Hemlo Mining Debuts on TSX Main Board
Hemlo Mining (TSX:HMMC,OTCQX:HMMCF) began trading on the TSX's senior board on Monday (June 15), stepping up from the venture market following its first full quarter operating the Hemlo gold mine.
Hemlo Mining’s common shares were delisted from the TSX Venture Exchange as the market opened.
"Graduation to the TSX marks an important milestone on our journey to establish Hemlo Mining as a leading Canadian mid-tier gold producer," CEO Jason Kosec said in a press release.
"We are grateful for the support of our shareholders as we continue to expand access to Hemlo Mining's Common Shares for institutional and retail investors, in Canada and internationally."
The company reported Q1 revenue of US$186.3 million, capitalizing on a sky-high average realized gold price of US$4,923 per ounce. The revenue surge allowed the company to cut its net debt position to US$26.4 million.
The transition to the TSX follows the company's November 2025 acquisition of the Hemlo asset from Barrick Mining (TSX:ABX,NYSE:B). During the three months ended on March 31, Hemlo Mining posted net income of US$22.1 million, or US$0.07 per share, alongside EBITDA of US$86.6 million and free cashflow of US$71.5 million.
Total gold sales reached 38,685 ounces for the quarter.
Operationally, Hemlo completed its shift from a contractor workforce to an owner-operated model ahead of schedule. Total mining volumes hit 376,000 metric tons, yielding 29,699 ounces of attributable gold production.
"Q1 was transformational for the Company, delivering our first full quarter as owner-operator of the Hemlo Gold Mine and establishing the operational platform for the year ahead," Kosec said in the company’s Q1 report.
The miner also recently executed an impact benefit agreement with Biigtigong Nishnaabeg regarding the Hemlo site. The life-of-mine framework establishes mechanisms for financial participation, contracting and employment opportunities, capacity funding and environmental oversight.
“We are grateful to Biigtigong Nishnaabeg leadership for their partnership, and we are committed to honouring this agreement over the full life-of-mine," Executive Chair Jonathan Awde said.
"We look forward to a long and mutually beneficial relationship with the community."
By 11:15 a.m. EDT on Monday, Hemlo shares were trading for C$7.01.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
