Ann: Gold Mining and Processing Update, page-85

HRZ will hugely benefit from the toll mill agreement for the Boorara deposit. The ongoing increase in gold price is of a huge benefit for the company and it will be tens of millions dollars more revenues than originally anticipated. The price of the ore was not fixed at the beginning, so HRZ is in a very comfortable position now. In that respect, if the average grade of the shipped ore will be close to the 1.24g, the current market cap of the whole company is a joke and should rerate strongly up in the next few quarters.

Payment Structure:
-Within five days of delivering ore to the Paddington run-of-mine (ROM) pad, Paddington will pay Horizon 50% of the gross revenue, less estimated processing costs and royalties, based on the determined grade for each stockpile.
- Upon full processing of each stockpile, a final revenue calculation will be made, accounting for the determined grade, moisture content, and metallurgical recovery, with adjustments for actual processing costs and state gold royalty payments.

https://www.abnnewswire.net/press/en/125273/Horizon-Minerals-Limited-%28ASX-HRZ%29-Binding-14MT-Ore-Sale-Agreement-Boorara-Production-H2-2024.html?utm_source=chatgpt.com