Hemlo Mining Corp. delivered attributable gold production of 25,188 ounces during the second quarter ended June 30, 2026, generating $142.5 million in revenue and $31.0 million in net income, or $0.10 per share.

The operational period marked the first full quarter operating as an owner-operator at the Hemlo Gold Mine since 2019. Attributable gold production decreased from 29,699 ounces produced in the first quarter of 2026, driven by a planned underground crusher rebuild and a transition from top-down to bottom-up mining sequences across portions of the Williams and Interlake zones to reduce waste handling.

Gold sales totaled 27,858 attributable ounces at an average realized price of $4,467 per ounce, resulting in site attributable cash costs of $1,880 per ounce sold and all-in sustaining costs of $2,561 per ounce sold. Cash generated from operating activities reached $35.6 million, and the company held $130.2 million in cash at the end of the period.

“Q2 demonstrated continued execution against our strategic priorities as we advanced our owner-operator transition and strengthened the operational foundations required to support higher long-term production rates. We delivered attributable gold production of 25,188 ounces, generating revenue of $142.5 million and net income of $31.0 million, or $0.10 per share. During the quarter, production was in line with our expectations while operational fundamentals strengthened meaningfully, positioning the business for improved performance as newly developed mining areas enter the production sequence. We also achieved several important strategic milestones, including a 34% increase in Measured & Indicated Mineral Resources, graduation to the Toronto Stock Exchange, completion of an Impact Benefit Agreement with Biigtigong Nishnaabeg, and three consecutive years without a lost-time injury. The progress we have made during the first half of 2026 reinforces our confidence in the significant long-term value creation opportunity at Hemlo.”

— Jason Kosec, President, CEO & Director

Underlying operating metrics strengthened during the quarter as development metres increased 42%, longhole production drilling rose 65%, total tonnes moved improved 5%, and ore milled increased 7% compared with the first quarter of 2026. The mill processed 344,000 tonnes of ore at an average recovery of 94.3%.

During the quarter, the company completed an Impact Benefit Agreement with Biigtigong Nishnaabeg in relation to the Hemlo Mine, establishing a structured framework for financial participation, employment, contracting opportunities, and environmental matters.

Hemlo also released an updated Mineral Resource Estimate in June 2026, increasing Measured and Indicated Mineral Resources by 34% to 96.9 million tonnes at 1.55 g/t Au for 4.8 million ounces of gold on a 100% basis, compared to the 2025 NI 43-101 Technical Report.

The company is currently executing an approximately 130,000-metre drilling program, with results to be released throughout the remainder of 2026 and into 2027. These exploration and technical programs form the foundation of a comprehensive Mineral Resource and Mineral Reserve update and technical report targeted for release in the second half of 2027.

Read the full announcement: Hemlo Mining Corp. Reports Second Quarter 2026 Financial and Operating Results