JUNIORMETRICS
Gold$4,479.95/oz
Silver$66.98/oz
Copper$6.00/lb

Maritana Minerals Limited

HRZMF·MRT·$0.60·$159.7M cap
GoldBlack Swan Processing Hub & Burbanks Gold Project, Kalgoorlie-Coolgardie, WA Map

Maritana Minerals (renamed from Horizon Minerals, April 2026) holds 1,167 km2 of tenements across the Kalgoorlie and Coolgardie goldfields in Western Australia, with 1.88 million ounces of gold resources including the 428,000oz Boorara deposit and satellite projects totaling a further 1.37 million ounces. The company owns ~100% of the Black Swan Processing Hub, where a Front-End Engineering Design study has lifted planned throughput from 2.2 to 2.5 Mtpa, targeting ~100,000 ounces of annual gold production in H2 2027; early works and site mobilisation are underway, backed by a A$25 million investment, alongside continued high-grade drilling at the Burbanks Gold Project near Coolgardie.

Notable vs. Peers

  • Financials score of 8.4/10 is stronger than the peer average of 6.6/10.

Lifecycle Milestones

Grassroots
Resource Def.
PEA
PFS
Feasibility
PermittingCurrent
Construction
Production

Construction Milestones

0 of 5 reached
  1. Not yet reached
  2. Not yet reached
  3. Not yet reached
  4. Not yet reached
  5. Not yet reached

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

10/10
Weak track recordStrong track record
8.4/10
Thin runwayWell-capitalized
9/10
High riskLow risk
How this is calculated
4.9/10
Weaker depositStronger deposit
8.1/10
Weaker profileStronger profile
Price Chart
$0.035$0.044$0.801$0.445$0.598AugNovFebJunSep2
Aug 12, 2025Sep 4, 2026
Stage changeNews
$0.60
+44.5%from low-46.7%from high
$0.41$1.12
$159.7M
Far belowFar above
$29.1M median
Price (USD - Local)
$0.60 - AUD 0.83
Cash Position (USD)
$26.2M
Far belowFar above
$11.6M median
Debt (USD)
$523.7K
Far aboveFar below
$0 median
$134.1M
Far belowFar above
$26.9M median
371.9M
Far aboveFar below
172.1M median
Jurisdiction
Australia
1,880,000 oz
Far belowFar above
1.3M median
$71.31/oz
Far aboveFar below
$158.80/oz median
0.0496 oz/tCut-off: Near-surface: 0.5 g/t Au; UG Main Lode/Burbanks North: 2.5 g/t Au; UG Birthday Gift: 2.0 g/t Au
Far belowFar above
0.04 oz/t median
Open pit and underground
5 yrs
Far belowFar above
11 yrs median
@8%$441.7M(at $3,850/oz)
Far belowFar above
$603M median
0.36x
Far aboveFar below
0.46x median
This company's data hasn't been researched yet
Not enough peer data yet
$3,850/oz14% below spot ($4,480/oz)
83%Clears Durrett's 25% developer bar
Far belowFar above
41% median
15.6%
0%100%
19.3% median
This company's data hasn't been researched yet
40 kmfrom Northern Star Resources Limited's Kalgoorlie Super Pit (KCGM)
Within regional-platform range (~50km)
This company's data hasn't been researched yet
This company's data hasn't been researched yet
This company's data hasn't been researched yet
This company's data hasn't been researched yet
This company's data hasn't been researched yet
Acquisition Susceptibility
8/10
Unlikely bolt-onFits the takeout profile

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 the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.

Overall Score Trend
-9% since 2026-08-01 · -9% from peak

Your Rankings

Community Sentiment
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Management Team

Managing Director and CEO of Maritana Minerals Limited (formerly Horizon Minerals Limited). Mining engineer, BEng (Hons), MAusIMM; 30+ years in underground/open-cut mining, feasibility through production, across WA goldfields for junior and multinational companies. Also serves as a Director of Poseidon Nickel Limited (since 19 Feb 2025). [Sourced via mining.com.au coverage of company announcements; company's own site returned HTTP 429 on direct fetch.]

Chief Operating Officer of Maritana Minerals Limited, effective 26 August 2026. 30+ years in underground/open-pit mining operations (project delivery, technical services, optimization, safety); most recently General Manager, Ramelius Resources' Mt Magnet Gold Operations. [Sourced via mining.com.au coverage, see note above.]

Chief Financial Officer and Joint Company Secretary of Maritana Minerals Limited. 20+ years in strategy, corporate finance, risk management, business development; formerly CFO of Endurance Mining and CEO of Poseidon Nickel. [Sourced via mining.com.au coverage, see note above.]

Joint Company Secretary of Maritana Minerals Limited. Governance professional across mining, utilities and legal sectors; member, Governance Institute of Australia. [Sourced via mining.com.au coverage, see note above.]

Insiders, Investors & Smart Money

Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.

Smart money
3/10

Franklin Gold and Precious Metals Fund, a real specialist fund, holds a stake close to 5%. Three directors and the CEO bought stock on the open market in April 2026, with no selling on record.

No notable insiders tracked for this miner yet.

Reports, Presentations & Documents

Technical Report Takeaways

We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.