Hemlo Mining Corp. Initiates 130,000 Metre Exploration Drilling Program for 2026

Core Viewpoint - Hemlo Mining Corp. is launching a significant 130,000 metre exploration drilling program at the Hemlo Gold Mine, aimed at extending mine life, de-risking the near-term mine plan, and exploring broader growth potential in a favorable gold price environment [3][4][5]. Drilling Program Breakdown - The 2026 exploration drilling program consists of three main components: - Resource Conversion Drilling (70,000 metres) to convert Inferred mineral resources to Indicated classification [5][8]. - High-Definition Drilling (30,000 metres) to enhance geological confidence and operational predictability for the short-term mine plan [5][11]. - Growth Drilling (30,000 metres) to test new mineralized zones outside the current resource footprint [5][12]. Mineral Resources and Reserves - The Hemlo Mine has Probable mineral reserves of 2,321 koz of contained gold, with Measured and Indicated mineral resources of 3,626 koz [6][7]. - The after-tax NPV5% of the mine is approximately US$1.1 billion based on a long-term gold price of US$2,610/oz, potentially increasing to US$1.6 billion under higher price assumptions [7][20]. Program Context - The drilling program is positioned as a disciplined investment to support future technical studies and mine life extension, leveraging the current favorable gold price environment [4][3]. Target Areas for Drilling - Key target areas include: - C-Zone and E-Zone for resource conversion drilling [8][17]. - B-Zone Footwall for potential extensions of mineralization [14][15]. - South Rim and Highway Zone for testing continuity and potential resource delineation [16][18]. Future Plans - The results from the 2026 drilling program are expected to form the basis for an updated technical report, anticipated in H2 2027 [5][29].