Hemlo Mining Corp · TSX:HMMC
Hemlo Mining — Investor Presentation (December 2025)
29 slides from Hemlo Mining's investor presentation, December 2025
Slide 1: Investor Presentation
Investor Presentation December 2025 TSX.V: HMMC Hemlo Mining Corp. hemlomining.com
Slide 2: Legal Disclaimer
Legal Disclaimer Cautionary Note This presentation is dated December 2025 and is a presentation with respect to Hemlo Mining Corp. (the “Corporation” or “HMC”) and is subject to change. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. This p
Slide 3: Launching a New Mid-Tier Canadian Gold Producer
Launching a New Mid-Tier Canadian Gold Producer ✓ Strong Operational History and Outlook: 14-year remaining mine life and meaningful production scale at competitive costs Hemlo: ✓ 2025 Technical Report(1) Highlights: A Low-Cost, – 138 koz/year average gold production(2) Long-Life – $1,395/oz all-in
Slide 4: Experienced Team of Mining Executives
Experienced Team of Mining Executives Jason Kosec, President, CEO & Director Jason Kosec has 15 years of experience spanning mineral exploration, mine development, production, and capital markets. Most recently, Mr. Kosec founded Millennial Precious Metals, growing it from an exploration company wit
Slide 5: Board of Directors
Board of Directors Jonathan Awde, Executive Chairman and Director Jonathan Awde brings nearly two decades of expertise in capital markets, mineral exploration, development, and consolidation. As co-founder and CEO of Dakota Gold Corp., he led the consolidation of the Homestake District in South Dako
Slide 6: Hemlo – Long-Lived Asset with Upside
Hemlo – Long-Lived Asset with Upside Regional Map Greenstone Sugar Zone ▪ The Hemlo complex has produced ~25 Moz of gold (Equinox) ONTARIO Marathon (Vault Minerals) over 40-year history ~100km (Generation Mining) – +1 Moz average annual production from 1987-2003 Hemlo History 17 (~18 Moz) Marathon,
Slide 7: Technical Report Production & Cash Flow Profile
Technical Report Production & Cash Flow Profile(1)(2) ▪ Steady state underground mining rate at ~3,800 tpd Attributable Production & AISC(3)(4)(5) from 2025 to 2032 koz Au | $/oz Au Underground Production Open Pit Production AISC ▪ Incremental open pit production starting in 2028E $1,707 $1,717 $1,6
Slide 8: Unlocking Value Beyond the Technical Report
Unlocking Value Beyond the Technical Report 1 2 Reserve and Resource Optimization Mine Optimization ▪ Definition drilling to increase nearby mineralization shoots ▪ Improve mine sequencing – mine complete sectors ▪ Increased mine recovery ▪ Increase production rate to reach hoisting capacity ▪ Highe
Slide 9: Potential to Grow Mineable Ounces +40%
1 Potential to Grow Mineable Ounces +40% Hemlo Mining’s goal is to bring resource growth potential into an updated technical report in 2027 Underground Reserves ($1,700/oz Gold Price) Potential Growth Scenario ($2,100/oz Gold Price) (g/t) 4.81 5.50 4.37 5.00 4.01 4.50 Underground Resource M&I Sensit
Slide 10: Mining Optimization
2 Mining Optimization Mining Stopes by Gold Price Grey: Mined Out (70% CRF) Purple: Reserves Stopes ($1,700/oz Gold Price) Green: Potential Additional Stopes ($2,100/oz Gold Price) ▪ Improved mining sequencing enabled by optimized reserve and resource base: – Mine complete sectors, reducing equipmen
Slide 11: Underground Infrastructure Optimization
3 Underground Infrastructure Optimization ▪ Use of new ramp from the pit to access and Underground accelerate mining of upper C-zone Infrastructure ▪ New ore haulage route (lower C to B zones) Optimization Overview ▪ Leverage underutilized hoisting capacity (only ~60% utilization currently) ▪ Capaci
Slide 12: Mill Optimization
3 Mill Optimization Hemlo Mill ▪ Currently running at 40% capacity (3,800tpd) ▪ Opportunity to increase production rate to 4,800tpd without additional upgrades or costs Mill Capacity ▪ Mill capacity of 10,000tpd ▪ Two independent grinding lines to accommodate different grades ▪ Installation of a sec
Slide 13: Hemlo Mine Exploration Growth Potential
4 Hemlo Mine Exploration Growth Potential 2026: Priority on Resource-to-Reserve Conversion and Testing Continuity at Depth ▪ At a $2,500/oz gold price, ~800 koz of inferred material Drill Intercepts Surrounding Current Resource Zones could potentially be upgraded to indicated through Reserve Designs
Slide 14: B-Zone Footwall Target – Undrilled Upside
4 B-Zone Footwall Target – Undrilled Upside Sparsely Drilled, Near-Surface, Highly Accessible Target with Strong Continuity Potential B Zone Footwall ▪ The B Zone has been the primary source of underground ore production for more than 20 years ▪ Two mineralized domains: – B-Hanging Wall (“B-Main”) –
Slide 15: Regional Exploration Potential
4 Regional Exploration Potential ▪ Hemlo Gold Deposit is located within the south-central part of the Hemlo Regional Map greenstone belt, between the Pukaskwa gneiss and Cedar Creek stock – Coincidental with change in structural trend from westerly to north-westerly Dotted Lake Wire Lake ▪ Relations
Slide 16: Potential Upside to Technical Report Mine Plan
Potential Upside to Technical Report Mine Plan Parameter 2025 Technical Report Hemlo Mining Business Case Underground Ore ~3,800 tpd (in line with recent run-rate) Staged increase over 2-3 years to ~6,000 tpd Mining Rate Open Pit Production Start 2028 Optimal scope and timing to be evaluated Gold Pr
Slide 17: Well-Capitalized with Strong Leverage to Gold Prices
Well-Capitalized with Strong Leverage to Gold Prices NAV Sensitivity to Gold Price(1)(2) Hemlo Mining Pro Forma Capitalization $M | C$/sh Asset NAV Corporate NAV Corporate NAVPS Cash ($M) $140 $5.46 Drawn Bank Debt ($M) $225 Undrawn Revolver Capacity ($M) $25 $4.38 Shares Outstanding (M) 295 $3.21 F
Slide 18: Objectives and Timelines
Objectives and Timelines 2025 Q4 2026 2027 Corporate Potential TSX Potential NYSE Uplisting American Listing Optimization Updated Resource Statement R&R Sector Evaluation, Definition Drilling and Geotech Updated Technical Report with Potential for Increased R&R and Throughput Drilling/Study Addition
Slide 19: Appendix #1: Supplemental Hemlo Details
Appendix #1: Supplemental Hemlo Details TSX.V: HMMC Earn Every Ounce 19
Slide 20: Environment, Social & Governance (ESG)
Environment, Social & Governance (ESG) ▪ Community-led development will be the at the core of what we do at Hemlo Mining ▪ Our mining operations will act as a multiplier in uplifting the community including but not limited to: Community Relations – Job creation for locals, and support for local busi
Slide 21: Hemlo Site Layout
Hemlo Site Layout EAST WASTE ROCK PILE WBS 4101 FUEL TANKS FARM WBS 1502 CRUSHER BUILDING WBS 1604 OPEN PIT SHOP AND WASH BAY WBS 1405 TRANSFORMER WBS 1505 PIT WASH BAY OFFICE CONVEYOR COMPLEX SCREENING BUILDING 84 B-ZONE NO.3 BUILDING 82 PLANT VENT RAISE WBS 1602 WBS 1301 SECURITY B-ZONE NO.5 WBS 1
Slide 22: Underground Mining
Underground Mining ▪ Mining is currently undertaken exclusively at the Williams underground mine, using Illustrative Underground Mine Plan primarily longitudinal and transverse longhole stoping, as well as alimak stoping methodologies where required by deposit geometry ▪ Currently accessed via a ver
Slide 23: Mineral Reserves
Mineral Reserves(1)(2)(3)(4)(5)(6)(7)(8)(9)(10) Proven Reserves Probable Reserves Total Proven & Probable Reserves As of December 31, 2024 Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained (kt) (g/t Au) (koz Au) (kt) (g/t Au) (koz Au) (kt) (g/t Au) (koz Au) Open Pit - - - 28,44
Slide 24: Mineral Resources
Mineral Resources(1)(2)(3)(4)(5)(6)(7)(8)(9)(10) Measured Resources Indicated Resources Measured & Indicated Resources Inferred Resources As of December 31, 2024 Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained (kt) (g/t Au) (koz Au) (kt) (g/t Au) (koz
Slide 25: Appendix #2: Technical Report Details
Appendix #2: Technical Report Details
Slide 26: Technical Report Summary
Technical Report Summary(1) Tonnes Mined & Strip Ratio Ore Processed & Head Grade Mt | w:o Mt | g/t Au UG Ore Mined UG Waste Mined OP Ore Mined OP Waste Mined Strip Ratio UG Ore Processed OP Ore Processed Head Grade 197.1 3.34 3.60 3.62 1.93 2.10 1.92 2.02 2.06 1.93 1.42 14.2 6.7 3.0 2.7 3.4 0.88 0.
Slide 27: Technical Report Economic Analysis
Technical Report Economic Analysis(1) Key Metrics(2) 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E LOM Total/Avg. Gold Price $/oz $3,195 $3,265 $3,050 $2,915 $2,840 $2,610 $2,610 $2,610 $2,610 $2,610 $2,610 $2,610 $2,610 $2,610 $2,780 Gold Production koz 134 156
Slide 28: Life-of-Mine Attributable Costs Reconciliation
Life-of-Mine Attributable Costs Reconciliation(1) Total Cash Cost(2) AISC(2) Costs on 100% Basis $M $2,892 $3,329 Less: Interlake NPI Payment $M $369 $369 Less: 50% of Cash Costs Attributable to $M $223 $223 Interlake Claims Less: 50% of Sustaining Capital Costs & Other $M - $42 AISC Attributable to
Slide 29: Contact
Contact General Inquires [email protected] Head Office 390 Bay Street, Suite 1720, Toronto, ON M5S 3A9 Site Office ON-17, Marathon, ON P0T 2E0