Recorded on September 4 2026 at NRS Studios
TSX: HMMC
OTCQX: HMMCF
Steve Yang speaks with Jonathan Awde, Executive Chair of the Board at Hemlo Mining Corp., about the operating, exploration and capital-allocation strategy for the Hemlo Gold Mine in northwestern Ontario.
Hemlo Mining Corp. acquired the producing Hemlo operation from Barrick Mining Corporation in November 2025. The company owns 100 percent of a gold camp with approximately 25 million ounces of historical production, more than 45,000 hectares and a 10,000-tonne-per-day mill. Jonathan explains why management believes the infrastructure and mineralized system could support higher production and a longer mine life.
The discussion covers Hemlo’s phased ramp-up from approximately 3,800 tonnes per day, its target of 4,800 tonnes per day by the end of 2026 and the work required to approach nameplate mill capacity. Jonathan outlines the owner-operator transition, new equipment, workforce expansion and underground development intended to reduce bottlenecks.
Hemlo Mining is advancing an approximately 130,000-metre drilling program focused on resource conversion, mine-plan confidence and growth targets. Drilling, mine planning and an open-pit trade-off study are expected to support an updated technical report in the second half of 2027.
Jonathan discusses free cash flow, debt reduction, institutional ownership, management alignment and the valuation gap he believes remains between Hemlo and Canadian single-asset gold producers. He also explains the team’s acquisition criteria and preference for disciplined execution over promotion.
Hemlo Mining Corp. and Jonathan Awde did not pay for this interview. Steve states that he is not currently an investor, although that may change.
KEY TOPICS
Hemlo Gold Mine production and mill capacity
Phased ramp-up and owner-operator transition
130,000-metre drilling program
Resource conversion and exploration upside
Updated 2027 technical report
Free cash flow and debt reduction
Insider ownership and shareholder alignment
Future acquisition criteria
HEMLO MINING CORP.
Website: https://www.hemlomining.com/
LinkedIn: https://www.linkedin.com/company/hemlo-mining/
X: https://x.com/hemlomining
Facebook: https://www.facebook.com/hemlo.mining
YouTube: https://www.youtube.com/@HemloMiningCorp
Corporate Presentation: https://www.hemlomining.com/_resources/presentations/corporate-presentation.pdf
STEVE YANG – NATURAL RESOURCE STOCKS
Website: https://naturalresourcestocks.net/
YouTube Main: https://www.youtube.com/@naturalresourcestocks
YouTube World: https://www.youtube.com/@NaturalResoureStocksWorld
X: https://x.com/JustSteveYang
LinkedIn: https://www.linkedin.com/in/thesteveyang/
NRS LinkedIn: https://www.linkedin.com/company/naturalresourcestocks-net/
NRS Facebook: https://www.facebook.com/people/Natural-Resource-Stocks/100090526686713/
NRS TikTok: https://www.tiktok.com/@natural.resource.stocks
NRS Instagram: https://www.instagram.com/naturalresourcestocks/
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CHAPTERS
00:00 Cold Open
00:52 Jonathan Awde and Hemlo Mining Corp.
02:01 Acquiring the Hemlo Gold Mine
03:53 Production and mill capacity
06:22 What the market may be missing
08:00 Comparable Canadian gold producers
09:24 Workforce and owner-operator transition
12:03 Phased production ramp-up
14:26 Infrastructure and exploration upside
18:07 Acquisition criteria and technical discipline
22:40 Valuation and execution
26:24 Share structure and insider alignment
28:39 Rick Rule and management quality
32:12 Interview disclosure and closing
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