Hemlo Mining Corp. Reports Second Quarter 2026 Financial and Operating Results
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, Production, Metallurgy
- Extracted
- 2026-09-12 06:33:47 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Hemlo Mining Corp. reported its Q2 2026 financial and operating results, with attributable gold production of 25,188 ounces and net income of $31.0 million. Production was impacted by planned operational sequencing and a crusher rebuild, leading to lower average mill feed grades and increased AISC compared to Q1. The company also announced an updated Mineral Resource Estimate, showing a 34% increase in Measured and Indicated gold resources to 4.8 million ounces, alongside improved underlying operational metrics and strong safety performance.
Reasoning: Hemlo Mining Corp. reported mixed Q2 operating results with lower production and grades due to planned operational changes, but highlighted a significant 34% growth in Measured & Indicated Mineral Resources and improved underlying operational metrics, positioning the company for future performance.
Positive factors
- Significant 34% increase in Measured & Indicated Mineral Resources, adding 1.2 million ounces of gold.
- Strong safety performance with three consecutive years without a lost-time injury.
- Improved underlying operational metrics including 42% increase in development metres and 65% increase in longhole production drilling.
- Net debt significantly reduced from $93.0 million to $19.8 million.
- Graduation to the Toronto Stock Exchange (TSX).
Negative factors
- Q2 attributable gold production decreased by 4,511 ounces compared to Q1 2026.
- Average mill feed grade decreased in Q2 due to planned sequencing changes and a crusher rebuild.
- Attributable All-in Sustaining Costs (AISC) increased to $2,561/oz in Q2 from $1,805/oz in Q1.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 20
Classification and evidence
High Recoverypositive · Story-specific tag
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The reported gold recovery of 94.3% for Q2 2026 and 95.0% for H1 2026 are well above the exceptional band for gold mill processing (95%).
Evidence · table
“94.3”
Context: 344
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The updated MRE demonstrates a 34% increase in Measured & Indicated Mineral Resources, adding 1.2 million ounces of gold.
Evidence · text
“Announced an updated Mineral Resource Estimate ("MRE") demonstrating a 34% increase from the 2025 National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") Technical Report (the "2025 Report"), adding 1.2 million ounces of gold, in Measured and Indicated ("M&I") Mineral Resources (100% basis).”
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: Mr. Brian Hartman (P. Geo.) of SLR Consulting (Canada) Ltd. is named as the independent Qualified Person responsible for the mineral resource estimate.
Evidence · text
“The qualified person ("QP") responsible for this Mineral Resource Estimate is Mr. Brian Hartman (P. Geo.) of SLR Consulting (Canada) Ltd.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The MRE notes explicitly state the cut-off grades: 0.28 g/t for Open Pit Mineral Resources and 1.8 g/t for Underground Mineral Resources.
Evidence · text
“Open Pit Mineral Resources are reported using a gold cut-off grade of 0.28 g/t. Underground Mineral Resources are reported on a diluted basis using a gold cut-off grade of 1.8 g/t.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is explicitly stated to be compliant with National Instrument 43-101.
Evidence · text
“Announced an updated Mineral Resource Estimate ("MRE") demonstrating a 34% increase from the 2025 National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") Technical Report”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The MRE includes Measured Resources for both underground and total attributable categories, indicating the highest level of confidence.
Evidence · table
“Measured”
Context: Total Underground
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The MRE includes substantial Indicated Resources across all categories (Open Pit, Underground, Total, Attributable), indicating reasonable geological confidence.
Evidence · table
“Indicated”
Context: Total Underground
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The MRE includes Inferred Resources across all categories, representing speculative potential.
Evidence · table
“Inferred”
Context: Total Underground
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 Mine.
Evidence · text
“Announced an updated Mineral Resource Estimate ("MRE") demonstrating a 34% increase from the 2025 National Instrument 43-101”
Owner-Operator Transitionneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The second quarter of 2026 marked Hemlo's first full quarter operating as an owner-operator, representing a significant operational model change.
Evidence · text
“The second quarter of 2026 marked Hemlo's first full quarter operating as an owner-operator, representing the first time the Hemlo Mine has operated under this model since 2019.”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Extracted facts
Stored fact records: 18. Some facts used in scoring do not have a stored record.
Resource Estimates (17)
indicatedHemlo Mine · goldTonnes: 71923000Grade: 0.87Grade Unit: g/tContained Metal: 2009Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:434afcfade833a0a402f
- Deposit or zone
- Open Pit
Resource Data
- Category
- indicated
- Tonnes
- 71923000
- Grade
- 0.87
- Grade Unit
- g/t
- Contained Metal
- 2009
- Contained Unit
- koz au
- Cutoff Grade
- 0.28
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE shows a substantial Indicated Mineral Resource for the Open Pit, contributing to the overall increase in the company's M&I gold resources.
Positive factors
- Significant indicated resource tonnage and contained gold ounces for open pit mining.
- Part of an overall 34% increase in M&I resources.
Evidence · table
“71,923”
Context: 0
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
inferredHemlo Mine · goldTonnes: 3988000Grade: 0.57Grade Unit: g/tContained Metal: 73Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:93f0cd25dd66941c077d
- Deposit or zone
- Open Pit
Resource Data
- Category
- inferred
- Tonnes
- 3988000
- Grade
- 0.57
- Grade Unit
- g/t
- Contained Metal
- 73
- Contained Unit
- koz au
- Cutoff Grade
- 0.28
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE includes Inferred Mineral Resources for the Open Pit, contributing to the project's overall potential.
Positive factors
- Adds to the overall resource base for open pit mining.
Evidence · table
“3,988”
Context: 71,923
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
measuredHemlo Mine · goldTonnes: 5095000Grade: 3.4Grade Unit: g/tContained Metal: 557Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:28e0445e7bb0974c709f
- Deposit or zone
- Underground (ex. Interlake)
Resource Data
- Category
- measured
- Tonnes
- 5095000
- Grade
- 3.4
- Grade Unit
- g/t
- Contained Metal
- 557
- Contained Unit
- koz au
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE includes a significant Measured Mineral Resource for the underground operations (excluding Interlake), indicating high confidence in this portion of the deposit.
Positive factors
- High confidence Measured Resource for underground operations.
- Contributes to a 40% increase in underground M&I resources.
Evidence · table
“5,095”
Context: 0
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
indicatedHemlo Mine · goldTonnes: 13676000Grade: 3.42Grade Unit: g/tContained Metal: 1502Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:a59fdd4a343c569e5858
- Deposit or zone
- Underground (ex. Interlake)
Resource Data
- Category
- indicated
- Tonnes
- 13676000
- Grade
- 3.42
- Grade Unit
- g/t
- Contained Metal
- 1502
- Contained Unit
- koz au
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE shows a significant Indicated Mineral Resource for the underground operations (excluding Interlake), enhancing the overall resource base.
Positive factors
- Substantial Indicated Resource for underground operations, providing a strong base for future planning.
- Contributes to a 40% increase in underground M&I resources.
Evidence · table
“13,676”
Context: 5,095
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
inferredHemlo Mine · goldTonnes: 5810000Grade: 2.81Grade Unit: g/tContained Metal: 525Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:0dc50af6b6af5115d3a7
- Deposit or zone
- Underground (ex. Interlake)
Resource Data
- Category
- inferred
- Tonnes
- 5810000
- Grade
- 2.81
- Grade Unit
- g/t
- Contained Metal
- 525
- Contained Unit
- koz au
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE includes Inferred Mineral Resources for the underground operations (excluding Interlake), contributing to the project's long-term potential.
Positive factors
- Adds to the overall underground resource potential.
Evidence · table
“5,810”
Context: 13,676
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
measuredHemlo Mine · goldTonnes: 2085000Grade: 4.1Grade Unit: g/tContained Metal: 275Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:82badedcd88d8e7fe782
- Deposit or zone
- Interlake Claims
Resource Data
- Category
- measured
- Tonnes
- 2085000
- Grade
- 4.1
- Grade Unit
- g/t
- Contained Metal
- 275
- Contained Unit
- koz au
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE includes a high-grade Measured Mineral Resource for the Interlake Claims, providing a high-confidence component to the underground resource.
Positive factors
- High-grade Measured Resource for Interlake Claims, indicating strong confidence.
- Contributes to a 40% increase in underground M&I resources.
Evidence · table
“2,085”
Context: 0
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
indicatedHemlo Mine · goldTonnes: 4087000Grade: 3.8Grade Unit: g/tContained Metal: 499Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:49d42e1433bd596bdc1e
- Deposit or zone
- Interlake Claims
Resource Data
- Category
- indicated
- Tonnes
- 4087000
- Grade
- 3.8
- Grade Unit
- g/t
- Contained Metal
- 499
- Contained Unit
- koz au
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE shows a high-grade Indicated Mineral Resource for the Interlake Claims, adding significant value to the underground resource.
Positive factors
- High-grade Indicated Resource for Interlake Claims, enhancing the overall resource base.
- Contributes to a 40% increase in underground M&I resources.
Evidence · table
“4,087”
Context: 2,085
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
inferredHemlo Mine · goldTonnes: 2330000Grade: 3.58Grade Unit: g/tContained Metal: 268Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:add2d3489b7a50889bd8
- Deposit or zone
- Interlake Claims
Resource Data
- Category
- inferred
- Tonnes
- 2330000
- Grade
- 3.58
- Grade Unit
- g/t
- Contained Metal
- 268
- Contained Unit
- koz au
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE includes Inferred Mineral Resources for the Interlake Claims, contributing to the project's long-term potential.
Positive factors
- Adds to the overall underground resource potential for Interlake Claims.
Evidence · table
“2,330”
Context: 4,087
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
measuredHemlo Mine · goldTonnes: 7180000Grade: 3.6Grade Unit: g/tContained Metal: 832Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:4c299ca15c4d4a78719f
- Deposit or zone
- Total Underground
Resource Data
- Category
- measured
- Tonnes
- 7180000
- Grade
- 3.6
- Grade Unit
- g/t
- Contained Metal
- 832
- Contained Unit
- koz au
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE shows a significant Measured Mineral Resource for the total underground operations, providing a high-confidence base for future development.
Positive factors
- Substantial Measured Resource for total underground operations, indicating high confidence.
- Contributes to a 40% increase in underground M&I resources.
Evidence · table
“7,180”
Context: 0
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
indicatedHemlo Mine · goldTonnes: 17763000Grade: 3.5Grade Unit: g/tContained Metal: 2000Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:39b53c0278504820b525
- Deposit or zone
- Total Underground
Resource Data
- Category
- indicated
- Tonnes
- 17763000
- Grade
- 3.5
- Grade Unit
- g/t
- Contained Metal
- 2000
- Contained Unit
- koz au
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE shows a substantial Indicated Mineral Resource for the total underground operations, significantly enhancing the overall resource base.
Positive factors
- Large Indicated Resource for total underground operations, providing a strong foundation for future planning.
- Contributes to a 40% increase in underground M&I resources.
Evidence · table
“17,763”
Context: 7,180
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
inferredHemlo Mine · goldTonnes: 8140000Grade: 3.03Grade Unit: g/tContained Metal: 793Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:a7fe0059fc75dfe9cab3
- Deposit or zone
- Total Underground
Resource Data
- Category
- inferred
- Tonnes
- 8140000
- Grade
- 3.03
- Grade Unit
- g/t
- Contained Metal
- 793
- Contained Unit
- koz au
- Cutoff Grade
- 1.8
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE includes Inferred Mineral Resources for the total underground operations, contributing to the project's long-term potential.
Positive factors
- Adds to the overall underground resource potential.
Evidence · table
“8,140”
Context: 17,763
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
measuredHemlo Mine · goldTonnes: 7180000Grade: 3.6Grade Unit: g/tContained Metal: 832Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:4f0b06be5048b9f92854
- Deposit or zone
- Total
Resource Data
- Category
- measured
- Tonnes
- 7180000
- Grade
- 3.6
- Grade Unit
- g/t
- Contained Metal
- 832
- Contained Unit
- koz au
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE includes a significant Measured Mineral Resource, contributing to the overall high-confidence resource base of the project.
Positive factors
- High confidence Measured Resource contributing to the overall resource base.
- Part of an overall 34% increase in M&I resources.
Evidence · table
“7,180”
Context: 0
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
indicatedHemlo Mine · goldTonnes: 89686000Grade: 1.39Grade Unit: g/tContained Metal: 4009Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:77291afd6cbd0e77548f
- Deposit or zone
- Total
Resource Data
- Category
- indicated
- Tonnes
- 89686000
- Grade
- 1.39
- Grade Unit
- g/t
- Contained Metal
- 4009
- Contained Unit
- koz au
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE shows a very substantial Indicated Mineral Resource, significantly enhancing the project's overall resource potential.
Positive factors
- Very large Indicated Resource, forming the bulk of the project's resource base.
- Part of an overall 34% increase in M&I resources.
Evidence · table
“89,686”
Context: 7,180
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
inferredHemlo Mine · goldTonnes: 12128000Grade: 2.22Grade Unit: g/tContained Metal: 866Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:18ea57c3e4394794da48
- Deposit or zone
- Total
Resource Data
- Category
- inferred
- Tonnes
- 12128000
- Grade
- 2.22
- Grade Unit
- g/t
- Contained Metal
- 866
- Contained Unit
- koz au
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE includes a significant Inferred Mineral Resource, contributing to the project's long-term potential.
Positive factors
- Adds to the overall resource potential of the project.
Evidence · table
“12,128”
Context: 89,686
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
measuredHemlo Mine · goldTonnes: 6137000Grade: 3.52Grade Unit: g/tContained Metal: 694Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:0896b1d665af529a2df2
- Deposit or zone
- Total Attributable
Resource Data
- Category
- measured
- Tonnes
- 6137000
- Grade
- 3.52
- Grade Unit
- g/t
- Contained Metal
- 694
- Contained Unit
- koz au
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE includes a significant attributable Measured Mineral Resource, providing a high-confidence estimate of the company's share of the resource.
Positive factors
- High confidence attributable Measured Resource, representing the company's share.
- Part of an overall 34% increase in M&I resources.
Evidence · table
“6,137”
Context: 1,042
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
indicatedHemlo Mine · goldTonnes: 87643000Grade: 1.33Grade Unit: g/tContained Metal: 3760Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:a6df4340b873c0c48e17
- Deposit or zone
- Total Attributable
Resource Data
- Category
- indicated
- Tonnes
- 87643000
- Grade
- 1.33
- Grade Unit
- g/t
- Contained Metal
- 3760
- Contained Unit
- koz au
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE shows a very substantial attributable Indicated Mineral Resource, significantly enhancing the company's share of the project's resource potential.
Positive factors
- Very large attributable Indicated Resource, forming the bulk of the company's share.
- Part of an overall 34% increase in M&I resources.
Evidence · table
“87,643”
Context: 6,137
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
inferredHemlo Mine · goldTonnes: 10963000Grade: 2.08Grade Unit: g/tContained Metal: 732Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Mr. Brian Hartman
- Resource group id
- resource:96fd8b93118f6e8395f3
- Deposit or zone
- Total Attributable
Resource Data
- Category
- inferred
- Tonnes
- 10963000
- Grade
- 2.08
- Grade Unit
- g/t
- Contained Metal
- 732
- Contained Unit
- koz au
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The updated MRE includes a significant attributable Inferred Mineral Resource, contributing to the company's long-term potential.
Positive factors
- Adds to the overall attributable resource potential of the project.
Evidence · table
“10,963”
Context: 87,643
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
Metallurgical Results (1)
millHemlo Mine · goldRecovery: 94.3 %View all detailsHide details
Identity
- Project
- Hemlo Mine
- Commodity
- gold
- Ticker
- HMMC
Test Work
- Program Status
- detailed
- Test Type
- mill
- Processing Route
- mill
Recovery
- Recovery
- 94.3 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-11T00:00:00.000Z
Reasoning: The gold recovery rate for Q2 2026 remains high, although it saw a slight decrease compared to the previous quarter due to changes in the ore blend.
Positive factors
- High gold recovery rate, indicating efficient processing.
Negative factors
- Slight decrease from 95.6% in Q1 2026 due to ore blend changes.
Evidence · table
“94.3”
Context: 344
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.