Hemlo Mining

HMMC.TO

Gold · Basic Materials

Price

C$5.62

-0.05 (-0.88%)

Market Cap

C$1.67B

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+5124.3% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 698K (2022) → 36.5M (2025)

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.

Winston Score History

Score breakdown

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Quality

Gross Margin

39.3%

Modest — 39.3% gross margin

Operating Margin

31.2%

Excellent — 31.2% operating margin

ROCE

8.1%

Below par — 8.1% 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 YoY

N/A

—

Data not available

EPS YoY

N/A

—

Data not available

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

23.4%

Converts sales into free cash efficiently (23.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.26

Conservative — low debt load (0.26)

Interest Cover

4.29x

Adequate interest coverage (4.3x)

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

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Valuation

P/E Ratio (TTM)

249.8x

Expensive — P/E 249.8

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

P/E vs Forward

+243.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (249.8 → 6.5)

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Dividends

Not applicable for this business.

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