Hemlo Mining Corp. (TSXV: HMMC) reported first quarter 2026 revenue of $186.3 million and net income of $22.1 million, or $0.07 per share, in its first full quarter operating the Hemlo Gold Mine. The results follow the company closing the Hemlo acquisition in November 2025, making this the first full operating quarter for the company.
Revenue was driven by the sale of 38,685 gold ounces at an average realized price of $4,923 per ounce. Gross profit came in at $73.2 million against cost of sales of $113.1 million, while EBITDA reached $86.6 million.
The bottom line absorbed a few notable drags, including income tax expense of $23.6 million, net finance costs of $12.4 million, and an $8.4 million loss on revaluation of contingent consideration. Operating cash flow was robust at $87.9 million.
The balance sheet saw meaningful cleanup during the quarter. Hemlo fully repaid the $75.0 million outstanding on its revolving credit facility, cutting net debt to $26.4 million from $93.0 million at year end. The company finished the quarter with $123.6 million in cash, despite deploying $20.1 million across sustaining and growth capital.
On the production side, attributable gold output totalled 29,699 ounces at recoveries of 95.6%, with the Williams operation contributing 24,635 ounces and Interlake adding 10,129 ounces on a 100% basis.
Site cash cost per ounce sold landed at $1,385 and all-in sustaining cost per ounce sold at $1,805 on an attributable basis.
Operationally, the quarter marked the completion of the transition from a contractor workforce to owner-operator, with 97% of contractors accepting positions with the company. Hemlo also commissioned two of 21 planned new pieces of equipment, kicked off a 130,000-metre exploration program, and repurchased a 1.5% NSR royalty on the David Bell property.
Hemlo Mining last traded at $6.35 on the TSX Venture.
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