It was a quiet start for the market’s newest gold developer, closing at 35c, a 12.5% discount to the 40c issue price, on thin volume of less than 77,000 shares.

The $15 million IPO was fully underwritten by Somers & Partners.

Panoramic Resources, which vended its gold assets into Horizon, remains its major shareholder with a 51% stake.

Panoramic boss Peter Harold chairs Horizon and the company will provide Horizon with management support for the next two years.

Horizon owns the Gum Creek gold project near Wiluna, which has produced over 1 million ounces of gold historically and has a resource of 17.3 million tonnes at 2.25 grams per tonne gold for 1.25Moz gold.

The company is aiming to grow the size and confidence of the resource through drilling starting in January, as well as focus on regional exploration.

Horizon is also planning to undertake development studies on the free-milling and refractory ore, as well as further metallurgical work.

“It is very exciting to have a renewed focus on Gum Creek, which is positioned on a large greenstone belt with historic production of over 1Moz of gold,” Harold said.

“The company has a strong balance sheet to accelerate and advance exploration and development activity at Gum Creek, including new exciting IP targets identified by the Panoramic exploration team.”