Heritage Mining Ltd. (TSE:HML)
:HML
Top Page
Heritage Mining Ltd.
(HML)
Select Model
Select Model
Rating:44Neutral
Price Target:
C$0.03
▲(70.00% Upside)
Action:DowngradedDate:01/29/26
The score is primarily constrained by very poor financial performance (no revenue, persistent losses, ongoing cash burn) and a sharply weakened balance sheet with equity nearly eliminated and high leverage. Technicals provide some offset due to the stock trading above key moving averages, but the overbought RSI reduces confidence. Valuation offers limited support given the negative P/E and no dividend yield.
Positive Factors
Improving cash burn
TTM free cash flow remains negative but shows sequential improvement versus 2022 and 2024. Durable implication: improving cash burn signals management is cutting costs or slowing outflows, which extends runway and reduces near‑term financing pressure if the trend persists.
Negative Factors
No revenue
Absence of revenue is a fundamental structural weakness: operations generate no organic cash to cover costs. Over months this forces reliance on external financing, limits scale-up options, and makes long‑term viability contingent on securing capital or a durable commercial turnaround.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash burn
TTM free cash flow remains negative but shows sequential improvement versus 2022 and 2024. Durable implication: improving cash burn signals management is cutting costs or slowing outflows, which extends runway and reduces near‑term financing pressure if the trend persists.
Read all positive factors
Heritage Mining Ltd. (HML) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$6.43M
Dividend YieldN/A
Average Volume (3M)1.19M
Price to Earnings (P/E)―
Beta (1Y)0.66
Revenue GrowthN/A
EPS Growth11.47%
CountryCA
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding183,611,220
10 Day Avg. Volume1,046,019
30 Day Avg. Volume1,192,907
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)5.84
Price to Sales (P/S)0.00
P/FCF Ratio-2.40
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
Heritage Mining Ltd. Business Overview & Revenue Model
Company Description
Heritage Mining Ltd. engages in the identification, acquisition, evaluation, and exploration of mineral properties in Ontario, Canada. It explores for gold and other precious metals. The company holds an interest in the Drayton - Black Lake projec...
How the Company Makes Money
Heritage Mining Ltd. generates revenue through the exploration, development, and eventual sale of mineral resources. The primary revenue streams include the sale of extracted metals such as gold, silver, and copper to commodity markets and industr...
Heritage Mining Ltd. Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
10
Very Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -136.18K | -95.45K | -57.11K | 0.00 | 0.00 | 0.00 |
| EBITDA | -4.17M | -2.83M | -2.41M | -2.88M | -455.39K | 11.04K |
| Net Income | -4.04M | -3.01M | -2.69M | -2.88M | -455.00K | -294.00K |
Balance Sheet | ||||||
| Total Assets | 1.03M | 1.10M | 535.64K | 1.65M | 1.09M | 814.60K |
| Cash, Cash Equivalents and Short-Term Investments | 226.08K | 558.28K | 172.21K | 808.83K | 1.01M | 784.43K |
| Total Debt | 239.94K | 170.68K | 85.72K | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.03M | 481.79K | 354.36K | 198.01K | 88.65K | 58.96K |
| Stockholders Equity | 6.14K | 622.81K | 181.28K | 1.45M | 1.00M | 755.63K |
Cash Flow | ||||||
| Free Cash Flow | -2.62M | -1.52M | -1.90M | -2.87M | -524.21K | -246.25K |
| Operating Cash Flow | -2.62M | -1.52M | -1.90M | -2.87M | -524.21K | -246.25K |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 1.50K | 0.00 | -1.50K |
| Financing Cash Flow | 2.68M | 1.90M | 1.27M | 2.67M | 746.43K | 1.03M |
Heritage Mining Ltd. Technical Analysis
Positive
0.02
Price Trends
0.03
Positive
0.03
Positive
0.03
Positive
Market Momentum
<0.01
Negative
55.11
Neutral
100.00
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HML, the sentiment is Positive. The current price of 0.02 is below the 20-day moving average (MA) of 0.04, below the 50-day MA of 0.03, and below the 200-day MA of 0.03, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.11 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:HML.
Heritage Mining Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | C$5.06M | -0.52 | 3.09% | ― | ― | ― | |
51 Neutral | C$5.50M | -26.07 | -40.98% | ― | ― | 79.47% | |
44 Neutral | C$6.43M | -1.44 | ― | ― | ― | 11.47% | |
43 Neutral | C$3.29M | -5.05 | -5.67% | ― | ― | 64.95% | |
43 Neutral | C$3.97M | -2.76 | -604.93% | ― | ― | 18.99% |
* Basic Materials Sector Average
TSE:HML
Heritage Mining Ltd.
0.04
>-0.01
-12.50%
TSE:GLD
GoldON Resources
0.08
0.04
100.00%
TSE:MEX
Mexican Gold Corp
0.10
0.04
66.67%
TSE:GSPR
GSP Resource
0.10
<0.01
5.26%
TSE:USHA
Usha Resources
0.06
0.02
37.50%
TSE:CRC
Canter Resources Corp
0.25
-0.10
-30.00%
Heritage Mining Ltd. Corporate Events
Business Operations and StrategyM&A Transactions
Heritage Mining Expands Melba Land Package in Kirkland Lake Gold District
Positive
Feb 2, 2026
Heritage Mining Ltd. has expanded its land position around the historic Melba Mine in Ontario’s Kirkland Lake gold district by entering an asset purchase agreement with DH Exploration Inc. to acquire 12 unpatented mining claims and by undert...
Business Operations and StrategyPrivate Placements and Financing
Heritage Mining Raises $687,800 in Final Private Placement Tranche and Settles Debt in Shares
Positive
Dec 31, 2025
Heritage Mining Ltd. has closed the third and final tranche of its non-brokered private placement, raising gross proceeds of approximately $687,801 through the issuance of units and flow-through units, with funds earmarked for exploration and dril...
Business Operations and Strategy
Heritage Mining Begins Drilling at Melba Project After Permit Approval
Positive
Dec 16, 2025
Heritage Mining Ltd. has received an exploration permit and commenced diamond drilling at the Melba Project in Northeastern Ontario, a region with a rich history of mining activities. The project aims to confirm high-grade historical results, with...
Business Operations and StrategyPrivate Placements and Financing
Heritage Mining Secures Funding and Expands Project Ownership
Positive
Dec 15, 2025
Heritage Mining Ltd. has successfully closed the second tranche of its non-brokered private placement, raising gross proceeds of $105,799.95. The funds will support exploration and drilling programs at the Melba, Drayton-Black Lake, and Contact Ba...
Business Operations and StrategyPrivate Placements and Financing
Heritage Mining Secures $500,000 to Boost Exploration Efforts
Positive
Dec 1, 2025
Heritage Mining Ltd. has successfully closed the first tranche of a non-brokered private placement, raising $500,000.99 to fund exploration and drilling at its Melba Project and other sites. This financial move supports the company’s strateg...
Private Placements and Financing
Heritage Mining Ltd. Launches $810,000 Private Placement to Fund Exploration
Positive
Nov 20, 2025
Heritage Mining Ltd. announced a non-brokered private placement of units and flow-through units, aiming to raise up to $810,000. The proceeds will fund exploration and drilling programs at their Drayton-Black Lake and Contact Bay projects, as well...
Business Operations and Strategy
Heritage Mining Launches Exploration at Melba Project to Confirm High-Grade Gold
Positive
Nov 19, 2025
Heritage Mining Ltd. has announced the commencement of a Phase 1 Exploration plan at the Melba Project in Northeastern Ontario, following the acquisition of the Melba Property. The exploration will include diamond drilling and systematic sampling ...
Business Operations and Strategy
Heritage Mining Eyes Cash Flow from Historical Rockpiles at Drayton Black Lake Project
Positive
Nov 19, 2025
Heritage Mining Ltd. has announced an exploration update on its Drayton Black Lake Project in Northwestern Ontario, highlighting the potential for near-term cash flow from historical rockpiles at the Alcona and Split Lake Mines. The company has co...
Business Operations and Strategy
Heritage Mining Advances Ontario Gold Projects with Promising Drilling Results
Positive
Nov 19, 2025
Heritage Mining Ltd. has announced significant progress in its exploration activities across its Ontario gold projects. The company is advancing towards drilling at the Melba Project, with a focus on confirming high-grade historical results. Addit...
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.