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Haranga Resources Limited (AU:HAR)
ASX:HAR

Haranga Resources Limited (HAR) AI Stock Analysis

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AU:HAR

Haranga Resources Limited

(Sydney:HAR)

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Neutral 49 (OpenAI - 5.2)
Rating:49Neutral
Price Target:
AU$0.15
▼(-25.50% Downside)
The score is held back primarily by weak financial performance (ongoing losses, cash burn, and declining equity), partially offset by constructive technical signals (price above key moving averages with positive MACD). Valuation provides limited support given negative earnings and no dividend yield data.

Haranga Resources Limited (HAR) vs. iShares MSCI Australia ETF (EWA)

Haranga Resources Limited Business Overview & Revenue Model

Company DescriptionHaranga Resources Limited explores and develops gold and uranium assets in West Africa. The company holds interests in a range of gold projects located in Cote d'Ivoire and Burkina Faso; and a uranium project in Senegal. Haranga Resources Limited was incorporated in 2009 and is headquartered in Victoria Park, Australia.
How the Company Makes Money

Haranga Resources Limited Financial Statement Overview

Summary
Financials are weak: very small revenue with persistent operating and net losses, alongside ongoing negative operating/free cash flow. Balance sheet leverage is modest, but equity has fallen sharply year over year and negative returns indicate continued value erosion and funding/dilution risk.
Income Statement
18
Very Negative
The company is generating only small revenue (2024: 6,595 vs. 2023: 9,712) and remains deeply unprofitable, with 2024 operating loss of about 2.9M and net loss of about 2.6M. While 2024 shows strong reported revenue growth versus a very low prior base, profitability is weak and volatile, and losses remain structurally large relative to revenue.
Balance Sheet
46
Neutral
Leverage is currently modest (2024 total debt ~350k versus equity ~1.9M; debt-to-equity ~0.19), which is a positive. However, equity has declined significantly from 2023 (~4.4M to ~1.9M in 2024) and returns on equity are meaningfully negative in recent years, reflecting ongoing value erosion; prior periods also show a history of negative equity (2020–2021), highlighting balance-sheet instability over time.
Cash Flow
20
Very Negative
Cash generation is weak, with operating cash flow and free cash flow consistently negative (2024: about -2.27M; 2023: about -3.02M). Cash burn improved versus 2023, but free cash flow growth is still negative in 2024 and cash outflows remain large relative to the business’s revenue base, indicating continued reliance on external funding.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue4.76K6.59K9.71K0.000.000.00
Gross Profit4.76K6.59K9.71K0.000.000.00
EBITDA-845.00-2.89M407.31K-3.97M0.009.00
Net Income-2.01M-2.58M-3.42M-7.59M-1.19M-300.00K
Balance Sheet
Total Assets6.55M2.27M4.49M4.46M7.00M110.84K
Cash, Cash Equivalents and Short-Term Investments3.94M10.07K1.96M2.29M6.32M87.61K
Total Debt0.00350.00K0.000.00500.00K0.00
Total Liabilities551.93K745.07K175.65K1.07M8.35M350.79K
Stockholders Equity6.34M1.89M4.39M3.26M-1.35M-239.95K
Cash Flow
Free Cash Flow-2.35M-2.27M-3.02M-3.27M-483.20K-84.61K
Operating Cash Flow-2.35M-2.27M-3.02M-3.19M-483.20K-84.61K
Investing Cash Flow0.000.000.00-22.73K0.000.00
Financing Cash Flow5.31M327.00K2.67M-811.00K6.71M0.00

Haranga Resources Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
49
Neutral
AU$60.68M-6.09-53.67%
49
Neutral
AU$57.77M-43.08-5.63%43.48%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:HAR
Haranga Resources Limited
0.15
0.10
245.24%
PTNUF
Platina Resources Limited
0.03
0.01
108.33%
DE:81V
QMines Ltd.
0.04
<0.01
25.81%
AU:CAE
Cannindah Resources Limited
0.06
0.02
55.56%
DE:YM4
Raiden Resources Limited

Haranga Resources Limited Corporate Events

Haranga accelerates Lincoln resource conversion and secures $14m to advance gold portfolio
Jan 29, 2026

Haranga Resources advanced its Lincoln Gold Project in California during the December 2025 quarter, mobilising an underground diamond drill rig to begin converting a historical foreign resource estimate into a JORC-compliant mineral resource, while progressing dewatering of the Stringbean Alley Decline and upgrading power infrastructure to support underground drilling and pumping. The company also reported strong follow-up assay results at its Ibel South Gold Project in Senegal, completed a second phase of aircore drilling that has revealed a potentially 800m continuous mineralised trend and the need for deeper drilling, and strengthened its balance sheet with a $14 million oversubscribed placement, positioning it to accelerate resource definition at Lincoln and advance the near-production-ready asset in a supportive gold price environment.

The most recent analyst rating on (AU:HAR) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on Haranga Resources Limited stock, see the AU:HAR Stock Forecast page.

Haranga Resources Issues Shares on Option Exercise as Lincoln Drilling Progresses
Jan 20, 2026

Haranga Resources has issued 1,924,805 new fully paid ordinary shares following the exercise of an equivalent number of unlisted options at $0.08 each, with the options set to expire in June 2028. The company confirmed the share issue was completed without a disclosure document under the Corporations Act, stated it remains compliant with its financial reporting and continuous disclosure obligations, and noted that drilling at its Lincoln Gold Project is ongoing, with results to be released to the market in due course.

The most recent analyst rating on (AU:HAR) stock is a Hold with a A$0.17 price target. To see the full list of analyst forecasts on Haranga Resources Limited stock, see the AU:HAR Stock Forecast page.

Haranga Resources Seeks ASX Quotation for 1.9 Million New Shares
Jan 20, 2026

Haranga Resources Limited has applied to the ASX for quotation of 1,924,805 new fully paid ordinary shares, following the exercise or conversion of existing options or other convertible securities. The additional shares, to be quoted from 20 January 2026 under the code HAR, will modestly expand the company’s listed capital base, potentially improving liquidity for shareholders and supporting its ongoing corporate and funding activities.

The most recent analyst rating on (AU:HAR) stock is a Hold with a A$0.17 price target. To see the full list of analyst forecasts on Haranga Resources Limited stock, see the AU:HAR Stock Forecast page.

Haranga Advances Drilling at Lincoln Gold Project Amid Weather-Related Delay to JORC Resource
Jan 19, 2026

Haranga Resources has reported steady progress at its Lincoln Gold Project, completing HQ diamond drilling at Cross Cut 3, advancing drilling at Cross Cut 4, and managing short-term dewatering setbacks caused by heavy rainfall that have delayed the anticipated timing for a maiden JORC-compliant Mineral Resource Estimate. The company says geological observations remain consistent with expected lode structures on the periphery of the historical NI 43-101 resource, while initial Chrysos PhotonAssay test work has validated prior high-grade gold screen fire assays, reinforcing the project’s technical credentials and supporting Haranga’s strategy to de-risk Lincoln and position it as a quality high-grade gold asset amid strong gold prices.

The most recent analyst rating on (AU:HAR) stock is a Hold with a A$0.17 price target. To see the full list of analyst forecasts on Haranga Resources Limited stock, see the AU:HAR Stock Forecast page.

>800m Mineralised Gold Trend Confirmed at Haranga’s Ibel South Project
Jan 11, 2026

Haranga Resources has reported Phase 2 aircore drilling results from its Ibel South Gold Project in southeastern Senegal, confirming a laterally extensive orogenic gold system over more than 800 metres of strike at the TMS Anomaly 3 target. The latest drilling intersected multiple broad zones of shallow gold mineralisation consistent with Birimian-aged systems, identified flexures and possible cross-faulting that may host higher-grade zones, and showed that mineralisation remains open at depth and along a broader ~5km anomalous corridor, underpinning the company’s plan to commence deeper follow-up drilling and first-pass testing of additional high-priority anomalies in early 2026.

The most recent analyst rating on (AU:HAR) stock is a Hold with a A$0.21 price target. To see the full list of analyst forecasts on Haranga Resources Limited stock, see the AU:HAR Stock Forecast page.

Haranga Resources Issues Shares on Option Exercise and Flags Upcoming Drilling Results
Jan 7, 2026

Haranga Resources Limited has issued 500,000 fully paid ordinary shares following the exercise of an equal number of unlisted options at $0.08 each, with the options expiring on 26 June 2028, thereby slightly increasing its share capital. The company confirmed that the shares were issued without a disclosure document under the Corporations Act, stated it remains compliant with its financial reporting and continuous disclosure obligations, and noted that results from its ongoing drilling programs will be released once assays are received, signalling continued operational activity that investors will be monitoring for potential impact on the company’s exploration progress and valuation.

The most recent analyst rating on (AU:HAR) stock is a Hold with a A$0.21 price target. To see the full list of analyst forecasts on Haranga Resources Limited stock, see the AU:HAR Stock Forecast page.

Haranga Resources Applies for Quotation of 500,000 New Shares on ASX
Jan 7, 2026

Haranga Resources Limited has applied to the Australian Securities Exchange for quotation of 500,000 new fully paid ordinary shares, issued on 7 January 2026. The additional securities arise from the exercise or conversion of existing options or other convertible securities, modestly increasing the company’s listed share capital and indicating continued equity-based activity that may marginally affect share liquidity and existing shareholder dilution.

The most recent analyst rating on (AU:HAR) stock is a Hold with a A$0.21 price target. To see the full list of analyst forecasts on Haranga Resources Limited stock, see the AU:HAR Stock Forecast page.

Haranga Resources Issues Unquoted Equity Options to Support Strategic Goals
Dec 18, 2025

Haranga Resources Limited announced the issuance of 13,000,001 unquoted options set to expire on December 18, 2028, with an exercise price of $0.22. This issuance is part of a previously disclosed transaction and is intended to support the company’s strategic initiatives, potentially bolstering its long-term operational and financial objectives.

Haranga Resources Concludes Second Tranche of Share Placement
Dec 18, 2025

Haranga Resources Limited has completed the second tranche of a placement announced earlier this year, issuing 30,000,000 fully paid ordinary shares and 1,785,714 shares for investor relations services. This development signifies the company’s active efforts to secure funding and comply with its ongoing operational and disclosure obligations, while it continues its drilling programs and awaits assay results for further updates to the market.

Haranga Resources Issues Over 31 Million New Shares
Dec 18, 2025

Haranga Resources Limited, listed on the Australian Securities Exchange (ASX) under the code HAR, has announced the issuance and quotation of 31,785,714 fully paid ordinary shares as of December 18, 2025. This move, in continuation of previously announced transactions, reflects the company’s financial developments and may have implications for its market positioning, stakeholder interest, and future growth trajectory.

Haranga Resources Secures Shareholder Approval for Key Resolutions
Dec 15, 2025

Haranga Resources Limited announced that all resolutions presented at its recent General Meeting were passed by poll. This outcome supports the company’s strategic initiatives, including the ratification and approval of share placements and options issuance, which are crucial for its capital raising efforts and future growth plans.

Haranga Resources Issues New Shares in Strategic Move
Dec 3, 2025

Haranga Resources Limited has announced the issuance of 260,000 fully paid ordinary shares following the exercise of unlisted options. This move, conducted without disclosure under Part 6D.2 of the Corporations Act, indicates the company’s compliance with relevant legal provisions and suggests a strategic financial maneuver to potentially bolster its capital structure.

Haranga Resources Expands Capital with New Securities Quotation
Dec 3, 2025

Haranga Resources Limited has announced the issuance of 260,000 fully paid ordinary securities, which are set to be quoted on the Australian Securities Exchange (ASX) as of December 3, 2025. This move is part of the company’s strategy to enhance its capital structure, potentially impacting its market positioning and providing opportunities for stakeholders to engage with its growth trajectory.

Haranga Resources Initiates Drilling at Lincoln Gold Project
Dec 1, 2025

Haranga Resources Limited has commenced diamond drilling at its Lincoln Gold Project in California, marking the first such activity in 12 years. The drilling aims to convert the current non-compliant Mineral Resource Estimate to a JORC compliant resource and explore potential high-grade gold zones, potentially expanding the project’s mineralized footprint. This development is expected to enhance the company’s resource base and strengthen its position in the gold mining industry.

Haranga Resources Completes Successful Drilling Campaign at Ibel South
Nov 26, 2025

Haranga Resources Limited has successfully completed its second Aircore drilling campaign at the Ibel South Gold Project in southeastern Senegal, drilling 3,197 meters across 65 holes. This campaign aims to extend and confirm mineralization identified in the initial 2025 program, with assay results expected by the end of December 2025. The project is strategically located near major gold mines, enhancing its potential impact on the company’s operations and industry positioning.

Haranga Resources Issues 500,000 Shares Following Option Exercise
Nov 20, 2025

Haranga Resources Limited, a company listed on the ASX, has issued 500,000 fully paid ordinary shares following the exercise of unlisted options at a price of $0.08 per share. This issuance was conducted without disclosure to investors under Part 6D.2 of the Corporations Act, and the company confirms compliance with relevant provisions of the Act, indicating transparency and adherence to regulatory standards.

Haranga Resources Expands Capital with New Securities Issuance
Nov 20, 2025

Haranga Resources Limited has announced the issuance of 500,000 ordinary fully paid securities, which will be quoted on the Australian Securities Exchange (ASX) under the code HAR. This move signifies an expansion in the company’s capital base, potentially enhancing its market position and providing additional resources for future projects.

Haranga Resources Highlights Strategic Gold Exploration Initiatives
Nov 19, 2025

Haranga Resources Limited has released a corporate presentation highlighting its ongoing exploration activities in the Kéniéba Inlier, known for its world-class gold systems. The company emphasizes the potential of its projects and the strategic importance of its drilling operations, which could significantly enhance its market position and provide substantial opportunities for stakeholders.

Haranga Resources Announces General Meeting for Shareholders
Nov 14, 2025

Haranga Resources Limited has announced a General Meeting of Shareholders scheduled for December 15, 2025, in West Perth. The meeting will address various resolutions, and shareholders are encouraged to participate either in person or by proxy. The company has made meeting materials available online, reflecting its commitment to efficient and environmentally friendly communication practices. This announcement underscores Haranga’s ongoing efforts to engage with its stakeholders and maintain transparency in its operations.

Haranga Resources Announces Change in Substantial Holding
Nov 13, 2025

Haranga Resources Limited has announced that Fotios Lekkas and associated entities have ceased to be substantial holders in the company as of September 11, 2025. This change in substantial holding was due to the sale and disposal of shares by various associated entities, impacting the voting rights and control within the company.

Haranga Resources Advances Lincoln Gold Project with Strategic Drilling Initiatives
Nov 9, 2025

Haranga Resources Limited has provided an operational update on its Lincoln Gold Project, highlighting the progress in dewatering activities and the upcoming drilling program. The company is advancing its plans to convert historical resources into JORC-compliant estimates by January 2026, leveraging existing infrastructure and strategic advantages. This development is expected to enhance the company’s position in the gold mining industry, offering potential cost efficiencies and a rapid advancement pathway.

Haranga Resources Advances Gold Projects with Strategic Acquisition and Successful Drilling
Oct 29, 2025

Haranga Resources has completed the acquisition of the Lincoln Gold Project in the USA, which includes significant prior capital investment and infrastructure, positioning it for rapid development. The company also reported promising results from its maiden drill program at the Ibel South Gold Project in Senegal, indicating potential for a significant gold system. Additionally, Haranga raised $14 million to support its strategic initiatives, including further drilling and resource expansion at both projects.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 13, 2026