Hemlo Mining Corp. — Regulatory Filings 2021

Mar 31, 2021

FORM 51-101F3

REPORT OF MANAGEMENT AND DIRECTORS ON RESERVES DATA AND OTHER INFORMATION

Management of Cub Energy Inc. (the “ Corporation ”) are responsible for the preparation and disclosure of information with respect to the Corporation's oil and gas activities in accordance with securities regulatory requirements. This information includes reserves data, which are estimates of proved reserves and probable reserves and related future net revenue as at December 31, 2020, estimated using forecast prices and costs.

An independent qualified reserves evaluator has evaluated and reviewed the Corporation's reserves data. The report of the independent qualified reserves evaluator will be filed with securities regulatory authorities concurrently with this report.

The board of directors of the Corporation (the “ Board ”) has:

• (a) reviewed the Corporation's procedures for providing information to the independent qualified reserves evaluator;

• (b) met with the independent qualified reserves evaluator to determine whether any restrictions affected the ability of the independent qualified reserves evaluator to report without reservations; and

• (c) reviewed the reserves data with management and the independent qualified reserves evaluator.

The Board has reviewed the Corporation's procedures for assembling and reporting other information associated with oil and gas activities and has reviewed that information with management. The Board has approved:

• (a) the content and filing with securities regulatory authorities of Form 51-101F1 containing the reserves data and other oil and gas information;

• (b) the filing of Form 51-101F2 which is the report of the independent qualified reserves evaluator on the reserves data; and

• (c) the content and filing of this report.

Because the reserves data are based on judgements regarding future events, actual results will vary and the variations may be material. However, any variations should be consistent with the fact that reserves are categorized according to the probability of their recovery.

(signed) “ Patrick McGrath ” (signed) “ Eugene Chaban ” Patrick McGrath Eugene Chaban Chief Executive Officer Chief Financial Officer (signed) “ John Booth” (signed) “Sergey Panchuk” John Booth, Chairman of the Board of Director Sergey Panchuk, COO

(signed) “Frank Mermoud” Frank Mermoud, Director

Dated: March 30, 2021