Hemlo Mining (HMMC) Q2 2026 earnings summary

Executive summary

• Achieved first full quarter under owner-operator model, with attributable gold production of 25,188 ounces, revenue of $142.5 million, and net income of $31.0 million ($0.10/share).

• Graduated to TSX, debuted on OTCQX, completed an Impact Benefit Agreement with Biigtigong Nishnaabeg, and marked three years without a lost-time injury.

• Achieved operational improvements, new daily records in mining and processing, and advanced owner-operator transition.

• Measured and indicated resources increased 34% to 4.8 Moz; inferred resources up 39% to 0.9 Moz.

• Appointed Eva Koci as independent director, achieving a majority-independent board.

Financial highlights

• Revenue was $142.5 million from 32,425 gold ounces sold at an average realized price of $4,467/oz; net income was $31.0 million, adjusted net income $27.3 million.

• EBITDA was $77.2 million; operating cash flow $35.6 million; free cash flow $11.3 million.

• Cash balance at quarter-end was $130.2 million; net debt was $19.8 million; working capital $51.1 million.

• Cost of sales for Q2 was $96.8 million; gross margin $45.7 million; adjusted net income margin 19.2%.

• Total capital expenditures were $24.4 million, with $17.5 million sustaining and $6.9 million growth capital.

Outlook and guidance

• Targeting 4,800 tpd throughput by year-end 2026, ramping to ~6,000 tpd by end of 2027, with mill upgrades and expansion planned.

• Updated Mineral Reserve and life-of-mine plan targeted for H2 2027.

• Ongoing 130,000-metre drilling program focused on growth, resource conversion, and high-definition drilling.

• 2026 described as an investment year, with expectations for stronger free cash flow in 2027.

• No formal 2026 guidance issued due to transition year and ongoing hiring/equipment ramp-up.