Interim report
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26 August 2026 Interim Results Six months ended 30 June 2026 Hochschild Mining PLC ("Hochschild" or the "Company") (LSE: HOC) (OTCQX: HCHDF) is pleased to announce its interim results for the six months ended 30 June 2026. Financial Highlights 1 Revenue up 62% at $844.4 million (H1 2025: $520.0 million)2 Adjusted EBITDA up 119% at $491.5 million (H1 2025: $224.5 million)3 Profit before income tax of $365.8 million (H1 2025: $109.3 million) Basic earnings per share of $0.37 (H1 2025: $0.12) Cash and cash equivalents and short-term investments balance of $308.7 million as at 30 June 2026 (31 December 2025: $319.6 million) Net cash of $51.1 million as at 30 June 2026 (31 December 2025: net debt of $20.0 million)2 Final 2025 dividend of $25.7 million to Hochschild shareholde rs and dividend to San Jose joint venture partner of $58.3 million both paid in H1 2026 Interim dividend of $4.0 cents per share ($20.6 million), representing a significant increase (H1 2025: $1.0 cent per share) Operational & Exploration Highlights 4 H1 2026 attributable production of 151,830 gold equivalent ounces or 11.7 million silver equivalent ounces (H1 2025: 165,176 gold equivalent ounces or 12.7 million silver equivalent ounces) Attributable all-in sustaining costs (AISC)2 from operations of $2,448 per gold equivalent ounce (H1 2025: $1,873) or $31.8 per silver equivalent ounce (H1 2025: $24.3) Turnaround plan at Mara Rosa progressing in-line with expectations: o Encouraging performance by new mining contractor o Focus on accessing higher-grade areas, improving haulage constraints, tailings thickener ramp-up combined with filtration and water management processes Development work continues at Monte Do Carmo - investment decision expected by year-end Royropata Modified Environmental Impact Assessment (MEIA) recently submitted to the Peruvian government in line with project development schedule Promising first results from 2026 brownfield drilling campaign ESG Fatality at Inmaculada in June, prompting an extensive investigation (FY 2025: zero fatalities) Lost Time Injury Frequency Rate of 0.85 (FY 2025: 0.97)5 Fresh water used per tonne of ore processed: 0.21 m3/tonne (FY 2025: 0.26 m3/tonne) Recycled waste of 82.4% (FY 2025: 81.4%) Local workforce vs total workforce of 67.1% (FY 2025: 65.9%) Women in the workforce of 11.0% (FY 2025: 10.6%) 1Please see the Financial Review on pages 11-16 for an explanation of period-over-period variances. 2Revenue is reported in the financial statements net of commercial discounts plus services revenue. 2Adjusted EBITDA, Net Cash, Net Debt and Attributable AISC are Alternative Performance Measures (APMs). Please see page 3 and the Financial Review pages 13-15 for a definition and calculation of Adjusted EBITDA, Net Debt and A ttributable AISC. Net cash and net debt include short-term inves tments of $20.4 million as at 30 June 2026 ($2.6 million as at 31 December 2025). 3All equivalent figures calculated using the average gold/silver ratio of 77:1. 5Calculated as total number of accidents per million labour hours.
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2 2026 Full year guidance Attributable production target reiterated: o 300,000- 328,000 gold equivalent ounces Revised operations attributable all-in sustaining costs target: o $2,380-$2,500 per gold equivalent ounce (previously $2,157-$2,320 per gold equivalent ounce) o Impact of higher prices on royalties, workers profit sharing & selling expenses o Stronger-than-expected local currencies in all three countries o Continued net cost inflation in Argentina Sustaining and development capital expenditure reiterated at approximately $210-$225 million _______________________________________________________________________________________ A live conference call and audio webcast will be held at 2.00pm (London time) on Wednesday 26 August 2026 for analysts and investors. For a live webcast of the presentation, please click on the link below: https://brrmedia.news/HOC_IR_26 Conference call dial in details: UK: +44 (0)330 551 0200 UK Toll Free: 0808 109 0700 US Toll Free: 1 866 580 3963 Canada Toll Free: 1 866 378 3566 Pin: Hochschild Mining Interim 2026 _______________________________________________________________________________________ Enquiries: Hochschild Mining PLC Charles Gordon, Head of Investor Relations +44 (0)20 3709 3264 Hudson Sandler (P ublic Relations) Charlie Jack/Harry Griffiths Hochschild@hudsonsandler.com +44 (0)20 7796 4133 _______________________________________________________________________________________ Non-IFRS Financial Performance Measures The Company has included certain non-IFRS measures in this news release. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the performance of the Company. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardised meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Alternative Performance Measures When assessing and discussing the Group’s re ported financial performance, financial position and cash flows, management makes r eference to Alternative Performance Measures of historical or future fina ncial performance, fina ncial position or cash flows that are no t defined or specified under IFRS. These are detailed below. Adjusted EBITDA Adjusted EBITDA is a useful approximation of the operating cash flow generation of the business by eliminating net finance cost s, foreign exchange losses, income tax, exploration expenses other than pe rsonnel and other exploration-rela ted fixed expenses, non-cash i tems (depreciation and amortisation, changes in mine closure provisions , and any write-off, impairment or reversal of impairment), a nd any other non-recurring items. Adjusted EBITDA is not a direct measure of liquidity which is shown by the cash flow statement. AISC The Company believes the AISC measure provid es further transparency into costs associat ed with the production of gold and silve r and will assist investors, analysts and other stakeholders of the Company in assessing its operating performance, its ability to generat e free cash flow from current operations and its overall value. Pre-exceptional EPS Pre-exceptional earnings per share represents the Group’s operatin g performance from core activiti es, excluding the impact of o ne-off transactions outside the normal course of business of the Group. Net debt / net cash Net debt / net cash is a measure of the Group’s financial position. The Group uses net debt / net cash to monitor the sources and uses of financial resources, the availability of capital to invest or return to shareholders, and the resilience of the balance sheet.
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3 Gross Revenue Gross revenue represents the revenue generated from the Group’s co re business, excluding the impact of commercial discounts fro m concentrates, and non-cash hedged items. Unit cost per tonne Unit cost per tonne represents the direct cash cost including di rect cash support costs in producing one tonne of saleable prod uct. This is a standard industry measure applied by most major mining companies and therefore, comparable for the users of the Financial Statements. Cash costs Cash costs are a measure of the cost of operating production ex pressed in terms of dollars per ounce of gold and this is a stan dard industry measure applied by most major mining companies which reflects the direct costs involved in producing each ounce of metal. About Hochschild Mining PLC: Hochschild Mining PLC is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) and crosstrades on the OTCQX Best Market in the U.S. (HCHDF), with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over fifty years' experience in the mining of precious metal epithermal vein deposits and operates two underground epithermal v ein mines: Inmaculada, located in southern Peru; and San Jose in southern Argentina, and an open pit gold mine, Mara Rosa, located in the state of Goiás, Brazil. Hochschild also has numerous long-term projects throughout the Americas. Forward looking statements This announcement may contain forward looking statements. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results, performance or achievements of Hochschild Min ing PLC may, for various reasons, be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement. Except as required by the Listing Rules and applicable law, the Board of Hochschild Mining PLC does no t undertake any obligation to update or change any forward-lookin g statements to reflect events occurring after the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Note The information contained within this announcement is deemed by the Company to constitute inside information as stipulated unde r the Market Abuse Regulation (Regulation (EU) No.596/2014). Upon the publication of this announcement via a Regulatory Information Service, this inside info rmation is now considered to be in the public domain. LEI: 549300JK10TVQ3CCJQ89
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4 CHIEF EXECUTIVE OFFICER’S STATEMENT We have delivered a solid first half operational performance, with our Inmaculada and San Jose mines continuing to generate strong operating cash flow, whilst Mara Rosa made furthe r progress as we execute our turnaround strategy. Although production volumes, as expected, were lower versus the first half of 2025 due to budgeted lower grades at Inmaculada and San Jose, overall performance remained in line with expectat ions. Production at Mara Rosa improved during the second quarter, supported by greater plant stability and encouraging early benefits from the transition to our new mining contractor, providing a solid platform for further operational improvements during the second half of the year and beyond. Overall, we remain on track to achieve our full-year production guidance. Whilst costs for the year are now expected to be above our orig inal guidance, this primarily re flects the impact of higher precious metal prices, which are being seen across the industry and have significantly increase d export taxes in Argentina, workers profit sharing, royalties and other production-linked costs, as well as stronger-than-expected local currencies across all three of the Company's operating jurisdictions. However, the continued stronger commodity price environment has driven substantially higher cash generation, positioning the busine ss well despite continued inflationary pressures and stronger- than-expected local currencies across our operating jurisdictions. Alongside this strong operationa l and financial performance, we continue to ad vance our project pipeline. We have recently submitted the Modified Environmental Impa ct Assessment for Royropata to the new Peruvian government, whilst Monte Do Carmo continues to progress towards an investment decision by the end of the year. Both are exciting projects for Hochschild, representing our next phase of growth. I t i s w i t h d e e p r e g r e t t h a t l a s t m o n t h w e r e p o r t e d a n a c c i d e n t a t o u r I n m a c u l a d a m i n e , w h i c h r e s u l t e d i n t h e d e a t h o f a contractor shift supervisor. Activities in the affected development area were temporarily suspended while a comprehensive investigation was undertaken, and the findings have since been shared across our operations to help prevent similar incidents in the future. The health, safety and wellbeing of our people remain our highest priority, and we extend our sincere condolences to his family, friends and colleagues. Operations Our flagship Inmaculada mine in Peru delivered another solid performance, with output in line with expectations at 93,686 gold equivalent ounces (H1 2025: 108,976 ounces). At San Jose in Argentina, production rose year-on-year, reaching 58,798 gold equivalent ounces (H1 2025: 54,325 ounces), with the mine plan forecasting stronger production in the second half of the year. At Mara Rosa, the operational turnaround continued to make encouraging progress during the first half of the year, with improvements in plant stability and reliability supporting production in line with the prior year at 28,158 gold equivalent ounces (H1 2025: 28,494 ounces). While performanc e continued to reflect the legacy impact of the previous mining contractor, the transition to the new contractor is progressing well and is ex pected to deliver further operational improvements through the second half of the year. Together with ongoing initiatives to optimi se mine sequencing, improve access to higher-grade ore and enhance processing performance, the operation remains on track to achieve its full-year production guidance. We continue to implement a range of initiatives across the Company to improve operational efficiency, increase productivity and reduce costs, particularly in the face of ongoing cost in flation across the mining industry driven by record commodity prices. These include optimising our haulage contract and mine ral transportation, improving cr ushing, milling and filtration performance, increasing plant throughput and reliability, and deploying new technologies such as remote blasting and higher- capacity drilling equipment. We are also focused on optimising procurement and se rvice contracts, including refining and trading arrangements, while strengthening operational monitoring and planning to maximise the performance of our assets. Projects Alongside our operational performance, we continued to advance our key growth pr ojects. At Monte Do Carmo in Brazil, engineering and permitting activities progressed well during the half, with engineering work, project optimisation and execution planning continuing as we prepare the project fo r Board approval by the end of the year. The planning and infrastructure workstreams for Monte Do Ca rmo have also benefited from the experience gained at Mara Rosa, helping to further de-risk its execution. In Peru, we recently achieved an important milestone at Royropata, with the submission of the Modified Environmental Impact Assessment to the new Peruvian government, representing another significant step towards the project's future development. Exploration Exploration continues to be a key pillar of our growth strategy, building on our stro ng multi-year track record of resource additions. During the first half, we deli vered encouraging early results from our br ownfield drilling programmes across our three mines. At Inmaculada, the focus remains on resource re placement and defining the prospective Melisa vein corridor, while at Pallancata drilling is targeting the extension of the Pallancata vein and other structures. At San Jose, a district-wi de gravity survey has identified new structures close to the current mine, with the next phase focused on resource drilling at the Huevos Verdes vein. We look forward to providing a further update on these programmes and others with our full-year results. Financial results Financial results reflect the significantl y increased commodity pricing in the half partially offset by scheduled reduced production in the period versus H1 2025. Gold production was broadly similar to H1 2025 and therefore, when combined with a 47% and 130% increase in the average realised gold and silver prices, respectively, revenue rose by 62% to $844.4 million (H1
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5 2025: $520.0 million). Attributable AISC was $2,448 per gold equivalent ounce (H1 2025: $1,873 per ounce) with the increase due to: the ongoing turnaround programme at Mara Rosa; the impact of higher commodity prices mainly on export taxes in Argentina, workers profit sharing in Peru, and royalties; the stronger-than-expected local currencies across all three of the Company's operating jurisdictions; and higher costs in Argentin a reflecting net inflation in th e country. Adjusted EBITDA of $491.5 million (H1 2025: $224.5 million) mostly reflects the higher precious metal prices partially offset by higher costs. Earnings per share therefore increased significantly to $0.37 (H1 2025: $0.12 per share). Our financial position remains strong, with solid cash gene ration from Inmaculada and San Jose and the benefit of significantly higher precious metal prices during the period. As of 30 June 2026, we reported cash and cash equivalents and short-term investments of $308.7 million (3 1 December 2025: $319.6 million), with net cash increased to $51.1 million compared to a net debt position of $20.0 million at year-end 2025. We remain committed to delivering attractive shareholder returns and during H1 2026, we paid the final 2025 dividend of $25.7 million and dividends to the joint venture partner in San Jose of $58.3 million. The Board is pleased to declare an interim dividend of 4.0 cents per share ($20.6 million) in line with Hochschild’s dividend policy. Sustainability Our commitment to responsible mining conti nued to deliver strong results during th e first half of the year, with further recognition from leading ESG rating agen cies and continued progress against our 2030 sustainability targets. We were particularly pleased to receive an upgrade in our MSCI ES G Rating from BBB to AA, positioning Hochschild among the industry's ESG leaders, while our FTSE4Good score improved to 4.1 out of 5 and our CDP Water Security rating increased to B. Internally, we improved 58% of our ESG performance metrics co mpared with 2025 and have now achieved 77% of our 2030 targets. We also reached record levels of local employment, with 67.1% of our workforce recruited from local communities, reduced freshwater consumption to 0.21m ³ per tonne of ore processed and increased waste recycling to 82.4%, while continuing to improve workforce diversity. Outlook Hochschild remains focused on delivering stable operational performance across the portfolio while continuing the disciplined execution of the Mara Rosa turnaround programme and bringing our exciting development projects into production. We continue to expect attributable production of 300,000 to 328,000 gold equivalent ounces in 2026 However, reflecting the direct impact of higher precious metal prices, together with the continued strength of local currencies across our operating jurisdictions, and sustained local inflation in Argentina, we ha ve revised our all-in sustaining cost guidance to $2,380–$2,500 per gold equivalent ounce. Alongside our operational priorities , we will continue to advance our growth pipeline, progressing the Royropata permitting process in Peru and completing the remaining work at Monte Do Carmo in Brazil to support a potential construction decision by the end of the year. I would like to thank our employees, contractors, local communities and shareholders for their continued support and commitment. While there is still work to do, particularly at Mara Rosa, I am encouraged by the progress made during the first half and by the dedication of our teams. With a clear strategic direction and a portfolio of high-quality assets, we are confident in our ability to deliver improved perf ormance, advance our growth opportunities and create lasting value for all our stakeholders. Eduardo Landin, Chief Executive Officer 25 August 2026
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6 OPERATING REVIEW OPERATIONS Note: All 2026 and 2025 silver/gold equivalent production figures assume a gold/silver ratio of 77:1. Production I n t h e f i r s t h a l f o f 2 0 2 6 , H o c hsc h i l d p r o d u c e d 1 5 1 , 8 3 0 g o ld e q u ivalent ounces or 11.7 million si lver equivalent ounces (on an attributable basis) with the reduction versus the corresponding period of 2025 due to the scheduled reduction in production at Inmaculada. Total group production Six months to 30 June 2026 Six months to 30 June 2025 Silver production (koz) 3,874 4,624 Gold production (koz) 130.33 131.74 Total silver equivalent (koz) 13,909 14,768 Total gold equivalent (koz) 180.64 191.80 Silver sold (koz) 3,950 4,618 Gold sold (koz) 132.45 131.06 Total production includes 100% of all production, including production attributable to Hochschild’s minority shareholder at San Jose. Attributable group production Six months to 30 June 2026 Six months to 30 June 2025 Silver production (koz) 3,111 3,812 Gold production (koz) 111.43 115.67 Silver equivalent (koz) 11,691 12,719 Gold equivalent (koz) 151.83 165.18 Attributable production includes 100% of all production from Inmaculada and Mara Rosa and 51% from San Jose. The forecasts for production remain unchanged at all mines. The guidance for 2026 is reiterated below: Attributable 2026 production forecast split Operation Oz Au Eq Inmaculada 174,000-185,000 Mara Rosa 67,000-80,000 San Jose (51%) 59,000-63,000 Total 300,000-328,000 Costs Attributable AISC from operations in H1 2026 was $2,448 per gold equivalent ounce or $31.8 per silver equivalent ounce (H1 2025: $1,873 per gold equivalent ounce or $24.3 per silver equivalent ounce), higher than H1 2025 mainly due to: the ongoing turnaround programme at the Mara Rosa mine; the impact of significantly higher commodity prices on export taxes in Argentina, workers profit sharing in Peru and royalties; st ronger-than-expected local currencies across all three of the Company's operating jurisdictions; and higher costs in Argentina reflecting net inflation in the country. The expected attributable all-in sustaining cost from operations for 2026 has therefore been revised to $2,380-$2,500 per gold equivalent ounce, reflecting: the ongoing impact of the factors mentioned above together with production at Mara Rosa being weighted towards the second half and increased capex in the second half at Inmaculada. Revised attributable 2026 AISC forecast split Operation $/oz Au Eq Inmaculada 2,125-2,205 San Jose 2,705-2,955 Mara Rosa 2,750-2,900 Total from operations 2,380-2,500
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7 Inmaculada The 100% owned Inmaculada gold/silver unde rground operation is located in the Regi on of Ayacucho in southern Peru. It commenced operations in 2015. Inmaculada summary Six months to 30 June 2026 Six months to 30 June 2025 % change Ore production (tonnes) 698,726 672,720 4 Average silver grade (g/t) 116 153 (24) Average gold grade (g/t) 3.03 3.47 (13) Silver produced (koz) 2,311 2,961 (22) Gold produced (koz) 63.68 70.52 (10) Silver equivalent produced (koz) 7,214 8,391 (14) Gold equivalent produced (koz) 93.69 108.98 (14) Silver sold (koz) 2,300 2,951 (22) Gold sold (koz) 64.42 71.19 (10) Unit cost ($/t) 132.6 138.2 (4) Total cash cost ($/oz Au co-product) 1,019 939 9 All-in sustaining cost ($/oz Au Eq)6 1,953 1,496 31 Production Inmaculada’s first half production was 6 3,675 ounces of gold and 2.3 million ounc es of silver, which amounts to a gold equivalent output of 93,686 ounces (H1 20 25: 108,976 ounces), a 14% reduction from the first half of 2025 due to expected reduced grades arising from the 2026 mine plan, partially offset by higher tonnage. Costs AISC was $1,953 per gold equivalent ounce (H1 2025: $1,496 per ounce). The increase versus the same period of 2025 is mainly the result of: scheduled lower grades; higher workers profit shar ing driven by significantly high er precious metal prices; and foreign exchange variations. There was also a scheduled increase in sustaining capex in the first half due to the development of new mining areas and an additional infill drilling campaign. Unit cost per tonne fell slightly in line with the increased tonnage treated. San Jose The San Jose silver/gold mine is located in Argentina, in the province of Santa Cruz , 1,750km southwest of Buenos Aires. San Jose commenced production in 2007. Hochschild holds a controlling interest of 51% in the mine and is the mine operator. The remaining 49% interest is owned by McEwen Mining Inc. San Jose summary (100%) Six months to 30 June 2026 Six months to 30 June 2025 % change Ore production (tonnes) 366,912 334,562 10 Average silver grade (g/t) 157 185 (15) Average gold grade (g/t) 3.79 3.71 2 Silver produced (koz) 1,558 1,657 (6) Gold produced (koz) 38.57 32.80 18 Silver equivalent produced (koz) 4,527 4,183 8 Gold equivalent produced (koz) 58.80 54.32 8 Silver sold (koz) 1,645 1,661 (1) Gold sold (koz) 40.00 31.71 26 Unit cost ($/t) 315.9 307.5 3 Total cash cost ($/oz Au co-product) 2,234 2,348 (5) All-in sustaining cost ($/oz Au Eq) 2,944 2,584 14 Production San Jose delivered a solid half of production with the total of 4.5 million silver equivalent ounces, up 8% versus the same period of 2025 (H1 2025: 4.2 million ounces). Tonnage increased by 10% versus H1 2025 along with gold grades, but this was partially offset by a 15% decline in silver grades. Costs AISC was $2,944 per gold equi valent ounce (H1 2025: $2,584 per ounce) with the increase versus H1 2025 mostly due to: the impact of higher precious metal prices on royalties and selling expenses; net inflatio n in Argentina; lower silver grades; and additional infill drilling. This was partially offset by a scheduled increase in tonnage and lower sustaining capex.
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8 Mara Rosa The Mara Rosa gold mine is located in Brazil, in the provin c e o f G o i a s , 3 2 0 k m n o r t h w e s t o f B r a s i l i a . M a r a R o s a r e a c h e d commercial production in May 2024. Mara Rosa summary Six months to 30 June 2026 Six months to 30 June 2025 % change Ore production (tonnes) 884,458 988,637 (11) Average silver grade (g/t) 0.28 0.32 (13) Average gold grade (g/t) 1.06 0.95 12 Silver produced (koz) 6 6 - Gold produced (koz) 28.08 28.42 (1) Silver equivalent produced (koz) 2,168 2,194 (1) Gold equivalent produced (koz) 28.16 28.49 (1) Silver sold (koz) 6 6 - Gold sold (koz) 28.03 28.16 - Unit cost ($/t) 72.8 59.7 22 Total cash cost ($/oz Au co-product) 2,278 1,866 22 All-in sustaining cost ($/oz Au Eq) 3,551 2,626 35 Production At Mara Rosa, production improved towards the end of the first half of 2026, reflecting increased plant stability and continued progress with the operational turnaround. Performance during the half remained affected by the legacy impacts of the previous mining contractor and the ongoing transition to th e new contractor, together with constrained access to higher- grade mining areas, haulage limitations, filtration availability and water management challenges. However, during the period, the Company continued to implement a range of initiatives to improve mine sequencing, accelerate waste movement, increase access to higher-grade ore, reduce haulage distances and strengthen ore control. Plant reliability improved, while commissioning of the tailings thickener commenced towards the end of the period and is expected to enhance water management, pr ocessing stability and tailings disposal. Mobilisation of th e new mining contractor also continued, strengthening site leadership and operating practices, with further operational improvements expected during the second half of the year. Production for the half totalled 28,158 gold equivalent ounces (H1 2025: 28,494 ounces). With the turnaround continuing to gain momentum, the operation remains on track to achieve its annual production guidance of 67,000 to 80,000 gold equivalent ounces. Costs Due to the comprehensive turnaround programme detailed above which led to significantly increased capex as well as lower treated tonnage, AISC was elevated at $3,551 per gold equivalent ounce (H1 2025: $2,626 per ounce). The expectation is that high costs will gradually reduce in the second half of the year as capex normalises, tonnage is more consistent and higher grades are accessed. In addition, costs were impacted by higher metal prices and foreign exchange variations.
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9 ADVANCED PROJECTS Monte do Carmo Work has continued on the Monte Do Carmo project in the half and included the following workstreams: Validation of key value engineering opportunities, particularly the waste rock deposit Progression to integrated basic engineering phase supported by: an integrated project schedule; a formal risk assessment; an execution readiness review; and updated capital phasing Advancement of critical path activities, including: TSF land easement; waste rock facilities peer review; and detailed design The team currently expects the project to be ready for a final investment decision by the end of the year. Royropata The Company has completed the Modified Environmental Impact Study (MEIA) and has recently submitted the document to the new Peruvian government. Tiernan Gold The Company's 69.8%-owned subsidiary, Tiernan Gold, made good progress during the period in advancing its flagship Volcan Gold Project in Chile, with a focus on reducing project risk and progressing key technical studies to support the pre-feasibility study and environmental permitting process. Work included refining the geological model, advancing mine design, metallurgy and environmental baseline studies, and de livering encouraging early metallurgical test results to support the next phase of engineering. Tiernan also strengthened its leadership team with the appointments of a Country Manager in Chile and a Chief Financial Officer, enhancing its technical, operational and financial capabilities as the project advances. BROWNFIELD EXPLORATION Inmaculada During the first half, the team carried out 3,708m of potential dr illing in the Melisa, Lili, Melisa Techo, Melisa NE and Lady Sur structures. Selected results included: Vein Results (potential) Melisa IMS26-358: 1.2m @ 2.7g/t Au & 129g/t Ag IMS26-360: 1.7m @ 1.1g/t Au & 42g/t Ag Melisa Techo IMS26-358: 4.1m @ 3.2g/t Au & 69g/t Ag IMS26-374: 2.9m @ 3.4g/t Au & 111g/t Ag Lili IMS25-349: 1.0m @ 5.7g/t Au & 167g/t Ag IMS25-358: 1.6m @ 4.3g/t Au & 12g/t Ag Melisa NE IMS25-351: 1.0m @ 4.5g/t Au & 63g/t Ag During the third quarter, the Company expects to carry out 3,500m of resource drilling in the Melisa, Meilisa Techo and Lili veins. San Jose A total of 10,935m were drilled in the Pier ina S, HVC-N, Suspiro, Maura N, Cristina, Mari, BXN, Katy, Katia, Pablo G, Vicky, An a, Suspiro, Mari, and Betania veins in the Saavedra area. Selected results included: Vein Results (potential) Mari SJD-3257: 1.2m @ 9.9g/t Au & 743g/t Ag SJD-3301: 2.5m @ 7.1g/t Au & 231g/t Ag SJD-3297: 1.1m @ 1.7g/t Au & 109g/t Ag R_HVNC SJD-3279: 1.7m @ 6.4g/t Au & 569g/t Ag SJD-3168: 0.8m @ 4.0g/t Au & 327g/t Ag RS_2 SJD-3284: 1.4m @ 3.1g/t Au & 341g/t Ag HVC SJD-3162: 1.4m @ 36.9g/t Au & 5782g/t Ag Libre SJD-3162: 1.1m @ 1.7g/t Au & 180g/t Ag Norka SJD-3168: 0.7m @ 3.6g/t Au & 222g/t Ag Suspiro SJD-3171: 1.7m @ 2.1g/t Au & 279g/t Ag Franco SJD-3205-A: 0.9m @ 0.4g/t Au & 224g/t Ag During Q3 2026, resource drilling will continue on the Mari structure. Mara Rosa During the first half of the year, a total of 6,375m of drilling was completed at the Jatobá, Novo Horizonte, Pequí, Esperanza, Aurora, and Araras targets. The highlights are as follows:
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10 Vein Results (resources) Grid K 26GDK_003: 1.4m @ 1.5g/t Au Posse/Passo 26POS_071: 18.7m @ 0.7g/t Au incl. 1.0m @ 9.9g/t Au Posse-Araras 26POS_072: 12.6m @ 0.4g/t Au incl. 4.0m @ 1.0g/t Au 26POS_076: 14.3m @ 0.6g/t Au incl. 1.0m @ 6.1g/t Au 26POS_077: 15.0m @ 1.8g/t Au incl. 5.7m @ 4.1g/t Au incl. 6.0m @ 0.5g/t Au incl. 1.4m @ 0.6g/t Au 26POS_080: 6.8m @ 0.4g/t Au incl. 0.9m @ 1.6g/t Au Posse Sul 26POS_065: 1.2m @ 0.9g/t Au 26POS_066: 0.8m @ 5.6g/t Au 26POS_067: 53.4m @ 0.1g/t Au During Q3 2026, resource drilling will continue on the Araras structure.
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11 FINANCIAL REVIEW The reporting currency of Hochschild Mining PLC is US dollars. In discussions of financial performance, the Group removes the e ffect of exceptional items, unless otherwise indicated, and in the income statement results are shown both pre and post such exceptional items. Exceptional items are those items, which due to their nature or the expected infrequency of the events giving rise to them, are disclosed separately on the face of the income statement to enable a better understanding of the financial performance of the Group and to facilitate comparison with prior periods. Revenue Gross revenue7 Gross revenue increased by 63% to $859.6 million in H1 2026 (H 1 2025: $527.5 million) due to higher average realised precious metal prices and slightly higher gold ounces sold, partially offset by lower silver ounces sold. Gold Gross revenue from gold increased to $551.9 million (H1 2025: $371.2 million) mainly due to the 47% increase in the average realised gold price and higher gold ounces sold in San Jose. Silver Gross revenue from silver increased to $307.4 million (H1 2025: $156.2 million) due to the 130% increase in the average realise d silver price, partially offset by lower silver production in Inmaculada and San Jose. Gross average realised sales prices The following table provides figures for average realised prices (before the deduction of commercial discounts from concentrates) and ounces sold for H1 2026 and H1 2025: Ounces sold and average realised prices Six months to 30 June 2026 Six months to 30 June 2025 Gold ounces sold (koz) 132.45 131.06 Avg. realized gold price ($/oz) 4,166 2,832 Silver ounces sold (koz) 3,950 4,618 Avg. realized silver price ($/oz) 77.8 33.8 Hedges H1 2026 realised prices and revenue include the effect of forwards for 50,000 gold ounces of 2026 at a price of $2,167 per ounce, the impact of which was a realised loss of $63.3 million in H1 2026. H1 2025 realised prices and revenue include the effect of the following hedges: forwards for 50,000 gold ounces of 2025 at a price of $2,117 per ounce, and zero cost collars for 60,000 gold ounces of 2025 production at a strike put of $2,000 per ounce and a strike call of $2,485 per ounce, the impact of which was a realised loss of $41.5 million in H1 2025. Commercial discounts Commercial discounts refer to refinery treatment charges, refining fees and payable deductions for processing concentrate, and are deducted from gross revenue on a per tonne basis (t reatment charge), per ounce basis (refining fees) or as a percentage of gross revenue (payable deductions). In H1 20 26, the Group recorded commercial discounts from concentrates of $15.2 million (H1 2025: $7.5 million). The ratio of commercial discounts from concentrates to gross revenue in H1 2026 was 1.8% (H1 2025: 1.4%). Revenue Revenue was $844.4 million (H1 2025: $520.0 million), comprising net gold revenue of $545.1 million (H1 2025: $366.9 million) and net silver revenue of $299.0 million (H1 2025: $153.0 million). In H1 2026, gold accounted for 64% and silver for 36% of the Company’s consolidated net revenue (H1 2025: gold 71% and silver 29%). Reconciliation of gross revenue by mine to Group net revenue $000 Six months to 30 June 2026 Six months to 30 June 2025 % change Gold revenue Inmaculada 296,927 201,736 47 San Jose 188,087 107,305 75 Mara Rosa 66,866 62,152 8 Commercial discounts from concentrates (6,802) (4,319) 57 Net gold revenue 545,078 366,874 49 Silver revenue Inmaculada 174,390 96,644 80 San Jose 132,549 59,341 123 Mara Rosa 437 197 122 Commercial discounts from concentrates (8,367) (3,215) 160 Net silver revenue 299,009 152,967 95 Other revenue 347 169 105 Revenue 844,434 520,010 62 7Includes revenue from services of $0.3 million (H1 2025: $0.2 million)
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12 Costs Total cost of sales was $362.8 million in H1 2026 (H1 2025: $327.7 million). The direct production cost excluding depreciation and amortisation was higher at $281.8 million (H1 2025: $255.0 million) mainly due to higher production volumes at Inmaculada and San Jose, local cost inflation in Argentina, higher mining and waste movement at Mara Rosa, and rising precious metal prices resulting in increased royalties. These were partially offset by lower treatment volumes at Mara Rosa. Depreciation and amortisation in production cost increased to $85.7 million (H1 2025: $80.0 million) mainly due to higher production volume and a higher unit-of-production depreciation rate in San Jose. Increase in inventories was $17.7 million in H1 2026 (H1 2025: $14.5 million) mainly due to higher products in process in Mara Rosa and Inmaculada of $10.9 million and $9.0 million, respectively, partially offset by lower products in process in San Jose of $2.2 million. $000 Six months to 30 June 2026 Six months to 30 June 2025 % change Direct production cost excluding depreciation and amortisation 281,844 255,007 11 Depreciation and amortisation in production cost 85,650 80,015 7 Workers’ profit sharing 12,751 5,396 136 Fixed costs during operational stoppages and reduced capacity - 1,864 (100) Change in inventories (17,733) (14,538) 22 Other 311 - 100 Cost of sales 362,823 327,744 11 Unit cost per tonne The Company reported unit cost per tonne at its operations of $137.2 per tonne in H1 2026, an increase versus H1 2025 ($125.4 per tonne) mainly due to higher mine production costs and the dire ct impact of higher prices in legal workers´ profit sharing in Peru and royalties in Argentina and Brazil and stronger-than-expected local currencies across all operations, partially offset by operational efficiencies. Unit cost per tonne by operation (including royalties)8: Operating unit ($/tonne) Six months to 30 June 2026 Six months to 30 June 2025 % change Peru Inmaculada 132.6 138.2 (4) Argentina San Jose 315.9 307.5 3 Brazil Mara Rosa 72.8 59.7 22 Total 137.2 125.4 9 8 Unit cost per tonne is a non-IFRS measure. It is calculated by dividing mine and treatment production costs (excluding depreciation and amortisation) of $163.1 million and $120.9 million respectively, by extracted and treated tonnage of 2,168k and 1.950k respectively.
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13 Cash costs Cash costs include cost of sales, commercial deductions and selling expenses before exceptional items, less depreciation and amortisation included in cost of sales. Cash cost reconciliation9 Six months to 30 June 2026 $000 unless otherwise indicated Inmaculada San Jose Mara Rosa Total (+) Cost of sales10 148,102 144,739 69,671 362,512 (-) Depreciation and amortisation in cost of sales (45,646) (27,159) (5,977) (78,782) (+) Selling expenses 358 17,751 308 18,417 (+) Commercial deductions11 1,356 15,193 263 16,812 Gold 1,031 6,812 259 8,102 Silver 325 8,381 4 8,710 Group cash cost 104,170 150,524 64,265 318,959 Gold 296,927 181,285 66,866 545,078 Silver 174,390 124,182 437 299,009 Revenue 12 471,317 305,467 67,303 844,087 Ounces sold Gold 64.4 40.0 28.0 132.4 Silver 2,300 1,645 5 3,950 Group cash cost ($/oz) Co product Au 1,019 2,234 2,278 1,555 Co product Ag 16.76 37.20 73.92 28.60 By product Au (1,095) 449 2,277 85 By product Ag (84.27) (22.84) (506.70) (59.29) Six months to 30 June 2025 $000 unless otherwise indicated Inmaculada San Jose Mara Rosa Total (+) Cost of sales13 148,233 120,019 57,628 325,880 (-) Depreciation and amortisation in cost of sales (51,442) (20,149) (5, 831) (77,422) (+) Selling expenses 355 7,381 607 8,343 (+) Commercial deductions14 1,683 7,745 305 9,733 Gold 1,182 4,444 302 5,928 Silver 501 3,301 3 3,805 Group cash cost 98,829 114,996 52,709 266,534 Gold 201,736 103,022 62,116 366,874 Silver 96,644 56,128 195 152,967 Revenue 15 298,380 159,150 62,311 519,841 Ounces sold Gold 71.2 31.7 28.2 131.1 Silver 2,951 1,661 6 4,618 Group cash cost ($/oz) Co product Au 939 2,348 1,866 1,435 Co product Ag 10.85 24.41 27.02 16.98 By product Au 24 1,753 1,865 837 By product Ag (35.27) 4.53 (1,590.16) (23.01) Co-product cash cost per ounce is the cash cost allocated to the primary metal (allocation based on proportion of revenue), divided by the ounces sold of the primary metal. By-product cash cost per ounce is the tota l cash cost minus revenue and commercial discounts of the by-product divided by the ounces sold of the primary metal. 9Cash costs are calculated to include cost of sales, commercial discounts and selling expenses items less depreciation and amortisation included in cost of sales. 10Does not include cost of sales of aggregates of $0.3 million. 11Includes commercial discounts from the sales of concentrate and commercial discounts from the sale of dore. 12Excludes revenue from services of $0.3 million. 13Does not include unallocated fixed costs accumulated during operational stoppages and reduced capacity of $1.9 million. 14Includes commercial discounts from the sales of concentrate and commercial discounts from the sale of dore. 15Excludes revenue from services of $0.2 million.
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14 Attributable all-in sustaining cost reconciliation 16 Attributable all-in sustaining cash costs per silver and gold equivalent ounce Six months to 30 June 2026 $000 unless otherwise indicated Inmaculada San Jose Mara Rosa Main operations Corporate & others Total (+) Direct production cost excluding depreciation and amortisation17 94,617 113,474 73,753 281,844 - 281,844 (+) Other items and workers profit sharing in cost of sales18 13,176 606 773 14,555 - 14,555 (+) Operating and exploration capex for units19 69,263 14,570 21,655 105,488 555 106,043 (+) Brownfield exploration expenses20 1,599 9,026 929 11,554 2,815 14,369 (+) Administrative expenses (excl depreciation and amortisation) 2,602 3,866 2,301 8,769 21,720 30,489 Sub-total 181,257 141,542 99,411 422,210 25,090 447,300 Sub-total attributable 181,257 72,186 99,411 352,854 25,090 377,944 Attributable Au ounces produced 63,6 80 19,671 28,080 111,431 - 111,431 Attributable Ag ounces produced (000s) 2,311 794 6 3,111 - 3,111 Attributable Ounces produced (Au Eq oz) 93,690 29,988 28,160 151,838 - 151,838 Attributable Ounces produced (Ag Eq 000s oz) 7,214 2,309 2,168 11,691 - 11,691 Attributable all-in sustaining costs per oz produced ($/oz Au Eq) 1,935 2,407 3,530 2,324 165 2,489 Attributable all-in sustaining cost s per oz produced ($/oz Ag Eq) 25.2 31.2 45.8 30.2 2.1 32.3 (+) Commercial deductions 1,35 7 15,193 262 16,812 - 16,812 (+) Selling expenses 358 17,751 308 18,417 - 18,417 Sub-total 1,715 32,944 570 35,229 - 35,229 Sub-total attributable 1,715 16,801 570 19,086 - 19,086 Attributable Au ounces sold 64,42 0 20,400 28,030 11 2,850 - 112,850 Attributable Ag ounces sold (000s) 2,300 839 6 3,145 - 3,145 Attributable ounces sold (Au Eq oz) 94,287 31,292 28,104 153,683 - 153,683 Attributable ounces sold (Ag Eq 000s oz) 7,260 2,409 2,164 11,833 - 11,833 Sub-total ($/oz Au Eq) attributable 18 537 21 124 ‐ 124 Sub-total ($/oz Ag Eq) attributable 0.2 7.0 0.3 1.6 ‐ 1.6 Attributable all-in sustaining costs per oz sold ($/oz Au Eq ) 1,953 2,944 3,551 2,448 165 2,613 Attributable all-in sustaining costs per oz so ld ($/oz Ag Eq) 25.4 38.2 46.1 31.8 2.1 33.9 Six months to 30 June 2025 $000 unless otherwise indicated Inmaculada San Jose Mara Rosa Main operations Corporate & others Total (+) Direct production cost excluding depreciation and amortisation 93,207 98,176 63,624 255,007 - 255,007 (+) Other items and workers profit sharing in cost of sales21 5,822 (2,142) 770 4,450 - 4,450 (+) Operating and exploration capex for units22 57,455 20,900 7,679 86,034 670 86,704 (+) Brownfield exploration expenses23 2,036 4,356 473 6,865 2,239 9,104 (+) Administrative expenses (excl depreciation and amortisation) 2,506 3,649 1,372 7,527 14,971 22,498 Sub-total 161,026 124,939 73,918 359,883 17,880 377,763 Sub-total attributable 161,026 63,719 73,918 298,663 17,880 316,543 Attributable Au ounces produced 70,520 16,730 28,416 115,666 - 115,666 Attributable Ag ounces produced (000s) 2,961 845 6 3,812 - 3,812 Attributable Ounces produced (Au Eq oz) 108,976 27,706 28,494 165,176 - 165,176 Attributable Ounces produced (Ag Eq 000s oz) 8,391 2,134 2,194 12,719 - 12,719 Attributable all-in sustaining costs per oz produced ($/oz Au Eq) 1,477 2,300 2,594 1,808 108 1,916 Attributable all-in sustaining cost s per oz produced ($/oz Ag Eq) 19.2 29.9 33.7 23.5 1.4 24.9 (+) Commercial deductions 1, 683 7,745 305 9,733 - 9,733 (+) Selling expenses 355 7,381 607 8,343 - 8,343 Sub-total 2,038 15,126 912 18,076 - 18,076 Sub-total attributable 2,03 8 7,714 912 10,664 - 10,664 Attributable Au ounces sold 71,195 16,170 28,160 115,525 - 115,525 Attributable Ag ounces sold (000s) 2,951 847 6 3,804 - 3,804 Attributable ounces sold (Au Eq oz) 109,522 27,173 28,239 164,934 - 164,934 Attributable ounces sold (Ag Eq 000s oz) 8,433 2,092 2,174 12,699 - 12,699 Sub-total ($/oz Au Eq) attributable 19 284 32 65 ‐ 65 Sub-total ($/oz Ag Eq) attributable 0.2 3.7 0.4 0.8 ‐ 0.8 Attributable all-in sustaining costs per oz sold ($/oz Au Eq) 1,496 2,584 2,626 1,873 108 1,981 Attributable all-in sustaining costs per oz so ld ($/oz Ag Eq) 19.4 33.6 34.1 24.3 1.4 25.7 16 Calculated using a gold/silver ratio of 77:1. 17Does not include cost of aggregates of $0.3 million. 18Other items include lease expenditure of $0.4 million, $0.6 million and $0.5 million in Inmaculada, San Jose and Mara Rosa, respectively, and other income in Mara Rosa of $0.2 million. 19Operating capex excludes: capitalisation of interests of $0.1 million and $0.8 million in Inmaculada and Mara Rosa, respectively, capitalised depreciation resulting from mine equipment utilised for mine developments totalling $0.5 million in San Jose, and leased assets of $0.2m in Mara rosa. 20Corporate and others include personnel expenses related to brownfield exploration. 21Other items include the gain in San Jose resulting from the government’s export incentive programme of $3.0 million, lease expenditure of $0.4 million, $0.9 million and $1.0 million in Inmaculada, San Jose and Mara Rosa, respectively, and other income in Mara Rosa of $0.2 million. 22Operating capex excludes leased assets of $2.5m and $1.1 million in Inmaculada y San Jose, respectively, excludes capitalised depreciation resulting from mine equipment utilised for mine developments totalling $1.1 million in San Jose, includes other items of $0.3m in San Jose and $15k in Mara Rosa. 23Corporate and others include personnel expenses related to brownfield exploration.
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15 Administrative expenses Administrative expenses were higher at $31.7 million (H1 2025: $23.7 million) mainly due to higher personnel expenses of $20.0 million (H1 2025: $12.5 million) arising from a higher performanc e bonus provision, long-term incentive plan and legal workers profit sharing. Exploration expenses In H1 2026, exploration expenses increased to $18.1 million (H1 2025: $12.2 million) mainly due to higher expenditure on exploration at San Jose of $9.0 million (H1 2025: $4.4 million). In addition, the Group capitalises part of its brownfield exploration, which mostly relates to costs incurred converting potential resources to the Inferred or Measured and Indicated categories. In H1 2026, the Company capitalised $1.4 million relating to brownfield exploration (H1 2025: $2.4 million), bringing the tota l investment in exploration for H1 2026 to $19.5 million (H1 2 025: $14.6 million). Selling expenses Selling expenses increased to $18.4 million (H1 2025: $8.3 million) mainly due to higher Argentinian export taxes resulting from higher gold and silver prices and a higher proportion of concentrates sold. Other income/expenses Other income was lower at $4.1 million (H1 2025: $6.0 million) mainly due to the ending in April 2025, of the Argentinian Government export programme which entitled the Company to settle a portion of San Jose’s exports at the blue chip exchange rate (H1 2025: $3.0 million). Other expenses were higher at $37.9 million (H1 2025: $29.1 million) mainly due to the increase in provision for mine closure o f $17.5 million (H1 2025: $11.5 million) and a higher corporate social responsibility contribution in Argentina as a result of hi gher commodity prices of $5.3 million (H1 2025: $2.2 million). Adjusted EBITDA Adjusted EBITDA increased by 119% to $491.5 million (H1 2025: $2 24.5 million) mainly due to the increase in revenues resulting from increased precious metal prices, partially offset by higher costs of sales and higher selling expenses. A d j u s t e d E B I T D A i s c a l c u l a t e d a s p r o f i t from continuing operations before exce ptional items, net finance costs, foreign exchange losses and income tax plus non-cash items (depreciation and amortisation and changes in mine closure provisions) and exploration expenses other than personnel and other exploration-related fixed expenses. $000 unless otherwise indicated Six months to 30 June 2026 Six months to 30 June 2025 % change Profit from continuing operations before exceptional items, net finance income/(cost), foreign exchange loss and income tax 375,594 124,428 202 Depreciation and amortisation in cost of sales 78,782 77,462 2 Depreciation and amortisation in administrative and other expenses 1,413 1,383 2 Exploration expenses 18,114 12,181 49 Personnel and other exploration related fixed expenses (3,801) (3,073) 24 Other non-cash income, net 24 21,404 12,091 77 Adjusted EBITDA 491,506 224,472 119 Adjusted EBITDA margin 58% 43% 3 5 Finance income Finance income increased to $14.2 million (H1 2025: $3.9 million ) , m a i n l y d u e t o h i g h e r c h a n g e i n f a i r v a l u e o f f i n a n c i a l instruments primarily in Argentina of $10.0 million (H1 2025: $1.0 million), and higher interest income of $3.9 million (H1 202 5: $0.8 million) mainly related to higher cash balance and cash returns in Argentina. These were partially offset by a $1.3 millio n gain on the execution of the buy-down option related to the stream agreements with Sprott in H1 2025. Finance costs Finance costs increased from $16.6 million in H1 2025 to $21.5 million in H1 2026, principally due to the non-cash $3.5 million loss arising from the change in fair value of the rolled forward hedges in August 2025 which was recognized in H1 2026, and a $1.8 million non-cash fair value adjustment on the Group´s hedges, reflecting changes in credit-related valuation assumptions (H1 2025: income of $0.2 million). Foreign exchange losses Foreign exchange loss of $1.5 million (H1 2025: $1.5 million) in line with the first half of 2025. 24Represents significant non-cash (income)/expenses related to changes in mine closure provisions which were $17.5 million in H1 2026 (H1 2025: $11.5 million), and the write-off of assets.
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16 Income tax The Company’s pre-exceptional income tax charge was $128.8 million (H1 2025: $42.8 million), and includes royalties and special mining tax of $26.7 million (H1 2025: $10.7 million) and withholding tax of $7.5 million (H1 2025: $6.2 million). The total income tax charge includes deferred income tax income due to the impact of net inflation in Argentina of $11.3 million (H1 2025: deferred income tax expense of $2.2 million). The total effective tax rate was 35.2% (H1 2025: 30.6%). Exceptional items In H1 2025, exceptional items reflect the reversal of impairment of the Volcan project of US$30.8 million which was driven by the impact of higher gold prices, with no tax impact. Cash flow and balance sheet review Cash flow $000 Six months to 30 June 2026 Six months to 30 June 2025 % Change Net cash generated from operating activities 310,142 153,803 102 Net cash used in investing activities (174,019) (110,539) 57 Net cash used in financing activities (166,078) (29,825) 457 Foreign exchange adjustment 1,263 (571) (321) Net increase/(decrease) in cash and cash equivalents during the period (28,692) 12,868 (323) Net cash generated from operating activities increased from $153.8 million in H1 2025 to $310.1 million in H1 2026 mainly due to higher adjusted EBITDA of $491.5 million (H1 2025: $224.5 mill ion), partially offset by tempor ary movements in working capital mainly due to 2025 tax expenses, workers profit sharing and bonuses executed in H1 2026. Net cash used in investing activities increased to $174.0 million in H1 2026 from $110.5 million in H1 2025, mainly due to increased capex at Inmaculada and Mara Rosa of $69.3 million and $22.6 million, respectively (H1 2025: $60.0 million and $7.7 million, respectively), the short-term investments in instruments to mi tigate inflation and devaluatio n risks in Argentina of $20.4 million, net (H1 2025: $nil), and the investment in Aclara Resources Inc. of $10.0 million in H1 2026 (H1 2025: $5.0 million). Net cash used in financing activities increased from $29.8 million in H1 2025 to $166.1 million in H1 2026 primarily due to: th e $60.0 million repayment of the existing $300.0 medium-term facility (H1 2025: $90.0 million draw-down), a net decrease of $20.0 million in short and medium-term bank loans (H1 2025: $50.0 million net increase), payments of dividends to San Jose joint venture partner, McEwen Mining Inc. of $58.3 million (H1 2025: $2.2 million), and payments of dividends to shareholders of $25.7 million (H1 2025: $10.1 million). These effects were partially offset by the $140.0 million repayment of the $200.0 medium- term facility in H1 2025 and the payment for the execution of the buy-down option related to the Sprott stream agreements of $13.0 million in H1 2025. Working capital $000 As at 30 June 2026 As at 31 December 2025 Trade and other receivables 139,309 155,544 Inventories 131,267 118,211 Trade and other payables (189,049) (219,796) Derivative financial liabilities (93,701) (111,567) Income tax payable, net (70,616) (95,651) Provisions (38,255) (55,455) Working capital (121,045) (208,714) The Group’s working capital position in H1 2026 increased by $87.7 million from $(208.7) million to $(121.0) million. The key drivers were lower trade and other payables of $30.7 million, lower inco me tax payable of $25.0 million and lower derivative financial liabilities of $17.9 million. Net cash/(debt) $000 unless otherwise indicate d As at 30 June 2026 As at 31 December 2025 Cash and cash equivalents 288,262 316,954 Other financial assets 20,422 2,640 Non-current borrowings (115,000) (225,000) Current borrowings25 (142,592) (114,643) Net cash/(debt) 51,092 (20,049) The Group’s reported net cash position was $51.1 million as at 30 June 2026 (31 December 2025: $20.0 million net debt). 25Includes pre-shipment loans and short- term interest payables.
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17 Capital expenditure 26 $000 Six months to 30 June 2026 Six months to 30 June 2025 Inmaculada 69,349 60,027 San Jose 15,129 22,807 Mara Rosa 22,615 7,694 Operations 107,093 90,528 Monte Do Carmo 9,308 7,866 Pallancata 6,706 3,852 Volcan 1,823 1,193 Corporate & Other 1,247 3,560 Total 126,177 106,999 C a p i t a l e x p e n d i t u r e i n c r e a s e d t o $ 1 2 6 . 2 m i l l i o n i n H 1 2 0 2 6 f r o m $ 1 0 7 . 0 m i l l i o n i n H 1 2 0 2 5 m a i n l y d u e t o h i g h e r c a p e x a t Inmaculada and Mara Rosa of $69.3 million and $22.6 million, respectively (H1 2025: $60.0 million and $7.7 million, respectively), partially offset by lower sustaining capex in San Jose of $15.1 million (H1 2025: $22.8 million). 26Includes additions in property, plant and equipment and exploration and evaluation assets (confirmation of resources) and excludes increases in the expected closure costs of mine asset.
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18 RISKS The principal risks and uncertainties facing the Company in respec t of the year ended 31 December 2025 are set out in detail in the Risk Management section of the 2025 Annual Report and in Note 38 to the 2025 Consolidated Financial Statements. The key risks disclosed in the 2025 Annual Report (available at hochschildmining.com) are categorised as: Financial risks comprising commodity price risk and commercial counterparty risk; Operational risks including the risks associated with operat ional performance, supply chain, information security and cybersecurity, exploration & reserve and resource replacement, personnel, and political, legal and regulatory risks; and Sustainability risks including risks associated with heal th and safety, environment, climate change and community relations. While the risks referred to above continue to apply to the Company in respect of the remaining six months of the financial year, political, legal and regulatory risks in relation to Peru reduced in early July 2026 following the declaration of the result of the Presidential election. Furthermore, the Company has categorised th e forthcoming El Niño as a new principal risk in light of the widely accepted forecasts as to its severity. The Company has taken a number of actions to mitigate, to the extent possible, the impact of this weather phenomenon on the group, including: The establishment of a committee by the Peru Country Manager to identify operational risks and to co-ordinate the implementation of the necessary action plans which are tailored to address the specific weather-related threats to the group’s assets depending on their location; and The engagement of a meteorological expert to analyse and mo nitor weather data in Peru so as to inform the group’s mitigation plans. RELATED PARTY TRANSACTIONS Related party transactions are disclosed in Note 32 to the 2025 Consolidated Financial Statements. Except for the Group’s investment in Aclara Resources Inc. of $10.0 million in connec tion with the associate’s private placement closed in May 2026 (note 14), there were no other significant related party transactions during the six-month period ended 30 June 2026. GOING CONCERN After their review, the Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence during the Going Concern Period (as defined in Note 2 of the interim condensed consolidated financial statements (Material Accounting Policies)). Accordin gly, the Directors are satisfied the going concern basis of accounting is appropriate in preparing the interim condensed co nsolidated financial statements . For further detail, refer to the Going concern disclosure in the aforementioned Note 2. STATEMENT OF DIRECTORS' RESPONSIBILITIES The Directors confirm that, to the best of their knowledge, the interim condensed consolidated financial statements have been prepared in accordance with UK adopted International Accounting Stan dard 34 "Interim Financial Reporting" and that the interim management report includes a fair review of the information required by Disclosure Guidance and Transparency Rules 4.2.7R and 4.2.8R. A list of current Directors and their functions is maintained on the Company's website. For and on behalf of the Board Eduardo Landin Chief Executive Officer 25 August 2026
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19 INDEPENDENT REVIEW REPORT TO HOCHSCHILD MINING PLC Conclusion We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the in terim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of financial position, the interim condensed consolidated statement of ca sh flows, the interim condensed consolidated statement of changes in equity and related notes 1 to 24. Based on our review, nothing has come to our attention that causes us to believe that th e condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with United Kingdom ad opted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority. Basis for Conclusion We conducted our review in accordance with International St andard on Review Engagements (UK) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Fina ncial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial information cons ists of making inquiries, primarily of persons responsible for financial and accounting matters, and appl ying analytical and other revi ew procedures. A review is substantially less in scope than an audit conducted in acco rdance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with United Kingdom adopted international accounting standards. The condensed set of financial statements in cluded in this half-yearly financial report has been prepared in accordance with United Kingdom adop ted International Accounting Stan dard 34, “Interim Financial Reporting”. Conclusions Relating to Going Concern Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accountin g or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This Conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410; however future events or conditions may cause the entity to cease to continue as a going concern. Responsibilities of the directors The directors are responsible for preparing the half-yearly financ ial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority. In preparing the half-yearly financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the re view of the financial information In reviewing the half-yearly financial report, we are responsible for expressing to the company a conclusion on the condensed set of financial statements in the half-yearly financial report . Our Conclusion, including our Conclusion Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. Use of our report This report is made solely to the company in accordance with ISRE (UK) 2410. Our work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed. Deloitte LLP Statutory Auditor London, United Kingdom 25 August 2026
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20 Interim condensed consolidated income statement Six months ended 30 June 2026 Six months ended 30 June 2026 (Unaudited) Six months ended 30 June 2025 (Unaudited) Notes Before exceptional items US$000 Exceptional items (Note 9) US$000 Total US$000 Before exceptional items US$000 Exceptional items (Note 9) US$000 Total US$000 Revenue 4 844,434 — 844,434 520,010 — 520,010 Cost of sales 5 (362,823) — (362,823) (327,744) — (327,744) Gross profit 481,611 — 481,611 192,266 — 192,266 Administrative expenses (31,742) — (31,742) (23,716) — (23,716) Exploration expenses 6 (18,114) — (18,114) (12,181) — (12,181) Selling expenses 7 (18,417) — (18,417) (8,343) — (8,343) Other income 8 4,134 — 4,134 6,033 — 6,033 Other expenses 8 (37,949) — (37,949) (29,083) — (29,083) (Write-off) of assets/impairment reversal (3,929) — (3,929) (548) 30,779 30,231 Profit before net finance cost, foreign exchange loss and income tax 375,594 — 375,594 124,428 30,779 155,207 Share of loss of an associate 14 (1,063) — (1,063) (887) — (887) Finance income 10 14,211 — 14,211 3,921 — 3,921 Finance costs 10 (21,450) — (21,450) (16,631) — (16,631) Foreign exchange loss (1,505) — (1,505) (1,497) — (1,497) Profit before income tax 365,787 — 365,787 109,334 30,779 140,113 Income tax expense 11 (102,060) — (102,060) (32,133) — (32,133) Mining royalty and special mining tax 11 (26,721) — (26,721) (10,706) — (10,706) Profit for the period 237,006 — 237,006 66,495 30,779 97,274 Attributable to: Equity shareholders of the parent 189,734 — 189,734 60,110 30,779 90,889 Non-controlling interests 47,272 — 47,272 6,385 — 6,385 237,006 — 237,006 66,495 30,779 97,274 Basic and diluted earnings per ordinary share for the period (expressed in U.S. dollars per share) 0.37 — 0.37 0.12 0.06 0.18
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21 Interim condensed consolidated statement of comprehensive income Six months ended 30 June 2026 Six months ended 30 June Notes 2026 (Unaudited) US$000 2025 (Unaudited) US$000 Profit for the period 237,006 97,274 Other comprehensive income/(loss) that might be reclassified to profit or loss in subsequent periods Change in fair value of cash flow hedges 15 30,604 (118,902) Recycling of the loss on cash flow hedges 15 66,815 41,471 Deferred tax (loss)/benefit on cash flow hedges 11 (33,123) 25,808 Exchange differences on translating foreign operations1 4,963 9,921 Unrealised change in credit risk of financial liability 18(a) (12) (153) Share of other comprehensive (loss)/profit of an associate 14 (353) 1,628 68,894 (40,227) Other comprehensive income that will not be reclassified to profit or loss in subsequent periods; net of tax: Net (loss)/profit on equity instruments at fair value through other comprehensive income (“OCI”) (10) 152 (10) 152 Other comprehensive profit/(loss) for the period, net of tax 68,884 (40,075) Total comprehensive income for the period 305,890 57,199 Total comprehensive loss attributable to: Equity shareholders of the parent 260,258 50,814 Non-controlling interests 45,632 6,385 305,890 57,199 1 Foreign exchange effect generated in the Group´s companies when the functional currency is the local currency, mainly due to the appreciation of the Brazilian real against the US$.
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22 Interim condensed consolidated st atement of financial position As at 30 June 2026 Notes As at 30 June 2026 (Unaudited) US$000 As at 31 December 2025 US$000 ASSETS Non-current assets Property, plant and equipment 12 1,281,302 1,238,438 Exploration and evaluation assets 13 94,966 93,797 Intangible assets 65,284 66,134 Investment in an associate 14 51,956 43,372 Financial assets at fair value through OCI 15 76 86 Other receivables 20,928 18,660 Deferred income tax assets 16 80,632 105,137 1,595,144 1,565,624 Current assets Inventories 131,267 118,211 Trade and other receivables 139,309 155,544 Income tax receivable 607 795 Other financial assets 15 20,422 2,640 Cash and cash equivalents 17 288,262 316,954 579,867 594,144 Total assets 2,175,011 2,159,768 EQUITY AND LIABILITIES Capital and reserves attributable to shareholders of the Parent Equity share capital 21 9,068 9,068 Other reserves (343,442) (415,316) Retained earnings 1,292,065 1,127,834 957,691 721,586 Non-controlling interests 146,501 155,508 Total equity 1,104,192 877,094 Non-current liabilities Other payables 18 36,467 34,225 Derivative financial liabilities 15 100,995 178,222 Borrowings 19 114,656 225,000 Provisions 20 188,568 161,892 Deferred income tax liabilities 16 95,313 85,428 535,999 684,767 Current liabilities Trade and other payables 18 189,049 219,796 Derivative financial liabilities 15 93,701 111,567 Borrowings 19 142,592 114,643 Provisions 20 38,255 55,455 Income tax payable 71,223 96,446 534,820 597,907 Total liabilities 1,070,819 1,282,674 Total equity and liabilities 2,175,011 2,159,768
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23 Interim condensed consolidated statement of cash flows Six months ended 30 June 2026 Six months ended 30 June Notes 2026 (Unaudited) US$000 2025 (Unaudited) US$000 Cash flows from operating activities Cash generated from operations 24 432,982 175,198 Interest received 3,878 1,106 Interest paid 19 (13,218) (9,385) Payment of mine closure costs 20(1) (6,280) (3,686) Income tax, special mining tax and mining royalty paid1 (107,220) (9,430) Net cash generated from operating activities 310,142 153,803 Cash flows from investing activities Purchase of property, plant and equipment (141,834) (101,903) Purchase of exploration and evaluation assets (1,504) (2,862) Purchase of intangibles (608) (1,044) Investment in associates 14 (10,000) (5,000) Purchase of other financial assets (87,084) — Redemption of other financial assets 66,663 — Proceeds from sale of assets held for sale 161 100 Proceeds from sale of property, plant and equipment 12 187 170 Net cash used in investing activities (174,019) (110,539) Cash flows from financing activities Proceeds from borrowings 19 445,000 270,000 Repayment of borrowings 19 (525,000) (271,486) Payment of lease liabilities (2,050) (3,034) Dividends paid to shareholders 22 (25,719) (10,059) Dividends paid to non-controlling interests 22 (58,309) (2,246) Buy-down option of Stream Agreement 18a - (13,000) Cash flows used in financing activities (166,078) (29,825) Net increase in cash and cash equivalents during the period (29,955) 13,439 Impact of foreign exchange 1,263 (571) Cash and cash equivalents at beginning of period 17 316,954 96,973 Cash and cash equivalents at end of period 17 288,262 109,841 1 Taxes paid have been offset with value added tax (VAT) credits of US$37,229,000 (2025: US$21,777,000).
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Interim condensed consolidated st atement of changes in equity Six months ended 30 June 2026 Other reserve s Notes Equity share capital US$000 Unrealised gain/ (loss/gain on cash flow hedges US$000 Share of other comprehens ive gain of an associate US$000 Fair value reserve of financial assets at fair value through OCI US$000 Cumulative translation adjustment US$000 Merger reserve US$000 Share- based payment reserve US$000 Other Reserve Tiernan US$000 Change in fair value of Sprott agreement US$000 Total other reserves US$000 Retained earnings US$000 Capital and reserves attributable to shareholders of the Parent US$000 Non-controlling interests US$000 Total equity US$000 Balance at 1 January 2026 9,068 (167,317) 1,809 (425) (39,163) (210,046) — — (174) (415,316) 1,127,834 721,586 155,508 877,094 Other comprehensive income/(loss) — 64,296 (353) (10) 6,603 — — — (12) 70,524 — 70,524 (1,640) 68,884 Profit for the period — — — — — — — — — — 189,734 189,734 47,272 237,006 Total comprehensive (loss)/income for the period — 64,296 (353) (10) 6,603 — — — (12) 70,524 189,734 260,258 45,632 305,890 Dividends paid to shareholders 22 — — — — — — — — — — (25,719) (25,719) — (25,719) Dividends paid to non-controlling interest 22 — — — —— — — —— — — — (58,309) (58,309) Exercise of share warrants — — — — — — — — — — 216 216 3,670 3,886 Other reserves - Provision DSU Stock Options — — — —— — 864 —— 864 — 864 — 864 Other — — — — — — — 486 — 486 — 486 — 486 Balance at 30 June 2026 (unaudited) 9,068 (103,021) 1,456 (435) (32,560) (210,046) 864 486 (186) (343,442) 1,292,065 957,691 146,501 1,104,192 Balance at 1 January 2025 9,068 (68,633) (208) (112) (50,432) (210,046) — — — (329,431) 931,236 610,873 76,478 68 7,351 Other comprehensive income/(loss) — (51,623) 1,628 152 9,921 — — — (153) (40,075) — (40,075) — (40,075) Profit for the period — — — — — — — — — — 90,889 90,889 6,385 97,274 Total comprehensive (loss)/income for the period — (51,623) 1,628 152 9,921 — — — (153) (40,075) 90,889 50,814 6,385 57,199 Dividends paid to shareholders 22 — — — — — — — — — — (10,059) (10,059) — (10,059) Dividends paid to non-controlling interest 22 — — — — — — — — — — — — (2,246) (2,246) Balance at 30 June 2025 (unaudited) 9,068 (120,256) 1,420 40 (4 0,511) (210,046) — — (153) (369,506) 1,012,066 651,62 8 80,617 732,245
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25 Notes to the interim co ndensed consolidated financial statements 1 Corporate Information Hochschild Mining PLC (hereinafter the “Company” and together with its subsidiaries, the “Group”) is a public limited company incorporated on 11 April 2006 under the Companies Act 1985 as a limited company and registered in En gland and Wales with registered number 0577 7693. The Company’s registered office is located at 17 Cavendish Square, London W1G 0PH, United Kingdom. Its ordinary shares are traded on the London Stock Exchange. The Group’s principal business is the mining, processing and sale of gold and silver. The Group has one operating mine (Inmacul ada) located in southern Peru, one operating mine (San Jose) located in Argentina, and one operating mine (Mara Rosa) located in Brazil. The Gr oup also has a portfolio of projects located across Peru, Argentina, Brazil and Chile at various stages of development. These interim condensed consolidated financial statements were approved for issue on behalf of the Board of Directors on 25 August 2026. 2 Material Accounting Policies Basis of preparation These interim condensed consolidated financial statements set out the Group’s financial position as at 30 June 2026 and 31 December 2025 and its financial performance and cash flows for the six months ended 30 June 2026 and 30 June 2025. These interim condensed consolidated financial statements have be en prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and UK adopted International Acco unting Standard 34, “Interim Fi nancial Reporting”. Accordingly, the interim condensed consolidated financial statements do not include all the information required for full annual financial statements and therefore, should be read in conjunction with the Group’s 2025 annual consolidated financial statements as published in the 2025 Annual Report. T he annual financial statements of the Group will be prepared in accordance with UK adopted IFRS. The interim condensed consolidated financial statements do not constitute statutory accounts as defined in the Companies Act 20 06. The financial information for the full year is based on the statutor y accounts for the financial year ended 31 December 2025. A co py of the statutory accounts for that year, which were prepared in accordance with UK adopted International Accounting Standards has been delivered to the Registrar of Companies. The auditor’s report under section 495 of the Companies Act 2006 in relation to those accounts was unmodified and did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under s498(2) or s498(3) of the Companies Act 2006. The impact of the seasonality or cyclicality of operations is not regarded as significant on the interim condensed consolidated financial statements. The financial statements are presented in US dollars (US$) and all monetary amounts are rounded to the nearest thousand ($000) except when otherwise indicated. Critical accounting judgements and key sources of estimation uncertainty Many of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimates is contained in the accounting policies and/or the notes to the financial statements. The significant accounting judgements and key sources of estimation uncertainty remain consistent with those disclosed in the c onsolidated financial statements for the year ended 31 December 2025. Changes in accounting estimates The Group revised the estimated stripping rati o for the Mara Rosa mining unit, increasi ng it from 5.97x to 8.22x following a re vision to the mine plan during the period ended 30 June 2026. This change in estimate has been applied prospectively. Changes in accounting policies and disclosures The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of new standards effective as of 1 January 2026. Amendments apply for the first time in 2026, but do not have an impact on the interim condensed consolidated financial statements of the Group. Certain new standards, amendments and interpretations to existing standards have been published and are mandatory for the Group ’s accounting periods beginning on or after 1 January 2027 or later periods but which the Group has not previously adopted. These have not been listed as they are not expected to have a material impact on the Group’s financial statements, except for IFRS 18 Presentation and Disclosure in Financial Statements. The Group is currently assessing the impact of IFRS 18 on the pr esentation and disclosure of its financial statements. The assessment is ongoing and the Group will continue to monitor the impact of the new requirements. Going concern The Directors have reviewed Group liquidity, including cash resources and borrowings (refer to note 19) and related covenant forecasts to assess whether the Group is able to continue in operation for the period to 31 August 2027 (the “Going Concern Period”) which is at least 12 months from the date of these consolidated financial statements. The Directors also considered the impact of a downside scenario on the Group’s future cash flows and liquidity position as well as debt covenant compliance.
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26 Scenarios Analysed For the purposes of the going concern assessment, the base case scenario reviewed by the Directors (the “Base Scenario”) reflects, among other things, budgeted production for 2026 and current life-of-mine plan s for Inmaculada, San Jose and Mara Rosa. The Base Scenario a lso assumes average precious metal prices of US$4,679/oz for gold and US$70 .1/oz for silver (the “Assumed Prices”), being the average analy sts’ consensus prices for the Going Concern Period. The Directors also considered a severe but plausible downside scenario (“the Severe Scenario”) which takes into account the com bined impact of a three-week stoppage of all operations , unforeseen social-related costs and lower precious metal prices which are lower tha n the Assumed Prices (a 10% lower gold price and 15% lower silver price) (“the Downside Assumptions”). Even in the Severe Scenario it has been assumed that all employ ees remain on full pay and that mitigating actions, such as the deferral of discretionary expenditure, which are under the Group‘s control, while available, would not be necessary. Under the Base and the Severe scenarios, the Group’s liquid resources, which as at the date of this report include an undrawn amount of US$180 million, remain more than adequate for the Group’s forecast expe nditure and scheduled repayments of the amounts owed under the Group´s borrowings, with sufficient headroom maintained to comply with debt covenants. Dividends were considered in accordance with the Group’s dividend policy. Reverse Stress Tests Management also performed reverse stress tests which were considered in the Directors´ assessment. Under these tests, the Directors concluded that: prices of US$3,415/oz for gold and US$51.2/oz for silver for the duration of the Going Concern Period would result in sufficient headroom to comply with the Group´s minimum level of liquidity; and 8 weeks of concurrent stoppages at each of Inmaculada, San Jose and Mara Rosa would result in sufficient headroom to comply with the Group´s minimum level of liquidity In its application of the above reverse stress tests, no mitigation actions were applied. The Directors considered the nature and extent of the conditions required to trigger these outcomes and concluded the likelihood of such scenarios occurring during the Going Concern Period to be remote. Conclusion After their review, the Directors have a reasonable expectation th at the Group and the Company have adequate resources to conti nue in operational existence during the Going Concern Period. Accordingl y, the Directors are satisfied the going concern basis of acco unting is appropriate in preparing the consolidated financial statements. 3 Segment reporting The following tables present revenue and profit/(loss) information for the Group’s operating segments for the six months ended 30 June 2026 and 30 June 2025 and asset information as at 30 June 2026 and 31 December 2025, respectively: Six months ended 30 June 2026 (Unaudited) Inmaculada US$000 San Jose US$000 Mara Rosa US$000 Pallancata US$000 Exploration US$000 Other(4) US$000 Adjustments and eliminations US$000 Total US$000 Revenue from external customers 471,459 309,608 130,997 —— 36 — 912,100 Inter segment revenue — — - — — 1,968 (1,968) — Total revenue from customers 471,459 309,608 130,997 —— 2,004 (1,968) 912,100 Provisional pricing adjustments (142) (4,1 41) (65) — — — — (4,348) Realised loss on hedges — — (63,318) — — — — (63,318) Total revenue 471,317 305,467 67,614 —— 2,004 (1,968) 844,434 Segment profit/(loss) 321,638 142,977 (301) — (18,290) 1,349 (2,293) 445,080 Others(1) (79,293) Profit from continuing operations before income tax 365,787 Other segment information Depreciation(2) (48,577) (28,565) (7,288) (260) (4) (1,039) — (85,733) Amortisation (75) (302) (239) (300) (4) (46) — (966) Write-off of assets, net (521) — (3,407) — — (1) — (3,929) As at 30 June 2026 (U naudited) Assets Capital expenditure 69,349 15,129 22,615 6, 706 11,131 1,247 — 126,177 Current assets 34,219 89,971 60,923 1,545 — 2,166 — 188,824 Other non-current assets 624,766 128,759 380,241 53,8 36 214,245 39,705 — 1,441,552 Total segment assets 658,985 218,7 30 441,164 55,381 214,245 41,871 — 1,630,376 Not reportable assets(3) — — — — — 544,635 — 544,635 Total assets 658,985 218,730 441,164 55,381 214,245 586,506 — 2,175,011 1 Administrative expenses of US$31,742,000, other income of US$ 4,134,000, other expenses of US$3 7,949,000, write-off of assets of US$3,929,000, share of losses of an associate of US$1,063,000, finance income of US$14,211,000, finance costs of US$21,450,000 and foreign exchange loss of US$1,505,000. 2 Includes depreciation capitalised in the Pallancata unit (US$300,00) San Jose unit (US$582,000), and Mara Rosa unit (US$392,000). 3 Not reportable assets are comprised of financial assets at fair value through OCI of US$76,000, other receivables of US$102,6 80,000, income tax receivable of US$607,000, deferred income tax asset of US$80,632,000, investment in associate of US$51,956,000, other financial assets of US$ 20,422,000 and cash and cash equivalents of US$288,262,000. 4 “Other” revenue relates to revenues earned by Empresa de Transmisión Aymaraes S.A.C. for energy transmission services.
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27 Six months ended 30 June 2025 (Unaudited) Inmaculada US$000 San Jose US$000 Mara Rosa US$000 Pallancata US$000 Exploration US$000 Other(4) US$000 Adjustments and eliminations US$000 Total US$000 Revenue from external customers 315,945 151,295 86,144 — — 169 — 553,553 Inter segment revenue — — — — — 2,314 (2,314) — Total revenue from customers 315,945 151,295 86,144 — — 2,483 (2,314) 553,553 Provisional pricing adjustments 11 7,855 62 — — — — 7,928 Realised loss on hedges (17,576) - (23,895) — — — — (41,471) Total revenue 298,380 159,150 62,311 — — 2,483 (2,314) 520,010 Segment profit/(loss) 148,367 31,750 3,712 — (12,275) 1,716 (1,528) 171,742 Others(1) (31,629) Profit from continuing operations before income tax 140,113 Other segment information Depreciation(2) (51,610) (20,272) (8,438) (260) (4) (1,221) — (81,805) Amortisation (322) (128) (328) (229) — (47) — (1,054) Reversal of impairment/(impairment and write- off of assets), net (355) — — — 30,753 (167) — 30,231 As at 31 December 2025 Assets Capital expenditure 138,556 43,575 39,541 8,253 15,1966 4,655 — 249,776 Current assets 29,325 113,736 53,051 1,501 – 1,971 — 199,584 Other non-current assets 608,566 139,003 365,669 47,926 197,629 7 39,576 — 1,398,369 Total segment assets 637,891 252,739 418,720 49,427 197,629 41,547 — 1,597,953 Not reportable assets(3) – – – – – 561,815 — 561,815 Total assets 637,891 252,739 418,720 49,427 197,629 603,362 — 2,159,768 1 Comprised of reversal of impairment of US$30,779,000, administrative expenses of US$23,716,000, other income of US$6,033,000, other expenses of US$29,083,000, write off of non-financial assets of US$548,000, share of losses of an associate of US$887,000, finance income of US$3,921,000, finance costs of US$16,631,000 and foreign exchange loss of US$1,497,000. 2 Includes depreciation capitalised in the Pallancata unit (US$229,00), Inmaculada unit (US$285,000), San Jose unit (US$1,126,000), and Mara Rosa unit (US$309,000). 3 Not reportable assets are comprised of financial assets at fair value through OCI of US$86,000, other receivables of US$92,831,000, income tax receivable of US$795,000, deferred income tax asset of US$105,137,000, investment in asso ciates US$43,372,000, other financial assets of US$2,640,000, an d cash and cash equivalents of US$316,954,000. 4 “Other” revenue relates to revenues earned by Empresa de Transmisión Aymaraes S.A.C. for energy transmission services.
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28 4 Revenue Six months ended 30 June 2026 (unaudited) 1 Six months ended 30 June 2025 (unaudited) 1 Goods sold US$000 Shipping services US$000 Total US$000 Goods sold US$000 Shipping services US$000 Total US$000 Gold (from dore bars) 435,247 45 435,292 334,473 312 334,785 Silver (from dore bars) 180,859 33 180,892 112,287 167 112,454 Gold (from concentrates) 171,121 3,184 174,305 66,958 1,880 68,838 Silver (from concentrates) 119,091 2,173 121,264 36,496 1,033 37,529 Gold (from precipitates) – – – (222) – (222) Services and aggregates 347 – 347 169 – 169 Total revenue from customers 906,665 5,435 912,100 550,161 3,392 553,553 Provisional pricing adjustments2 (4,348) – (4,348) 7,928 – 7,928 Realised loss on hedges (63,318) – (63,318) (41,471) (41,471) Total 838,999 5,435 844,434 516,618 3,392 520,010 1 Includes commercial discounts (refinery treatment charges, refining fees and payable deductions for processing concentrate), and are deducted from gross revenue on a per tonne basis (treatment charge), per ounce basis (refining fees) or as a percentage of gross revenue (payable deductions). In 2026, the Group recorded commercial discounts from concentrates of US$15,169,000 (US$7,534,000). Gross revenue is presented net of dore commercial discounts of US$1,643,000 (2025: US$2,199,000). 2 Certain sales are “provisionally priced” where the selling price is subject to final adjustment at the end of a period, normally ranging from 15 to 120 days after the start of the delivery process to the customer, based on the market price at the relevant quotation point stipulated in the contract. Revenue is initially recognised when control of the related minerals has transferred to the customer, using market prices at that date. The price exposure is considered to be an adjustment and hence separated from the sales contract at each reporting date. The provisionally priced metal is revalued based on the forward selling price for the quotational period stipulated in the contract until the quotational period ends. The selling price of gold and silver can be measured reliably as these metals are actively traded on international exchanges. The revaluation of provisionally priced contracts is recorded as revenue. 5 Cost of sales Cost of sales comprises: Six months ended 30 June 2026 (Unaudited) US$000 2025 (Unaudited) US$000 Direct production costs excluding depreciation and amortisation 281,844 255,007 Depreciation and amortisation in production costs 85,650 80,015 Workers´ profit sharing 12,751 5,396 Cost of sales of transmission services 311 — Fixed costs during operational stoppages and reduced capacity1 — 1,864 Change in inventories (17,733) (14,538) Cost of sales 362,823 327,744 1 2025: Corresponds to the fixed cost at the operation during reduced capacity and stoppages in Mara Rosa of US$1,864,000. The main components included in cost of sales are: Six months ended 30 June 2026 (Unaudited) US$000 2025 (Unaudited) US$000 Depreciation and amortisation in cost of sales1 78,782 77,422 Personnel expenses2 98,924 84,532 Mining royalty 10,023 5,142 Change in products in process and finished goods (17,733) (14,538) Fixed costs during operational stoppages and reduced capacity3 — 1,864 1 The depreciation and amortisation in production cost is US $85,650,000 (2025: US$80,015,000). The difference with the depreciation and amortisation in cost of sales is included in the line item changes in inventories. 2 Includes workers’ profit sharing of US$12,751,000 (2025: US$5,396,000). In 2025, excludes personnel expenses of US$347,000 in cluded within unallocated fixed costs at the operations. 3 Corresponds to the unallocated fixed cost accumulated as a result of idle capacity during stoppages in 2025. These costs mainly include third party services of US$702,000, personnel expenses of US$347,000, supplies of US$153,000, depreciation and amortisation of US$40,000 and other costs of US$622,000.
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29 6 Exploration expenses Six months ended 30 June 2026 (Unaudited) US$000 2025 (Unaudited) US$000 Mine site exploration 1 San Jose 9,026 4,356 Inmaculada 1,599 2,036 Pallancata 110 1,445 Mara Rosa 994 473 Ares 656 35 Arcata — — 12,385 8,345 Prospects and Generative 2 Peru 1,925 774 Others (28) (51) 1,897 723 Personnel 3,533 2,975 Depreciation right-of-use 33 40 Others 266 98 Total 18,114 12,181 1 Mine-site exploration is perf ormed with the purpose of identifying potential minerals within an existing mine-site, with the goal of maintaining or extending the mine’s life. 2 Prospects expenditure relates to detailed geological evaluations in order to determine zones which have mineralisation potent ial that is economically viable for exploration. Exploration expenses are gene rally incurred in the follo wing areas: mapping, sampling, geophysics, identification of local targets and reconnaissance drilling. Generative expenditure is early stage exploration expenditure related to the basic evaluation of the region to identify prospects areas that have the geological conditions necessary to contain mineral deposits. Related activities include regional and field reconnaissance, satellite images, compilation of public information and identification of exploration targets. 7 Selling expenses Six months ended 30 June 2026 (Unaudited) US$000 2025 (Unaudited) US$000 Taxes1 15,388 5,786 Warehouse services 1,540 892 Transportation costs 289 433 Personnel expenses 120 102 Other 1,080 1,130 Total 18,417 8,343 1 Corresponds to the export duties in Argentina calculated as a fixed amount in pesos per US$ of export.
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30 8 Other income and expenses Six months ended 30 June 2026 (Unaudited) US$000 2025 (Unaudited) US$000 Other income Logistic services 815 998 Income from third party use of mine 762 — Gain on sale of supplies 411 203 Income from export programme in Argentina1 — 2,979 Gain on sale of Arcata and Azuca — 416 Others 2,146 1,437 Total 4,134 6,033 Other expenses Increase in provision for mine closure (refer to note 20(1)) (17,475) (11,543) Corporate social responsibility contribution in Argentina (5,274) (2,241) Care and maintenance expenses of Pallancata mine unit (4,752) (3,965) Care and maintenance expenses of Ares mine unit (2,651) (1,740) Taxes on capital transactions (2,278) — Termination benefits (1,422) (853) Provision for recovery of tax credits2 (1,026) (2,338) Cost of recovery of expenses (592) (528) Provision of obsolescence of supplies3 (27) (1,652) Legal claims (614) (1,748) Others (1,838) (2,475) Total (37,949) (29,083) 1 Benefit arising from being able to access the Argentina government's Export Incentive Programme, allowing certain companies to translate a certain proportion of US dollar sales at a preferential market exchange rate. The programme was in force from October 2023 through April 2025. 2 Provision for recovery of ICMS (state tax on circulation of merchandise and transportation and communication services) credit in Brazil. 3 In 2025, this mainly includes the provision for obsolescence of supplies related to the review of low-turnover supplies and s pare parts in San Jose, amounting to US$1,293,000. 9 Exceptional items Exceptional items are those significant items which, due to their nature or the expected infrequency of the events giving rise to them, need to be disclosed separately on the face of the income statement to en able a better understanding of th e financial performance of the G roup and facilitate comparison with prior years. Unless stated, exceptional items do not correspond to a reporting segment of the Group. There were no exceptional items recognised during the six-month period ended 30 June 2026. Six months ended 30 June 2026 (Unaudited) US$000 2025 (Unaudited) US$000 Impairment and write-off of non-financial assets Reversal of impairment/(impairment) of non-current assets 1 — 30,779 Total — 30,779 Income tax expense Income tax credit — — Total — — 1 In H1 2025, corresponds to the reversal of impairment of the Volcan project of US$30,779,000 (refer to note 13))
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31 10 Finance income and finance cost Six months ended 30 June 2026 (Unaudited) US$000 2025 (Unaudited) US$000 Finance income: Interest income1 3,878 1,081 Changes in the fair value of financial instruments through profit or loss2 9,964 1,027 Gain on execution of buy-down option3 - 1,250 Others 369 563 Total finance income 14,211 3,921 Finance cost: Interest on bank loans4 (9,088) (7,977) Other interest (1,248) (2,458) Total interest expense (10,336) (10,435) Loss on hedge roll-forward5 (3,497) — Change in fair value of financial liability through profit or loss (note 18(a)) (1,790) (2,422) Ineffectiveness on cash flow hedges (1,769) — Unwind of discount on mine rehabilitation (1,443) (1,637) Loss on discount of other receivables6 (965) (264) Others (1,650) (1,873) Total finance costs (21,450) (16,631) 1 Excludes interest on deposits and liquidity funds capitalised of US$312,000 (2025: US$60,000) that is directly attributable mainly to the construction of Monte do Carmo. The capitalization rate is 3.73%. 2 Mainly includes the gain on Argentinian mutual funds driven by investment returns and market performance during the period. 3 Corresponds to the gain on the execution of the buy-down option related to the Stream Agreements with Sprott, refer to note 1 8(a). 4 There were borrowing costs capitalised in property, plant and equipment amounting to US$4,800,000 (30 June 2025: US$179,000 ), and borrowing costs capitalised in Exploration and evaluation assets of US$nil (30 June 2025: US$2,788,000), mainly related to the Monte do Carmo project. 5 In August 2025, the Group ren egotiated a gold forward hedge ag reement, rolling forward 20,813 ounces with maturities of Augus t–December 2025 to the first half of 2028 at a gold price of US$2,150 per ounce. This resulted in a US$3,497,000 loss arising from the change in fair value at the d ate of the roll-forward. This non-cash loss has been recognised in finance costs in the current period. 6 Mainly related to the effect of the discount of tax credits in Brazil.
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32 11 Income tax expense The tax charge as of 30 June 2026 was US$128,781,000 (H1 2025: US$42,839,000). The significant increase was primarily driven by higher profitability resulting from higher precious metal prices, partially offset by higher costs. The weighted average statutory income tax rate was 31.9% for H1 20 26 and 31.2% for 2025. This is calculated as the average of t he statutory tax rates applicable in the countries in which the Group operates, weighted by the profit or loss before tax of the Group companies in their respective countries as included in the interim condensed consolidated fina ncial statements. The interim income tax rate calculation is ba sed on the estimated average annual effective tax rate of the Group. The chan ge in the weighted average statutory income tax rate is due t o a change in the weighting of profit or loss before tax in the various jurisdictions in which the Group operates. There were tax charges in relation to the cash flow hedge losses recognised in equity during the period ended 30 June 2026 of US$32,998,000 (30 June 2025: tax credit of US$25,808,000). The current mining royalty and special mining tax charges relate to the Group’s Peruvian operations. The special mining tax and modified mining royalty are calculated based on the Group’s quarterly operating profit and are accounted for as income tax in accordance with IAS 12. For the six- month period ended 30 June 2026, the Group recognised US$14,527,000 of current mining royalty and US$12,194,000 of current special mining tax. The profit before income tax excluding the exchange difference of US$1,505,000 was US$367,292,000 (2025:US$110,831,000). The weighted average effective annual income tax rate expected for the full financial ye ar is 36.9% (2025: 41.0%) genera ting an income tax expense o f US$135,531,000 (2025: US$45,396,000). The lower tax recognised in H1 2026 versus US$135,531,000 is due to the net effect of: (i) the one-time effect that occurred in the half year related to the impact of revaluation and exchange rate fluctuations on deferred taxes of US$13,244,000 (local currency revaluation in Argentina of US$11,328,000 and Brazil of US$2,669,000, net de valuation of the local currency in Peru of US$753,000), (ii) th e withholding tax of US$7,512,000 with respect to dividends received in the UK from Peruvian and Argentine subsidiaries, and (iii) the adjustment of 2025 current income tax of Minera Santa Cruz of US$1,018,000. H1 2025 incl udes the following: local currency revaluation of US$4,123,000, th e tax loss of the sale of Arcata and Azuca of US$3,336,000, the withholding tax of US$6,162,000 with respect to dividends received in the UK from a Peruvian subsidiary and the adjustment of 2024 current income tax of Minera Santa Cruz of US$1,261,000. Six months ended 30 June 2026 Six months ended 30 June 2025 Before exceptional items US$000 Exceptional Items (note 9) US$000 Total US$000 Before exceptional items US$000 Exceptional Items (note 9) US$000 Total US$000 Current corporate income tax Current income tax expense 93,1 56 — 93,156 30,346 — 30,346 Withholding tax 7,512 — 7,512 6,162 — 6,162 100,668 — 100,668 36,508 — 36,508 Deferred taxation Origination and reversal of temporary differences 1,392 — 1,392 (4,375) — (4,375) Corporate income tax 102,060 — 102,060 32,133 — 32,133 Current mining royalties Current mining royalty charge 14,527 — 14,527 5,494 — 5,494 Current special mining tax charge 12,194 — 12,194 5,212 — 5,212 Total current mining royalties 26,721 — 26,721 10,706 — 10,706 Total taxation expense/(benefit) in the income statement 128,781 — 128,781 42,839 — 42,839 Deferred taxation in Other comprehensive income Origination and reversal of temporary differences 32,998 — 32,998 (25,808) — (25,808) Total taxation expense in Other comprehensive income 161,779 — 161,779 17,031 — 17,031
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33 12 Property, plant and equipment During the six months ended 30 June 2026, the Group acquired and developed assets with a cost of US$122,331,000 (H1 2025: US$99,567,000). The additions for the six months ended 30 June 2026 relate to: Mining properties and development (Unaudited) US$000 Other property plant and equipment (Unaudited) US$000 Total additions of property plant and equipment (Unaudited) US$000 San Jose 11,236 3,893 15,129 Pallancata 3,208 3,498 6,706 Inmaculada 51,291 17,438 68,729 Mara Rosa — 22,160 22,160 Monte do Carmo 8,059 301 8,360 Others — 1,247 1,247 Total 73,794 48,537 122,331 Assets with a net book value of US$231,000 were disposed of by the Group during the six month period ended 30 June 2026 (30 June 2025: US$nil) resulting in a net loss on disposal of US$44,000 (30 June 2025: gain of US$170,000). For the six months ended 30 June 2026, the depreciation charge on property, plant and equipment was US$85,733,000 (30 June 2025 : US$81,805,000). There were borrowing costs capitalised in property, plant and eq uipment amounting to US$4,800,000, mainly related to the Monte do Carmo project (31 December 2025: US$6,678,000). The capitalization rate is 3.73%. During the six-month period ended 30 June 2026, no indicators of impairment were identified for the Group's cash-generating uni ts ("CGUs"). Accordingly, no impairment tests were performed, and no impairment charges were recognised during the period. 2025 In June 2025, management determined that there was an indicator of impairment in the Mara Rosa mine unit due to the operational challenges presented during the first half of the year, including heavier-th an-usual rainfall and contractor performance issues. These con ditions limited access to ore, particularly high-grade zones, and further compounded challenges with the filtering process. The Group suspended the processing plant for four weeks, and the measures taken resulted in a redu ction to the expected production, ramping up through H1 2026 whe n the plant is expected to achieve full capacity. The corresp onding impact on the operations costs was considered. The impairment test resulte d in no impairment being recognised as the negative impact of the operat ional challenges described above was offset by strong gold pric es. The recoverable value of Mara Rosa was determined using a fair value less cost of disposal (“FVLCD”) methodology. No indicators of impairment were identified at 31 December 2025. In December 2025, management again determined that there was a trigger of reversal of impairment in the San Jose mine unit due to the increase in gold and silver prices, and the decrease in the post-tax disc ount rate from 18.3% to 12.5%. The impairment test resulted in a full reversal of the previously recognised impairment, adjusted for the depreciation that would have been recorded had the asset not been impaired, amounting to US$13,590,000 in total, allocated as follows : US$12,794,000 to Property, Plant and Equipment, US$379,000 to Exploration and Eva luation assets (note 13) and US$417,000 to Intangible assets. The recoverable value of San Jose was determined using a FVLCD methodology. The key assumptions on which management has based i ts determination of FVLCD and the associated recoverable values calc ulated for the San Jose CGU are gold and silver prices, future capital requirements, production costs, reserves and resources (reflected in the production volume), and the discount rate. Real prices US$ per oz. 2026 2027 2028 2029 Long-term Gold 4,044 3,845 3,475 3,183 3,000 Silver 48.8 46.1 42.1 37.1 32.0 San Jose Discount rate (post-tax) 12.5% Discount rate (pre-tax) 12.9% The period of four years was used to prepare the cash flow projections of San Jose mine which is consistent with its estimated life of mine. The estimated recoverable values of the Group’s CGUs are equal to, or not materially different than, their carrying values.
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34 13 Exploration and evaluation assets During the six months ended 30 June 2026, the Group capitalised exploration and evaluation costs of US$3,238,000 (30 June 2025: US$6,387,000). The additions correspond to the following mine units and projects: Unaudited US$000 Volcan 1,823 Monte do Carmo 948 Mara Rosa 465 Inmaculada 2 Total 3,238 There were transfers from exploration and evaluation assets to property, plant and equipment during the period of US$942,000 (31 December 2025: US$100,686,000). During the six-month period ended 30 June 2026, no indicators of impairment were identified for any of the Group's cash-generating units or exploration projects. Accordingly, no impairment tests were performed and no impairment charges were recognised during the period. 2025 As at 30 June 2025, management identified indicators for a reversal of impairment for the Volcan project driven by an increase in long-term gold price assumptions, resulting in the recognition of a partial reversal of impairment of US$30,779,000. During the second half of 2025, additional positive market evidence became available following the completion of the reverse takeover transaction and concurrent financing on 16 December 2025, which provided an observable valuation benchmark for the Volcan project. Based on this transaction, management concluded that the recoverable amount of the Volcan CGU exceeded its carrying amount as at 31 December 2025. Accordingly, the remaining accumulated impairment loss of US$12,476,000 was fully reversed as at 31 December 2025. Total reversal of impairment for 2025 amounts to US$43,255,000 in total, allocated as follow s: US$33,671,000 to Exploration and Evaluation assets and US$9,5 84,000 to Intangible assets. The carrying amount of the Volcan CGU, which includes the water permits, is reviewed annually, or where there are indicators, t o determine whether it is in excess of its recoverable amount. US$000 As at 30 June 2026 As at 31 December 2025 Current carrying value Volcan CGU 87,613 87,247 14 Investment in an associate As at 30 June 2026 the Group retains a 19.32% (31 December 202 5: 19.45%) interest in Aclara Resources Inc. (“Aclara”), a Toronto Stock Exchange listed company, involved in the developmen t of two rare-earth metals projects: the Pe nco Module in the Bio-Bio Region of Chile and the Carina Project in the State of Goiás, Brazil. Upon Aclara´s Initial Public Offering (‘IPO’) on 10 December 20 21, HM Holdings retained 20% of Aclara shares. The investment wa s recorded at initial recognition at fair value, based on the IPO offering pric e, and is accounted for using the equity method in the interim condensed consolidated financial statements. The following table summarises the financial information of the Group’s investment in Aclara Resources Inc: As at 30 June 2026 (Unaudited) US$000 As at 31 December 2025 US$000 Current assets 47,985 24,908 Non-current assets 179,559 160,081 Current liabilities (5,816) (9,571)
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35 As at 30 June 2026 (Unaudited) US$000 As at 31 December 2025 US$000 Non-current liabilities (3,321) (1,371) Equity 218,407 174,047 Non-controlling interests 18,934 19,610 Equity attributable to shareholders 199,473 154,437 Group’s share in equity 19.32% (2025: 19.45%) 38,538 30,038 Fair value adjustment on initial recognition and accumulated adjustments for non- attributable changes to equity1 13,418 13,334 Group´s carrying amount of the investment 19.32% (2025: 19.45%) 51,956 43,372 Summarised consolidated statement of profit and loss Period ended 30 June 2026 (Unaudited) US$000 Year ended 31 December 2025 US$000 Revenue –– Administrative expenses (4,785) (7,642) Exploration expenses (559) (1,985) Share of loss in joint venture (220) (432) Finance income 423 1,308 Finance cost (263) (303) Foreign exchange (loss)/gain (131) 107 Loss from continuing operations for the period (5,535) (8,947) Loss from continuing operations attributable to shareholders (5,501) (8,447) Group’s share of loss for the period (1,063) (1,643) Other comprehensive profit that may be reclassified to profit or loss in subsequent periods, net of tax Exchange differences on translating foreign operations (1,830) 10,373 Total comprehensive loss for the period (1,830) 10,373 Group´s share of comprehensive loss for the period (353) 2,017 1. Includes the 20% of the fair value adjustment, es timated by the Group, of Aclara´s exploration and evaluation asset on ini tial recognition of US$12,307,000, and other non-attributable changes to equity of US$1,111,000 (31 December 2025: US$12,307,000 and US$1,027,000 respectively). The movement of investment in associate is as follows: Period ended 30 June 2026 (Unaudited) US$000 As at 31 December 2025 US$000 Beginning balance 43,372 15,811 Impairment – 22,187 Share of loss for the period (1,063) (1,643) Share of comprehensive loss for the period (353) 2,017 Capital contribution through private placement 10,000 5,000 Ending balance 51,956 43,372 No indicators of impairment were identified in Aclara as at 30 June 2026. There is no accumulated impairment as at 30 June 2026. In March 2026 Aclara announced a non-brokered private placement for aggregate gross proceeds of US$50,000,000 at a price of C$2.83 per share. The Group contributed US$10,000,000 between March and May 2026. During 2025, both external and internal in dicators of a reversal of impairment were identified for the Group’s investment in Ac lara. External indicators included developments in the rare earths market such as the expansion of Chinese restrictions on rare-earth exports during the year
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36 and the resulting increased focus on establishing non-China supply chains. Internal indicators included progress in project development, notably the release of the Carina pre-feasibility study and upgraded Mine ral Resource Estimate, continued and positive advancement of t he Penco environmental approval process, the commitment of up to US$5,00 0,000 in strategic funding from the U.S. International Developme nt Finance Corporation, and the decision by the directors of Aclara to cons truct a heavy rare earth separation facility in Louisiana, USA. These factors resulted in a sustained uplift in Aclara’s recoverable value, as reflected by a prolonged increase in the share price above the cost of the investment. Therefore, management concluded that the recoverable amount of the investment exceeded its carrying amount, resulting in the full reversal of the previously recognised impairment charges of US$22,187,000. The associate had no contingent liabilities or capital commitments as at 30 June 2026 and 31 December 2025. 15 Financial instruments Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. At 30 June 2026, the Group held the following financial instruments measured at fair value: As at 30 June 2026 (Unaudited) US$000 Level 1 US$000 Level 2 US$000 Level 3 US$000 Assets measured at fair value Equity shares1 76 76 – – Trade receivables2 57,557 – – 57,557 Mutual funds (note 17) 14,301 14,301 – – Short-term investment funds3 20,422 20,422 – – Liabilities measured at fair value Stream Agreements (note 18(a)) (21,134) – – (21,134) Derivative financial liabilities4 (194,696) – (194,696) – Total (123,474) 34,799 (194,696) 36,423 1 These investments were classified as financial assets at fair value through OCI and are presented within non-current assets. 2 Certain trade receivables are provisionally priced and subjec t to final adjustment based on the market price at the contractual quotation point. At each reporting date, the related price exposure is re valued using forward selling prices. Key Level 3 inputs include bilateral forward price quotes, internally determined adjustments and management’s estimated pricing dates for open shipments. The sensitivity of the fair value to an immediate 10% favourable or adverse change in the price of gold and silver, assuming all other variables remain constant, is as follows: +/-US$120,000 and +/-US$315,000 effect on profit before ta x, respectively (1H25: +/-US$494,000 and +/-US$299,000, respectively). 3 Correspond to short-term investments in instruments to mitigate inflation and devaluation risks in Argentina. 4 Includes US$184,571,000 related to hedging instruments, and US$10,125,000 related to the warrants issued in connection with T iernan´s Private Placement. Derivative financial liabilities – Gold forwards and zero cost collars On 19 June 2023, the Group signed agreements to hedge the sale of 150,000 ounces of gold (50,000 ounces per year) at US$2,117.0 5, US$2,166.65 and US$2,205.50 per ounce in 2025, 2026 and 2027 respectively. On 6 August 2025 the Group renegotiated the gold forward hedge agreement to roll forward 20,813 ounces from August to December 2025 to the first semester of 2028, at a gold price of US$2,150 per ounce (US$2,117 per ounce in the original agreement). No cashflows resu lted from the renegotiation of the agreements. A loss of US$3,497,000 has been recognised in relation to this roll forward in the current period. The forwards and zero cost collars are being used to hedge exposure to changes in cash flows from gold commodity prices. There is an economic relationship between the hedged item and the hedging instruments due to a common underlying. In accordance with IFRS 9, the der ivative instruments are categorised as cash flow hedges at the inception of the hedging relationship and, on an ongoing basis, the Grou p assesses whether a hedging relationship meets the hedge effectiveness requ irements. The Group has established a hedge ratio of 1:1 for t he hedging relationships as the underlying risk of the silver and gold forw ards and zero cost collars is identical to the hedged risk comp onents. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the gold and silver forwards against the changes in fair value of the hedged item attributable to the hedged risk. That said, it is observed that the effectiveness tests comply with the requirements of IFRS 9 and that the hedging strategy is highly effective. The fair values of the gold and silver forwards and zero cost collars were calculated using a discounted cash flow model applying a combination of level 1 (USD quoted market commodity prices) and level 2 inpu ts. The models used to value the commodity forward contracts ar e standard models that calculate the present value of the fixed-legs (the fixed gold and silver leg) and compare them with the present value of the expected cash flows of the floating legs (the London metal exchange “LME ” gold and silver fixing). In the case of the commodity forward contracts, the models use the LME AU and AG forward curve and the SOFR swap curve for discounting. This approach results in the fair value measurement categorised in its entirety as level 2 in the fair value hierarchy. The fair values of the gold forwards as at 30 June 2026 are as follows: US$000 Current liabilities (93,701)
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37 Non-current liabilities (90,870) Total (184,571) The effect recorded for the period ending 30 June 2026 is as follows: US$000 Income statement – revenue (63,318) Income statement – finance expense (loss on hedge roll-forward) (3,497) Income statement – finance expense (debit valuation adjustment) (1,769) Equity - Unrealised gain on hedges 30,604 The fair values of the gold forwards as at 31 December 2025 are as follows: US$000 Current liabilities (111,567) Non-current liabilities (165,157) Total (276,724) The effect recorded for the period ending 30 June 2025 is as follows: US$000 Income statement – revenue (41,471) Income statement – finance income 154 Equity - Unrealised loss on hedges (118,902) The sensitivity of the hedging instruments to a reasonable movement in the commodity prices, with all other variables held constant, determined as a +/-10% change in prices -US$36,923,000 /US$36,923,000 effect on OCI (1H25: -US$48,935,000 /US$48,856,000 effect on OCI) At 31 December 2025, the Group held the following financial instruments measured at fair value: As at 31 December 2025 US$000 Level 1 US$000 Level 2 US$000 Level 3 US$000 Assets measured at fair value Equity shares1 86 86 – – Trade receivables 81,373 – – 81,373 Liabilities measured at fair value Stream Agreements (note 18(a)) (19,332) – – (19,332) Derivative financial liabilities2 (289,789) – (289,789) – (227,662) 86 (289,789) 62,041 1 These investments were classified as financial assets at fair value through OCI and are presented within non-current assets. 2 Mainly includes US$276,724,000 related to hedging instruments, and US$11,920,000 related to the warrants issued in connection with Tiernan´s Private Placement. During the six months ended 30 June 2026 and the year, ended 31 December 2025 there were no transfers between these levels. The reconciliation of the trade receivables categorised as Level 3 is as follows: Trade receivables subject to price adjustments US$000 Balance at 1 January 2025 37,238 Net change in trade receivables from goods sold 22,720 Changes in fair value of price adjustments 55,528 Realised price adjustments during the year (34,113) Balance at 31 December 2025 81,373 Net change in trade receivables from goods sold 8,690 Changes in fair value of price adjustments (note 4) (4,348) Realised price adjustments during the period (28,158)
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38 Balance at 30 June 2026 (Unaudited) 57,557 Derivative financial liabilities – Warrants The fair value of the warrants as at 30 June 2026 was determined using the Black-Scholes option pricing model, based on the following key assumptions: exercise price of C$6.50, expiry date of 18 November 2027, risk-free interest rate of 2.72%, expected volatility of 71.35%, dividend yield of 0%, and share price of C$7.14. The reconciliation of the warrants issued in Tiernan in connection with the Treasury Offering and the Secondary Offering is as follow: Derivative financial liabilities US$000 Balance at 1 January 2025 – Warrants issued due to the Treasury Offering and Secondary Offering 4,542 Fair value adjustment 7,365 Foreign exchange effect 13 Balance at 31 December 2025 11,920 Exercised (1,281) Fair value adjustment (339) Foreign exchange effect (175) Balance at 30 June 2026 (Unaudited) 10,125 16 Deferred tax assets and liabilities The changes in the net deferred income tax assets/(liabilities) are as follows: As at 30 June 2026 (Unaudited) US$000 As at 31 December 2025 US$000 Beginning of the period 19,709 (54,827) Income statement benefit/(expense) (1,392) 23,955 Deferred tax recognised on items in other comprehensive income (32,998) 51,971 Deferred tax recognised on disposal of Azuca and Arcata projects – (1,390) End of the period (14,681) 19,709 Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets ag ainst current tax liabilities and when the deferred income tax assets and liabilities relate to the same fiscal authority. The amounts after offset, as presented on the face of the consolidated statement of financial position, are as follows: As at 30 June 2026 (Unaudited) US$000 As at 31 December 2025 US$000 Deferred income tax assets 80,632 105,137 Deferred income tax liabilities (95,313) (85,428) Net deferred income tax liabilities 1 (14,681) 19,709 1 The increase of the net liabil ity is driven principally by temporary difference generated by the recognition of the market value of the hedge of the period (US$31,934,000).
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39 17 Cash and cash equivalents As at 30 June 2026 (Unaudited) US$000 As at 31 December 2025 US$000 Cash in hand 704 723 Current demand deposit accounts1 96,059 94,514 Time deposits2 177,198 221,717 Mutual funds (note 15)3 14,301 – Cash and cash equivalents 288,262 316,954 1 Relates to bank accounts, which are readily accessible to the Group and bear interest. 2 These deposits have an average maturity of 5 days (as at 31 December 2025: 6 days). 3 Corresponds to common investment funds that are assets that are formed with the contributions made by the Group, consequently, becoming beneficiary of the fund in which they decide to invest. As at 30 June 2026 the balance of US$14,301,000 is deposited in ICBC. Cash and cash equivalents comprise cash on hand and deposits held with banks that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value. The fair value of cash and cash equivalents approximates their book value. 18 Trade and other payables As at 30 June 2026 (Unaudited) As at 31 December 2025 Non-current US$000 Current US$000 Non-current US$000 Current US$000 Trade payables1 – 104,202 – 112,794 Salaries and wages payable2 – 36,398 – 40,832 Payment in advance received – 3,215 – 21,615 Taxes and contributions 8 11,979 15 11,902 Guarantee deposits3 – 7,827 – 8,068 Accounts payable – hedges – 8,694 – 9,022 Mining royalties – 1,689 – 1,621 Accounts payable to related parties – 86 – 313 Stream Agreements 21,134 – 19,332 – Lease liabilities 6,282 2,552 6,340 2,647 Deferred consideration4 4,800 – 4,862 – Others 4,243 12,407 3,676 10,982 Total 36,467 189,049 34,225 219,796 1 Trade payables relate mainly to the acquisition of materials, supplies and contractors’ services. These payables do not accrue interest and no guarantees have been granted. 2 Salaries and wages payable rela tes to remuneration payable. 3 Guarantee deposits made by the contractors of the Group to guarantee the fulfilment of their tasks. The guarantee will be retur ned to the contractor at the end of the service and when it is verified that it has been completed correctly. 4 Deferred consideration relates to amounts payable in co nnection with the acquisition of Monte do Carmo in 2024. a. Stream Agreements On 7 November, 2024, the Company completed the acquisition of 100% of the Monte Do Carmo Project (“MdC”) from Cerrado Gold Inc. (“Cerrado”). At Closing, the Company assumed all liabilities in connection with the Sprott Private Resource Streaming and Royal ty Corp. (“Sprott”) secured note and stream agreements (collectively “Stream Agreements”) that Cerrado had entered into with Sprott. The US$20,000,000 metals purchase and sale agreement (“Stream Agreement”) provided for the sale and physical delivery to Sprott of 2.25% of metals produced from MdC, for the duration of the proj ect. The price payable for the metals is calculated by reference to the London Bullion Market Association (LBMA) price for gold or silver as applicable, and amounts to 10% of the reference price. In connection with the Stream Agreement, Cerrado issued a US$20,000,000 secured Note to Sprott that bears interest at a rate of 10% per annum , calculated and payable quarterly which will mature on the earlier of the achievement of commercial production or 14 March 2031 (“Secured Note”). Under the Stream Agreement, if the Board of Directors approves th e construction of a mining operation with a life-of-mine produ ction of less than 1,049,000 ounces of payable gold, the stream percentage on Monte Do Carmo would increase linearly from its base value of 2.25% following a formula in the Stream Agreement.
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40 Management determined that the Secured Note and Stream Agreement with Sprott are closely connected, with the option of Sprott to set off the stream payment against the Secured Note, on the commencement of production of Monte Do Carmo. On 30 June 2025, under the terms of the Stream Agreement, the Co mpany executed the buy down for 50% of the Stream Agreement by paying US$13,000,000 to Sprott. As a result, the Secured Note is reduced to US$10,000,000 and the stream percentage is reduced by 50%. The definitive stream percentage will be determined upon the Board of Directors’ approval of the construction of the mining operation and will be based on the then available payable gold ounces in the construction mine plan. The Group has elected to account for the obligations arising from these agreements at FVTPL. The Secured Note represents a financial liability for the contractual obligation to repay the remaining principal of US$10,000,000 and quarterly interest payments in cash. The Stream Agreement meets the definition of a derivative and is accounted at FVTPL. The fair value of the Stream Agreements was determined using the expected cash flow approach, which uses multiple, probability- weighted cash flow projections discounted to present value. The changes in the liabilities of the Stream Agreements as at 30 June 2026 are shown below: The key assumptions on which management has based its determination of fair value are gold prices, reserves and resources (reflected in the production volume), discount rates for the Secured Note of 6.3% and 6.6% and the Stream Agreement of 8.1% and 8.4% as at 31 December 2025 and 30 June 2026, respectively. Real prices US$ per oz. 2028 2029 Long- term Gold 4,397 3,864 3,528 Reasonable possible changes to any of the key assumptions above as at 30 June 2026 would increase/(decrease) the fair value of the Stream Agreements: US$000 U S $ 0 0 0 Gold price (decrease by 10%) (1,847) Gold price (increase by 10%) 1,847 Discount rate (increase by 1%) (843) Discount rate (decrease by 1%) 917 Reserves and resources volume (decrease by 10%) (1,847) Reserves and resources volume (increase by 10%) 1,847 US$000 At 31 December 2025 19,332 Unrealised change in fair value (note 10) 1,790 Change in credit risk recognised in other comprehensive income 12 At 30 June 2026 21,134
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41 19 Borrowings As at 30 June 2026 (Unaudited) As at 31 December 2025 Effective interest rate Non- current US$000 Current US$000 Effective interest rate Non- current US$000 Current US$000 (a) Secured bank loans Short- term Bank loans 3.8% – 40,655 4.19% to 5.55% – 112,953 Medium- term Bank loans 3.90% to 6.16% 114,656 101,937 4.40% to 6.60% 225,000 1,690 Total 114,656 142,592 225,000 114,643 Effective interest rate includes the amortisation of the capitalised transaction costs. The movement in borrowings during the six-month period to 30 June 2026 is as follows: As at 1 January 2026 US$000 Additions US$000 Repayments US$000 Reclassifications US$000 As at 30 June 2026 (Unaudited) US$000 Current Short- term Bank loans1 110,000 40,000 (110,000) – 40,000 Medium-term Bank loans2 – – – 100,000 100,000 Accrued interest 4,643 9,940 (13,218) 1,227 2,592 114,643 49,940 (123,218) 101,227 142,592 Non-current Medium-term Bank loans 2 225,000 405,000 (415,000) (100,000) 115,000 Transaction costs – – – (344) (344) 225,000 405,000 (415,000) (100,344) 114,656 Total current and non-current borrowings 339,643 454,940 (538,218) 883 257,248 1 Short-term bank loans: - As at 30 June 2026, Compañia Minera Ares has one loan with Banco de Credito del Peru amounting to US$40,000,000 plus accrued interests of US$655,000 (maturity in January 2027). - As at 31 December 2025, Compañia Minera Ares has one loan with Interbank amounting to US$30,000,000 plus accrued interests of U$618,000 (maturity in December 2026) and one loan with Banco de Credito del Peru amounting to US$60,000,000 plus accrued interests of US $2,291,000 (maturity in January 2026). Amarillo has on e loan with Citibank amounting to US$20,0 00,000 plus interests of US$44,000 (maturity in February 2026). 2 Medium-term bank loans: - In October 2024, an ESG-linked credit agreement for up to US$300,000,000 was signed between Amarillo Mineracao do Brasil Ltda. and Compania Minera Ares SAC, and The Bank of Nova Scotia and BBVA Securities Inc, with Hochschild Mining PLC as guarantor (the New Credit Agreement). The medium-term facility can be withdrawn until October 2026, and is payable in equal quarterly instalments from January 2028 through October 2029, with an interest rate of three-month SOFR plus a spread of 1.95%, which may be reduced to 1.90% if certain ESG metrics are achieved. A structuring fee of US$1,950,000 was paid to the lenders and additional US$225,000 was incurred as transaction costs. In addition, a commitment fee of 0.528% is payable on quarterly instalments for any amounts remaining undrawn on the facility. US$30,000,000 was withdrawn in December 2024 to repay the remaining amount outstanding of the Original Credit Agreement US$300,000,000 loan, and US$90,000,000 was withdrawn in 2025. During H1 2026 the Group repaid US$60,000,000 reducing the outstanding balance to US$60,000,000. The remaining balance of US$180,000,000 was undrawn as at 30 June 2026. During the first half of 2026 the Group paid US$267,000 of commitments fees. Financial covenants under the agreement are: (i) Consolidated Leverage Ratio <= 3 and (ii) Consolidated Interest Coverage Ratio ≥ 4.00. There have been no breaches of the financial covenants of any interest-bearing loans and borrowing in the current period. The interest accrued was US$3,212,000. - In May 2026, a credit agreement for US$350,000,000 was signed between Compania Minera Ares S.A.C. and The Banco BBVA Peru and Scotiabank Peru S.A.A. The medium-term loan was extinguished in June 2026. - As at 30 June 2026, Compañia Minera Ares has one loan with Interbank amounting to US$55,000,000 plus accrued interests of US$934,000 (maturity in July 2027). Amarillo has one loan with JP Morgan amounting to US$40,000,000 plus interests of US$86,000 (maturity in June 2027), and one loan with BBVA amounting to US$60,000,000 plus interests of US$758,000 (maturity in April 2027). As at 31 December 2025, Compañia Minera Ares has one loan with Interbank amounting to US$5,000,000 plus interests of US$104,000 (maturity in January 2027). Amarillo has one loan with JP Morgan amounting to US$40,000,000 plus interests of US$104,000 (maturity in June 2027), and one loan with BBVA amounting to US$60,000,000 plus accrued interests of US$821,000 (maturity in April 2027).
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42 The carrying amount of the short-term loans approximates their fair value. The carrying amount and fair value of the medium-term loans are as follows: Carrying amount Fair value As at 30 June 2026 (Unaudited) US$000 As at 31 December 2025 US$000 As at 30 June 2026 (Unaudited) US$000 As at 31 December 2025 US$000 Bank loans 216,937 226,690 204,144 220,076 Total 216,937 226,690 204,144 220,076 The fair value of the borrowings is determined by discounting the contractual future cash flows using market interest rates applicable to similar financial instruments at the reporting date. The fair value of the borrowings is classified as Level 2 within the fair value hierarchy, as the valuation is based on observable market inputs, including market interest rates. 20 Provisions As at 30 June 2026 (Unaudited) As at 31 December 2025 Non-current US$000 Current US$000 Non-current US$000 Current US$000 Provision for mine closure1 176,502 12,998 148,938 28,880 Workers’ profit sharing2 – 17,620 – 21,169 Legal claims3 9,724 3,928 8,598 5,406 Provision for long term incentive plan (LTIP)4 2,342 3,709 4,356 – Total 188,568 38,255 161,892 55,455 1 The provision represents the discounted values of the estimated cost to decommission and rehabilitate the mines at the expect ed date of closure of each of the mines. The present value of the provision has been calculated using a real pre-tax annual discount rate, based on a US Treasury bond o f an appropriate tenure adjusted for the impact of inflation as at 30 June 2026 and 31 December 2025 respectively, and the cash flows have been adjusted to reflect the risk attached to these cash flows. Uncertainties on the timing for use of this provision include changes in the future that could impact the time of closing the m ines, as new resources and reserves are discovered. The pre-tax real discount rate used was 1.88% (December 2025: 1.59%). Based on the internal and external reviews of mine rehabilitation estimates, the provision for mine closure increased by US$20,175,000, due to the change in estimates, net of other impacts resulting primarily from the changes in the closure schedule resulting from updated life-of-mine estimates for the mining units, and decreased by US$3,656,000 due to the change in the disc ount rate. During the period, the Company updated certain estimates related to its mine closure provision, primarily for the Sipan, Selene and Ares units in the closure phase, and the San Jose, Mara Rosa and Inmaculada operating units. The revision of the units in closure phase mainly reflects updated cost assumptions and th e incorporation of additional capital and operating costs arising from the extension of water treatment activities. A change in any of the following key assumptions used to determine the provision would have the following impact: US$000 Closure costs (increase by 10%) increase of provision 18,950 Discount rate (increase by 0.5%) (decrease of provision) (7,324) 2 Corresponds to worker’s profit sharing in Compania Minera Ares. 3 The non-current balance mainly corresponds to labour claims in Minera Santa Cruz of US$5,866,000 (2025: US$5,405,000) and leg al claims in Ares of US$2,791,000 (2025: US$2,440,000). The current legal claims mainly in cludes the balance of Co mpañia Minera Ares of US $3,853,000 (2025: US$4, 611,000) related to administrative fines. 4 Corresponds to the LTIP 2024 of US$3,709,000 (2025: US$3,131,000) , LTIP 2025 US$1,857,000 (2025: US$1,225,000) and LTIP 2026 US$485,000. 21 Equity Share capital The movement in share capital of the Company from 31 December 2025 to 30 June 2026 is as follows: Number of ordinary shares Share capital US$000 Shares issued as at 31 December 2025 514,458,432 9,068 Shares issued as at 30 June 2026 514,458,432 9,068
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43 22 Dividends paid and declared Dividends declared and paid to non-controlling interests in the six months ended 30 June 2026 were US$58,309,000 (2025: US$2,246,000). Dividends declared and paid to shareholders in the six months ended 30 June 2026 were US$25,719,000 (2025: US$10,059,000). The interim dividend in respect of the six months ended 30 June 2026 is US$20,578,000, US$0.04 per share. 23 Related party transactions Except for the Group’s investment in Aclara Resources Inc. of $10,000,000 in connection with the associate’s private placement closed in May 2026, there were no other significant related party transactions during the six-month period ended 30 June 2026. 24 Notes to the statement of cash flows Six months ended 30 June 2026 (Unaudited) US$000 2025 (Unaudited) US$000 Reconciliation of profit for the period to net cash generated from operating activities Profit for the period 237,006 97,274 Adjustments to reconcile Group profit to net cash inflows from operating activities Depreciation 86,130 80,425 Amortisation of intangibles 966 1,054 (Reversal of impairment)/impairment of non-financial assets - (30,779) Write-off of non-financial assets, net 3,929 548 Share of loss of an associate 1,063 887 Loss/(gain) on sale of property, plant and equipment 44 (170) Increase of provision for mine closure 17,475 11,543 Finance income (14,211) (3,921) Finance costs 21,450 16,631 Income tax expense 128,781 42,839 Other 14,730 3,301 Increase/(decrease) of cash flows from operations due to changes in assets and liabilities Trade and other receivables (11,521) (17,428) Income tax receivable (1,751) (2,459) Other financial assets and liabilities (15,456) 1,162 Inventories (14,023) (9,870) Trade and other payables (19,424) (22,231) Provisions (2,206) 6,392 Cash generated from operations 432,982 175,198
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44 Profit by operation (Segment report reconciliation) as at 30 June 2026 (unaudited): Group (US$000) Inmaculada San Jose Mara Rosa Consolidation adjustment and others Total/HOC Revenue 471,317 305,467 67,614 36 844,434 Cost of sales (pre consolidation) (149,321) (144,739) (67,607) (1,156) (362,823) Consolidation adjustment (1,219) - 2,375 (1,156) - Cost of sales (post consolidation) (150,540) (144,739) (65,232) (2,312) (362,823) Production cost excluding depreciation and amortisation (94,617) (113,474) (73,753) – (281,844) Depreciation and amortisation in production cost (49,700) (29,093) (6,857) – (85,650) Workers profit sharing (12,751) – – – (12,751) Other items – – (311) – (311) Change in inventories 8,966 (2,172) 10,939 – 17,733 Gross profit 321,996 160,728 7 (1,120) 481,611 Administrative expenses – – – (31,742) (31,742) Exploration expenses – – – (18,114) (18,114) Selling expenses (358) (17,751) (308) - (18,417) Other expenses, net – – – (33,815) (33,815) Operating profit/(loss) before impairment 321,638 142,977 (301) (84,791) 379,523 Write-off of assets – – – (3,929) (3,929) Share of post-tax losses from associate – – – (1,063) (1,063) Finance income – 14,211 14,211 Finance costs – – – (21,450) (21,450) Foreign exchange loss – – – (1,505) (1,505) Profit/(loss) from continuing operations before income tax 321,638 142,977 (301) (98,527) 365,787 Income tax – – – (128,781) (128,781) Profit/(loss) for the period from continuing operations 321,638 142,977 (301) (227,308) 237,006
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45 SHAREHOLDER INFORMATION Company website Hochschild Mining PLC Interim and Annual Reports and results announcements are available via the internet on our website at www.hochschildmining.com. Shareholders can also access the latest information about the Company and press announcements as they are released, together with details of future events and how to obtain further information. Registrars The Registrars, MUFG Corporate Markets, can be contacted as follows for information about the AGM, shareholdings, dividends and to report changes in personal details: By post MUFG Corporate Markets, Central Square, 29 Wellington Street, Leeds LS1 4DL By email Email: shareholderenquiries@cm.mpms.mufg.com By telephone Telephone: (+44 (0)) 371 664 0300 (Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 9am – 5:30pm, Monday to Friday excluding public holidays in England and Wales). Currency option and dividend mandate Shareholders wishing to receive their dividend in US dollars should contact the Company’s registrars to request a currency election form. This form should be completed and returned to the registrars by 18 September 2026 in respect of the 2026 interim dividend. The Company’s registrars can also arrange for the dividend to be paid directly into a shareholder’s UK bank account. This arrangement is only available in respect of dividends paid in UK pounds sterling. To take advantage of this facility in respect of the 2026 interim dividend, a dividend mandate form, also available from the Company’s registrars, should be completed and returned to the registrars by 18 September 2026. Alternatively, you can register your bank details via Investor Centre, a secur e online site where you can manage your shareholding quickl y and easily. To register for Investor Centre just visit uk.investorcentre.mpms.mufg.com or use the Investor Centre app. Y ou will need your investor code, which can be found on your share certificate or a previous dividend confirmation voucher. Shareholders who have already completed one or both of these forms need take no further action. Dividend information Issuer/Company Name Hochschild Mining PLC Security/Securities Ordinary Shares of 1p each ISIN(s) GB00B1FW5029 TIDM(s) HOC Ex-Date 3 September 2026 Record Date 4 September 2026 Pay Date 2 October 2026 Dividend Type Interim Dividend Amount and Currency US$0.04 per share Currency of Dividend payment GBP Is there a Dividend option? Ye s Type of Election Currency Election to receive dividend in USD Last day for receipt of Elections 18 September 2026 50 Queen Anne Street London W1G 8HJ United Kingdom