Hemlo Mining Corp. acquired the historic Hemlo Gold Mine (Williams + Interlake) from Barrick in Nov 2025 for ~US$1.09 billion, and recently graduated from the TSXV to the TSX (Jun 2026). Cash of CAD $130.2 million (Jun 30 2026) sits alongside a $150 million term loan (net debt ~$19.8 million) -- the company is NOT debt-free, flagged clearly here. Up to $165 million in further deferred/contingent payments to Barrick are due through 2032.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
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- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)9/10
Ontario: Fraser PPI 2025 is 93.70 of 100 (rank 5 of 68), which maps to 9 on this site's scale. Ontario, Canada — a top-tier mining jurisdiction.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Hemlo Gold Mine, Marathon, Ontario.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Eagle River (Wesdome Gold Mines Ltd.), 84 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score:8.4/10
Barrick Mining Corporation holds 7.78% (reported 18 Dec 2025) See holders
An operating producer's stake scores 8 at 5%, rising to 10 at 20% (the take-over-bid threshold) and holding there up to 50%.
Weight 25% · 34% here - Distance to a producing mineSub-score:3.9/10
Nearest producing mine: Eagle River (Wesdome Gold Mines Ltd.), 84 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 31% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 20% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 9% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 6% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
The company was previously named Carcetti Capital Corp. 15 years of experience spanning mineral exploration, mine development, production and capital markets. Career: President and CEO, Integra Resources Corp. (2023-2025); Founder, Millennial Precious Metals Corp. (2020-2023), grown from an exploration company with no resource to one with a 10-million-ounce resource and 80,000 ounces of annual production within four years, through its real merger with Integra Resources in May 2023; VP Strategic Development, Sable Resources Ltd.
Executive Chairman of the Board of Hemlo Mining Corp., appointed following the shareholder meeting in October 2025 that approved the Hemlo mine acquisition. Career: Co-founder and former CEO, Dakota Gold Corp.; co-founder and former CEO, Gold Standard Ventures Corp., through its real sale to Orla Mining Ltd. for C$242 million in 2022.
Chief Financial Officer of Hemlo Mining Corp. Former professional investor in the mining sector with 18 years of experience in capital markets. CFA, MFin. Career: VP, Portfolio Manager and Research Lead, Equities, CI Global Asset Management, focused on the resource sector at an asset manager with over $100 billion in AUM.
Chief Operating Officer of Hemlo Mining Corp., with the Hemlo mine's VP of Operations and General Manager reporting to him. Over 30 years of experience in mine building and operations, all phases from exploration and permitting to construction, production and closure. Career: COO, Osisko Development Corp. (2018-2025); COO, Dalradian Resources Inc. (through its acquisition by Orion Mine Finance for ~C$537 million, Sep 2018); General Manager, Canadian Malartic gold mine (Osisko group), built and operated Canada's second-largest gold mine; senior management, IAMGOLD Corporation following its 2006 acquisition of Cambior Inc.; began his career with Barrick at the Doyon Mine and contracting companies. Independent Non-Executive Director, Talisker Resources Ltd. (since 2020); former director, Maritime Resources Corp., Nighthawk Gold Corp. (2020-2024) and Barkerville Gold Mines Ltd. (2019).
Vice President, Corporate Development and Investor Relations of Hemlo Mining Corp., appointed effective 2 March 2026. Mining executive with nearly 15 years of experience spanning corporate strategy, capital markets, M&A and investor relations. Prior to Hemlo, held a senior executive role at a U.S.-focused gold producer, leading the acquisition of a Nevada-based gold mining operation that repositioned the company from developer to producer status and drove market capitalization growth from approximately $200 million to over $1 billion; earlier, a founding executive at a gold exploration company, leading its go-public transaction on the TSX Venture Exchange including asset acquisition and equity financing. HMMC's Management-score gap still closes via Kosec/Awde/Tremblay, all covered this same batch.]
Independent Director of Magna Mining Inc. (TSX: NICU), on the board since the company's qualifying transaction closed 4 May 2021, re-elected at successive annual meetings (9 Jun 2023, 28 Jun 2024, 18 Jun 2026); also General Counsel & Corporate Secretary of Hemlo Mining Corp. Was Chief Legal Counsel for Detour Gold Corporation until its takeover by Kirkland Lake Gold. 13+ years of experience with Vale (Inco) in various legal/corporate roles including Head of Legal, Corporate and Assistant Secretary. Extensive M&A, joint-venture, and structured project-financing transaction experience. Also General Counsel and Corporate Secretary of Li-Cycle Holdings Corp. (NYSE, 2021-2025).
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Barrick holds 7.78% (23,055,000 of 296,329,968 shares), not 11.68% -- as consideration for selling the Hemlo mine (a ~US$1.09B deal closed in November 2025), rather than paying cash to buy in -- a vendor keeping a slice of what it sold is a weaker signal than an outside producer writing a cheque. A second, independent real holder sits alongside it: Orion Mine Finance Fund IV LP, a well-known mining-specialist private fund manager, holds 7.82%. FMR LLC (Fidelity) separately holds 11.47% per the April 2026 circular. Institutional ownership is 37.3%, and there are no insider transactions on record yet.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Hemlo Mining was created when Carcetti Capital acquired the historic Hemlo gold mine (Williams and Interlake) near Marathon, Ontario, from Barrick in November 2025 for consideration of up to US$1.09B, and it moved from the TSXV to the TSX in June 2026. Hemlo's measured and indicated resource at 31 December 2025 is 4,841,000 oz of gold (832,000 oz measured, 4,009,000 oz indicated) at 1.55 g/t, up 34% on the prior report. The October 2025 pre-feasibility study shows an after-tax NPV5% of US$1.1B at a US$2,610/oz gold price, with a 14-year combined underground and open-pit mine life averaging 154,000 oz a year. All-in sustaining cost in Q1 2026 was US$1,805 per ounce sold, and further contingent payments to Barrick linked to the gold price begin in January 2027.
Hemlo Mining Corp.'s 2026 Mineral Resource Estimate for the Hemlo Gold Mine (Williams + Interlake, acquired from Barrick Nov 2025): Measured+Indicated Mineral Resources (100% basis) of 96.9 Mt at 1.55 g/t gold for 4.8 Moz, up 1.2 Moz (+34%) versus the 2025 report. Interlake production is subject to a 50% net profit interest royalty to Franco-Nevada.