Forged in Growth and Gold
Forged in Growth and Gold Building on a storied legacy, Hemlo Mining Corp. operates one of Canada’s notable gold assets in Marathon, Ontario, driven by investment, exploration, and a people-first approach W R I T E R : L I LY S AW Y E R | P R O J E C T M A N AG E R : S C A R L E T T B U R K E
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HEMLO MINING CORP. NORTH AMERICA
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s it navigates ongoing activity, North America’s gold mining industry is responding to shifting economic conditions, emerging technologies, and growing expectations around environmental responsibility. Across key regions such as Ontario (ON), Canada, long-established mining districts operate by way of modern exploration techniques and increasingly efficient extraction methods. Amid ongoing global uncertainty, gold remains a significant commodity in the sector. This has prompted a level of mining investment activity, with key operators seeking to maximize output from existing assets while advancing new projects. At the same time, a number of the
continent’s more mature mines are approaching the latter stages of their lifecycles, creating a requirement for ongoing exploration and infrastructure development. In response, many companies are increasingly targeting resource expansion opportunities in proven regions where geological understanding and established infrastructure offer an operational base. Elsewhere, the integration of advanced technologies – including artificial intelligence (AI), automation, data analytics, and digital monitoring systems – is enhancing efficiency and improving decision-making across the mining lifecycle. The scene is also undergoing a broader transformation driven by heightened environmental
expectations and regulatory oversight. From emissions reduction initiatives to more responsible land management practices, mining companies are aligning production with sustainability goals while maintaining operational performance. As North America’s gold sector operates within a changing environment, it continues to adapt.
SIGNIFICANT OPERATION Hemlo Mining Corp. (Hemlo) is a Canadian mining producer built on one of the country’s most iconic gold camps. Formerly known as Carcetti Capital Corp., Hemlo was recently established in 2025 to operate the Hemlo Gold Mine in Northwest OT, acquiring the site from Barrick Mining Corporation (Barrick).
Mining Outlook Issue 16 | 3
HEMLO MINING CORP. NORTH AMERICA
The acquisition was a highly competitive process, however Hemlo’s strong technical team and institutional backing enabled it to secure the acquisition. Hemlo had exceptionally strong support to finance what was ultimately a USD$1 billion transaction and was fortunate for the outcome to fall in its favor. The deal was underpinned by Hemlo’s long-term view and expertise in the gold market, particularly given the opportunity created by the divergence between spot prices and long-term forecasts. A piece of Canadian mining history, the Hemlo Gold Mine has been in production for over 40 years, having produced over 25 million ounces (oz) of gold during its lifetime. Today, two key pieces of infrastructure are operating well below capacity, creating a significant opportunity for the company. The mill is running at about 40 percent capacity and the hoist at around 60 percent.
Hemlo Gold Mine – at a glance • Hemlo’s flagship operation located in Northwest ON. • Hemlo is one of Canada’s most iconic gold camps. • 40+ years of production history and 25 million oz produced. • Hemlo recently transitioned to owner-operator of the mine. • The company is committing substantial investment into the asset in 2026 to drive optimization and growth.
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In terms of its production profile, Hemlo hasn’t released formal guidance yet – however, the company did publish its NI 43-101 Technical Report late last year, which provides some insight regarding potential future production and growth profiles.
CONSIDERABLE FLEXIBILITY The company believes the Hemlo Gold Mine offers significant expansion potential, with cut-off grade adjustments to optimize extraction. In many deposits, adjusting the cut-off grade results in margin compression, whereas Hemlo is in a position where that impact is far less pronounced, creating a potential opportunity for increased tonnage and the potential to reduce unit costs through economies of scale. While some operators have shifted their focus away from Canada in recent years, the company remains confident in its prospects. Indeed, the country is still a top-tier mining jurisdiction, and Hemlo is proud to be part of it.
However, one of the industry’s most pressing challenges is a widespread shortage of skilled professionals. A lack of people and talent is significantly impacting the sector, with significant attrition across the board – from miners and geologists to engineers and finance professionals, even within government. This talent gap also affects regulatory processes, particularly at the provincial level, where reduced capacity makes it difficult to accelerate permitting timelines. At the same time, there is a broader structural imbalance within the global mining value chain when it comes to outsourcing minerals refinement and processing. Much of the refining capacity still sits in Eastern markets, which is not something that can be fixed overnight.
Socially responsible Environmental stewardship and responsible resource development are central to Hemlo’s operational approach. The company is committed to minimizing its environmental footprint while maintaining transparent and accountable operations. Working closely with local and First Nations partners, Hemlo integrates sustainability considerations into all stages of the mining lifecycle – from exploration through to production. Regular monitoring, reporting, and third-party collaboration ensure compliance with regulatory standards and support continuous improvement. Beyond compliance, Hemlo places strong emphasis on collaboration and shared responsibility. By engaging with stakeholders and incorporating local perspectives, the company seeks to create lasting environmental and social value. This includes responsible land use, efficient resource management, and ongoing investment in site improvements. For Hemlo, responsible mining is part of its stated operational framework.
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Quality Construction Always Done Right Offering superior service and workmanship, Adey Brothers Construction Solutions Ltd. is a family-owned construction company dedicated to delivering results across North America
This is the principle that Adey Brothers Construction Solutions Ltd. brings to every project it embarks on.
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Headquartered in Terrace Bay, Ontario, Adey Brothers Construction Solutions Ltd. is a familyowned construction company dedicated to customer
s one of the oldest professions in human history, the construction industry plays a vital yet unique role in the development of cultures across the globe, having a major influence on both the economy and society as a whole. The industry can be a naturally volatile one at times, due to its response to fluctuations in consumer and business confidence; however, construction’s impact on sustainability, innovation, and technological advancements in the built environment makes it an undeniable cornerstone of economic growth and development. Ultimately, for construction, enduring quality is not just about what gets built, but rather about how the entire process is managed – from materials to execution. Discipline, communication, and the ability to do things right result in projects that stand the test of time.
The company prides itself on delivering the right solution for each client, ensuring the process is as smooth and supportive as possible, every time.
satisfaction and workplace safety. The business offers a wide range of services to meet any project needs. It specializes in helping clients save both time and money by utilizing state-of-the-art equipment and the latest techniques. Adey Brothers Construction Solutions Ltd. serves all industrial sectors, including pulp and paper, hydroelectric, cement plants, potash, petrochemicals, and mining. Equally, it provides the following industrial services: millwrighting, boilermaking, scaffold erection, pipefitting, high-angle rescue, surveying, and general maintenance. The company is available 24/7 and able to mobilize and be on site within 24 hours, cementing its status as a trusted stalwart in the construction industry.
UNPARALLELED EXPERTISE
Adey Brothers Construction Solutions Ltd. is on a mission to provide top-quality products to its clients in a professional setting while ensuring the highest standards in safety and reliability. The company continually strives to exceed expectations by ensuring that each project it conducts is completed on time and under budget. Its commitment to assuring the full satisfaction of its clients is something that Adey Brothers Construction Solutions Ltd. takes great pride in. Such dedication has also earned the business a reputation for excellence within the industry. All of the company’s employees are professionally trained tradespeople holding Canadian and US construction tickets, with senior tradespeople in possession of journeyman trades tickets. Safety and environmental conscientiousness are core business values at Adey Brothers Construction Solutions Ltd. The company has achieved and maintained a valid Certificate of Recognition (COR) and maintains a partnership with ISNetworld, ensuring that its environmental, health, and safety operations exceed and establish standards and expectations. Adey Brothers Construction Solutions Ltd. also offers a mentorship program, which
ensures that any apprentice tradesperson will be guided by capable journeymen with at least 25 years of experience. Combined with the company’s use of the highest quality materials and superior team members, it guarantees exceptional workmanship that is both durable and cost-effective. In addition to providing world-class service and technique, the company’s professionals work closely with clients to meet deadlines and coordinate with other related projects. Adey Brothers Construction Solutions Ltd. maintains open communication with its clients to keep them up to date on the status of their job, including them in the decision-making process for anything that may come up.
ADEY BROTHERS CONSTRUCTION SOLUTIONS LTD. JOINT VENTURE The company is proud to be in a joint venture with Minodahmun Development LP, Flying Post Development Limited Partnership, and Mattagami AKI L.P. We have a strong partnership with Minodahmun Development LP, which is a 100 percent First Nations-owned partnership created by Animbiigoo Zaagi’igan Anishinaabek, Aroland First Nation, and Ginoogaming First Nation to maximize First Nation participation in development projects. The company has the same relationships with Flying Post Development Limited Partnership and Mattagami AKI L.P.. These are rooted in respect, transparency, and a focus on long-term partnership. Adey Brothers Construction Solutions Ltd. prioritizes Indigenousowned businesses to ensure its projects contribute to long-term economic prosperity.
THE ADEY BROTHERS CONSTRUCTION SOLUTIONS LTD. ADVANTAGE
With services including millwrighting, pipefitting, carpentry, boilermaking, scaffolding, and electrics, Adey Brothers Construction Solutions Ltd. is primed and ready with friendly professionals to discuss the requirements of any upcoming project, in addition to scheduling an estimate appointment at a time that is most convenient for you. When planning your next project, rely on a company that offers unparalleled knowledge, experience, and expertise. Contact Adey Brothers Construction Solutions Ltd. to learn more about what sets it apart from the competition.
TOP-QUALITY PROJECTS
Adey Brothers Construction Solutions Ltd. proudly offers top-quality products for its clients, enabling the completion of projects in an efficient and reliable manner.
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Location – A 24-hour service industrial contractor.
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Availability – Ownership that lives and works locally. Clients have 24/7 access to company ownership.
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Experience – The leadership team has over 60 years of industrial experience and employs over 50 skilled tradespeople at any given time on short notice.
A major project on which the company has worked is the Côté Gold Project, located in northeastern Ontario. This impressive endeavor is a large-scale open-pit gold mining operation jointly owned by IAMGOLD and Sumitomo Metal Mining Co., Ltd. Having officially achieved commercial production in August 2024, the project was designed with cuttingedge technology, such as autonomous haul trucks and drills. The Côté Gold Project is positioned among the largest gold mines in the country, and Adey Brothers Construction Solutions Ltd. has contributed to this significant feat through the provision of shaker screens, alongside millwright and iron worker composite crews and belting installation at the site.
As a whole, the Côté Gold Project emphasizes sustainability and innovation, integrating environmental stewardship and digital technologies to enhance safety and efficiency throughout its operations – traits which Adey Brothers Construction Solutions Ltd. works hard to uplift on a daily basis. In addition to this project, the company is part of a plethora of other industry-leading initiatives and programs, including AV Terrace Bay, and working with other players in the field, such as Summit Pipeline Services and TransCanada PipeLines. It also ensures that team members are trained in high-angle rescue and rapid access, which prepares personnel for rescues where the slope is greater than 60 degrees, and the team is entirely dependent on ropes for suspension and safety.
As Adey Brothers Construction Solutions Ltd. looks ahead towards another 25 years of success in the industry, the company will continue to dedicate itself to customer satisfaction and workplace safety, while providing top-quality products that its clients have come to trust and rely on.
www.adeybrothers.ca
Fully registered and Certified by TSSA
HEMLO MINING CORP. NORTH AMERICA
OWNER-OPERATOR MODEL
Next-generation mining company Hemlo operates as a Canadian gold producer, underpinned by a long-life, highquality asset base and disciplined growth strategy. At the core of the company’s approach is its commitment to operational excellence, resource expansion, and long-term value creation.
Hemlo recently transitioned to owneroperator of the mine, overseeing a workforce of approximately 700. The company primarily tries to hire within local communities, collaborating with First Nations partners in the towns of White River, Manitouwadge, and Marathon. Its transition to an owner-operator model was a move designed to strengthen both its operational control and community engagement. Historically, many workers moved away from the region due to the prevalence of contractor-based roles – Hemlo is seeking to reverse that trend. People want stability – pensions, benefits, and the ability to go home to their families every night, rather than staying in camps. Re-establishing these kinds of connections is fundamental to enabling a healthy work-life balance for the company’s employees. For Hemlo, it’s all about being a strong member of the community. The mine’s historic legacy is a defining element of Hemlo’s identity. To unlock its potential, Hemlo is committing substantial investment into the asset. Details surrounding its future investment plans will be released as part of its formal guidance later this year.
Hemlo’s strategy is guided by a set of five clear principles:
LONG-TERM SUSTAINABILITY
• SAFETY FIRST – Prioritizing the well-being of employees and contractors.
Alongside exploration, the company is investing in its workforce, mining fleet, and processing infrastructure. In this sense, the Hemlo Gold Mine is not just a standalone asset, but a platform for broader growth. A cornerstone of Hemlo’s growth strategy is its extensive 130,000meter (m) exploration drilling program for 2026 – one of the largest of its kind in Canada. The program is divided into three key components, each designed to support both short-term performance and long-term expansion.
• OPERATIONAL DISCIPLINE – Driving efficiency and productivity across all activities. • SUSTAINABLE GROWTH – Extending mine life through exploration and innovation. • COMMUNITY ENGAGEMENT – Fostering strong partnerships with local and Indigenous stakeholders. • VALUE CREATION – Delivering consistent returns for shareholders. Through this operational framework, Hemlo maintains its current mining operations within the region.
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LEADERS IN UNDERGROUND MINING 80+
85+
75,000+
65,000+
Projects completed across four continents
Pieces of heavy underground mobile equipment
Lateral development meters driven since 2000
Raise meters driven since 2000
Manroc specializes in Alimak raise development, underground lateral development, long hole stope production drilling/blasting and underground construction. We work in close partnership with our clients to ensure every project’s success. Our methods and expertise make it possible to
extract previously uneconomic or inaccessible ore reserves. Manroc has led and stayed at the forefront of mining technologies and applications relating to narrow vein stope mining. We have successfully applied innovative mining techniques, which consistently result in lowering production costs and increasing productivity.
GLOBAL REACH We are proud to call Northwestern Ontario home.
Our other locations include: •Kazakhstan
Headquartered in Manitouwadge, Ontario, with our corporate office in Thunder Bay, Manroc serves most of the operating mines in the region.
•Tanzania •Ghana
Over the years and generations, Manroc has been asked to lead and support a number of international underground development projects. When our expertise becomes fundamental to a project’s success, we excel in our ability to lead, train, procure and execute on project deliverables. 807-826-4564
info@manroc.com
www.manroc.com
HEMLO MINING CORP. NORTH AMERICA
These components include resource conversion drilling to a depth of 70,000 m, a 30,000 m highdefinition drilling stage focused on derisking the short-term mine plan, and a 30,000 m growth drilling stage to test new mineralized zones outside the current mineral resource footprint. The 2026 resource conversion drilling program targets inferred mineral resources and unclassified
Q1 2026 financial and operating results Having delivered its first full quarter as owner-operator of the Hemlo Gold Mine, the company has announced its financial and operating results for Q1. Financial highlights include delivering attributable gold production of 29,699 oz and generating USD$186.3 million in revenue and net income of USD$22.1 million – equivalent to USD$0.07 per share. Operationally, the company completed the transition to an owner-operator model ahead of schedule, strengthened its executive and site teams, and launched the 130,000 m exploration drilling program. Elsewhere, plant performance remained stable with an average milling rate of approximately 180 tons (t) per hour, and the ore processed in Q1 totaled 322,000 t. Total mining costs before capitalized development costs were USD$42.6 million, or USD$113.15 per t mined, while processing costs were USD$10.5 million, or USD$32.81 per t processed.
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material to upgrade it to the indicated mineral resource category and extend current mine life. The high-definition drilling program refers to the tighter drill spacing routinely applied at the Hemlo Gold Mine prior to mining, while the growth drilling program is designed to test expanded mineralized footprints identified through sporadic historical drilling and localized past mining areas.
UNLOCKING VALUABLE GROWTH A revised geological understanding of the deposit is key. For many years, the deposit was mischaracterized – It’s actually a Precambrian porphyry or intrusion-related system, which has important implications for how mineralization is distributed. As the system formed, mineralized fluids moved upward, precipitating at multiple contact points. What makes the deposit particularly unique is the fact it has undergone two deformation events, effectively folding the mineralization over itself. The mineralization existed before this deformation. Historically, mining operations focused on the main contact zones, which were economically viable at much lower gold prices. However,
today’s pricing environment opens up additional opportunities. There are zones in both the hanging wall and footwall that are located near existing infrastructure.
NEW MINERALIZED STRUCTURES In May this year, Hemlo announced results from its 130,000 m 2026 drilling program regarding the SouthRim Zone (South-Rim) which support the definition of a newly recognized, high-grade mineralization domain. Identified as one of four priority growth targets in Hemlo’s January 2026 announcement, South-Rim forms part of the company’s growth component. Initially intersected during previous drilling campaigns, the company’s ongoing reinterpretation of SouthRim suggests multiple mineralized horizons within the metasediments may remain. Multiple discrete, sub-parallel lenses of 1 to 2 m in width have exhibited moderate-to-strong silicification and carbonate alteration, hosting highgrade ore shoots that display plunge orientations identical to those of the C-Zone or E-Zone ore bodies. The newly defined structure demonstrates how high-grade shoots within South-Rim are not isolated
Setting the New Standard in World-Class
As one of Canada’s leading mining and construction companies, Technica Mining is leading the way in world-class workforce safety and project excellence in underground and open-pit development, construction, maintenance, and operation
UNDERGROUND CONSTRUCTION
UNDERGROUND DEVELOPMENT
At Hemlo Mining Corp.’s (Hemlo) operations in Northwestern Ontario, Canada, Technica Mining is proud to support a partnership model that reflects the future of responsible, world‑class mining. Working in collaboration with Asiniikaa Mining and Construction (Asiniikaa) and Biiwaabikoke Limited Partnership (Biiwaabikoke LP), the mining arm of Biigtigong Nishnaabeg, Technica helps deliver projects that balance technical excellence with long‑term community value. Established in 1999 in Sudbury, Ontario, as a small underground construction company, Technica has since grown to become a stalwart in Canada’s mining and construction industries. From the company’s roots specializing in underground infrastructure and repairs, it has expanded its portfolio of services to comprise engineering, underground development, electrical, mechanical and civil construction, surface and underground production drilling, and blasting. Technica is recognized for setting a new world‑class standard in underground mining by integrating safety, innovation, and partnership‑driven execution into every phase of its work. At Hemlo, this approach is realized through meaningful collaboration with Indigenous partners whose regional knowledge, workforce participation, and shared values strengthen project outcomes.
UNDERGROUND PRODUCTION
UNDERGROUND ELECTRICAL
Asiniikaa comprises both Indigenous and non‑Indigenous team members, bringing decades of sector experience to the North. The company’s relationship to the area is essential, as the North is where Asiniikaa and its partners are located. Asiniikaa’s focus is on exceeding the expectations of its clients while building sustainable, reciprocal relationships with Indigenous communities and organizations. As part of its operations, Asiniikaa invests in capacity development, training and development, and procurement opportunities in every community in which it works. At the Hemlo Mine, Asiniikaa has formally established a strategic partnership with Biiwaabikoke LP. This partnership reflects a shared commitment to collaboration, economic development, and responsible resource management, alongside supporting employment opportunities, business growth, and long‑term sustainability in the region. Technica Mining works together with its partners to support project delivery at Hemlo. Through this partnership structure, Technica, Asiniikaa, and Biiwaabikoke LP are engaged in a collaborative approach that brings together technical execution, regional experience, and community participation in support of mining operations.
www.asiniikaamining.ca
With nearly three decades worth of industry expertise, Technica’s track record of safely completing projects on time and on budget, in addition to its strong and well‑established partnerships, continues to set it apart as the go‑to company within mining and construction.
Info@technicamining.com | www.technicamining.com Technica Mining technicamining
Technica Mining
HEMLO MINING CORP. NORTH AMERICA
relationships with local suppliers and surrounding communities. Long-standing collaborations, such as with Manroc Developments – who has supported operations in the region for nearly three decades – remain central to the company’s approach. It’s important to maintain those relationships as they play a key role in Hemlo’s development activities. At the same time, Hemlo works with First Nations partners to support economic development and establish long-term, sustainable business opportunities. anomalies, but rather a coherent system of plunge-controlled lenses. Hemlo’s geology team recently completed a comprehensive reinterpretation of all available drill data, recognizing for the first time that these discrete intersections are part of a single, plunge-controlled mineralized structure extending over more than 1.5 kilometers vertically and within an approximately 300-m-wide east-west corridor. While individual lenses in the C-Zone remain spatially separated, they share consistent grade characteristics and structural affinity, confirming their common genetic origin. The ongoing growth drilling campaign is designed to validate this new interpretation, infill data gaps within the upper portion of the SouthRim structure and test the lateral and down-plunge extents of the system. With intercepts at South-Rim now announced, Hemlo’s exploration strategy turns eastward toward several other zones, where historical mining intersections within equivalent South-Rim horizons returned results that remain largely untested by drilling.
LONG-STANDING COLLABORATIONS Beyond geology and operations, Hemlo places strong emphasis on its 14 | Mining Outlook Issue 16
Hemlo’s mission, vision, and values MISSION – To build a resilient, disciplined, and performance-driven mining company that operates with an owner’s mentality – moving with conviction, thinking long-term, and executing with precision. VISION – To build the next-generation mining company – a nimble, ownerdriven organization with the potential to scale into an intermediate, multi-asset producer through resilience, precision, and an unrelenting focus on performance and zero harm. CORPORATE VALUES • RESILIENCE – Hemlo believes challenges sharpen its senses and strengthen its resolve to deliver – no matter the environment. • PERFORMANCE – As a company that measures itself by operational, financial, and strategic outcomes, Hemlo believes results matter more than rhetoric. • VALUE CREATION – With an understanding that everything it does must generate lasting value, Hemlo creates value for shareholders, employees, partners, and stakeholders alike. • DISCIPLINE – Hemlo allocates capital based on data, not emotion. For the company, discipline looks like challenging old thinking, rejecting complacency, and making bold, evidence-based decisions that drive sustainable growth. • AGILITY – Moving with conviction and purpose, Hemlo’s nimbleness allows it to capture opportunity. • ZERO HARM – Safety and sustainability are non-negotiables for the company as it strives to protect its people, communities, and the environment around it. • OWNER MENTALITY – Hemlo takes accountability for every decision, focusing on long-term value creation and driving measurable results.
HEMLO MINING CORP. NORTH AMERICA
Major Machine Works is located in Marathon, Ontario, Canada. We service big and small industries such as the local gold mines, paper mills, logging companies, railway, hydro, and walk-in customers. We pride ourselves on fair pricing and reliable service backed by high-quality workmanship.
Fabrications • • • • • • • •
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Phone: 807-229-1187 Phone: 807-229-1187 Phone: 1-877-291-1187 majormac@shawcable.com www.majormachineworks.com
This commitment extends to the nearby town of Marathon, where the company engages a range of local suppliers for operational and safety services. For Hemlo, it’s about ensuring that the benefits of the mine are felt across the entire region. Equally, sustainability and environmental responsibility also form a core part of its operating philosophy. The company adheres to a range of environmental standards and reporting frameworks while also going beyond baseline requirements. Hemlo complies with multiple environmental and sustainability initiatives, publishes annual reports, and conducts quarterly audits in collaboration with its First Nations partners. This level of engagement ensures transparency and accountability among members of the community.
PEOPLE-CENTRIC APPROACH Looking ahead, Hemlo has set out a clear roadmap of corporate and operational milestones. From a market perspective, the company has been listed on the Toronto Stock Exchange (TSX) by the TSX Venture Exchange since June, ahead of a further listing on a major US exchange. In parallel, Hemlo is aiming for inclusion in key mining indices, alongside the release of an updated resource estimate as part of internal technical and administrative work. The company is completing all the groundwork this year, from geotechnical and ventilation studies to material handling and mine sequencing. Operationally, the focus remains on stabilizing the site and gradually increasing production rates. Production and financial targets aside, Hemlo’s people-centric approach
is what truly sets the company apart. One of the most unique aspects of the business is how integrated its leadership team is with the site. Senior executives spend significant time on-site each month, working closely with operational teams. With a young and ambitious workforce, Hemlo is focused on cultivating the next generation of industry leaders. This emphasis on mentorship and development is a key component of both the company’s culture and longterm vision, particularly as it navigates an increasingly competitive labor market.
info@hemlomining.com
www.hemlomining.com Mining Outlook Issue 16 | 15
info@hemlomining.com www.hemlomining.com
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