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Horizon Minerals Ltd
(Sydney:HRZ)
Horizon Minerals Ltd (HRZ) vs. iShares MSCI Australia ETF (EWA)
Horizon Minerals Ltd Business Overview & Revenue Model
Horizon Minerals Ltd Financial Statement Overview
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 36.85M | 6.61M | 81.88K | 3.32M | 17.85M |
| Gross Profit | 6.28M | 6.61M | 81.25K | 1.26M | 3.36M |
| EBITDA | -10.53M | -1.70M | -195.41K | -27.54M | 3.03M |
| Net Income | -23.85M | -3.46M | -1.01M | -28.03M | 2.45M |
Balance Sheet | |||||
| Total Assets | 195.01M | 58.93M | 44.74M | 46.48M | 66.45M |
| Cash, Cash Equivalents and Short-Term Investments | 15.70M | 4.29M | 5.62M | 5.41M | 11.32M |
| Total Debt | 8.11M | 8.23M | 6.97M | 86.20K | 133.94K |
| Total Liabilities | 110.94M | 12.66M | 9.44M | 6.48M | 2.38M |
| Stockholders Equity | 84.07M | 46.27M | 35.29M | 40.00M | 64.07M |
Cash Flow | |||||
| Free Cash Flow | -25.20M | -7.08M | -13.04M | -9.25M | -7.09M |
| Operating Cash Flow | -15.17M | -4.30M | -6.81M | -2.39M | 6.05M |
| Investing Cash Flow | -6.13M | 3.75M | -3.96M | -7.13M | -10.96M |
| Financing Cash Flow | 32.70M | -785.67K | 10.98M | 3.62M | 10.33M |
Horizon Minerals Ltd Technical Analysis
Horizon Minerals Ltd Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | AU$146.74M | 7.84 | 13.04% | 4.01% | 24.48% | 97.18% | |
64 Neutral | AU$971.43M | 1.81 | 22.29% | ― | 117.95% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | AU$445.37M | 5.17 | -20.84% | ― | 11.43% | -238.93% | |
51 Neutral | AU$172.67M | -24.79 | -27.81% | ― | ― | -35.98% | |
49 Neutral | AU$268.95M | -11.10 | -454.45% | ― | ― | 15.86% | |
47 Neutral | AU$275.63M | -6.76 | ― | ― | ― | ― |
Horizon Minerals Ltd Corporate Events
S&P Dow Jones Indices has announced its March 2026 quarterly rebalance of the S&P/ASX index family, reshaping the composition of key Australian equity benchmarks ahead of trading on March 23. The changes span the S&P/ASX 20, 50, 100, 200 and 300 indices, with multiple additions and removals that reflect shifts in market capitalisation and liquidity among listed companies.
In the top-tier S&P/ASX 20, Northern Star Resources will enter while Santos exits, signalling the continued rise of gold producers in the large-cap cohort. The S&P/ASX 50 sees Light & Wonder and PLS Group added and Seek and Technology One removed, while the S&P/ASX 100 welcomes Greatland Resources, Regis Resources and Westgold Resources and removes Lendlease, Netwealth and Pinnacle Investment Management.
Further down the size spectrum, the S&P/ASX 200 gains Predictive Discovery, SRG Global and Vulcan Energy Resources, with Catapult Sports, DigiCo Infrastructure REIT and EBOS Group leaving the benchmark. The S&P/ASX 300 also broadens to include a range of emerging miners, industrials and tech names, moves that are likely to influence index-tracking fund flows and portfolio rebalancing across the Australian market.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals has moved to accelerate the gold conversion of its Black Swan Processing Hub near Kalgoorlie by ordering key long lead items, including a pre-leach thickener and new SAG and ball mill motors with variable speed drives. These upgrades are aimed at improving reliability, scalability and throughput in the planned 2.2Mtpa gold processing facility.
Front End Engineering Design studies are underway and expected to be completed within four to five weeks, with the early equipment commitments made ahead of a full EPC contract to keep the project on schedule. The company says these steps materially de-risk construction and support operational readiness for initial ore feed from Boorara, Burbanks and Cannon, marking a critical phase in Horizon’s push to establish the Black Swan hub as a strategic processing asset in the Kalgoorlie Goldfields.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals has lodged an application with the ASX for the quotation of additional ordinary fully paid shares under code HRZ. The filing relates to the issue of 141 new securities on 5 March 2026, arising from the exercise or conversion of existing options or other convertible instruments.
While the volume is immaterial in the context of typical market capitalisations, the move reflects routine capital structure adjustments as options are exercised. The incremental share issuance slightly increases the company’s quoted capital base and signals continued engagement by holders of its convertible securities.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals has called an Extraordinary General Meeting for 7 April 2026, asking shareholders to approve a suite of capital-raising and governance resolutions that underpin its shift toward gold production. The agenda includes ratifying and completing a two-tranche placement priced at $1.08 per share, approving director participation in the placement, and enabling the issue of any shortfall shares from a concurrent Share Purchase Plan to ensure the company can fully fund refurbishment of the Black Swan Processing Hub, pre-production work, exploration, and working capital.
The board is also seeking shareholder approval to change the company’s name to Maritana Minerals Limited, signalling its evolution into a development-stage gold producer anchored by the Black Swan hub. If endorsed, the funding approvals will restore placement capacity, bolster the balance sheet and provide flexibility to complete the capital raising, reinforcing management’s confidence in the company’s growth strategy and aligning directors more closely with shareholder interests.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals has launched a share purchase plan offering eligible Australian and New Zealand shareholders up to $30,000 in new shares at $1.08 each, matching the price of a recently announced $175 million institutional placement. The plan, targeting up to $10 million with potential for oversubscriptions and possible scale-back, is not underwritten and allows participation without brokerage costs.
Proceeds from the placement and share purchase plan will fund refurbishment and gold conversion at the Black Swan Processing Hub, site and infrastructure works, open pit and underground pre-production, exploration and geology, as well as pre-production operating costs, contingency, working capital and offer costs. The capital raise is intended to strengthen Horizon’s production readiness and exploration pipeline, potentially enhancing its operational scale and positioning in the Western Australian gold sector.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals has opened the offer period for its latest Share Purchase Plan, allowing eligible shareholders in Australia and New Zealand who held shares on 16 February 2026 to subscribe for additional stock. Investors can apply for parcels between $2,000 and $30,000, with the company retaining discretion to scale back oversubscriptions and potentially close the offer early if demand is strong.
The company’s share registry is dispatching personalised application forms and instructions by post or email, aligned with each investor’s communication preferences. Horizon is urging shareholders to review the offer terms in the invitation letter and on its website before investing, highlighting a structured retail capital-raising effort that may broaden participation and strengthen its balance sheet.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals has completed a placement of 50,891,510 fully paid ordinary shares at $1.08 each to local and offshore institutional and sophisticated investors, executed under ASX Listing Rules 7.1 and 7.1A. The company confirmed the shares were issued without a prospectus under the Corporations Act disclosure exemptions, while stating it remains compliant with financial reporting and continuous disclosure obligations and has no excluded information relevant to investors.
The company also reiterated its intention to proceed with a share purchase plan for eligible investors without a disclosure document, relying on ASIC relief for such capital raisings. The placement and planned share purchase plan together signal an effort to strengthen Horizon Minerals’ balance sheet and broaden its investor base, potentially providing additional funding flexibility for future operational and strategic initiatives.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals Ltd has applied to the ASX for quotation of 50,891,510 new ordinary fully paid shares, with an issue date of 25 February 2026. The securities arise from previously announced transactions and, once quoted, will expand the company’s listed capital base, potentially enhancing liquidity for shareholders and supporting its ongoing corporate and project activities.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals Ltd has applied for quotation on the ASX of 728 new ordinary fully paid shares, following the exercise of options or conversion of other securities. The small-scale issuance marginally increases the company’s quoted capital base and reflects routine capital management activity rather than a transformational change for shareholders.
The new HRZ securities were issued on 19 February 2026, with the application for quotation lodged the following day. While the impact on ownership structure and liquidity is expected to be minimal due to the low number of shares, the move maintains alignment with ASX listing requirements and keeps the company’s capital register up to date.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals Ltd has applied for quotation on the ASX of 2,569 new ordinary fully paid shares under its existing HRZ ticker, following the issue of these securities on February 11, 2026. The relatively small issuance, arising from the exercise or conversion of existing instruments, marginally increases the company’s listed share capital and reflects routine capital management rather than a major strategic shift for shareholders.
While the transaction is modest in scale, it ensures that all newly issued shares are admitted to trading, preserving liquidity and transparency for investors. The move underscores Horizon Minerals’ adherence to ASX listing requirements and provides a minor incremental expansion of its free-float, with limited direct impact on overall valuation or control dynamics.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
The company reported that 20,001 HRZAN performance rights lapsed on 4 February 2026 because vesting conditions were not met, trimming its outstanding rights pool but leaving ordinary shares unaffected. The cessation underscores tightened equity incentives, signaling management’s adherence to stated performance hurdles and potentially reducing future dilution for shareholders.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals has strengthened its corporate governance team with the appointment of Isabel Macchia as Company Secretary and Brendan Shalders, the company’s Chief Financial Officer, as Joint Company Secretary, effective immediately. The move, which includes a month-long transition period during which outgoing Company Secretary Daniel Coletta will remain in place for ASX communications, is aimed at ensuring continuity and orderly handover of compliance and governance responsibilities, underscoring the company’s focus on maintaining robust oversight and meeting its regulatory obligations as an ASX-listed entity.
The most recent analyst rating on (AU:HRZ) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals’ December quarter was dominated by progress on its Black Swan Processing Hub, with refurbishment studies upgraded from 1.5Mt per annum to 2.2Mt to leverage existing plant capacity and support a regional hub-and-spoke production model. Operationally, Horizon safely completed open pit mining at its Boorara and Phillips Find projects, generating about $23.3 million in revenue from Boorara gold sales and delivering ore from Phillips Find to a third-party mill, while maintaining around 14,300 ounces of unsold stockpiled gold and closing the period with $37.5 million in cash. High-grade drilling results at Burbanks, including ultra high-grade intercepts, reinforced the project’s potential as a future feed source for Black Swan, while the completion of the Gordons Dam acquisition, the sale agreement for the Lake Johnston asset for a mix of cash and shares, and a new land use agreement with the Marlinyu Ghoorlie Native Title group collectively strengthened Horizon’s asset base, balance sheet and social licence as it advances toward mid-tier scale production in the Kalgoorlie–Coolgardie region.
The most recent analyst rating on (AU:HRZ) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals Ltd has applied to the ASX for quotation of 21,956 new ordinary fully paid shares, expanding its issued capital under the HRZ ticker. The small parcel of securities arises from the exercise or conversion of existing options or other convertible securities, representing a routine capital management step rather than a transformational change to the company’s capital structure.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals has reported further strong results from Phase 1 diamond drilling at its Burbanks gold project, with 75% of the 15,000m program now completed and recent assays confirming multiple high-grade gold intercepts, including 2.00m at 235.7g/t gold. The latest results, which follow previously reported ultra high-grade hits, reinforce the continuity and extension of mineralisation between key resource areas, support mine-feed planning for the Black Swan processing hub through newly completed metallurgical holes, and strengthen confidence in Burbanks as a significant high-grade source of ore as drilling resumes to complete the Phase 1 program.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals has granted 871,292 long-term incentive performance rights to senior management and staff under its shareholder-approved Employee Incentive Scheme and plans to issue an additional 355,406 rights to Managing Director and CEO Grant Haywood, subject to shareholder approval. The performance rights, which convert into ordinary shares for nil consideration upon vesting, are structured around increases in group ore reserves and total shareholder return metrics through to 30 June 2028, aiming to align executives’ and employees’ interests with shareholders and support the company’s strategic growth in the gold sector.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals Limited has issued 871,292 unquoted performance rights under its employee incentive scheme, effective 20 January 2026. The new performance rights, which are not intended to be quoted on the ASX, serve to reward and retain key staff and management, reinforcing the company’s use of equity-based compensation to support execution of its strategy and potentially enhance long-term shareholder alignment.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals Limited has applied for the quotation of 16,746 new ordinary fully paid shares on the Australian Securities Exchange, with an issue date of 16 January 2026. The modest increase in quoted securities, arising from the exercise or conversion of existing options or other convertible instruments, marginally expands Horizon’s equity base and free float, reflecting routine capital management rather than a major shift in the company’s funding or operational strategy.
The most recent analyst rating on (AU:HRZ) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals has executed a formal Asset Sale Agreement, via its wholly owned subsidiary Poseidon Nickel, to divest its 100%-owned Lake Johnston Project to Forrestania Resources for total consideration of $35 million. The revised terms comprise $10 million in non-refundable cash already received, a further $20 million in cash on completion, and $5 million in Forrestania shares to be issued at completion, with the transaction expected to close following Forrestania’s shareholder meeting on 12 January 2026, potentially strengthening Horizon’s balance sheet and providing capital for redeployment into its core projects.
The most recent analyst rating on (AU:HRZ) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals has revised the timeline for completing feasibility work on converting the Black Swan nickel processing plant into a gold plant and finalising a Life of Mine plan. The pre-feasibility study and associated mining studies to support at least a five-year operation at 1.5Mtpa are largely complete, but recent gold price strength and the prospect of a mine life beyond five years have prompted the company to run additional scheduling scenarios at the plant’s higher nameplate capacity of 2.2Mtpa, pushing delivery of the study into the first half of the March 2026 quarter and signalling potential for a larger, longer-duration operation than originally envisaged.
The most recent analyst rating on (AU:HRZ) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals Limited has lodged an application with the ASX for the quotation of 820 new ordinary fully paid shares following the exercise or conversion of existing options or other convertible securities. The modest increase in quoted securities, effective 23 December 2025, slightly expands the company’s issued capital base but is not expected to materially affect its capital structure or shareholder positions.
The most recent analyst rating on (AU:HRZ) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals Limited has reported exceptional high-grade drill results from its Phase 1 drilling program at the Burbanks gold project. The results, including a remarkable intersection of 0.3m at 5,848g/t Au, underscore the project’s potential to expand high-grade gold resources. This development is pivotal for Horizon’s strategy to enhance high-margin gold feed to its Black Swan processing plant, potentially impacting its market positioning and stakeholder value.
The most recent analyst rating on (AU:HRZ) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals Limited has appointed Christian Price as General Manager of Corporate Development, a strategic move to bolster its growth strategy. With 20 years of experience in mining and corporate leadership, Price’s expertise is expected to enhance Horizon’s development opportunities and solidify its standing in the Eastern Goldfields of Western Australia.
The most recent analyst rating on (AU:HRZ) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Black Cat Syndicate Limited has acquired 90 square kilometers of tenements near its Lakewood processing facility, a strategic move aimed at extending its tailings storage capacity to over 20 years and supporting a planned expansion of processing capacity to 1.5 million tonnes per annum. This acquisition is expected to facilitate increased gold production and operational growth, with a study on the expansion underway and results anticipated in the March 2026 quarter.
The most recent analyst rating on (AU:HRZ) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals Ltd has completed a consolidation of its issued capital on a fifteen-to-one basis, as approved by shareholders. This restructuring aims to streamline the company’s capital structure, with the post-consolidation capital consisting of 205,455,193 fully paid ordinary shares and various unquoted securities. This move is expected to enhance the company’s market positioning and potentially impact shareholder value positively. Trading of the consolidated securities will begin on December 18, 2025.
The most recent analyst rating on (AU:HRZ) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.
Horizon Minerals Limited has signed a landmark Land Use Agreement with the Marlinyu Ghoorlie Native Title Claimant Group, covering the majority of its tenure in the eastern goldfields region of Western Australia. This agreement establishes protocols for heritage surveys and site protection, facilitating the advancement of Horizon’s projects while ensuring the protection of Aboriginal Cultural Heritage. The collaboration is aimed at fostering a relationship of goodwill and mutual respect, which is expected to positively impact Horizon’s operations and stakeholder relations.
The most recent analyst rating on (AU:HRZ) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on Horizon Minerals Ltd stock, see the AU:HRZ Stock Forecast page.