Hawthorn Resources Limited (HAW) AI Stock Analysis

• Market Cap: AU$46.90M
• Dividend Yield: N/A
• Average Volume (3M): 143.51K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.20
• Revenue Growth: N/A
• EPS Growth: 37.50%
• Country: AU
• Employees: 7
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 335,015,630
• 10 Day Avg. Volume: 42,247
• 30 Day Avg. Volume: 143,508
• PEG Ratio: 1.52
• Price to Book (P/B): 1.44
• Price to Sales (P/S): 17.49
• P/FCF Ratio: -52.04
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: AU$0.14 ▲(44.00% Upside)

The score is held back mainly by weak and volatile financial performance (recent losses and negative free cash flow) despite a low-risk, debt-free balance sheet. Technicals are the primary offset, showing a strong uptrend and positive momentum. Valuation contributes negatively because the negative P/E reflects loss-making performance and there is no dividend support.

Positive Factors

Debt-free balance sheet

Zero reported debt materially reduces refinancing and leverage risk for an exploration company. This durable balance-sheet conservatism preserves strategic optionality to fund drilling or acquisitions, lowers fixed costs, and extends runway versus peers with leverage.

Return to positive operating cash flow

Re-establishing positive operating cash flow signals an operational inflection that can sustainably support near-term project activity without sole reliance on external financing. Over 2–6 months this can improve funding flexibility for exploration and reduce dilution risk if maintained.

Focused exploration business model

A clear, focused exploration and project-development mandate allows concentrated capital allocation and operational expertise on discovery and value uplift. Coupled with a lean structure, this specialization supports efficient project advancement and clearer milestones for investors over mid-term horizons.

Negative Factors

Volatile, collapsed revenue base

A materially shrunken and volatile revenue base undermines ability to internally fund exploration and development. Persistent low revenues reduce revenue visibility, make planning capex and workforce investment harder, and increase dependence on external capital over the medium term.

Persistent negative free cash flow

Continued negative free cash flow despite operating improvements indicates cash burn after investing. This structural gap pressures liquidity, likely requiring future equity or asset sales to fund growth, which can dilute shareholders or delay project timelines if not reversed.

Recent losses and weak profitability

Back-to-back recent losses and negative net margins point to cost structure or one-off adjustments that impede earning power. Persistent unprofitability weakens return on equity and limits ability to self-fund development, increasing execution risk and dependence on capital markets.

Hawthorn Resources Limited Business Overview & Revenue Model

Company Description

Hawthorn Resources Limited, together with its subsidiaries, operates as a diversified base metals and gold mining and exploration company in Western Australia. It holds an 70% interest in the Trouser Legs project located to the north-east of Kalgoorlie; and 80% interest in the Edjudina project located to the north-east of Kalgoorlie. The company also hold interest in the Mount Bevan iron ore project and Black Raven Mining project. Hawthorn Resources Limited was incorporated in 1985 and is based in Melbourne, Australia.

How the Company Makes Money

Hawthorn Resources Limited generates revenue through the exploration and development of its mineral projects, particularly those focused on gold. The company's revenue model primarily involves discovering mineral deposits and subsequently developing these resources to a stage where they can be sold or partnered with larger mining companies for extraction and production. Revenue streams include the sale of extracted minerals, joint ventures with other mining companies, and the sale of interests in its mineral projects. Additionally, the company may engage in strategic partnerships or raise capital through equity offerings to fund exploration and development activities.

Hawthorn Resources Limited Financial Statement Overview

Summary

Balance sheet strength is a key support with zero debt and stable equity, reducing financial risk. However, operating results are volatile with a sharply reduced revenue base, recent losses (2024–2025), and uneven cash generation. While 2025 operating cash flow improved to positive, free cash flow remains negative, indicating ongoing cash burn.

Income Statement

Revenue has been highly volatile, collapsing from 2020 levels and remaining small in recent years, with 2025 showing a sharp revenue decline versus 2024. Profitability has also been inconsistent: strong profits in 2020 and 2022 were followed by losses in 2024 and 2025, and the latest year shows a negative net margin despite a strong gross margin. A key positive is the improvement from the 2024 operating loss to positive operating profit in 2025, but overall earnings quality and consistency remain weak.

Balance Sheet

The balance sheet is conservatively positioned with zero debt reported across all periods, which reduces financial risk and refinancing pressure. Equity remains sizable and fairly stable, supporting the asset base. The main weakness is weak shareholder returns in recent years (negative return on equity in 2024 and 2025), reflecting profitability challenges rather than leverage.

Cash Flow

Cash generation has been uneven. 2025 returned to positive operating cash flow after negative operating cash flow in 2023–2024, which is a constructive shift. However, free cash flow remains negative in most recent years (including 2025), indicating ongoing cash burn after investment spending; this contrasts with the very strong cash generation seen in 2020. Overall, cash flow stability is a concern despite the latest-year operating improvement.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.11M	1.11M	673.58K	326.46K	5.65M	92.14K
Gross Profit	1.07M	1.07M	673.58K	326.46K	1.82M	90.97K
EBITDA	306.19K	306.19K	-115.00K	374.02K	1.30M	-1.66M
Net Income	-499.92K	-341.64K	-537.00K	84.95K	927.06K	-1.66M
Balance Sheet
Total Assets	15.10M	15.10M	15.53M	16.23M	16.25M	15.84M
Cash, Cash Equivalents and Short-Term Investments	12.59M	12.59M	13.11M	14.07M	13.78M	12.12M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	1.56M	1.56M	1.64M	1.80M	2.04M	2.55M
Stockholders Equity	13.54M	13.54M	13.89M	14.43M	14.21M	13.28M
Cash Flow
Free Cash Flow	-373.27K	-373.27K	-939.38K	-1.29M	-1.09M	-3.00M
Operating Cash Flow	451.23K	451.23K	-415.43K	-426.76K	123.09K	-1.15M
Investing Cash Flow	-824.51K	-824.51K	-523.95K	732.72K	2.00M	-1.94M
Financing Cash Flow	-154.45K	-154.45K	-17.60K	-10.02K	-459.54K	-13.79M

Hawthorn Resources Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:HAW, the sentiment is Positive. The current price of 0.1 is below the 20-day moving average (MA) of 0.13, below the 50-day MA of 0.10, and above the 200-day MA of 0.07, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 60.19 is Neutral, neither overbought nor oversold. The STOCH value of 26.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:HAW.

Hawthorn Resources Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
HAW	56 Neutral	AU$46.90M	-140.00	-2.49%	―	―	37.50%
KZR	52 Neutral	AU$59.21M	-9.32	-20.41%	―	400.00%	21.71%
ODY	49 Neutral	AU$37.00M	-12.69	-19.04%	―	―	-4.00%
IR1	48 Neutral	AU$42.22M	-2.72	-30.19%	―	―	9.01%
MVL	47 Neutral	AU$26.97M	-7.31	-77.71%	―	―	―
WGR	46 Neutral	AU$58.53M	-14.60	-184.34%	―	―	40.17%

Hawthorn Resources Limited Corporate Events

Hawthorn Updates Anglo Saxon Gold Resource, Moves Closer to Restarting Mining

Hawthorn Resources has completed an updated Mineral Resource Estimate for its high‑grade Anglo Saxon gold project in the Trouser Legs Joint Venture at Pinjin, Western Australia, incorporating results from a recent 7,846m infill reverse‑circulation drilling program to refine open‑pit and underground mining scenarios. The new estimate, prepared by BM Geological Services using ordinary kriging, increases confidence in Anglo Saxon as a low‑risk open‑pit development at current record gold prices, prompting the JV to commission an open‑pit optimisation study with Minecomp and positioning Hawthorn, which says it is well capitalised, to negotiate mining development agreements with third parties and move the project a step closer to a restart of production.

The most recent analyst rating on (AU:HAW) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Hawthorn Resources Limited stock, see the AU:HAW Stock Forecast page.

Hawthorn Resources Reports High-Grade Gold Results at Anglo Saxon Project

Hawthorn Resources Limited has completed a significant drilling program at its Anglo Saxon Gold Project, yielding high-grade gold results. The program, consisting of 53 holes and 7,846 meters of reverse circulation drilling, aims to update the existing Mineral Resource Estimate. The results indicate strong continuity in gold mineralization, with several intervals showing grades over 30 g/t. These findings, coupled with record gold prices, suggest the potential for expanding the open pit operations as a viable alternative to underground mining. The joint venture has engaged BMGS to update the resource estimate and conduct an open pit optimization study, with plans to negotiate with third parties for development. Hawthorn Resources is well-capitalized to fund the next development stage, positioning itself advantageously in the current market.

Hawthorn Resources Advances Gold and Magnetite Projects

Hawthorn Resources Limited has completed an 8000m RC drilling program at the Anglo-Saxon gold project to enhance the Mineral Resource Estimate and explore open pit development options. The company is also advancing its interests in the Mt Bevan magnetite project, with a revised Mineral Resource Estimate confirmed. These developments could potentially strengthen Hawthorn’s market position and offer new opportunities for stakeholders.