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Harfang Exploration
(HAR)
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Rating:51Neutral
Price Target:
C$0.05
▼(-10.00% Downside)
Action:Reiterated
Date:09/30/26
The score is held back mainly by weak financial performance—large ongoing losses and persistent negative operating/free cash flow—despite a low-debt balance sheet. Technicals add moderate support (price above key short/mid-term averages with positive MACD), while valuation remains constrained by negative earnings and no available dividend yield data.
Positive Factors
Low Leverage
Minimal borrowing relative to equity limits interest and refinancing pressure, giving Harfang greater flexibility to fund exploration and withstand volatility. This conservative capital structure can preserve optionality for future programs or asset transactions as projects advance.
Negative Factors
Persistent Net Losses
Large losses relative to the very small revenue base show that Harfang has not yet demonstrated sustainable earnings power. Continued operating deficits can consume equity over time and make future exploration progress increasingly dependent on new funding or asset monetization.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage
Minimal borrowing relative to equity limits interest and refinancing pressure, giving Harfang greater flexibility to fund exploration and withstand volatility. This conservative capital structure can preserve optionality for future programs or asset transactions as projects advance.
Read all positive factors
Harfang Exploration (HAR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$5.02M
Dividend YieldN/A
Average Volume (3M)91.81K
Price to Earnings (P/E)―
Beta (1Y)2.04
Revenue Growth1077.69%
EPS Growth37.31%
CountryCA
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.02
Shares Outstanding100,435,715
10 Day Avg. Volume52,736
30 Day Avg. Volume91,808
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.46
Price to Sales (P/S)194.62
P/FCF Ratio-2.09
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
Harfang Exploration Business Overview & Revenue Model
Company Description
Harfang Exploration Inc., an exploration and evaluation stage company, engages in acquiring and exploring mineral properties in Canada. It primarily explores for gold, lithium, silver, chromium, platinum, palladium, nickel, and copper deposits. Th...
How the Company Makes Money
Harfang Exploration is an exploration-stage company and does not typically generate recurring operating revenue from product sales like a producing miner. Its economic model is generally based on creating value by discovering and advancing mineral...
Harfang Exploration Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Jan 2026 | Apr 2026 | Apr 2025 | Apr 2024 | Apr 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 56.12K | 32.53K | 0.00 | 0.00 | 3.28K | 8.16K |
| Gross Profit | 33.02K | -3.15K | -39.88K | -29.91K | 3.28K | 8.16K |
| EBITDA | -2.44M | -2.65M | -2.73M | -2.89M | -3.84M | -4.52M |
| Net Income | -2.08M | -2.56M | -2.13K | -2.19M | -3.53M | -3.41M |
Balance Sheet | ||||||
| Total Assets | 13.47M | 14.27M | 15.86M | 16.59M | 17.19M | 8.92M |
| Cash, Cash Equivalents and Short-Term Investments | 1.23M | 2.09M | 3.92M | 6.43M | 7.41M | 7.26M |
| Total Debt | 31.84K | 36.55K | 110.42K | 134.40K | 0.00 | 0.00 |
| Total Liabilities | 432.44K | 496.09K | 340.34K | 721.64K | 198.69K | 931.35K |
| Stockholders Equity | 13.03M | 13.77M | 15.52M | 15.87M | 16.99M | 7.99M |
Cash Flow | ||||||
| Free Cash Flow | -2.51M | -3.02M | -2.19M | -2.97M | -4.50M | -4.13M |
| Operating Cash Flow | -2.51M | -2.80M | -2.03M | -2.78M | -4.14M | -4.09M |
| Investing Cash Flow | -128.53K | -100.70K | -1.00M | -64.98K | 252.27K | -356.18K |
| Financing Cash Flow | 1.81M | 1.07M | 520.32K | 1.86M | 4.04M | 3.03M |
Harfang Exploration Technical Analysis
Negative
0.05
Price Trends
0.05
Positive
0.05
Positive
0.06
Negative
Market Momentum
<0.01
Positive
48.56
Neutral
33.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HAR, the sentiment is Negative. The current price of 0.05 is below the 20-day moving average (MA) of 0.05, above the 50-day MA of 0.05, and below the 200-day MA of 0.06, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 48.56 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:HAR.
Harfang Exploration 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% | |
61 Neutral | C$5.25M | 1.66 | 47.96% | 40.00% | ― | ― | |
51 Neutral | C$5.02M | -2.38 | -15.68% | ― | 1077.69% | 37.31% | |
47 Neutral | C$3.06M | -12.50 | -5.65% | ― | ― | 36.67% | |
46 Neutral | C$6.28M | -1.59 | -45.90% | ― | ― | 11.83% |
* Basic Materials Sector Average
TSE:HAR
Harfang Exploration
0.05
-0.05
-52.63%
TSE:XTM
Transition Metals
0.06
-0.03
-31.25%
TSE:VERT
Vertical Exploration Inc
0.02
-0.02
-50.00%
TSE:PRR
Prospect Ridge Resources Corp.
0.06
-0.04
-40.00%
Harfang Exploration Corporate Events
Business Operations and Strategy
Harfang and SOQUEM Extend Gold Trends at Menarik West Ahead of 2027 Drill Program
Positive
Sep 30, 2026
Harfang Exploration and SOQUEM have extended gold mineralization trends at the Adrian and Cox showings on Harfang’s wholly owned Menarik West Property in Eeyou Istchee James Bay, Québec. The work follows a winter induced polarization su...
Business Operations and Strategy
Harfang Files Permits Ahead of Multi-Property Winter 2027 Drill Campaign
Positive
Sep 23, 2026
Harfang Exploration has submitted exploration permit applications for its Sky Lake, Blakelock and Menarik West properties, paving the way for winter 2027 diamond drilling across its core portfolio. The move underscores the company’s strategy...
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.