Scott Williamson-led Horizon Gold says it is eying off first production at its Gum Creek gold in the second half of FY28.
The gold developer, which has a market cap of $177.2 million, released the project’s definitive feasibility study on Tuesday – with a potential positive final investment decision slated for the second quarter of FY27.
Horizon is aiming for an average gold production target of 98,000 ounces over Gum Creek’s initial five years, peaking at 114,000oz in its second year, and 880,000oz across the project’s 10-year mine life, with an all-in sustainable cost of $2995 per ounce.
As a result, the gold-focused developer said it will need $350 million of pre-production capital, which would encompass mine development, process plant and infrastructure-based activities.
Horizon told investors it would take steps to sort out the required project finance and is confident the production and financial outcomes will support its efforts to do this.
Back in March, the gold developer tapped investors for $30.2 million towards fast-tracking exploration and pathway efforts at the project – including $20 million for an 80,000m resource expansion and exploration campaign, along with $5 million towards the finalisation of Gum Creek’s feasibility study.
Plant-based construction works are tipped to begin during the final quarter of FY27 at Gum Creek, located 640km North East of Perth, ahead of its first production target.
Horizon last traded at 93.8 cents, up 3 per cent, as of 1.37pm AWST.
