Mr. Jason Kosec reports

HEMLO MINING CORP. ANNOUNCES $75 MILLION REPAYMENT OF REVOLVING CREDIT FACILITY

Hemlo Mining Corp. has repaid the $75.0-million outstanding balance on its $100.0-million revolving credit facility (RCF), reducing the drawn balance to nil. The RCF remains available to the company for general corporate purposes and working capital needs. (All amounts are expressed in United States dollars unless otherwise stated and are unaudited.)

The company's $250.0-million secured credit facility consists of a $100.0-million RCF and a $150.0-million term loan, each maturing on Nov. 27, 2028. The facilities were drawn in November, 2025, to finance a portion of the acquisition costs of the Hemlo gold mine. The $150.0-million term loan remains outstanding and is repayable in nine quarterly instalments of $7.5-million commencing Aug. 26, 2026, with the remaining balance due on Nov. 27, 2028.

Following the RCF repayment on March 30, 2026, the company had a cash balance of approximately $125-million.

Jon Case, chief financial officer, commented: "The $75.0-million RCF repayment, completed less than six months after closing the acquisition of the Hemlo gold mine, reflects the strong cash flow generation of the asset and the financial discipline of our team. This repayment marks a meaningful step in deleveraging the business as we advance our 2026 strategy focused on operational optimization and growth."

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.

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