HORIZON MINERALS LTD has disclosed its quarterly cash flow report for the period ending 31 March 2025, offering a detailed look at the company’s financial movements over the quarter. The report delineates cash flows from operating, investing, and financing activities in line with the ASX Listing Rules Appendix 5B. Notably, the company recorded operating cash outflows of A$7.48 million, driven by production costs, staff, administration expenses, and other operational disbursements, despite gold sales receipts of A$6.849 million. In the investing segment, the company reported net cash outflows of A$5.69 million. These were largely a result of payments toward property, plant, equipment, and exploration and evaluation activities, offset partially by receipts from asset disposals and a related acquisition of Poseidon Nickel Limited. On the financing side, Horizon Minerals Ltd boosted its liquidity with inflows of A$9.545 million, which includes proceeds from equity issues and convertible loan-related transactions. The financing facilities section also outlines the terms of a notable US$5 million convertible loan facility secured on a first lien basis, featuring a 7% convertible coupon (plus term SOFR Delta), a conversion price at a 25% premium to the recently observed volume-weighted average share price, as well as an arrangement fee of 1.5% on funded tranches. The report highlights that the company ended the quarter with A$5.999 million in cash and cash equivalents, reflecting the integrated impact of its operating losses and financing injections. Moreover, an analysis of available funding compared to cash outflows showed an estimated funding run rate of 0.74 quarters, underscoring the significance of recent and expected cash injections. Management pointed to an anticipated further cash flow boost linked to the delivery of approximately 60,000 tonnes to Greenfields Mill, scheduled to be received in late April or early May 2025, which is expected to support ongoing operations. Market sentiment based on the report presents a mixed picture. On the bullish side, the successful raising of funds through both equity and a convertible loan facility, along with an imminent cash injection from the Greenfields Mill delivery, suggests that the company is proactively managing liquidity challenges and supporting its exploration and production efforts. Conversely, the bearish outlook arises from the continued operating and investing cash outflows, with available funding covering less than one quarter of expected outgoings, which could pressure the company if further capital injections do not materialise as planned. This balance of financing maneuvers against operational cash deficits is a key consideration for new traders tracking Horizon Minerals Ltd.