Hemlo Mining Corp. Reports First Quarter 2026 Operating Results
Press Release
Toronto, Ontario, Canada – April 28, 2026 – Hemlo Mining Corp. (TSX.V: HMMC) (OTCQX: HMMCF) (“Hemlo Mining” or the “Company”) is pleased to report operating results for the first quarter ended March 31, 2026 (“Q1” or “Q1 2026”). The Company plans to release its first quarter 2026 financial results after market close on Wednesday, May 20, 2026, followed by a conference call hosted by senior management on Thursday, May 21, 2026 at 9:00 AM Eastern Time.
(All amounts expressed in U.S. dollars unless otherwise stated and are unaudited)
Jason Kosec, President, CEO & Director of Hemlo Mining, commented: “Q1 was transformational for the Company, representing our first full quarter of ownership of the Hemlo Gold Mine and laying a strong foundation for the year ahead. We delivered production in line with expectations while upholding our standards for health, safety, and environmental performance. During the quarter, we advanced our strategy of optimization, reinvestment, and growth across multiple fronts—transitioning to an owner-operated model ahead of schedule; launching our 130,000-metre drill program; advancing an updated mineral resource estimate; initiating key mining trade-off studies to support a future technical study; making strong progress transitioning off legacy Barrick systems; hiring key personnel across corporate and site functions; and executing a strategic royalty buyback. We also strengthened our financial position through the full repayment of our revolving credit facility. The pace and breadth of progress in the first quarter reinforce our confidence in the opportunity ahead at Hemlo.”
First Quarter 2026 Operating Highlights
| Three months ended | ||
| Hemlo Mine | Unit | March 31, 2026 |
| Williams | ||
| Ore processed | 000t | 230 |
| Average grade | g/t | 3.37 |
| Gold produced1 | oz. | 24,635 |
| Interlake2 | ||
| Ore processed2 | 000t | 92 |
| Average grade2 | g/t | 3.51 |
| Gold produced1,2 | oz. | 10,129 |
| Recovery | % | 95.6 % |
| Total gold produced1 | oz. | 34,764 |
| Total gold sold | oz. | 38,685 |
| Attributable gold produced1,3 | oz. | 29,699 |
| Attributable gold sold3 | oz. | 32,052 |
- Gold produced represents gold poured during the period.
- Operating statistics are presented on a 100% basis. The Interlake claims are subject to a 50% net profits interest (“NPI”) royalty with Franco-Nevada Corporation.
- Attributable gold is calculated as 100% of gold from Williams and 50% of gold from Interlake.
The Hemlo Gold Mine (“Hemlo” or the “Mine”) continued its strong safety performance in Q1, with no environmental non-compliances and no Lost Time Injury (“LTI”) events recorded. This marked 33 consecutive months of no LTIs. During the quarter, Hemlo was awarded the prestigious John T. Ryan Trophy for continued improvements in safety. The John T. Ryan Safety Trophies are presented annually by the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) to recognize mining operations in Canada that achieve the lowest reportable injury frequencies in their respective categories during the previous calendar year.
The Hemlo Gold Mine successfully transitioned from an underground mining contractor workforce to owner-operated on March 16, 2026, two weeks ahead of schedule with 97% of the contractor workforce accepting positions as part of the transition. An additional 42 positions were filled during the period to support operational optimization efforts and future production increases. While the primary underground mining tasks have been transitioned to owner-operated mining, long-term partnerships with certain contractors will be maintained, specifically for a portion of underground development, Alimak mining and production drilling. The upgrade to the mining fleet continued to progress during the quarter with two of the 21 planned pieces of new equipment being commissioned in Q1.
Various maintenance activities were undertaken during the quarter, with the most significant tasks being the refurbishment of an underground crusher and the replacement of the hoist cable, which was completed ahead of schedule. The Company also completed an evaluation of all existing equipment to support refurbishment, replacement, and fleet expansion for future production increases.
In addition, intensive training programs have been implemented to upskill the workforce and build a pipeline of future employees, with focus being placed on people residing in the communities nearby, including Marathon, Manitouwadge, White River and the Biigtigong Nishnaabeg and Netmizaaggamig Nishnaabeg First Nations.
The Company expects to provide 2026 operating and cost guidance in the second half of 2026.
First Quarter 2026 Financial Position
| As at March 31, | As at December 31, | ||
| Financial position | Unit | 2026 | 2025 |
| Cash | $’000s | 123,752 | 131,956 |
| Net debt1 | $’000s | 26,248 | 93,044 |
- This is a non-IFRS measure. For further information, refer to the “Non-IFRS Measures” section of this news release.
The financial information presented above is preliminary in nature and subject to completion of the Company’s quarter-end financial reporting process. Final unaudited financial results may differ from these amounts and will be reported in the Company’s unaudited interim condensed consolidated financial statements for the three months ended March 31, 2026. Complete financial results for the first quarter 2026 will be reported and filed on Hemlo Mining’s profile on SEDAR+ at www.sedarplus.ca on Wednesday, May 20, 2026.
Conference Call and Webcast
Hemlo Mining will host a conference call and webcast on Thursday, May 21, 2026 at 9:00 AM Eastern Time to discuss first quarter 2026 results. Details for the conference call and webcast are included below.
Dial-In Numbers / Webcast:
Conference/Meeting ID: 827203073
North America Toll Free: +1 833-461-5787
International Toll: +1 585-542-9983
Canada Local: +1 365-657-4084
Webcast: https://events.q4inc.com/attendee/827203073
About Hemlo Mining Corp.
Hemlo Mining Corp. is a Canadian gold producer focused on operating and enhancing the Hemlo gold camp in northwestern Ontario. The Company’s flagship asset, the Hemlo Gold Mine, has produced approximately 25 million ounces of gold since 1985 from both underground and open pit operations. The Company’s fit-for-purpose strategy is centered on maximizing the value of the mine through improved operating efficiency, production growth, and mine life extension. Hemlo Mining is led by an experienced team with a track record of value creation in the global mining sector.
Contact Information
Jason Kosec, President, CEO and Director, +1 (250) 552-7424
Jonathan Awde, Executive Chairman, +1 (604) 761-5251
General Inquiries: info@hemlomining.com
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