Horizon Minerals has closed a strategic agreement to sell its entire interest in the Lake Johnston project to Forrestania Resources for $35 million, allowing it to focus on the comprehensive development of its Black Swan processing plant.
Sale of Lake Johnston as part of financial strategy
The transaction, which includes $30 million in cash and $5 million in Forrestania common shares, is in line with Horizon’s focus on optimizing its portfolio in Western Australia. The transaction is subject to conditions including regulatory approval and completion of a capital raising by the purchaser.
According to Grant Haywood, Horizon’s CEO, the sale of Lake Johnstonconsidered a non-core asset after the merger with Poseidon Nickel, strengthens the company’s balance sheet and allows it to advance its priority gold projects. priority.
Focus on Black Swan Plant
The funds will accelerate the refurbishment of the Black Swan processing plant, which will be key to treating the gold from its own concessions. Horizon plans to use part of the capital to purchase long-term equipment and infrastructure improvements.
Black Swan, located in the Goldfields region, is in the pre-feasibility stage. In addition to technical advances, Horizon has recently incorporated the assets of the Gordons Dam project, adjacent to the plant, further consolidating its regional integration strategy.
Intensive exploration at Burbanks and future expansion
In parallel, the company is executing a 30,000-meter drilling program at the Burbanks project, with the objective of strengthening existing resources and expanding the future extraction projection. Horizon also plans to accelerate drilling campaigns in other areas of its portfolio starting in 2026.
The equity interest in Forrestania provides Horizon with an indirect avenue to continue to capture value from the Lake Johnston project as it evolves under new management.
With this transaction, Horizon takes a decisive step towards the consolidation of its gold strategy, prioritizing assets with operational synergy and high return potential.
Source and photo: Horizon Minerals
