Harfang Exploration (HAR) AI Stock Analysis

• Market Cap: C$7.03M
• Dividend Yield: N/A
• Average Volume (3M): 238.40K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.89
• Revenue Growth: N/A
• EPS Growth: 7.28%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 87,935,790
• 10 Day Avg. Volume: 401,740
• 30 Day Avg. Volume: 238,402
• PEG Ratio: 22.41
• Price to Book (P/B): 0.31
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.18
• 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: 49 Neutral
• Price Target: C$0.08 ▼(-6.25% Downside)

The score is primarily constrained by weak financial performance driven by sustained losses and meaningful cash burn, despite low leverage. Technicals are neutral-to-weak with the stock below key longer-term moving averages and a negative MACD. Offsetting these risks somewhat are constructive corporate developments (discoveries, financing, and partnerships), while valuation remains hard to frame due to negative earnings.

Harfang Exploration Business Overview & Revenue Model

Company Description

Harfang Exploration Inc., an exploration and evaluation stage company, primarily acquires and explores for mineral properties in Canada. The company explores for gold, copper, silver, nickel, chromium, platinum, palladium, and other metals. It focuses on the exploration and evaluation of its mineral properties in the James Bay area in the Province of Québec for precious metals. The company is headquartered in Montreal, Canada.

How the Company Makes Money

Harfang Exploration makes money through the discovery and development of mineral resources, primarily gold and silver. The company generates revenue by identifying promising mineral properties, conducting exploration activities, and advancing these projects to increase their value. Once a mineral deposit is sufficiently explored and its potential is established, Harfang may sell the property, enter into joint ventures, or develop it into a mining operation, generating income through the sale of mineral rights, royalties, or direct mining revenue. The company's earnings are significantly influenced by commodity prices, exploration success, and strategic partnerships with other mining or exploration companies.

Harfang Exploration Financial Statement Overview

Summary

Harfang Exploration is facing financial difficulties with negative revenue, gross profit, and cash flow, typical of early-stage mining exploration companies. While its balance sheet is strong with low leverage, the lack of revenue growth and consistent net losses pose a risk to financial stability.

Income Statement

Harfang Exploration has shown negative revenue and gross profit across periods, reflecting a challenging operating environment typical in early-stage mining exploration. The TTM data indicates a significant EBIT and net loss, with no revenue growth, leading to negative profit margins. The negative EBITDA and EBIT margins highlight operational inefficiencies or high fixed costs relative to its revenue base.

Balance Sheet

The company's balance sheet shows a strong equity position relative to its total assets, evidenced by a high equity ratio. The low debt-to-equity ratio indicates minimal leverage, which is positive for financial stability. However, the lack of revenue growth and consistent net losses could strain this position over time.

Cash Flow

Harfang Exploration has negative operating and free cash flows, indicating cash outflows from operations without sufficient offset from revenues. The free cash flow to net income ratio is negative due to ongoing losses. The company's cash position is strong relative to its liabilities, but continued cash burn poses a risk without additional financing or revenue improvements.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	26.13K	0.00	0.00	3.28K	8.16K	76.00
Gross Profit	-13.74K	-39.88K	-29.91K	3.28K	8.16K	-507.00
EBITDA	-2.80M	-2.70K	-2.89M	-3.94M	-4.53M	-2.30M
Net Income	-2.58M	-2.13K	-2.19M	-3.53M	-3.41M	-1.66M
Balance Sheet
Total Assets	13.62M	15.86M	16.59M	17.19M	8.92M	10.02M
Cash, Cash Equivalents and Short-Term Investments	1.30M	3.92M	6.43M	7.41M	7.26M	8.68M
Total Debt	90.77K	110.42K	134.40K	0.00	0.00	0.00
Total Liabilities	281.96K	340.34K	721.64K	198.69K	931.35K	1.30M
Stockholders Equity	13.34M	15.52M	15.87M	16.99M	7.99M	8.72M
Cash Flow
Free Cash Flow	-3.08M	-2.19M	-2.97M	-4.50M	-4.13M	-2.20M
Operating Cash Flow	-2.99M	-2.03M	-2.78M	-4.14M	-4.09M	-1.96M
Investing Cash Flow	-252.80K	-1.00M	-64.98K	252.27K	-356.18K	-231.28K
Financing Cash Flow	509.85K	520.32K	1.86M	4.04M	3.03M	7.92M

Harfang Exploration Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.08
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HAR, the sentiment is Neutral. The current price of 0.08 is above the 20-day moving average (MA) of 0.07, above the 50-day MA of 0.08, and below the 200-day MA of 0.09, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.38 is Neutral, neither overbought nor oversold. The STOCH value of 83.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:HAR.

Harfang Exploration 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%
XTM	61 Neutral	C$6.14M	2.22	67.36%	―	―	―
GLM	52 Neutral	C$6.99M	-12.73	-5.30%	―	―	―
VERT	50 Neutral	C$6.88M	-15.00	-8.37%	―	―	38.78%
HAR	49 Neutral	C$7.03M	-2.73	-19.36%	―	―	7.28%
STU	46 Neutral	C$7.91M	-5.06	-13.20%	―	―	-96.27%
PRR	45 Neutral	C$6.92M	-2.69	-44.07%	―	―	44.75%

Harfang Exploration Corporate Events

Harfang and SOQUEM Uncover High-Grade Gold at Menarik West

Harfang Exploration Inc. and SOQUEM Inc. have reported significant high-grade gold findings from their joint exploration program at the Menarik West Property in Québec. The latest results reveal an expanded mineralized footprint, particularly at the Cox Zone, which shows promising new styles of mineralization. This development enhances the property’s potential and positions Harfang for further strategic exploration in 2026, with SOQUEM’s continued support.

Harfang Exploration Unveils Promising Polymetallic Discoveries at Menarik East

Harfang Exploration Inc. has announced significant polymetallic discoveries at its Menarik East project in Quebec, highlighting the presence of a large critical and strategic minerals domain. The summer exploration program revealed high copper equivalent grades and confirmed the potential of two prospective domains, analogous to Ontario’s Ring of Fire, indicating a promising future for the project. These findings suggest Menarik East could become an emerging polymetallic camp, enhancing Harfang’s position within the critical-minerals corridor and offering substantial opportunities for stakeholders.

Harfang Exploration Completes $1.125 Million Flow-Through Financing

Harfang Exploration Inc. has successfully completed a non-brokered private placement, raising $1,125,000 through the issuance of 11,441,104 flow-through common shares. The funds will be used to advance exploration projects in Québec and Ontario, further strengthening Harfang’s position in the mineral exploration industry. The completion of this financing reflects the company’s strategic focus on expanding its exploration activities and consolidating its assets in key regions.

Harfang Exploration Partners with Fancamp to Advance Egan Project

Harfang Exploration Inc. has entered into a Definitive Option Agreement with Fancamp Exploration Ltd. to advance the Egan Project in Ontario’s Abitibi Greenstone Belt. This partnership allows Fancamp to earn up to an 80% interest in the project by funding exploration expenditures and making payments to Harfang. The collaboration aims to enhance exploration efforts and potentially lead to significant gold discoveries, with Fancamp acting as the operator. This agreement reflects Harfang’s strategy of leveraging partnerships to increase exploration momentum and shareholder value.

Harfang and SOQUEM Uncover High-Grade Gold at Menarik West

Harfang Exploration Inc. and SOQUEM Inc. have announced significant high-grade gold discoveries at the Menarik West Property in Québec. The summer 2025 exploration program revealed multiple gold showings, including high-grade veins and altered monzonites, which suggest a larger gold-bearing system extending beyond the known Pierre Zone. These findings, supported by SOQUEM’s expertise and investment, are expected to drive further exploration and enhance the property’s potential, positioning Harfang favorably within the mining sector.