Horizon Minerals Ltd sells listed investments to increase cash balance by $2m

“The proceeds from recent stock sales, combined with the current cash position, will contribute to the 2022 large-scale multi-product exploration program that began earlier this quarter,” MD said.

Horizon Minerals Ltd (ASX:HRZ) increased its cash balance by $2 million through the disposal of part of its listed investment portfolio.

The company fully divested its stakes in Red Dirt Metals Ltd and Cyprium Metals Ltd (ASX:CYM) while the unblocked part of its stake in Metal Hawk Ltd (ASX:MHK) was also sold.

Proceeds from the sale of shares will be used to partially fund the large-scale multi-product exploration program that began in the March 2022 quarter and for general working capital.

Horizon’s current cash in the bank now totals $3.5 million, while the remaining listed investment portfolio is valued at approximately $7.3 million.

Successful strategy

Chief Executive Jon Price said: “Horizon has been successful in creating shareholder value through the divestment of non-core assets to groups that are better aligned and able to move projects forward. This strategy succeeded in creating value for both parties.

“We have worked closely with our investment firms to minimize any market disruption from equity sales and will continue to do so.

“The proceeds from recent stock sales, combined with the current cash position, will contribute to the 2022 large-scale multi-product exploration program that began earlier this quarter.”

Following the sale, the listed investment portfolio is valued at ~$7.3 million.

The company said it had worked with affected companies to avoid any market instability on their end, with most being traded off-market.

“We will continue this approach as needed to manage cash flow for the business,” HRZ said.

prospecting program

The ongoing large-scale exploration program is targeting new discoveries of precious metals, base metals and new energies.

Drilling rigs are at Golden Ridge testing nickel sulphide targets with results expected shortly from the first drill at Lakewood and Black Flag which tested gold, nickel and platinum group metals.

The company also expects further analysis from Yarmany early in the next quarter.

Summary of Horizon’s Gold Mineral Resources.