Northwire Canada EditionWednesday, November 11, 2026
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Gold 4,030.20 −2.0% Silver 51.23 −2.8% Copper 6.27 −1.2% Oil 86.04 −0.9% Palladium 1,024.00 +0.2% NVX 0.910 +0.0% MSR 0.435 +0.0% ELE 22.85 −4.0% ALS 53.01 −2.2% APM 5.13 −6.6% AVL 5.46 −5.4% NG 8.84 −9.0% ATY 0.220 −2.2% CN 0.125 −10.7% PMET 3.22 −4.2% ITH 1.99 −11.6% VMET 12.33 −6.9% ABX 56.41 −5.6% PUR 0.370 +8.8% SCY 0.085 +6.2% AUMN 0.300 +7.1% Gold 4,030.20 −2.0% Silver 51.23 −2.8% Copper 6.27 −1.2% Oil 86.04 −0.9% Palladium 1,024.00 +0.2% NVX 0.910 +0.0% MSR 0.435 +0.0% ELE 22.85 −4.0% ALS 53.01 −2.2% APM 5.13 −6.6% AVL 5.46 −5.4% NG 8.84 −9.0% ATY 0.220 −2.2% CN 0.125 −10.7% PMET 3.22 −4.2% ITH 1.99 −11.6% VMET 12.33 −6.9% ABX 56.41 −5.6% PUR 0.370 +8.8% SCY 0.085 +6.2% AUMN 0.300 +7.1%
Production / Operations

Hemlo Mining Corp. Announces Strong 2025 Gold Production of 143,458 Ounces (Including 20,192 Ounces in December) and Provides Operational Update

By The Northwire Desk — AI Analysis Feb 23, 2026 · 06:30 HMMC · 7.03 Hemlo Mining Corp.
HMMC · Price

Executive Summary

  • Hemlo Mining Corp. reported record 2025 gold production of 143,458 payable ounces, including a strong December finish of 20,192 ounces.
  • The company is executing a hybrid owner‑operator transition with Manroc Developments Inc., aimed at improving cost control, workforce stability and long‑term value creation.
  • An Action Plan targeting infrastructure upgrades, equipment investments (US$30 M for 21 new mobile units), ventilation improvements, and mine sequencing is underway to drive a production ramp‑up through 2026‑2028; 2026 guidance will be released in Q3 2026.

Key Details

  • 2025 Production: 143,458 payable ounces (140,448 t at 4.71 g/t Au for December’s 20,192 ounces). Highest output from the Hemlo camp in four years and met prior guidance.
  • Owner‑Operator Hybrid Model: Manroc continues Alimak mining support while Hemlo assumes core mining activities; expected to deliver annual operating cost savings and greater operational flexibility.
  • Infrastructure & Efficiency Initiatives:
  • Material handling upgrades to boost haulage efficiency.
  • Ventilation system enhancements for deeper development and higher mining rates.
  • Ground‑support standard improvements for safety and reduced dilution.
  • Optimized mine sequencing to improve grade control and production stability.
  • Mine‑and‑mill recovery projects targeting higher gold recovery (2025 average 94%).
  • Capital Investment: Over US$30 million allocated for 21 new pieces of mobile equipment (scooptrams, haul trucks, development jumbos, bolters, service equipment) to be delivered throughout 2026. Additional fleet expansion planned for 2027.
  • Future Guidance: Formal 2026 production and cost guidance slated for Q3 2026; updated NI‑43‑101 resource and reserve estimate expected H2 2027.
  • Leadership Team for Transition: Eric Tremblay (COO), Raphael Dutaut (VP Exploration), Mike Tsafaras (VP Engineering & Projects), Garett Macdonald (VP Operations/GM), Perry Blanchard (VP Sustainability), Dennis Bigras (Deputy GM).
  • Health, Safety & Environment Focus: Independent HSE assessment underway; continued implementation of the Mining Association of Canada’s Towards Sustainable Mining (TSM) standard; permitting work for tailings and closure plans ongoing.
  • Workforce Composition: Approximately 70 % of contractor staff sourced locally; emphasis on training/apprenticeship programs to build a sustainable skilled labor pool.

Notable Quotes

“2026 will be a pivotal year for Hemlo as we execute a disciplined plan to unlock the mine’s full potential… Targeted initiatives in material handling, ventilation, ground support, mine sequencing, and mine and mill recovery are designed to increase throughput and margins…” – Jason Kosec, President & CEO

All forward‑looking statements reflect management’s current expectations and involve risks that could cause actual results to differ materially.

Read the original news release →

More from Hemlo Mining Corp.

Nov 09, 2026 · 17:37

Hemlo’s high AISC of $2,660/oz and missing 2026 guidance stall the ramp-up story.

Earnings Oct 21, 2026 · 06:30

Hemlo reported flat third-quarter output with a delayed ramp-up and no cost guidance provided for 2026.

Other Sep 22, 2026 · 06:30

Hemlo Mining refines its porphyry model to unlock district-scale potential across its 45,000-hectare land package.

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A substation outage interrupted Alimak ramp-up at Hemlo, while the rest of the operation continued milling.

Production / Operations Sep 10, 2026 · 06:30

Hemlo reported high-grade near-mine intercepts including one-metre intervals with significant gold grades, highlighting the potential of its Hemlo deposit.

Drill Results Aug 11, 2026 · 18:18

Hemlo’s Q2 AISC surges 42% quarter-over-quarter to $2,561 per ounce, with transition costs eroding cash flow despite high gold prices.

Earnings