Hochschild Mining (HOC) investor relations material

Operational performance and production guidance

• Q3 2025 attributable production reached 70,308 gold equivalent ounces and 5.8 million silver equivalent ounces, with year-to-date totals at 231,905 gold equivalent ounces and 19.2 million silver equivalent ounces; Mara Rosa output was minimal due to a four-week plant stoppage in July, but mining rates increased from 44,000 to over 70,000 tons per day and production is expected to rise in Q4.

• Inmaculada produced nearly 50,000 ounces in Q3, totaling 156,000 ounces YTD, and is on track for the annual forecast of 199,000–209,000 ounces; geomechanical issues were resolved with no expected impact on guidance.

• San Jose output reached 31,000 ounces in Q3, totaling 84,000 ounces for the first nine months, supporting annual guidance and maintaining stable output.

• Revised 2025 guidance reaffirmed: 291,000–319,000 gold equivalent ounces at all-in sustaining costs of $1,980–$2,080 per ounce.

• Average realised prices in Q3 2025 were $3,195/oz for gold and $42.4/oz for silver, significantly higher year-on-year.

Financial position and working capital

• Ended Q3 with $92 million in cash, net debt of $246 million, and a net debt-to-EBITDA ratio of 0.4x–0.5x.

• Working capital increased by $40 million, mainly in Argentina, to protect the balance sheet ahead of elections; $13 million was spent on a streaming agreement repurchase and $5 million on an interim dividend.

• Inventory build in Argentina was a strategic move to avoid currency conversion losses; most inventory has now shipped, and working capital is expected to normalize in H2.

• Net debt and working capital will improve in Q4 as inventory is sold at higher prices, benefiting revenues and profits.

Strategic initiatives, project updates, and management

• Brownfield exploration and drilling programs added resources at all operating units, with significant intersections at Inmaculada, San Jose, Mara Rosa, and Monte do Carmo.

• Monte do Carmo project in Brazil advanced with resource drilling yielding economic results.

• Volcan project is progressing toward financing, with 11 million ounces in resources and estimated construction CapEx of $1 billion plus $300 million sustaining CapEx; water rights secured, with desalination as a backup.

• Volcan's profitability is robust at long-term gold prices of $2,700/oz, and additional costs from water solutions are expected to be manageable.

• Management team strengthened with a new COO and local leadership appointments.