Horizon Gold Limited
Horizon Gold is a Western Australian gold developer with a completed feasibility study. Its 100%-owned Gum Creek project holds a 2.30Moz resource. The plan is to restart a goldfield that has already produced more than 1Moz.
Live Chart
ASX:HRN.AX — Real-time price data
Investor Insight
Why this opportunity matters now
Plenty of gold juniors have a resource. Far fewer have a feasibility study that shows how to turn it into a mine. Horizon has one.
Its Definitive Feasibility Study, released in July 2026, lays out a 2.4Mtpa open-pit operation at Gum Creek. It produces 880koz of gold over a 10-year mine life. That is about 88koz a year on average, 98koz a year over the first five years, and a peak of 114koz in year two. All-in sustaining costs are A$2,995/oz.
At a A$5,500/oz gold price, the study returns a pre-tax NPV5 of A$1.31 billion and a post-tax NPV5 of A$894m. Pre-production capital is about A$350m, with payback 23 months after first gold.
Horizon is valued at around A$206m. That is less than a quarter of the study's post-tax NPV.
The drilling hasn't stopped. In October, Snook returned 44m at 5.08g/t gold, the best result there to date. Managing Director Scott Williamson says it points to a larger open pit and potential for underground mining.
The register is backed. Zeta Resources holds about 62%, and L1 Capital became a substantial holder in 2026.
This is a study, not a mine. Final investment decision is targeted for Q2 2027 and depends on project finance and further approvals. First gold is targeted for H2 2028.
Company Overview
Who Horizon Gold Limited is and what they do
Horizon Gold Limited (ASX: HRN) is focused on its 100%-owned Gum Creek Gold Project in the Murchison region of Western Australia, about 640km north-east of Perth and 90km north of Sandstone.
Gum Creek covers more than 640km² of contiguous tenure and 80km of prospective strike on the Gum Creek greenstone belt. The field has produced more than 1Moz from more than 30 open pits and three underground mines. It has been on care and maintenance since 2005.
Horizon holds a 2.30Moz Mineral Resource and a 728koz maiden Ore Reserve. Its DFS proposes a new processing plant at the historical Gidgee Mill site, targeting a final investment decision in Q2 2027 and first gold in H2 2028.
The company raised more than A$41m in FY26 and had A$24.0m in cash at 30 June 2026. It joined the All Ordinaries index in September 2026.
Company Highlights
Key competitive advantages at a glance
Key Assets
The flagship project driving value
Gum Creek Gold Project
Gum Creek is a historic goldfield in WA's Murchison, about 640km north-east of Perth. Horizon owns it 100%. The DFS plans a new 2.4Mtpa carbon-in-leach plant at the old Gidgee Mill site, fed by open pits across seven priority deposits. Gold recovery is 91.5%, and the plant design allows expansion to 3.0Mtpa. The belt hosts Swan-Swift, Kingfisher, Omega, Wilsons and Snook, plus copper-zinc prospects at Altair and Mensa. Upside: an 80,000m drilling campaign is under way. Maiden resources are targeted at Cobia and Alma May, and Snook's resource is due for an update.
Management Team
Experienced leadership driving results
The board and management team leading Horizon Gold
Peter Sullivan
An engineer with an MBA and 30+ years building resource companies across project engineering, investment banking and public company boards, Peter brings deep strategic and corporate experience to the chair, and also chairs Alliance Nickel.
Profile
Scott Williamson
A WASM-trained mining engineer with a Curtin commerce degree, Scott has run operations and companies across Australia, Africa and Southeast Asia, most recently as MD of Blackstone Minerals, with earlier stints in investor relations at Resolute and as a resources analyst at Euroz Hartleys.
Profile
Jamie Sullivan
With 30+ years in commerce serving the mining industry and 15+ in ASX corporate roles, Jamie led Alliance Nickel (formerly GME Resources) as MD for over a decade and steered the successful IPO of Kumarina Resources.
Profile
Peter Venn
A geologist with 32+ years in the industry, Peter has helped explore, evaluate and develop more than 10 mining operations including Syama, Ravenswood and Higginsville, and oversaw construction of Resolute’s 1.5Mtpa oxide plant at Syama.
Profile
Leigh Ryan
A geologist with 30+ years across Australia and Africa and a track record of gold and base metal discoveries, Leigh led Horizon as MD from 2020 to early 2026, driving the major resource uplift at Gum Creek and the feasibility study, after earlier MD roles at Boss, Chrysalis and Alchemy.
Profile
Trevor O'Connor
A Chartered Accountant and Chartered Company Secretary with 25+ years of corporate experience, including 15+ in mining and energy, Trevor is also CFO and Company Secretary of CZR Resources.
ProfileLatest News
Recent coverage and market updates
No recent news for this company.