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Mining

Hemlo Mining Reports Strong Q3 2026 Performance

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Hemlo Mining Corp. reveals impressive financial results and operational achievements for Q3 2026.

Overview of Q3 2026 Results

On November 9, 2026, Hemlo Mining Corp. (TSX: HMMC) (OTCQX: HMMCF) announced its financial and operational outcomes for the third quarter, concluding on September 30, 2026. The company is gearing up for a conference call scheduled for November 10 to further discuss these results.

Hemlo Mining's President and CEO, Jason Kosec, highlighted the quarter's performance, noting the organization's resilience and commitment to its strategic goals. The company produced an impressive 25,652 ounces of gold, generating revenues of $135.5 million and an operating cash flow of $54.6 million.

Financial Performance Highlights

  • Revenue: Hemlo Mining reported a revenue of $135.5 million for Q3, attributed primarily to the sale of 32,424 gold ounces at an average price of $4,234 per ounce. In the nine months leading to September 30, revenue totaled $464.2 million from 103,534 ounces sold at an average price of $4,561 per ounce.
  • Net Income: The company's net income for this quarter was $3.5 million, equating to $0.01 per share, while the adjusted net income was $15.6 million, or $0.05 per share. For the first nine months of 2026, net income reached $56.2 million.
  • Cash Position: As of September 30, Hemlo held $144.8 million in cash, demonstrating a strong liquidity position.

Operational Highlights

  • Gold Production: The company produced 25,652 ounces of gold in Q3 while achieving an overall recovery rate of 95% for both Q3 and the nine-month period.
  • Cost Efficiency: Cost of sales stood at $94.5 million for the quarter, leading to site cash costs per ounce sold of $1,799 and an all-in sustaining cost of $2,660.
  • Safety Performance: Hemlo maintained an excellent safety record during Q3, reporting no lost-time injuries and over five million hours without reportable incidents.

Expansion and Future Strategies

During Q3, Hemlo also focused on enhancing its operational capacity. Notably, production drilling increased by 35% compared to the previous quarter, indicating a commitment to boosting production levels. The company welcomed seven new mobile mining equipment units, adding to its operational fleet.

The ongoing exploration initiative involves a 130,000-meter drilling program at the South-Rim Zone, supporting the identification of high-grade mineralized zones. Additionally, Hemlo has initiated test mining under the historical open pit to evaluate bulk mining methods.

In a strategic move, Hemlo Mining was added to the VanEck Junior Gold Miners ETF (GDXJ), marking a significant milestone in its journey as a public entity. This inclusion is expected to enhance the company's visibility in capital markets.

Conclusion

With a solid financial foundation and advancements in operational capabilities, Hemlo Mining is well-positioned for continued growth. The leadership team remains focused on executing their strategies to enhance production and deliver long-term shareholder value.

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