Latest news with #Sandstone
News.com.au
17-07-2025
- Business
- News.com.au
Horizon Gold chases $11m raise as money flows to precious metals stocks
Morgans launches $4m placement for WA gold developer Horizon Gold after $75m junior enters trading halt Total to be raised set at $11m, with $7m to come from entitlement offer to existing holders including major shareholder Zeta Resources and HRN board Feasibility study on 2.1Moz Gum Creek gold project near Sandstone in 2026 Junior gold explorers are getting more confident about their potential to raise cash with prices for the precious metal sitting at US$3330/oz. Look no further than Horizon Gold (ASX:HRN), one of a handful of large resource holders in WA not to catch a ride on the magic carpet that is the 2025 ASX gold market. The $75 million explorer, a spinoff of failed nickel miner Panoramic Resources, owns the Gum Creek gold project near Sandstone, where the under the radar junior is planning a feasibility study next year. Despite its low profile, HRN is holding onto 44.5Mt at 1.5gt Au for 2.1Moz, 63% of that in the indicated category, most of it free milling gold with better than 90% recoveries. That's according to a pitch sent to investors on Thursday. After heading into a trading halt, HRN is seeking $11m via a $4m Morgans-led placement at 48c, a 7.7% discount to its last traded price, and a $7m entitlement offer priced at 1 for 9.93 to existing shareholders. It'll be well supported given the tight grip major shareholder Zeta Resources and its board have on the stock – around 79.7% of the company. They'll be taking their full entitlement, a term sheet seen by Stockhead said. Back to the future Like so many other projects in WA and across Australia more broadly, Gum Creek was once a producer, turning out 1.1Moz of gold up to 2005. Unsurprisingly, the company and its brokers think the market is a lot more attractive right now. In the two decades since its closure gold has travelled from $560/oz Aussie to over $5000/oz. One handbrake previously had been the refractory nature of many of the resources at Horizon, not the done thing to develop if you're a small, lightly capitalised gold company given the additional costs involved with processing methods designed for tougher ore like pressure oxidation, bug plants, roasters and ultra-fine grinding mills. The current MRE now contains 1.3Moz of gold resources interpreted to be free milling – 32.97mt at 1.22g/t. HRN is planning to locate a mill for the project centrally near the Gidgee Shear Zone deposit, which contains 886,000oz at 1.53g/t, with Howards (267,000oz) at 0.81g/t the other large ore source expected to underpin its base feed. Given the historic Gidgee Mill, it's already got a permitted site. A March 2024 scoping study suggested the project could produce 84,000ozpa at an all in sustaining cost of $1931/oz with a pre-production capital bill of $238.5m. That was conducted at a now very quaint looking $3300/oz Aussie gold price. Since the study there's been a dramatic shift in the power dynamics in the region as well, notably with the aggressive M&A strategy of Brightstar Resources (ASX:BTR), which views Sandstone as potentially its largest production hub beyond the development of its Menzies and Laverton gold projects after the junior gold producer merged with Alto Metals and acquired the Montague project of Gateway Mining (ASX:GML). BTR is now in discussions with Aurumin (ASX:AUN) over a deal for the last significant gold holding in the region outside Horizon's. Hot stuff. Having just completed over 13,000m of drilling, Horizon is planning to put its funds towards a first half 2026 feasibility study and a resource update due in the second half of 2025. Just under half of the new capital is to be put towards exploration and development activities. Its the latest significant capital raising in the gold and silver space, which has propped up the junior exploration sector in 2025 on the ASX. Along with Horizon, near-term Mid West gold developer New Murchison Gold (ASX:NMG) pocketed $15m last month, while $320m capped Paterson Province explorer Antipa Minerals (ASX:AZY) raised $40m earlier in July for its 2.5Moz Minyari Dome project. South American silver explorer Andean Silver (ASX:ASL) is also halted, tapping the market for fresh capital currently. HRN is up only 4% YTD, but over 80% in the past 12 months, but the pitch is that it's trading at a much lower value per resource ounce compared to developer peers.
Herald Sun
30-06-2025
- Business
- Herald Sun
Brightstar is shooting for gold with attractive DFS for Menzies and Laverton
Brightstar Resources' DFS for Menzies and Laverton projects pre-tax NPV of $316m and IRR of 73% Staged development provides clear, low-cost pathway to becoming a mid-tier gold producer Company has also flagged non-binding terms to acquire Aurumin to consolidate Sandstone assets Special Report: Brightstar Resources has unveiled a highly anticipated definitive feasibility study for its Menzies and Laverton gold projects in Western Australia, charting a path directly to Australia's class of mid-tier gold producers. Under the spot gold price scenario of $5000/oz, the two projects are expected to jointly deliver undiscounted pre-tax cash flow of $461m and return a net present value and internal rate of return of $316m and 73% respectively. The economics remain attractive at a conservative base case gold price scenario ($4500/oz) with the projects expected to generate cash flow of $316m with NPV and IRR of $203m and 48% respectively. Peak capex under the spot gold price scenario is estimated at a modest $120m with a payback of just one year from commissioning of a planned 1Mtpa processing plant at Laverton. Brightstar Resources' (ASX:BTR) staged DFS estimates an initial mine production target of ~6.4Mt grading 1.81g/t gold, or the recovery of 338,528oz of gold over about five years. This is underpinned by a newly declared open pit ore reserve of 4Mt at 1.63g/t, or 210,500oz of contained gold, that complements the existing underground ore reserve of 24,000oz at the Second Fortune and Fish mines in the Laverton hub. However, the DFS assumptions exclude any material from these two underground mines. Average recovered ounces are expected to be ~70,000oz per annum though the company believes there is strong potential to increase mine life with continued exploration of existing resources of +1.5Moz. Along with the final investment decision for Sandstone, which is targeted for 2027, this supports the company's goal of producing 200,000ozpa by 2029. The DFS comes as the company embarks on merger discussions with Aurumin (ASX:AUN) to consolidate their respective tenement holdings in the Central Sandstone region, which will de-risk and potentially accelerate development of the Sandstone project. The compelling combination will provide greater certainty for the development of new infrastructure in the region and unlock exploration synergies. A consolidated Sandstone project grow BTR's total resources in the overlooked gold field to 2.4Moz gold at an average grade of 1.5g/t on granted mining licences. Clear pathway Managing director Alex Rovira said the Laverton and Menzies DFS outlines a robust and clear pathway to building BTR into a meaningful mid-tier gold miner with average production of about 70kozpa for five years. 'Importantly, Brightstar has the vision that the gold production from Menzies and Laverton outlined in the study is targeted to provide the organic free cash flow required to develop the significant Sandstone gold project in the coming years, underpinning our aspiration of building a +200,000oz per annum gold production business,' he added. 'We have identified and will execute on a staged development plan to deliver the optimal outcome when considering capital requirements and operational risk management, which commences at Menzies with the near-term development of the Lady Shenton open pit. 'This staged approach to developing multiple mines across Menzies and Laverton generates capital to expand the business, which includes the construction of a new 1Mtpa CIL processing plant in a highly strategic location south-east of Laverton, utilising the significant benefits of existing infrastructure and permitting.' Support in place BTR has already received letters of intent and term sheets from multiple domestic and offshore commercial banks, as well as demonstrable interest from non-bank lenders for debt financing support account for ~70% of the capital requirements. It has also received a non-binding term sheet from an offshore precious metals specialist investment company for a material $120m funding package comprised of a gold doré offtake and equity financing at a premium. Additionally, the company could ramp-up production in the near-term under a memorandum of understanding with Paddington Gold, which owns the Paddington processing plant north of Kalgoorlie. Under the MoU, both companies are advancing towards a binding agreement for BTR to sell up to 2Mt of ore from the Menzies gold project from H1 2026 over a period of 2.5 years. This will add to the current Laverton ore purchase agreement for the delivery, sale and processing of up to 500,000t of ore from the Second Fortune and Fish mines to Genesis Minerals' (ASX:GMD) Laverton mill over 2025 and Q1 2026. Development plans Under the DFS, BTR plans to construct a new 1Mtpa processing plant in Laverton on the existing processing plant site, which will deliver significant capital and timetable saving by using existing infrastructure and permits. Initial production from come from the Menzies project in 2026 with processing through the targeted agreement with Paddington. Ore will be sourced from the Lady Shenton open pit and ancillary adjacent open pits such as Aspacia, Lady Harriet and Link Zone. Material from the Yunndaga underground mine will be processed through the planned Laverton processing plant, which is expected to come online in 2027. This will also process ore from the Lord Byron and Cork Tree Well open pits and the Alpha underground mine. Separately BTR's move to acquire Aurumin will see the latter's shareholders receive one new BTR share for every 4.6 AUN shares they hold under the non-binding indicative terms for a scheme of arrangement. Based on the 20-day volume weighted average price of 54c per BTR share, this implies a value of 11.7c for each AUN share, or a 26% premium to their 20-day VWAP of 9.3c. Both companies have held a number of discussions and are currently progressing mutual due diligence investigations. This article was developed in collaboration with Brightstar Resources, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Originally published as Brightstar is shooting for gold with attractive DFS for Menzies and Laverton
RNZ News
27-06-2025
- Business
- RNZ News
Prospectors flock to WA Goldfields after large nugget unearthed
A large gold nugget like this one has been found in Western Australia, about 500km north of Kalgoorlie. Photo: Dave Craw / University of Otago By Macey Turner and Katrina Tap, ABC Veteran prospector Chris MacGregor had one thought when he heard about a chunk of gold that weighed nearly a kilogram being found near a historical West Australian gold mine town recently - "you lucky people". The 895-gram nugget found by prospectors near Sandstone, 513 kilometres north of Kalgoorlie, is worth about $165,000. "I'm sure they put in the hours, which is what it's all about, and good luck to them," MacGregor said. The Perth resident is one of many visitors making the most of a booming prospecting season in the region. Amalgamated Prospectors and Leaseholders Association of WA president James Allison said the discovery of the large nugget showed "the big gold" was "still out there". "With the technology now, there's a lot of people going over old ground and still finding gold - that's why all the caravan parks - they're all full," he said. "It's just the allure. If you find an ounce of gold - that's about the size of a 10-cent piece - that's worth $5000." Gold was first found in the region by prospectors Arthur Bayley and William Ford in 1892. Australia's Golden Outback chief executive Marcus Falconer said finds such as the Sandstone nugget were "important" in keeping the mystique of the Goldfields alive. "People decide to - like back in the gold rush days - come to seek these things out," he said. City of Kalgoorlie-Boulder mayor Glenn Wilson said the current record high gold prices had certainly excited people. "There's gold fever getting around at the moment," he said. "It's great to see that people are making the most of what is a very buoyant gold price." Prospectors have been flocking to the region for 130 years but Wilson said gold tourism was a largely untapped market. "Prospectors might spend up to three or four months out on the land looking for that elusive nugget," he said. "I think there's a massive opportunity - to harness and to further understand what that prospecting community does deliver." Greg and Liz Watson own a company that operates guided prospecting camps about 60km north of Leonora. Greg and Liz Watson thought the pandemic would ruin their gold tourism business but say demand has skyrocketed since. Photo: ABC Goldfields: Macey Turner Liz Watson said the demand for their tours was insatiable this season. "We've had to expand the amount of people we have on the tours," she said. "This year I'm turning away six to 10 people a day, at least." Despite the obvious demand, the pair said running a gold tourism business involved more than just teaching people how to find the shiny stuff. "They have to be cut out for it, because you're dealing with so many people," Greg Watson said. "Anyone coming into it needs to really have a serious look at it. "You need to have full insurance. You need to be accredited in some way." Vicky Smith went on her first tour with the Watsons in 2023 and said she enjoyed the isolation and open landscape more than the idea of finding gold. So when the Watsons needed an assistant she traded in her child protection job for a six-month stint in the red dirt. "It's lovely to be out here," she said. "This is just a completely different world." Despite an almost lifelong commitment to combing through the scrub in WA's gold country, MacGregor and his detector - affectionately dubbed the "Wailing Wand" - are yet to hit the jackpot. "It's a very rare thing to come by - you've got to put in the time," he said. Chris MacGregor has been prospecting on and off for more than 40 years after picking up his first piece of gold at the age of 11. Photo: ABC Goldfields: Katrina Tap MacGregor said finding gold was only part of the joy of prospecting. He said he would keep sleeping in his swag under the stars for as long as he was able. "Don't do it for the gold - come for everything else that's out there," MacGregor said. "If you get some gold, it's a bonus." Allison said tourists hoping to strike it lucky were welcome in the region, but stressed that safety should be the number one priority. "We've seen many, many cases over the years of prospectors getting lost and perishing, and they're found within 50 metres of their vehicle," he said. Last year the bodies of a father and son were found after they went missing while prospecting in the Murchison region. The body of Vietnam veteran William Wadsworth was also found last year, months after he went missing while prospecting near Norseman. Allison said water, food, shelter and a personal locator beacon were indispensable for prospectors, who should also let people know of their plans. "It doesn't matter if you're over-prepared," he said. "You should be always looking at the 'what if'." - ABC
Yahoo
26-06-2025
- Business
- Yahoo
EXCLUSIVE: Glossier CEO Kyle Leahy to Step Down at End of Year
There's about to be another changing of the guard at Glossier. After three years at its helm, chief executive officer Kyle Leahy will depart the brand at year-end. More from WWD Billie Partners With Charli XCX-beloved Accessories Company Ian Charms to Release Bush Positive Swimwear Lana Del Rey Channels Retro Glam with '60s-inspired BumpIt Hairstyle at Her Concert in Wales All the Beauty Retail Expansions of 2025 'Over three years ago, Emily [Weiss] and I shared exciting news about Glossier's next chapter, and I was honored to step into my role as CEO of the company she built,' Leahy said in a company-wide note to Glossier staffers Tuesday, which was obtained by WWD. 'Today, we have reached a new chapter defined by scale, profitability and brand strength,' Leahy wrote. 'With that foundation in place, the board and I believe this is the right moment to bring in the next CEO to lead this new phase of growth.' The executive joined Glossier as its first chief commercial officer in 2021 before taking the reins from founder Emily Weiss in May 2022. She will continue to serve in her role on Glossier's board of directors through the transition. It's understood that Weiss, meanwhile, will remain in her role as executive chairwoman, and will not step into the CEO role. 'I am so grateful for Kyle's leadership and stewardship of Glossier over these past three-plus years,' Weiss said in a statement. 'She deeply understands how unique and special this brand is, and was exactly the right person to serve as our CEO as we looked to evolve our business model for sustainability and profitability, and scale our brand. Glossier was always built to be more than just one person — more than me, more than Kyle — and I am excited to partner with her to find our next leader.' Under Leahy's watch, Glossier launched at Sephora in February 2023, marking an about-turn from its prior DTC strategy and adopting a more traditional retail playbook. This month, Glossier will launch in Sephora's business in France, following earlier expansions to the U.K., the Middle East and Mexico with the retailer. Prior to the partnership with Sephora, sources had told WWD and Beauty Inc that sales — and buzz — had slowed. Glossier laid off nearly 200 retail employees during the pandemic and eliminated another two dozen roles last year. In October 2023 after the Sephora launch, industry sources estimated that overall sales were around $275 million. Leahy has also overseen the expansion of Glossier's fragrance business, which has become its fastest-growing category. In October, the brand launched Impressions of Glossier You — a duo of extensions on Glossier You called You Doux and You Rêve — in its full distribution for $78 each. In June, it got in on the body mist boom, debuting a body lotion, body wash and body spritz in its preexisting deodorant scent, called Sandstone, as well a body spritz in a fragrance named Orange Blossom Neroli. Leahy said that fragrance now generates more than $100 million in sales, making it Glossier's largest category. Kirsten Green, founder and partner at Forerunner Ventures, one of Glossier's backers, said: 'Kyle has led the company through a pivotal phase — scaling the business with clarity, creativity and a deep commitment to its values and customers. Thanks to her leadership, Glossier is stronger, more resonant, and more ambitious than ever. The foundation is set for continued growth and cultural relevance, and I can't wait to see where the team takes it next.' Best of WWD Which Celebrity Brands Are Next for a Major Deal? Lady Gaga, Beyonce and More Possible Contenders for the Next Corporate Prize The Best Makeup Looks in Golden Globes History A Look Back at Golden Globes Best Makeup on the Red Carpet, From Megan Fox to Sophia Loren [PHOTOS]
Canberra Times
19-06-2025
- Automotive
- Canberra Times
2025 Renault Duster: More rugged crossover SUV arrives in Australia
It showed off the two Dusters – one in Sandstone, the other in Shadow Grey – here for final evaluation and accessory tests ahead of going on sale in July 2025, giving more clues to the final spec of local versions.
