Mr. Jason Kosec reports

HEMLO MINING CORP. REPORTS FIRST QUARTER 2026 OPERATING RESULTS

Hemlo Mining Corp. has released operating results for the first quarter ended March 31, 2026. The company plans to release its first quarter 2026 financial results after market close on Wednesday, May 20, 2026, followed by a conference call hosted by senior management on Thursday, May 21, 2026, at 9 a.m. Eastern Time.

All amounts are expressed in U.S. dollars unless otherwise stated and are unaudited.

Jason Kosec, president, chief executive officer and director of Hemlo Mining, commented: "Q1 was transformational for the company, representing our first full quarter of ownership of the Hemlo gold mine and laying a strong foundation for the year ahead. We delivered production in line with expectations while upholding our standards for health, safety and environmental performance. During the quarter, we advanced our strategy of optimization, reinvestment and growth across multiple fronts -- transitioning to an owner-operated model ahead of schedule, launching our 130,000-metre drill program, advancing an updated mineral resource estimate, initiating key mining trade-off studies to support a future technical study, making strong progress transitioning off legacy Barrick systems, hiring key personnel across corporate and site functions, and executing a strategic royalty buyback. We also strengthened our financial position through the full repayment of our revolving credit facility. The pace and breadth of progress in the first quarter reinforce our confidence in the opportunity ahead at Hemlo."

The Hemlo gold mine continued its strong safety performance in Q1, with no environmental non-compliances and no lost-time injury (LTI) events recorded. This marked 33 consecutive months of no LTIs. During the quarter, Hemlo was awarded the prestigious John T. Ryan Trophy for continued improvements in safety. The John T. Ryan Safety Trophies are presented annually by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) to recognize mining operations in Canada that achieve the lowest reportable injury frequencies in their respective categories during the previous calendar year.

The Hemlo gold mine successfully transitioned from an underground mining contractor work force to owner operated on March 16, 2026, two weeks ahead of schedule, with 97 per cent of the contractor work force accepting positions as part of the transition. An additional 42 positions were filled during the period to support operational optimization efforts and future production increases. While the primary underground mining tasks have been transitioned to owner-operated mining, long-term partnerships with certain contractors will be maintained, specifically for a portion of underground development, Alimak mining and production drilling. The upgrade to the mining fleet continued to progress during the quarter with two of the 21 planned pieces of new equipment being commissioned in Q1.

Various maintenance activities were undertaken during the quarter, with the most significant tasks being the refurbishment of an underground crusher and the replacement of the hoist cable, which was completed ahead of schedule. The company also completed an evaluation of all existing equipment to support refurbishment, replacement and fleet expansion for future production increases.

In addition, intensive training programs have been implemented to upskill the work force and build a pipeline of future employees, with focus being placed on people residing in the communities nearby, including Marathon, Manitouwadge, White River, and the Biigtigong Nishnaabeg and Netmizaaggamig Nishnaabeg first nations.

The company expects to provide 2026 operating and cost guidance in the second half of 2026.

The financial information presented above is preliminary in nature and subject to completion of the company's quarter-end financial reporting process. Final unaudited financial results may differ from these amounts and will be reported in the company's unaudited interim condensed consolidated financial statements for the three months ended March 31, 2026. Complete financial results for the first quarter of 2026 will be reported and filed on Hemlo Mining's profile on SEDAR+ on Wednesday, May 20, 2026.

Conference call and webcast

Hemlo Mining will host a conference call and webcast on Thursday, May 21, 2026, at 9 a.m. Eastern Time to discuss first quarter 2026 results. Details for the conference call and webcast are included below.

Dial-in numbers/webcast

Conference/meeting ID:  827203073

North America toll-free:  1-833-461-5787

International toll:  1-585-542-9983

Canada local:  1-365-657-4084

About Hemlo Mining Corp.

Hemlo Mining is a Canadian gold producer focused on operating and enhancing the Hemlo gold camp in Northwestern Ontario. The company's flagship asset, the Hemlo gold mine, has produced approximately 25 million ounces of gold since 1985 from both underground and open-pit operations. The company's fit-for-purpose strategy is centred on maximizing the value of the mine through improved operating efficiency, production growth and mine-life extension. Hemlo Mining is led by an experienced team with a record of value creation in the global mining sector.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Mike Tsafaras, PEng, the company's vice-president, engineering and projects. Mr. Tsafaras is a qualified person as defined in NI 43-101.

We seek Safe Harbor.