Hemlo Mining Corp. Announces Increased Mineral Resource Estimate for the Hemlo Gold Mine
Original announcement by tmx on
- Company
- Hemlo Mining Corp.
- Ticker
- HMMC
- Exchange
- TSX
- Region
- Ontario
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update
- Extracted
- 2026-09-12 06:42:12 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Hemlo Mining Corp. announced an updated Mineral Resource Estimate for its Hemlo Gold Mine in Marathon, Ontario, showing a significant increase in both Measured & Indicated (M&I) and Inferred gold resources. M&I resources grew by 34% to 4.8 million ounces, and Inferred resources increased by 39% to 0.9 million ounces. The update incorporates additional drilling, geological reinterpretation, and higher gold price assumptions, with a new A-Zone contributing to the Inferred category.
Reasoning: Hemlo Mining Corp. announced a substantial increase in its M&I and Inferred gold resources at the Hemlo Gold Mine, driven by new drilling, geological reinterpretation, and updated economic assumptions. The MRE is NI 43-101 compliant and signed off by Qualified Persons, indicating high confidence. While lower cut-off grades contributed to the increase, the overall growth and identification of new zones are positive for the project's future.
Positive factors
- Significant increase in Measured & Indicated (M&I) and Inferred Mineral Resources
- QP/CP signed off on the estimate, ensuring compliance with NI 43-101 standards
- Identification of new mineralized zones (A-Zone) and extensions to existing ones
- Ongoing 130,000-meter drill program aimed at further resource growth and conversion
Negative factors
- Tonnage growth partially attributed to lower cut-off grades and higher gold price assumptions
- Open Pit Inferred resources decreased by 17% compared to the prior estimate
Facts used in scoring: 21
Classification and evidence
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: The Measured & Indicated Mineral Resources increased by 34% and Inferred Mineral Resources increased by 39% compared to the 2025 Report.
Evidence · text
“Measured & Indicated ("M&I") Mineral Resources (100% basis) of 96.9 million tonnes ("Mt") at 1.55 grams per tonne ("g/t") Au for 4.8 million ounces ("Moz") of gold ("Au"); represents an increase of 1.2 Moz, or +34%, compared to the 2025 Report. ... Inferred Mineral Resources (100% basis) of 12.1 Mt at 2.22 g/t Au for 0.9 Moz Au; represents an increase of 242,000 oz, or +39%, compared to the 2025 Report.”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The Measured & Indicated contained gold increased by 1.2 Moz (+34%) and Inferred contained gold increased by 0.242 Moz (+39%) compared to the 2025 Report.
Evidence · text
“Measured & Indicated ("M&I") Mineral Resources (100% basis) of 96.9 million tonnes ("Mt") at 1.55 grams per tonne ("g/t") Au for 4.8 million ounces ("Moz") of gold ("Au"); represents an increase of 1.2 Moz, or +34%, compared to the 2025 Report. ... Inferred Mineral Resources (100% basis) of 12.1 Mt at 2.22 g/t Au for 0.9 Moz Au; represents an increase of 242,000 oz, or +39%, compared to the 2025 Report.”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The Mineral Resource Estimate has been reviewed and approved by Mr. Brian Hartman (P. Geo.) of SLR Consulting (Canada) Ltd. and Dr. Raphael Dutaut, Ph.D., P.Geo., Vice President, Exploration of Hemlo Mining Corp., both Qualified Persons.
Evidence · text
“The qualified person ("QP") responsible for this Mineral Resource Estimate is Mr. Brian Hartman (P. Geo.) of SLR Consulting (Canada) Ltd. ... The scientific and technical information in this news release has been reviewed and approved by Dr. Raphael Dutaut, Ph.D., P.Geo., Vice President, Exploration of Hemlo Mining Corp., who is a "Qualified Person" as defined by National Instrument 43-101”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended, and is compliant with NI 43-101.
Evidence · text
“The MRE was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended.”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document announces an updated Mineral Resource Estimate for the Hemlo Gold Mine, incorporating additional drilling and updated assumptions since the last estimate.
Evidence · text
“Hemlo Mining Corp. is pleased to announce an updated Mineral Resource Estimate ("MRE") for the Hemlo Gold Mine”
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: The increase in resources is partly attributed to the application of lower cut-off grades, driven by an increased long-term gold price assumption from US$1,900/oz to US$2,500/oz, which resulted in lower cut-offs (e.g., Open Pit from 0.36 g/t Au to 0.28 g/t Au, Underground from 2.4 g/t Au to 1.8 g/t Au).
Evidence · text
“The increases are mostly related to (i) the updated economic assumptions, including an increase in the long-term gold price from US$1,900/oz in the 2025 Report to US$2,500/oz in the MRE”
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: The overall tonnage and contained metal increased, but this was partly due to the application of lower cut-off grades, which can incorporate lower-grade material and dilute the overall resource grade.
Evidence · text
“The increases are mostly related to (i) the updated economic assumptions, including an increase in the long-term gold price from US$1,900/oz in the 2025 Report to US$2,500/oz in the MRE”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The document reports a significant portion of the resource in the Inferred category, including 12.1 Mt at 2.22 g/t Au for 0.9 Moz Au.
Evidence · text
“Inferred Mineral Resources (100% basis) of 12.1 Mt at 2.22 g/t Au for 0.9 Moz Au”
Extracted facts
Stored fact records: 21. Some facts used in scoring do not have a stored record.
Resource Estimates (21)
indicatedHemlo Gold Mine · goldTonnes: 71923000Grade: 0.87Grade Unit: g/tContained Metal: 2009Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:074c55608062f5186dd6
- Deposit or zone
- Open Pit
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 71923000
- Grade
- 0.87
- Grade Unit
- g/t
- Contained Metal
- 2009
- Contained Unit
- koz
- Cutoff Grade
- 0.28
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 1607.2
- Prior Cutoff Grade
- 0.36
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Open Pit Indicated resource shows a strong increase in contained gold, contributing significantly to the overall M&I growth. However, the lower cut-off grade suggests some dilutive growth.
Positive factors
- Significant contained metal growth (+25%) in the Open Pit Indicated category
- Part of a larger overall resource increase for the project
Negative factors
- Lower cut-off grade (0.28 g/t Au vs 0.36 g/t Au) contributed to tonnage increase
Evidence · table
“71,923”
Context: Open Pit
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 2009 against 1607.2 previously
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 0.28 against 0.36 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
measuredHemlo Gold Mine · goldTonnes: 5095000Grade: 3.4Grade Unit: g/tContained Metal: 557Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:c35fb3ac575f30845a40
- Deposit or zone
- Underground (ex. Interlake)
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 5095000
- Grade
- 3.4
- Grade Unit
- g/t
- Contained Metal
- 557
- Contained Unit
- koz
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Cutoff Grade
- 2.4
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Measured resource in the Underground (ex. Interlake) zone provides high confidence, with a good grade for underground operations. The lower cut-off grade, however, suggests some dilutive growth.
Positive factors
- Measured category indicates high confidence in this portion of the resource
- Good grade for underground mining
Negative factors
- Lower cut-off grade (1.8 g/t Au vs 2.4 g/t Au) contributed to tonnage increase
Evidence · table
“5,095”
Context: Underground (ex. Interlake)
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 1.8 against 2.4 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedHemlo Gold Mine · goldTonnes: 13676000Grade: 3.42Grade Unit: g/tContained Metal: 1502Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:5a3670ee579dfe26186f
- Deposit or zone
- Underground (ex. Interlake)
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 13676000
- Grade
- 3.42
- Grade Unit
- g/t
- Contained Metal
- 1502
- Contained Unit
- koz
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Cutoff Grade
- 2.4
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Indicated resource in the Underground (ex. Interlake) zone offers good confidence and grade for underground operations. The lower cut-off grade, however, suggests some dilutive growth.
Positive factors
- Indicated category provides reasonable geological confidence
- Good grade for underground mining
Negative factors
- Lower cut-off grade (1.8 g/t Au vs 2.4 g/t Au) contributed to tonnage increase
Evidence · table
“13,676”
Context: Underground (ex. Interlake)
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 1.8 against 2.4 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
measuredHemlo Gold Mine · goldTonnes: 2085000Grade: 4.1Grade Unit: g/tContained Metal: 275Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:14610b962ff96bfe7f5d
- Deposit or zone
- Interlake Claims
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 2085000
- Grade
- 4.1
- Grade Unit
- g/t
- Contained Metal
- 275
- Contained Unit
- koz
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Cutoff Grade
- 2.4
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Measured resource in the Interlake Claims shows high confidence and a strong grade for underground operations. The lower cut-off grade, however, suggests some dilutive growth.
Positive factors
- Measured category indicates high confidence in this portion of the resource
- High grade for underground mining
Negative factors
- Lower cut-off grade (1.8 g/t Au vs 2.4 g/t Au) contributed to tonnage increase
Evidence · table
“2,085”
Context: Interlake Claims
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 1.8 against 2.4 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedHemlo Gold Mine · goldTonnes: 4087000Grade: 3.8Grade Unit: g/tContained Metal: 499Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:465b57435ae27c4d2b83
- Deposit or zone
- Interlake Claims
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 4087000
- Grade
- 3.8
- Grade Unit
- g/t
- Contained Metal
- 499
- Contained Unit
- koz
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Cutoff Grade
- 2.4
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Indicated resource in the Interlake Claims shows good confidence and a strong grade for underground operations. The lower cut-off grade, however, suggests some dilutive growth.
Positive factors
- Indicated category provides reasonable geological confidence
- High grade for underground mining
Negative factors
- Lower cut-off grade (1.8 g/t Au vs 2.4 g/t Au) contributed to tonnage increase
Evidence · table
“4,087”
Context: Interlake Claims
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 1.8 against 2.4 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
measuredHemlo Gold Mine · goldTonnes: 7180000Grade: 3.6Grade Unit: g/tContained Metal: 832Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:634510a3d7b5a6765b2f
- Deposit or zone
- Total Underground
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 7180000
- Grade
- 3.6
- Grade Unit
- g/t
- Contained Metal
- 832
- Contained Unit
- koz
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Cutoff Grade
- 2.4
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Total Underground Measured resource shows high confidence and a good grade for underground operations. The lower cut-off grade, however, suggests some dilutive growth.
Positive factors
- Measured category indicates high confidence in this portion of the resource
- Good grade for underground mining
Negative factors
- Lower cut-off grade (1.8 g/t Au vs 2.4 g/t Au) contributed to tonnage increase
Evidence · table
“7,180”
Context: Total Underground
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 1.8 against 2.4 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedHemlo Gold Mine · goldTonnes: 17763000Grade: 3.5Grade Unit: g/tContained Metal: 2000Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:08e0a93a8e05ac756448
- Deposit or zone
- Total Underground
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 17763000
- Grade
- 3.5
- Grade Unit
- g/t
- Contained Metal
- 2000
- Contained Unit
- koz
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Cutoff Grade
- 2.4
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Total Underground Indicated resource shows good confidence and a good grade for underground operations. The lower cut-off grade, however, suggests some dilutive growth.
Positive factors
- Indicated category provides reasonable geological confidence
- Good grade for underground mining
Negative factors
- Lower cut-off grade (1.8 g/t Au vs 2.4 g/t Au) contributed to tonnage increase
Evidence · table
“17,763”
Context: Total Underground
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 1.8 against 2.4 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedHemlo Gold Mine · goldTonnes: 24943000Grade: 3.53Grade Unit: g/tContained Metal: 2832Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:fcee8ca29d5303bf95b4
- Deposit or zone
- Total Underground
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 24943000
- Grade
- 3.53
- Grade Unit
- g/t
- Contained Metal
- 2832
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 2022.85
- Prior Cutoff Grade
- 2.4
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Total Underground M&I resource shows substantial growth in contained gold, indicating successful exploration and reinterpretation. The lower cut-off grade, however, suggests some dilutive growth.
Positive factors
- Significant contained metal growth (+40%) in the Total Underground M&I category
- Good grade for underground mining
Negative factors
- Lower cut-off grade (1.8 g/t Au vs 2.4 g/t Au) contributed to tonnage increase
Evidence · table
“24,943”
Context: Total Underground
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 2832 against 2022.85 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
measuredHemlo Gold Mine · goldTonnes: 7180000Grade: 3.6Grade Unit: g/tContained Metal: 832Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:3ab7a4135f231f86c452
- Deposit or zone
- Total
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 7180000
- Grade
- 3.6
- Grade Unit
- g/t
- Contained Metal
- 832
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Total Measured resource provides high confidence for the overall project, with a good grade. The lower cut-off grades, however, suggest some dilutive growth.
Positive factors
- Measured category indicates high confidence in this portion of the resource
- Good grade for combined mining methods
Negative factors
- Lower cut-off grades (0.28 g/t Au for OP, 1.8 g/t Au for UG) contributed to tonnage increase
Evidence · table
“7,180”
Context: Total
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedHemlo Gold Mine · goldTonnes: 89686000Grade: 1.39Grade Unit: g/tContained Metal: 4009Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:8229d4f7dd57a3e1a8d7
- Deposit or zone
- Total
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 89686000
- Grade
- 1.39
- Grade Unit
- g/t
- Contained Metal
- 4009
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Total Indicated resource provides good confidence for the overall project, with a good grade. The lower cut-off grades, however, suggest some dilutive growth.
Positive factors
- Indicated category provides reasonable geological confidence
- Good grade for combined mining methods
Negative factors
- Lower cut-off grades (0.28 g/t Au for OP, 1.8 g/t Au for UG) contributed to tonnage increase
Evidence · table
“89,686”
Context: Total
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedHemlo Gold Mine · goldTonnes: 96866000Grade: 1.55Grade Unit: g/tContained Metal: 4841Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:b08940bc704ae94bff9a
- Deposit or zone
- Total
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 96866000
- Grade
- 1.55
- Grade Unit
- g/t
- Contained Metal
- 4841
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 3612.68
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Total M&I resource shows substantial growth in contained gold, representing a significant positive update for the project. The lower cut-off grades, however, suggest some dilutive growth.
Positive factors
- Significant contained metal growth (+34%) in the Total M&I category
- Overall increase in resource scale and quality
Negative factors
- Lower cut-off grades (0.28 g/t Au for OP, 1.8 g/t Au for UG) contributed to tonnage increase
Evidence · table
“96,866”
Context: Total
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 4841 against 3612.68 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
measuredHemlo Gold Mine · goldTonnes: 6137000Grade: 3.52Grade Unit: g/tContained Metal: 694Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:05aa3027ca8fff77becb
- Deposit or zone
- Total Attributable
- Mining method
- combined
- Resource basis
- attributable
Resource Data
- Category
- measured
- Tonnes
- 6137000
- Grade
- 3.52
- Grade Unit
- g/t
- Contained Metal
- 694
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Total Attributable Measured resource provides high confidence for the company's share of the project, with a good grade. The lower cut-off grades, however, suggest some dilutive growth.
Positive factors
- Measured category indicates high confidence in this portion of the resource
- Good grade for combined mining methods
Negative factors
- Lower cut-off grades (0.28 g/t Au for OP, 1.8 g/t Au for UG) contributed to tonnage increase
Evidence · table
“6,137”
Context: Total Attributable
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedHemlo Gold Mine · goldTonnes: 87643000Grade: 1.33Grade Unit: g/tContained Metal: 3760Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:f569f04b57e4e70515e0
- Deposit or zone
- Total Attributable
- Mining method
- combined
- Resource basis
- attributable
Resource Data
- Category
- indicated
- Tonnes
- 87643000
- Grade
- 1.33
- Grade Unit
- g/t
- Contained Metal
- 3760
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Total Attributable Indicated resource provides good confidence for the company's share of the project, with a good grade. The lower cut-off grades, however, suggest some dilutive growth.
Positive factors
- Indicated category provides reasonable geological confidence
- Good grade for combined mining methods
Negative factors
- Lower cut-off grades (0.28 g/t Au for OP, 1.8 g/t Au for UG) contributed to tonnage increase
Evidence · table
“87,643”
Context: Total Attributable
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedHemlo Gold Mine · goldTonnes: 93780000Grade: 1.48Grade Unit: g/tContained Metal: 4454Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:72437d051e18fdf4025b
- Deposit or zone
- Total Attributable
- Mining method
- combined
- Resource basis
- attributable
Resource Data
- Category
- indicated
- Tonnes
- 93780000
- Grade
- 1.48
- Grade Unit
- g/t
- Contained Metal
- 4454
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Total Attributable M&I resource shows substantial contained gold, representing a significant positive update for the company's share of the project. The lower cut-off grades, however, suggest some dilutive growth.
Positive factors
- Significant attributable contained metal
- Overall increase in resource scale and quality for the company's share
Negative factors
- Lower cut-off grades (0.28 g/t Au for OP, 1.8 g/t Au for UG) contributed to tonnage increase
Evidence · table
“93,780”
Context: Total Attributable
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredHemlo Gold Mine · goldTonnes: 3988000Grade: 0.57Grade Unit: g/tContained Metal: 73Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:39f4375200d3acffc935
- Deposit or zone
- Open Pit
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 3988000
- Grade
- 0.57
- Grade Unit
- g/t
- Contained Metal
- 73
- Contained Unit
- koz
- Cutoff Grade
- 0.28
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 87.95
- Prior Cutoff Grade
- 0.36
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Open Pit Inferred resource shows a decrease in contained gold, which is a negative signal, despite the lower cut-off grade. This suggests a reduction in the quality or extent of the inferred open pit mineralization.
Positive factors
- Inferred resource provides future exploration potential
Negative factors
- Contained metal decreased by 17% compared to the prior estimate
- Lower cut-off grade (0.28 g/t Au vs 0.36 g/t Au) contributed to tonnage increase despite contained metal decrease
Evidence · table
“3,988”
Context: Open Pit
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 73 against 87.95 previously
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 0.28 against 0.36 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredHemlo Gold Mine · goldTonnes: 5810000Grade: 2.81Grade Unit: g/tContained Metal: 525Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:80f0f30da3246a237cd9
- Deposit or zone
- Underground (ex. Interlake)
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 5810000
- Grade
- 2.81
- Grade Unit
- g/t
- Contained Metal
- 525
- Contained Unit
- koz
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Cutoff Grade
- 2.4
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Underground (ex. Interlake) Inferred resource offers good exploration potential and a solid grade for underground operations. The lower cut-off grade, however, suggests some dilutive growth.
Positive factors
- Inferred resource provides future exploration potential
- Good grade for underground mining
Negative factors
- Lower cut-off grade (1.8 g/t Au vs 2.4 g/t Au) contributed to tonnage increase
Evidence · table
“5,810”
Context: Underground (ex. Interlake)
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 1.8 against 2.4 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredHemlo Gold Mine · goldTonnes: 2330000Grade: 3.58Grade Unit: g/tContained Metal: 268Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:c32606f3a9a3d716ac12
- Deposit or zone
- Interlake Claims
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 2330000
- Grade
- 3.58
- Grade Unit
- g/t
- Contained Metal
- 268
- Contained Unit
- koz
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Cutoff Grade
- 2.4
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Interlake Claims Inferred resource offers good exploration potential and a strong grade for underground operations. The lower cut-off grade, however, suggests some dilutive growth.
Positive factors
- Inferred resource provides future exploration potential
- High grade for underground mining
Negative factors
- Lower cut-off grade (1.8 g/t Au vs 2.4 g/t Au) contributed to tonnage increase
Evidence · table
“2,330”
Context: Interlake Claims
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 1.8 against 2.4 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredHemlo Gold Mine · goldTonnes: 8140000Grade: 3.03Grade Unit: g/tContained Metal: 793Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:b33d06c5c5e014380ec3
- Deposit or zone
- Total Underground
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 8140000
- Grade
- 3.03
- Grade Unit
- g/t
- Contained Metal
- 793
- Contained Unit
- koz
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 535.81
- Prior Cutoff Grade
- 2.4
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Total Underground Inferred resource shows substantial growth in contained gold, indicating strong exploration potential. The lower cut-off grade, however, suggests some dilutive growth.
Positive factors
- Significant contained metal growth (+48%) in the Total Underground Inferred category
- Good grade for underground mining
Negative factors
- Lower cut-off grade (1.8 g/t Au vs 2.4 g/t Au) contributed to tonnage increase
Evidence · table
“8,140”
Context: Total Underground
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 793 against 535.81 previously
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 1.8 against 2.4 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredHemlo Gold Mine · goldTonnes: 12128000Grade: 2.22Grade Unit: g/tContained Metal: 866Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:437d9d7eb6644566d491
- Deposit or zone
- Total
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 12128000
- Grade
- 2.22
- Grade Unit
- g/t
- Contained Metal
- 866
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 623.02
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Total Inferred resource shows substantial growth in contained gold, representing a significant positive update for the project's future potential. The lower cut-off grades, however, suggest some dilutive growth.
Positive factors
- Significant contained metal growth (+39%) in the Total Inferred category
- Overall increase in resource scale and quality
Negative factors
- Lower cut-off grades (0.28 g/t Au for OP, 1.8 g/t Au for UG) contributed to tonnage increase
Evidence · table
“12,128”
Context: Total
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 866 against 623.02 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredHemlo Gold Mine · goldTonnes: 10963000Grade: 2.08Grade Unit: g/tContained Metal: 732Contained Unit: kozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:a39af53c4715cdb8c5d2
- Deposit or zone
- Total Attributable
- Mining method
- combined
- Resource basis
- attributable
Resource Data
- Category
- inferred
- Tonnes
- 10963000
- Grade
- 2.08
- Grade Unit
- g/t
- Contained Metal
- 732
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The Total Attributable Inferred resource shows substantial contained gold, representing a significant positive update for the company's share of the project's future potential. The lower cut-off grades, however, suggest some dilutive growth.
Positive factors
- Significant attributable contained metal
- Overall increase in resource scale and quality for the company's share
Negative factors
- Lower cut-off grades (0.28 g/t Au for OP, 1.8 g/t Au for UG) contributed to tonnage increase
Evidence · table
“10,963”
Context: Total Attributable
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredHemlo Gold Mine · goldTonnes: 635000Grade: 3.43Grade Unit: g/tContained Metal: 70000Contained Unit: ozView all detailsHide details
Identity
- Project
- Hemlo Gold Mine
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brian Hartman, Raphael Dutaut
- Resource group id
- resource:1e8b8441dc0e3f13a656
- Deposit or zone
- A-Zone
- Mining method
- combined
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 635000
- Grade
- 3.43
- Grade Unit
- g/t
- Contained Metal
- 70000
- Contained Unit
- oz
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Cutoff Grade
- 2.4
Lab
- Laboratory
- ALS Laboratories
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-25T00:00:00.000Z
Reasoning: The newly identified A-Zone adds significant Inferred resources with a good grade, highlighting new exploration potential. While currently Inferred, it represents a positive step for future resource growth.
Positive factors
- Newly identified zone, adding to the overall resource base
- Good grade for underground mining
- Offers significant exploration potential
Negative factors
- Inferred category indicates lower confidence
- Lower cut-off grade (1.8 g/t Au vs 2.4 g/t Au) contributed to tonnage increase
Evidence · text
“"A-Zone" (newly identified by the Company's Lead Director, Dr. Robert Quartermain) included in the Inferred MRE; 635,000 tonnes at 3.43 g/t Au for 70,000 oz Au”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 1.8 against 2.4 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.