Preliminary Results

11 March 2026

Hochschild Mining PLC

Preliminary Results

Year ended 31 December 2025

Record financial performance, key strategic progress across the portfolio and production in-line with revised guidance

Eduardo Landin, Chief Executive Officer of Hochschild, commented:

"This year marks a key moment for Hochschild, delivering our strongest ever financial performance, driven by disciplined execution at Inmaculada and precious metal price tailwinds. We added 1.7 million ounces to our resource base, advanced our two exciting growth projects in Peru and Brazil, and significantly increased the dividend, reflecting the strength of our balance sheet. At Mara Rosa, we are close to completing our turnaround plan, positioning the operation for a stronger and more sustainable future."

2025 Strong financial performance

§ Revenue up 25% at $1,182.1 million (2024: $947.7 million)[1]

§ Revenue (pre-exceptional) up 28% at $1,208.6 million (2024: $947.7 million)[2]

§ Adjusted EBITDA up 39% at $583.7 million (2024: $421.4 million)[3]

§ Profit before income tax (pre-exceptional) up 66% at $330.4 million (2024: $199.1 million)

§ Profit before income tax (post-exceptional) up 110% at $372.8 million (2024: $177.2 million)

§ Basic earnings per share (pre-exceptional) at $0.31 (2024: $0.23)

§ Basic earnings per share (post-exceptional) at $0.39 (2024: $0.19)

§ Cash and cash equivalents balance of $317.0 million as at 31 December 2025 (2024: $97.0 million)

§ Net debt2 of $22.7 million as at 31 December 2025 (2024: $215.6 million)

§ Recommended final dividend of 5.00 US cents per share ($25.7 million)[4]

2025 Operational Performance[5]  

§ Strong 2025 safety performance

§ Full year attributable production of 311,509 gold equivalent ounces (2024: 347,374 ounces)

§ Attributable all-in sustaining costs (AISC) 2 from operations of $2,138 per gold equivalent ounce (2024: $1,558)

§ Strong performance at Inmaculada producing 209,921 gold equivalent ounces

§ Turnaround plan at Mara Rosa progressing in-line with expectations, positioning the asset for stronger and sustainable long-term production

§ San Jose performance in line with expectations producing 120,639 gold equivalent ounces

§ Senior management team strengthened with key appointments including Cassio Diedrich as Chief Operating Officer

2025 Exploration and Project Highlights

§ Total resource additions of 1.7 million gold equivalent ounces

§ Monte do Carmo project progressing towards updated economics and a final investment decision by mid-2026

§ Royropata silver project permitting process on track

§ Strong progression on monetisation of non-core assets: Tiernan Gold Corp now trading on the TSX Venture Exchange

2025 ESG KPIs[6]

§ Lost Time Injury Frequency Rate of 0.97 (2024: 1.25)[7]

§ Fresh water used per tonne of ore processed: 0.26 m3/tonne (2024: 0.31 m3/tonne)

§ Recycled waste of 81.4% (2024: 57.3%)

§ Local workforce vs total workforce of 65.9% (2024: 59.3%)

§ Women in the workforce of 10.6% (2024: 10.0%)

§ ECO score of 5.61 out of 6 (2024: 5.58)[8]

2026 Outlook[9]

§ Overall attributable production target: 300,000-328,000 gold equivalent ounces

§ Attributable all-in sustaining cost target: $2,157-$2,320 per gold equivalent ounce

§ Total sustaining capital expenditure at operating mines expected to be approximately $210-225 million

§ Brownfield exploration budget of $45 million

________________________________________________________________________________________

A presentation will be held for analysts and investors at 9.30am (UK time) on Wednesday 11 March 2026 at the offices of Hudson Sandler,

25 Charterhouse Square, London, EC1M 6AE

The presentation and a link to the live audio webcast of the presentation can be found at the Hochschild website: 

www.hochschildmining.com

or:

https://brrmedia.news/HOC_FY_25

To join the event via conference call, please see dial in details below:

International Dial in: +44 (0)330 551 0200

US Toll-Free Number: 866 580 3963

Canada Toll Free: 1 866 378 3566

Password: Hochschild Mining FY25 ________________________________________________________________________________________

Enquiries:

Hochschild Mining PLC

Charles Gordon +44 (0)20 3709 3264

Head of Investor Relations

Hudson Sandler

Charlie Jack +44 (0)20 7796 4133

Public Relations

________________________________________________________________________________________

Non-IFRS Financial Performance Measures

The Company has included certain non-IFRS measures in this news release. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardised meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

These are detailed as follows.

Adjusted EBITDA

Adjusted EBITDA is a useful approximation of the operating cash flow generation of the business by eliminating depreciation and amortisation. Adjusted EBITDA is not a direct measure of liquidity which is shown by the cash flow statement.

AISC

The Company believes the AISC measure provides further transparency into costs associated with the production of gold and silver and will assist investors, analysts and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value.

Basic earnings per share (pre-exceptional)

Basic earnings per share (pre-exceptional) represents the Group's underlying operating performance from core activities, excluding the impact of one-off transactions outside the normal course of business of the Group.

Net debt

Net debt is a measure of the Group's financial position. The Group uses net debt to monitor the sources and uses of financial resources, the availability of capital to invest or return to shareholders, and the resilience of the balance sheet.

Gross Revenue

Gross revenue represents the revenue generated from the Group's core business, excluding the impact of commercial discounts, and non-cash hedged items.

Unit cost per tonne

Unit cost per tonne represents the direct cash cost including direct cash support costs in producing one tonne of saleable product. This is a standard industry measure applied by most major mining companies and therefore, comparable for the users of the Financial Statements.

Cash costs

Cash costs are a measure of the cost of operating production expressed in terms of dollars per ounce of gold and this is a standard industry measure applied by most major mining companies which reflects the direct costs involved in producing each ounce of metal.

About Hochschild Mining PLC

Hochschild Mining PLC is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) and crosstrades on the OTCQX Best Market in the U.S. (HCHDF), with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over fifty years' experience in the mining of precious metal epithermal vein deposits and operates two underground epithermal vein mines: Inmaculada, located in southern Peru; and San Jose in southern Argentina, and an open pit gold mine, Mara Rosa, located in the state of Goiás, Brazil. Hochschild also has numerous long-term projects throughout the Americas.

Forward looking statements

This announcement may contain forward looking statements. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results, performance or achievements of Hochschild Mining PLC may, for various reasons, be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.

The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement. Except as required by the Listing Rules and applicable law, the Board of Hochschild Mining PLC does not undertake any obligation to update or change any forward-looking statements to reflect events occurring after the date of this announcement. Nothing in this announcement should be construed as a profit forecast.

Note

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (Regulation (EU) No.596/2014). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

LEI: 549300JK10TVQ3CCJQ89

CHAIR'S STATEMENT

2025 was a year that provided a number of challenges, but also one that clearly demonstrated the strength of our business and our people. Record precious metal prices towards the end of the year provided a powerful tailwind, delivering strong financial results and reinforcing our confidence in the long-term fundamentals of our portfolio. At Mara Rosa in Brazil, we responded quickly and decisively to operational challenges, executing a comprehensive turnaround plan that is now close to completion. As we look ahead, I am excited by the progress and potential of our two high-value projects in Peru and Brazil, which position the Company well for the year ahead and beyond.

Success for the Group is defined by achieving operational efficiency while delivering transformative change. We engage proactively with our communities, creating a meaningful and lasting positive social legacy. Through sustained effort, we achieved record proportions of local employment across our workforce and local procurement. We also implemented a comprehensive social investment programme benefiting communities across all our operations.

Environmental management is integral to our approach to sustainable growth. In 2025, we delivered excellent environmental performance, reflected in our best-in-class ECO Score tool. This was further demonstrated by year-on-year reductions in freshwater consumption per tonne of ore processed, alongside continued improvements in waste management. In addition, our two ESG-linked loans delivered interest rate reductions linked to defined environmental and safety performance indicators. We also made significant progress in addressing climate-related risks, with our operations in Brazil and Argentina meeting 100% of their energy requirements from renewable sources.

Safety excellence remained a defining feature of the Group's operational performance in 2025. This was reflected in an all-time low injury frequency rate, and the achievement of 2 million man-hours worked in San Jose without incidents. Together, these outcomes are a clear testament to the dedication, discipline, and professionalism of our operational teams.

Our people remain central to our performance. Hochschild's ability to attract and retain talent continues to be reflected in consistently low levels of employee turnover. We are also pleased to report that, in a traditionally male-dominated industry, we have made good progress in workforce diversity, reaching an all-time high level of female representation across our total workforce.

Our performance across these areas has been independently validated through upgrades from leading ESG rating agencies, including MSCI and Sustainalytics, as well as our inclusion in the FTSE4Good Index. Comprehensive details of the programmes delivered across our countries of operation are set out in the Sustainability section of the Annual Report.

Mara Rosa had a challenging start to the year, reflecting a combination of adverse seasonal conditions and operational issues. But I am pleased to report that the situation was addressed decisively through a comprehensive review of the operation, led by Eduardo Landin. The review resulted in the implementation of a turnaround plan for our Brazilian business, strengthening leadership including our new Chief Operating Officer, Cassio Diedrich, and operational oversight, alongside targeted maintenance and process improvements. Following a temporary plant shutdown in July, the mine's performance improved steadily throughout the second half of the year as access to higher-grade areas improved and plant stability was restored. With the reorganisation now complete, the operation is on more stable footing, and management remains focused on delivering consistent performance and realising the asset's long-term value.

Our other operations again delivered a solid performance, led by Inmaculada, which again exceeded annual production guidance and will continue to be our flagship asset for some time, notwithstanding the elevated prices that are enabling the processing of lower-grade material over the coming quarters. While costs were moderately above our revised guidance, this largely reflected the immediate impact of sharply rising prices on cyclical costs such as royalties and export taxes. Furthermore, record precious metals prices, together with strong operational performance in Peru and Argentina, resulted in robust cash generation. This allowed the Group to significantly reduce net debt while continuing to invest in brownfield exploration and the advancement of our development projects.

The performance of our brownfield exploration team continues to be a key strength of Hochschild. Building on the success of previous years, the team delivered another strong result in 2025, adding 1.7 million gold equivalent ounces to our resource base. This outcome reflects both disciplined execution and the underlying quality of our asset portfolio and reinforces our long-standing view that there remains significant potential within our existing operations. These additions support the long-term sustainability of the business and confirm the important role that brownfield exploration continues to play in our overall strategy.

Outlook

As noted above, 2025 saw a continuation of the extraordinary uplift in the precious metals market, with both gold and silver reaching record levels on an almost monthly basis. Gold has recently risen to further new highs of over $5,400 per ounce, whilst silver has climbed to over $100 per ounce, with both metals benefiting from tight market conditions and heightened global political and economic uncertainty. This exceptional pricing environment has materially enhanced the Group's financial position, and we are encouraged to see this strength continuing into 2026 although precious metal markets remain volatile. It provides a strong foundation as we move forward to finance our project pipeline and complete the turnaround of our operations in Brazil.

2025 was a year marked by disciplined financial management, as we made substantial progress towards our medium-term financial objectives. A central priority during the year was the reduction of our debt position, and I am pleased to report that strong cash generation enabled us to reduce net debt by almost $200 million. This was achieved whilst also strengthening the Company through the monetisation of non-core assets. Management did an excellent job in successfully listing Tiernan Gold on the Toronto Stock Exchange Venture Exchange (TSXV), raising capital to advance the Volcan gold project in Chile while retaining an approximately 70% interest. As a result, our balance sheet is now well positioned to finance our next development project in Brazil, Monte do Carmo, with updated project economics underway and a final investment decision targeted for mid‑2026.

Last year, we highlighted that, as part of our capital allocation strategy, we recognised the importance of returning capital to our shareholders. Accordingly, we introduced a new dividend policy designed to provide greater predictability and consistency for our investors in the years ahead. Building on this, the Board is pleased to announce that the performance of the Company this year and the strength of our balance sheet allows us to recommend a final dividend of 5.00 US cents per share, representing a distribution of $25.7 million for a total of $30.9 million in 2025.

As we reflect on a successful 2025, I would like to extend my thanks to our leadership team, as well as the thousands of Hochschild employees, contractors, and partners whose dedication has been central to our progress during the year. Whilst we faced challenges in Brazil during the year, the commitment and hard work of our teams across all operations have been instrumental in delivering value for our Company and our stakeholders. I am truly proud of what has been accomplished and confident in our ability to build on this progress in the year ahead as we continue to develop our exciting portfolio.

Eduardo Hochschild, Chair

10 March 2026

CHIEF EXECUTIVE OFFICER'S STATEMENT

During 2025, Hochschild Mining made solid progress across the Company, supported by disciplined execution of our strategy, despite operational challenges at Mara Rosa in Brazil. Our focus remains firmly on our four strategic pillars-brownfield exploration, operational efficiency, ESG leadership, and disciplined capital allocation-which continue to guide our decision making and underpin our commitment to long-term value creation. While Mara Rosa did not meet our expectations, decisive action was taken, and with a strengthened team including a new COO, a comprehensive operational review, and targeted optimisation initiatives now delivering results, a robust platform is in place to support improved performance in Brazil and reliable production in 2026.

ESG

Our corporate purpose places responsibility at the core of how we operate. As highlighted by the Chair, this commitment is reflected in a comprehensive range of initiatives that underpin our long-term value creation targets. In 2025, our ESG programme made strong progress, delivering year-on-year improvements across 10 of our 16 key ESG performance indicators and reinforcing its central role in the execution of our corporate strategy.

Through active community engagement, we reinforced our social licence to operate across all our sites. We delivered an excellent Lost Time Injury Frequency Rate of 0.97 (2024: 1.25), while our operations in Peru and Argentina continued to maintain Level 8 safety management system certification from Det Norske Veritas. Environmental performance remained robust, reflecting the effective integration of sustainability principles and responsible resource stewardship throughout our operations.

Operations

Our operational performance in 2025 highlighted the resilience of our diversified asset base. Attributable gold equivalent production totalled 311,509 ounces, a 10% reduction compared with 347,374 ounces in the prior year, largely attributable to challenges at the Mara Rosa operation. All-in sustaining costs for the year were higher than initially anticipated, reflecting lower production in Brazil, additional capital investment to support the operational reset at Mara Rosa, the mining of lower-grade border areas of the veins at San Jose, and the impact of higher precious metal prices in royalties, selling expenses and workers' profit sharing.

In 2025, the Inmaculada mine delivered another solid performance in line with plan, producing 209,921 gold equivalent ounces, 5% lower than 2024 (220,501 ounces), reflecting a scheduled reduction in grade. All-in sustaining costs were $1,732 per gold equivalent ounce (2024: $1,479 per ounce), with the increase year on year driven by the planned grade profile, partially offset by higher throughput. Over at San Jose in Argentina, production of 120,639 gold equivalent ounces was modestly below 2024 (123,732 ounces), primarily due to scheduled lower grades, although this was mitigated by higher-than-anticipated tonnage processed. All-in sustaining cost of $2,520 per gold equivalent ounce was higher than expected, reflecting the mining of lower-grade border areas, higher royalties and export taxes driven by increased precious metal prices, and the removal in April 2025 of the export benefit allowing partial settlement of exports at the blue dollar rate.

Mara Rosa faced a challenging 2025, with early-year rainfall and operational constraints affecting access to higher-grade zones and delaying recovery from 2024 backlogs. Following the resignation of our COO in May, I led a comprehensive operational review covering mining, processing, and permitting, including a temporary suspension of the plant at the end of June for essential maintenance and repairs. Production resumed in July 2025 and steadily ramped up through the remainder of the year, with mining movement and throughput improving as operational stability strengthened.

A reorganised Brazil management team, including the appointment of our new General Manager, Ediney Drummond, has strengthened oversight and execution. Operational improvements in the latter part of the year enhanced access to ore, increased productivity, and laid the groundwork for sustainable performance. Key focus areas - mining development, water management, filtration, and plant reliability-were addressed through improved maintenance and infrastructure readiness. These actions have established a solid platform for consistent operations and workforce stability as we have moved into 2026.

Gold production for the year at Mara Rosa totalled 40,062 gold equivalent ounces (2024: 63,538 ounces). Throughout the review process, we remained closely engaged with all stakeholders, including local authorities and communities, and are focused on unlocking the full potential of this asset in the next few quarters.

Projects

In terms of strategic delivery, we continued to make strong progress across our high-potential growth projects. In Brazil, detailed engineering studies at our Monte Do Carmo project in Tocantins are nearing completion. With the permitting pathway now substantially de-risked and lessons learned from our Mara Rosa experience being applied, we are preparing the project for a potential construction decision around mid-year. In Peru, the exciting Royropata silver project has advanced following the securing of all necessary land easements in 2024. The team is now preparing the documentation required to submit the Modified Environmental Impact Assessment application to the Peruvian government later this year, following the national elections and the installation of the new administration in the third quarter.

In the second half of the year, I was pleased to see our management team make further progress in adding value to our non-core project portfolio through the listing of Tiernan Gold Corp ("Tiernan") on the TSXV and concurrent capital raise. This transaction represented an important step for Tiernan and reflected the significant work completed over the past few years on the Volcan gold deposit in Chile. Tiernan now provides a dedicated platform to advance the project and realise its full potential under experienced leadership. Tiernan raised approximately $30 million, and Hochschild received approximately $12 million in proceeds from the secondary offering, while retaining a 69.8% stake of Tiernan. With gold prices remaining strong, we believe this structure offers the best path to maximise long-term value for all stakeholders.

Exploration

Exploration continues to be a core pillar of the Group's growth strategy, and during 2025 we built on our strong track record by adding a total of 1.7 million ounces of resources across the portfolio, with, in particular, significant further additions at Inmaculada and Royropata. The brownfield exploration team remains focused on identifying new opportunities for resource expansion within 10 kilometres of our existing operations, including drill testing at one of three deposits identified within the Inmaculada-Pallancata district in Peru. Over the longer term, the strategy also includes the selective acquisition of additional mining properties to further support sustainable growth and replace resources.

Financial position

Record precious metal prices during the year drove the Company to generate significant cashflow with the result that the Company's balance sheet is the strongest it has been for several years. Cash and cash equivalents was $317.0 million at the end of December (2024: $97.0 million) reflecting strong operational cash flow during the year along with the consolidation of Tiernan's cash balance following its listing and capital raise on the TSXV in the second half of the year. Total debt was $339.6 million (2024: $312.6 million) and therefore net debt was reduced to $22.7 million (2024: $215.6 million).

Financial results

Total attributable Group production was 9% lower than 2024 but this was offset by a 37% rise in the gold price received and a 54% rise in the silver price. Consequently, revenue increased by 25% to $1,182.1 (2024: $947.7 million) and pre-exceptional revenue increased by 28% to $1,208.6 million (2024: $947.7 million). Attributable all-in sustaining costs were at $2,138 per gold equivalent ounce or $25.7 per silver equivalent ounce (2024: $1,558 per ounce/$18.8 per ounce). Adjusted EBITDA of $583.7 million (2024: $421.4 million) increased by 39% versus 2024 reflecting the significant price rises partially offset by a fall in production and an increase in cost of sales. Pre-exceptional profit for the year was $200.7 million (2024: $133.5 million) and basic earnings per share (pre-exceptional) increased to $0.31 (2024: $0.23 per share) mainly due to the higher profitability, net of taxes. On a post-exceptional basis, profit for the year was $247.4 million (2024: $113.7 million) and basic earnings per share (post-exceptional) was higher at $0.39 (2024: $0.19) and includes the non-cash recycling of $26.4 million of accumulated losses related to the roll-forward of gold hedges, the reversal of impairment at the Volcan project of $43.2 million, the reversal of impairment of the investment in Aclara Resources Inc. of $22.2 million, the reversal of impairment of $13.6 million of the San Jose mine, and the listing and transaction expenses in connection with Tiernan's transaction of $10.2 million. The tax effect of exceptional items was a gain of $4.2 million.

Outlook[10]

We expect attributable production in 2026 to be between 300,000 and 328,000 gold equivalent ounces. This will be driven by: 174,000-185,000 gold equivalent ounces from Inmaculada; an attributable contribution of 59,000 to 63,000 gold equivalent ounces from San Jose; and an increased level of production from the Mara Rosa mine of between 67,000 and 80,000 gold ounces. All-in sustaining costs for operations are expected at between $2,157 and $2,320 per gold equivalent ounce. This forecast which is an increase versus 2025 reflects the lower production in Inmaculada driven by lower grade expectations as well as additional capex on expansion of Inmaculada's tailings dam. This will be partially offset by increased production at Mara Rosa and higher expected currency devaluation in Argentina.

The outlook for the Company remains compelling as we complete the turnaround at Mara Rosa, advance our two high-quality growth projects in Brazil and Peru, and continue to generate strong cash flows in a highly supportive precious metals price environment. This financial strength has enabled us to strengthen the balance sheet, increase returns to shareholders and position the business to support sustainable growth. Alongside our focus on operational excellence and disciplined capital allocation, we will continue to assess opportunities to optimise our portfolio, whether through value-accretive acquisitions or the monetisation of our non-core assets, with the clear objective of delivering sustained value creation.

Eduardo Landin, Chief Executive Officer

10 March 2026

OPERATING REVIEW

OPERATIONS

Note: 2025 and 2024 equivalent figures assume a gold/silver ratio of 83x. 2026 forecasts assume a ratio of 77x.

Production

In 2025, Hochschild delivered attributable production of 311,509 gold equivalent ounces or 25.9 million silver equivalent ounces, in line with the Company's revised guidance but lower than the 2024 result (347,374 gold equivalent ounces) mainly due to the challenges at Mara Rosa and lower scheduled production at Inmaculada.

The overall attributable production target for 2026 is 300,000-328,000 gold equivalent ounces.

Total 2025 group production

Total production includes 100% of all production, including production attributable to Hochschild's minority shareholder at San Jose.

Attributable 2025 group production

Attributable production includes 100% of all production from Inmaculada, Mara Rosa and 51% from San Jose.

Attributable 2026 Production forecast split

Costs

Attributable all-in sustaining cost from operations in 2025 was $2,138 per gold equivalent ounce (2024: $1,558 per gold equivalent ounce), higher than original guidance of $1,587 - $1,687 mainly as a result of: the significantly higher costs and reduced production related to the challenges at Mara Rosa; lower grades in Argentina; and higher precious metal prices resulting in increased royalties, selling expenses in Argentina, and increased workers' profit sharing in Peru.

The attributable all-in sustaining cost from operations in 2026 is expected to be between $2,157 and $2,320 per gold equivalent ounce.

2026 Attributable AISC forecast split

PERU

Inmaculada

The 100% owned Inmaculada gold/silver underground operation is located in the Department of Ayacucho in southern Peru. It commenced operations in June 2015.

Production

The Inmaculada mine delivered gold equivalent production of 209,921 ounces (2024: 220,501 ounces), which although a 5% reduction versus 2024 was according to the mine plan and was due to reduced gold and silver grades partially offset by increased tonnage arising from a number of efficiency initiatives executed since the first half of 2024.

The Company is currently focused on managing grade variability inherent to sequencing, maintaining access to higher-grade zones, and sustaining stope inventory through continued geomechanical discipline and flexibility in development work.

Costs

All-in sustaining cost was $1,732 per gold equivalent ounce (2024: $1,479 per ounce). The increase compared with 2024 was primarily driven by forecasted lower gold and silver grades and higher production volumes, which increased production costs, as well as other cost components directly affected by significantly higher precious metal prices, including workers' profit sharing and commercial deductions.

Development project: Royropata

The 100% owned Royropata project is located in the Department of Ayacucho in southern Peru and is close to the Pallancata mine which was placed on temporary care and maintenance in December 2023.

In 2025, work continued on the Modified Environmental Impact Assessment for Royropata, which is progressing on schedule and is expected to be completed in early Q2, with submission to the Peruvian government planned following the national elections in July 2026. A public workshop in the Pallancata community to present the environmental and social baseline results was successfully held in December 2025, and a corresponding workshop for the Iscahuaca community in February 2026.

ARGENTINA

San Jose

The San Jose silver/gold mine is located in Argentina, in the province of Santa Cruz, 1,750 kilometres south west of Buenos Aires. San Jose commenced production in 2007. Hochschild holds a controlling interest of 51% and is the mine operator. The remaining 49% is owned by McEwen Mining Inc.

Production

San Jose's production in 2025 totalled 120,639 gold equivalent ounces (2024: 123,732 ounces) with the decrease versus 2024 reflecting scheduled declining grades although this has been partially offset by increased tonnage due to the expansion of the processing plant which was completed at the end of 2024.

Costs

All-in sustaining costs were at $2,520 per gold equivalent ounce (2024: $1,973 per ounce) with the significant increase versus 2024 mostly due to: the mining of lower-grade border areas of the veins at San Jose; the impact of higher precious metal prices on royalties and export taxes; and the impact of the removal of the export benefit in April 2025 which had allowed the Company to settle a portion of exports at the blue dollar rate. These were partially offset by higher treated tonnage.

BRAZIL

Mara Rosa

The 100% owned Mara Rosa open pit gold mine is located in the mining friendly jurisdiction of Goiás State in Brazil. Mara Rosa commenced production in mid-May 2024.

Production

Following Q1 2025, the Company reported that operations at Mara Rosa were adversely affected by heavier-than-usual seasonal rainfall and contractor performance issues. These challenges restricted access to ore-particularly higher-grade zones-and compounded persistent problems with the filtering processes. Consequently, efforts to recover from mine waste removal delays, carried over from the previous year, were further hampered.

In response, CEO Eduardo Landin temporarily assumed direct operational oversight and led a comprehensive review of mining, processing, permitting, and waste management activities. The processing plant was suspended for approximately one month to allow for critical maintenance and upgrades across the crushing, milling, and filtering circuits, whilst mining activities continued uninterrupted. Processing subsequently resumed using two of the four tailings' filters, with the remaining units brought back online following maintenance and testing. Operational performance has since shown steady improvement. A tailings thickener, planned for installation in the first half of 2026, is expected to further enhance waste filtration and support the plant's ability to operate at full capacity.

Mining performance improved over the second half of the year, with increasing material movement rates reflecting enhanced fleet efficiency and improved haulage conditions. This progress was supported by pushback development that improved access to future higher-grade ore zones, as well as stabilisation of the processing plant through stronger maintenance routines. Focus areas included rainy-season water management, strengthening filtration and detoxification availability, and improving moisture control through better maintenance planning and spares readiness. Reliable equipment availability and infrastructure performance further supported gains in productivity and operational stability.

In parallel, the Company completed a reorganisation of its Brazil operations, including the appointment of a new Brazil General Manager, Ediney Drummond, and a new Mine Manager, alongside the implementation of a revised management structure. With the operational ramp-up progressing in line with expectations, management remains focused on sustaining consistent performance through reliable mining and plant operations, effective rainy-season management, completion of the tailings thickener installation, and maintaining workforce stability.

For the year, Mara Rosa produced a total of 40,062 gold equivalent ounces including minor silver by-product (2024: 63,770 ounces). Production in the latter part of the year reflected a strong improvement following the implementation of the turnaround strategy.

Costs

As a result of the challenges outlined above, including production falling short of expectations and lower grades, AISC increased sharply to $3,697 per gold-equivalent ounce, compared with $1,408 per ounce in 2024. Higher capex also contributed to the increase, as the cost of the remediation activities increased the spend from the original budget of $11-12 million to just over $34 million.

Development project: Monte Do Carmo

Work has continued on the Monte Do Carmo project in 2025 and included:

§ Project Manager recruitment

§ Engineering studies ongoing (Ausenco) and including GAP analysis from Mara Rosa experience

§ Review of process optimisation options underway, including potential for 100% Carbon-in-Leach configuration, utilisation of a SAG mill and plant and mine capacity expansion opportunities

§ Completion of metallurgical testwork

§ Meeting with Tocantins state agency to discuss workforce development plans

§ Award of the installation licence

§ Signing of contract for transmission line and power distribution network to support water intake and construction infrastructure

§ Evaluation of the use of water harvesting for the project

§ Review of proposed filtration system

§ Validation of pit engineering study

§ Geotechnical studies almost complete

The Company currently expects updated economics and a final investment decision in mid-2026.

BROWNFIELD EXPLORATION

Inmaculada

During the year, the team carried out a further 13,142m of potential drilling and 17,363m of resource drilling. By the end of the year 0.5 million gold equivalent ounces of resources had been added at a grade of approximately 2.8 grams per tonne of gold equivalent (38.5 million silver equivalent ounces at a grade of approximately 239 grams per tonne of silver equivalent).

In the first quarter of 2026, the team is planning 3,600m of potential drilling in Inmaculada Central and Southern zones.

San Jose

During the year, the team carried out 11,458m of potential drilling in the region. By the end of the year 168,000 gold equivalent ounces of inferred resources had been added at a grade of approximately 7.65 grams per tonne of gold equivalent (13.9 million silver equivalent ounces at a grade of approximately 635 grams per tonne of silver equivalent).

The plan for the first quarter of 2026 is to perform potential drilling in the HV-W area and in the northern zone.

Royropata

Exploration work continued at the Royropata project in 2025 with the team adding approximately 1.1 million gold equivalent ounces of resources at a grade of approximately 6.4 grams per tonne of gold equivalent (89.0 million silver equivalent ounces of inferred resources at a grade of approximately 534 grams per tonne of silver equivalent).

Mara Rosa

Within the district, the team carried out 5,805m of potential drilling and 7,903 of resource drilling during 2025.

The plan for the first quarter is to continue the potential drilling in the Passo-Araras-Speti areas and structures parallel to Posse.

Monte Do Carmo

During the year, 4,550m of potential drilling was executed along with 6,879m of resource drilling.

During Q1 2026, resource drilling will continue in Sierra Alta.

FINANCIAL REVIEW

The reporting currency of Hochschild Mining PLC is US dollars. In discussions of financial performance, the Group removes the effect of exceptional items, unless otherwise indicated, and in the income statement results are shown both pre and post such exceptional items. Exceptional items are those items, which due to their nature or the expected infrequency of the events giving rise to them, are disclosed separately on the face of the income statement to enable a better understanding of the financial performance of the Group and to facilitate comparison with prior years.

Revenue

Gross revenue[12]

Gross revenue before exceptional items increased by 27% to $1,229.7 million in 2025 (2024: $966.1 million) due to the higher average realised precious metal prices, partially offset by lower gold and silver production with gold output decreasing mainly due to the operational challenges at Mara Rosa. Silver output fell mainly due to scheduled grade reductions at Inmaculada and San Jose, partially offset by higher tonnage at both operations.

Gold

Gross revenue before exceptional items from gold increased to $823.4 million (2024: $660.1 million) due to the 37% increase in the average realised gold price, partially offset by lower gold production from Mara Rosa.

Silver

Gross revenue before exceptional items from silver increased in 2025 to $404.6 million (2024: $305.6 million) due to the 54% increase in the average realised silver price, partially offset by lower silver production at Inmaculada and San Jose.

Gross average realised sales prices

The following table provides figures for average realised prices (before the deduction of commercial discounts) and ounces sold for 2025 and 2024:

Hedges

2025 realised prices and revenue include the effect of the following hedges: forwards for 29,167 gold ounces at a price of $2,117 per ounce, and zero cost collars for 60,000 gold ounces at a strike put of $2,000 per ounce and a strike call of $2,485 per ounce, the impact of which was a loss of $86.1 million in 2025. 2024 realised prices and revenue include the effect of the following hedges: forwards for 27,600 gold ounces at a price of $2,100 per ounce, and zero cost collars for 100,000 gold ounces at a strike put of $2,000 per ounce and a strike call of $2,252 per ounce, the impact of which was a loss of $27.9 million in 2024.

In August 2025, the Group renegotiated the gold forward hedge agreement resulting in the extension of 20,813 ounces from August to December 2025 to the first semester of 2028. At the date of the roll-forward, the fair value of these instruments amounted to a liability of $26.4 million. In accordance with IFRS 9, the accumulated loss recognised in the cash flow hedge reserve within equity was reclassified to the income statement following the discontinuation of the original hedge relationship and the realisation of the hedged item. Given the non-recurring and non-cash nature of this hedge accounting reclassification to the income statement, and the fact that the cash settlement will occur in 2028 once the instruments mature, the resulting charge of $26.4 million has been presented as an exceptional item within revenue. This presentation facilitates a better understanding by users of the financial statements of the Group´s underlying operating performance by separating the effects of this discrete, non-cash hedge accounting reclassification from revenue and profitability trends.

Commercial discounts

Commercial discounts refer to refinery treatment charges, refining fees and payable deductions for processing concentrate, and are deducted from gross revenue on a per tonne basis (treatment charge), per ounce basis (refining fees) or as a percentage of gross revenue (payable deductions). In 2025, the Group recorded commercial discounts of $21.1 million (2024: $18.4 million). The ratio of commercial discounts to gross revenue in 2025 was 2%, in line with 2024.

Revenue

Revenue before exceptional items was $1,208.6 million (2024: $947.7 million), including gold revenue of $813.4 million (2024: $649.3 million) and silver revenue of $393.4 million (2024: $298.0 million). In 2025, gold accounted for 67% and silver 33% of the Company's consolidated net revenue (2024: gold 69% and silver 31%).

Reconciliation of gross revenue by mine to Group net revenue before exceptional items

Cost of sales

Total cost of sales was $677.9 million in 2025 (2024: $605.3 million). The direct production cost excluding depreciation and amortisation was higher at $508.0 million (2024: $454.0 million) mainly due to: higher volumes at Inmaculada and San Jose; higher mining and waste movement at Mara Rosa due to the normalisation of the stripping ratio as well as higher filtration and tailings management costs; and rising precious metal prices resulting in increased royalties. Depreciation and amortisation in production cost increased from $157.2 million in 2024 to $173.6 million in 2025 mainly due to higher tonnage extracted at Inmaculada and San Jose and the change in the depreciation method from units of production to straight line basis for certain minor equipment in Inmaculada. The depreciation increase was partially offset by the impact of lower tonnage produced in Mara Rosa. Workers' profit sharing increased from $3.1 million in 2024 to $15.5 million in 2025 mainly due to higher precious metal prices. Fixed costs incurred during total or partial production stoppages due to operational challenges at Mara Rosa were $15.1 million (2024: $1.1 million due to bad weather in San Jose). Increase in inventories was $35.5 million in 2025 (2024: $10.1 million) mainly due to higher products in process of $23.0 million and $8.3 million at Mara Rosa and Inmaculada respectively; and higher final products at San Jose of $5.5 million.

Fixed costs during operational stoppages and reduced capacity

Unit cost per tonne

The Company reported unit cost per tonne at its operations of $136.7 per tonne in 2025, an 8% increase versus 2024 ($127.0 per tonne). This was mainly due to the impact of the lower tonnage at Mara Rosa.

Unit cost per tonne by operation (including royalties)[14]:

Cash costs

Cash costs include cost of sales, commercial deductions and selling expenses, less depreciation and amortisation included in cost of sales.

Cash cost reconciliation

Year ended 31 December 2025

Year ended 31 December 2024

Co-product cash cost per ounce is the cash cost allocated to the primary metal (allocation based on proportion of revenue), divided by the ounces sold of the primary metal. By-product cash cost per ounce is the total cash cost minus revenue and commercial discounts of the by-product divided by the ounces sold of the primary metal.

All-in sustaining cost reconciliation[21]

All-in sustaining cash costs per silver equivalent ounce

The Company has calculated its all-in sustaining cost per gold and silver equivalent ounce on an attributable basis and excludes Peruvian royalties which are recognised in the income tax line. Management believes that the updated methodology better aligns with prevailing industry practices and enhances comparability with peers. All previous periods have been re-presented to reflect this change.

Year ended 31 December 2025

Year ended 31 December 2024[25]

Administrative expenses

Administrative expenses were higher at $55.6 million (2024: $50.2 million) mainly due to higher professional fees of $8.9 million (2024: $7.1 million) and legal workers profit sharing in Peru of $3.2 million resulting from higher precious metal prices (2024: $1.4 million).

Exploration expenses

In 2025, exploration expenses increased to $28.7 million (2024: $26.9 million) mainly due to higher prospects and generative expenditure in Peru of $4.1 million (2024: $1.5 million), and higher exploration expenses at San Jose of $11.9 million (2024: $9.8 million). These were partially offset by lower exploration expenses at Inmaculada of $2.7 million (2024: $4.4 million), and Monte do Carmo exploration expenses in 2024 of $1.6 million.

In addition, the Group capitalises part of its brownfield exploration, which mostly relates to costs incurred converting potential resources to the Inferred or Measured and Indicated categories. In 2025, the Company capitalised $10.0 million relating to brownfield exploration (2024: $7.4 million), bringing the total investment in exploration for 2025 to $38.7 million (2024: $34.3 million).

Selling expenses

Selling expenses increased to $21.9 million (2024: $17.5 million) mainly due to higher precious metal prices impacting Argentinian export taxes.

Other income/expenses

Other income was lower at $10.2 million (2024: $21.0 million) primarily reflecting a lower benefit from the Argentinian Government export programme to settle a portion of San Jose exports at the blue-chip exchange rate which remained in force until April 2025 totaling $3.0 million (2024: $16.0 million), partially offset by a $1.3 million gain in 2025 on the early settlement of the deferred consideration for the acquisition of the Monte do Carmo project, originally payable in June 2026 for $10 million.

Other expenses before exceptional items were higher at $65.2 million (2024: $43.2 million) mainly due to mine closure provision increases of $24.0 million (2024: $14.7 million) at Selene, Sipan and Ares, the provision for recovery of the ICMS credit (state tax on circulation of merchandise and transportation and communication services in Brazil) of $4.6 million (2024: $nil), higher provision for legal claims of $5.9 million (2024: $1.6 million), and a higher corporate social responsibility contribution in Argentina as a result of higher commodity prices of $5.9 million (2024: $4.4 million).

Adjusted EBITDA

Adjusted EBITDA increased by 39% to $583.7 million (2024: $421.4 million) mainly due to the increase in revenue resulting from increased precious metal prices, partially offset by higher costs of sales, and a lower benefit from the Argentinian Government export programme to settle a portion of San Jose exports at the blue-chip exchange rate.

Adjusted EBITDA is calculated as profit from continuing operations before exceptional items, net finance costs, foreign exchange losses and income tax plus non-cash items (depreciation and amortisation and changes in mine closure provisions) and exploration expenses other than personnel and other exploration related fixed expenses.

Finance income

Finance income of $11.8 million decreased from $13.1 million in 2024 mainly due to lower interest on Argentinian mutual funds of $2.9 million (2024: $6.9 million), partially offset by a higher gain on Argentinian bonds of $2.0 million (2024: $0.3 million).

Finance costs

Finance costs increased from $26.9 million in 2024 to $41.1 million in 2025, principally due to the unrealised fair value loss of $7.5 million on the financial liability related to the stream agreements with Sprott (2024: $nil), and the unrealised fair value loss of $7.4 million related to the warrants issued in connection with Tiernan´s capital raise in December 2025.

Foreign exchange (losses)/gains

The Group recognised a foreign exchange loss of $4.0 million (2024: $10.4 million) mainly due to the impact of devaluation of the local currency on monetary assets in Argentina of $6.5 million (2024: $9.1 million), partially offset by a foreign exchange gain in Brazil of $1.4 million (2024: loss of $1.0 million).

Income tax

The Company's pre-exceptional income tax charge was $129.7 million (2024: $65.6 million). The increase in the charge is mainly explained by higher profitability versus 2024 due to increased precious metal prices.

The effective tax rate (pre-exceptional) for the period was 39.2% (2024: 33.0%), compared to the weighted average statutory income tax rate of 31.2% (2024: 31.1%). The higher effective tax rate in 2025 versus the average statutory rate is mainly explained by: the effect of higher royalties and the Special Mining Tax resulting from higher prices which increased the effective rate by 5.9%, and the withholding tax increasing the rate by 2.3%. These effects were partially offset by the impact of local currency devaluations on deferred taxes in Brazil and Peru decreasing the rate by 1.5%.

Exceptional items

Exceptional items in 2025 totalled a $46.7 million gain after tax (2024: $19.8 million loss after tax) related to: the non-cash recycling of the accumulated loss arising from the roll-forward of gold hedges in August 2025 of $26.4 million; and the reversal of impairment of: the Volcan project of $43.2 million, the investment in Aclara Resources Inc. of $22.2 million, and the San Jose mining unit of $13.6 million. Also included were listing and transaction expenses of $10.2 million arising from Tiernan Gold listing on the TSXV and concurrent capital raise. 2024 includes the impairment charges at the Azuca and Arcata projects of $13.7 million, the impairment of the investment in Aclara Resources Inc. of $5.1 million, and the write-off of work in progress of $3.1 million in Peru.

The tax effect of these exceptional items was a $4.2 million tax gain (2024: $2.1 million).

Cash flow and balance sheet review

Cash flow:

Net cash generated from operating activities increased from $321.2 million in 2024 to $423.9 million in 2025 mainly due to higher Adjusted EBITDA of $583.7 million (2024: $421.4 million), partially offset by higher tax payments and working capital movements.

Net cash used in investing activities decreased from $277.0 million in 2024 to $231.2 million in 2025 mainly due to the cash consideration paid for the acquisition of Monte do Carmo of $45.0 million in 2024 and lower expenditure on the Royropata MEIA process of $8.3 million (2024: $32.9 million), primarily due to investments in Royropata easements incurred in 2024. These effects were partially offset by the consideration received for the sale of Crespo project net of transaction costs of $13.9 million in 2024, and the early settlement of the deferred consideration related to the acquisition of Monte do Carmo of $8.8 million in 2025.     

Cash from financing activities increased from an outflow of $34.8 million to an inflow of $27.6 million in 2025, primarily due to: the $275.0 million final settlement of the former $300m medium-term facility in 2024; the draw-down of $90.0 million from the existing $300.0 million medium-term loan facility (2024: $30m draw-down); a net increase of $135.0 million in short and medium-term bank loans (2024: net increase of $80.0 million in short-term loans); and the net proceeds from Tiernan´s capital raise of $40.0 million (net of agent fees and transaction costs). These effects were partially offset by: the full repayment of the $200.0 medium-term facility (2024: $140 million draw-down); the payment for the execution of the buy-down option related to the Sprott stream agreements on the Monte do Carmo project of $13.0 million in 2025; and payments of dividends to shareholders of $15.2 million (2024: $nil).

Working capital

The Group's working capital position decreased by $127.0 million from $(81.7) million to $(208.7) million. The key drivers of the decrease were: higher income tax payable of $74.6 million resulting from higher profitability and higher derivative financial liabilities of $71.3 million due primarily to unrealised changes in fair value of the Group hedge contracts. These effects were partially offset by higher inventories of $31.1 million.

Net debt

The Group's reported net debt position was $22.7 million as at 31 December 2025 (2024: $215.6 million). The decrease is mainly explained by the higher cash generated by the business and net proceeds from Tiernan Gold´s capital raise in the TSXV in December 2025 of $40.0 million. Net debt to adjusted EBITDA was 0.04x (2024: 0.5x) [31].

Capital expenditure

Capital expenditure decreased from $348.1 million in 2024 to $249.8 million in 2025, mainly reflecting lower spending at Monte do Carmo following the acquisition of the project in November 2024. The acquisition resulted in one-off capital expenditure in 2024 totalling $86.6 million, comprising $60.0 million of cash consideration ($45.0 million was paid and $15.0 million deferred, of which $10.0 million was settled in advance at a discount in 2025) and $26.2 million of assumed liabilities representing the fair value of the loan and streaming agreements with Sprott transferred to the Group on completion, of which $13.0 million was paid in 2025 related to the buy down of 50% of the stream agreements. Capital expenditure was also lower at Pallancata, primarily due to investments in Royropata easements incurred in 2024.

Final proposed dividends

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The responsibility statement below has been prepared in connection with the Company's Annual Report and Accounts for the year ended 31 December 2025, which will be made available to shareholders on or around 7 April 2026 and which includes, among other things, the financial statements and accompanying notes set out herein.

The Directors confirm that to the best of their knowledge:

o  the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

o  the Management Report (as defined in the Directors' Report) includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face. 

Consolidated income statement

For the Year ended 31 December 2025

Consolidated statement of comprehensive income

For the Year ended 31 December 2025 

1 Foreign exchange effect generated in the Group's companies when the functional currency is the local currency, mainly generated by the decrease (2024: increase) of the US$ exchange rate in Brazil.  

Consolidated statement of financial position

As at 31 December 2025