Hemlo Mining (HMMC) Corporate presentation summary

Asset and strategic priorities

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

• Strategy targets reserve and resource optimization, mine and mill improvements, and phased production growth using existing infrastructure.

• Current underground mining rate is ~3,800 tpd; staged throughput goals are 4,800 tpd, 6,000 tpd and ultimately 10,000 tpd, versus permitted capacity of 13,500 tpd.

• A 2025 technical report outlines an after-tax NPV5% of $1.1B over a 14-year mine life, with incremental open-pit production starting in 2028E; open-pit scope and timing remain under evaluation.

Operating performance and financial position

• Q2 2026 attributable gold produced was 25,188 oz and attributable gold sold was 27,858 oz; YTD totals were 54,887 oz produced and 59,910 oz sold.

• YTD attributable site AISC was $2,157/oz sold; Q2 attributable site AISC was $2,561/oz sold, up from $1,805 in Q1.

• Q2 revenue was $142.5M, net income $31.0M, adjusted net income $27.3M, EBITDA $77.2M and free cash flow $11.3M.

• Quarter-end cash was $130.2M and net debt was $19.8M; Q2 capital expenditures were $24.4M, including $17.5M sustaining and $6.9M growth capital.

• Lower Q2 production versus Q1 reflected a planned crusher rebuild and mine-sequencing transition; development metres rose 42%, longhole drilling 65%, tonnes moved 5% and ore milled 7% QoQ.

Mine optimization and infrastructure

• Underground infrastructure spans nine mining zones; the 1,300 m shaft has two skip compartments with 2.6 Mtpa capacity, and two surface ramps can support production haulage.

• Optimization work includes bottom-up sequencing, downhole drilling, additional mining fronts in C-Zone Upper and B-Zone West, and accelerated E-Zone access.

• Mill throughput of ~3,800 tpd uses ~40% of total capacity; increasing to ~6,000 tpd is targeted without major upgrades or costs.

• Mill work toward 10,000 tpd includes a second Knelson concentrator, additional tailings flotation cells, a cyanide destruction tank and refurbishment of the open-pit crushing circuit.