Hemlo Mining

HMMC.TO

Gold · Basic Materials

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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Winston Score History

The full picture

Hemlo Mining Corp. is a Canadian gold mining company that operates the Hemlo gold mine in Ontario, Canada. The Hemlo mine is one of Canada's largest and longest-running gold mines, having produced gold for several decades. The company extracts gold ore from underground and sells refined gold to bullion dealers, refiners, and financial institutions.

Hemlo Mining generates revenue by selling gold at prevailing market prices, meaning its earnings rise and fall with the gold price. Operations are concentrated in Ontario, making it a single-asset company with limited geographic diversification. The Hemlo mine has an established resource base and existing infrastructure, which lowers development costs compared to newer projects, but the mine is a mature asset with declining ore grades over time. The main risk the company faces is that falling gold prices or rising operating costs could quickly erode its margins, and extending the mine's productive life depends on successfully finding new ore reserves at depth.

Score breakdown

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Quality

Profit per sale

Gross Margin

31.6%

Modest — 31.6% gross margin

Profit after running costs

Operating Margin

26.7%

Excellent — 26.7% operating margin

Return on the money invested

ROCE

8.7%

Below par — 8.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

N/A

—

Data not available

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

2/2 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

580%

Turns 580% of profit into real cash

Spare cash per sale

FCF Margin

15.9%

Converts sales into free cash efficiently (15.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.73

Moderate — manageable debt (0.73)

Covers its interest

Interest Cover

4.47x

Adequate interest coverage (4.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

42.5x

no trend

Pricey — P/E 42.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+39.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (42.5 → 3.5)

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Dividends

Not applicable for this business.

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