Mineral Resource Estimates
Total Indicated and Inferred Mineral Resources within the Gum Creek Project as at 4 November 2025 are equal to 38.0 million tonnes averaging 1.89 g/t Au for 2.30 million ounces of gold*, and 7.0 Million tonnes @ 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)**.
All Mineral Resource Estimates are classified in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC, 2012).
A breakdown of the November 2025 Total Gold Resource Estimate by deposit is shown in Table A, and broken down by material type and metallurgical categories in Tables B and C respectively. The Altair Zn-Cu-Ag inferred mineral resource is shown in Table D.
* Refer to Horizon Gold Limited ASX Announcement titled “Gum Creek Project Gold Resource Update” dated 4 November 2025.
** Refer to Horizon Gold Limited ASX Announcement titled “Maiden Altair Base Metal Resource and Drilling Results from Altair and Mensa Targets” dated 14 March 2023.
Table A: Gum Creek Mineral Resources as at 4 November 2025
* Cut-off grades for Swan, Swift, Wilsons and Kingfisher underground Indicated and Inferred are 1.5g/t Au.
** Wyooda includes the Kingston Town, Think Big and Manikato resources which are within 600m and 200m of each other respectively.
Note: Figures have been rounded.
The information in this announcement that relates to the reporting of the Kingston Town, Manikato, Snook, Camel Bore, Psi, Orion, and Wahoo 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.
The information in this announcement that relates to the reporting of the Heron, Heron South, Kearrys, Eagles Peak and Fangio Mineral Resources has been extracted from the Horizon Gold Limited ASX announcement titled “19% Increase in Gold Resources at Gum Creek Project” dated 15 May 2023 and is available to view on https://horizongold.com.au.
This website contains references to previous 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 previous 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.
Table B: Gum Creek Mineral Resources by Material Type as at 4 November 2025
Note: Figures have been rounded.
Table C: Gum Creek Mineral Resources by Metallurgical Category as at 4 November 2025
Notes: Figures have been rounded. Metallurgical test work indicates oxide mineralisation at all deposits is free milling, transition mineralisation from Swan/Swift, Howards, Kingfisher, Eagle, Kingston Town, Think Big, Hawk, Toedter, Wedge, Specimen Well, Kearrys, Hyperno-Reliance, Melbourne Bitter, Deep South Reliance, Eagles Peak, Orion, Wahoo, and Fangio is free milling, and fresh mineralisation from Swan/Swift, Howards, Kingfisher, Eagle, Hawk, Toedter, Wedge, Hyperno-Reliance, Melbourne Bitter, Deep South Reliance, Eagles Peak, Orion, and Wahoo is free milling. Due to the presence of pyrrhotite affecting oxygen and cyanide consumption, transition mineralisation from Psi and fresh material from Psi, Kearrys and Fangio has variable gold recoveries >85% and are classified as “low recovery ore” however this ore has been included in the free milling category. Transition mineralisation from Wilsons, Heron, Shiraz, Manikato, Heron South, Snook, and Camel Bore, and fresh mineralisation from Wilsons, Heron, Shiraz, Kingston Town, Manikato, Think Big, Heron South, Snook, Camel Bore and Specimen Well have variable gold recoveries associated with arsenopyrite and are classified as refractory.
Table D: Altair Inferred Mineral Resource by Material Type and cut-off grade as at 14 March 2023 (Zinc Equivalent % cut off)
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. Rounding errors are apparent.
Competent Person’s Statement
The information in this report that relates to Estimation and Reporting of the Swan/Swift, Wilsons, Howards, Kingfisher, Eagle, Shiraz, Think Big, Toedter, Hawk, Specimen Well, Wedge, Melbourne Bitter, Hyperno-Reliance, Kearrys, Deep South Reliance, Eagles Peak, and Fangio Mineral Resources has been compiled and reviewed by Mr Shaun Searle, who is a member of the Australian Institute of Geoscientists. Mr Searle 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. Searle is a director of Ashmore Advisory Pty Ltd, and an independent consultant to Horizon. Mr. Searle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Estimation and Reporting of the Manikato-Kingston Town (Wyooda), Orion, Snook, Camel Bore, Psi, and Wahoo Mineral Resources has been compiled and reviewed by Mr Richard Maddocks, who is a Fellow of the Australasian Institute of Mining and Metallurgy (member no. 111714). Mr Maddocks 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. Maddocks is employed by Auranmore Consulting and an independent consultant to Horizon. Mr. Maddocks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Estimation and Reporting of the Heron and Heron South Mineral Resources has been compiled and reviewed by Mr Grant Louw, who is a member of the Australian Institute of Geoscientists. Mr Louw 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. Louw is employed by Auralia Mining Consulting Pty Ltd and is an independent consultant to Horizon. Mr. Louw consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to exploration data and sampling information informing the Mineral Resources and the potential for eventual economic extraction of the Mineral Resources is based on information compiled and reviewed by Mr Leigh Ryan, who is a member of the Australian 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 his information in the form and context in which it appears.
