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Hemlo Mining Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$12.00

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-- Stifel Canada on Wednesday maintained its buy rating on the shares of Hemlo Mining (HMMC.TO) and its C$12.00 price target following the company's first-quarter results.

"HMMC delivered a solid start to its first full quarter of ownership of the Hemlo Gold mine, including in-line total gold production (100% basis) of 34.8Koz (322Kt ore processed at 3.41g/t) and attributable gold production of 29.7Koz (+3.4% vs. our 28.7Koz). Mining successfully transitioned to owner-operator on March 16, 2026, two weeks ahead of schedule, with 97% contractor workforce uptake, and HMMC fully repaid its $100Mln Revolving Credit Facility (RCF) reducing net debt to $26.2Mln (from $93.0Mln at YE25). At Q1/26, HMMC held cash of $123.7Mln, higher vs. our $85.6Mln estimate - with full financial results scheduled for May 20, 2026. HMMC currently trades at 0.46x on P/NAV and 3.7/3.2x on FY27/28E EV/EBITDA vs. average mid-tier (0.1-0.5Moz) and intermediate (0.5-2.0Moz) gold producers under Stifel coverage at 0.67x and 4.5/3.8x, respectively. We continue to see Hemlo on a clear path to unlock value through underground reserve and resource growth and mine/mill optimization," analyst Ralph Profiti wrote.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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