Horseshoe Metals Limited (HOR) AI Stock Analysis

• Market Cap: AU$34.98M
• Dividend Yield: N/A
• Average Volume (3M): 659.97K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.67
• 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: 744,359,100
• 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 ▲(10.00% 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

Income Statement

Balance Sheet

Cash Flow

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	74 Outperform	AU$23.98M	12.36	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$62.85M	100.00	4.75%	―	―	―
HOR	48 Neutral	AU$34.98M	-43.64	―	―	―	―
AHN	47 Neutral	AU$13.60M	―	-5.71%	―	―	16.67%
RWD	45 Neutral	AU$10.97M	-5.43	―	―	―	93.44%
VML	41 Neutral	AU$44.97M	-6.76	-5.81%	―	-67.81%	-244.10%

Horseshoe Metals Limited Corporate Events

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.

Horseshoe Metals Advances Drilling at Horseshoe Lights Project

Horseshoe Metals Limited has announced significant progress in its Reverse Circulation (RC) drilling program at the Horseshoe Lights Copper-Gold Project. The drilling has confirmed wide zones of shallow oxide copper mineralization at the Motters site, with notable copper grades. The company plans to continue drilling to further define the extent of the mineralization and is preparing for the start-up of Direct Shipping Ore (DSO) operations. These developments are expected to enhance the company’s operational capabilities and market positioning, with ongoing negotiations for copper offtake and funding arrangements.