Hemlo Explorers Announces Closing of Final Tranche of Non-Brokered Private Placement

TORONTO, Dec. 02, 2021 - Hemlo Explorers Inc. (the "Company") (TSXV: HMLO) is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the "Offering"). In the final tranche, the Company issued 1,289,444 units ("Units"), each comprised of one non flow-through common share and half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant") and 120,000 "flow-through" units ("FT Units"), each comprised of one flow-through common share and half of one Warrant, for aggregate gross proceeds of approximately $321,325. In total, the two tranches of the Offering consisted of an aggregate of 6,214,776 Units and 1,649,300 FT Units for aggregate gross proceeds of $1,827,143. The common share component of each FT Unit was issued as a "flow-through share" (as defined in subsection 66(15) of the Income Tax Act (Canada)). Each Warrant is exercisable to acquire one common share of the Company (a "Warrant Share") at an exercise price of $0.40 per Warrant Share until May 25, 2023, but subject to accelerated expiry terms following the four month and a day hold period (as further described below) if the Company's common shares trade at or above $0.80 per share for 20 consecutive days in which case the Company will have the right to accelerate the exercise period to a date ending at least 30 days from the date that notice of such acceleration is provided to the holders of the Warrants.

The proceeds of the FT Unit portion of the Offering will be used for the exploration of the Company's Hemlo area properties, and the proceeds of the Unit portion of the Offering will be used for general corporate purposes and exploration of the Company's properties.

In connection with the closing of the final tranche of the Offering, the Company paid certain cash finders fees and issued 57,900 finder's warrants (each, a "Finder's Warrant") to eligible finders in respect of subscriptions for Units and FT Units referred by such finders. Each Finder's Warrant is exercisable to acquire one common share of the Company (a "Finder's Warrant Share") at an exercise price of $0.225 per Finder's Warrant Share until May 25, 2023.

All securities issued in connection with the final tranche of the Offering (being the Units, the FT Units, the Finder's Warrants, and the securities comprising each of the foregoing) are subject to a statutory hold period expiring April 3, 2022.

The Offering remains subject to final approval of the TSXV Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Hemlo Explorers Inc.

Hemlo Explorers is a Canadian-based mineral exploration company with a portfolio of projects in Ontario and Nunavut. We are focused on generating shareholder value through the advancement of our main Hemlo area, including the Pic Project, the North Limb, and Hemlo West.

For more information please contact:

Brian Howlett, President & CEO
Hemlo Explorers Inc.
brian@hemloexplorers.ca
(647) 227-3035

http://www.hemloexplorers.ca

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, the Offering, the use of proceeds, and the Company's plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Hemlo Explorers Inc., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing, exploration risk and COVID-19 pandemic related orders. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.