Carcetti files NI 43-101 report for Hemlo

Executive Summary

• Carcetti Capital Corp. has filed a National Instrument 43-101 technical report supporting the pre-feasibility study (PFS) for the Hemlo gold mine in Ontario, Canada.
• The PFS outlines the financial and operational viability of Carcetti's planned acquisition of Hemlo, targeting an optimized operating model to extend mine life and enhance margins.
• The asset is positioned as the foundation for Carcetti’s transition into a growth-oriented Canadian mid-tier gold producer, with the company expected to rename to Hemlo Mining Corp. upon closing in Q4 2025.

Key Details

• Financial Metrics (PFS):
  • After-tax Net Present Value (NPV): $1.1 billion (U.S.) based on a long-term gold price of $2,610/oz and a 5% discount rate.
  • After-tax NPV: $1.6 billion (U.S.) based on a long-term gold price of $3,132/oz and a 5% discount rate.
  • Life-of-mine undiscounted after-tax free cash flow: $1.49 billion (U.S.).
  • Average annual gold production: 154,000 ounces per year over a 14-year life of mine.
  • Average all-in sustaining costs (AISC): $1,545 (U.S.) per ounce over the life of mine.
• Reserves and Resources (as of Dec. 31, 2024):
  • Probable Mineral Reserves: 2,321,000 ounces of contained gold (41.2 million tonnes at 1.75 g/t).
  • Measured and Indicated Mineral Resources: 3,626,000 ounces of contained gold (71.3 million tonnes at 1.58 g/t).
    • Measured: 624,000 ounces (4.3 million tonnes at 4.47 g/t).
    • Indicated: 3,002,000 ounces (66.9 million tonnes at 1.39 g/t).
  • Inferred Mineral Resources: 624,000 ounces of contained gold (9.8 million tonnes at 1.98 g/t).
• Operational Strategy:
  • Leverage existing underground and open-pit infrastructure.
  • Target significant brownfield exploration potential adjacent to existing infrastructure.
  • Focus on responsible mining practices and community engagement with the Biigtigong Nishnaabeg and Netmizaaggamig Nishnaabeg communities.
• Transaction Status:
  • Acquisition of Hemlo is expected to close in the fourth quarter of 2025.
  • Upon closing, Carcetti Capital Corp. will be renamed Hemlo Mining Corp.
• Technical Report Details:
  • Prepared by SLR, Entech Mining Ltd., and WSP Canada Inc.
  • Qualified Persons include Brian Hartman, Lance Engelbrecht, Jason J. Cox, Gonzalo Rios, Jason Allen, Marc Rougier, James Smith, and Siavash Farhangi.
  • Reviewed by Eric Tremblay, PEng (incoming COO).
  • Effective date: Dec. 31, 2024; Signature date: Oct. 27, 2025.

Notable Quotes

• "Filing this NI 43-101 PFS marks a major milestone for Carcetti and the Hemlo asset," said Jason Kosec, president and chief executive officer. "We believe Hemlo is uniquely positioned to deliver meaningful value -- by capitalizing on its proven infrastructure, deploying fit-for-purpose operations and aggressively exploring the brownfields potential. As we work to unlock the next chapter in Hemlo's story, our objective remains clear: build a leading, growth-focused Canadian gold business while generating long-term shared benefits for our stakeholders, including the Biigtigong Nishnaabeg and Netmizaaggamig Nishnaabeg communities, the local work force, and our shareholders."