Hochschild Mining (HOC) Status Update summary

Production and operational performance

• Q3 2024 production reached 96,327 gold equivalent ounces, the strongest quarter in five years, up 16% from Q2, with Mara Rosa's ramp-up and Inmaculada's improved grades and tonnage contributing significantly.

• Nine-month production totaled 249,120 gold equivalent ounces, keeping the group on track for 2024 guidance of 343,000–360,000 ounces.

• Mara Rosa achieved full production rates, with September output exceeding 9,000 ounces and plant capacity at 7,000 tons per day.

• Inmaculada saw a 15% year-on-year improvement in nine-month output, with Q3 contributing 58,162 gold equivalent ounces.

• San Jose experienced temporarily lower grades but expects a strong Q4, historically its best quarter.

Cost guidance and financials

• 2024 all-in sustaining cost guidance maintained at $1,510–$1,550 per gold equivalent ounce.

• Cash position stands at $85 million, with net debt reduced to $227 million and net debt/EBITDA at 0.6x, down from 0.8x in June.

• $45 million of debt repaid in Q3, with further reductions expected by year-end.

• 2025 all-in sustaining cost is targeted around $1,400, with some inflationary pressures anticipated.

Project updates and expansions

• Monte do Carmo project work is nearly complete; if the option is exercised, construction could start in 2026 with first production in 2028.

• San Jose plant expansion to 2,000 tons per day is on track for completion by year-end, with full benefit expected in 2025.