Hemlo Mining

They report that historically over 25 million ounces of gold have been produced from the property (May 2026, Jul 2026), with current resources including about 4.8 million ounces in the measured and indicated category and 700,000 ounces inferred (Jul 2026). The company notes an existing 14-year mine life with average annual production of around 140,000 ounces, and sees potential to extend the mine life to 19–20 years and raise production to over 200,000 ounces per annum (Feb 2026, May 2026).

The company highlights that this is a mining-friendly jurisdiction with an established permitting pathway.

The company noted the mine was undercapitalized under Barrick ownership, with an underinvested exploration program (Feb 2026). To de-risk the operation, management identified the need for 30,000 m of grade control or high-definition drilling for the next 24 months, plus 70,000 m of resource-to-reserve conversion drilling (May 2026). A key decision point is the choice between a pre-capitalized stripping layback or underground bulk mining (Jul 2026). The mill is currently operating at about 38–40% capacity at 3,800 tons per day against a nameplate capacity of 10,000 tons per day, and the company says it could reach 8,500–10,000 tons per day utilizing existing infrastructure (Feb, May, Jul 2026).

In May 2026, the company reported a $1.1 billion NPV5 based on a long-term metal price of $2,610 over a 14-year mine life, with average annual production of around 140,000 ounces. By July 2026, 2025 production was estimated at about 135,000 to 140,000 ounces, with $130 million in total capex that year including $38 million on exploration. In February 2026, management had cited an all-in sustaining cash cost of $1,400 over the life of mine and a 2025 operating cost of $1,956, and noted that the deal was priced at a $2,600 long-term metal price while Barrick had used $1,500–$1,700.

In July 2026, the company reports having raised over a billion dollars US, comprising $540 million in equity, a $300 million stream from Wheaten and Precious Metals, an additional $30 million in equity, and $250 million in debt. As of that date, the company says it held about $150 million US in cash and $150 million in debt, having paid down $75 million in debt, and it notes it generated $70 million in free cash flow in the first quarter while spending $130 million for the year. Earlier, in May 2026, management stated that over $2 billion would be needed to build the mine today and that it had raised over a billion dollars in what it called the largest transaction in the history of the TSX Venture Exchange, beating out 32 other companies; it also said it was spending about $38 million that year on exploration. In February 2026, the company cited a $925 million total acquisition price, with an $875 million cash component.

The company closed in late November 2025 and began trading in early December 2025. Looking ahead, management targets exiting 2026 at 4,800 tons per day and exiting 2027 at 6,000 tons per day, supported by a 130,000-meter drill program for 2026 (one of the largest globally) and a 30,000-meter grade-control program to de-risk the next 24 months of the mine plan. A technical report (also referred to as an updated technical report) is expected in 2027, with one statement timing it to mid-2027 and another to June–September 2027; a TSX main board listing is planned, along with a potential NYSE American listing in 2027.

The company reports that the team includes Bob Quartermain (who was at Hemlo for two of three discoveries in the early 1980s), John Case as CFO, and Jason Kossey as CEO (Jul 2026; Feb 2026). Management notes the CEO previously led Gold Standard Ventures (sold to Orla) and was CEO of Dakota Gold (Jul 2026), and that the team sold the Cote deposit for just over $600 million in 2012 (May 2026). On insider ownership, management says they own about 6%, representing almost $50 million of their own after-tax dollars (Jul 2026), while in an earlier interview they stated over $40 million into the transaction (May 2026).

In February 2026, the company noted that $50 million of the consideration for an acquisition was in stock. The two statements come from different dates and describe different facts about the share structure.

The company reports that at a throughput of 6,000 tons per day the mine produces around 200,000 ounces annually, and at 10,000 tons per day it would produce between 250,000 and 300,000 ounces a year, ranking it among the top six or seven gold mines in Canada (Jul 2026). Management also notes that while Barrick is spending $2 million on exploration at the project this year, Hemlo is spending $38 million (May 2026).