Horizon Gold's 100%-owned Gum Creek Gold Project in Western Australia has a completed Definitive Feasibility Study outlining a production target of 880,000 ounces of gold over a 10-year mine life at an all-in sustaining cost of roughly A$2,995/oz, with first gold scheduled for H2 2028.
Lifecycle Milestones
Not in place: mill, grid power.
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Western Australia, Australia — top-tier, low political-risk mining jurisdiction.
Infrastructure (40%)4.3/10
No confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Gum Creek Gold Project, Western Australia.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Wiluna (Wiluna Mining Corporation Limited), 108 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
Zeta Resources Limited holds 65.1% (reported 30 Jun 2026) See holders
Already majority-controlled, so a sale is its controlling holder's decision; the toehold-then-takeout pattern this input measures doesn't apply.
Weight 25% - Distance to a producing mineSub-score:3.1/10
Nearest producing mine: Wiluna (Wiluna Mining Corporation Limited), 108 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:10/10
Stage: Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer and Managing Director of Horizon Gold Limited, effective February 2, 2026; also a non-executive director of Leeuwin Metals Ltd. Mining engineer with 20+ years of technical/corporate experience in gold, base metals and nickel across Australia, Africa and Southeast Asia; most recently Managing Director of Blackstone Minerals leading nickel sulphide ventures.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Horizon Gold is a controlled subsidiary of Zeta Resources Limited, which held 65.10% at 30 June 2026 per Horizon's own annual report -- a controlling shareholder's block, not management's own stake. Zeta is an unlisted Bermuda investment holding company whose ultimate parent is UIL Limited. Zeta is an investor rather than an operating miner, so its control block is a weaker signal than a producer taking a stake would be. Alongside it, Konwave AG -- a Swiss manager that runs dedicated gold-equity funds and is a genuine specialist rather than an index vehicle -- disclosed 5,097,037 shares, about 3.5%, in an ASX filing dated 11 September 2025. No insider purchases are on record.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Horizon Gold owns 100% of the Gum Creek gold project in Western Australia, where indicated resources total 1,630,000 oz of gold (26.72 Mt at 1.90 g/t), with no measured category, plus 670,000 oz inferred, in an estimate released in November 2025. The July 2026 definitive feasibility study shows a post-tax NPV5% of US$625.8M (AUD 894M) and a 41.7% IRR at a gold price of US$3,850/oz (AUD 5,500/oz), with pre-production capital of US$245.3M (AUD 350.4M), a 10-year mine life producing 880,000 oz of gold and an all-in sustaining cost of US$2,097/oz (AUD 2,995/oz). The study is based on a maiden open-pit probable reserve of 18.2 Mt at 1.24 g/t for 728,400 oz, and first gold is scheduled for the second half of 2028.
Horizon Gold's Definitive Feasibility Study for the 100%-owned Gum Creek Gold Project (open-pit) outlines a maiden ore reserve of 18.2Mt at 1.24g/t for 728,000oz, supporting a 10-year mine life with 880,000oz of total recovered gold (98,000oz/yr average over the first 5 years). At an A$5,500/oz gold price assumption: pre-tax NPV5 of A$1,307m, pre-tax IRR of 53.1%, pre-tax free cash flow of A$1.85B, AISC of A$2,995/oz, pre-production capex of A$350m, and a 23-month payback from first production. First gold targeted H2 2028.