Hemlo completes first gold pour at Hemlo gold mine

Executive Summary

• Hemlo Mining Corp. successfully completed its first gold pour since acquiring the Hemlo gold mine from Barrick Mining Corp., producing approximately 6,704 ounces of gold.
• The company rectified prior disclosures regarding its post-consolidation share capital, correcting minor rounding errors and misallocations in stock options and restricted share units.
• Holders of $2.5 million in unsecured convertible debentures converted their debt into common shares, resulting in the issuance of 833,332 new shares at $3.00 per share.

Key Details

• First Gold Pour: Produced approximately 6,704 ounces of gold, described as one of the largest single pours of the year.
• Operational Status: Plant performance, throughput, and metallurgical recoveries remain aligned with the operating plan; the transition from Barrick Mining Corp. was seamless.
• Share Capital Rectification:
  • Corrected total issued and outstanding common shares from 295,496,920 to 295,496,636 (a reduction of 284 shares due to rounding).
  • Corrected stock options from 6,753,414 to 6,592,595 (net reduction of 160,819 options after accounting for a 236,999 misallocation and 76,180 new grants for new employees).
  • Corrected restricted share units (RSUs) from 2,819,956 to 3,089,945 (net increase of 269,989 RSUs after accounting for a 236,999 misallocation and 32,990 new grants).
• Debenture Conversion:
  • $2.5 million in unsecured convertible debentures converted into common shares.
  • Conversion effective date: December 10, 2025.
  • Shares issued: 833,332 common shares.
  • Conversion price: $3.00 per common share.
• Total Share Count: As of December 17, 2025, there were 296,329,968 common shares issued and outstanding.
• Future Updates: A full corporate update, including preliminary full-year 2025 production results, is scheduled for early January 2026.

Notable Quotes

• "The first gold pour under Hemlo Mining Corp. marks a defining milestone for our company. Against a record gold-price environment, our team executed a seamless operational transition while maintaining an uncompromising focus on health, safety and the environment. This pour reflects the strength of our mine, the quality of our people and the disciplined plan we are now putting into action to stabilize operations, drive performance and unlock meaningful long-term value." — Jason Kosec, President and CEO