Hemlo Mining (HMMC) Q3 2026 earnings summary

Executive summary

• Attributable production was 25,652 oz; higher-grade Interlake ore and operational resequencing sustained output through a substation outage that delayed the ramp-up.

• Workforce, fleet, exploration and growth initiatives continued; strong cash generation supported investment and quarter-end cash of $144.8M.

Financial highlights

• Q3 revenue was $135.5M on 32,424 oz sold at a $4,234/oz realized price; 9M revenue was $464.2M on 103,534 oz sold at $4,561/oz.

• Q3 net income was $3.5M, or $0.01/share; adjusted net income was $15.6M, or $0.05/share. 9M net income was $56.2M and adjusted net income was $75.6M.

• EBITDA was $51.6M in Q3 and $215.4M for 9M; operating cash flow was $54.6M and $178.1M, respectively.

• Q3 free cash flow was $25.5M; investing cash use was $29.0M, mainly for sustaining capital, mine development, infrastructure, fleet and exploration.

Outlook and guidance

• Throughput plan: phase one 4,800 tons/day, phase two 6,000 tons/day and phase three 10,000 tons/day; YTD average through September was ~3,700 tons/day. Mill permitted capacity is 13,500 tons/day; testing above 10,000 tons/day is early-stage.

• Mining rates are expected to increase slightly in Q4, then rise gradually as equipment arrives and employees are trained; the ramp is not expected to be linear. Replacement substation expected in December 2026.

• A 130,000-metre exploration program, with ~100,000 metres completed to date, supports resource conversion and growth; updated resources, reserves, life-of-mine plan and technical report targeted for H2 2027.

• South-Rim drilling is planned through Q4 2026 and into 2027; test mining beneath the historical pit will assess bulk-mining potential. South-Rim is not expected in the 2027 mine plan, with potential inclusion in 2028.

• Mine-plant spare capacity is expected to lower unit milling costs as underground production rises and fixed plant costs are spread over more tonnes.