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Equity Bottom-Up

<ul><li>Maritana Minerals Limited (ASX:MRT), formerly Horizon Minerals Limited (ASX:HRZ), is an emerging junior gold producer with 1.9moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.</li><li>MRT has released its March 2026 quarterly report which provides a summary of progress on mining, exploration and development activities.</li><li>Revenue of $4.1m was generated from gold sales at Boorara, which was impacted by lower processing rates as the ore purchase agreement was terminated.</li></ul>

Maritana Minerals Limited (ASX:MRT), formerly Horizon Minerals Limited (ASX:HRZ), is an emerging junior gold producer with 1.9moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.MRT has released its March 2026 quarterly report which provides a summary of progress on mining, exploration and development activities.Revenue of $4.1m was generated from gold sales at Boorara, which was impacted by lower processing rates as the ore purchase agreement was terminated.

<ul><li>Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with ~1.9moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.</li><li>HRZ released an update on the Phillips Find Joint Venture (JV), with the company receiving a cash distribution of $10m.</li><li>Another final distribution is expected in April 2026 from the processing of a low-grade stockpile.</li></ul>

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with ~1.9moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.HRZ released an update on the Phillips Find Joint Venture (JV), with the company receiving a cash distribution of $10m.Another final distribution is expected in April 2026 from the processing of a low-grade stockpile.

Horizon Minerals Ltd - Phillips Find JV Update

<ul><li>Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with ~1.9moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.</li><li>The company has released its long-awaited study into the refurbishment of the Black Swan Plant and the associated mine plan, which demonstrate a profitable mining operation that can produce ~546koz over five years.</li><li>Alongside the release of the study, the company also raised $175m in equity, which provides the funding required to execute the development plan.</li></ul>

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with ~1.9moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.The company has released its long-awaited study into the refurbishment of the Black Swan Plant and the associated mine plan, which demonstrate a profitable mining operation that can produce ~546koz over five years.Alongside the release of the study, the company also raised $175m in equity, which provides the funding required to execute the development plan.

Horizon Minerals Ltd - 2027: Black Swan takes flight

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Maritana Minerals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-minerals-ltd" target="_blank" data-smartkarma-citation="entities:19465:1" rel="noopener">Horizon Minerals (HRZ AU)</a> (HM) is looking to raise US$124m in its primary offering. There is also a share purchase plan(SPP) for upto A$10m(~US$7m) along with the placement.</li>
<li>HM is a gold exploration and mining company. It plans to use proceeds for development of the Black Swan Project Processing Hub, located in the Goldfields region of Western Australia.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Horizon Minerals (HRZ AU) (HM) is looking to raise US$124m in its primary offering. There is also a share purchase plan(SPP) for upto A$10m(~US$7m) along with the placement.
HM is a gold exploration and mining company. It plans to use proceeds for development of the Black Swan Project Processing Hub, located in the Goldfields region of Western Australia.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Horizon Minerals Placement - Too Large a Deal to Digest

<ul><li>Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.</li><li>HRZ has released its December 2025 quarterly report which provides a progress update on mining, exploration and development activities.</li><li>Revenue of $23.3m was generated from gold sales at Boorara, which was impacted by lower tolling rates for most of the quarter, whilst the last tolling run is being completed with a final distribution from the Phillips Find JV expected in the March 2026 quarter.</li></ul>

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.HRZ has released its December 2025 quarterly report which provides a progress update on mining, exploration and development activities.Revenue of $23.3m was generated from gold sales at Boorara, which was impacted by lower tolling rates for most of the quarter, whilst the last tolling run is being completed with a final distribution from the Phillips Find JV expected in the March 2026 quarter.

Horizon Minerals Ltd - Quarterly Mining Update

Australia

Maritana Minerals Limited operates as a precious metal exploration company. The Company mines and produces gold. Maritana Minerals serves customers in Australia.

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Maritana Minerals (MRT AU)

Horizon Minerals Ltd - Quarterly uppdate

Maritana Minerals Limited (ASX:MRT), formerly Horizon Minerals Limited (ASX:HRZ), is an emerging junior gold producer with 1.9moz of gold...

Research as a Service (RaaS)

Horizon Minerals Ltd - Phillips Find JV Update

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with ~1.9moz of gold resources located around the Kalgoorlie and Coolgardie...

Research as a Service (RaaS)

Horizon Minerals Ltd - 2027: Black Swan takes flight

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with ~1.9moz of gold resources located around the Kalgoorlie and Coolgardie...

Research as a Service (RaaS)

Aequitas: Horizon Minerals Placement - Too Large a Deal to Digest

Horizon Minerals is looking to raise US$124m in its primary offering. In this note, we will talk about the placement and run the deal through our...

Akshat Shah

Horizon Minerals Ltd - Quarterly Mining Update

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie...

Research as a Service (RaaS)

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