#Canada #Toronto #Gold Mine #Q1 2026 #Hemlo Mining

Hemlo Mining Corp. Showcases Strong Results for Q1 2026

In an announcement made on April 28, 2026, by Hemlo Mining Corp. (TSX.V: HMMC), the company reported promising operational results for the first quarter ended March 31, 2026. This quarter marked a significant milestone as it was the first complete quarter of ownership for the Hemlo Gold Mine, heralding a new phase of expectations and growth for the mining company.

Operational Highlights
The first quarter was characterized by notable achievements as Hemlo Mining successfully delivered production numbers aligned with expectations while adhering to high standards of health, safety, and environmental performance. This was underscored by a remarkable safety record, with the mine reporting no Lost Time Injuries (LTI) over the past 33 months, further solidified by the receipt of the prestigious John T. Ryan Trophy for excellence in safety.

During Q1 2026, the Hemlo Mine processed approximately 230,000 tons of ore from its Williams site, achieving an average grade of 3.37 grams per ton, which resulted in the production of 24,635 ounces of gold. Additionally, from the Interlake claims, the mine processed 92,000 tons of ore at an average grade of 3.51 grams per ton, yielding 10,129 ounces. Altogether, the mine produced a total of 34,764 ounces of gold during the quarter, with 29,699 ounces attributable to Hemlo Mining's operations.

Transition to Owner-Operated Model
A significant operational transformation took place this quarter with the successful transition from contractor-operated mining to an owner-operated model. This key shift was not only completed ahead of schedule but also saw 97% of the former contractor workforce accept positions within Hemlo Mining. The transition included filling an additional 42 roles to boost productivity and support operational optimization.

The company also made substantial headway in upgrading its mining fleet, commissioning two out of 21 planned new pieces of equipment by the end of the quarter. Maintenance activities, notably the refurbishment of an underground crusher and cable replacement for the hoist, were completed ahead of schedule, ensuring seamless operations moving forward.

Training and Community Engagement
Hemlo Mining is committed to investing in local communities and workforce development. Intensive training programs aimed at upskilling local residents in positions near the Hemlo Gold Mine have been initiated, facilitating direct involvement of community members in the mining process. Focused efforts were made to include individuals from nearby communities, such as Marathon and the Biigtigong Nishnaabeg First Nations.

Financial Position
As of March 31, 2026, Hemlo Mining reported cash reserves of $123.75 million, while net debt significantly decreased to $26.25 million from $93.04 million. These figures reflect a strong financial position enabling the company to progress with its operational and strategic initiatives for the coming year. In contrast, Hemlo plans to release its complete Q1 2026 financial results after market close on May 20, 2026.

Looking Ahead
The company intends to provide operational and cost guidance for 2026 in the latter half of the year, further emphasizing its commitment to transparency and strategic planning in resource management. The upcoming conference call on May 21, 2026, will detail these results and future directions, presenting an opportunity for investors and stakeholders to engage with the Hemlo Mining leadership team.

In summary, Q1 2026 has proven to be a pivotal quarter for Hemlo Mining Corp., establishing a solid foundation for future growth through its strategic operational advancements and commitment to safety and community engagement. As the company navigates through 2026, the progress made thus far instills confidence in its ongoing efforts to maximize resource efficiency and enhance shareholder value.