Hemlo Mining (TSX: HMMC) poured 27,858 ounces of gold in the second quarter, down from 34,764 ounces in the first three months of the year as the company reworked the mining sequence at its flagship Ontario operation.
The producer processed 344,000 tonnes of ore during the quarter at an average recovery rate of 94.3%. That was a 7% increase in milled tonnes over the prior quarter, though recovery eased from 95.6%.
The softer output was by design. Portions of the mine shifted from a top-down to a bottom-up approach, a change meant to cut waste handling and improve efficiency over the life of the operation. The trade off was delayed access to higher grade stopes and a larger share of lower grade development ore in the mill, which pulled feed grade lower during the period.
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At the Williams zone, 283,000 tonnes graded 2.53 g/t and yielded 22,516 ounces. The smaller Interlake zone added 5,342 ounces from 61,000 tonnes at 3.05 g/t. Attributable production, reflecting full ownership of Williams and half of Interlake, came to 25,188 ounces.
Chief Executive Officer Jason Kosec described output as in line with expectations and framed the quarter around the company’s first full stretch as an owner operator, a model the mine had not run under since 2019.
Hemlo closed June with $130.2 million in cash and net debt of $19.8 million, down sharply from $93.0 million at the end of 2025. Full financial results are scheduled for August 11.
Hemlo Mining last traded at $5.62 on the TSX.
