Good afternoon, everyone. If you'd like to come in and take a seat. My name's Chris Morris. I'll be your chair for this final session this afternoon, focusing on gold and copper. My organization, Ausenco, has been supporting the junior mining sector for about 35 years with engineering and project delivery services. We're great to be back here in Noosa seeing the next round of stories, and thanks to Phil and Des for the invitation. We've got seven great presenters this afternoon. I already know there's a few juicy tidbits to come out in the presentations. Without any further ado, I'd like to welcome our first speaker, Scott Williamson from Horizon Gold. Come up, Scott. Thanks, Chris, and thanks to Phil and Des and the team for the opportunity to present. Horizon Gold has actually been around for 10 years, and this will be the first time that we've presented at the Noosa Mining Conference, so appreciate the opportunity. Yesterday, we announced our definitive feasibility study to restart the Gum Creek Gold Project. This is a previously operated gold mining district, which operated between the late '80s into the '90s, into the early 2000s. It operated in a gold price less than AUD 1,000 per ounce. Now is the time to restart the Gum Creek Gold Project. We're really excited to present to you today one of the ASX next gold producers. We've made this study as simple as possible. We're focused on free milling, open pit mining, and it's a restart of that historic gold field. In yesterday's study, we announced 960,000 oz to be mined over a 10-year period, delivering 880,000 oz, at an average of 88,000 oz per annum. The first five years, we'll deliver 98,000 oz per annum. That's an important run rate. I believe that most gold mines should be hitting around 100,000 oz per annum, and that's an important milestone to achieve to really pay back the overheads and the capital required to build a gold mine. Outside of our open pit mining opportunity, we have a number of underground mining and sulfide ore bodies. We have over 400,000 oz at 3.6 g per tonne in free milling underground mining, which was not in yesterday's study announcement, and then another 400,000 oz at over 4 g per tonne in the Wilsons ore body, which is also outside of yesterday's numbers. We're currently drilling 80,000 m. We have an 80 km long underexplored greenstone belt. Opportunities like this are quite rare, particularly in jurisdictions like Western Australia. We have an 80 km long belt. We have over 37 deposits, which are all open along strike and at depth. This is a very much a forgotten gold field. We sit in a triangle between Meekatharra, Wiluna and Sandstone. Around us, we have multimillion-ounce gold systems, at Meekatharra, Mt Magnet, Wiluna, Sandstone and Leinster. We're in the Valley of Giants, let's call it, because, around us, there's multimillion-ounce systems. We've got 2.3 million ounces, and we're going to be adding a lot more over the next six to 12 months. Just some of those high-level numbers. NPV, AUD 1.3 billion. For people out there that don't understand what an NPV is, that's where the share price should be today, or at least some sort of discount to that. We're currently a market cap of AUD 200 million, and the NPV means that this asset is worth AUD 1.3 billion. We're currently trading at a 0.15x the fair value. The fair value of this asset is AUD 1.3 billion. We're currently trading at AUD 200 million. A lot of upside as we progress this into the development and production phase. To do that, we need to find AUD 350 million, which is not a difficult ask in today's capital markets. One of the best capital markets I've seen in my career from a debt and equity perspective. We will deliver gold at AUD 3,000 an ounce or AUD 2,995, and we'll sell it for about AUD 6,000. Some of the best margins we've ever seen or will ever see in the gold mining industry, and a great time to be building a gold mine in Western Australia. We want to be delivering gold in the second half of 2028. We want to be building in about 12 months' time and then delivering gold in two years. That sounds like a lot for people to invest, but two years is not a long horizon. If you can hang in there for two years, we're going to make you multiples of your money. Unfortunately, people are very short-term focused, and they want 10x overnight. We can give you 10 times over the next two to three years. A lot of numbers on that slide, but I think the key number here is that NPV to CapEx ratio. Being an ex-mining analyst, that was the number that we always looked at. 3.7x NPV to pre-production CapEx, which basically means this is robust and technically and economically de-risked. This is not a difficult project. Some of the best metrics you'll ever see in any commodity or any gold mining project. We'll pay back the capital in less than two years. We're going to be producing around AUD 300 million-AUD 400 million of free cash flow every year, and it only costs about AUD 350 million to start it. This mine will be around for more than 10 years. We're confident this will be a 20-year mining opportunity. Pick your gold price. Who knows? Before Trump started sending bombs into Iran, we were at AUD +7,000, that would give you an NPV of over AUD 2 billion. You can flex it to much lower gold prices and we're still making very good money. At any gold price that we've seen over the last couple of years, this is a project that will be very economic. We've got an open pit mining opportunity. We've got 960,000 oz. 94% of that is in indicated, this is a well-defined resource, you don't have to worry about the further drilling or inferred. This is a well-defined opportunity. Oxide and transitional make about 50% of the mine plan, that's very simple, easy metallurgy. This is also our maiden reserve. Our maiden reserve is 728,000 oz at 1.24. This is quite a high-grade project for open pit mining. Typical open pits these days are about 1 g per tonne, and we're at 1.24 g per tonne on our reserve and about 1.2 on our life of mine plan. This is the Gidgee mining area. This is our flagship mining area. Within about seven kilometers of the proposed processing facility, there's 1 million ounces at over 2 g per tonne. Within that, we have the 560,000 oz that are in the open pit mine plan, and we have another 400,000 oz at 3.6 g at Swan- Swift and Kingfisher, which is currently outside of those numbers. The AUD 1.3 billion NPV does not include all of our underground mining opportunities, which we will now bring into the mine plan, and most likely they will play an important role going forward. Conventional processing, very simple metallurgy. We've tried to make this as simple as possible. +91% recovery. Yeah, very conventional. We have the ability to expand to 3 million tonnes per annum. That would, for a very low CapEx increment, we could increase the production profile by about 25%. We are on track for approvals to be delivered in Q2 2027. We now are running a parallel permitting and debt financing process. Over the next six to nine months, we will be able to lock in the debt and the permitting, and then in Q2 2027, that's when we'll be at the final investment decision and we'll start the build phase. Then it's about a 12-month build for the processing facility, looking to achieve our first production in the second half 2028. Outside of yesterday's announcement, we have the Swan underground. You can see the pit in the hashed-out area is where we will be mining in the open pit. Below that, we have another 230,000 oz at 4 g per tonne in underground opportunities. You can see very high grades that we'll continue to drill. We actually have a drill rig at Swan at the moment. You can see historic drill numbers in the order of 1 oz-2 oz per tonne, and we're drilling along strike and down dip of those historic or previously drilled intercepts. Similar opportunity at Kingfisher. Another 100,000 oz in underground that is not in yesterday's numbers. We think that Kingfisher will be an underground opportunity, and we're currently drilling at Kingfisher. It's worth mentioning when this was previously mined, they mined it at 14 g per tonne in the underground and 4 g per tonne in the open pit. It just shows you, we have a very high-grade system here at Kingfisher and also at Swan Swift. We have many opportunities outside of the open pit DFS, which is delivering 10 years at approximately 100,000 oz per annum. We have the ability to go to 3 million tonnes per annum. We have the free milling undergrounds. We have low CapEx early starter options. Within the region, there is six operating gold mills. We do have the option to consider toll treating. We have the Wilsons underground resource, which is another 400,000 oz. Just in underground mining, we have another 800,000 oz at plus four grams per tonne, which is not in the AUD 1.3 billion NPV. Then we have the 37 deposits open along strike and at depth. The GEOs are having a field day. We've got three drill rigs out there. We're spending AUD 20 million on exploration, 80,000 m. Not because we need any more gold, but we think that this is a 20-year opportunity. We've just shown that there's 10, and the drill bit will show that this will go for another 10. We also have other opportunities within the region for consolidation of the Gum Creek greenstone belt and the broader Sandstone region. In summary, it's a large-scale, free milling, open pit restart. This was a mine that was previously operated at gold prices of less than AUD 1,000 an ounce. At today's gold prices, we are making good money. We will fund this, we will build this. Outside of the open pit mining, we have the undergrounds, and then we also have sulfide opportunities. We're excited to show with the drill bit that this will go well beyond the 10 years. Our approvals are on track for Q2 2027, for a final investment decision in early 2027, moving into the build phase and then delivering gold bars in late 2028. We have an experienced board and management team that have built, owned and operated gold mines globally, particularly at Resolute in Africa and Australia. We have a long history of operating gold mines. This time, we get to do it in our backyard in Western Australia. It's a great place to be operating. One of the best capital markets I've ever seen in my career, and in the best jurisdiction in the world, the WA Goldfields. It's a real privilege to take this asset back to its former glory, and I'm excited to take Horizon Gold to be one of the next producers of gold on the ASX over the coming years. Thank you for your time.
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