Horseshoe Metals Limited (HOR) AI Stock Analysis

• Market Cap: AU$35.90M
• Dividend Yield: N/A
• Average Volume (3M): 659.97K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.54
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: 3
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 748,009,100
• 10 Day Avg. Volume: 1,107,777
• 30 Day Avg. Volume: 659,968
• PEG Ratio: 0.28
• Price to Book (P/B): -7.33
• Price to Sales (P/S): 768.35
• P/FCF Ratio: -54.89
• 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: 48 Neutral
• Price Target: AU$0.04 ▲(5.00% Upside)

The score is held down primarily by weak financial performance (ongoing losses, negative equity, and continued cash burn). Technicals provide some offset with strong recent momentum (price above major moving averages and positive MACD), but overbought signals and limited valuation support (negative P/E, no dividend) keep the overall score below average.

Positive Factors

Revenue rebound

A 129% YoY revenue rebound indicates operational momentum and potential commercial progress at core assets. If sustained, higher revenue can reduce near-term funding needs, improve negotiating leverage for JVs or offtake, and provide resources to advance exploration and development over months.

Focused asset strategy

Concentrated exposure to a single high-potential copper-gold project in a well-known WA jurisdiction provides structural optionality. A clear project focus improves ability to attract partners, specialist capital, or project-level financing as exploration results progress over the medium term.

Reduced cash burn

Material reduction in cash burn in 2024 meaningfully extends operational runway and reduces immediate financing pressure. Sustained lower outflows enhance flexibility to fund exploration or negotiate partnerships without urgent dilutive raises, improving medium-term survivability.

Negative Factors

Negative equity

Persistently negative equity signals an eroded capital base and elevated insolvency risk, restricting access to non-dilutive credit and increasing lender/counterparty caution. Over months this limits financial flexibility, raises refinancing risk, and can force dilutive capital raises.

Chronic cash burn

Repeated negative operating and free cash flows denote structural cash burn, creating dependence on external financing or partners. This reliance raises execution risk: funding timing, dilution, or project delays are probable unless cash generation improves or secured partner financing materializes.

Deep unprofitability

Despite revenue growth, negative gross profit and heavily negative margins reflect an unstable cost structure and lack of operating leverage. Without clear margin improvement or cost control, sustainable profitability is uncertain, constraining long-term capital formation and project advancement.

Horseshoe Metals Limited Business Overview & Revenue Model

Company Description

Horseshoe Metals Limited engages in the exploration and development of mineral properties in Australia. The company explores for copper and gold deposits. It owns 100% interests in the Horseshoe Lights project that comprises 15 tenements covering an area of approximately 215 square kilometers located in Bryah Basin region of Western Australia; and the Kumarina project that consists of a small mining lease and a mining lease covering approximately 3.2 square kilometers located in the Gascoyne region of Western Australia. The company also owns 50% interest in the Mt Gunson copper project; and 100% interest in the Glenloth gold project located in South Australia. Horseshoe Metals Limited was incorporated in 2006 and is headquartered in Balcatta, Australia.

How the Company Makes Money

Horseshoe Metals Limited Financial Statement Overview

Summary

Financials remain high risk: despite a sharp 2024 revenue rebound, gross profit is still negative, losses are severe, equity is persistently below zero, and operating/free cash flow are negative across all years (even with reduced 2024 cash burn).

Income Statement

Revenue rebounded sharply in 2024 (up ~129% year over year), but the business remains deeply unprofitable. Gross profit is negative in most years (including 2024), and operating and net margins are heavily negative, indicating weak cost structure and limited earnings quality despite occasional revenue volatility (e.g., the 2021 spike). Overall, the income profile reflects an early-stage or challenged operation with no clear path to profitability yet shown in the data.

Balance Sheet

The balance sheet is pressured by persistently negative equity across all periods, which raises financial risk and limits flexibility. Total debt is meaningful (roughly $1.2M in 2024) and, with equity below zero, leverage looks structurally elevated. Total assets are sizable versus debt, but negative equity and ongoing losses suggest the capital base has been eroded and remains a key weakness.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative in every year shown. There is improvement in 2024 versus 2023 (cash burn reduced materially), but free cash flow still declined year over year in 2024 and remains negative. With continued losses and ongoing cash outflows, the company likely depends on external funding to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.96K	11.91K	8.61K	21.49K	93.31K	4.41K
Gross Profit	-14.08K	-19.32K	-4.75K	-12.31K	89.34K	-726.00
EBITDA	-681.29K	-787.71K	-1.18M	-2.26M	-2.13M	-1.05M
Net Income	-738.37K	-845.65K	-1.29M	-2.37M	-2.31M	-1.17M
Balance Sheet
Total Assets	9.33M	8.86M	8.54M	8.26M	8.47M	7.17M
Cash, Cash Equivalents and Short-Term Investments	206.07K	399.00	2.47K	6.78K	1.37M	98.27K
Total Debt	1.65M	1.19M	1.69M	1.59M	1.64M	1.64M
Total Liabilities	10.94M	10.11M	9.10M	9.79M	10.30M	9.98M
Stockholders Equity	-1.61M	-1.25M	-560.53K	-1.53M	-1.84M	-2.81M
Cash Flow
Free Cash Flow	-442.39K	-166.70K	-1.86M	-3.24M	-955.53K	-493.30K
Operating Cash Flow	-434.49K	-166.70K	-1.85M	-3.19M	-955.53K	-493.30K
Investing Cash Flow	-7.90K	0.00	-727.00	-47.68K	0.00	-38.00K
Financing Cash Flow	646.54K	164.63K	1.85M	1.87M	2.23M	629.10K

Horseshoe Metals Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GUL	72 Outperform	AU$21.58M	11.24	9.77%	8.14%	―	-16.82%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
BCA	50 Neutral	AU$59.63M	97.37	4.75%	―	―	―
HOR	48 Neutral	AU$35.90M	-43.64	―	―	―	―
AHN	47 Neutral	AU$13.60M	―	-5.71%	―	―	16.67%
RWD	42 Neutral	AU$12.07M	-6.29	―	―	―	93.44%
VML	41 Neutral	AU$40.24M	-6.05	-5.81%	―	-67.81%	-244.10%

Horseshoe Metals Limited Corporate Events

Horseshoe Metals Confirms Broad Copper Oxide Zones as Funding Talks Advance at Horseshoe Lights

Horseshoe Metals has advanced drilling and funding initiatives at its Horseshoe Lights Copper-Gold Project during the December 2025 quarter, completing 2,204 metres of reverse circulation drilling, including 1,824 metres at the Motters zone and 380 metres over western gold targets. Phase 1 drilling delivered broad, shallow copper oxide intercepts from surface, confirming robust mineralisation up to 50 metres wide and supporting potential upgrades in the scale and confidence of the resource, while Phase 2 drilling, set to start in the March 2026 quarter, will target southern extensions of the Motters zone to feed into future economic studies. On the corporate side, Horseshoe is progressing discussions with several commodity traders on potential offtake and funding arrangements, pursuing early cash flow from direct shipping ore sales of existing high-grade copper stockpiles, and has allowed Melody Gold to process certain gold surface materials at Horseshoe Lights while retaining full rights to copper-bearing material and all subsurface copper and gold, moves that collectively aim to strengthen project economics and near-term funding flexibility.

The most recent analyst rating on (AU:HOR) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Horseshoe Metals Limited stock, see the AU:HOR Stock Forecast page.

Horseshoe Metals Director Increases Equity Stake via Option Exercise

Horseshoe Metals Limited has disclosed a change in the interests of director Kate Stoney, in accordance with ASX listing rules. On 16 January 2026, Stoney exercised 1.5 million unlisted options (expiring 26 May 2026) at no cash consideration, converting them into fully paid ordinary shares and increasing her direct shareholding from 3.25 million to 4.75 million shares, while her options holding fell to zero. The transaction did not occur during a closed trading period and did not involve any change in contractual interests, indicating a routine equity consolidation by the director rather than a broader strategic capital move by the company.

The most recent analyst rating on (AU:HOR) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Horseshoe Metals Limited stock, see the AU:HOR Stock Forecast page.

Horseshoe Metals Issues New Shares on Option Conversion, Lodges Cleansing Notice

Horseshoe Metals Limited has issued 3,650,000 fully paid ordinary shares following the conversion of an equivalent number of unlisted options across various classes, modestly increasing its quoted share capital on the ASX. In a cleansing notice to the market, the company confirmed the new shares were issued without a prospectus under the Corporations Act but are eligible for on-sale under the section 708A(5) exemption, and stated it is compliant with its financial reporting and continuous disclosure obligations and has no undisclosed price-sensitive information, providing assurance to investors about regulatory transparency around the new securities.

The most recent analyst rating on (AU:HOR) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Horseshoe Metals Limited stock, see the AU:HOR Stock Forecast page.

Horseshoe Metals Seeks ASX Quotation for 3.65 Million New Shares

Horseshoe Metals Limited has applied to the ASX for quotation of 3,650,000 new ordinary fully paid shares, issued on 15 January 2026. The new securities result from the exercise or conversion of existing options or other convertible securities, representing a routine capital markets action that modestly expands the company’s quoted share base and may provide additional funding or strengthen its balance sheet, with limited immediate impact on existing shareholders beyond dilution.

The most recent analyst rating on (AU:HOR) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Horseshoe Metals Limited stock, see the AU:HOR Stock Forecast page.

Horseshoe Metals Reports Promising Drilling Results at Motters Zone

Horseshoe Metals Limited has announced the completion of Phase 1 of its reverse circulation drilling program at the Motters Zone within the Horseshoe Lights Copper Gold Project. The results have confirmed significant zones of shallow oxide copper mineralization, with plans for Phase 2 drilling to commence in January. The company is in discussions with commodity traders for potential copper offtake and funding arrangements, indicating a positive outlook for future developments and stakeholder engagement.

Horseshoe Metals Limited Announces Director’s Change in Securities Interest

Horseshoe Metals Limited announced a change in the interests of its director, Kate Stoney, as part of regulatory compliance. The change involved the expiry of 1,000,000 unlisted options priced at $0.09, resulting in a reduction of her holdings in these options, while her holdings in fully paid ordinary shares and other unlisted options remain unchanged.

Horseshoe Metals Unveils Promising Copper Drilling Results at Horseshoe Lights

Horseshoe Metals Limited has reported promising results from its reverse circulation drilling at the Horseshoe Lights Copper Gold Project, revealing significant shallow copper mineralization at the Motters Zone. The company plans to advance its drilling efforts to increase resource confidence and is negotiating potential copper offtake and funding arrangements with well-known commodity traders, which could enhance its operational and market positioning.

Horseshoe Metals Reports Promising Copper Finds at Motters Zone

Horseshoe Metals Limited has announced promising results from its Reverse Circulation drilling at the Motters Zone within the Horseshoe Lights Copper Gold Project. The drilling confirmed significant shallow copper mineralization, enhancing confidence in the oxide resources and supporting their inclusion in a scoping study. The company plans to commence Direct Shipping Ore operations and is negotiating with commodity traders for potential copper offtake agreements, indicating a strategic move to strengthen its operational and market positioning.