Hemlo completes first gold pour at Hemlo gold mine

Mr. Jason Kosec reports HEMLO MINING CORP. ANNOUNCES FIRST GOLD POUR AND UPDATES TO ITS POST-CONSOLIDATION SHARE CAPITAL Hemlo Mining Corp. has successfully completed its first gold pour at the Hemlo gold mine since acquiring the operation from Barrick Mining Corp. on Nov. 26, 2025. The inaugural pour produced approximately 6,704 ounces of gold, representing one of Hemlo's largest single pours this year, and underscoring the continuity and resilience of mining and processing operations through the ownership transition. Plant performance, throughput and metallurgical recoveries remain fully aligned with the company's operating plan. Jason Kosec, president and chief executive officer of Hemlo Mining, stated: "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." Since closing the acquisition, the company has advanced a focused integration program emphasizing operational discipline, environmental stewardship and a reinforced safety culture across the site. Hemlo Mining is committed to establishing Hemlo as a high performing, responsibly operated Canadian gold mine with substantial growth potential. The company will provide a full corporate update in early January, 2026, including preliminary full year 2025 production results and further detail on operational initiatives under way. About Hemlo Mining Corp. Hemlo Mining Corp. (previously Carcetti Capital Corp.) recently closed the acquisition of the Hemlo gold mine from Barrick Mining Corp. for aggregate consideration of approximately $1.1-billion (U.S.). The Hemlo gold mine is located 35 kilometres east of the town of Marathon, Ont., and has produced approximately 25 million ounces of gold from both underground and open pit operations since production began in 1985. The company is looking to establish itself as a leading Canadian mid-tier growth-focused gold producer, with an immediate focus on maximizing the value of the Hemlo gold mine's existing infrastructure through a fit-for-purpose operating approach, while unlocking new opportunities through an aggressive brownfields exploration program. Rectification of prior disclosure regarding postconsolidation share capital The company is providing a rectification of certain forward-looking information regarding the company's share capital upon completion of the company's acquisition of the Hemlo gold mine from Barrick Mining on Nov. 26, 2025, and the company's amalgamation and share consolidation on Nov. 27, 2025, disclosed in the company's filing statement dated Nov. 21, 2025, and the news release announcing closing of the company's acquisition of the Hemlo gold mine dated Nov. 26, 2025. The prior disclosure indicated that the company would have 295,496,920 common shares issued and outstanding following the completion of the transaction. However, as a result of rounding, the actual number of issued and outstanding common shares of the company was 295,496,636, a reduction of 284 common shares. The prior disclosure also reflected that 6,753,414 stock options and 2,819,956 restricted share units would be issued and outstanding upon completion of the transaction. However, due to a misallocation between stock options and restricted share units, these figures reflected an excess of 236,999 stock options and a deficit of 236,999 restricted share units. Further, in connection with the onboarding of new employees, which coincided with closing of the transaction, an additional 76,180 stock options and 32,990 restricted share units were issued. The net result of the foregoing is that, upon completion of the transaction on Nov. 27, 2025, the company had granted 6,592,595 stock options and 3,089,945 restricted share units. The foregoing rectification does not impact information pertaining to directors or senior officers of the company set out in the prior disclosure. Exercise of convertible debentures The holders of the company's $2.5-million unsecured convertible debentures converted their debentures into common shares of the company, effective Dec. 10, 2025. As a result of the conversion, an additional 833,332 common shares were issued, at a price of $3.00 per common share. Having regard to the conversion, there were 296,329,968 common shares issued and outstanding as at Dec. 17, 2025. We seek Safe Harbor.