Hemlo Mining Boosts Gold Reserves by 34% with Updated Mineral Resource Estimate — Hemlo Mining Corp.

Event summary

Hemlo Mining Corp. increased its Measured & Indicated Mineral Resources by 1.2 million ounces (34%) to 4.8 million ounces of gold.
Underground resources grew by 40% to 2.8 million ounces, while open-pit resources increased by 25% to 2.0 million ounces.
The update incorporates additional drilling and higher gold price assumptions (US$2,500/oz vs. US$1,900/oz in 2025).
A newly identified A-Zone contains 70,000 ounces of inferred resources and remains open for further exploration.
The company is executing a 130,000-meter drilling program in 2026 to support resource growth and conversion.

The big picture

Hemlo Mining's significant resource upgrade reflects both successful exploration and the leverage of higher gold prices on its asset base. The company is positioning itself for a comprehensive mineral reserve update in late 2027, which could further extend the mine life and optimize operations. This strategy aligns with broader industry trends of maximizing existing assets through technological advancements and improved economic conditions.

What we're watching

Resource Conversion: Whether the company can successfully convert inferred resources into higher-confidence categories through its drilling program.
Exploration Upside: The pace at which new zones like the A-Zone and South Rim Zone will contribute to future resource growth.
Economic Sensitivity: How higher gold prices (up to US$4,000/oz) could further expand economically viable resources beyond current estimates.