Hochschild Mining (HOC) Status Update summary

Production and Operational Performance

• H1 2024 attributable production reached 152,792 gold equivalent ounces and 12.7 million silver equivalent ounces, with Q2 contributing 83,034 gold equivalent ounces and 6.9 million silver equivalent ounces, a 19% increase from Q1, driven by Mara Rosa's first material contribution.

• Inmaculada mine delivered 109,502 gold equivalent ounces in H1 2024, up 18% year-on-year, supported by improved grades, tonnage, and site improvement projects.

• Mara Rosa mine reached commercial production in mid-May, producing 13,291 ounces of gold in Q2 and achieving its nominal 7,000 tons per day capacity.

• San Jose mine output rose 9% from Q1, totaling 2.5 million silver equivalent ounces in Q2, with higher grades offsetting lower tonnage.

• 2024 guidance is reiterated at 343,000–360,000 gold equivalent ounces at all-in sustaining costs of $1,510–$1,550 per ounce.

Project and Exploration Updates

• Optimization initiatives at Mara Rosa aim to reach a stable 8,000 tons per day, with Q4 forecast to contribute nearly 45% of annual production and a strong H2 2024 expected.

• Brownfield exploration at Mara Rosa, Inmaculada, and San Jose is yielding encouraging results, with resource additions expected and further drilling planned for Q3.

• San Jose plant expansion to 2,000 tons per day is underway, with $10 million CapEx and completion expected by year-end.

• Cerrado Gold Inc. shareholders approved the Monte do Carmo project option; $15 million paid, $45 million to be paid in instalments if exercised, with technical and exploration work ongoing to inform the 2025 decision.

• Efficiency improvements at Inmaculada have added 40,000 tons to production above budget.

Financial Position

• Cash balance stood at $89 million as of 30 June 2024, up from $73 million at 31 March 2024.

• Net debt was $270 million as of 30 June 2024, with a net debt/LTM EBITDA ratio of approximately 0.8x.

• Operations are on track to meet 2024 production and cost targets, with strong cash flow expected in H2.