Price, volume & events
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- Last 2026-11-06
- A$1.135
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
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- Upside
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- 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
- Application for quotation of securities - HRNPost Cash Checkpoint Security Event
- Quarterly Activities/Appendix 5B Cash Flow ReportLatest Four Activities Reports
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Sign in or enter a guest codeAnnouncements
Latest 12 of 18All sources ▸- Annual Report to shareholders 2026Results
- Application for quotation of securities - HRNCorporate Action
- Drilling Update Howards, Heron South and Melbourne BitterOperations
- Broad high-grade intercepts from Kingfisher, Hawk and Swan RC drillingOperations
- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Horizon Gold DFS Investor Briefing WebinarOther
- Gum Creek Gold Project - DFS Study PresentationPresentation
- Gum Creek DFS Confirms Path to WA's Next Major Gold MineStudy
- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Application for quotation of securities - HRNFinancing
- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Gum Creek Project Gold Resource UpdateResource Update
Event calendar · next 12 months
7 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| later in 2026 | Kingfisher, Hawk, Swan and Howards resource updates | Resource Or Reserve | Company Guided | High | Could establish whether August intercepts convert into resources and eventually mine-plan tonnes. |
| Q4 2026 | Project owner team appointments | Other | Company Guided | Medium | Delivery of project director, commercial, engineering and approvals roles tests execution readiness. |
| Q1 2027 | Remaining biological surveys complete | Permitting | Company Guided | High | A prerequisite to the widened development-approval pathway. |
| Q1 2027 | Site early works commence | Construction Or Commissioning | Company Guided | Medium | Early works progress tests timetable and spending discipline. |
| Q2 2027 | Expanded mining and works approvals progress | Permitting | Company Guided | High | Remaining approvals bind FID and construction schedule. |
| Q2 2027 | Process plant EPC contractor engagement | Construction Or Commissioning | Company Guided | Medium | Procurement terms and definitive estimate test the A$350 million capital budget. |
| Q2 2027 | Gum Creek final investment decision | Financing | Company Guided | High | Requires acceptable finance and regulatory approvals; pivotal to dilution and NAV realization. |
Executive roster
As of 2026-09-25Background checks ▸FY2026 annual report directors report and corporate directory, reconciled to July quarterly; non-executive directors excluded.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Scott Williamson | Managing Director · Chief Executive Officer | Executive Director · Chief Executive | 2026-02-02 | Annual Report to shareholders 2026 · Quarterly Activities/Appendix 5B Cash Flow Report |
| Leigh Ryan | General Manager – Exploration | Technical · Senior Management | 2026-02-02 | Annual Report to shareholders 2026 · Quarterly Activities/Appendix 5B Cash Flow Report |
| Trevor O’Connor | Company Secretary | Company Secretary | 2020-04-09 | Annual Report to shareholders 2026 |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Gum Creek Gold Project
Australia
DFS Unfunded Developer100% ownedGold
100%-owned Gum Creek through wholly owned subsidiary; open-pit DFS complete and execution phase authorized, with project finance and expanded development approvals outstanding.
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVA$318M8% discount
IRR31.5%Published return
Initial capexA$238.5MPublished capital estimate
Operating cost1,931AUD/oz AISC
NPVA$894M5% discount
IRR41.7%Published return
Initial capexA$350MPublished capital estimate
Operating cost2,995AUD/oz AISC
Pre-tax scoping-study base case at A$2,900/oz gold; superseded.
Post-tax DFS NPV5 base case at A$5,500/oz gold over the initial 10-year mine life.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 26.7M tonnes | 1.90 g/t Au; 1,629,300 oz contained gold | Gold | 2025-11-04 |
| Mineral Resource | Inferred | 11.2M tonnes | 1.86 g/t Au; 672,300 oz contained gold | Gold | 2025-11-04 |
| Ore Reserve | Probable | 18.2M tonnes | 1.24 g/t Au; 728,400 oz contained gold | Gold | 2026-07-22 |
Tenements56
Milestones4
- Definitive feasibility study completed
Achieved · High materiality
- Final investment decision target
Pending · High materiality
- Plant construction commencement target
Pending · High materiality
- First gold target
Pending · High materiality
Permits & approvals4
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Existing Mining Proposal to recommence mining | Western Australia | Granted | — | No |
| Existing native vegetation clearing permit for 100 ha | Western Australia | Granted | — | No |
| Mining Development and Closure Proposal for future expansion | Western Australia | Required | — | Yes |
| Expanded development works approvals | Western Australia | Required | — | Yes |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Gum Creek Scoping Study | Scoping Study | Superseded | 2024-03-18 | Preliminary 10-year open-pit study subsequently superseded by the July 2026 DFS. |
| Gum Creek Open Pit Definitive Feasibility Study | DFS | Current | 2026-07-22 | 2.4 Mtpa open-pit development producing 880.1 koz over ten years with A$350 million pre-production capital. |
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Quoted ordinary fully paid shares | Ordinary Share | 195.2M | — | — |
| Unquoted options exercisable at A$0.33 | Option | 1.5M | A$0.33 | 2026-11-23 |
| Unquoted performance rights | Performance Right | 3.5M | — | 2031-02-02 |
KPI history
Operating metrics
Operating metric source table3
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Other | Gum Creek | Quarter ended 30 June 2026 | Quarter | 4,635,000 AUD exploration and evaluation spend | Reported |
| Other | Company | Year ended 30 June 2026 | Year | -2,023,000 AUD net profit after tax | Reported |
| Other | Company | Year ended 30 June 2026 | Year | -15,635,000 AUD operating plus investing cash flow | Reported |
Company guidance3
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Average Recovered Gold Production | gum_creek | first five production years | 98,000 | 98,000 oz/year | Current |
| Recovered Gold | gum_creek | initial 10-year mine life | 880,100 | 880,100 oz | Current |
| First Gold Timing | gum_creek | H2 2028 | — | — calendar window | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-04-08Ann. 2026-03-04 | Raising | A$30.2M | 25.1M | — | Completed | — |
| 2025-08-26Ann. 2025-07-21 | Raising | A$12M | 24.8M | — | 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Evidence coverage has been deepened with dated issuer filings and selected independent records. Career claims remain mostly issuer-reported, and open-web adverse checks are limited in scope; findings are attributed to individuals only where sources establish that link.
Decision-relevant facts
Material summary
Scott Williamson
Managing Director, Chief Executive Officer
Personal SuccessIssuer Reported · Medium materiality
Relevant professional background and qualifications
Issuer appointment release says 20+ years in mining engineering and corporate roles and identifies prior employers Blackstone Minerals, Resolute Mining and others.
Individual involvement documented · This is an issuer-published career summary; it is not independent verification of every claimed contribution.
Appointment of new CEO and MD · announcement summary
GovernanceIssuer Reported · Medium materiality
CEO appointment and board-to-exploration transition are dated
Horizon announced Williamson as CEO/MD effective 2 Feb 2026 and said Leigh Ryan would resign as director that date and transition to GM Exploration; Ryan had served as MD since Dec 2020. Williamson was also a NED of Leeuwin Metals and Corazon Mining, and his Blackstone resignation was effective 31 Jan 2026.
Individual involvement documented · This is a dated issuer disclosure; it documents role changes and concurrent directorships, not a governance breach.
Appointment of new Chief Executive Officer and Managing Director · p.1 lines 6–34
Evidence gaps · 3
- Independent verification of the complete career chronology, education and professional memberships is not established by the sources reviewed.
- No comprehensive regulator, court, safety, environment or litigation-record review was completed; absence of a finding here is not a clearance.
- Individual contribution to employer outcomes and concurrent board interests require additional source-level verification.
Leigh Ryan
General Manager – Exploration
Personal SuccessIssuer Reported · Medium materiality
Relevant professional background and qualifications
Appointed MD in 2020; moved to General Manager – Exploration effective 2 February 2026.
Individual involvement documented · This is an issuer-published career summary; it is not independent verification of every claimed contribution.
Appointment of new CEO and MD · announcement summary
Evidence gaps · 3
- Independent verification of the complete career chronology, education and professional memberships is not established by the sources reviewed.
- No comprehensive regulator, court, safety, environment or litigation-record review was completed; absence of a finding here is not a clearance.
- Individual contribution to employer outcomes and concurrent board interests require additional source-level verification.
Trevor O’Connor
Company Secretary
Role FitAnalyst Inference · Medium materiality
Current role relevance is supported at title level
Analyst inference: the disclosed current title indicates experience relevant to the assigned function. The record reviewed does not establish individual delivery outcomes or independently verify credentials beyond the cited issuer disclosure.
Responsibility not applicable · This is an analytical role-fit judgment, not a claim of proven performance.
Directors and Management · Issuer Directors and Management page, accessed 9 October 2026.
Evidence gaps · 3
- Independent verification of the complete career chronology, education and professional memberships is not established by the sources reviewed.
- No comprehensive regulator, court, safety, environment or litigation-record review was completed; absence of a finding here is not a clearance.
- Individual contribution to employer outcomes and concurrent board interests require additional source-level verification.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2025-09-19
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | — | 434,100 | |
| 2 | — | 391,000 | |
| 3 | — | 266,900 | |
| 4 | — | 135,700 | |
| 5 | — | 118,500 | |
| 6 | — | 110,600 | |
| 7 | — | 78,900 | |
| 8 | — | 78,900 | |
| 9 | — | 68,800 | |
| 10 | — | 45,100 | |
| 11 | — | 25,400 | |
| 12 | — | 2,026 | |
| 13 | — | 2,026 | |
| 14 | — | 2,025 | |
| 15 | — | 2,025 | |
| 16 | — | 2,025 | |
| 17 | — | 2,025 | |
| 18 | — | 81 | |
| 19 | — | 80 | |
| 20 | — | 79 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The register is a dated list of registered accounts, not a complete beneficial-ownership register. Nominee and custody accounts may represent multiple underlying investors.
- Substantial-holder notices after the cited annual-report snapshot were not individually reconciled for this candidate; holdings may have changed by the review cutoff.
Sources
- Annual Report to shareholders
ASX / Horizon Gold Limited · Published 2025-09-23 · Accessed 2026-10-09
Dated registered ordinary-shareholder top-20 table and quantities/percentages.
2025/2025-09-23_Annual Report to shareholders.pdf, PDF page 78; shareholder register section
Disclosed activity
Insider transactions
Trading activity10 buys · 0 sells shownNet cash last 12 months A$478.9kShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-04-02 | Peter Venn
Details & evidence for Peter Venn on 2026-04-02Held through spouse Suzan Wagner; the notice identifies her as spouse. As disclosed: 27,890 ordinary shares acquired via entitlement issue for $33,468.00.
director · Start not disclosed Suzan Wagner · spouse; securities held by Suzan Wagner Change of Director's Interest Notice x 3 ↗ | SubscriptionFully paid ordinary shares | 27,890 | AUD 33,468.00 | AUD 1.2Calculated average | — |
| 2026-04-02 | Peter Ross Sullivan
Details & evidence for Peter Ross Sullivan on 2026-04-02Reported across Hardrock Capital Pty Ltd and Hardrock Capital Pty Ltd <CGLW No2 Super Fund>; consideration not allocated by account. As disclosed: 250,661 ordinary shares acquired via entitlement issue for $300,793.20.
director · Start not disclosed Hardrock Capital Pty Ltd · controls 100% of Hardrock Capital Pty Ltd Hardrock Capital Pty Ltd <CGLW No2 Super Fund> · relevant interest in Hardrock Capital Pty Ltd <CGLW No2 Super Fund> Change of Director's Interest Notice x 3 ↗ | SubscriptionFully paid ordinary shares | 250,661 | AUD 300,793.20 | AUD 1.2Calculated average | — |
| 2026-04-02 | James Noel Sullivan
Details & evidence for James Noel Sullivan on 2026-04-02Notice reports direct and indirect holdings across related accounts; transaction consideration is not allocated by account. As disclosed: 120,491 ordinary shares acquired via entitlement issue for $144,589.20.
director · Start not disclosed Sullivans Garage Super Fund A/C · co-beneficial interest with Gail Sullivan in Sullivans Garage Super Fund account Sullivans Garage Pty Ltd · relevant interest through Sullivans Garage Pty Ltd Change of Director's Interest Notice x 3 ↗ | SubscriptionFully paid ordinary shares | 120,491 | AUD 144,589.20 | AUD 1.2Calculated average | — |
| 2024-12-11to 2024-12-12 | James Noel Sullivan
Details & evidence for James Noel Sullivan on 2024-12-11As disclosed: On-market purchase of 100,000 ordinary shares for $45,115.88 over 11–12 December 2024.
director · Start not disclosed Sullivans Garage Super Fund A/C · co-beneficial interest with Gail Sullivan in Sullivans Garage Super Fund account Sullivans Garage Pty Ltd · relevant interest through Sullivans Garage Pty Ltd Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | PurchaseFully paid ordinary shares | 100,000 | AUD 45,115.88 | AUD 0.451159Calculated average | — |
| 2024-11-01 | Peter Ross SullivanHardrock Capital Pty Ltd
Details & evidence for Peter Ross Sullivan on 2024-11-01As disclosed: On-market purchase of 2,000,000 ordinary shares for $790,000.
director · Start not disclosed Hardrock Capital Pty Ltd · controls 100% of Hardrock Capital Pty Ltd Hardrock Capital Pty Ltd <CGLW No2 Super Fund> · relevant interest in Hardrock Capital Pty Ltd <CGLW No2 Super Fund> Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | PurchaseFully paid ordinary shares | 2,000,000 | AUD 790,000.00 | AUD 0.395Calculated average | — |
| 2024-04-09 | James Noel Sullivan
Details & evidence for James Noel Sullivan on 2024-04-09As disclosed: On-market purchase of 93,136 ordinary shares for $27,605.52.
director · Start not disclosed Sullivans Garage Super Fund A/C · co-beneficial interest with Gail Sullivan in Sullivans Garage Super Fund account Sullivans Garage Pty Ltd · relevant interest through Sullivans Garage Pty Ltd Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | PurchaseFully paid ordinary shares | 93,136 | AUD 27,605.52 | AUD 0.2964Calculated average | — |
| 2023-11-23 | Leigh Ronald RyanRyan Super Fund A/C
Details & evidence for Leigh Ronald Ryan on 2023-11-23As disclosed: 1,500,000 options issued for nil consideration, exercisable at $0.33, expiring 23 November 2026.
director · Start not disclosed to 2026-02-02 Ryan Super Fund A/C · indirect interest through family super fund with Sandra Kay Ryan Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | GrantUnlisted options exercisable at $0.33 expiring 2026-11-23 | 1,500,000 | —Non Cash | — | — |
| 2023-11-13 | Peter VennSuzan Wagner
Details & evidence for Peter Venn on 2023-11-13As disclosed: 56,643 ordinary shares acquired through rights issue for $16,992.90.
director · Start not disclosed Suzan Wagner · spouse; securities held by Suzan Wagner Change of Director's Interest Notice x 4 ↗ | SubscriptionFully paid ordinary shares | 56,643 | AUD 16,992.90 | AUD 0.3Calculated average | — |
| 2023-11-13 | Peter Ross Sullivan
Details & evidence for Peter Ross Sullivan on 2023-11-13As disclosed: 426,248 ordinary shares acquired through rights issue for $127,874.40.
director · Start not disclosed Hardrock Capital Pty Ltd · controls 100% of Hardrock Capital Pty Ltd Hardrock Capital Pty Ltd <CGLW No2 Super Fund> · relevant interest in Hardrock Capital Pty Ltd <CGLW No2 Super Fund> Change of Director's Interest Notice x 4 ↗ | SubscriptionFully paid ordinary shares | 426,248 | AUD 127,874.40 | AUD 0.3Calculated average | — |
| 2023-11-13 | Leigh Ronald RyanRyan Super Fund A/C
Details & evidence for Leigh Ronald Ryan on 2023-11-13As disclosed: 12,000 ordinary shares acquired through rights issue for $3,600.00.
director · Start not disclosed to 2026-02-02 Ryan Super Fund A/C · indirect interest through family super fund with Sandra Kay Ryan Change of Director's Interest Notice x 4 ↗ | SubscriptionFully paid ordinary shares | 12,000 | AUD 3,600.00 | AUD 0.3Calculated average | — |
| 2023-11-13 | James Noel Sullivan
Details & evidence for James Noel Sullivan on 2023-11-13As disclosed: 299,377 ordinary shares acquired through rights issue for $89,813.10.
director · Start not disclosed Sullivans Garage Super Fund A/C · co-beneficial interest with Gail Sullivan in Sullivans Garage Super Fund account Sullivans Garage Pty Ltd · relevant interest through Sullivans Garage Pty Ltd Change of Director's Interest Notice x 4 ↗ | SubscriptionFully paid ordinary shares | 299,377 | AUD 89,813.10 | AUD 0.3Calculated average | — |
Disclosed holding observations2 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-02-02 | Leigh Ronald Ryan
Details & evidence for Leigh Ronald Ryan on 2026-02-02Indirect interest held by Leigh Ryan and Sandra Kay Ryan <Ryan Super Fund A/C>.
director · Start not disclosed to 2026-02-02 Ryan Super Fund A/C · indirect interest through family super fund with Sandra Kay Ryan Final Director's Interest Notice ↗ | FinalUnlisted options exercisable at $0.33 expiring 2026-11-23 | 1,500,000 | — |
| 2026-02-02 | Leigh Ronald Ryan
Details & evidence for Leigh Ronald Ryan on 2026-02-02Indirect interest held by Leigh Ryan and Sandra Kay Ryan <Ryan Super Fund A/C>.
director · Start not disclosed to 2026-02-02 Ryan Super Fund A/C · indirect interest through family super fund with Sandra Kay Ryan Final Director's Interest Notice ↗ | FinalFully paid ordinary shares | 79,200 | — |
The closest covered peers
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Narrative and provenance
Research & Sources
AI Analyst Report
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory19 documents
HRN.AX daily close and event-window observations from local market databaseMarket Data · HighExtracted
Latest eligible local close A$1.04 on 25 September 2026, volume 7,354; event-window closes retained for cautious reaction analysis.
- Document ID
- market_price_2026_09_25
- Published UTC
- 2026-09-25T06:00:00Z
- Projects
- —
- Commodities
- —
Annual Report to shareholders 2026Results · HighExtracted
Audited FY2026 statements, going concern emphasis, capital structure, management and tenure.
- Document ID
- annual_report_2026_09_23
- Published UTC
- 2026-09-22T22:10:33Z
- Projects
- gum_creek
- Commodities
- gold
Application for quotation of securities - HRNCorporate Action · MediumExtracted
400,000 A$0.33 options converted into ordinary shares after market close.
- Document ID
- quotation_2026_09_07
- Published UTC
- 2026-09-07T07:54:47Z
- Projects
- —
- Commodities
- —
Drilling Update Howards, Heron South and Melbourne BitterOperations · HighExtracted
Drilling extends mineralisation but has not yet changed the published resource or DFS mine plan.
- Document ID
- drilling_2026_08_25
- Published UTC
- 2026-08-24T23:13:45Z
- Projects
- gum_creek
- Commodities
- gold
Broad high-grade intercepts from Kingfisher, Hawk and Swan RC drillingOperations · HighExtracted
High-grade Kingfisher, Hawk and Swan drilling supports resource-update optionality, not a booked reserve increase.
- Document ID
- drilling_2026_08_03
- Published UTC
- 2026-08-02T23:30:48Z
- Projects
- gum_creek
- Commodities
- gold
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · HighExtracted
June 2026 quarterly report confirming DFS delivery, the completed raising, active drilling, cash and current tenure.
- Document ID
- quarterly_2026_07_30
- Published UTC
- 2026-07-29T23:28:29Z
- Projects
- gum_creek
- Commodities
- gold
Horizon Gold DFS Investor Briefing WebinarOther · LowExtracted
Invitation to a management webinar on the recently released DFS; it contains no additional technical evidence.
- Document ID
- dfs_webinar_2026_07_23
- Published UTC
- 2026-07-22T23:22:46Z
- Projects
- —
- Commodities
- —
Gum Creek Gold Project - DFS Study PresentationPresentation · MediumExtracted
Investor presentation restating the July 2026 DFS assumptions, economics and development schedule.
- Document ID
- dfs_presentation_2026_07_22
- Published UTC
- 2026-07-21T22:59:37Z
- Projects
- gum_creek
- Commodities
- gold
Gum Creek DFS Confirms Path to WA's Next Major Gold MineStudy · HighExtracted
Definitive feasibility study and maiden ore reserve for a 2.4 Mtpa open-pit Gum Creek development.
- Document ID
- dfs_release_2026_07_22
- Published UTC
- 2026-07-21T22:53:42Z
- Projects
- gum_creek
- Commodities
- gold
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · HighExtracted
March 2026 quarterly update covering drilling, the A$30 million capital raising, feasibility progress and cash.
- Document ID
- quarterly_2026_04_28
- Published UTC
- 2026-04-27T23:30:13Z
- Projects
- gum_creek
- Commodities
- gold
Application for quotation of securities - HRNFinancing · HighExtracted
Appendix 2A for 1,235,205 shortfall shares and the post-quotation issued capital.
- Document ID
- quotation_2026_04_08
- Published UTC
- 2026-04-07T23:36:03Z
- Projects
- —
- Commodities
- —
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted
December 2025 quarterly update covering the resource update, drilling, feasibility progress and cash.
- Document ID
- quarterly_2026_01_29
- Published UTC
- 2026-01-28T22:38:01Z
- Projects
- gum_creek
- Commodities
- gold
Gum Creek Project Gold Resource UpdateResource Update · HighExtracted
Updated JORC 2012 Gum Creek mineral resource, including category and metallurgical splits.
- Document ID
- resource_update_2025_11_04
- Published UTC
- 2025-11-03T22:38:41Z
- Projects
- gum_creek
- Commodities
- gold
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted
September 2025 quarterly update covering feasibility work, drilling, the 2025 raising and cash.
- Document ID
- quarterly_2025_10_20
- Published UTC
- 2025-10-19T22:28:01Z
- Projects
- gum_creek
- Commodities
- gold
Annual Report to shareholdersResults · HighExtracted
FY2025 annual report containing audited financial position, capital structure, rehabilitation provision, tenure schedule and then-current resources.
- Document ID
- annual_report_2025_09_23
- Published UTC
- 2025-09-23T04:55:50Z
- Projects
- —
- Commodities
- —
Half Yearly Report and AccountsResults · MediumExtracted
Interim financial statements for the six months ended 31 December 2024.
- Document ID
- half_year_2025_03_14
- Published UTC
- 2025-03-14T02:17:03Z
- Projects
- —
- Commodities
- —
Scoping Study PresentationPresentation · MediumExtracted
Investor presentation summarising the now-superseded March 2024 scoping study.
- Document ID
- scoping_presentation_2024_03_22
- Published UTC
- 2024-03-22T00:56:41Z
- Projects
- gum_creek
- Commodities
- gold
Gum Creek Scoping Study AddendumStudy · MediumExtracted
Adds the omitted production schedule by resource category to the March 2024 scoping study without changing other assumptions.
- Document ID
- scoping_addendum_2024_03_20
- Published UTC
- 2024-03-19T22:47:27Z
- Projects
- gum_creek
- Commodities
- gold
Compelling Gum Creek Scoping StudyStudy · HighExtracted
A preliminary open-pit scoping study for Gum Creek, later superseded by the July 2026 DFS.
- Document ID
- scoping_2024_03_18
- Published UTC
- 2024-03-17T22:18:09Z
- Projects
- gum_creek
- Commodities
- gold
Evidence facts88
318000000 AUD
2024-03-182900 AUD/oz
2024-03-18238500000 AUD
2024-03-181931 AUD/oz
2024-03-18True None
2024-03-20888000 oz
2024-03-223635000 AUD
2024-12-3111900000 AUD
2024-12-31503000 AUD
2025-06-30500000 AUD
2025-06-3012365000 AUD
2025-06-302137300 oz Au
2025-06-30144839923 shares
2025-06-308229000 AUD
2025-09-3012000000 AUD before costs
2025-09-3026721000 tonnes
2025-11-041.9 g/t Au
2025-11-041629300 oz Au
2025-11-0411248000 tonnes
2025-11-041.86 g/t Au
2025-11-04672300 oz Au
2025-11-042301600 oz Au
2025-11-041603600 oz Au
2025-11-044112000 AUD
2025-12-31H1 CY2026 None
2025-12-311235205 shares
2026-04-081.2 AUD/share
2026-04-08194792509 shares
2026-04-083500000 rights
2026-04-081900000 options
2026-04-0820122000 AUD
2026-03-3130000000 AUD before costs
2026-03-0480000 metres
2026-03-31894000000 AUD
2026-07-22350000000 AUD
2026-07-2210 years
2026-07-22880100 oz Au
2026-07-2288000 oz/year
2026-07-2298000 oz/year
2026-07-225500 AUD/oz
2026-07-22894000000 AUD
2026-07-2241.7 %
2026-07-22350000000 AUD
2026-07-222995 AUD/oz
2026-07-225 %
2026-07-2218200000 tonnes
2026-07-221.24 g/t Au
2026-07-22728400 oz Au
2026-07-22H2 2028 None
2026-07-22Q2 2027 None
2026-07-22195000000 AUD
2026-07-222.5 % of product revenue
2026-07-228 royalty holders
2026-07-222026-07-29 None
2026-07-2324045000 AUD
2026-06-304993000 AUD
2026-06-304.82 quarters
2026-06-3030178418 AUD before costs
2026-04-088482015 shares
2026-04-08644 km2
2026-06-3023m at 5.26g/t Au from 188m None
2026-08-03later in 2026 None
2026-08-03800 metres
2026-08-256m at 12.67g/t Au from 114m None
2026-08-25later in 2026 None
2026-08-25400000 shares
2026-09-07195192509 shares
2026-09-071500000 options
2026-09-0724045000 AUD
2026-06-300 AUD
2026-06-3012419000 AUD
2026-06-30-2023000 AUD
2026-06-30-15635000 AUD
2026-06-301699000 AUD
2026-06-30True None
2026-09-23current disclosed roster None
2026-09-23195192509 shares
2026-09-181500000 options
2026-09-183500000 rights
2026-09-1865.1 %
2026-09-18100 %
2026-06-30True None
2026-06-301.04 AUD/share
2026-09-257354 shares
2026-09-251.035 AUD/share
2026-08-241.12 AUD/share
2026-08-251.08 AUD/share
2026-09-221.05 AUD/share
2026-09-23Conflicts requiring judgment3
- gum_creek_total_gold_resource
The dated November 2025 JORC resource update supersedes the older FY2025 annual-report estimate.
- gum_creek_project_economics
The July 2026 definitive feasibility study supersedes the preliminary March 2024 scoping study for valuation inputs.
- borrowings_at_30_june_2026
The FY2026 audited statement and Note 26 establish nil borrowings after the 2025 Zeta repayment.