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Hochschild Mining PLC H1 2026 Results 26 August 2026
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Disclaimer Some statements contained in this presentation or in documents referred to in it are or may be forward-looking statements. Any forward-looking information contained in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. Accordingly, actual results may vary or differ from those expressed in such statements, depending on a variety of factors. Forward-looking statements speak only as of the date on which they are made. Hochschild Mining plc undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Past performance of the Company or its shares cannot be relied on as a guide to future performance. Nothing in this presentation is to be construed as a profit forecast. This presentation has been prepared solely for informational purposes and does not constitute, or form part of or contain any invitation or offer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any securities issued by Hochschild Mining plc (or any subsidiary thereof) or advise persons to do so in any jurisdiction, nor shall it, or any part of it, form the basis of or be relied on in any connection with or act as an inducement to enter into any contract or commitment therefore. The information herein is only a summary, does not purport to be complete and has not been independently verified. No representation or warranty, either express or implied, is made as to, and no reliance may be placed for any purpose whatsoever on the information or opinions contained in this document or on its accuracy or completeness and no liability whatsoever is accepted for any loss howsoever arising from any use of this document or its contents otherwise in connection therewith. This presentation has been prepared in compliance with English law and English courts will have exclusive jurisdiction over any disputes arising from or connected with this presentation. 2
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2026 Advancing our growth projects Near-term growth in the Americas 33 *Gold equivalent ounces • Mara Rosa reorganisation on track • Royropata: MEIA recently submitted • Monte Do Carmo decision by year-end • Promising ytd brownfield results • Strong ESG metrics continuing • AISC guidance revised: $2,380-$2,500/oz BRAZIL ARGENTINA CHILE Mara Rosa Monte do Carmo San Jose (51%) Operations Projects 300-328,000 GEO* $2,380-$2,500/GEO Metal splitProduction 2026 AISC (revised) 27% Ag73% Au2026 guidance Lima (HQ) Royropata Inmaculada PERU Aclara Carina (20%) Aclara Penco (20%) Investments Tiernan Gold (70%) LSE:HOC H1 2026 Strongest ever half-year financials • Production: 151,830oz • Revenue up 62%: $844m • Adjusted EBITDA up 119%: $492m • EPS up 208%: $0.37 • Attributable AISC: $2,448/oz Au Eq • Cash: $309m • Net cash: $51m • Dividend: 4.0cps ($21m)
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Hochschild Mining PLC H1 2026 Financials Eduardo Noriega, CFO
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131.1 132.5 H1 2025 H1 2026 4.6 4.0 H1 2025 H1 2026 P&L 5 • Revenue 62% higher than H1 2025: – Higher gold & silver prices – Partially offset by lower scheduled ounces produced (mainly Inmaculada) • Cost of sales increased 11%: – Increased ore tonnage, including waste movement in Mara Rosa – Impact of higher gold and silver prices in royalties and workers’ profit sharing – Stronger local currencies in Peru and Brazil, and net inflation in Argentina • Administrative: Higher statutory workers profit sharing, LTIP and performance bonus provision • Others (net): Higher net losses mainly due higher mine closure provisions (-$6m) & higher social contribution in Argentina due to higher prices (-$3.0m) • Effective income tax rate of 35% includes: – Special Mining Tax/Royalties in Peru (-$26.7m) – FX appreciation in Brazil & Argentina (+$13.2m) – Excluding above impact the effective rate would be $32% • No exceptional items recorded in H1 2026 Gold Silver Sales volumes (000 oz) Realised prices ($/oz) Gold Silver +1% - 14% $m (pre-exceptional) H1 2026 H1 2025 Variation Revenue 844.4 520.0 324.4 Cost of sales (362.8) (327.7) (35.1) Gross profit 481.6 192.3 289.3 Administrative exp. (31.7) (23.7) (8.0) Selling exp. (18.4) (8.3) (10.1) Exploration exp. (18.1) (12.2) (5.9) Others net (37.7) (23.6) (14.1) Operating income 375.6 124.4 251.2 Share in associate (1.1) (0.9) (0.2) Net interest (7.2) (12.7) 5.5 FX loss (1.5) (1.5) 0.0 PBT 365.8 109.3 256.5 Tax (102.1) (32.1) (70.0) Mining royalty & SMT (26.7) (10.7) (16.0) Net profit 237.0 66.5 170.5 Attrib. net profit 189.7 60.1 129.6 EPS 0.37 0.12 0.25 Adjusted EBITDA 491.5 224.5 267.0 2,832 4,166 H1 2025 H1 2026 33.8 77.8 H1 2025 H1 2026 + 47% +130%
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Balance sheet: evolution of H1 2026 cash balance 6 317 288 149 (18) (16) (30) 689 (129) (80) (84) (37) (17) (8) 336 (9) (6) (9) (3) 309 Dic-25 Inmaculada San Jose Mara Rosa Brownfield exploration Admin Cash Taxes paid Net loans & Borrowings Dividends WK & Others C&M/ Closure Net interest Cash Monte do Carmo Royropata Aclara Tiernan & others Jun-26 WK & Others $m Trade and other payables (29) Change in WPS & bonuses (9) Others net 1 Taxes paid $m Peru (74) Argentina (52) Brazil (4) Dividends $m Hochschild shareholders (26) JV partner in San Jose (58) • Consolidated Free Cash Flow in H1 2026 accounted for $156 million* * Free Cash Flow: cash evolution excluding Net loans & Borrowings repayment and Dividends
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Cost drivers 7 Cost explanation 1,496 1,953 2,125 - 2,205 H1 2025 H1 2026 FY 2026 (rev) Inmaculada 2,626 3,551 2,750 - 2,900 H1 2025 H1 2026 FY 2026 (rev) 2,584 2,944 2,705 - 2,955 H1 2025 H1 2026 FY 2026 (rev) San Jose Mara Rosa ($/oz Au Eq) 1,873 2,448 2,380 - 2,500 H1 2025 H1 2026 FY 2026 (rev) HOC operations All-in sustaining costs (attrib)* ($/oz Au Eq) • Inmaculada: – Scheduled lower grades partially offset by higher tonnage – Higher WPS from higher metal prices – FX variation (budgeted at $/3.65 : Actual $/3.36) – Scheduled capex increase - new mining areas & additional infill drilling • San Jose: – Mining in lower-grade border areas – Higher royalties & export taxes ( prices) – Higher local net inflation than expected – Scheduled additional infill drilling – FX export programme benefit cancelled (April 2025) • Mara Rosa: – Lower volumes & grades due to operational issues & higher capex from improvements in plant/filtering – Higher royalties (prices) – FX variation (budget $/5.50 actual $/5.15) – Transfer to new mining contractor • Secured efficiencies across operations to offset general mining inflation
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Capital Expenditure 8 Capex explanation • Inmaculada: – Mine development and infrastructure ($49m) – Tailings dam expansion ($10m) – $15m remains – Infill drilling campaign ($5m) – Sustaining & support capex ($5m) • San Jose: – Mine development ($11m) – Sustaining & support capex ($4m) • Mara Rosa: – Plant, filtering & TSF improvements, including completion tailings thickener work started in 2025 ($19m) – Sustaining & support capex ($2m) * Excludes: $0.1m capitalised interest ** Excludes: $0.6m capitalised depreciation *** Excludes: $0.5m exploration capex, $0.2m capital leases (equipment), and $0.8m capitalised interest 57 69 149 - 155 H1 2025 H1 2026 FY 2026 (e) Inmaculada* 7 21 26 - 30 H1 2025 H1 2026 FY 2026 (e) 21 15 35 - 40 H1 2025 H1 2026 FY 2026 (e) San Jose** Mara Rosa*** 85 105 210 - 225 H1 2025 H1 2026 FY 2026 (e) HOC operations Sustaining & Development capex ($m)
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Financial flexibility to fund investment and capital returns 9 • Cash & short-term investments: $309m* • Strong cashflow generation – Net cash $51m vs. net debt $20m in 2025 – Interim dividend up 300% to $21m • Net cash/LTM EBITDA: (0.1x) – Targeting 0.5-1.5x through the cycle 2026-2028 • Finance Monte do Carmo and Royropata Gold hedges koz Au/yr Price ($/oz) Yr 50 2,167 2026 50 2,206 2027 21 2,150 H1 2028 2.6x 2.5x 0.6x 0.3x 0.3x 0.1x (0.1x) (0.2x) 0.7x 0.9x 0.5x 0.0x (0.1x) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 1.5x 0.5x Net debt/EBITDA (x) *Includes $36m consolidated from Tiernan Gold Cash dividends ($m) 7 14 20 20 21 22 22 10 31 21 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 Announced
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Hochschild Mining PLC Strategy Eduardo Landin, CEO
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Strategy for delivery and growth remains 11 Brownfield upside Long - term value Expanding LOM Mineable resources Extensive land package Disciplined capital allocation Capital return Funding organic growth Debt repayment Value accretive M&A ESG Safety focus Water management New community approach Talent management Operational excellence Lean philosophy Cost efficiencies Project development Onsite leadership
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Successful execution Focused on core precious metal assets in the Americas • Inmaculada • Mara Rosa • San Jose Developing two growth projects in Peru and Brazil • Monte Do Carmo • Royropata Delivering non- core asset value across the portfolio • Tiernan Gold • Aclara • Crespo, Azuca & Arcata 12
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Cost and efficiency initiatives 13 # Top initiatives Owner Status Mineral transportation & hauling contract savings Crushing & milling productivity improvements Filtration improvements to optimise moisture content Apron feeder improvements to increase plant efficiency Pre-leaching pump acquisition & increase treatment capacity Installation of Geomechanical Monitoring Centre Implementation of remote blasting with drill improvements using larger-capacity drill jumbos Revised finance investment policies Negotiation of sales contracts with global refineries & traders Improve service quality and optimise catering & transportation costs 1 2 3 4 5 6 7 8 9 10 • Cost efficiency programme in progress throughout Company • 50+ initiatives generated $50m+ of EBITDA impact (estimated) In progress Completed
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Overview Altitude (masl) 4,400 Operation Underground Plant Capacity 3,500 tpd Annual Production 180-220 koz AuEq Product 70% Au / 30% Ag dore Reserves & Resources Tonnes (Mt) Au (g/t) Ag (g/t) AuEq* (g/t) AuEq* (koz) P&P Reserves 5.5 2.2 91 3.4 581 M&I Resources 11.1 2.4 99 3.6 1,275 Inferred Resources 19.9 2.4 93 3.5 2,244 100% owned Peru: Inmaculada • Located in the Ayacucho Region in Southern Peru • Underground operation – commenced in 2015 • 2026 guidance: 174,000-185,000 Au Eq • Adding additional resources in 2026 • Contractor fatality in June – extensive investigation carried out 14 0.0 2.0 4.0 6.0 0 0.1 0.2 0.3 0.4 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 g/t Au EqMt Tonnage & Grade Tonnage Grade 0 10 20 30 40 50 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Koz Au Eq Production Production
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Inmaculada: 10 years of adding resources 15 *Gold equivalent 2015-2025 • Inmaculada began operations with only the Angela vein in 2015 • 80 veins have been discovered with total resources of c.5.2moz Au Eq 2026 • Inmaculada South: Resource drilling program ongoing • Minascucho: Awaiting social permitting • Eduardo Belt – Erica Vein: potential target drilling planned for August 2026 • Aiming to discover additional 0.25moz+ North Inmaculada South Inmaculada West Inmaculada East Inmaculada Eduardo Belt
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Peru: Royropata project growing Overview Resources (2025) Tonnes 15,808,000 Au (g/t) 1.5 Ag (g/t) 412 Au (moz Au Eq) 3.3 Avg width (m) 13 • Located in the Ayacucho Region in Southern Peru • Pallancata underground operation started in 2007 – C&M since end 2023 • Major brownfield additions at Royropata zone • Close to existing infrastructure including Selene plant • Community agreements achieved in 2024 • Modified EIA recently filed with new Peruvian govt 16*Using spot prices (13/11/2023) for gold and silver of $1,933/oz and $22.0/oz respectively **Using gold/silver ratio of 83:1 to convert gold to silver equivalent ***Nov 2023 cost figures Altitude (masl) 4,600 Operation Underground Plant Capacity 3,000 tpd Product 70% Ag / 30% Au conc 100% owned
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250moz+ Ag Eq added from Royropata since 2022 17 2007-2025 • Commissioning in 2007 with Pallancata vein + Yurika, Pablo Piso, Pablo (2015) but mine placed on C&M in late 2023 • New group of high-quality veins discovered since 2022 in Royropata zone • 94 veins have been discovered with total resources of c.431moz+ Ag Eq 2027-30 • Looking to extend Marco vein • Exploring NE-NS-EW structures and Bx Lola • 40 drill platforms to test four structures and breccia bodies • Also targeting extension of Pallancata vein
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Inmaculada/Pallancata district advantage 18 *Gold equivalent Brownfield opportunities in the region • An area of 152,975ha • 6moz + brownfield additions to date • Exploration tools delivering success: – Sampling – Magnetic surveys – Titan geophysics – Gravimetry – Lithogeochemistry – Geochronology – Underground long-hole drilling – Terrestrial microgravity surveys • Additional mid-term targets include: – Condorillo – Minascucho – Mauricio – Saycata – Gaby Marina – Inmaculada North
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Brazil: Mara Rosa • Open-pit gold mine located in Goias state • 2025/26 reorganisation on track for successful completion • Ramping up to full production in H2 2026 • Filtering issues resolved; new mine contractor transition completed • 2026 guidance: 67,000-80,000oz *Using gold/silver ratio of 83:1 to convert silver to gold equivalent. **2024B, 2025 and 2026 AISC do not include exploration expenses. Overview 19 0.0 0.5 1.0 1.5 2.0 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 g/t AuMt Tonnage & Grade Tonnage Grade 0 10 20 30 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Koz Au Eq Production Production 100% owned Altitude (masl) 530 Operation Open Pit Plant Capacity 7,000 tpd Annual Production 67-80 koz AuEq (2026e) Product 100% Au dore Reserves & Resources Tonnes (Mt) Au (g/t) Au (koz) P&P Reserves 29.5 0.97 917 M&I Resources* 38.0 0.89 1,086 Inferred Resources 9.4 0.72 217
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Key steps Mine improvements Clear actions delivering value • Mine sequencing integrated: improved waste access, supporting safer haulage & operational reliability • Critical-risk protocols established and controls reinforced • Primary crusher rock box installed reducing feeder trips & corrective maintenance • Tailings thickener fully commissioned • Mining contractor transition completed Mara Rosa turnaround: stable ramp-up and improved reliability Mining Contractor transition complete Access & pit development improved Aiming to improve geotechnical conditions & reduce mine movement losses Plant Thickener commissioned Oxygen injector replaced Aiming to stabilise run-rates Organisation Daily/weekly performance rhythm Clear owners & escalation Integrated planning 3.4 3.4 4.4 5.4 4.3 4.6 4.8 4.8 5.8 6.3 3.3 3.4 4.4 5.1 4.8 5.2 4.5 4.9 5.5 6.3 4.0 3.5 4.2 5.4 4.8 5.2 4.6 4.8 5.6 6.3 3.0 4.0 5.0 6.0 7.0 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Kt/d Crushing Milling Filtering 20 Run-rate performance
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Brazil: Mara Rosa turnaround 21 Thickener construction / installation Open pit Dry stack Filtration area Filters Ore stockpile
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Mara Rosa: Near-mine programmes aiming to add substantial additional resources by 2030 Strong brownfield potential • Drilling at Posse belt has added new resources below open pit • Orogenic trend hosting Posse pit extends for c.20km - covered by HOC mining concessions • Currently evaluating structural corridor with 3 structures: Posse, Araras, and Speti • Promising results from drilling north of Posse • Aiming to add 1 yr+ of inferred resources
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Developing the Monte do Carmo gold project Key opportunity to grow production in Brazil • 2024: $60m acquisition of Monte Do Carmo Project • Located in mining-friendly Tocantins state next to Goias • Feasibility stage open pit/underground gold project • Fully permitted • Excellent infrastructure - paved highway & hydropower plant 23 Tocantins Goias Mara Rosa MDC BRAZIL 2026 work ongoing • Waste rock facilities & pre-stripping engineering • Plant engineering (Ausenco) • Pile drilling campaign • Critical supply packages: milling, crushing, power line & filtration being assessed • Updated economics & FID expected by end 2026 • Detailed engineering set for completion by end H1 2027 • Aiming for production start up in late 2028
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Overview • Located in Santa Cruz province • High grade underground mine – commenced in 2007 • 2026 guidance: 59,000-63,000oz Au Eq* • Currently mining vein border areas • Efficiency project completed in 2025: mine/plant productivity; purchasing; maintenance; equipment right-sizing Argentina: San Jose 24 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0 0.1 0.2 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 g/t Au Eq Mt Tonnage & Grade Tonnage Grade 0 10 20 30 40 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Koz Au Eq Production Production Altitude (masl) 300 Operation Underground Plant Capacity 2,000 tpd Annual Production 60-70 koz AuEq Product 56% Au / 44% Ag dore & concentrate Reserves & Resources Tonnes (Mt) Au (g/t) Ag (g/t) AuEq* (g/t) AuEq* (koz) P&P Reserves 0.9 3.7 189 6.0 171 M&I Resources 1.5 5.3 420 8.9 418 Inferred Resources 1.4 3.8 222 6.5 283 51% owned *Attributable
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San Jose exploration 25 Santa Cruz district • 2026: Drilling Huevos Verdes west, NE Ayelen & Maura north • Microgravity survey 70% complete between Saavedra & San Jose: new target identified NW of Saavedra • Santa Cruz province mapping & sampling completed with encouraging results.
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New Peruvian government 26 Leadership & vision • Keiko Fujimori inaugurated president on July 28, 2026, appointed technical, investment-friendly cabinet • Inaugural address centred on restoring stability, confidence & growth • Early moves signal continuity & pragmatic, market-oriented tone Trusted economic team • Julio Velarde reappointed Central Bank Governor to 2031 - extending two decades of monetary stability • Elmer Cuba, respected macroeconomist & former Central Bank director, appointed Finance Minister • GDP growth of ~3.5% expected in 2026 Mining & energy momentum • Guillermo Shinno, former Vice Minister of Mines with private-sector experience, now leads Ministry of Energy & Mines • Fujimori's platform: formalise mining, tackle illegal mining & simplify permitting Why it matters for investors • Continuity across monetary & fiscal team lowers policy risk & reassures markets • Improving sentiment - renewed expectations for faster permitting & investment • Permitting remains challenging overall, but Royropata's MEIA remains on track
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Valuation opportunity 27 • Mara Rosa turnaround • Strong Inmaculada performance • Royropata & Monte do Carmo growth opportunities Source: Factset 17 August 2026 PE 2027e 7.3x 0.0x 5.0x 10.0x 15.0x 20.0x Hochschild Coeur Pan American Fresnillo First Majestic Hecla EV/EBITDA 2027e 3.7x 0.0x 3.0x 6.0x 9.0x 12.0x 15.0x Hochschild Coeur Fresnillo Pan American First Majestic Hecla P/NAV 0.8x 0.0x 0.5x 1.0x 1.5x 2.0x Hochschild Pan American Coeur Fresnillo First Majestic Hecla
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Conclusion 28 Focused on the core business, delivering profitable growth 1 2026 • Momentum across H1 • Executing Mara Rosa turnaround • Strong Peruvian/Argentinian cashflow generation • Robust balance sheet • $21m interim dividend announced • Tiernan/Aclara investments valued at $300m+ 2 The future • Monte Do Carmo project advancing to FID • Brownfield programme delivering additional ounces • Royropata project to deliver 100,000oz+ per year from 2028 • Disciplined capital allocation strategy
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Hochschild Mining PLC Appendix
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2026 guidance* 30 Production Oz Au Eq Inmaculada 174,000–185,000 Mara Rosa 67,000-80,000 San Jose (51%) 59,000-63,000 TOTAL ATT. 300,000-328,000 AISC (revised) $/oz Au Eq Inmaculada 2,125-2,205 Mara Rosa 2,750-2,900 San Jose 2,705-2,955 TOTAL 2,157-2,320 Capex Sustaining & development expenditure ($m) Inmaculada 149-155 Mara Rosa 26-30 San Jose (100%) 35-40 TOTAL 210-225 *Using gold/silver ratio of 77:1 to convert silver to gold equivalent
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H1 headwinds: currency strength 31 600 800 1000 1200 1400 1600 1800 2000 Jan 24 Jul 24 Jan 25 Jul 25 Jan 26 Argentinian Peso/USD H1 2026 vs annual inflation: 33.8% 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 4 Jan 24 Jul 24 Jan 25 Jul 25 Jan 26 Peruvian Sol/USD H1 2026 H1 2026 4.8 5.2 5.6 6.0 6.4 Jan 24 Jul 24 Jan 25 Jul 25 Jan 26 Brazilian Real/USD Original forecast: 3.65 Original forecast: 1,735 Original forecast: 5.50
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ESG: strong ongoing performance across all key metrics • Q2 2026 Safety Lost Time Injury Frequency Rate : 0.85 • First mining company to achieve DNV Level 8 cert. • Record Q2 2026 environmental performance – ECO score: 5.95 out of 6* – Water/t ore processed: 0.21 m³/t – Recycled waste: 82% • Total local workforce: 67% • 100% energy at Mara Rosa now from solar power • 100% renewable energy at San Jose 32 *Internally designed KPI measuring environmental performance in one number and encompassing numerous factors including management of wastewater, outcome of regulatory inspections and sound environmental practices relating to water consumption and the recycling of materials. Performance 1.05 1.38 1.26 1.37 0.99 1.25 0.97 0.85 2019 2020 2021 2022 2023 2024 2025 Q2 2026 LTIFR 4.82 5.74 5.29 5.27 5.76 5.58 5.61 5.95 2019 2020 2021 2022 2023 2024 2025 Q2 2026 ECO score
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Other investments: Tiernan Gold 33 VOLCAN Tiernan Gold • Listed on TSXV in Dec 25: HOC retains 69%* • C$53.8m raised for advancement of Volcan project • Fully funded through project engineering & EIA • Experienced results orientated management team Large-scale, long-life, low-cost asset with 9.8moz Au • Located in the renowned Maricunga Gold Belt in Chile • 330,000 oz/yr Au for 10 years (PEA) • AISC: US$1,094/oz • 60,000 tpd heap-leach * Valued at $176m as at 18/08/26
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Other investments: Aclara Resources 34 *Using gold price of $2,400/oz Aclara Resources • Development-stage focused on heavy rare earths through sustainable extraction • Demerged from HOC in 2021 & listed on TSX (TSE:ARA) – 19.2% stake retained* • Ionic clay mining projects in Brazil (Carina) and Chile (Penco) • Mine to magnet vertical integration strategy in the US • Strategic holding providing exposure to critical minerals * Valued at $138m as at 18/08/26
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Responsible and innovative mining committed to a better world Our Purpose