Horizon Gold (HRN) H2 2026 earnings summary

Executive summary

• Transitioned from exploration to execution-ready gold developer with a clear path to production at Gum Creek, supported by a robust DFS completed in July 2026.

• DFS confirms a 2.4Mtpa operation targeting 880,000 ounces over 10 years, with strong economics and infrastructure in place.

• Significant exploration success expanded the resource base to 2.3Moz, with ongoing drilling indicating further upside.

Financial highlights

• Net loss after tax for FY2026 was $2.02 million, compared to a $0.97 million loss in FY2025.

• Revenue was $513,000, mainly from interest income.

• Cash and cash equivalents at year-end were $24.05 million, up from $0.5 million in FY2025.

• Net assets increased to $72.14 million, driven by $39.7 million in capital raisings.

• Market capitalisation rose to $204.5 million, with a closing share price of $1.05.

Outlook and guidance

• Targeting Final Investment Decision (FID) in Q2 2027, with first gold production planned for H2 2028.

• Early works, regulatory approvals, and team build-out scheduled for 2027, with EPC contractor mobilisation and plant commissioning by Q4 2028.

• Project finance process underway, leveraging strong DFS metrics.