Hartshead Resources NL (AU:HHR)
ASX:HHR
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Hartshead Resources NL
(Sydney:HHR)
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Rating:44Neutral
Price Target:
$0.01
▲(40.00% Upside)
Action:ReiteratedDate:01/29/26
The score is weighed down primarily by weak financial performance (losses, declining revenue, and persistent negative free cash flow), with additional pressure from weak technical momentum. A debt-free balance sheet provides some stability, but valuation is constrained by negative earnings and no stated dividend yield.
Positive Factors
Debt-free balance sheet
No recorded debt reduces refinancing pressure and lowers solvency risk, giving Hartshead flexibility to weather prolonged exploration cycles. A sizable equity base (~33.5M vs assets ~35.0M) supports balance-sheet stability and underpins multi-year upstream project timelines.
Negative Factors
Persistent negative cash generation
Sustained negative operating and free cash flow, intensifying to ~-7.35M in FY2025, creates an ongoing funding requirement. Over the next 2–6 months this structural cash burn elevates dilution or partner-dependence risk and constrains the company's ability to self-fund appraisal and development activity.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
No recorded debt reduces refinancing pressure and lowers solvency risk, giving Hartshead flexibility to weather prolonged exploration cycles. A sizable equity base (~33.5M vs assets ~35.0M) supports balance-sheet stability and underpins multi-year upstream project timelines.
Read all positive factors
Hartshead Resources NL (HHR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$37.92M
Dividend YieldN/A
Average Volume (3M)N/A
Price to Earnings (P/E)―
Beta (1Y)1.35
Revenue GrowthN/A
EPS Growth25.00%
CountryAU
Employees30
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)<0.01
Shares Outstanding2,808,682,100
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
Financial Highlights & Ratios
PEG Ratio0.43
Price to Book (P/B)0.58
Price to Sales (P/S)9.09
P/FCF Ratio-2.66
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
Hartshead Resources NL Business Overview & Revenue Model
Company Description
Hartshead Resources NL engages in the oil and gas exploration and development activities in the United Kingdom, Gabon, and Madagascar. It primarily holds a 100% interest in the License P2607 comprising of five blocks covering 729.5 square kilomete...
How the Company Makes Money
HHR’s primary way of generating revenue is through the commercialisation of hydrocarbons from its project interests: once a field is developed and producing, the company would earn its share of sales proceeds from natural gas (and any associated l...
Hartshead Resources NL Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
74
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.26M | 2.15M | 4.68M | 8.13M | 0.00 | 0.00 |
| Gross Profit | 1.15M | 2.04M | 4.28M | -14.36K | -9.40K | -4.15K |
| EBITDA | -3.14M | -2.51M | -3.19M | 1.53M | -3.62M | -6.01M |
| Net Income | -1.70M | -2.26M | -2.70M | 1.52M | -3.67M | -6.01M |
Balance Sheet | ||||||
| Total Assets | 33.71M | 34.98M | 36.39M | 38.32M | 4.78M | 7.64M |
| Cash, Cash Equivalents and Short-Term Investments | 13.97M | 15.76M | 23.96M | 32.88M | 2.50M | 6.90M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.46M | 1.45M | 3.01M | 2.80M | 869.83K | 872.24K |
| Stockholders Equity | 32.25M | 33.53M | 33.38M | 35.52M | 3.91M | 6.77M |
Cash Flow | ||||||
| Free Cash Flow | -3.71M | -7.35M | -9.00M | -11.92M | -4.38M | -1.76M |
| Operating Cash Flow | -1.77M | -3.11M | -497.18K | -4.18M | -2.98M | -1.31M |
| Investing Cash Flow | -2.46M | -6.13M | -8.50M | 5.40M | -1.40M | 536.62K |
| Financing Cash Flow | 0.00 | 0.00 | 0.00 | 29.15M | 0.00 | 7.52M |
Hartshead Resources NL Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
57 Neutral | AU$20.19M | -5.05 | -6.54% | ― | 27.55% | -60.00% | |
52 Neutral | AU$27.75M | -0.14 | -75.72% | ― | -25.04% | -192.86% | |
49 Neutral | AU$30.26M | -4.02 | -6.67% | ― | ― | -283.33% | |
46 Neutral | AU$31.94M | -0.20 | -50.55% | ― | ― | -62.06% | |
44 Neutral | AU$37.92M | -16.47 | -5.16% | ― | ― | 25.00% | |
44 Neutral | AU$41.94M | -14.86 | -15.00% | ― | ― | 40.00% |
* Energy Sector Average
AU:HHR
Hartshead Resources NL
0.01
0.00
0.00%
AU:88E
88 Energy
0.02
<0.01
9.09%
AU:ATS
Australis Oil & Gas
0.02
<0.01
81.82%
AU:MAY
Melbana Energy Limited
0.01
-0.02
-61.54%
AU:TDO
3D Oil Limited
0.08
-0.02
-18.37%
AU:BAS
Bass Oil Ltd
0.06
0.02
37.50%
Hartshead Resources NL Corporate Events
Hartshead Board Backs ACAM Cash Takeover as Scheme Booklet Lands With Shareholders
May 7, 2026
Hartshead Resources has mailed and emailed its scheme booklet to shareholders detailing the proposed acquisition of all its shares by ACAM GP Limited, acting as general partner of ACAM LP, via a scheme of arrangement. The materials explain how inv...
Hartshead Resources Sends ASIC-Registered Scheme Booklet for ACAM Takeover
Apr 30, 2026
Hartshead Resources has confirmed that its scheme booklet for the proposed acquisition of 100% of its shares by ACAM GP Limited, as general partner of ACAM LP, has been registered with ASIC and made available to shareholders through various electr...
Court clears Hartshead Resources to convene shareholder vote on ACAM takeover
Apr 29, 2026
Hartshead Resources NL has received orders from the Supreme Court of Western Australia to convene a shareholder meeting to vote on a proposed scheme of arrangement under which ACAM GP Limited, as general partner of ACAM LP, would acquire 100% of H...
Hartshead Advances UK Gas Plans and Backs Premium Takeover by ACAM
Apr 29, 2026
Hartshead Resources reported that work on developing the Anning and Somerville gas fields within Licence P2607 is continuing under the existing 2024 joint venture budget, with the project supported by a strong UK and European gas market and a clea...
Hartshead Sets New Timetable as UK Regulator Clears Takeover Scheme
Apr 16, 2026
Hartshead Resources NL has updated the timetable for its proposed scheme of arrangement under which ACAM GP Limited, as general partner of ACAM LP, will acquire 100% of the company’s shares. The company now expects to send the Scheme Booklet...
Harvest Lane Lifts Stake in Hartshead Resources to 11.8%
Mar 30, 2026
Harvest Lane Asset Management and its associated entities have increased their substantial shareholding in Hartshead Resources NL, lifting their voting power from 10.47% to 11.80% of the company’s issued ordinary shares. The move, disclosed ...
Hartshead Resources Details Interim Corporate Report and Operational Footprint
Mar 16, 2026
Hartshead Resources NL has released its interim report for the half-year ended 31 December 2025, outlining its corporate structure and governance framework. The report details the company’s board, key executives, auditor, share registry, and...
Hartshead Resources Updates Timetable for ACAM Takeover Scheme
Feb 22, 2026
Hartshead Resources NL has updated the indicative timetable for its proposed scheme of arrangement under which ACAM GP Limited, as general partner of ACAM LP, aims to acquire 100% of Hartshead’s issued share capital. The company now expects ...
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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