Hemlo Mining (HMMC) Q4 2025 earnings summary

Executive summary

• Completed transformative $1.0 billion acquisition of the Hemlo Gold Mine from Barrick on November 26, 2025, including associated financing package.

• Transitioned from a shell company to an active gold producer, with significant operational ramp-up and leadership team expansion post-acquisition.

• Initiated major exploration and operational improvement programs to extend mine life and optimize production.

Financial highlights

• Reported net loss of $36.2 million ($0.30/share) for Q4 2025 and $36.9 million ($1.01/share) for the full year, mainly due to acquisition-related costs.

• Cash position at year-end 2025 was $132.0 million; net cash used in operating activities was $23.8 million for Q4 and $24.6 million for the year.

• Investing cash outflows for 2025 primarily reflected $877.9 million paid for the Hemlo Acquisition.

• Repaid $75.0 million on the Revolving Credit Facility in March 2026, reducing the balance to nil.

Outlook and guidance

• 2026 operating and cost guidance to be provided in the second half of 2026.

• Updated mineral reserve estimate and life-of-mine plan expected in the second half of 2027.