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National Bank of Canada Maintains Hemlo Mining's Outperform Rating, C$9.00 Target

BY MT Newswires | ECONOMIC | 11:29 AM EDT

11:29 AM EDT, 05/21/2026 (MT Newswires) -- National Bank of Canada on Thursday maintained its outperform rating on the shares of Hemlo Mining (HMMCF) and its C$9.00 price target following the miner's first-quarter results.

Hemlo reported first-quarter financial results in its first full quarter under new management. All-in sustaining cost was better than expected, benefiting from a higher gold sales, among other factors.

The results overall lent incremental de-risking with higher free cash flow, early deleveraging and visibility for improvements, such as mining fleet upgrades and processing optimization.

Adjusted earnings per share was $0.09, below National Bank's estimate of $0.25 and consensus estimate of $0.18.

National Bank attributed the earnings miss to costs and non-op items, including depreciation, royalties, finance costs and tax expense.

Price: 5.85, Change: -0.50, Percent Change: -7.87

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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