Hawsons Iron Ltd (HIO) AI Stock Analysis

• Market Cap: AU$21.34M
• Dividend Yield: N/A
• Average Volume (3M): 1.74M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.33
• Revenue Growth: N/A
• EPS Growth: 48.72%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 1,255,067,100
• 10 Day Avg. Volume: 2,173,435
• 30 Day Avg. Volume: 1,736,718
• PEG Ratio: 0.18
• Price to Book (P/B): 0.31
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.37
• 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: 43 Neutral
• Price Target: AU$0.02 ▼(-20.00% Downside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is driven down primarily by the lack of revenue, recurring losses, and persistent negative operating/free cash flow, which increase funding and execution risk. Technicals add further pressure as the stock trades below key moving averages with negative MACD. The main support comes from a strong balance sheet with very low leverage.

Positive Factors

Low leverage / strong balance sheet

Very low reported leverage meaningfully reduces solvency and interest-service risk, giving management flexibility to fund development without heavy debt. This structural financial strength lowers refinancing pressure and supports multi-quarter project advancement and strategic optionality.

Substantial equity backing

A large equity base relative to assets provides a durable capital cushion that reduces insolvency risk and improves the ability to secure project financing or joint-venture partners. That equity depth supports continuation of capital-intensive development over several quarters.

High-grade iron concentrate focus

Targeting a high-grade concentrate aligned to steelmaking demand is a structural product advantage: such feedstock is more marketable to steelmakers, can command premium acceptance, and improves the long-term commercial viability if the Hawsons project reaches production.

Negative Factors

No revenue / recurring losses

The absence of revenue and persistent operating losses indicate the company is pre-revenue and unable to self-fund. Over a 2-6 month horizon this sustains high execution and funding risk, reduces earnings visibility, and elevates the probability of equity dilution or restructuring.

Consistent negative operating cash flow

Ongoing negative operating cash flow and worsening free cash flow (FY2025 deterioration -32.9%) show structural cash burn. This necessitates continuous external funding, constraining strategic flexibility and increasing the risk that financing delays or cost increases impair project timelines.

Early-stage, non-producing asset

As an early-stage developer the company faces long lead times, permitting, capex and execution risks before revenue generation. This structural project risk creates uncertain timing for cashflows and elevates the chance of delays, cost overruns or protracted financing needs.

Hawsons Iron Ltd Business Overview & Revenue Model

Company Description

Hawsons Iron Limited engages in the mineral exploration activities in Australia. Its flagship project is the Hawsons iron project located in Broken Hill, New South Wales. The company was formerly known as Carpentaria Resources Limited and changed its name to Hawsons Iron Limited in August 2021. Hawsons Iron Limited was incorporated in 2000 and is based in Brisbane, Australia.

How the Company Makes Money

Hawsons Iron Ltd makes money through the exploration, development, and future sale of iron ore resources. The company's primary revenue model revolves around extracting iron ore from its Hawsons Iron Project and selling it to steel manufacturers and other industrial clients worldwide. The company aims to capitalize on the demand for high-quality iron ore, which is essential for efficient steel production. Key revenue streams are expected to include the direct sale of iron ore and potential off-take agreements with steel producers. The project's success is influenced by factors such as iron ore market prices, mining operation efficiency, and strategic partnerships with industry stakeholders, which could include joint ventures or infrastructure-sharing agreements to optimize logistics and reduce costs.

Hawsons Iron Ltd Financial Statement Overview

Summary

Financial profile is weak overall: the income statement shows no revenue and recurring losses (with a one-off FY2023 profit that did not persist), and cash flow is consistently negative with ongoing cash burn. The main offset is a strong, low-leverage balance sheet with substantial equity backing, which reduces near-term solvency risk.

Income Statement

The company reports no revenue across the annual periods provided, while operating losses remain persistent (EBIT and net income negative in most years). Profitability is highly volatile, with a one-off swing to a large profit in FY2023 (net income +10.4M) followed by a return to sizable losses in FY2024–FY2025 (net loss -3.6M and -2.0M). Overall, the income statement profile reflects an early-stage or non-producing asset with limited earnings visibility and inconsistent results.

Balance Sheet

The balance sheet is a clear strength: leverage is very low (debt-to-equity ~0.2%–4.6% historically, ~1.9% in FY2025), and equity remains large relative to total assets (FY2025 equity ~59.4M vs assets ~61.2M). While returns on equity are negative in most years due to losses (improving from very weak levels in FY2022 to modestly negative in FY2024–FY2025), the company’s low debt load reduces financial stress and provides flexibility.

Cash Flow

Cash generation remains a key weakness, with operating cash flow consistently negative across all years shown (FY2025 -1.95M) and free cash flow also persistently negative (FY2025 -3.41M). Free cash flow deterioration in FY2025 versus FY2024 (growth -32.9%) suggests increased cash burn. While free cash flow is sometimes 'better' than net income (e.g., FY2025 free cash flow to net income > 1, reflecting non-cash charges), the ongoing negative operating cash flow indicates the business is still reliant on external funding rather than self-funding operations.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-116.69K	-153.33K	-184.00K	-153.00K	-53.45K	-1.83K
EBITDA	-1.63M	-1.49M	-2.42M	10.52M	-20.41M	-2.54M
Net Income	-1.73M	-2.04M	-3.64M	10.36M	-20.47M	-2.54M
Balance Sheet
Total Assets	62.14M	61.15M	63.16M	64.82M	63.15M	18.34M
Cash, Cash Equivalents and Short-Term Investments	524.12K	202.45K	3.30M	7.25M	7.82M	2.35M
Total Debt	277.21K	1.13M	127.82K	218.31K	1.40M	0.00
Total Liabilities	1.88M	1.74M	2.27M	3.18M	32.76M	1.94M
Stockholders Equity	60.26M	59.42M	60.89M	61.64M	30.38M	16.40M
Cash Flow
Free Cash Flow	-2.39M	-3.41M	-7.16M	-17.99M	-28.20M	-1.77M
Operating Cash Flow	-1.51M	-1.95M	-2.34M	-1.88M	-3.29M	-1.64M
Investing Cash Flow	-1.41M	-1.24M	-4.14M	-14.90M	-25.02M	-113.73K
Financing Cash Flow	1.74M	86.26K	2.53M	16.21M	33.78M	3.38M

Hawsons Iron Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:HIO, the sentiment is Negative. The current price of 0.02 is above the 20-day moving average (MA) of 0.02, below the 50-day MA of 0.02, and below the 200-day MA of 0.02, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 51.27 is Neutral, neither overbought nor oversold. The STOCH value of 150.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:HIO.

Hawsons Iron Ltd 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%
GBE	51 Neutral	AU$62.84M	-2.71	-10.78%	―	―	11.11%
VRC	48 Neutral	AU$33.49M	-5.27	-12.53%	―	―	40.00%
AHN	47 Neutral	AU$9.06M	-15.59	-5.71%	―	―	16.67%
HIO	43 Neutral	AU$21.34M	-6.00	-3.39%	―	―	48.72%
ACP	41 Neutral	AU$16.64M	-15.39	-43.49%	―	―	-7.14%

Hawsons Iron Ltd Corporate Events

Hawsons Raises Capital via $0.016 Placement to Sophisticated Investors

Hawsons Limited has issued 126.25 million fully paid ordinary shares at $0.016 each to sophisticated and professional investors under its placement capacity, bolstering its capital base without the need for a prospectus-style disclosure. The company confirmed it remains compliant with its financial reporting and continuous disclosure obligations under the Corporations Act, and stated there is no excluded information requiring disclosure, clearing the way for the newly issued shares to be quoted on the ASX.

The most recent analyst rating on (AU:HIO) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on Hawsons Iron Ltd stock, see the AU:HIO Stock Forecast page.

Hawsons Iron Seeks ASX Quotation for 126.25 Million New Shares

Hawsons Iron Ltd has applied to the ASX for quotation of 126,250,000 new fully paid ordinary shares under the code HIO, with an issue date of 6 February 2026. The substantial new share issuance, previously flagged via an Appendix 3B, will expand the company’s quoted capital base and could provide additional funding capacity for its iron ore development activities, with potential implications for existing shareholder dilution and the company’s positioning within the iron ore sector.

The most recent analyst rating on (AU:HIO) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on Hawsons Iron Ltd stock, see the AU:HIO Stock Forecast page.

Hawsons Iron Issues 138.9 Million Unquoted Options Expiring 2029

Hawsons Iron Ltd has notified the market of the issue of 138,875,000 unquoted options, each exercisable at $0.016 and expiring on 6 February 2029, under an earlier-announced transaction. The substantial grant of long-dated, unquoted options is expected to influence the company’s future capital structure and potential dilution profile, signalling ongoing efforts to secure funding and align stakeholders with the company’s long-term development plans.

The most recent analyst rating on (AU:HIO) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on Hawsons Iron Ltd stock, see the AU:HIO Stock Forecast page.

Hawsons Iron Plans Major Share and Options Issue to Bolster Capital Base

Hawsons Iron Ltd has announced a proposed capital raising involving the issue of up to 137,500,000 new ordinary fully paid shares and a substantial package of unlisted options, including 137,500,000 options with an exercise price of $0.028 expiring on 6 February 2029, along with an additional 12,625,000 unlisted options for the lead manager on the same terms. The securities, expected to be issued on 6 February 2026, form part of a placement or similar capital-raising structure that, if completed, would significantly increase the company’s share base and provide additional incentive-based instruments to both investors and its lead manager, potentially strengthening Hawsons Iron’s funding position for future operational and project requirements.

The most recent analyst rating on (AU:HIO) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Hawsons Iron Ltd stock, see the AU:HIO Stock Forecast page.

Hawsons Iron Raises $2.2m to Advance Hawsons Iron Project Ahead of Final Feasibility Study

Hawsons Iron Limited has secured firm commitments to raise A$2.2 million through a discounted share placement at A$0.016 per share, with participants also receiving unlisted options, and notable support coming from an international cornerstone investor and the company’s own board. The funds will be directed toward targeted initiatives to de‑risk and enhance the Hawsons Iron Project, including assessing the financial viability of a newly identified non‑magnetic iron byproduct, optimising waste handling via potential conversion from trucking to conveying, continuing metallurgical and processing test work to support financing and offtake negotiations, advancing environmental and heritage work under New South Wales regulatory requirements, and planning drilling programs ahead of a final Feasibility Study, which the board indicates will require separate funding and for which this placement is expected to be the last capital raise beforehand.

The most recent analyst rating on (AU:HIO) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Hawsons Iron Ltd stock, see the AU:HIO Stock Forecast page.

Hawsons Iron Confirms 2.3Bt Reserve and Robust PFS as Board Strengthened for Next Growth Phase

Hawsons Iron Limited has completed the Preliminary Feasibility Study (PFS) and declared a maiden JORC-compliant Probable Ore Reserve of 2.3 billion tonnes for its Hawsons Iron Project, underpinning a 26-year mine life based solely on reserves. The independently prepared PFS outlines a development plan to produce up to 12 million tonnes per annum of 68%-plus Fe magnetite concentrate, with a production target of 257 million tonnes over the mine life, pre-tax NPV of A$1.36 billion, pre-tax IRR of 10.93%, and total initial capital of about A$4.96 billion over two stages, confirming the project’s economic viability in the current premium iron ore price environment and defining key risks and optimisation opportunities for the upcoming full Feasibility Study. The company has set a forward work program including large-scale confirmatory test work, byproduct viability assessments, additional drilling to upgrade resources, pilot-scale processing studies, waste handling optimisation, commencement of the Feasibility Study, and progression of environmental and permitting activities to align with development timelines. In parallel, Hawsons has strengthened its board with the appointment of experienced corporate and resources lawyer Meredith Campion as non-executive director and the promotion of Tom Revy to managing director, while long-serving director Tony McGrady has retired from the board but remains as an adviser, changes that are expected to bolster governance and leadership as the project advances toward development.

The most recent analyst rating on (AU:HIO) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Hawsons Iron Ltd stock, see the AU:HIO Stock Forecast page.

Hawsons Iron Halts Trading Ahead of Planned Major Capital Raising

Hawsons Iron Ltd has requested and been granted a trading halt on its securities by the ASX as it prepares a market announcement regarding a proposed material capital raising. The halt, effective from 29 January 2026, is intended to help the company manage its continuous disclosure obligations and will remain in place until either 2 February 2026 or the release of the capital raising announcement, signalling a potentially significant funding move that could impact its project development plans and investor positioning.

The most recent analyst rating on (AU:HIO) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Hawsons Iron Ltd stock, see the AU:HIO Stock Forecast page.

Hawsons Iron Refines Dry Grinding Tests, Confirms VRM Suitability for Magnetite Project

Hawsons Iron Ltd has issued a revised update on its dry grinding test work, clarifying that test results from German vendor Gebr Pfeiffer were based on diamond core from a single drill hole in one mineralised unit, while results from Loesche were derived from five reverse circulation holes covering two mineralised units. The company emphasised that differences in results reflect varying equipment conditions and sample locations, meaning the datasets are not directly comparable but together provide a useful operating range for vertical roller mills (VRMs). Detailed vendor testing has confirmed that Hawsons’ ore has very low hardness and abrasiveness and that VRMs are suitable for processing it, reinforcing the assumptions and data used in the recent pre-feasibility study and supporting a potential shift from conventional wet grinding to more efficient dry VRM technology. The current program is also generating material for downstream dry magnetic separation tests with multiple equipment providers, with assay results expected in the coming weeks, and will inform optimisation work ahead of large-scale piloting and the planned 2026 feasibility study, which could have positive implications for project economics and operating efficiency.

The most recent analyst rating on (AU:HIO) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Hawsons Iron Ltd stock, see the AU:HIO Stock Forecast page.

Hawsons Iron Confirms Vertical Roller Mills Suitability in Dry Grinding Tests

Hawsons Iron has reported that vendor test work has confirmed the suitability of Vertical Roller Mills for processing its magnetite ore, with detailed results indicating the material is moderately soft and exhibits very low hardness and abrasiveness. These outcomes support the company’s move toward dry grinding over conventional wet grinding, validate the design assumptions used in its recent Pre-Feasibility Study, and underpin the next phase of metallurgical and magnetic separation test work ahead of large-scale piloting and the planned 2026 Feasibility Study, potentially enhancing project efficiency and cost competitiveness.

The most recent analyst rating on (AU:HIO) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Hawsons Iron Ltd stock, see the AU:HIO Stock Forecast page.

Hawsons Iron Ltd Advances with 2.3Bt Ore Reserve and PFS Completion

Hawsons Iron Ltd has declared a 2.3 billion tonne Probable Ore Reserve Estimate and completed a Pre-Feasibility Study (PFS) for its Hawsons Iron Project. The PFS outlines a robust development strategy to produce up to 12 million tonnes per annum of high-grade magnetite concentrate over a 26-year mine life. The study indicates positive technical and financial outcomes, supporting the project’s economic viability in the current iron price environment. This milestone allows Hawsons to advance towards a full Feasibility Study, with plans to optimize project aspects and address identified risks, potentially enhancing the project’s metrics and aligning with international demand for sustainable steel production.