Horizon Gold’s FY2021-FY2025 accounts describe an exploration-stage group deploying external capital into Gum Creek. The statutory record combines recurring corporate and care-and-maintenance costs, capitalised exploration, sizeable rehabilitation obligations and episodic funding; it does not establish mine revenue or production.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
Consolidated statutory cash at 30 June 2025.
Capitalised exploration asset, not cash or a mineral valuation.
Non-current provision within total liabilities.
Statutory loss after the income-tax benefit.
Horizon reported one Australian exploration segment and no project in production and earning income. This review uses consolidated financial statements and does not infer revenue, production or a reserve-value series from exploration activity.
Closing cash declined from A$1.273m in FY2021 to A$0.211m in FY2022 and was A$0.503m in FY2025. E&E carrying value rose from A$26.118m to A$43.545m; that capitalised balance is distinct from immediate liquidity.
FY2025 statutory loss after tax was A$0.972m, narrower than FY2024’s A$1.705m. A A$0.594m tax benefit reduced the A$1.566m pre-tax loss, while a separate A$2.489m FVOCI revaluation sat in other comprehensive income.
Financing cash inflow was A$9.383m, including A$9.266m of share-issue proceeds. Net investing cash outflow of A$7.033m included A$2.481m exploration payments and a A$4.500m loan advance to Zeta Resources.
Exploration and evaluation cash payments were A$5.545m and net investing cash outflow was A$6.370m; share-issue cash proceeds were A$5.955m, alongside A$5.945m net financing inflow.
A$5.236m of exploration cash outflow coexisted with a A$0.237m net investing inflow because the annual narrative identifies A$5.501m loan repayments from Zeta Resources.
The annual disclosure records A$4.059m of facility principal and interest repaid by offset against Zeta’s rights-issue application funds. That offset is not presented here as fresh cash financing.
The report says the Alto Metals holding was sold for A$5.16m, with proceeds applied to debt repayment and Gum Creek feasibility work. It distinguishes the prior Zeta Energy facility from a separate A$2.0m Zeta Resources facility, of which A$0.5m was drawn at year end.
Total assets rose from A$36.444m in FY2021 to A$48.298m in FY2025, while E&E carrying value increased by A$17.427m. Net assets increased by A$8.654m, but cash was only A$0.503m at FY2025 year end; asset growth is not the same as liquid funding.
FY2025 total liabilities were A$14.765m, including a A$12.365m rehabilitation provision. This is distinct from the A$0.500m closing related-party borrowing; treating all liabilities as financial debt would be misleading.
Contributed equity rose from A$39.690m in FY2021 to A$51.979m by FY2024 and was unchanged in FY2025. The equity trend reflects capital transactions and accumulated accounting results, not cash generation alone.
A$ million
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 1.273 | 0.211 | 0.238 | 0.219 | 0.503 |
| Exploration and evaluation asset | 26.118 | 31.767 | 36.411 | 37.757 | 43.545 |
| Total assets | 36.444 | 41.969 | 40.747 | 44.104 | 48.298 |
| Total liabilities | 11.565 | 11.501 | 11.942 | 12.148 | 14.765 |
| Net assets / total equity | 24.879 | 30.468 | 28.805 | 31.956 | 33.533 |
| Contributed equity | 39.690 | 45.632 | 46.111 | 51.979 | 51.979 |
A$ million, consolidated statutory balance-sheet observations at 30 June.
The E&E balance is a carrying value, not cash, a resource valuation or mine-production measure.
FY2025 total liabilities include a A$12.365m rehabilitation provision, separately identified below.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Operating cash flow was negative in every displayed year. Exploration payments were negative each year, from A$1.832m in FY2024 to A$5.545m in FY2022. Net investing cannot substitute for exploration spend because it included other material transactions.
FY2021 net investing included the A$4.500m Zeta loan advance. FY2023 net investing was a A$0.237m inflow despite A$5.236m exploration cash spending because loan repayments were reported. FY2025 had A$5.149m investment-sale proceeds, a A$0.575m net investing inflow and A$4.570m exploration cash spending.
FY2021 and FY2022 financing inflows were supported by share issues. FY2025 instead recorded A$1.700m related-party borrowing proceeds and A$1.200m repayments. The later placement and entitlement offer are subsequent events, not FY2025 cash-flow receipts.
A$ million
AI-generated presentation · values from Consolidated cash-flow lanes; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Consolidated cash-flow lanes; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash from operating activities | (1.254) | (0.637) | (0.646) | (0.755) | (0.791) |
| Net cash from investing activities | (7.033) | (6.370) | 0.237 | (5.001) | 0.575 |
| Net cash from financing activities | 9.383 | 5.945 | 0.436 | 5.737 | 0.500 |
| Payments for exploration and evaluation | (2.481) | (5.545) | (5.236) | (1.832) | (4.570) |
A$ million. Negative values are cash outflows.
Net investing includes items beyond exploration: related-party lending/repayments and FY2025 investment-sale proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2025 |
|---|---|
| E&E roll-forward additions | 5.842 |
| E&E roll-forward written off | (0.054) |
| Exploration cash payments | (4.570) |
| Investment-sale cash proceeds | 5.149 |
| Related-party borrowing proceeds | 1.700 |
| Related-party borrowing repayments | (1.200) |
| Closing related-party borrowings | 0.500 |
| Rehabilitation provision | 12.365 |
A$ million. E&E additions are accrual-basis roll-forward additions, distinct from cash exploration payments; the supplied records do not reconcile the timing difference.
The rehabilitation provision is a non-current provision, not interest-bearing borrowing.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The group recorded a statutory loss after tax in every displayed year. Corporate and administration and care-and-maintenance costs continued through the period. FY2023 included a A$0.731m liability-remeasurement loss; FY2024 included a A$0.491m capitalised-exploration write-off.
FY2025 finance costs of A$0.531m included A$0.506m of non-cash rehabilitation-discount unwinding. The separately disclosed interest on borrowings was A$0.025m, so the finance-cost line does not measure cash debt service.
The FY2025 bridge keeps the A$1.566m pre-tax loss, A$0.594m tax benefit, A$0.972m after-tax loss and A$2.489m FVOCI OCI separate. The A$1.517m comprehensive result is not operating profit.
E&E additions were A$5.842m in FY2025, the roll-forward write-off was A$0.054m and the closing carrying value was A$43.545m. The additions are accrual-basis and distinct from the A$4.570m exploration cash payment; the supplied evidence does not reconcile the timing difference, so both measures are retained with their stated basis.
A$ million
AI-generated presentation · values from Consolidated statutory loss and recurring expense drivers; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Consolidated statutory loss and recurring expense drivers; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after income tax | (1.072) | (0.487) | (2.142) | (1.705) | (0.972) |
| Corporate and administration costs | (0.620) | (0.545) | (0.579) | (0.711) | (0.652) |
| Care and maintenance expenses | (0.486) | (0.150) | (0.152) | (0.177) | (0.273) |
| Finance costs | (0.034) | (0.166) | (0.395) | (0.568) | (0.531) |
| Capitalised exploration written off | (0.019) | (0.007) | (0.002) | (0.491) | (0.054) |
A$ million, consolidated statutory profit or loss. Expenses/losses retain the source sign convention.
FY2025 finance costs included A$0.506m non-cash rehabilitation-discount unwinding and A$0.025m disclosed borrowing interest; the finance-cost line is not a cash interest proxy.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2025 |
|---|---|
| Loss before income tax | (1.566) |
| Income-tax benefit | 0.594 |
| Loss after income tax | (0.972) |
| OCI: FVOCI revaluation, net of tax | 2.489 |
| Total comprehensive profit / (loss) | 1.517 |
A$ million. OCI is separate from profit or loss: the FY2025 FVOCI revaluation was not revenue or operating income.
A$0.594m tax benefit partly offset the A$1.566m pre-tax loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The FY2025 report identifies a A$1.629m working-capital deficit and material uncertainty regarding going concern, with continuation dependent on additional funding. This is a disclosure of reporting basis and funding dependence, not a forecast of insolvency or project outcomes.
The issuer distinguishes the Zeta Energy Pte Limited facility used in FY2024 from the Zeta Resources Limited facility secured in April 2025. The latter was unsecured at 10.35%, with A$0.500m drawn at year end; the report says A$1.000m plus interest was repaid in August 2025 from capital-raising proceeds.
The Alto investment’s acquisition date is inconsistent within the saved FY2024/FY2025 claims (July 2024 versus July 2023). This report therefore presents the disclosed sale and use of proceeds, but does not calculate or characterise an investment profit. The separate FY2025 FVOCI OCI is retained only in the comprehensive-income table.
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