 1,630.5 66.66 1,931.20 * C1 cash cost includes mining, processing, and administration costs. ** AISC per ounce payable includes C1 cash cost, royalties and sustaining capital. It does not include corporate, exploration or nonsustaining costs. A range of scenarios considering different production profiles and cut-off grades were evaluated in the Study. The 2.4 Mtpa throughput sustains full production for ten years, is the preferred production rate, and provides the opportunity to add additional satellite deposits beyond the current mining schedule. The Study demonstrated that the recommencement of open pit mining at a base case gold price of A$2,900/oz provides a substantial economic return, yielding a pre-tax cashflow of A$574M, pre-tax NPV8 of approximately A$318M, and a pre-tax IRR of 31.5%. The payback period from commencement of mining in this scenario would be 3.0 years. The annual undiscounted cashflow and cumulative undiscounted cashflow (from funding drawdown) outcomes are presented in Figure 2 below. 4 Cashflow $700 $600 $500 $400 $300 $200 $100 $$(100) 0 1 2 3 4 5 6 7 8 9 10 11 $(200) $(300) Cashflow Cumulative Cashflow Figure 2: Cashflow and Cumulative Cashflow (A$M) by Year The Study base case gold price retains a significant potential upside to predicted financial outcomes with the A$3,300/oz gold price scenario returning a pre-tax cashflow of A$904M, pre-tax NPV8 of approximately A$548M, pre-tax IRR of 45.8% and a payback period from commencement of mining of 2.1 years (Table 4). Table 4: Scoping Study – Gold Price Scenarios Description Gold Price (A$/oz) $2,500 $2,700 $2,900* $3,100 $3,300 Pre-tax Cashflow (A$M) $244.96 $409.59 $574.23 $738.87 $903.50 NPV8 (A$M) $88.09 $202.94 $317.79 $432.65 $547.50 IRR (%) 15.3% 23.8% 31.5% 38.8% 45.8% Payback Period (years) 4.6 3.7 3.0 2.5 2.1 * Base case gold price A sensitivity analysis of the Study’s key economic parameters demonstrated that the Project economics are most sensitive to a change in gold price, followed by a change in operating costs, discount rate and capital expenditure. The results of the sensitivity analysis are presented in Figure 3 in terms of NPV sensitivity. 5 Figure 3: Study NPV Sensitivity Analysis The Company’s strategy is to mine larger, lower risk open pit deposits adjacent to the proposed processing area (Swan/Swift) that return substantial profit margins in the first 5 years of mining, incorporating the other “Central” satellite pits during the 3 rd year of mining (Eagle, Wedge, Hawk and Kingfisher). Due to higher strip ratios, from year 6 the “Northern” satellite pits (Shiraz, Snook, Specimen Well and Toedter) and “Southern” satellite pits (Hyperno Reliance, Heron South, Manikato and Think Big) will be mined while the 2 haul truck fleets are on site (Figure 4). Howards will be mined from year 7 to 10 using a single fleet. Quarterly Production (tonnes) by Mining Location 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 - 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 SwanSwift1 SwanSwift2 SwanSwift3 SwanSwift4 Howards1 Howards2 Howards3 Eagle Wedge Hawk Kingfisher Shiraz Snook Specimen Well Toedter Hyperno Reliance Heron South Manikato Think Big Figure 4: Quarterly Production Schedule by Deposit 6 Scheduled ore mined (million tonnes per annum) by resource category and average gold grade (g/t) is presented in Figure 5 below. Mined Ore (Mt) 3.0 2.5 2.0 1.46 2.22 1.15 1.5 2.03 1.97 2.07 2.26 2.04 1.75 1.0 1.34 1.15 0.5 1.02 1.18 0.75 0.39 0.0 - 1 0.10 0.17 2 3 0.47 0.21 4 5 INFERRED 6 7 INDICATED 8 9 0.34 10 0.27 11 0.14 12 Avg Grade Figure 5: Annual Ore Mined (Mtpa) by Resource Category and Average Gold Grade (g/t) The Company considers there is a reasonable basis to believe that the funding required for the development of the Project will be available when required. Typical project development financing would involve a combination of debt and equity. It is possible however, that such funding may only be available on terms that may be dilutive to or otherwise affect the value of the Company’s existing shares. The Scoping Study provides justification that the development of the Gum Creek Gold Project is a commercially viable stand‐alone mining operation and accordingly the Board of Horizon Gold Limited are considering the commencement of a Feasibility Study. Further economic assessment work will be undertaken with a focus on reducing pre-production capital expenditure including processing facility costs and reducing sustaining capital expenditure including water management costs. Further evaluation of grade cutoff options and processing throughput rates will also be completed. The Study retains significant upside including excellent potential to extend the proposed mine life through underground mining and other processing methods. Underground mining options at all deposits including Swan/Swift, Kingfisher, Omega and Wilsons are yet to be evaluated, and additional drilling at the 12 resource areas not included in the study could potentially increase the resource size and gold grade of these deposits and elevate them to an economically viable status for inclusion into the mining schedule. 7 Corporate Additional ASX Listing Rule Disclosures As required by ASX Listing Rule 5.3, the Company advises it spent $541,000 on exploration and evaluation activities during the quarter. The expenditure is predominantly related to costs associated with the Gum Creek scoping study, engineering and geotechnical consulting services, the structural analysis of the Swan-Swift area, and ongoing tenement rents and rates. There was no mining development or production activities conducted during the quarter. The total amount paid to directors of the entity and their related parties and associates (Section 6 of Appendix 5B) was $102,000, encompassing the Executive Director’s salary, Non-Executive Directors’ fees and associated superannuation, and $4,000 relating to geological drafting and administration services. As at 31 March 2024, Horizon had a cash at hand balance of $840,000. Mining Tenements The status of the Company’s mining tenements as at 31 March 2024 are detailed in Appendix 1. This ASX announcement was authorised for release by the Horizon Board. For further information contact: Leigh Ryan Managing Director +61 8 6331 6092 8 Horizon Gold Limited Mineral Resources Table A: Gum Creek Gold Resources as at 15 May 2023 Resource Date Cut-off grade (g/t Au) Indicated Au Tonnes Gold (oz) (g/t) Inferred Au Tonnes Gold (oz) (g/t) 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 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 0.96 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 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 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 1.81 434,100 118,500 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 May-23 0.6 119,000 1.73 6,600 326,000 1.16 12,200 445,000 1.31 18,800 May-23 0.6 214,000 1.56 10,700 148,000 1.28 6,100 362,000 1.44 16,800 May-23 0.6 176,000 1.64 9,300 48,000 1.56 2,400 224,000 1.62 11,700 May-23 Jul-22 Jul-22 May-23 0.6 0.8 0.8 0.6 264,000 69,000 99,000 1.19 1.49 1.32 10,100 3,300 4,200 41,000 182,000 258,000 30,000 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 28,193,000 1.48 1,346,000 16,257,000 1.51 44,450,000 1.50 2,137,300 Total 791,300 Total Au (g/t) Tonnes Gold (oz) * 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 respectiv ely. Notes: Figures have been rounded. Table B: Altair Inferred Base Metal Mineral Resource as at 14 March 2023 Cut-off Total Tonnes & Grade Total Metal Content ZnEq % Mt ZnEq % Zn % Cu % Ag g/t ZnEq (Kt) Zn (Kt) Cu (Kt) Ag (Moz) 2.0 7.0 2.9 1.8 0.5 5.0 200 130 30 1.1 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. Figures have been rounded. 9 Competent Persons Statement: The information that relates to the Scoping Study and the information that relates to Exploration Results in this announcement is based on information compiled by Mr Leigh Ryan, who is a member of The Australasian Institute of Geoscientists. Mr Ryan is the Managing Director of Horizon Gold Limited and holds shares and options in the Company, Mr Ryan has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ryan consents to the inclusion in the report of the matters based on information provided in the form and context in which it appears. No New Information or Data: This announcement contains references to Mineral Resource estimates, all of which have been cross referenced to previous market announcements. The Company confirms that it is not aware of any additional information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. This announcement contains references to forecast financial information extracted from the Company's announcement titled “Compelling Gum Creek Scoping Study“ dated 20 March 2024. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement, all material assumptions and technical parameters underpinning the forecast financial information derived from the Scoping Study and included in the original announcement continue to apply and have not materially changed. Forward Looking Statements: This ASX announcement may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to metals price volatility, currency fluctuations, as well as political and operational risks and governmental regulation and judicial outcomes. 10 APPENDIX 1: (a) Horizon Group Mining Tenements held as at 31 March 2024 Lease E51/1538* E51/1844 E51/2027 E51/2028 E53/1725 E53/1955 E57/1104 E57/1105 L51/93 L53/46 L53/47 L53/95 L53/96 L53/116 L53/199 L57/20 L57/44 L57/47 M51/104 M51/105 M51/157 M51/185 M51/186 M51/290 M51/410 M51/458 M53/10 M53/11 M53/105 M53/153 M53/251 M53/500 M53/716 M53/904 M53/988 M57/634 M57/635 E53/2162 E53/2168 E57/1177 P53/1702 E57/1391 E57/1405 Location Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Area of Interest Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Status Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Granted Application Expiry Date 03-Feb-24* 22-Jan-28 09-Sep-26 09-Sep-26 03-Jul-25 18-Jan-28 09-Jun-24 01-May-24 24-Nov-34 28-Feb-25 26-Sep-25 13-Dec-28 13-Dec-28 30-Jul-44 29-Jul-36 20-Jun-44 12-Jun-33 13-Aug-34 11-May-29 09-May-31 09-Mar-30 18-Feb-30 18-Feb-30 09-May-31 10-Mar-34 09-Feb-35 24-Nov-25 24-Nov-25 29-Aug-30 28-Jun-32 02-Sep-34 21-May-42 07-Sep-40 28-Sep-42 12-Mar-24 14-Jul-35 01-Sep-35 07-Feb-27 01-Mar-27 30-Jun-27 30-Sep-27 26-Feb-29 N/A Holder GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK Horizon's Interest 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Mineral Rights All All All All All All All All Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure All All All All All All All All All All All All All All All All All All All All All All All All All 11 Lease E57/1407 E51/2203 E53/2321 E57/1421 L51/136 L53/307 L53/308 L57/71 Location Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Gidgee Area of Interest Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Gum Creek Status Application Application Application Application Application Application Application Application Expiry Date N/A N/A N/A N/A N/A N/A N/A N/A Holder GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK GUM CREEK E= Exploration Licence (WA) M = Mining Lease (WA) P = Prospecting Licence (WA) Holder: GUM CREEK = Gum Creek Gold Mines Pty Ltd (100% Subsidiary of Horizon Gold Limited) Horizon's Interest 100% 100% 100% 100% 100% 100% 100% 100% Mineral Rights All All All All Infrastructure Infrastructure Infrastructure Infrastructure L = Miscellaneous Licence (WA) * Renewal Application submitted (b) Changes of Interest in mining tenements during the quarter Tenement Reference and Location E57/1391 Gidgee L51/136 Gidgee L53/307 Gidgee L53/308 Gidgee L57/71 Gidgee Nature of Interest Interest at beginning of Quarter Interest at end of Quarter 100% 0% 0% 0% 0% 100% 100% 100% 100% 100% Interest at beginning of Quarter Interest at end of Quarter Application Granted Application Application Application Application (c) Farm-in or farm-out changes during the Quarter Tenement Reference and Location Nature of Interest Nil 12 Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity HORIZON GOLD LIMITED ABN Quarter ended (“current quarter”) 27 614 175 923 31 MARCH 2024 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for Year to date (9 months) $A’000 14 25 (a) exploration & evaluation (if expensed) - - (b) development - - (c) production - - (d) staff costs (incl for Care & Maint.) (29) (94) (e) direct site Care & Maint. costs (3) (32) (f) (88) (380) - - administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 13 26 1.5 Interest and other costs of finance paid (10) (11) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (FY 2023 WA State MRF payment) - (146) 1.9 Net cash from / (used in) operating activities (103) (612) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (541) (1,364) (e) investments - (3,169) (f) - - (d) exploration & evaluation (if capitalised) other non-current assets ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 2.2 Current quarter $A’000 Year to date (9 months) $A’000 Proceeds from the disposal of: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to/from other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other – security deposits paid Other – security deposits received - - 2.6 Net cash from / (used in) investing activities (541) (4,533) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - 1,838 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (17) (29) 3.5 Proceeds from borrowings - 3,969 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other – Lease payments (11) (31) 3.10 Net cash from / (used in) financing activities (28) 5,747 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 1,512 238 4.2 Net cash from / (used in) operating activities (item 1.9 above) (103) (612) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (541) (4,533) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (28) 5,747 ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 840 840 5. Reconciliation of cash and c