SYDNEY: Australian miner Horizon Minerals Ltd said on Friday it has agreed to sell its non-core Lake Johnston nickel project to Forrestania Resources Ltd for A$35 million ($23.2 million), as it focuses on developing its flagship gold asset.
The divestment, outlined in a binding Heads of Agreement, will see Horizon receive A$30 million in cash and A$5 million in Forrestania shares, the company said in a statement.
The proceeds will be used to advance Horizon’s 100% owned Black Swan gold project, including early funding for long-lead items to refurbish its processing plant, and for potential mergers and acquisitions, it added.
“Lake Johnston was acquired through the ~A$30 million merger with Poseidon and is considered a non-core asset, with our focus on the refurbishment and restart of the Black Swan processing facility,” said Horizon Managing Director and CEO Grant Haywood.
The transaction is expected to be completed by the end of January 2026, pending conditions that include Forrestania successfully completing a capital raising to fund the acquisition and receiving necessary regulatory approvals.
Horizon also provided an update on its Black Swan project, stating that a pre-feasibility study remains on track for completion in the current quarter, bolstered by the recent acquisition of the nearby Gordons Dam Project.
($1 = 1.5077 Australian dollars)
