-- スティフェル・カナダは水曜日、ヘムロ・マイニング（HMMC.TO）の第1四半期決算発表を受け、同社の株式に対する買い推奨と目標株価12.00カナダドルを維持した。 HMMCは、ヘムロ金鉱山の所有権取得後最初の四半期を堅調にスタートさせました。総金生産量（100%ベース）は34.8Koz（処理鉱石322Kt、品位3.41g/t）、帰属金生産量は29.7Koz（当社予想28.7Kozに対し3.4%増）でした。鉱山運営は、予定より2週間早い2026年3月16日にオーナーオペレーター方式に移行し、請負業者の雇用率は97%に達しました。また、HMMCは1億ドルのリボルビング信用枠（RCF）を完済し、純負債は2,620万ドル（2025年末時点の9,300万ドルから減少）に減少しました。2026年第1四半期末時点で、HMMCは1億2,370万ドルの現金を保有しており、当社の予想8,560万ドルを上回っています。決算発表は2026年5月20日に予定されています。HMMCの現在の株価はP/NAV倍率は0.46倍、2027年度/2028年度予想EV/EBITDA倍率は3.7倍/3.2倍であるのに対し、スティフェルがカバーする中堅（0.1～0.5百万オンス）および中規模（0.5～2.0百万オンス）の金生産企業の平均倍率はそれぞれ0.67倍、4.5倍/3.8倍となっている。アナリストのラルフ・プロフィティ氏は、「ヘムロは地下埋蔵量と資源量の増加、そして鉱山・製錬所の最適化を通じて、企業価値向上への明確な道を歩み続けている」と述べている。 （は、北米、アジア、ヨーロッパの主要銀行および調査会社による株式、商品、経済に関する調査レポートを配信しています。調査レポート提供者の方は、こちらからお問い合わせください：https://www..com/contact-us）
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