Horseshoe Metals Limited (AU:HOR)
ASX:HOR
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Horseshoe Metals Limited
(Sydney:HOR)
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Rating:43Neutral
Price Target:
AU$0.03
▼(-17.50% Downside)
Action:ReiteratedDate:04/09/26
The score is driven primarily by weak financial performance—persistent losses, ongoing cash burn, and negative equity with meaningful debt—indicating elevated funding risk. Technical indicators are mixed and do not show strong upward momentum, while valuation metrics are not supportive due to loss-making earnings and no dividend yield.
Positive Factors
Revenue rebound in 2025
A clear top-line rebound in 2025 demonstrates the company can generate material revenue from its exploration/development activities. Over 2-6 months this provides runway to validate assets, attract partners or offtake, and supports progressing projects versus perpetual pre-revenue status.
Negative Factors
Negative shareholders' equity
Persistent negative equity limits financial flexibility and increases reliance on external capital. Over months this elevates dilution and funding risk, constraining the company's ability to self-fund exploration or negotiate favorable JV terms without significant recapitalization or asset sales.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound in 2025
A clear top-line rebound in 2025 demonstrates the company can generate material revenue from its exploration/development activities. Over 2-6 months this provides runway to validate assets, attract partners or offtake, and supports progressing projects versus perpetual pre-revenue status.
Read all positive factors
Horseshoe Metals Limited (HOR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$24.72M
Dividend YieldN/A
Average Volume (3M)659.97K
Price to Earnings (P/E)―
Beta (1Y)0.63
Revenue GrowthN/A
EPS GrowthN/A
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 Ratio0.00
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
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$20.06M | 5.36 | 9.37% | 8.14% | ― | -16.82% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
47 Neutral | AU$9.06M | -6.22 | -6.75% | ― | ― | 16.67% | |
45 Neutral | AU$51.08M | -15.23 | -1.33% | ― | ― | ― | |
44 Neutral | AU$12.35M | -4.17 | 110.58% | ― | ― | 93.44% | |
43 Neutral | AU$24.72M | -6.19 | ― | ― | ― | ― | |
43 Neutral | AU$33.14M | -2.58 | -5.94% | ― | -67.81% | -244.10% |
* Basic Materials Sector Average
AU:HOR
Horseshoe Metals Limited
0.03
0.01
73.68%
AU:GUL
Gullewa Limited
0.09
0.03
55.93%
AU:BCA
Black Canyon Limited
0.32
0.26
425.00%
AU:AHN
Athena Resources Limited
―
―
―
AU:VML
Vital Metals Ltd
0.14
0.08
133.33%
AU:RWD
Reward Minerals Limited
0.05
-0.02
-26.23%
Horseshoe Metals Limited Corporate Events
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...
Horseshoe Metals Issues 1 Million Shares Under Employee Incentive Plan
Feb 4, 2026
Horseshoe Metals Limited has issued 1,000,000 fully paid ordinary shares under its Employee Securities Incentive Plan, expanding its quoted share capital on the ASX. The company has confirmed that the issue was conducted without a disclosure docum...
Horseshoe Metals adds 1m shares via employee scheme
Feb 4, 2026
Horseshoe Metals Limited, an ASX-listed resources exploration company, focuses on developing base and precious metal assets. The company applied to quote 1,000,000 new ordinary shares issued on 4 February 2026 under its employee incentive scheme, ...
Horseshoe Metals Plans Multi‑Tranche Option Issue to Support Capital Raising
Feb 4, 2026
Horseshoe Metals Limited has notified the ASX of a proposed issue of options as part of a placement or similar capital-raising initiative. The company, listed under ticker HOR, is using the Appendix 3B process to seek quotation of these new securi...
Horseshoe Metals Confirms Broad Copper Oxide Zones as Funding Talks Advance at Horseshoe Lights
Jan 30, 2026
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 38...
Horseshoe Metals Director Increases Equity Stake via Option Exercise
Jan 16, 2026
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, conv...
Horseshoe Metals Issues New Shares on Option Conversion, Lodges Cleansing Notice
Jan 16, 2026
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...
Horseshoe Metals Seeks ASX Quotation for 3.65 Million New Shares
Jan 16, 2026
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, re...
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.