HORIZON GOLD LIMITED (HRN)
Share Price Analysis and Chart

03/08/2026

1

Initiation of coverage with Speculative Buy

$1.70

51.79%

Ord Minnett observes the environment for gold developers has improved after a rally in the price over the past two years. Margins and payback periods have improved significantly while funding risk has abated.

Equity participants are seen more willing to fund projects as they seek leverage gold exposure.

The broker considers Horizon Gold underappreciated and initiates coverage with a Speculative Buy rating and $1.70 target. The business is trading at a relative discount to peers on a grade/time-to-first production basis.

Ord Minnett believes the risks are overplayed and there is significant upside on a stand-alone basis.

26/08/2026

1

Buy

$2.35

109.82%

Moelis maintains its Buy recommendation for Horizon Gold with an unchanged target price of $2.35 following a positive exploration update from the Gum Creek Project.

Recent reverse circulation drilling across multiple deposits returned high-grade intercepts, including Howards, Heron South, and Melbourne Bitter, highlighting expansion potential not captured in the recent definitive feasibility study.

The broker's estimates indicate that upcoming resource estimate updates later in 2026 will serve as key catalysts for valuation realisation.

The analyst highlights that the stock trades at an excessively wide discount to existing producers, representing a compelling long-term value option on the resource optionality of Gum Creek.