Horizon Gold Raises A$30m to Fast-Track Gum Creek Exploration and Development

The latest update is out from Horizon Gold Ltd ( (AU:HRN) ).

Horizon Gold Limited has launched a A$30 million equity raising comprising a A$20 million institutional placement and a A$10.2 million non-renounceable entitlement offer at A$1.20 per share, attracting strong interest from leading gold investors. Major shareholder Zeta Resources and the company’s directors intend to take up their full entitlements, signalling confidence in the strategy and accounting for about 76% of the entitlement offer.

Proceeds will fund an 80,000-metre drilling campaign to expand resources at the Gum Creek Gold Project, completion of the feasibility study and permitting, and general working capital, leaving Horizon fully funded to a final investment decision. The enlarged exploration program, focused on both shallow oxide and high-grade underground targets along the Gidgee Shear Zone, is intended to unlock further resource upside and accelerate the company’s pathway to gold production, potentially strengthening its position in the Australian gold sector.

The most recent analyst rating on (AU:HRN) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Horizon Gold Ltd stock, see the AU:HRN Stock Forecast page.

More about Horizon Gold Ltd

Horizon Gold Limited is an Australian gold exploration and development company focused on its 100%-owned Gum Creek Gold Project in Western Australia’s Gum Creek greenstone belt. The project hosts a 2.30 million ounce gold resource and is being advanced through a free-milling open pit feasibility study, positioning the company for potential near-term production and resource growth in a well-established gold district.

Average Trading Volume: 74,982

Technical Sentiment Signal: Buy

Current Market Cap: A$220.5M

Learn more about HRN stock on TipRanks’ Stock Analysis page.