We should be very close to final settlement here. All mining approvals are in place and Pennys has been mined previously. A toll milling agreement is in place with Labyrinth (previous 50 per cent owners of Penny’s) at Lakewood. Final settlement was expected in the March quarter 2022. Prior to acquiring the other 50 per cent share from Labyrinth (previously known as Orminex) in December 2021 a development decision was expected in the September 2021 quarter. Assuming all conditions are satisfied, will Horizon wait until a reserve has been calculated for this deposit or will it/can it proceed on the basis of the existing 42,000 ounce JORC resource? Assuming a realised price of $2,600 an ounce and costs of $1,800 an ounce there could be a profit of about $33.6 million here if my cost estimate is accurate.
HRZ Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
