HORIZON GOLD LIMITED (HRN)
Share Price Analysis and Chart

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14/09/2026

1

Speculative Buy

$1.70

55.25%

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.

19/10/2026

1

Buy

$3.15

187.67%

Moelis maintains a Buy rating for Horizon Gold with its target price increased to $3.15 from $2.30 following an update to sector commodity price assumptions.

Higher long-term gold pricing inputs increase the net asset value by 25%.

Lower near-term gold prices carry no immediate earnings impact because the asset is not yet in production.

An expanded enterprise value to resource multiple lifts the resource-based valuation by 47%.

The analyst highlights the extensive 1.6m ounce free milling resource base at Gum Creek as a core valuation support.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -5.70 cents.
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -4.30 cents.