South-Rim Results Support Near-Mine Resource Growth Potential

Research evidence excerpt

South-Rim Results Support Near-Mine Resource Growth Potential

Gold and Precious Minerals - Mid and Small Cap Golds

Hemlo Mining Corp.

TD SECURITIES INC. - CANADA QUICK TAKE: COMPANY UPDATE

May 14, 2026

Price: C$6.11 (05/13/2026) South-Rim Results Support Near-Mine

Price Target: C$9.00 Resource Growth Potential

BUY (1)

ESG SCORE: N/A

Steven Green, CFA^ THE TD COWEN INSIGHT

416 307 6304

Hemlo Mining’s initial South-Rim drilling results support our view that systematic

steven.green@tdsecurities.com

reinterpretation and focused reinvestment can unlock meaningful near-mine growth

Faiq Qadri, P. Eng^ opportunities across the Hemlo camp. Importantly, the newly defined zone sits adjacent to

416 308 3741 active underground infrastructure, supporting low-capital resource additions while validating

faiq.qadri@tdsecurities.com

the broader growth and mine life extension strategy.

Key Data

Symbol TSXV: HMMC-V Impact: POSITIVE

Market Cap C$1.8B ■South-Rim drilling validates newly interpreted high-grade system adjacent to active

mining: Initial drilling at the newly defined South-Rim Zone returned strong high-grade

results, supporting the identification of a structurally controlled mineralized domain

immediately adjacent to active C-Zone mining. Results confirm continuity within the

system and support potential near-term, low-capital resource additions close to existing

underground infrastructure. Key drilling highlights include:

❍7652606: 16.07 g/t Au over 8.1m, incl. 59.67 g/t Au over 2.0m

❍7652603: 5.79 g/t Au over 11.0m, incl. 38.4 g/t Au over 0.9m

❍7652604: 6.04 g/t Au over 4.8m, incl. 36.2 g/t Au over 0.6m

■New geological interpretation opens broader exploration upside across the Hemlo camp:

Management noted the South-Rim structure extends over more than 1.5km vertically within