Announcement PDF Gum Creek Gold Project Investor Presentation horizongold.com.au July 2025 ASX: HRN IMPORTANT NOTICE AND DISCLAIMER No New Information or Data This presentation contains references to exploration results and Resource estimates, all of which have been cross referenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new 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 presentation 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. Cautionary Statement The mine production target and forecast financial information referred to in the Gum Creek Scoping Study includes Indicated Mineral Resources (approximately 76%) and Inferred Mineral Resources (approximately 24%). The Inferred material does not have a material effect on the technical and economic viability of the Gum Creek Gold Project. 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. Forward Looking Statements This presentation 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. Competent Persons Statement The information in this presentation that relates to exploration results and Mineral Resources 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 presentation of the matters based on information provided in the form and context in which it appears. EXECUTIVE SUMMARY High-quality gold asset in a tier-1 mining jurisdiction Large-scale, High-Grade Asset with Low Mining Recommencement Risk ▪ 44.5Mt @ 1.5g/t Au for 2.14Moz (63% indicated) across 26 deposits on granted mining leases, majority free-milling gold with > 90% recoveries ▪ Two large mineralised systems including Gidgee Shear zone (886koz @ 1.53g/t) and Howards (267koz @ 0.81g/t) underpinning base mill feed ▪ Gold resource update expected H2-2025 Feasibility Study due in 1HCY26 ▪ Positive Scoping Study confirmed standalone operation potential @ A$2,900/oz. ▪ All key workstreams on track for H1-2026 Feasibility completion, focused on shallow, free milling open pittable feed from the Gidgee Shear Zone and Howards area Material exploration upside targeting higher grade intersections ▪ Significantly underexplored 80km-long project strike with historical discovery cost < A$15/oz, focused on shallow open pittable and high-grade underground resources ▪ Omega – targeting depth extensions of historical intersections, including 30m @21.1g/t Au, 13m @10.8g/t Au, 10m @10.4g/t Au ▪ Kingfisher – stacked lodes plunging moderately to the south, with better grades at depth including 15m @28.5g/t Au, 10m @8.9g/t Au Resources On Existing Mining Leases and Established Infrastructure Supports Rapid Restart ▪ Planned central mill to be located at the historically permitted Gidgee site; Large resources located on existing mining leases provide streamlined pathway to production; and existing haul roads, access tracks and tailings infrastructure reduce development timelines and capex intensity. ▪ Located in a prolific WA gold district with nearby consolidation opportunities (Brightstar Resources, Aurumin, Gateway Resources, Neometals) Experienced Board and Technical Team ▪ Led by seasoned mining executives with deep exploration, development, and corporate experience 3 GUM CREEK GOLD PROJECT Gum Creek Gold Project ▪ Largest gold resource (2.14 Moz* – 63% Indicated) in the Sandstone District, with significant exploration upside and potential consolidation opportunities ▪ Well-endowed gold region – the GCGP has historically produced more than 1.1 Moz** with last mining in 2005 when gold price was A$560/oz ▪ Compelling standalone free milling gold development opportunity on granted mining leases, providing a streamlined permitting process ▪ Feasibility Study progressing following very positive Scoping Study; Study is focused on the Gidgee Shear Zone and Howards resource areas (89% of free milling MRE ounces) ▪ Planned central mill facility at established operating site, serviced with well maintained gravel roads, existing haul roads, tailings facility and other infrastructure ▪ Ongoing exploration targeting higher grade feed and resource growth Mineral Resource Estimate * Tonnes Grade Contained Mt g/t Au Moz Au Indicated 28.2 1.48 1.35 Inferred 16.3 1.51 0.79 Total 44.5 1.50 2.14 Resource Source: * Refer to Horizon Gold Limited ASX Announcement titled “19% Increase in Gold Resources at Gum Creek Project” dated 15 May 2023. ** Refer to Horizon Gold Limited ASX Announcement titled “Horizon Gold Limited Prospectus” dated 19 December 2016. 4 Gidgee Shear Zone Main bulk free milling ore source underpinning mine life and economics adjacent to Gidgee Mill ▪ 7km long mineralised system hosting 886koz* (60% Indicated) adjacent to the Gidgee mill ▪ Sub-parallel shears up to 60m wide; mineralisation open along strike and down plunge at all deposits ▪ Potential to expand the open cut and underground gold resources (majority of drilling <100m) Wedge Swift Kingfisher Swan Hawk Eagle 3D view of Main Gidgee Mining Area looking down to the northeast showing A$2,900 optimised pit shells (blue) and MRE block models (coloured by Au g/t) Source: * Refer to Horizon Gold Limited ASX Announcement titled “19% Increase in gold resources at Gum Creek Gold Project" dated 15 May 2023 for further information. 5 Howards Deposit 2nd bulk tonnage free milling deposit underpinning mine life and economics ▪ 2.5km long mineralised zone hosting 267koz* (80% Indicated), 27km SE of the Gidgee mill ▪ No previous mining, gold mineralisation at surface up to 50m wide ▪ Low strip ratio underpins economics ▪ Potential to increase the gold resource at shallow depths along strike to the north and south Howards Source: * Refer to Horizon Gold Limited ASX announcement titled “19% Increase in gold resources at Gum Creek Gold Project" dated 15 May 2023. Refer to Horizon Gold Limited ASX announcement titled “Impressive broad, shallow and high-grade intercepts returned from RC and Diamond Drilling” dated 3 June 2025 for intercept information. 6 Exploration Upside Resource Upside ▪ Excellent brownfields resource upside across the 80km strike of Gum Creek Gold Project ▪ Latest 13,000m RC drill program just completed with a focus on infilling and extending shallow oxide resources to be included in the feasibility study – resource update expected 2H CY2025 ▪ Excellent assay results including: ▪ ▪ Swan/Swift Prospects: 22m @ 3.18g/t Au from 2m including 5m @ 9.71g/t Au from 10m ▪ Howards Prospect: 28m @ 3.88g/t Au from 74m including 12m @ 8.19g/t Au from 77m ▪ Eagle Prospect: 14m @ 4.34g/t Au from 24m including 3m @ 18.66g/t Au from 32m Further drilling at numerous untested resource targets in planning with a focus on shallow open pittable resources and high-grade underground targets at Kingfisher and Omega Resource Growth* (Moz Au) Indicated 2.50 2.00 1.50 1.00 0.50 2.14 Inferred 1.79 1.36 0.79 0.64 0.37 0.99 1.15 February 2021 July 2022 1.35 0.00 May 2023 Source: * Refer to 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, & “19% Increase in Gold Resources at Gum Creek Project” dated 15 May 2023. 7 Gidgee Shear Zone – Kingfisher Deposit Permitted, High-Grade Deposit Near Mill with Proven Production History, and significant exploration potential ▪ High-Grade Historical Production: Between 1990 and 1996, the Kingfisher deposit yielded 265koz of gold from open-pit operations at an average grade of 4.0g/t and 27koz from underground mining at an impressive 14.1g/t ▪ Substantial Existing Resource: The current Mineral Resource Estimate (MRE) for Kingfisher stands at 2.17Mt @ 2.6g/t, totalling 180.8koz* ▪ Strategic Location: Situated approximately 3.5 km south of the Gidgee Mill, the Kingfisher deposit benefits from proximity to existing infrastructure, reducing potential development costs ▪ Open-Ended Mineralisation: The deposit features a 1.2 km strike length with mineralisation remaining open along strike and at depth, suggesting significant potential for resource expansion ▪ Recent High-Grade Drill Intercepts: Exploration has returned exceptional results, including 15m @ 28.5g/t from 346m and 10m @ 8.9g/t from 190m, indicating the presence of high-grade zones at depth ▪ Drilling planned to test for better grades down plunge at depth Source: * Refer to Horizon Gold Limited ASX announcement titled “19% Increase in gold resources at Gum Creek Gold Project" dated 15 May 2023. Refer to Horizon Gold Limited ASX announcement titled “Diamond drilling returns 15m @ 28.5g/t Au from Kingfisher" dated 12 December 2022. Historical production data has been sourced from: Hazard N J 1998 Kingfisher gold deposit, Gidgee: in Berkman D A, Mackenzie D H (Ed.s), 1998 Geology of Australian & Papua New Guinean Mineral Deposits The AusIMM, Melbourne Mono 22 pp 123-126 8 Omega Exploration Potential High-grade exploration potential ▪ High-Grade Production History: Omega Pit previously produced 44koz @ 5.4g/t, while the Omega Underground delivered 40koz @ 5.3g/t, demonstrating consistent high-grade mineralisation across previous mining phases ▪ Drilling planned at Omega to follow up historical drilling intercepts not mined ▪ Omega down-plunge extensions including: ▪ 30m @ 21.1g/t Au from 57m ▪ 13m @ 10.8g/t Au from 122m ▪ 24m @ 6.1g/t Au from 50m ▪ 10m @ 10.4g/t Au from 127m ▪ 14m @ 7.1g/t Au from 112m ▪ 22m @ 3.7g/t Au from 76m Source: Refer to Horizon Gold Limited ASX announcement titled “Gum Creek Geological Review” dated 15 February 2021 for drilling intercept information. Historical production data has been sourced from: Ross, D I and Smith, D W, 1998. Omega gold deposit, Gidgee, in Geology of Australian and Papua New Guinean Mineral Deposits (Eds: D A Berkman and D H Mackenzie), pp 119–122 (The Australasian Institute of Mining and Metallurgy: Melbourne). 9 Wilsons – High Grade U/G Optionality Permitted, High-Grade Resource to Extend Mine Life ▪ Large, High-Grade Sulphide Resource Not Yet in Development Plan: Wilsons hosts a 391koz* resource @ 5.4g/t (93% Indicated), offering a significant inventory of high-grade gold not currently included in the Scoping or Feasibility Studies. ▪ Outstanding Historical Intercepts Indicate Depth Continuity: Historical diamond drilling has returned strong down-plunge results, supporting the view that mineralisation continues at depth and may be expanded with further drilling. ▪ Metallurgy Well Understood: Test work has delivered strong gold recoveries of 87–90%, with conventional processing routes for refractory ore applicable (Albion process). This supports the optionality to integrate Wilsons into the Gum Creek development or toll treating at a later stage. ▪ Permitting Advantage: Like the broader project resources, Wilsons sits on granted mining leases, with a history of exploration and development that streamlines future permitting or restart pathways. Source: * Refer to Horizon Gold Limited ASX announcement titled “19% Increase in Gold Resources at Gum Creek Project” dated 15 May 2023 for resource information. Refer to Panoramic Resources Limited ASX Announcements titled “Corporate Strategy and positive gold results” dated 27 June 2016 for metallurgy information & titled “Quarterly Report for the period ending 30 September 2013” dated 21 October 2013 for cross section information 10 March 2024 Scoping Study – attractive base case economics Key Economic Metrics Gold Price Sensitivities Gold Price (A$/oz) Pre-tax NPV8 A$m 548 Pre-tax IRR % 45.8 LOM EBITDA Life of Mine Years 10 Gold Price A$/oz 3,300 Pre-production Capital Costs A$m 239 Payback Period LoM Capital Costs A$m 333 Cashflow and Cumulative Cashflow p.a. (A$m @ A$2900/oz) Annual Gold Production koz p.a 84 LoM Gold Production koz 888 Payback Period Years 2.1 LoM EBITDA A$m 904 A$/oz milled 1,730 A$/oz 1,931 C1 Cost AISC 2,500 2,700 2,900 3,100 3,300 A$m 245 410 574 739 904 Pre-tax NPV8 A$m 88 203 318 433 548 Pre-tax IRR % 15.3 23.8 31.5 38.8 45.8 Years 4.6 3.7 3.0 2.5 2.1 Source: Refer to Horizon Gold Limited ASX announcement titled “Compelling Gum Creek Scoping Study” dated 20 March 2024. The mining production target and forecast financial information referred to in the Gum Creek Scoping Study includes Indicated Mineral Resources (approximately 76%) and Inferred Mineral Resources (approximately 24%). The Inferred material does not have a material effect on the technical and economic viability of the Gum Creek Gold Project. 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. 11 Feasibility Study on track for completion 1H 2026 Open Pit Mining of Free Milling Resources on Granted Mining Leases Targeting simple 10-year operation underpinned by two open pit mining areas, the Gidgee Shear Zone and Howards open pit ▪ Mine plan only includes 7 of the 26 resource areas (84% of the free milling resource) ▪ All gold resources in the Study are located on granted mining leases within the 100% owned Gum Creek Gold Project Key workstreams ▪ Feasibility resource drilling and geotechnical drilling completed with results announced ▪ MRE update is underway ▪ Geotechnical studies and metallurgical test work is being finalised ▪ Process plant and mine design work is underway ▪ Water bore drilling has commenced with pump tests starting in August prior to producing a site-wide water balance model ▪ Power study, environmental surveys, and heritage evaluation work is scheduled for 3Q CY2025 Completion of the Feasibility Study on track for completion 1H CY2026 12 CORPORATE OVERVIEW Capitalisation Summary * Shareholder Summary Unit ASX:HRN Share Price A$ 0.52 Shares Outstanding M 144.8 Market Capitalisation A$m 73.1 Cash (30 June 2025) A$m 0.5 Debt (30 June 2025) A$m 0.5 Enterprise Value A$m 73.1 Share Price History since 1 July 2024 * Share Price 0.70 Volume (m) 0.60 2.0 0.50 1.5 0.40 0.30 1.0 0.20 0.5 0.10 Sep-24 Nov-24 Source: * As at 16 July 2025 per IRESS Jan-25 Mar-25 Zeta Resources Directors & Management 5% Other Shareholders 75% Key Board and Management 2.5 0.0 Jul-24 20% May-25 0.00 Jul-25 Leigh Ryan Managing Director • Qualified geologist with 30+ years of experience across Australia and Africa • Previously held senior leadership roles at Resolute Mining, Boss Resources, Chrysalis Resources and Alchemy Resources Peter Sullivan Executive Chairman • Over 30+ years of experience in the resources sector across project engineering, corporate finance and public company directorships • Previous directorships in Zeta Resources and Alliance Nickel 13 COMPARATIVE VALUATION HRN compares very favourably to peers on an EV/Resource basis with an attractive grade, and large resource on a 100% mining lease 140 120 Average Peer EV / Resource EV/ Resource 100 80 60 40 20 0 AZY AAR BGD MI6 STN AUC MM8 RXL HRN Company Antipa Minerals Astral Resources Barton Gold Minerals 260 Saturn Metals Ausgold Limited Medallion Metals Rox Resources Horizon Gold Ltd Location Western Australia Western Australia South Australia Western Australia Western Australia Western Australia Western Australia Western Australia Western Australia EV (A$m) 292 195 171 232 189 194 126 169 73 Total Resource (Moz) 2.5 1.8 1.6 2.3 2.0 2.4 1.6 2.3 2.1 Grade (g/t) 1.5 1.1 0.8 1.2 0.5 1.1 2.6 4.4 1.5 EV/Resource 115.7 110.7 106.9 100.9 93.1 79.4 78.7 73.5 34.3 Study Level Scoping PFS Scoping PFS Scoping DFS PFS PFS Scoping Permitting Stage Exploration Lease Mining Lease ML & EL Mining Lease ML & EL Mining Lease Mining Lease Mining Lease Mining Lease Source: ASX company announcements – See Appendices. IRESS 16/07/2025 Comparable companies include Australian companies with resources greater than 1.5Moz and at least a scoping study. 14 horizongold.com.au APPENDICES Gum Creek Gold Project Location Gum Creek Gold Project ▪ Strategic project within the prolific Sandstone / Gum Creek gold mining district located between the gold mining townships of Meekatharra, Wiluna and Sandstone ▪ Gum Creek Gold Project has one of the largest landholdings in the district and the largest resource at 2.14Moz Au. ▪ Strategically located - 6 gold mills within 150km of the project ▪ Significant recent M&A in the region, including: ▪ ▪ Alto Metals Limited takeover by Brightstar Resources Limited ▪ Acquisition of Montague East gold rights from Gateway Mining Ltd by Brightstar Resources Limited ▪ Recent merger discussions between Aurumin Limited & Brightstar Resources Limited Several additional consolidation opportunities within the region 16 GUM CREEK GOLD PROJECT RESOURCE 1,2 Date Cut-off grade (g/t Au) Wedge Swan/Swift OC Swan UG* Swift UG Eagle Kingfisher OC Kingfisher UG Hawk Gidgee Shear Zone Total Howards Wilsons UG Heron Heron South Shiraz Wyooda** Snook Toedter Specimen Well Camel Bore Kearrys Psi Hyperno-Reliance May-23 Jul-22 Jul-22 Jul-22 May-23 May-23 May-23 May-23 0.6 0.4 2.5 / 3.0* 3 0.8 0.6 1.5 0.6 May-23 Jul-13 May-23 May-23 May-23 Jul-22 Jul-22 Aug-16 May-23 Jul-22 May-23 Jul-22 May-23 Melbourne Bitter Deep South Reliance Eagles Peak Orion Wahoo Fangio Total Resource Indicated Tonnes Au (g/t) Inferred 0.4 1 0.6 0.8 0.4 0.8 0.8 0.5 0.8 0.8 0.6 0.8 0.6 9,980,000 301,000 395,000 621,000 359,000 378,000 12,034,000 8,064,000 2,131,000 330,000 720,000 2,539,000 430,000 75,000 379,000 450,000 100,000 119,000 1.09 6.91 1.94 1.77 3.48 1.28 1.38 0.82 5.33 2.11 1.79 0.7 1.56 2.57 1.47 1.24 2.08 1.73 Gold (oz) 349,500 66,900 24,700 35,400 40,200 15,500 532,200 213,100 365,000 22,400 41,400 57,300 21,600 6,200 17,900 18,000 6,700 6,600 Tonnes 487,000 2,735,000 226,000 138,000 764,000 269,000 917,000 471,000 6,007,000 2,136,000 136,000 1,822,000 761,000 1,064,000 862,000 846,000 689,000 529,000 100,000 46,000 226,000 326,000 May-23 0.6 214,000 1.56 10,700 May-23 May-23 Jul-22 Jul-22 May-23 0.6 0.6 0.8 0.8 0.6 176,000 264,000 69,000 99,000 28,193,000 1.64 1.19 1.49 1.32 1.48 9,300 10,100 3,300 4,200 1,346,000 Au (g/t) Total 1.52 0.96 7.1 5.72 1.8 1.12 3.24 1.25 1.83 0.78 5.95 1.51 1.53 0.63 1.56 1.76 1.54 1.5 1.21 1.35 1.69 1.16 Gold (oz) 23,800 84,600 51,600 25,400 44,100 9,700 95,500 18,900 353,600 53,800 26,000 88,200 37,500 21,600 43,200 47,800 34,000 25,500 3,900 2,000 12,300 12,200 Tonnes 487,000 12,715,000 527,000 138,000 1,159,000 890,000 1,276,000 849,000 18,041,000 10,200,000 2,267,000 2,152,000 1,481,000 3,603,000 1,292,000 921,000 689,000 529,000 479,000 496,000 326,000 445,000 148,000 1.28 6,100 48,000 41,000 182,000 258,000 30,000 16,257,000 1.56 0.99 1.4 1.25 1.35 1.51 2,400 1,300 8,200 10,400 1,300 791,300 1.52 1.06 6.99 5.72 1.85 1.58 3.31 1.26 1.53 0.81 5.36 1.6 1.66 0.68 1.56 1.82 1.54 1.5 1.42 1.25 1.81 1.31 Gold (oz) 23,800 434,100 118,500 25,400 68,800 45,100 135,700 34,400 885,800 266,900 391,000 110,600 78,900 78,900 64,800 54,000 34,000 25,500 21,800 20,000 19,000 18,800 362,000 1.44 16,800 224,000 305,000 251,000 258,000 129,000 44,450,000 1.62 1.16 1.43 1.25 1.33 1.5 11,700 11,400 11,500 10,400 5,500 2,137,300 Source: (1) Refer to Horizon Gold ASX Announcement titled “19% Increase in Gold Resources at Gum Creek Project” dated 15 May 2023 for more information. (2) Figures are rounded. * cut-off grades are 2.5g/t Au for Swan UG Indicated, and 3.0g/t Au for Swan UG Inferred. ** Wyooda includes the Kingston Town, Think Big and Manikato resources. Au (g/t) 17 COMPARATIVE VALUATION DATA SOURCES Antipa Minerals Ausgold Limited • Resource – ASX Announcement: May 2025 – Updated MRE • Resource – ASX Announcement: June 2025 – DFS • Cash – ASX Announcement: July 2025 – Strategic Placement • Cash – ASX Announcement: March 2025 – Appendix 5B • Study – ASX Announcement: October 2024 – Scoping Study • Study – ASX Announcement: June 2025 – DFS Astral Resources Medallion Metals • Resource – ASX Announcement: May 2025 – Updated MRE • Resource – ASX Announcement: May 2025 – Investor Presentation • Cash – ASX Announcement: April 2025 – Cashflow report • Cash – ASX Announcement: May 2025 – Investor Presentation • Study – ASX Announcement: June 2025 – PFS • Study – ASX Announcement: October 2023 – PFS Barton Gold Rox Resources • Resource – ASX Announcement: March 2025 – Tunkillia JORC Resources Grow to 1.6Moz gold, 3.1Moz silver • Resource – ASX Announcement: January 2024 – MRE Update • Cash – ASX Announcement: March 2025 – Appendix 5B • Study – ASX Announcement: July 2024 – PFS • Study – ASX Announcement: July 2024 – Scoping Study Horizon Gold Minerals 260 • Resource – ASX Announcement: May 2023 – MRE Update • Resource – ASX Announcement: May 2025 – Site Visit Presentation • Cash – ASX Announcement: April 2025 – Appendix 5B • Cash – ASX Announcement: April 2025 – Appendix 5B • Study – ASX Announcement: March 2025 – Scoping Study • Cash – ASX Announcement: July 2025 – Investor Update • Study – ASX Announcement: (Bullabulling Gold) 2013 – PFS Saturn Metals • Resource – ASX Announcement: May 2025 – Company Presentation • Cash – ASX Announcement: March 2025 – Appendix 5B • Study – ASX Announcement: August 2023 – Scoping Study Note: Companies selected are considered comparable to Horizon Gold as they are in an economic study phase with resources greater than 1.5Moz. 18 CONTACT DETAILS Peter Sullivan Executive Chairman Leigh Ryan Managing Director +61 8 6331 6092 info@horizongold.com.au horizongold.com.au Unit 8 / 47 Havelock St. West Perth, WA 6005 ASX: HRN Haul Road to the Gidgee Mill 19