Hochschild Mining (HOC) Status update summary

Production and operational performance

• Q4 group production increased 13% from Q3, driven by Inmaculada, San José, and Mara Rosa ramp-up.

• Full-year 2025 production met revised guidance, totaling just over 311,000 gold equivalent ounces, with 221,444 oz gold and 7.5M oz silver attributable output.

• Inmaculada produced 210,000 ounces, exceeding guidance; San José delivered 126,640 ounces, within guidance.

• Mara Rosa's turnaround improved access to higher-grade ore, stabilized operations, and increased throughput.

• Brownfield exploration yielded encouraging drill results, expected to add resources across all mines and projects.

Financial performance and cost guidance

• All-in sustaining costs for 2025 expected at or slightly above $1,980–$2,080/oz Au eq; 2026 guidance is $2,157–$2,320/oz Au eq.

• Q4 saw strong cash flow, ending 2025 with $317M in cash, net debt of $23M, and net debt/EBITDA of 0.04x.

• 2026 sustaining and development capex set at $210–$225M, with a $45M exploration budget.

• Record high metal prices increased cyclical costs, including royalties, profit sharing, and export taxes, especially in Argentina.

• Realisable gold and silver prices in 2025 averaged $3,222/oz and $44.2/oz, respectively.

Project updates and strategic initiatives

• Mara Rosa's new tailings thickener installation expected by end of Q1 or April, with full impact in H2; production split anticipated at 35–40% in H1 and 60–65% in H2.

• Monte do Carmo construction decision targeted for end of H1 2026, with $5–8M capex planned and up to $50M if construction starts.

• Listing of Cerrado Gold on the Toronto Stock Exchange raised $12M, with a current stake valued at up to $158M.

• 20% stake in Aclara valued at approximately $112M.

• Royropata project progressing, with documentation for authorities being prepared for July.