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2026-11-06
◂ Monitor HRN ASX

Horizon Gold Limited

DFS Unfunded Developer · Gold · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$1.135
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$221.5M
EV
A$197.5M
Cash
A$24M
Debt
A$0
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$24M Finite
Debt A$0 Net cash A$24M
Basic shares 195.2M 2026-09-18
Runway 4.82 quarters Appendix 5B cash divided by A$4.993 million of quarterly operating and capitalised exploration outgoings.

Liquidity

Financial position

A$24.045 million cash and nil borrowing at 30 June 2026, versus A$350 million DFS development capital. The auditor identified material going concern uncertainty because normal activities require new funding in the next 12 months. A$12.419 million rehabilitation provision and A$1.699 million near-year tenement commitments remain.

Capital structure

Ownership and dilution

Ordinary shares
195.2M
Fully diluted
200.2M

FY2025 began with 144,839,923 ordinary shares. FY2026 placements and entitlements issued 49,952,586 shares, reaching 194,792,509 on 8 April 2026; 400,000 A$0.33 options exercised on 7 September lifted ordinary shares to 195,192,509. A further 1.5 million options and 3.5 million performance rights imply 200,192,509 fully diluted shares before project-finance equity.

Security classes3
ClassTypeQuantityStrikeExpiry
Quoted ordinary fully paid sharesOrdinary Share195.2M——
Unquoted options exercisable at A$0.33Option1.5MA$0.332026-11-23
Unquoted performance rightsPerformance Right3.5M—2031-02-02

KPI history

Operating metrics

Source values by period
Operating metric source table3
MetricProjectPeriodPeriod typeValueStatus
OtherGum CreekQuarter ended 30 June 2026Quarter4,635,000 AUD exploration and evaluation spendReported
OtherCompanyYear ended 30 June 2026Year-2,023,000 AUD net profit after taxReported
OtherCompanyYear ended 30 June 2026Year-15,635,000 AUD operating plus investing cash flowReported
Company guidance3
MetricProjectPeriodLowHighStatus
Average Recovered Gold Productiongum_creekfirst five production years98,00098,000 oz/yearCurrent
Recovered Goldgum_creekinitial 10-year mine life880,100880,100 ozCurrent
First Gold Timinggum_creekH2 2028—— calendar windowCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-04-08Ann. 2026-03-04RaisingA$30.2M25.1M—Completed—
2025-08-26Ann. 2025-07-21RaisingA$12M24.8M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-25

FY2026 annual report and July DFS Appendix 1 Table 12 reviewed; no live offtake, tolling, JV, stream or commodity/FX hedge was disclosed. Historical Zeta facility was repaid.

State gold royalty; included once in the DFS aggregate A$195 million life-of-mine royalty cost and therefore in project NAV, without a second bridge deduction.

Royalty · Active
Counterparties
Western Australian Government
Applies to
Gum Creek Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
revenue_rate: 2.5 % of gold product revenue
How it affects our valuation

No valuation treatment is available for this arrangement.

Selected Heron South, Hyperno-Reliance, Think Big and Manikato tenements; included once in the DFS aggregate A$195 million life-of-mine royalty cost and therefore in project NAV, without a second bridge deduction.

Royalty · Active
Counterparties
Newmont Australia Investment Limited
Applies to
Gum Creek Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
royalty_formula: R = P/500 × G/3 × 19.6/49 AUD per tonne of ore treated
How it affects our valuation

No valuation treatment is available for this arrangement.

Selected Heron South, Hyperno-Reliance, Think Big and Manikato tenements; included once in the DFS aggregate A$195 million life-of-mine royalty cost and therefore in project NAV, without a second bridge deduction.

Royalty · Active
Counterparties
Franco-Nevada Australia Pty Ltd
Applies to
Gum Creek Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
royalty_formula: R = P/500 × G/3 × 29.4/49 AUD per tonne of ore treated
How it affects our valuation

No valuation treatment is available for this arrangement.

Howards tenements; included once in the DFS aggregate A$195 million life-of-mine royalty cost and therefore in project NAV, without a second bridge deduction.

Royalty · Active
Counterparties
Royal Gold Inc. (formerly Sandstorm Gold Limited)
Applies to
Gum Creek Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
royalty_rate: 10 AUD per ounce
threshold: 30,000 oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Specified mining leases; included once in the DFS aggregate A$195 million life-of-mine royalty cost and therefore in project NAV, without a second bridge deduction.

Royalty · Active
Counterparties
Murchison Downs
Applies to
Gum Creek Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
royalty_formula: 2 × (P/500) AUD per tonne of ore treated
How it affects our valuation

No valuation treatment is available for this arrangement.

M53/153 oxide and transitional ores; included once in the DFS aggregate A$195 million life-of-mine royalty cost and therefore in project NAV, without a second bridge deduction.

Royalty · Active
Counterparties
Mt Townsend
Applies to
Gum Creek Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
first_500kt_formula: 2.25 × SP/470 AUD per tonne treated
after_500kt_formula: 2.75 × SP/470 AUD per tonne treated
How it affects our valuation

No valuation treatment is available for this arrangement.

Specified E57 and M57 tenements; included once in the DFS aggregate A$195 million life-of-mine royalty cost and therefore in project NAV, without a second bridge deduction.

Royalty · Active
Counterparties
Wyooda-Thangoo
Applies to
Gum Creek Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
royalty_formula: P/500 × G/3 AUD per tonne of ore treated
How it affects our valuation

No valuation treatment is available for this arrangement.

M53/716; included once in the DFS aggregate A$195 million life-of-mine royalty cost and therefore in project NAV, without a second bridge deduction.

Royalty · Active
Counterparties
Buttercup
Applies to
Gum Creek Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
royalty_rate: 2 % of gross gold value
How it affects our valuation

No valuation treatment is available for this arrangement.

P53/1702; included once in the DFS aggregate A$195 million life-of-mine royalty cost and therefore in project NAV, without a second bridge deduction.

Royalty · Active
Counterparties
Haeremai Gold Pty Ltd
Applies to
Gum Creek Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
royalty_rate: 2 % of gross revenue
How it affects our valuation

No valuation treatment is available for this arrangement.