Hemlo Mining (HMMC) Q2 2026 earnings summary

Executive summary

• Achieved first full quarter under owner-operator model, producing 25,188 gold ounces and generating $142.5 million in revenue with $31 million net income ($0.10/share).

• Advanced operational metrics, set new daily records in mining and processing, and marked three years without a lost-time injury.

• Graduated to TSX, debuted on OTCQX, and signed an Impact Benefit Agreement with Biigtigong Nishnaabeg.

Financial highlights

• Revenue was $142.5 million from 32,425 gold ounces sold at an average realized price of $4,467/oz.

• EBITDA was $77.2 million; operating cash flow $35.6 million; free cash flow $11.3 million.

• Net income for Q2 2026 was $31 million ($0.10/share); adjusted net income was $27.3 million ($0.09/share).

• Total capital expenditures were $24.4 million, with $17.5 million sustaining and $6.9 million growth capital.

• Cash balance of $130.2 million; net debt at $19.8 million as of June 30, 2026.

Outlook and guidance

• Targeting 4,800 tpd throughput by year-end 2026, ramping to 6,000 tpd by end of 2027.

• No formal 2026 guidance due to transition year and ongoing hiring/equipment ramp-up; confident in exceeding prior years' performance.

• 2026 described as an investment year, with expectations for stronger free cash flow in 2027.

• Updated Mineral Reserve and life-of-mine plan targeted for H2 2027.

• Ongoing 130,000-metre drilling program to support future resource and reserve growth.