Hochschild Mining (HOC) Investor update summary

Financial performance and guidance

• Achieved record H1 results with production over 150,000 oz, revenue up 62% to $844 million, and adjusted EBITDA up 119% to $492 million.

• EPS rose 208% to $0.37; net cash position at $51 million and interim dividend of $0.04 per share ($21 million total).

• All-in sustaining cash cost (AISC) guidance revised to $2,380–$2,500/oz due to FX and higher metal prices impacting royalties and profit sharing.

• Free cash flow reached $156 million; $309 million in cash and short-term investments at period end.

• Capital expenditure guidance maintained at $210–$225 million for the year, with $105 million invested in H1.

Operational updates and project progress

• Mara Rosa reorganization completed, operational turnaround achieved, and plant now running near nameplate capacity.

• Royropata environmental permit submitted; project expected to deliver over 100,000 oz gold equivalent annually from 2028.

• Monte do Carmo project advancing, with FID targeted by year-end and detailed engineering to follow.

• Inmaculada and San José operating smoothly, with ongoing brownfield exploration to extend mine life and add resources.

• Over 50 cost efficiency initiatives implemented to offset inflationary pressures.

Strategic priorities and growth outlook

• Focus remains on three core assets (Inmaculada, Mara Rosa, San José) and near-term projects (Monte do Carmo, Royropata).

• Brownfield exploration prioritized as a key value driver, with significant resource additions and new discoveries.

• Disciplined capital allocation strategy balances investment in growth, debt repayment, and shareholder returns.

• Management expects production to increase significantly from 2028, targeting over 500,000 gold equivalent ounces per year.

• Market undervalues the company’s growth potential, especially from Royropata and Monte do Carmo.