Gum Creek poised for 2028 gold production

Horizon Gold has completed a definitive feasibility study for its 100%-owned Gum Creek Gold Project in Western Australia, confirming a large-scale, open-pit development with first production targeted in the second half of 2028. The DFS outlines a 10-year mine life, producing about 88,000–98,000 ounces per year on average and peaking at 114,000 ounces in year two, with total recovered gold of 880,000 ounces from 962,000 mined ounces across 25.1 million tonnes at 1.19 g/t. Pre-production capital is estimated at A$350 million, supported by robust economics including pre-tax free cash flow of about A$1.854 billion, an NPV5 of A$1.307 billion, and an IRR of 53.1%, with a payback of roughly 23 months after first gold. The project is planned to move toward Final Investment Decision in Q2 2027, with plant construction targeted to start in late 2027 and a about 12-month build period, subject to financing and approvals. A maiden Probable ore reserve of 18.2 Mt at 1.24 g/t underpins the production target, with additional indicated and inferred resources providing upside, though some ore falls outside the reserve and confidence levels vary. Horizon’s board has endorsed the DFS and approved Gum Creek’s progression into the execution phase, including engaging EPC contractors and advancing procurement while pursuing approvals for a 2028 production start.