HORIZON GOLD LIMITED (HRN)
Share Price Analysis and Chart

14/09/2026

1

Speculative Buy

$1.70

58.88%

Ord Minnett recently visited Gum Creek for a trip encompassing senior management to see Horizon Gold's large tenement package.

The analyst notes Gum Creek (WA) hosts 2.3moz of gold at 1.9g/t of which around 900koz was incorporated into the recent DFS.

Management plans two rigs to drill the remaining metres in the 80km program through infill and extensional areas, the broker highlights.

The developer trades at a circa -70% discount to peers at $86x EV/Resource despite the development upside considered as relatively "straightforward" and attractive.

Speculative Buy rating retained with an unchanged $1.70 target.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -2.10 cents.

24/09/2026

1

Buy

$2.30

114.95%

Moelis maintains its Buy rating for Horizon Gold while trimming its target to $2.30 from $2.35 following minor forecast revisions and the model roll-forward.

Moelis considers FY26 financial results largely immaterial while Horizon remains pre-development.

The company reported a -$2m statutory loss and ended June with around $24m cash, considered sufficient to fund activities through to a development decision.

The investment case rests on the 2.3Moz Gum Creek resource and scope for further discoveries.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -5.80 cents.
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -4.30 cents.