Horseshoe Metals Limited (AU:HOR)
ASX:HOR
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Horseshoe Metals Limited
(Sydney:HOR)
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Rating:42Neutral
Price Target:
AU$0.03
▼(-35.00% Downside)
Action:Reiterated
Date:05/05/26
The score is primarily constrained by weak financial performance—ongoing losses, negative cash flow, and negative equity implying continued reliance on external funding. Technicals also remain bearish with the price below major moving averages and negative MACD, only partially offset by near-oversold readings. Valuation contributes limited support due to negative earnings and no dividend yield.
Positive Factors
Focused copper-gold exploration
A clear upstream exploration focus on copper and gold provides durable strategic leverage: successful discoveries can rapidly re-rate project value, attract JV partners or buyers, and benefit from long-term structural demand for copper and gold, supporting business outcomes beyond short-term cycles.
Negative Factors
Negative equity and rising debt
Persistently negative shareholders’ equity and increasing borrowings materially limit financial flexibility and elevate restructuring or dilution risk. Negative equity undermines traditional leverage metrics and signals dependency on external capital or asset transactions to sustain operations over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Focused copper-gold exploration
A clear upstream exploration focus on copper and gold provides durable strategic leverage: successful discoveries can rapidly re-rate project value, attract JV partners or buyers, and benefit from long-term structural demand for copper and gold, supporting business outcomes beyond short-term cycles.
Read all positive factors
Horseshoe Metals Limited (HOR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$20.22M
Dividend YieldN/A
Average Volume (3M)659.97K
Price to Earnings (P/E)―
Beta (1Y)0.50
Revenue GrowthN/A
EPS Growth-84.62%
CountryAU
Employees3
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding749,009,100
10 Day Avg. Volume1,107,777
30 Day Avg. Volume659,968
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)-22.34
Price to Sales (P/S)121.34
P/FCF Ratio-26.85
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
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 ...
How the Company Makes Money
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Horseshoe Metals Limited Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
18
Very Negative
Cash Flow
14
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 250.00K | 11.91K | 8.61K | 21.49K | 93.31K |
| Gross Profit | -685.65K | -19.32K | -4.75K | -12.31K | 89.34K |
| EBITDA | -557.70K | -787.71K | -1.18M | -2.26M | -2.13M |
| Net Income | -1.68M | -845.65K | -1.29M | -2.37M | -2.31M |
Balance Sheet | |||||
| Total Assets | 10.12M | 8.86M | 8.54M | 8.26M | 8.47M |
| Cash, Cash Equivalents and Short-Term Investments | 27.62K | 399.00 | 2.47K | 6.78K | 1.37M |
| Total Debt | 1.70M | 1.19M | 1.69M | 1.59M | 1.64M |
| Total Liabilities | 11.47M | 10.11M | 9.10M | 9.79M | 10.30M |
| Stockholders Equity | -1.36M | -1.25M | -560.53K | -1.53M | -1.84M |
Cash Flow | |||||
| Free Cash Flow | -1.13M | -166.70K | -1.86M | -3.24M | -955.53K |
| Operating Cash Flow | -546.48K | -166.70K | -1.85M | -3.19M | -955.53K |
| Investing Cash Flow | -583.42K | 0.00 | -727.00 | -47.68K | 0.00 |
| Financing Cash Flow | 1.16M | 164.63K | 1.85M | 1.87M | 2.23M |
Horseshoe Metals Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | AU$19.85M | 5.36 | 9.37% | 8.14% | ― | -27.64% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
51 Neutral | AU$60.00M | -15.23 | -1.33% | ― | ― | ― | |
47 Neutral | AU$12.75M | -6.22 | -6.75% | ― | ― | 16.67% | |
44 Neutral | AU$8.79M | -3.18 | 110.58% | ― | ― | 90.94% | |
42 Neutral | AU$20.22M | -6.19 | 112.84% | ― | ― | -84.62% | |
42 Neutral | AU$34.70M | -2.58 | -5.94% | ― | -99.74% | -22.67% |
* Basic Materials Sector Average
AU:HOR
Horseshoe Metals Limited
0.03
<0.01
31.82%
AU:GUL
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0.02
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541.67%
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0.14
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AU:RWD
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Horseshoe Metals Limited Corporate Events
Horseshoe Metals Options Lapse, Trimming Potential Dilution
May 6, 2026
Horseshoe Metals Limited has notified the market that 300,000 options with the ASX code HORAAD, expiring on 2 May 2026 with no exercise price, have lapsed unexercised. The cessation of these options results in a modest simplification of the compan...
Horseshoe Metals Targets Resource Growth and Early Cash Flow at Horseshoe Lights
Apr 30, 2026
Horseshoe Metals has outlined a new copper Exploration Target for the Motters Zone at its Horseshoe Lights Copper-Gold Project, estimating 2.6–3.6 million tonnes grading 1.0–1.5% Cu to a depth of 600 metres, covering oxide, transitiona...
Horseshoe Metals Uncovers High-Value Gold and Silver Credits in Copper DSO at Horseshoe Lights
Apr 28, 2026
Horseshoe Metals has reported newly assayed high-grade gold and silver values within its Direct Shipping Ore stockpiles at the Horseshoe Lights Copper-Gold Project in Western Australia, with grades up to 2.56 g/t gold and 107.3 g/t silver. The pre...
Horseshoe Metals Moves AGM Materials Online and Sets May Meeting Date
Apr 20, 2026
Horseshoe Metals Limited has notified shareholders that its Annual General Meeting will be held on 20 May 2026 in Perth, Western Australia. The company is adopting electronic distribution of its meeting materials in line with Corporations Act chan...
Horseshoe Metals Sets May 2026 AGM to Vote on 2025 Remuneration Report
Apr 20, 2026
Horseshoe Metals Limited has called its Annual General Meeting for 20 May 2026 in Perth, setting 18 May 2026 as the record date for shareholders eligible to vote. The meeting will table the 2025 Annual Report, including financial, directors’...
Horseshoe Metals Releases 2025 Annual Report Detailing Corporate Structure
Mar 31, 2026
Horseshoe Metals Limited has released its annual report for the year ended 31 December 2025, outlining its corporate structure and key governance arrangements. The document details the composition of the board, company secretaries, registered offi...
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
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.