Hemlo Mining (HMMC) Corporate presentation summary

Investment profile

• Flagship Hemlo Gold Mine has produced ~25 Moz of gold since 1985; 2025 attributable production was 121 koz.

• The 2025 technical report outlined a 14-year mine life, after-tax NPV5 of $1.1B and average annual attributable production of 138 koz, based on stated assumptions.

• The mine has ~2.3 Moz of P&P reserves and 4.8 Moz of M&I resources on a 100% basis; underground and mill capacities are ~6,000 and ~10,000 tpd, respectively.

• Capitalization snapshot: ~C$1.6B basic market capitalization, 296.4M basic shares, ~US$145M cash and ~US$143M long-term debt; balances as of September 30, 2026.

2026 operating and financial performance

• YTD through September 30: attributable production of 80,539 oz, sales of 89,740 oz and attributable mine-site AISC of US$2,324/oz.

• YTD revenue was US$464.2M, EBITDA US$215.4M, operating cash flow US$178.1M, free cash flow US$108.3M and adjusted net income US$75.6M, or US$0.26/share.

• Q3 attributable production was 25,652 oz; higher Interlake grades supported production as a substation outage slowed the planned ramp-up.

• Q3 realized gold price was US$4,234/oz sold; cash increased to US$144.8M after $7.5M of term debt repayment.

Mine and mill growth plan

• Strategy targets a staged underground ramp-up to ~4,800 tpd, then ~6,000 tpd; the 2025 technical report modeled ~3,800 tpd through 2032.

• Mill throughput is ~3,700 tpd versus ~10,000 tpd capacity; throughput near 6,000 tpd is presented as achievable without major upgrades.

• Reaching full mill capacity would require phased work including tailings storage expansion, additional processing equipment and refurbishment of the open-pit crushing circuit; the next significant investment is planned for 2028.

• Mining optimization, additional Alimak crews, new mining fronts and potential open-pit restart are intended to support higher production and mine-life extension.