Announcement • May 15

Hemlo Mining Corp. Intersects 16.1 G/T Au Over 8.1 Metres In Newly Interpreted South-Rim Zone Adjacent To Active Mining In C-Zone

Hemlo Mining Corp. announced results from its 130,000-metre 2026 drilling program designed to support future mineral resource growth across the Hemlo Gold Mine, located near Marathon, Ontario, Canada. Initial assay results from the South-Rim Zone support the definition of a newly recognized, high-grade mineralized domain at Hemlo, with strong potential for near-term, low-capital resource growth. South-Rim drilling forms part of the Growth component of the Company's 2026 exploration drilling program and was identified as one of four priority growth targets in the January 2026 announcement. The drilling aims to confirm new mineralized structures within the regional metasediments and, given their proximity to the active C-Zone mining front, potentially add low-capital resources to the near-term mine plan. South-Rim is a newly defined, structurally controlled mineralized domain hosted within the regional metasediments, located immediately adjacent to active mining in C-Zone. Reinterpretation defines a plunge-controlled system extending more than 1.5 kilometres vertically within a ~300-metre-wide east-west corridor, opening a new exploration domain across the Hemlo mine extension. The first 7 of 20 holes planned for South-Rim confirm mineralization, validating a high-grade system within the regional metasediments: Hole 7652606 intersected 16.07 g/t Au over 8.1 metres, including 59.7 g/t Au over 2.0 metres. Hole 7652603 intersected 5.79 g/t Au over 11.0 metres, including 38.4 g/t Au over 0.9 metres. Hole 7652604 intersected 6.04 g/t Au over 4.8 metres, including 36.20 g/t Au over 0.6 metres. South-Rim mineralization remains open along strike and down plunge. Historical exploration within the metasediment horizons at Hemlo was limited and the Company's new interpretation indicates these horizons may represent a significant and underexplored source of near-mine gold mineralization adjacent to existing infrastructure. Table 1. Selected Gold Intercepts from the 2026 South-Rim Zone Drill Program: 7652601 No significant results; 7652602 No significant results; 7652603 124.0 to 135.0 metres, 11.0 metres at 5.79 g/t Au, including 125.4 to 126.3 metres, 0.9 metres at 38.40 g/t Au; 7652604 89.9 to 94.6 metres, 4.8 metres at 6.04 g/t Au, including 91.7 to 92.2 metres, 0.6 metres at 36.20 g/t Au; 7652605 125.7 to 130.0 metres, 4.3 metres at 8.05 g/t Au, including 125.7 to 126.5 metres, 0.8 metres at 21.90 g/t Au; 7652606 99.8 to 107.9 metres, 8.1 metres at 16.07 g/t Au, including 104.0 to 106.0 metres, 2.0 metres at 59.67 g/t Au; 7652607 148.6 to 154.3 metres, 5.7 metres at 3.44 g/t Au, including 148.6 to 149.0 metres, 0.4 metres at 22.80 g/t Au. Totals may not sum, due to rounding. True thickness is estimated to vary between 30% and 70% of downhole length. Drill intercepts are constrained to the interpreted vein envelope, include internal dilution and uncapped assays. On January 29, 2026, Hemlo Mining announced the initiation of a 130,000-metre exploration drilling program for 2026, its largest investment commitment since acquiring the Hemlo Mine. The program is intended to serve as the foundation for an updated Resources and Reserves technical report expected in the second half of 2027. The program is structured across three complementary programs: 70,000 metres of Resource Conversion Drilling targeting the upgrade of Inferred mineral resources to the Indicated category; 30,000 metres of High-Definition Drilling to de-risk the near-term mine plan; and 30,000 metres of Growth Drilling designed to test new mineralized zones beyond the current resource footprint. The program is ramping up as planned, with five drills currently operating underground, one at surface, and two additional drills expected to mobilize this month. Approximately 28,400 metres of drilling have been completed to date across all three programs. Results from the Resource Conversion and High-Definition Drilling components will be reported in subsequent news releases. South-Rim was initially identified as one of four priority growth targets, selected on the basis of geological interpretation and proximity to existing infrastructure. Initial results represent the first major growth drilling deliverable of the 2026 program and demonstrate that systematic reinterpretation and drilling at Hemlo continues to unlock mineralization close to current operations within a camp that has been in production for over forty years. The broader 2026 exploration strategy is designed to support future mineral resource growth, extend mine life and identify near-mine, low-capital growth opportunities across the Hemlo operation. Additional assay results from the ongoing South-Rim program, as well as results from other active exploration areas including the A-, B-, D- and E-Zones, are expected over the coming months. South-Rim mineralization was initially intersected during previous drilling campaigns; however, the regional metasediment horizons historically received limited systematic exploration due in part to a more limited understanding of the structural controls and folding kinematics influencing mineralization at Hemlo. Historical exploration efforts were also primarily focused on other targets during lower gold price environments. The Company's ongoing reinterpretation work suggests that multiple mineralized horizons within the metasediments may remain underexplored and represent attractive near-mine growth opportunities adjacent to existing underground infrastructure. Given South-Rim's position within 50 to 150 metres of active mining in C-Zone, successful resource definition in this domain is expected to translate into near-term, low-capital resource additions, a compelling value proposition in the context of the Company's ongoing mineral resources growth and mine life extension strategy. Hemlo Mining's geology team recently completed a comprehensive re-interpretation of all available drill data, recognizing for the first time that these discrete intersections are part of a single, plunge-controlled mineralized structure extending over more than 1.5 kilometres vertically and within an approximately 300-metre-wide east-west corridor. The ongoing growth drilling campaign is designed to validate this new interpretation, infill data gaps within the upper portion of the South-Rim structure, and test the lateral and down-plunge extents of the system.

CEO salary percentage	83.90%
CEO tenure	less than a year
CEO ownership	0.7%
Management average tenure	less than a year
Board average tenure	less than a year

Date	Total Compensation	Salary	Company Earnings
Mar 31 2026	n/a	n/a	-US$15m
Dec 31 2025	US$43k	US$36k	-US$37m

Name	Position	Tenure	Compensation	Ownership
Jonathan Awde	Executive Chairman	less than a year	US$31.12k	2.92% € 32.9m
Jason Kosec	President	less than a year	US$43.42k	0.65% € 7.3m
Jonathan Case	Chief Financial Officer	less than a year	US$23.30k	0.54% € 6.1m
Eric Tremblay	Chief Operating Officer	less than a year	no data	0.084% € 951.2k
Jason Banducci	VP of Corporate Development & Investor Relations	no data	no data	no data
Carl DeLuca	General Counsel & Corporate Secretary	less than a year	no data	no data
Raphael Dutaut	Vice President of Exploration	less than a year	no data	0.087% € 976.4k
Perry Blanchard	Vice President of Sustainability	no data	no data	no data
Mike Tsafaras	Vice President of Engineering & Projects	no data	no data	no data
Lindsay Newton	Vice President of Finance	no data	no data	no data

Name	Position	Tenure	Compensation	Ownership
Jonathan Awde	Executive Chairman	less than a year	US$31.12k	2.92% € 32.9m
Jason Kosec	President	less than a year	US$43.42k	0.65% € 7.3m
Tom Yip	Independent Director	less than a year	US$4.75k	no data
Robert Quartermain	Lead Director	less than a year	US$23.07k	0.88% € 9.9m
Glenn Kumoi	Director	3yrs	US$13.27k	0.034% € 380.5k
Audra Walsh	Independent Director	less than a year	US$12.57k	0.076% € 852.0k

Data	Last Updated (UTC time)
Company Analysis	2026/05/25 11:12
End of Day Share Price	2026/05/22 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Hemlo Mining Management

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Less than half of directors are independent

Recent updates

Less than half of directors are independent

Hemlo Mining Corp. Intersects 16.1 G/T Au Over 8.1 Metres In Newly Interpreted South-Rim Zone Adjacent To Active Mining In C-Zone

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Analyst	Institution
Garett Ursu	ATB Cormark Historical (Cormark Securities)
Kevin O'Halloran	BMO Capital Markets Equity Research
Christopher Brown	Canaccord Genuity