HORIZON GOLD LIMITED (HRN)
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HRN

HRN - HORIZON GOLD LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: -0.51
Index:

0

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.10

15 Sep
2026

-0.010

OPEN

$1.10

-0.90%

HIGH

$1.15

29,913

LOW

$1.10

TARGET
$1.70 54.5% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
HRN: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 0.7 - 0.5 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 N/A

Estimated Dividend Growth
(Average Of Past Three Years)

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-0.7
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx0.0 M
Book Value Per Share xxxxxxxxxxxxxxx22.9
Net Operating Cash Flow xxxxxxxxxxxxxxx-0.8 M
Net Profit Margin xxxxxxxxxxxxxxx-

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-2.97 %
Return on Invested Capital xxxxxxxxxxxxxxx-2.97 %
Return on Assets xxxxxxxxxxxxxxx-2.10 %
Return on Equity xxxxxxxxxxxxxxx-2.97 %
Return on Total Capital xxxxxxxxxxxxxxx-4.52 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-0.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx1 M
Long Term Debt xxxxxxxxxxxxxxx0 M
Total Debt xxxxxxxxxxxxxxx1 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1 M
Price To Book Value xxxxxxxxxxxxxxx2.51

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx4.6 M
Capex % of Sales xxxxxxxxxxxxxxx-
Cost of Goods Sold xxxxxxxxxxxxxxx1 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

14/09/2026

1

Speculative Buy

$1.70

54.55%

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 FY26 dividend of 0.00 cents and EPS of minus -0.50 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -2.10 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Moelis

15/09/2026

1

Buy

$2.35

113.64%

Following a site visit to Horizon Gold's Gum Creek project in Western Australia, Moelis retains its Buy rating and $2.35 price target.

The broker believes the definitive feasibility study captures only the lowest-risk portion of what could become a materially larger gold inventory.

The initial development focuses on open-pit, free-milling ore, with 94% of reserves classified as Indicated or better, while underground extensions and the refractory Wilsons deposit provide additional upside. Exploration has added around 1moz since February 2021 at approximately $20/oz.

The principal challenges are securing development funding relative to Horizon's market capitalisation and limited share liquidity.

Resource drilling, lender commitments and potential early cash flow through toll treatment could provide catalysts ahead of a final investment decision. At spot gold prices, Moelis's valuation would increase to $3.10 per share.

FORECAST
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.50 cents.
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -4.20 cents.
Access Extra Coverage Research History >

HRN STOCK CHART

FNArena News on HRN

1
Australian Broker Call *Extra* Edition – Sep 16, 2026

Sep 16 2026 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Aug 26, 2026

Aug 26 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Aug 12, 2026

Aug 12 2026 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Jul 23, 2026

Jul 23 2026 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Jun 30, 2026

Jun 30 2026 - Daily Market Reports

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