Hochschild Mining (HOC) Status Update summary

Operational performance and production guidance

• Q3 production exceeded 70,000 gold equivalent ounces, with Mara Rosa output recovering after a four-week suspension and mining rates rising from 44,000 to over 70,000 tons per day; all four tailings filters are operational.

• Inmaculada produced nearly 50,000 ounces in Q3, totaling 156,000 ounces YTD, on track for 199,000–209,000 ounces annual guidance, while San Jose output reached 31,000 ounces in Q3, totaling 84,000 ounces YTD, both maintaining stable output and on track for annual targets.

• 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.

• Revised group production guidance of 35,000–45,000 ounces for Q4 is expected to be met, with full-year guidance reaffirmed at 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

• Quarter-end cash balance was $92 million, with net debt at $246 million and a net debt/EBITDA ratio of 0.4x–0.5x.

• Working capital increased by $40 million, mainly in Argentina, to protect against election-related currency risk, with inventory build in San Jose holding $37–40 million in concentrates to avoid currency conversion before elections.

• Net debt increased mainly due to inventory build-up in Argentina, a $13 million streaming agreement repurchase, and a $5 million interim dividend.

• Additional cash outflows included a $30 million streaming agreement and a $5 million interim dividend.

Cost management and margin outlook

• Lower Mara Rosa production and turnaround costs impacted Q3 results, but record gold prices are expected to drive strong Q4 cash flow.

• Sustained higher prices may allow processing of lower-grade material, supporting healthy margins even with reduced cut-off grades.

• No significant CAPEX changes are anticipated from cut-off grade adjustments.