Hawthorn Resources

What Hawthorn Resources does

Hawthorn Resources Limited (ASX:HAW) is an Australian diversified minerals explorer headquartered in Melbourne with a portfolio spanning gold, magnetite, and critical minerals. Its principal asset is the 70%-owned Anglo Saxon Gold Mine joint venture in Western Australia with Gel Resources, which carried a Mineral Resource Estimate of 199,719 ounces of gold at 4.06 g/t Au as of November 2025. Hawthorn also retains interests in the Mt Bevan project in Western Australia — a 1% FOB royalty on magnetite (converted from equity in September 2024) and a 34% interest in the broader critical minerals joint venture covering lithium, copper, and nickel alongside Hancock Prospecting and Legacy Iron Ore. In February 2025, the company expanded into the United States through the acquisition of Stampede Metals Corporation, adding silver-polymetallic exposure via the Prince Silver and Stampede Gap projects in Nevada.

The business model has shifted from active mine operator toward partnership-led developer and royalty holder. Historically, revenue derived from small-scale gold production at Anglo Saxon (Stage 1 production ceased January 2020), with FY2022 revenue of A$5.65M reflecting residual settlement activity; FY2023 and FY2024 revenue were not disclosed. Future cash flow is expected to come from a combination of Mt Bevan magnetite royalty monetization on first shipment, Stage 2 Anglo Saxon gold production, and optionality on the Nevada silver assets. The customer base is concentrated: NMDC holds up to 75% offtake rights over Mt Bevan magnetite, and historical gold ore was toll-treated at Northern Star's Carosue Dam facility.

Hawthorn is led by Managing Director and CEO Brian Thornton, appointed in January 2023, and operates with a lean team of fewer than 10 employees. The company is ASX-listed with a market capitalization of approximately A$30 million as of December 2025 and holds roughly A$12 million in cash. Its strategic posture now emphasizes leveraging consortium partnerships — particularly with Hancock Prospecting, NMDC, and Legacy Iron Ore — to advance large-scale projects without bearing the full capital-execution burden typical of junior miners.

Name

Hawthorn Resources

Legal name

Hawthorn Resources Limited

Website

http://www.hawthornresources.com/

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

1–10 employees

Short description

Hawthorn Resources Limited (ASX:HAW) is an Australian diversified minerals explorer developing gold, magnetite, and critical mineral assets in Western Australia alongside partners including Hancock Prospecting and NMDC, with a recent expansion into Nevada silver-polymetallic ground via the Stampede Metals acquisition.

Ownership category

akta.pro rank

Product category

Mineral Exploration and Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Copper, Nickel, Lead, and Zinc Mining (21223)

SIC

Gold And Silver Ores (1040), Miscellaneous Metal Ores (1090), Mineral Royalty Traders (6795)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Gold mining exploration
• Magnetite iron ore
• Critical minerals exploration
• Mineral resource development
• Mining joint ventures

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Gold Production: The company produces gold from its Anglo Saxon project through open pit mining operations, with ore toll-treated at nearby processing facilities. Hawthorn holds 70% of the Trouser Legs Joint Venture with Gel Resources.
2. Royalty Income: Following the completion of the Mt Bevan Pre-Feasibility Study, Hawthorn elected to convert its 19.6% equity stake to a 1% FOB royalty on future magnetite revenue, providing ongoing revenue from the project's production.
3. Joint Venture Interests: Hawthorn retains equity interests in various joint ventures including 34% in the Mt Bevan Critical Minerals JV (lithium, copper, nickel) and 70% in the Anglo Saxon gold operation, generating returns through project development and production.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Hawthorn Resources Limited is an Australian diversified gold and critical minerals explorer and producer. It directly operates a 70%-owned gold joint venture (Anglo Saxon) producing gold via open-pit mining and toll treatment, holds a 1% FOB revenue royalty over the Mt Bevan magnetite iron ore project (one of Australia's highest-grade magnetite deposits), and retains equity interests in joint ventures exploring for lithium, copper, nickel and silver across Western Australia and Nevada.

Product overview

Hawthorn Resources is an Australian diversified critical minerals and gold explorer (ASX:HAW) operating primarily in Western Australia. The company manages three principal projects: the Anglo Saxon Gold Mine – Trouser Legs Joint Venture (70% owned gold operation with current resource of ~200,000 oz at 4.0 g/t), the Mt Bevan Magnetite Royalty (1% FOB revenue royalty on one of Australia's largest high-grade magnetite deposits), and the Mt Bevan Critical Minerals Project (34% JV exploring for lithium, copper, nickel, and gold along the Mt Ida fault). Additionally, the company recently acquired the Prince Silver and Stampede Gap projects in Nevada, USA. The company also holds a 1% FOB royalty on future magnetite production from the Mt Bevan project, positioning it as a passive royalty holder rather than operator on the magnetite side.

Differentiator

Problem solved

Functional benefit

Products and services

• Anglo Saxon Gold Mine – Trouser Legs Joint Venture A gold mining joint venture located at Pinjin, 140 km northeast of Kalgoorlie, Western Australia. Hawthorn holds 70% and Gel Resources Pty Ltd holds 30%. The project combines open-pit and potential underground mining with an updated Mineral Resource Estimate of approximately 200,000 ounces at 4.06 g/t Au; Stage 1 produced 50,370 ounces and Stage 2 production is being prepared.
• Mt Bevan Magnetite Royalty A passive royalty interest on the Mt Bevan magnetite iron ore project in the South Yilgarn of Western Australia, providing Hawthorn with a 1% FOB royalty on future magnetite revenue. The underlying project has a JORC Indicated and Inferred resource of 1.178 billion tonnes at 34.9% Fe, producing a 70% Fe concentrate post-beneficiation suitable for Direct Reduced Iron steelmaking. The JV is managed by Hancock Magnetite Holdings (63.43%) and Legacy Iron Ore (36.57%) post-equity conversion.
• Mt Bevan Critical Minerals Project A critical minerals exploration joint venture on the Mt Ida fault, prospective for lithium, copper, nickel, and gold. Held between Hawthorn (34%), Hancock Magnetite Holdings (15%) and Legacy Iron Ore (51%), with 7,731 metres of RC drilling completed on outcropping pegmatites targeting lithium mineralisation.
• Prince Silver and Stampede Gap Projects (Nevada, USA) Nevada-based silver and polymetallic exploration projects acquired through a binding agreement with Stampede Metals Ltd. The Prince Silver project has a history of mineral production with extensive recent exploration indicating significant potential, with planned drilling programs and a technical resource report.

Quantifiable outcome

• 50,370 ounces gold produced from Stage 1 campaign (672,595t at 2.4g/t)
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered minor and core.

• Stampede Metals Ltd / Stampede Metals CorporationminorStrategic or Co-development Partner · 20 February 2025Hawthorn entered into a binding agreement to acquire Stampede Metals Corporation (subsidiary of Stampede Metals Ltd), acquiring the Prince Silver and Stampede Gap projects in Nevada, USA. Plans include a drill program and technical resource report for the Prince Silver project.
• Hancock Prospecting / Hancock Magnetite HoldingscoreStrategic or Co-development Partner · 16 April 2022Gina Rinehart's Hancock Prospecting formed a joint venture with Hawthorn and Legacy Iron Ore on the Mt Bevan magnetite project. Hancock acquired 30% equity via A$9 million payment ($3.2m to Hawthorn), with potential to earn to 51% by funding the Pre-Feasibility Study. Following PFS completion in July 2024, equity became Hancock 51%, Legacy 29.4%, Hawthorn 19.6%. Hawthorn subsequently converted its stake to a 1% FOB royalty on revenue. Hancock also partnered for Critical Minerals JV (lithium, copper, nickel) with A$4m initial investment for 7.5% stake.
• Legacy Iron Ore (ASX:LCY)coreStrategic or Co-development Partner · 16 April 2022Legacy Iron Ore is a joint venture partner on Mt Bevan magnetite project and Mt Bevan Critical Minerals project. Legacy is 91.38% owned by India's National Mineral Development Corporation (NMDC), providing a direct link to the Indian government and steel industry. Legacy holds 29.4% of the magnetite JV (post-PFS) and 51% of the Critical Minerals JV.
• Atlas IroncoreStrategic or Co-development Partner · 15 March 2022Atlas Iron, a subsidiary of Hancock Prospecting, was appointed as study manager for the Mt Bevan magnetite project. Atlas brings expertise in iron ore operations and was previously conducting due diligence on the Ridley magnetite project in the Pilbara. Atlas managed the Pre-Feasibility Study for Mt Bevan.
• Gel Resources Pty LtdcoreStrategic or Co-development Partner · 1 December 2017Gel Resources Pty Ltd holds 30% of the Anglo Saxon Gold Mine - Trouser Legs Joint Venture, with Hawthorn Resources holding 70% and serving as manager. Brian Thornton (Hawthorn Managing Director) is the sole shareholder of Gel Resources. The JV successfully completed Stage 1 open pit mining in January 2020, producing 50,370 ounces of gold.
• Northern Star Resources (ASX:NST)minorOthersNorthern Star Resources operates the Carosue Dam processing facility where Anglo Saxon ore is toll-treated. The operation is located approximately 35km east of the Anglo Saxon project via a dedicated haul road constructed by the JV.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Legacy Iron Ore: Direct JV partner on both the Mt Bevan magnetite project (29.4% post-PFS) and the Mt Bevan Critical Minerals JV (51%). Listed on the ASX (LCY) and 91.38% owned by India's NMDC, making it the most directly comparable company to Hawthorn by project mix, geography and counterparty exposure.
• Ramelius Resources: Mid-tier Australian gold producer (ASX:RMS) operating multiple mines in Western Australia. Comparable as a small-to-mid cap ASX-listed gold producer focused on the same Western Australian gold belt, with similar toll-treatment and multi-asset portfolio strategies.
• Capricorn Metals: Australian gold explorer and producer (ASX:CMM) with the Karlawinda gold project in Western Australia. Comparable as a single-asset-focused, ASX-listed WA gold producer of similar scale and exploration-driven growth profile to Hawthorn's Anglo Saxon operation.
• Xanadu Mines: ASX-listed (XAM) copper-gold explorer in Mongolia founded by Hawthorn's current Managing Director Brian Thornton. Comparable as a small-cap ASX-listed explorer with shared management lineage and a similar early-stage project portfolio and capital structure.

Broad incumbents

• Northern Star Resources: Mid-tier Australian gold producer operating the Carosue Dam processing facility where Hawthorn's Anglo Saxon ore is toll-treated, and one of the dominant operators in the Eastern Goldfields of Western Australia. Comparable as a regional gold producer with toll-treatment economics and infrastructure overlap.
• Hancock Prospecting: Major private Australian iron ore and mining group controlled by Gina Rinehart; Hancock Magnetite Holdings has earnt 51% of the Mt Bevan magnetite JV and a stake in the Critical Minerals JV, and funds all development capex. Comparable as a large iron ore operator with direct project overlap at Mt Bevan.
• Fortescue Metals Group: Major Australian iron ore producer (ASX:FMG) and the dominant Pilbara magnetite/haematite exporter. Comparable as the benchmark Western Australian iron ore incumbent whose infrastructure, port access and offtake relationships set the standard for emerging magnetite projects like Mt Bevan.

Others

• Atlas Iron: Hancock Prospecting subsidiary and study manager for the Mt Bevan magnetite Pre-Feasibility Study. Comparable as a Pilbara-focused iron ore operator and project-management partner directly involved in advancing Hawthorn's flagship magnetite asset.
• NMDC Limited: India's largest iron ore producer and state-owned enterprise, parent of Hawthorn's JV partner Legacy Iron Ore. Comparable as the indirect counterparty and offtake enabler for Mt Bevan magnetite, anchoring the project to India's steel-demand growth story.

Emerging players

• Pilbara Minerals: Major ASX-listed (PLS) lithium producer with the Pilgangoora operation in Western Australia. Comparable as an Australian critical-minerals producer that has scaled into a tier-one asset, providing a relevant benchmark for the Mt Bevan Critical Minerals JV's lithium optionality on the Mt Ida fault.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hawthorn Resources