In this episode of Coffee with Samso, Noel Ong looks at a misunderstood gold mining story in the middle of an unprecedented gold price rush. Gold producing companies are all buoyant and experiencing an emotional high on valuation.
Shareholders fortunate to be on companies that are literally printing money are all in a state of euphoria, but in the middle of the rush, there is always some hidden value. The hidden value is typically brushed aside by the juggernaut of cash-producing gold miners speeding past the sights of investors.
The big question in this episode addresses whether Horizon Minerals Ltd (ASX:HRZ) is the hidden value that astute investors should be looking at as a potential investment.
In this episode of Coffee with Samso, we sit down with Grant Haywood, an experienced mining engineer and the driving force behind Horizon Minerals. With over 30 years of experience in the gold mining sector, Grant walks us through the evolution of Horizon Minerals from a small-scale developer into an emerging mid-tier gold producer in Western Australia’s Eastern Goldfields.
Horizon’s journey: From merger to momentum – A gold mining story
Horizon was born from the 2019 merger of Intermin Resources and MacPhersons Resources. This strategic consolidation, followed by subsequent acquisitions — most notably Greenstone Resources and Poseidon Nickel’s Black Swan plant — has expanded the company’s resource base to over 1.8 million ounces of gold.
Today, Horizon is producing gold from two key cornerstone projects — Boorara and Burbanks — through third-party processing facilities, while preparing its own Black Swan plant for refurbishment and restart in 2026.
Key highlights from the conversation
- Producing now, building for tomorrow: Horizon is already generating revenue from Boorara (processed at Paddington) and Phillips Find (processed at FMR’s Greenfields plant). This cash flow helps reduce the capital needed for restarting their own plant.
- Undervalued in the market? At a market cap of ~$125M and a resource base of 1.8Moz, Horizon appears undervalued compared to peers, especially as it is already producing and generating cash flow.
- The path to 100,000oz per annum: With aspirations of reaching 100koz/year by late 2026, Horizon plans to use its own refurbished plant at Black Swan (acquired from Poseidon) to process ore from Boorara, Burbanks, and other satellite projects.
- Drilling to grow: Burbanks in focus – A major 30,000-metre drill campaign is underway at Burbanks, split evenly between infill and extensional targets. Only 25% of the current resource is in the Indicated category, so the objective is to upgrade classification and build reserves for future feed.
- The silver option – Nimbus: The Nimbus silver-zinc project (20Moz Ag, 104kt Zn) is a long-term optionality play. Environmental cleanup has been completed, and reclassification of the site is expected soon. Once permitted, a flotation circuit at Black Swan could enable cost-effective processing if silver prices justify it.
- Strategic land position: Horizon holds over 1,300 square kilometres of tenements around Kalgoorlie and Coolgardie. With ~$5M in annual expenditure commitments, the company continues to evaluate M&A opportunities and potential divestments.
Near-term news flow
- Infill and extensional drill results from Burbanks
- September quarter cash flow from current production
- Black Swan plant refurbishment PFS (due Q4 CY2025)
- Mining studies to map feed sources for Black Swan
Samso concluding comments
I’ve been following Horizon Minerals for a while now, and sitting down with Grant Haywood really brought the story into focus. What I saw was a company that has quietly transitioned from being just another gold explorer to one that is genuinely producing — and doing so in a way that makes sense in the current gold environment.
What stands out to me is the clarity of their strategy. Rather than rushing into big capex spends, Horizon is using third-party infrastructure to generate cash while carefully planning the refurbishment of the Black Swan plant. It’s a smart move. This kind of thinking — measured, practical, and value-driven — is what sets them apart from a lot of other emerging gold plays.
They’ve set their sights on becoming a 100,000oz/year producer by late 2026, and from where I sit, that is achievable. The resource base is there. They’re mining. Cash is already flowing. And with drilling continuing at Burbanks and Boorara, the potential to expand and firm up long-term feed is only growing.
There’s also a glaring disconnect between the market valuation and what the company has quietly built. I wouldn’t be surprised to see a rerate once the PFS for Black Swan is released and the market catches up to the fact that Horizon is well past the explorer stage.
From an investment lens, what I see is a company with production, real optionality (think silver at Nimbus and even future nickel), and a near-term path to self-sustaining operations. The pieces are on the table. The next few quarters are all about execution — and in my view, that’s where Grant’s background in operations will be important.
Remember, the devil is always in the details, and having an operational-thinking flag bearer like Grant will be very important.