Horizon Minerals Limited has provided a detailed update on its gold mining and processing operations at the Phillips Find and Boorara projects, both situated in Western Australia’s renowned goldfields. Operational progress at Phillips Find is marked by the recent toll processing of 18,676 dry tonnes of ore at an average grade of 1.97 g/t, achieving a metallurgical recovery rate of 95.5%. This campaign produced approximately 1,132.2 ounces of gold, sold at an average price of A$5,140 per ounce, thereby generating around A$5.8 million in revenue for the joint venture. An early cash distribution of roughly A$1.5 million has also been received by Horizon following the sale of 300 ounces at A$5,060 per ounce. Looking ahead, an additional 87,000 tonnes of ore—including 27,000 tonnes from Boorara—is scheduled for treatment at the Greenfields Mill in August 2025, while the remaining 70,000 tonnes of Phillips Find ore is set to be processed through the Three Mile Hill plant in the coming months. At the Boorara project, mining activities continue from multiple pits with current stockpiles of approximately 190,000 tonnes of high-grade ore and 126,000 tonnes of lower-grade ore. The high-grade ore is slated for treatment under an Ore Purchase Agreement with Norton Gold Fields at the Paddington Mill, where recent quarterly payments from the first and second ore stockpiles have generated about A$6.3 million in revenue. Additional processing at the Greenfields Mill in April 2025 saw 51,228 dry tonnes of ore with a grade of 0.92 g/t and a recovery rate of 94.71%, yielding 1,439.3 ounces of gold sold at an average price of A$5,195 per ounce and generating roughly A$7.5 million in revenue. The company has reported an overall revenue inflow of approximately A$19.1 million from operations at Paddington in 2025 so far, with further processing scheduled as part of the ongoing campaign dynamics. The developments underscore operational efficiencies with detailed technical indicators including ore tonnages, grades, recovery percentages, and revenue milestones, as the company continues to fine-tune its mining and processing schedules. The strategic adjustment of milling timelines—shifting a planned June campaign to August with an extended treatment duration—has not only facilitated earlier than expected cash distributions but also emphasizes Horizon’s focus on enhancing processing continuity and cash flow generation. Bullish sentiment is supported by the robust toll processing figures and revenue generation detailed in the update. The increasing production levels, early cash receipts, and planned processing of remaining stockpiles signal a promising near-term outlook for both gold yield and operational efficiency. Moreover, the company’s proactive measures in renegotiating processing windows and optimizing ore treatment schedules strengthen its financial and operational prospects. Conversely, bearish sentiment may arise from concerns over the initial cost performance challenges, including lower than anticipated field grade results and higher strip ratios at Boorara. The operational delays and the inherent risks associated with refining ore quality and establishing consistent processing rates could impact the cost structure in the near term. Investors are encouraged to monitor the progression towards steady-state operations and the anticipated improvement in cost performance expected in the later half of 2025.