Horizon Minerals (ASX: HRZ) has announced positive outcomes from the Black Swan Plant and Mine Planning Scoping Studies. Horizon Minerals is focused on gold exploration and development in the Western Australian goldfields. The studies support the development of its 100%-owned Black Swan Project Processing Hub (BSPH) near Kalgoorlie.
The studies highlight an attractive gold development opportunity, utilising existing mining and processing infrastructure at Black Swan. The project anticipates average annual gold production of approximately 102,000 ounces. The mine plan incorporates approximately 74% Measured and Indicated Resources, with the remaining portion sourced from Inferred Resources. A significant portion of the Mineral Resources are located on granted Mining Leases, with major approvals largely completed or well underway, facilitating quicker commencement of mining activities.
Horizon Minerals’ board has approved the commencement of early works. These include front-end engineering design for the process plant, contractor engagement, tendering for long-lead items, assessment of water and power supply options, and workforce planning. The project reflects the conversion of the existing Black Swan plant into a gold processing hub, supported by multiple integrated open pit and underground mining operations across a portfolio of regional deposits.
Managing Director and CEO Mr Grant Haywood stated that the study outcomes demonstrate the quality of their assets and show a robust economic case. Construction at Black Swan is estimated to commence mid-2026, with mill commissioning targeted for mid-2027. The company launched a $175M underwritten placement to fully fund the development of the BSPH Project. This placement, combined with existing cash reserves and proceeds from the Lake Johnston sale, provides the necessary capital for the project and contingency.
