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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

Narrative and provenance

Research & Sources

AI Analyst Report

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Chronological 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
—
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts88
scoping_npv8_pretaxScoping study pre-tax NPV8

318000000 AUD

2024-03-18
scoping_gold_priceScoping study base gold price

2900 AUD/oz

2024-03-18
scoping_capexScoping study pre-production capital

238500000 AUD

2024-03-18
scoping_aiscScoping study LOM AISC

1931 AUD/oz

2024-03-18
scoping_schedule_addedProduction schedule graph added with no other study changes

True None

2024-03-20
scoping_presentation_targetScoping production target contained gold

888000 oz

2024-03-22
cash_2024_12_31Cash and cash equivalents

3635000 AUD

2024-12-31
rehab_2024_12_31Non-current provisions

11900000 AUD

2024-12-31
cash_2025_06_30Cash and cash equivalents

503000 AUD

2025-06-30
debt_2025_06_30Current borrowings

500000 AUD

2025-06-30
rehab_2025_06_30Rehabilitation provision

12365000 AUD

2025-06-30
resource_global_total_2025_arThen-current global gold mineral resource

2137300 oz Au

2025-06-30
shares_2025_06_30Ordinary shares on issue

144839923 shares

2025-06-30
cash_2025_09_30Cash at hand

8229000 AUD

2025-09-30
raising_20252025 capital raising

12000000 AUD before costs

2025-09-30
resource_indicated_tonnesIndicated mineral resource tonnes

26721000 tonnes

2025-11-04
resource_indicated_gradeIndicated mineral resource grade

1.9 g/t Au

2025-11-04
resource_indicated_ouncesIndicated mineral resource contained gold

1629300 oz Au

2025-11-04
resource_inferred_tonnesInferred mineral resource tonnes

11248000 tonnes

2025-11-04
resource_inferred_gradeInferred mineral resource grade

1.86 g/t Au

2025-11-04
resource_inferred_ouncesInferred mineral resource contained gold

672300 oz Au

2025-11-04
resource_global_total_ozTotal mineral resource contained gold

2301600 oz Au

2025-11-04
resource_free_milling_ozFree-milling mineral resource contained gold

1603600 oz Au

2025-11-04
cash_2025_12_31Cash at hand

4112000 AUD

2025-12-31
dfs_target_h1_2026Feasibility study target period

H1 CY2026 None

2025-12-31
quotation_sharesShortfall ordinary shares quoted

1235205 shares

2026-04-08
quotation_priceShortfall issue price

1.2 AUD/share

2026-04-08
ordinary_shares_post_quotationOrdinary shares after quotation

194792509 shares

2026-04-08
performance_rights_post_quotationPerformance rights on issue

3500000 rights

2026-04-08
options_post_quotationOptions expiring 23 November 2026 at A$0.33

1900000 options

2026-04-08
cash_2026_03_31Cash at hand before entitlement proceeds

20122000 AUD

2026-03-31
raising_2026_announcedMarch 2026 capital raising

30000000 AUD before costs

2026-03-04
exploration_program_2026Expanded 2026 drilling program

80000 metres

2026-03-31
dfs_presentation_npvPresentation restated post-tax NPV5

894000000 AUD

2026-07-22
dfs_presentation_fundingInitial development funding requirement

350000000 AUD

2026-07-22
dfs_lifeDFS initial mine life

10 years

2026-07-22
dfs_gold_producedDFS recovered gold

880100 oz Au

2026-07-22
dfs_average_productionDFS average annual gold production

88000 oz/year

2026-07-22
dfs_first_five_productionFirst five years average gold production

98000 oz/year

2026-07-22
dfs_gold_priceDFS cash-flow gold price

5500 AUD/oz

2026-07-22
dfs_npv5_posttaxDFS post-tax NPV5

894000000 AUD

2026-07-22
dfs_irr_posttaxDFS post-tax IRR

41.7 %

2026-07-22
dfs_capexDFS pre-production capital

350000000 AUD

2026-07-22
dfs_aiscDFS life-of-mine AISC

2995 AUD/oz

2026-07-22
dfs_discount_rateDFS NPV discount rate

5 %

2026-07-22
dfs_reserve_tonnesProbable ore reserve tonnes

18200000 tonnes

2026-07-22
dfs_reserve_gradeProbable ore reserve grade

1.24 g/t Au

2026-07-22
dfs_reserve_ouncesProbable ore reserve contained gold

728400 oz Au

2026-07-22
dfs_first_goldScheduled first gold

H2 2028 None

2026-07-22
dfs_fidTarget final investment decision

Q2 2027 None

2026-07-22
dfs_royalties_lomLife-of-mine royalties included in AISC

195000000 AUD

2026-07-22
dfs_state_royaltyWestern Australian state gold royalty

2.5 % of product revenue

2026-07-22
dfs_private_royaltiesEight tenement-related royalty interests

8 royalty holders

2026-07-22
dfs_webinar_dateInvestor briefing webinar date

2026-07-29 None

2026-07-23
cash_2026_06_30Cash at hand

24045000 AUD

2026-06-30
quarterly_outgoings_2026_06Quarterly relevant operating and exploration outgoings

4993000 AUD

2026-06-30
runway_2026_06Estimated quarters of funding available

4.82 quarters

2026-06-30
raising_2026_completedCompleted 2026 capital raising

30178418 AUD before costs

2026-04-08
entitlement_shares_2026Entitlement offer shares issued

8482015 shares

2026-04-08
tenure_area_2026Granted project tenure area

644 km2

2026-06-30
kingfisher_intercept_aug26Kingfisher intercept

23m at 5.26g/t Au from 188m None

2026-08-03
kingfisher_mre_timingKingfisher MRE update target

later in 2026 None

2026-08-03
howards_extension_aug26Howards southern mineralisation extension

800 metres

2026-08-25
heron_intercept_aug26Heron South intercept

6m at 12.67g/t Au from 114m None

2026-08-25
howards_mre_timingHowards MRE update target

later in 2026 None

2026-08-25
sep26_exerciseOptions exercised into ordinary shares

400000 shares

2026-09-07
sep26_quotedPost-quotation ordinary shares

195192509 shares

2026-09-07
sep26_optionsPost-quotation options outstanding

1500000 options

2026-09-07
fy26_cashCash and equivalents

24045000 AUD

2026-06-30
fy26_debtBorrowings

0 AUD

2026-06-30
fy26_rehabNon-current rehabilitation provision

12419000 AUD

2026-06-30
fy26_lossNet loss after tax

-2023000 AUD

2026-06-30
fy26_op_investing_outflowOperating and investing cash outflow

-15635000 AUD

2026-06-30
fy26_tenement_commitmentMinimum tenement expenditure within one year

1699000 AUD

2026-06-30
fy26_going_concernAuditor material uncertainty related to going concern

True None

2026-09-23
fy26_managementScott Williamson CEO and Managing Director; Leigh Ryan General Manager – Exploration; Trevor O’Connor Company Secretary

current disclosed roster None

2026-09-23
fy26_sharesOrdinary shares on issue at 18 September 2026

195192509 shares

2026-09-18
fy26_optionsUnquoted options outstanding

1500000 options

2026-09-18
fy26_rightsPerformance rights outstanding

3500000 rights

2026-09-18
fy26_controlZeta Resources and associates voting interest

65.1 %

2026-09-18
fy26_subsidiaryGum Creek Gold Mines Pty Ltd equity holding

100 %

2026-06-30
fy26_no_dividendNo FY2026 dividend

True None

2026-06-30
market_close_2026_09_25Latest eligible HRN ordinary-share close

1.04 AUD/share

2026-09-25
market_volume_2026_09_25Volume at reference close

7354 shares

2026-09-25
market_close_2026_08_24HRN close before August drilling release

1.035 AUD/share

2026-08-24
market_close_2026_08_25HRN close on August drilling release

1.12 AUD/share

2026-08-25
market_close_2026_09_22HRN close before annual report

1.08 AUD/share

2026-09-22
market_close_2026_09_23HRN close on annual report date

1.05 AUD/share

2026-09-23
Conflicts 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.