Hawsons Iron Ltd (HIO) AI Stock Analysis

• Market Cap: AU$22.01M
• Dividend Yield: N/A
• Average Volume (3M): 1.74M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.96
• 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: 1,128,817,100
• 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: 46 Neutral
• Price Target: AU$0.02 ▼(-5.00% Downside)

The score is primarily constrained by weak operating fundamentals—no sustained revenue/earnings visibility and ongoing negative operating/free cash flow—despite a clear balance-sheet strength from minimal debt and substantial equity. Technical signals are weak-to-neutral (negative MACD and low RSI), and valuation inputs are not supportive given the negative P/E and lack of dividend data.

Positive Factors

Balance-sheet strength

Very low leverage and a large equity base materially reduce refinancing and solvency risk, giving management structural flexibility to fund ongoing exploration and project advancement. This durable balance-sheet strength supports a longer runway and less pressure to accept unfavorable financing terms.

High-grade product focus

Targeting a high‑grade iron concentrate aligns with steelmakers' structural preference for higher-grade feedstock, which can command quality premiums and simplify offtake negotiations. Over months this product focus strengthens commercial appeal and potential project economics versus low-grade alternatives.

Project optionality and development upside

As an explorer/developer, the company retains optionality to create value by advancing the Hawsons Project to development. Coupled with a strong balance sheet, this optionality represents durable upside if milestones are met, attracting partners or finance that can de-risk and commercialize the asset.

Negative Factors

No recurring revenue

The absence of operating revenue confirms the company is non‑producing and currently cannot self-fund operations. Over the medium term this creates dependence on capital markets or partners, increasing dilution and execution risk until the project reaches production and generates sustainable cash flows.

Negative operating and free cash flow

Sustained negative operating and free cash flow indicate ongoing cash burn and reliance on external financing to fund operations and development. This structural cash weakness raises refinancing and dilution risk, and can delay project milestones if access to capital tightens over the coming months.

Volatile and inconsistent profitability

Large one-off swings in earnings suggest results are driven by non-recurring items rather than stable operations. This volatility undermines forecasting reliability and the confidence of lenders or offtakers, complicating efforts to secure long-term funding or commercial agreements necessary for project development.

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

Financials are mixed: the balance sheet is strong with very low leverage and substantial equity, but the income statement shows no recurring revenue and mostly negative profitability, and cash flow remains a key weakness with consistently negative operating and free cash flow (continued cash burn).

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

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 below 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 bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 37.81 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, 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$64.72M	-14.38	-10.78%	―	―	11.11%
VRC	48 Neutral	AU$41.22M	-16.67	-12.53%	―	―	40.00%
AHN	47 Neutral	AU$13.60M	―	-5.71%	―	―	16.67%
HIO	46 Neutral	AU$22.01M	-9.50	-3.39%	―	―	48.72%
ACP	41 Neutral	AU$20.80M	-16.67	-43.49%	―	―	-7.14%

Hawsons Iron Ltd Corporate Events

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.

Hawsons Iron Announces Director Change

Hawsons Iron Limited announced the cessation of Anthony McGrady as a director effective December 1, 2025. The notice details McGrady’s interests in the company’s securities, including ordinary shares and options. This change in directorship may impact the company’s governance and strategic direction, potentially influencing stakeholder confidence and market perception.

Hawsons Iron Ltd Appoints New Director to Enhance Leadership

Hawsons Iron Ltd has announced the appointment of Meredith Campion as a director, effective December 1, 2025. This appointment is part of the company’s strategic efforts to strengthen its leadership team, although the director currently holds no securities or interests in contracts with the company.

Hawsons Iron Limited Appoints New Director, Tom Revy

Hawsons Iron Limited announced the appointment of Tom Revy as a director, effective November 25, 2025. Revy holds 6,000,000 unlisted options and 1,288,235 ordinary shares through the Revcorp Super Fund. This appointment is expected to strengthen the company’s leadership as it continues to develop its iron ore projects, potentially enhancing its market position and stakeholder value.

Hawsons Iron Ltd Secures Shareholder Support at 2025 AGM

Hawsons Iron Ltd announced that all resolutions at its 2025 Annual General Meeting were passed with significant support from shareholders. The resolutions included the adoption of the remuneration report, re-election of a director, and ratification of share placements, indicating strong shareholder confidence in the company’s strategic direction and governance.

Hawsons Iron Ltd Announces Board Changes to Advance Project Development

Hawsons Iron Ltd announced changes to its Board of Directors, effective December 1, 2025, as part of its strategy to advance the Hawsons Iron Project. Tony McGrady will retire as Non-Executive Director but will continue to advise the company on government and community matters. Meredith Campion, with extensive legal and corporate experience in the resources sector, will join as a Non-Executive Director, bringing valuable skills for the project’s development. Additionally, CEO Tom Revy will be appointed as Managing Director, maintaining his current terms of engagement.

Hawsons Iron Ltd Completes Phase 1 of CSIRO Research on Iron Tailings

Hawsons Iron Ltd announced the completion of the first phase of a collaborative research project with CSIRO, aimed at understanding the mineralogy of non-magnetic iron tailings. The results revealed that the tailings are primarily composed of hematite and quartz, with low levels of magnetite, indicating high recovery rates in earlier processing stages. The presence of phosphorus as discrete minerals suggests potential for simplified removal, paving the way for further exploration into economically recovering hematite from the tailings stream. This development could significantly impact Hawsons’ operations by enhancing resource efficiency and potentially offering new revenue streams.