Ontario gold and copper projects see resource growth and near‑full financing

Hemlo Mining Corp. announced an updated mineral resource estimate for its Hemlo Gold Mine in Ontario. Measured and indicated resources rose 34% to 96.9 million tonnes at 1.55 g/t gold, equivalent to 4.8 million ounces, while inferred resources increased 39% to 12.1 million tonnes at 2.22 g/t, or 900,000 ounces. The update incorporates more than 30,000 metres of drilling since 2025 and reflects new metal price assumptions. Hemlo shares gained 2.9% to $5.65 following the release.

Generation Mining reported that financing for its $1 billion Marathon copper‑palladium project in northern Ontario is almost complete. The package totals $969 million, comprising a $200 million contribution from the Canadian Infrastructure Bank, $424 million in senior debt, and a $240 million streaming deal with Wheaton Precious Metals, leaving roughly $150 million to be raised via equity. The project, slated to start construction in the first half of next year and to produce from 2028, will deliver about 42 million pounds of copper annually, along with significant palladium, platinum, gold and silver outputs over a 13‑year life. Offtake agreements are in place with Glencore and a European group, and the host Biigtigong Nishnaabeg First Nation has contributed $750,000 toward the venture.