Highfield Resources Limited (AU:HFR)
ASX:HFR
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Highfield Resources Limited
(Sydney:HFR)
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Rating:44Neutral
Price Target:
AU$0.02
▼(-45.00% Downside)
Action:ReiteratedDate:04/09/26
The score is driven primarily by weak financial performance: no revenue, sharply deteriorating losses in 2025, and ongoing negative operating/free cash flow, alongside rising leverage and declining equity. Technicals also weigh on the score given the downtrend (price below major moving averages and negative MACD). Valuation provides limited offset because the company is loss-making (negative P/E) and no dividend yield is available.
Positive Factors
Asset backing and positive equity
A material asset base (~A$167.7m) and positive equity (~A$91.9m) provide tangible collateral for project financing and lend credibility to lenders and partners. This durable balance-sheet backing supports the capital-intensive Muga project and reduces downside vs. pure exploration peers.
Negative Factors
No operating revenue
Highfield remains pre-revenue and has no commercial sales, so value depends entirely on successful project delivery. This structural lack of operating cashflow creates execution risk: delays, cost overruns or permitting issues can materially impair viability and force repeated external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset backing and positive equity
A material asset base (~A$167.7m) and positive equity (~A$91.9m) provide tangible collateral for project financing and lend credibility to lenders and partners. This durable balance-sheet backing supports the capital-intensive Muga project and reduces downside vs. pure exploration peers.
Read all positive factors
Highfield Resources Limited (HFR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$10.43M
Dividend YieldN/A
Average Volume (3M)380.19K
Price to Earnings (P/E)―
Beta (1Y)2.06
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
Employees25
SectorBasic Materials
Sector Strength58
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)-0.04
Shares Outstanding474,077,060
10 Day Avg. Volume393,733
30 Day Avg. Volume380,188
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.23
Price to Sales (P/S)0.00
P/FCF Ratio-2.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Highfield Resources Limited Business Overview & Revenue Model
Company Description
Highfield Resources Limited, together with its subsidiaries, engages in the exploration and development of potash mines in Spain. The company's potash projects are located in the Ebro potash producing basin in Northern Spain. Its flagship property...
How the Company Makes Money
HFR’s intended primary source of revenue is the sale of potash fertiliser products produced from its flagship Muga Potash Project once it is constructed and operating; this would involve mining potash-bearing ore and processing it into saleable po...
Highfield Resources Limited Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
38
Negative
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -15.77K | -19.49K | -26.27K | -18.51K | -28.07K |
| EBITDA | -9.29M | -2.88M | -7.12M | -5.77M | -6.67M |
| Net Income | -69.80M | -19.23M | -12.12M | -5.79M | -6.70M |
Balance Sheet | |||||
| Total Assets | 167.71M | 221.07M | 203.92M | 168.09M | 141.50M |
| Cash, Cash Equivalents and Short-Term Investments | 3.47M | 11.96M | 14.08M | 19.45M | 22.24M |
| Total Debt | 51.32M | 47.89M | 32.68M | 11.32M | 0.00 |
| Total Liabilities | 75.84M | 75.79M | 60.62M | 20.37M | 2.96M |
| Stockholders Equity | 91.87M | 145.28M | 143.29M | 147.72M | 138.54M |
Cash Flow | |||||
| Free Cash Flow | -8.62M | -14.06M | -19.47M | -18.02M | -15.04M |
| Operating Cash Flow | -8.62M | -8.81M | -9.91M | -5.87M | -4.34M |
| Investing Cash Flow | -2.85M | -5.25M | -9.56M | -12.15M | -10.70M |
| Financing Cash Flow | 2.69M | 11.50M | 14.35M | 13.47M | 17.29M |
Highfield Resources Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | AU$898.92M | -5.30 | -7.66% | ― | 2.91% | -620.97% | |
45 Neutral | AU$33.33M | -1.75 | -102.56% | ― | 140.94% | 88.59% | |
44 Neutral | AU$10.43M | -0.31 | -67.56% | ― | ― | ― | |
42 Neutral | AU$17.29M | -1.63 | -56.43% | ― | -24.42% | -2.30% | |
42 Neutral | AU$8.08M | -1.13 | -430.00% | ― | ― | -255.77% |
* Basic Materials Sector Average
AU:HFR
Highfield Resources Limited
0.02
-0.14
-86.25%
AU:CP8
Fertoz
0.07
0.04
123.33%
AU:NUF
Nufarm Limited
2.34
-1.55
-39.85%
AU:TGH
Terragen Holdings Ltd
0.02
>-0.01
-16.00%
AU:APC
Australian Potash Limited
0.01
<0.01
10.00%
AU:RLF
RLF AgTech Ltd
0.06
0.02
40.91%
Highfield Resources Limited Corporate Events
Highfield Sets 2026 AGM Date as Muga Potash Project Advances
Mar 31, 2026
Highfield Resources has scheduled its 2026 Annual General Meeting for 28 May 2026 and set 9 April 2026 as the closing date for director nominations, in line with ASX listing requirements. The announcement signals a regular governance milestone for...
Highfield Resources Secures A$10m Funding as Muga Potash Project Awaits Key Permit Ruling
Jan 27, 2026
Highfield Resources has secured a A$10 million convertible note investment from existing strategic shareholders EMR Capital, Tectonic Investment Management and another existing investor, alongside an extension of its existing convertible notes, to...
Highfield Resources Options Expire Unexercised, Streamlining Capital Structure
Jan 15, 2026
Highfield Resources Limited has announced the cessation of 6,321,070 HFRAZ options, which expired unexercised on 31 December 2025. The expiry of these options without conversion reduces the company’s outstanding options on issue, slightly si...
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
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