Hemlo Mining (TSXV: HMMC) has completed its first full quarter as the operator of the namesake Hemlo gold mine, reporting production figures that suggest a steady hand following the asset’s recent handover from Barrick Gold Corp.
The company produced 34,764 ounces of gold in the first three months of 2026. On an attributable basis, which accounts for a profit interest royalty on specific claims, the output stood at 29,699 ounces. The results serve as the first real report card for the new management team, which took control of the site in late November.
The transition appears to be moving faster than internal timelines originally suggested. Chief Executive Officer Jason Kosec noted that the company moved to an owner-operated underground mining model on March 16, hitting that milestone two weeks ahead of schedule. Approximately 97% of the previous contractor workforce elected to join the company directly, a high retention rate that minimizes the typical friction associated with management changes in the mining sector.
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The quarterly performance follows a strong 2025 for the mine, which produced 143,458 ounces under previous ownership, the highest output from the camp in four years. While Hemlo Mining Corp. only oversaw the final 20,192 ounces of that annual total in December, the Q1 results indicate the operation is maintaining its momentum under the new banner.
Operationally, the quarter was defined by more than just extraction. Management used the period to tackle deferred maintenance, including the refurbishment of an underground crusher and the replacement of a hoist cable. These technical upgrades are part of a broader push to modernize the site’s infrastructure.
Financially, the company ended March with a cash position of $123.8 million. Perhaps more notably, it significantly trimmed its net debt to $26.2 million, down from $93 million at the end of December.
While the company has yet to release formal 2026 cost guidance, expected later this year, the early focus remains on a 130,000 metre drill program. The goal is to prove that this decades-old mining camp still has enough left in the tank to justify the aggressive reinvestment strategy currently underway.
Hemlo Mining last traded at $5.78 on the TSX.
Information for this briefing was found via Bloomberg and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
