Heavy Minerals Ltd (HVY) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 86.19K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.74
• Revenue Growth: N/A
• EPS Growth: -7.28%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.01
• Shares Outstanding: 71,608,590
• 10 Day Avg. Volume: 83,831
• 30 Day Avg. Volume: 86,188
• PEG Ratio: -0.97
• Price to Book (P/B): 8.42
• Price to Sales (P/S): 453.10
• P/FCF Ratio: -11.67
• 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: 43 Neutral
• Price Target: AU$0.44 ▼(-11.20% Downside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is primarily driven by weak financial performance (sharp revenue contraction, losses, and negative operating/free cash flow). Technicals add pressure with the stock trading below key short- and mid-term moving averages and negative MACD. Valuation is not supportive because earnings are negative and dividend data is unavailable.

Positive Factors

Balanced leverage (debt-to-equity ~1.0)

A near 1.0 debt-to-equity ratio indicates the company is using leverage in a measured way. This balance can preserve financial flexibility, moderate interest burden and support capital needs during cyclical downturns, giving management room to fund operations or strategic moves.

Consistent gross profit margin

A steady gross margin suggests the core product economics and pricing are resilient. If fixed costs and overhead are reined in, stable gross margins provide a realistic path to restoring operating profitability as volumes recover or cost efficiencies are implemented.

Positive free cash flow growth rate

Improving free cash flow growth signals operational or working-capital progress even from a weak base. A positive growth trend can meaningfully improve liquidity over months, reducing the need for external funding and enabling gradual reinvestment or debt reduction if sustained.

Negative Factors

Steep revenue decline (-53.6%)

A 53.6% revenue contraction materially reduces scale, weakens bargaining power, and makes fixed-cost absorption difficult. Sustained top-line weakness undermines recovery prospects, strains margins and cash generation, and increases the burden on management to regain market traction.

Ongoing operating losses

Persistent negative EBIT and net margins erode equity and limit retained earnings available for reinvestment. Continued losses raise financing needs, restrict strategic options, and make long-term competitiveness dependent on structural cost cuts or meaningful revenue restoration.

Negative operating cash flow

Negative operating cash flow shows the business isn't converting earnings into cash, pressuring liquidity and increasing reliance on external capital. Over a multi-month horizon this reduces flexibility to fund capex or weather downturns and raises refinancing risk.

Heavy Minerals Ltd Business Overview & Revenue Model

Company Description

Heavy Minerals Limited engages in the exploration and development of the mineral resource projects in Western Australia and Mozambique. The company explores for industrial garnet, ilmenite, zircon, leucoxene, and rutile minerals. Its primary project is the Port Gregory Garnet project that covers an area of approximately 227 square kilometers located in Western Australia. The company also holds interests in Red Hill Prospect that is located in Geraldton; and Inhambane Project, which is located in Mozambique. Heavy Minerals Limited was incorporated in 2021 and is based in Perth, Australia.

How the Company Makes Money

Heavy Minerals Ltd generates revenue through the sale of its extracted heavy minerals, primarily zircon, ilmenite, and rutile, to various industries that utilize these materials for manufacturing and production. The company has established key revenue streams through direct sales contracts with industrial clients, along with potential partnerships with other mining companies and suppliers in the mineral resources sector. Additionally, HVY may benefit from fluctuations in commodity prices, which can enhance profit margins during periods of high demand. The company's focus on efficient extraction processes and cost management also contributes to its overall financial performance.

Heavy Minerals Ltd Financial Statement Overview

Summary

Weak fundamentals: steep revenue decline (-53.6%), ongoing losses (negative net and EBIT margins), and negative return on equity. Leverage is relatively balanced (debt-to-equity ~1.0), but negative operating and free cash flow indicate financial strain.

Income Statement

Heavy Minerals Ltd has experienced declining revenue over the past year, with a negative revenue growth rate of -53.6%. The company is operating at a loss, as indicated by negative net profit margins and EBIT margins. Despite a consistent gross profit margin, the negative profitability metrics highlight significant challenges in achieving operational efficiency and profitability.

Balance Sheet

The balance sheet shows a relatively stable debt-to-equity ratio of 0.996, indicating a balanced approach to leveraging. However, the negative return on equity suggests that the company is not generating sufficient returns on its equity base. The equity ratio is moderate, reflecting a reasonable level of equity financing relative to total assets.

Cash Flow

The cash flow statement reveals significant challenges, with negative operating and free cash flows. Although there is a positive free cash flow growth rate, the operating cash flow to net income ratio is negative, indicating cash flow issues. The free cash flow to net income ratio is positive, suggesting some ability to cover net losses, but overall cash flow health is weak.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	44.13K	40.17K	27.34K	8.80K	0.00
Gross Profit	44.13K	40.17K	7.23K	6.76K	-93.00
EBITDA	-1.45M	-1.05M	-1.15M	-1.05M	-2.42M
Net Income	-1.48M	-1.15M	-1.17M	-1.05M	-2.44M
Balance Sheet
Total Assets	5.31M	4.40M	3.54M	4.47M	314.88K
Cash, Cash Equivalents and Short-Term Investments	33.17K	47.48K	319.90K	2.41M	34.87K
Total Debt	2.36M	853.39K	0.00	0.00	215.78K
Total Liabilities	2.97M	1.19M	76.03K	129.07K	553.89K
Stockholders Equity	2.37M	3.26M	3.51M	4.39M	-195.52K
Cash Flow
Free Cash Flow	-1.71M	-1.38M	-2.09M	-2.76M	-212.19K
Operating Cash Flow	-721.70K	-616.66K	-866.26K	-1.36M	-210.19K
Investing Cash Flow	-991.53K	-766.12K	279.28K	-2.90M	-2.00K
Financing Cash Flow	1.70M	1.11M	-4.75K	5.14M	244.71K

Heavy Minerals Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:HVY, the sentiment is Negative. The current price of 0.5 is below the 20-day moving average (MA) of 0.53, below the 50-day MA of 0.53, and above the 200-day MA of 0.41, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 43.57 is Neutral, neither overbought nor oversold. The STOCH value of 47.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:HVY.

Heavy Minerals Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
C29	50 Neutral	AU$5.57M	>-0.01	-126.15%	―	―	24.09%
MRD	49 Neutral	AU$37.17M	-0.59	-106.64%	―	―	-36.36%
AKN	45 Neutral	AU$12.27M	-0.52	-71.65%	―	―	―
EMT	45 Neutral	AU$9.35M	-1.88	-29.48%	―	―	76.12%
AOA	44 Neutral	AU$3.57M	-1.48	-65.57%	―	―	-200.00%
HVY	43 Neutral	―	-13.49	-52.64%	―	―	-7.28%

Heavy Minerals Ltd Corporate Events

Heavy Minerals issues 2.56 million new shares under routine capital management

Heavy Minerals Ltd has issued 2,555,000 fully paid ordinary shares on 24 February 2026 without a prospectus, relying on provisions of the Corporations Act that allow such issues without formal disclosure. The company stated it is fully compliant with its financial reporting and continuous disclosure obligations and confirmed there is no excluded or undisclosed price-sensitive information, signalling that the share issue is a routine capital management step rather than a response to new operational developments.

The most recent analyst rating on (AU:HVY) stock is a Sell with a A$0.52 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals seeks ASX quotation for new ATM-issued shares

Heavy Minerals Ltd has applied to the ASX for quotation of 2,555,000 new fully paid ordinary shares under its at-the-market subscription program. The new securities, issued on 24 February 2026 and trading under ticker HVY, expand the company’s listed capital base and provide additional funding flexibility for its mineral development activities.

The issuance follows earlier at-the-market arrangements referenced in prior announcements, indicating an ongoing use of this mechanism to raise equity as needed. For existing shareholders, the move signals continued capital management via incremental share issuance rather than large, one-off raisings, which can influence dilution dynamics and liquidity in the stock.

The most recent analyst rating on (AU:HVY) stock is a Sell with a A$0.52 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Boosts ATM Collateral Shares to Preserve Funding Flexibility

Heavy Minerals Ltd has increased the number of shares provided as security under its at-the-market subscription agreement with Acuity Capital, issuing 2,555,000 fully paid ordinary shares at nil consideration to lift total collateral shares to 3,500,000. The company emphasized that it is under no obligation to draw on the facility, can cancel the arrangement and buy back the collateral shares subject to shareholder approval, and incurred no fees for the increase, suggesting the move is aimed at maintaining flexible, low-cost access to capital without immediate dilution or operational changes.

The most recent analyst rating on (AU:HVY) stock is a Sell with a A$0.52 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Taps ATM Facility for $175,000 Working Capital Boost

Heavy Minerals Limited has raised $175,000 through its At-the-Market Subscription Agreement with Acuity Capital by setting off 330,000 previously issued collateral shares at a deemed price of $0.53 per share, a slight discount to the latest closing price. The transaction, which reduces the number of collateral shares Acuity must return on termination or maturity of the facility, provides additional working capital to support the company’s ongoing exploration and development activities across its garnet- and ilmenite-focused projects in Australia and Mozambique, underlining its continued use of flexible equity funding to advance its heavy mineral portfolio.

The most recent analyst rating on (AU:HVY) stock is a Hold with a A$0.58 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals to Extract Garnet from Kanmantoo Tailings Under New Agreement

Hillgrove Resources has signed a binding tailings processing agreement with Heavy Minerals Ltd for the extraction and sale of garnet from process tailings and the Tailings Storage Facility at the Kanmantoo Copper Mine in South Australia, under which Heavy Minerals will construct and operate a garnet processing plant on site. The deal provides Hillgrove with a new revenue stream via gross revenue payments, guaranteed minimum annual payments once production begins, and upfront payments tied to key milestones, while also extending the life of the tailings facility and potentially transferring future site rehabilitation obligations to Heavy Minerals, enhancing long-term value creation from Kanmantoo beyond copper production and positioning Heavy Minerals to scale garnet output to as much as 100,000 tonnes per year.

The most recent analyst rating on (AU:HVY) stock is a Sell with a A$0.56 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Seals Kanmantoo Tailings Deal to Launch Garnet Production

Heavy Minerals has executed a binding tailings processing agreement with Hillgrove Copper to develop an industrial hardrock almandine garnet project using tailings from the Kanmantoo Copper Mine in South Australia, with first production of industrial material targeted for late 2026 and initial output capped at 50,000 tonnes per year until mining tenure is secured. Under the terms, Heavy will make upfront and ongoing payments to Hillgrove based on gross revenue and royalties, assume responsibility for environmental and rehabilitation obligations once leases are transferred, and is seeking $25–30 million in a mix of debt, pre-sales and royalty funding while advancing distribution discussions in the US, Europe and Australia, potentially establishing Kanmantoo as a world-class, low-cost garnet source and opening a new revenue stream tied to existing copper mine infrastructure.

The most recent analyst rating on (AU:HVY) stock is a Sell with a A$0.56 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Issues 900,000 Unquoted Options Under Employee Incentive Scheme

Heavy Minerals Limited has notified the market of the issue of 900,000 unquoted options under its employee incentive scheme, with these options set to expire on 11 December 2028 and not intended to be quoted on the ASX. The move expands the company’s pool of employee equity incentives, aligning staff interests with long-term shareholder value and signalling an ongoing use of equity-based remuneration to attract and retain key personnel.

The most recent analyst rating on (AU:HVY) stock is a Hold with a A$0.49 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Withdraws Appendix 3G After Identifying Incorrect Securities Issue

Heavy Minerals Limited has announced that it is cancelling a previous notice regarding the issue of unquoted securities, after identifying that incorrect securities had been issued. The company has formally withdrawn the earlier 12 December 2025 Appendix 3G filing and replaced it with this correction, signalling an effort to ensure accuracy and regulatory compliance in its capital markets disclosures, which is important for maintaining investor confidence and orderly trading in its securities.

The most recent analyst rating on (AU:HVY) stock is a Hold with a A$0.49 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Limited Announces Quotation of New Securities on ASX

Heavy Minerals Limited has announced the quotation of 50,000 fully paid ordinary securities on the Australian Securities Exchange (ASX) with the security code HVY, effective December 16, 2025. This move is part of the company’s strategy to enhance its market presence and provide liquidity for its securities, potentially impacting its operational capabilities and investor relations positively.

The most recent analyst rating on (AU:HVY) stock is a Hold with a A$0.49 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Limited Issues 50,000 New Shares

Heavy Minerals Limited announced the issuance of 50,000 fully paid ordinary shares without disclosure to investors under the Corporations Act. This move is part of the company’s compliance with relevant provisions of the Corporations Act, indicating a strategic step in its financial operations. The issuance of shares may impact the company’s market positioning and stakeholder interests by potentially enhancing its capital structure.

The most recent analyst rating on (AU:HVY) stock is a Hold with a A$0.49 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Limited Issues 500,000 Shares to Bolster Exploration Efforts

Heavy Minerals Limited announced the issuance of 500,000 fully paid ordinary shares without disclosure to investors under the Corporations Act. This move complies with relevant legislative provisions, indicating the company’s adherence to regulatory standards. The issuance of shares is part of the company’s ongoing efforts to support its exploration activities and strengthen its market position in the industrial minerals sector.

The most recent analyst rating on (AU:HVY) stock is a Hold with a A$0.60 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Ltd Issues Unquoted Performance Rights

Heavy Minerals Ltd announced the issuance of 900,000 unquoted performance rights under an employee incentive scheme, with these securities set to expire on December 11, 2028. This move is part of the company’s strategy to align employee interests with corporate goals, potentially enhancing operational performance and stakeholder value.

The most recent analyst rating on (AU:HVY) stock is a Hold with a A$0.60 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Ltd Announces Quotation of New Securities on ASX

Heavy Minerals Ltd announced the quotation of 500,000 fully paid ordinary securities on the Australian Securities Exchange (ASX), effective December 12, 2025. This move is part of the company’s strategy to enhance its market presence and provide additional liquidity for its shareholders, potentially impacting its financial operations and stakeholder interests positively.

The most recent analyst rating on (AU:HVY) stock is a Hold with a A$0.60 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Ltd Updates Director’s Securities Holdings

Heavy Minerals Ltd announced a change in the director’s interest, with Christopher Adam Siddons Schofield acquiring additional performance rights. This change reflects the company’s ongoing efforts to align management interests with long-term strategic goals, potentially impacting its market positioning and stakeholder relations.

The most recent analyst rating on (AU:HVY) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Limited Issues New Shares to Enhance Capital Structure

Heavy Minerals Limited announced the issuance of 60,000 fully paid ordinary shares as of December 1, 2025, without disclosure to investors under the Corporations Act. This move aligns with the company’s compliance with relevant provisions of the Corporations Act, potentially impacting its market operations and stakeholder interests by enhancing its capital structure.

The most recent analyst rating on (AU:HVY) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Limited Announces Quotation of New Securities on ASX

Heavy Minerals Limited has announced the quotation of 60,000 fully paid ordinary securities on the Australian Securities Exchange (ASX) as of December 1, 2025. This move is part of the company’s strategic efforts to enhance its market presence and potentially increase its capital base, which could have significant implications for its growth and stakeholder interests.

The most recent analyst rating on (AU:HVY) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.

Heavy Minerals Limited Secures Shareholder Support at AGM

Heavy Minerals Limited announced that all resolutions were passed at its Annual General Meeting of Shareholders. This development is a positive indication of shareholder support, which may bolster the company’s strategic initiatives and operational plans. The successful passing of resolutions could strengthen Heavy Minerals’ position in the industrial minerals market, potentially impacting its future exploration and development activities.

The most recent analyst rating on (AU:HVY) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Heavy Minerals Ltd stock, see the AU:HVY Stock Forecast page.