Interim Results

Hochschild Mining PLC

26 August 2026

26 August 2026

Interim Results

Six months ended 30 June 2026

Hochschild Mining PLC ("Hochschild" or the "Company") (LSE: HOC) (OTCQX: HCHDF) is pleased to announce its interim results for the six months ended 30 June 2026.

Financial Highlights^[1]

§	Revenue up 62% at $844.4 million (H1 2025: $520.0 million)[2]
§	Adjusted EBITDA up 119% at $491.5 million (H1 2025: $224.5 million)[3]
§	Profit before income tax of $365.8 million (H1 2025: $109.3 million)
§	Basic earnings per share of $0.37 (H1 2025: $0.12)
§	Cash and cash equivalents and short-term investments balance of $308.7 million as at 30 June 2026 (31 December 2025: $319.6 million)
§	Net cash of $51.1 million as at 30 June 2026 (31 December 2025: net debt of $20.0 million)2
§	Final 2025 dividend of $25.7 million to Hochschild shareholders and dividend to San Jose joint venture partner of $58.3 million both paid in H1 2026
§	Interim dividend of $4.0 cents per share ($20.6 million), representing a significant increase (H1 2025: $1.0 cent per share)

Operational & Exploration Highlights[4]

§	H1 2026 attributable production of 151,830 gold equivalent ounces or 11.7 million silver equivalent ounces (H1 2025: 165,176 gold equivalent ounces or 12.7 million silver equivalent ounces)
§	Attributable all-in sustaining costs (AISC)2 from operations of $2,448 per gold equivalent ounce (H1 2025: $1,873) or $31.8 per silver equivalent ounce (H1 2025: $24.3)
§	Turnaround plan at Mara Rosa progressing in-line with expectations:
	o  Encouraging performance by new mining contractor o  Focus on accessing higher-grade areas, improving haulage constraints, tailings thickener ramp-up combined with filtration and water management processes
§	Development work continues at Monte Do Carmo - investment decision expected by year-end
§	Royropata Modified Environmental Impact Assessment (MEIA) recently submitted to the Peruvian government in line with project development schedule
§	Promising first results from 2026 brownfield drilling campaign

ESG

§	Fatality at Inmaculada in June, prompting an extensive investigation (FY 2025: zero fatalities)
§	Lost Time Injury Frequency Rate of 0.85 (FY 2025: 0.97)[5]
§	Fresh water used per tonne of ore processed: 0.21 m3/tonne (FY 2025: 0.26 m3/tonne)
§	Recycled waste of 82.4% (FY 2025: 81.4%)
§	Local workforce vs total workforce of 67.1% (FY 2025: 65.9%)
§	Women in the workforce of 11.0% (FY 2025: 10.6%)

2026 Full year guidance

§	Attributable production target reiterated:
	o  300,000- 328,000 gold equivalent ounces
§	Revised operations attributable all-in sustaining costs target:
	o  $2,380-$2,500 per gold equivalent ounce (previously $2,157-$2,320 per gold equivalent ounce) o  Impact of higher prices on royalties, workers profit sharing & selling expenses o  Stronger-than-expected local currencies in all three countries o  Continued net cost inflation in Argentina
§	Sustaining and development capital expenditure reiterated at approximately $210-$225 million

_______________________________________________________________________________________

A live conference call and audio webcast will be held at 2.00pm (London time) on Wednesday 26 August 2026 for analysts and investors.

For a live webcast of the presentation, please click on the link below:

https://brrmedia.news/HOC_IR_26

Conference call dial in details:

UK: +44 (0)330 551 0200

UK Toll Free: 0808 109 0700

US Toll Free: 1 866 580 3963

Canada Toll Free: 1 866 378 3566

Pin:Hochschild Mining Interim 2026

_______________________________________________________________________________________

Enquiries:

Hochschild Mining PLC Charles Gordon, Head of Investor Relations	+44 (0)20 3709 3264
Hudson Sandler (Public Relations) Charlie Jack/Harry Griffiths	Hochschild@hudsonsandler.com +44 (0)20 7796 4133

_______________________________________________________________________________________

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 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.

Alternative Performance Measures

When assessing and discussing the Group's reported financial performance, financial position and cash flows, management makes reference to Alternative Performance Measures of historical or future financial performance, financial position or cash flows that are not defined or specified under IFRS. These are detailed below.

Adjusted EBITDA

Adjusted EBITDA is a useful approximation of the operating cash flow generation of the business by eliminating net finance costs, foreign exchange losses, income tax, exploration expenses other than personnel and other exploration-related fixed expenses, non-cash items (depreciation and amortisation, changes in mine closure provisions, and any write-off, impairment or reversal of impairment), and any other non-recurring items. 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.

Pre-exceptional EPS

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

Net debt / net cash

Net debt / net cash is a measure of the Group's financial position. The Group uses net debt / net cash 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 from concentrates, 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

CHIEF EXECUTIVE OFFICER'S STATEMENT

We have delivered a solid first half operational performance, with our Inmaculada and San Jose mines continuing to generate strong operating cash flow, whilst Mara Rosa made further progress as we execute our turnaround strategy. Although production volumes, as expected, were lower versus the first half of 2025 due to budgeted lower grades at Inmaculada and San Jose, overall performance remained in line with expectations. Production at Mara Rosa improved during the second quarter, supported by greater plant stability and encouraging early benefits from the transition to our new mining contractor, providing a solid platform for further operational improvements during the second half of the year and beyond. Overall, we remain on track to achieve our full-year production guidance.

Whilst costs for the year are now expected to be above our original guidance, this primarily reflects the impact of higher precious metal prices, which are being seen across the industry and have significantly increased export taxes in Argentina, workers profit sharing, royalties and other production-linked costs, as well as stronger-than-expected local currencies across all three of the Company's operating jurisdictions. However, the continued stronger commodity price environment has driven substantially higher cash generation, positioning the business well despite continued inflationary pressures and stronger-than-expected local currencies across our operating jurisdictions.

Alongside this strong operational and financial performance, we continue to advance our project pipeline. We have recently submitted the Modified Environmental Impact Assessment for Royropata to the new Peruvian government, whilst Monte Do Carmo continues to progress towards an investment decision by the end of the year. Both are exciting projects for Hochschild, representing our next phase of growth.

It is with deep regret that last month we reported an accident at our Inmaculada mine, which resulted in the death of a contractor shift supervisor. Activities in the affected development area were temporarily suspended while a comprehensive investigation was undertaken, and the findings have since been shared across our operations to help prevent similar incidents in the future. The health, safety and wellbeing of our people remain our highest priority, and we extend our sincere condolences to his family, friends and colleagues.

Operations

Our flagship Inmaculada mine in Peru delivered another solid performance, with output in line with expectations at 93,686 gold equivalent ounces (H1 2025: 108,976 ounces). At San Jose in Argentina, production rose year-on-year, reaching 58,798 gold equivalent ounces (H1 2025: 54,325 ounces), with the mine plan forecasting stronger production in the second half of the year.

At Mara Rosa, the operational turnaround continued to make encouraging progress during the first half of the year, with improvements in plant stability and reliability supporting production in line with the prior year at 28,158 gold equivalent ounces (H1 2025: 28,494 ounces). While performance continued to reflect the legacy impact of the previous mining contractor, the transition to the new contractor is progressing well and is expected to deliver further operational improvements through the second half of the year. Together with ongoing initiatives to optimise mine sequencing, improve access to higher-grade ore and enhance processing performance, the operation remains on track to achieve its full-year production guidance.

We continue to implement a range of initiatives across the Company to improve operational efficiency, increase productivity and reduce costs, particularly in the face of ongoing cost inflation across the mining industry driven by record commodity prices. These include optimising our haulage contract and mineral transportation, improving crushing, milling and filtration performance, increasing plant throughput and reliability, and deploying new technologies such as remote blasting and higher-capacity drilling equipment. We are also focused on optimising procurement and service contracts, including refining and trading arrangements, while strengthening operational monitoring and planning to maximise the performance of our assets.

Projects

Alongside our operational performance, we continued to advance our key growth projects. At Monte Do Carmo in Brazil, engineering and permitting activities progressed well during the half, with engineering work, project optimisation and execution planning continuing as we prepare the project for Board approval by the end of the year. The planning and infrastructure workstreams for Monte Do Carmo have also benefited from the experience gained at Mara Rosa, helping to further de-risk its execution. In Peru, we recently achieved an important milestone at Royropata, with the submission of the Modified Environmental Impact Assessment to the new Peruvian government, representing another significant step towards the project's future development.

Exploration

Exploration continues to be a key pillar of our growth strategy, building on our strong multi-year track record of resource additions. During the first half, we delivered encouraging early results from our brownfield drilling programmes across our three mines. At Inmaculada, the focus remains on resource replacement and defining the prospective Melisa vein corridor, while at Pallancata drilling is targeting the extension of the Pallancata vein and other structures. At San Jose, a district-wide gravity survey has identified new structures close to the current mine, with the next phase focused on resource drilling at the Huevos Verdes vein. We look forward to providing a further update on these programmes and others with our full-year results.

Financial results

Financial results reflect the significantly increased commodity pricing in the half partially offset by scheduled reduced production in the period versus H1 2025. Gold production was broadly similar to H1 2025 and therefore, when combined with a 47% and 130% increase in the average realised gold and silver prices, respectively, revenue rose by 62% to $844.4 million (H1 2025: $520.0 million). Attributable AISC was $2,448 per gold equivalent ounce (H1 2025: $1,873 per ounce) with the increase due to: the ongoing turnaround programme at Mara Rosa; the impact of higher commodity prices mainly on export taxes in Argentina, workers profit sharing in Peru, and royalties; the stronger-than-expected local currencies across all three of the Company's operating jurisdictions; and higher costs in Argentina reflecting net inflation in the country. Adjusted EBITDA of $491.5 million (H1 2025: $224.5 million) mostly reflects the higher precious metal prices partially offset by higher costs. Earnings per share therefore increased significantly to $0.37 (H1 2025: $0.12 per share).

Our financial position remains strong, with solid cash generation from Inmaculada and San Jose and the benefit of significantly higher precious metal prices during the period. As of 30 June 2026, we reported cash and cash equivalents and short-term investments of $308.7 million (31 December 2025: $319.6 million), with net cash increased to $51.1 million compared to a net debt position of $20.0 million at year-end 2025.

We remain committed to delivering attractive shareholder returns and during H1 2026, we paid the final 2025 dividend of $25.7 million and dividends to the joint venture partner in San Jose of $58.3 million. The Board is pleased to declare an interim dividend of 4.0 cents per share ($20.6 million) in line with Hochschild's dividend policy.

Sustainability

Our commitment to responsible mining continued to deliver strong results during the first half of the year, with further recognition from leading ESG rating agencies and continued progress against our 2030 sustainability targets. We were particularly pleased to receive an upgrade in our MSCI ESG Rating from BBB to AA, positioning Hochschild among the industry's ESG leaders, while our FTSE4Good score improved to 4.1 out of 5 and our CDP Water Security rating increased to B. Internally, we improved 58% of our ESG performance metrics compared with 2025 and have now achieved 77% of our 2030 targets. We also reached record levels of local employment, with 67.1% of our workforce recruited from local communities, reduced freshwater consumption to 0.21m³ per tonne of ore processed and increased waste recycling to 82.4%, while continuing to improve workforce diversity.

Outlook

Hochschild remains focused on delivering stable operational performance across the portfolio while continuing the disciplined execution of the Mara Rosa turnaround programme and bringing our exciting development projects into production. We continue to expect attributable production of 300,000 to 328,000 gold equivalent ounces in 2026 However, reflecting the direct impact of higher precious metal prices, together with the continued strength of local currencies across our operating jurisdictions, and sustained local inflation in Argentina, we have revised our all-in sustaining cost guidance to $2,380-$2,500 per gold equivalent ounce. Alongside our operational priorities, we will continue to advance our growth pipeline, progressing the Royropata permitting process in Peru and completing the remaining work at Monte Do Carmo in Brazil to support a potential construction decision by the end of the year.

I would like to thank our employees, contractors, local communities and shareholders for their continued support and commitment. While there is still work to do, particularly at Mara Rosa, I am encouraged by the progress made during the first half and by the dedication of our teams. With a clear strategic direction and a portfolio of high-quality assets, we are confident in our ability to deliver improved performance, advance our growth opportunities and create lasting value for all our stakeholders.

Eduardo Landin, Chief Executive Officer

25 August 2026

OPERATING REVIEW

OPERATIONS

Note: All 2026 and 2025 silver/gold equivalent production figures assume a gold/silver ratio of 77:1.

Production

In the first half of 2026, Hochschild produced 151,830 gold equivalent ounces or 11.7 million silver equivalent ounces (on an attributable basis) with the reduction versus the corresponding period of 2025 due to the scheduled reduction in production at Inmaculada.

Total group production

	Six months to  30 June 2026	Six months to 30 June 2025
Silver production (koz)	3,874	4,624
Gold production (koz)	130.33	131.74
Total silver equivalent (koz)	13,909	14,768
Total gold equivalent (koz)	180.64	191.80
Silver sold (koz)	3,950	4,618
Gold sold (koz)	132.45	131.06

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

Attributable group production

	Six months to  30 June 2026	Six months to  30 June 2025
Silver production (koz)	3,111	3,812
Gold production (koz)	111.43	115.67
Silver equivalent (koz)	11,691	12,719
Gold equivalent (koz)	151.83	165.18

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

The forecasts for production remain unchanged at all mines. The guidance for 2026 is reiterated below:

Attributable 2026 production forecast split

Operation	Oz Au Eq
Inmaculada	174,000-185,000
Mara Rosa	67,000-80,000
San Jose (51%)	59,000-63,000
Total	300,000-328,000

Costs

Attributable AISC from operations in H1 2026 was $2,448 per gold equivalent ounce or $31.8 per silver equivalent ounce (H1 2025: $1,873 per gold equivalent ounce or $24.3 per silver equivalent ounce), higher than H1 2025 mainly due to: the ongoing turnaround programme at the Mara Rosa mine; the impact of significantly higher commodity prices on export taxes in Argentina, workers profit sharing in Peru and royalties; stronger-than-expected local currencies across all three of the Company's operating jurisdictions; and higher costs in Argentina reflecting net inflation in the country.

The expected attributable all-in sustaining cost from operations for 2026 has therefore been revised to $2,380-$2,500 per gold equivalent ounce, reflecting: the ongoing impact of the factors mentioned above together with production at Mara Rosa being weighted towards the second half and increased capex in the second half at Inmaculada.

Revised attributable 2026 AISC forecast split

Operation	$/oz Au Eq
Inmaculada	2,125-2,205
San Jose	2,705-2,955
Mara Rosa	2,750-2,900
Total from operations	2,380-2,500

Inmaculada

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

Inmaculada summary	Six months to  30 June 2026	Six months to 30 June 2025	% change
Ore production (tonnes)	698,726	672,720	4
Average silver grade (g/t)	116	153	(24)
Average gold grade (g/t)	3.03	3.47	(13)
Silver produced (koz)	2,311	2,961	(22)
Gold produced (koz)	63.68	70.52	(10)
Silver equivalent produced (koz)	7,214	8,391	(14)
Gold equivalent produced (koz)	93.69	108.98	(14)
Silver sold (koz)	2,300	2,951	(22)
Gold sold (koz)	64.42	71.19	(10)
Unit cost ($/t)	132.6	138.2	(4)
Total cash cost ($/oz Au co-product)	1,019	939	9
All-in sustaining cost ($/oz Au Eq)[6]	1,953	1,496	31

Production                    

Inmaculada's first half production was 63,675 ounces of gold and 2.3 million ounces of silver, which amounts to a gold equivalent output of 93,686 ounces (H1 2025: 108,976 ounces), a 14% reduction from the first half of 2025 due to expected reduced grades arising from the 2026 mine plan, partially offset by higher tonnage.

Costs

AISC was $1,953 per gold equivalent ounce (H1 2025: $1,496 per ounce). The increase versus the same period of 2025 is mainly the result of: scheduled lower grades; higher workers profit sharing driven by significantly higher precious metal prices; and foreign exchange variations. There was also a scheduled increase in sustaining capex in the first half due to the development of new mining areas and an additional infill drilling campaign. Unit cost per tonne fell slightly in line with the increased tonnage treated.

San Jose

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

San Jose summary (100%)	Six months to  30 June 2026	Six months to 30 June 2025	% change
Ore production (tonnes)	366,912	334,562	10
Average silver grade (g/t)	157	185	(15)
Average gold grade (g/t)	3.79	3.71	2
Silver produced (koz)	1,558	1,657	(6)
Gold produced (koz)	38.57	32.80	18
Silver equivalent produced (koz)	4,527	4,183	8
Gold equivalent produced (koz)	58.80	54.32	8
Silver sold (koz)	1,645	1,661	(1)
Gold sold (koz)	40.00	31.71	26
Unit cost ($/t)	315.9	307.5	3
Total cash cost ($/oz Au co-product)	2,234	2,348	(5)
All-in sustaining cost ($/oz Au Eq)	2,944	2,584	14

Production

San Jose delivered a solid half of production with the total of 4.5 million silver equivalent ounces, up 8% versus the same period of 2025 (H1 2025: 4.2 million ounces). Tonnage increased by 10% versus H1 2025 along with gold grades, but this was partially offset by a 15% decline in silver grades.

Costs

AISC was $2,944 per gold equivalent ounce (H1 2025: $2,584 per ounce) with the increase versus H1 2025 mostly due to: the impact of higher precious metal prices on royalties and selling expenses; net inflation in Argentina; lower silver grades; and additional infill drilling. This was partially offset by a scheduled increase in tonnage and lower sustaining capex.

Mara Rosa

The Mara Rosa gold mine is located in Brazil, in the province of Goias, 320km northwest of Brasilia. Mara Rosa reached commercial production in May 2024.

Mara Rosa summary	Six months to 30 June 2026	Six months to  30 June 2025	% change
Ore production (tonnes)	884,458	988,637	(11)
Average silver grade (g/t)	0.28	0.32	(13)
Average gold grade (g/t)	1.06	0.95	12
Silver produced (koz)	6	6	-
Gold produced (koz)	28.08	28.42	(1)
Silver equivalent produced (koz)	2,168	2,194	(1)
Gold equivalent produced (koz)	28.16	28.49	(1)
Silver sold (koz)	6	6	-
Gold sold (koz)	28.03	28.16	-
Unit cost ($/t)	72.8	59.7	22
Total cash cost ($/oz Au co-product)	2,278	1,866	22
All-in sustaining cost ($/oz Au Eq)	3,551	2,626	35

Production

At Mara Rosa, production improved towards the end of the first half of 2026, reflecting increased plant stability and continued progress with the operational turnaround. Performance during the half remained affected by the legacy impacts of the previous mining contractor and the ongoing transition to the new contractor, together with constrained access to higher-grade mining areas, haulage limitations, filtration availability and water management challenges.

However, during the period, the Company continued to implement a range of initiatives to improve mine sequencing, accelerate waste movement, increase access to higher-grade ore, reduce haulage distances and strengthen ore control. Plant reliability improved, while commissioning of the tailings thickener commenced towards the end of the period and is expected to enhance water management, processing stability and tailings disposal. Mobilisation of the new mining contractor also continued, strengthening site leadership and operating practices, with further operational improvements expected during the second half of the year.

Production for the half totalled 28,158 gold equivalent ounces (H1 2025: 28,494 ounces). With the turnaround continuing to gain momentum, the operation remains on track to achieve its annual production guidance of 67,000 to 80,000 gold equivalent ounces.

Costs

Due to the comprehensive turnaround programme detailed above which led to significantly increased capex as well as lower treated tonnage, AISC was elevated at $3,551 per gold equivalent ounce (H1 2025: $2,626 per ounce). The expectation is that high costs will gradually reduce in the second half of the year as capex normalises, tonnage is more consistent and higher grades are accessed. In addition, costs were impacted by higher metal prices and foreign exchange variations.
ADVANCED PROJECTS

Monte do Carmo

Work has continued on the Monte Do Carmo project in the half and included the following workstreams:

§ Validation of key value engineering opportunities, particularly the waste rock deposit

§ Progression to integrated basic engineering phase supported by: an integrated project schedule; a formal risk assessment; an execution readiness review; and updated capital phasing

§ Advancement of critical path activities, including: TSF land easement; waste rock facilities peer review; and detailed design

The team currently expects the project to be ready for a final investment decision by the end of the year.

Royropata

The Company has completed the Modified Environmental Impact Study (MEIA) and has recently submitted the document to the new Peruvian government.

Tiernan Gold

The Company's 69.8%-owned subsidiary, Tiernan Gold, made good progress during the period in advancing its flagship Volcan Gold Project in Chile, with a focus on reducing project risk and progressing key technical studies to support the pre-feasibility study and environmental permitting process. Work included refining the geological model, advancing mine design, metallurgy and environmental baseline studies, and delivering encouraging early metallurgical test results to support the next phase of engineering. Tiernan also strengthened its leadership team with the appointments of a Country Manager in Chile and a Chief Financial Officer, enhancing its technical, operational and financial capabilities as the project advances.

BROWNFIELD EXPLORATION

Inmaculada

During the first half, the team carried out 3,708m of potential drilling in the Melisa, Lili, Melisa Techo, Melisa NE and Lady Sur structures. Selected results included:

Vein	Results (potential)
Melisa	IMS26-358: 1.2m @ 2.7g/t Au & 129g/t Ag IMS26-360: 1.7m @ 1.1g/t Au & 42g/t Ag
Melisa Techo	IMS26-358: 4.1m @ 3.2g/t Au & 69g/t Ag IMS26-374: 2.9m @ 3.4g/t Au & 111g/t Ag
Lili	IMS25-349: 1.0m @ 5.7g/t Au & 167g/t Ag IMS25-358: 1.6m @ 4.3g/t Au & 12g/t Ag
Melisa NE	IMS25-351: 1.0m @ 4.5g/t Au & 63g/t Ag

During the third quarter, the Company expects to carry out 3,500m of resource drilling in the Melisa, Meilisa Techo and Lili veins.

San Jose

A total of 10,935m were drilled in the Pierina S, HVC-N, Suspiro, Maura N, Cristina, Mari, BXN, Katy, Katia, Pablo G, Vicky, Ana, Suspiro, Mari, and Betania veins in the Saavedra area. Selected results included:

Vein	Results (potential)
Mari	SJD-3257: 1.2m @ 9.9g/t Au & 743g/t Ag SJD-3301: 2.5m @ 7.1g/t Au & 231g/t Ag SJD-3297: 1.1m @ 1.7g/t Au & 109g/t Ag
R_HVNC	SJD-3279: 1.7m @ 6.4g/t Au & 569g/t Ag SJD-3168: 0.8m @ 4.0g/t Au & 327g/t Ag
RS_2	SJD-3284: 1.4m @ 3.1g/t Au & 341g/t Ag
HVC	SJD-3162: 1.4m @ 36.9g/t Au & 5782g/t Ag
Libre	SJD-3162: 1.1m @ 1.7g/t Au & 180g/t Ag
Norka	SJD-3168: 0.7m @ 3.6g/t Au & 222g/t Ag
Suspiro	SJD-3171: 1.7m @ 2.1g/t Au & 279g/t Ag
Franco	SJD-3205-A: 0.9m @ 0.4g/t Au & 224g/t Ag

During Q3 2026, resource drilling will continue on the Mari structure.

Mara Rosa

During the first half of the year, a total of 6,375m of drilling was completed at the Jatobá, Novo Horizonte, Pequí, Esperanza, Aurora, and Araras targets. The highlights are as follows:

Vein	Results (resources)
Grid K	26GDK_003: 1.4m @ 1.5g/t Au
Posse/Passo	26POS_071: 18.7m @ 0.7g/t Au incl. 1.0m @ 9.9g/t Au
Posse-Araras	26POS_072: 12.6m @ 0.4g/t Au incl. 4.0m @ 1.0g/t Au 26POS_076: 14.3m @ 0.6g/t Au incl. 1.0m @ 6.1g/t Au 26POS_077: 15.0m @ 1.8g/t Au incl. 5.7m @ 4.1g/t Au incl. 6.0m @ 0.5g/t Au incl. 1.4m @ 0.6g/t Au 26POS_080: 6.8m @ 0.4g/t Au incl. 0.9m @ 1.6g/t Au
Posse Sul	26POS_065: 1.2m @ 0.9g/t Au 26POS_066: 0.8m @ 5.6g/t Au 26POS_067: 53.4m @ 0.1g/t Au

During Q3 2026, resource drilling will continue on the Araras structure.

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 periods.

Revenue

Gross revenue[7]

Gross revenue increased by 63% to $859.6 million in H1 2026 (H1 2025: $527.5 million) due to higher average realised precious metal prices and slightly higher gold ounces sold, partially offset by lower silver ounces sold.

Gold

Gross revenue from gold increased to $551.9 million (H1 2025: $371.2 million) mainly due to the 47% increase in the average realised gold price and higher gold ounces sold in San Jose.

Silver

Gross revenue from silver increased to $307.4 million (H1 2025: $156.2 million) due to the 130% increase in the average realised silver price, partially offset by lower silver production in Inmaculada and San Jose.

Gross average realised sales prices

The following table provides figures for average realised prices (before the deduction of commercial discounts from concentrates) and ounces sold for H1 2026 and H1 2025:

Ounces sold and average realised prices	Six months to 30 June 2026	Six months to 30 June 2025
Gold ounces sold (koz)	132.45	131.06
Avg. realized gold price ($/oz)	4,166	2,832
Silver ounces sold (koz)	3,950	4,618
Avg. realized silver price ($/oz)	77.8	33.8

Hedges      

H1 2026 realised prices and revenue include the effect of forwards for 50,000 gold ounces of 2026 at a price of $2,167 per ounce, the impact of which was a realised loss of $63.3 million in H1 2026. H1 2025 realised prices and revenue include the effect of the following hedges: forwards for 50,000 gold ounces of 2025 at a price of $2,117 per ounce, and zero cost collars for 60,000 gold ounces of 2025 production at a strike put of $2,000 per ounce and a strike call of $2,485 per ounce, the impact of which was a realised loss of $41.5 million in H1 2025.

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 H1 2026, the Group recorded commercial discounts from concentrates of $15.2 million (H1 2025: $7.5 million). The ratio of commercial discounts from concentrates to gross revenue in H1 2026 was 1.8% (H1 2025: 1.4%).

Revenue

Revenue was $844.4 million (H1 2025: $520.0 million), comprising net gold revenue of $545.1 million (H1 2025: $366.9 million) and net silver revenue of $299.0 million (H1 2025: $153.0 million). In H1 2026, gold accounted for 64% and silver for 36% of the Company's consolidated net revenue (H1 2025: gold 71% and silver 29%).

Reconciliation of gross revenue by mine to Group net revenue

$000	Six months to 30 June 2026	Six months to  30 June 2025	% change
Gold revenue
Inmaculada	296,927	201,736	47
San Jose	188,087	107,305	75
Mara Rosa	66,866	62,152	8
Commercial discounts from concentrates	(6,802)	(4,319)	57
Net gold revenue	545,078	366,874	49
Silver revenue
Inmaculada	174,390	96,644	80
San Jose	132,549	59,341	123
Mara Rosa	437	197	122
Commercial discounts from concentrates	(8,367)	(3,215)	160
Net silver revenue	299,009	152,967	95
Other revenue	347	169	105
Revenue	844,434	520,010	62

Costs

Total cost of sales was $362.8 million in H1 2026 (H1 2025: $327.7 million). The direct production cost excluding depreciation and amortisation was higher at $281.8 million (H1 2025: $255.0 million) mainly due to higher production volumes at Inmaculada and San Jose, local cost inflation in Argentina, higher mining and waste movement at Mara Rosa, and rising precious metal prices resulting in increased royalties. These were partially offset by lower treatment volumes at Mara Rosa. Depreciation and amortisation in production cost increased to $85.7 million (H1 2025: $80.0 million) mainly due to higher production volume and a higher unit-of-production depreciation rate in San Jose. Increase in inventories was $17.7 million in H1 2026 (H1 2025: $14.5 million) mainly due to higher products in process in Mara Rosa and Inmaculada of $10.9 million and $9.0 million, respectively, partially offset by lower products in process in San Jose of $2.2 million. 

$000	Six months to  30 June 2026	Six months to  30 June 2025	% change
Direct production cost excluding depreciation and amortisation	281,844	255,007	11
Depreciation and amortisation in production cost	85,650	80,015	7
Workers' profit sharing	12,751	5,396	136
Fixed costs during operational stoppages and reduced capacity	-	1,864	(100)
Change in inventories	(17,733)	(14,538)	22
Other	311	-	100
Cost of sales	362,823	327,744	11

Unit cost per tonne

The Company reported unit cost per tonne at its operations of $137.2 per tonne in H1 2026, an increase versus H1 2025 ($125.4 per tonne) mainly due to higher mine production costs and the direct impact of higher prices in legal workers´ profit sharing in Peru and royalties in Argentina and Brazil and stronger-than-expected local currencies across all operations, partially offset by operational efficiencies.  

Unit cost per tonne by operation (including royalties)[8]:

Operating unit ($/tonne)	Six months to  30 June 2026	Six months to  30 June 2025	% change
Peru
Inmaculada	132.6	138.2	(4)
Argentina
San Jose	315.9	307.5	3
Brazil Mara Rosa	72.8	59.7	22
Total	137.2	125.4	9

Cash costs

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

Cash cost reconciliation[9]

Six months to 30 June 2026

$000 unless otherwise indicated	Inmaculada	San Jose	Mara Rosa	Total
(+) Cost of sales[10]	148,102	144,739	69,671	362,512
(-) Depreciation and amortisation in cost of sales	(45,646)	(27,159)	(5,977)	(78,782)
(+) Selling expenses	358	17,751	308	18,417
(+) Commercial deductions[11]	1,356	15,193	263	16,812
Gold	1,031	6,812	259	8,102
Silver	325	8,381	4	8,710
Group cash cost	104,170	150,524	64,265	318,959
Gold	296,927	181,285	66,866	545,078
Silver	174,390	124,182	437	299,009
Revenue[12]	471,317	305,467	67,303	844,087
Ounces sold
Gold	64.4	40.0	28.0	132.4
Silver	2,300	1,645	5	3,950
Group cash cost ($/oz)
Co product Au	1,019	2,234	2,278	1,555
Co product Ag	16.76	37.20	73.92	28.60
By product Au	(1,095)	449	2,277	85
By product Ag	(84.27)	(22.84)	(506.70)	(59.29)

Six months to 30 June 2025

$000 unless otherwise indicated	Inmaculada	San Jose	Mara Rosa	Total
(+) Cost of sales[13]	148,233	120,019	57,628	325,880
(-) Depreciation and amortisation in cost of sales	(51,442)	(20,149)	(5,831)	(77,422)
(+) Selling expenses	355	7,381	607	8,343
(+) Commercial deductions[14]	1,683	7,745	305	9,733
Gold	1,182	4,444	302	5,928
Silver	501	3,301	3	3,805
Group cash cost	98,829	114,996	52,709	266,534
Gold	201,736	103,022	62,116	366,874
Silver	96,644	56,128	195	152,967
Revenue[15]	298,380	159,150	62,311	519,841
Ounces sold
Gold	71.2	31.7	28.2	131.1
Silver	2,951	1,661	6	4,618
Group cash cost ($/oz)
Co product Au	939	2,348	1,866	1,435
Co product Ag	10.85	24.41	27.02	16.98
By product Au	24	1,753	1,865	837
By product Ag	(35.27)	4.53	(1,590.16)	(23.01)

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.

Attributable all-in sustaining cost reconciliation[16]

Attributable all-in sustaining cash costs per silver and gold equivalent ounce

Six months to 30 June 2026

$000 unless otherwise indicated	Inmaculada	San Jose	Mara Rosa	Main operations	Corporate  & others	Total
(+) Direct production cost excluding depreciation and amortisation[17]	94,617	113,474	73,753	281,844	-	281,844
(+) Other items and workers profit sharing in cost of sales[18]	13,176	606	773	14,555	-	14,555
(+) Operating and exploration capex for units[19]	69,263	14,570	21,655	105,488	555	106,043
(+) Brownfield exploration expenses[20]	1,599	9,026	929	11,554	2,815	14,369
(+) Administrative expenses (excl depreciation and amortisation)	2,602	3,866	2,301	8,769	21,720	30,489
Sub-total	181,257	141,542	99,411	422,210	25,090	447,300
Sub-total attributable	181,257	72,186	99,411	352,854	25,090	377,944
Attributable Au ounces produced	63,680	19,671	28,080	111,431	-	111,431
Attributable Ag ounces produced (000s)	2,311	794	6	3,111	-	3,111
Attributable Ounces produced (Au Eq oz)	93,690	29,988	28,160	151,838	-	151,838
Attributable Ounces produced (Ag Eq 000s oz)	7,214	2,309	2,168	11,691	-	11,691
Attributable all-in sustaining costs per oz produced ($/oz Au Eq)	1,935	2,407	3,530	2,324	165	2,489
Attributable all-in sustaining costs per oz produced ($/oz Ag Eq)	25.2	31.2	45.8	30.2	2.1	32.3
(+) Commercial deductions	1,357	15,193	262	16,812	-	16,812
(+) Selling expenses	358	17,751	308	18,417	-	18,417
Sub-total	1,715	32,944	570	35,229	-	35,229
Sub-total attributable	1,715	16,801	570	19,086	-	19,086
Attributable Au ounces sold	64,420	20,400	28,030	112,850	-	112,850
Attributable Ag ounces sold (000s)	2,300	839	6	3,145	-	3,145
Attributable ounces sold (Au Eq oz)	94,287	31,292	28,104	153,683	-	153,683
Attributable ounces sold (Ag Eq 000s oz)	7,260	2,409	2,164	11,833	-	11,833
Sub-total ($/oz Au Eq) attributable	18	537	21	124	-	124
Sub-total ($/oz Ag Eq) attributable	0.2	7.0	0.3	1.6	-	1.6
Attributable all-in sustaining costs per oz sold ($/oz Au Eq)	1,953	2,944	3,551	2,448	165	2,613
Attributable all-in sustaining costs per oz sold ($/oz Ag Eq)	25.4	38.2	46.1	31.8	2.1	33.9

Six months to 30 June 2025

$000 unless otherwise indicated	Inmaculada	San Jose	Mara Rosa	Main operations	Corporate  & others	Total
(+) Direct production cost excluding depreciation and amortisation	93,207	98,176	63,624	255,007	-	255,007
(+) Other items and workers profit sharing in cost of sales[21]	5,822	(2,142)	770	4,450	-	4,450
(+) Operating and exploration capex for units[22]	57,455	20,900	7,679	86,034	670	86,704
(+) Brownfield exploration expenses[23]	2,036	4,356	473	6,865	2,239	9,104
(+) Administrative expenses (excl depreciation and amortisation)	2,506	3,649	1,372	7,527	14,971	22,498
Sub-total	161,026	124,939	73,918	359,883	17,880	377,763
Sub-total attributable	161,026	63,719	73,918	298,663	17,880	316,543
Attributable Au ounces produced	70,520	16,730	28,416	115,666	-	115,666
Attributable Ag ounces produced (000s)	2,961	845	6	3,812	-	3,812
Attributable Ounces produced (Au Eq oz)	108,976	27,706	28,494	165,176	-	165,176
Attributable Ounces produced (Ag Eq 000s oz)	8,391	2,134	2,194	12,719	-	12,719
Attributable all-in sustaining costs per oz produced ($/oz Au Eq)	1,477	2,300	2,594	1,808	108	1,916
Attributable all-in sustaining costs per oz produced ($/oz Ag Eq)	19.2	29.9	33.7	23.5	1.4	24.9
(+) Commercial deductions	1,683	7,745	305	9,733	-	9,733
(+) Selling expenses	355	7,381	607	8,343	-	8,343
Sub-total	2,038	15,126	912	18,076	-	18,076
Sub-total attributable	2,038	7,714	912	10,664	-	10,664
Attributable Au ounces sold	71,195	16,170	28,160	115,525	-	115,525
Attributable Ag ounces sold (000s)	2,951	847	6	3,804	-	3,804
Attributable ounces sold (Au Eq oz)	109,522	27,173	28,239	164,934	-	164,934
Attributable ounces sold (Ag Eq 000s oz)	8,433	2,092	2,174	12,699	-	12,699
Sub-total ($/oz Au Eq) attributable	19	284	32	65	-	65
Sub-total ($/oz Ag Eq) attributable	0.2	3.7	0.4	0.8	-	0.8
Attributable all-in sustaining costs per oz sold ($/oz Au Eq)	1,496	2,584	2,626	1,873	108	1,981
Attributable all-in sustaining costs per oz sold ($/oz Ag Eq)	19.4	33.6	34.1	24.3	1.4	25.7

Administrative expenses

Administrative expenses were higher at $31.7 million (H1 2025: $23.7 million) mainly due to higher personnel expenses of $20.0 million (H1 2025: $12.5 million) arising from a higher performance bonus provision, long-term incentive plan and legal workers profit sharing.

Exploration expenses

In H1 2026, exploration expenses increased to $18.1 million (H1 2025: $12.2 million) mainly due to higher expenditure on exploration at San Jose of $9.0 million (H1 2025: $4.4 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 H1 2026, the Company capitalised $1.4 million relating to brownfield exploration (H1 2025: $2.4 million), bringing the total investment in exploration for H1 2026 to $19.5 million (H1 2025: $14.6 million).

Selling expenses

Selling expenses increased to $18.4 million (H1 2025: $8.3 million) mainly due to higher Argentinian export taxes resulting from higher gold and silver prices and a higher proportion of concentrates sold.

Other income/expenses

Other income was lower at $4.1 million (H1 2025: $6.0 million) mainly due to the ending in April 2025, of the Argentinian Government export programme which entitled the Company to settle a portion of San Jose's exports at the blue chip exchange rate (H1 2025: $3.0 million).

Other expenses were higher at $37.9 million (H1 2025: $29.1 million) mainly due to the increase in provision for mine closure of $17.5 million (H1 2025: $11.5 million) and a higher corporate social responsibility contribution in Argentina as a result of higher commodity prices of $5.3 million (H1 2025: $2.2 million).

Adjusted EBITDA

Adjusted EBITDA increased by 119% to $491.5 million (H1 2025: $224.5 million) mainly due to the increase in revenues resulting from increased precious metal prices, partially offset by higher costs of sales and higher selling expenses.

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.

$000 unless otherwise indicated	Six months to  30 June 2026	Six months to  30 June 2025	% change
Profit from continuing operations before exceptional items, net finance income/(cost), foreign exchange loss and income tax	375,594	124,428	202
Depreciation and amortisation in cost of sales	78,782	77,462	2
Depreciation and amortisation in administrative and other expenses	1,413	1,383	2
Exploration expenses	18,114	12,181	49
Personnel and other exploration related fixed expenses	(3,801)	(3,073)	24
Other non-cash income, net [24]	21,404	12,091	77
Adjusted EBITDA	491,506	224,472	119
Adjusted EBITDA margin	58%	43%	35

Finance income

Finance income increased to $14.2 million (H1 2025: $3.9 million), mainly due to higher change in fair value of financial instruments primarily in Argentina of $10.0 million (H1 2025: $1.0 million), and higher interest income of $3.9 million (H1 2025: $0.8 million) mainly related to higher cash balance and cash returns in Argentina. These were partially offset by a $1.3 million gain on the execution of the buy-down option related to the stream agreements with Sprott in H1 2025.

Finance costs

Finance costs increased from $16.6 million in H1 2025 to $21.5 million in H1 2026, principally due to the non-cash $3.5 million loss arising from the change in fair value of the rolled forward hedges in August 2025 which was recognized in H1 2026, and a $1.8 million non-cash fair value adjustment on the Group´s hedges, reflecting changes in credit-related valuation assumptions (H1 2025: income of $0.2 million).

Foreign exchange losses

Foreign exchange loss of $1.5 million (H1 2025: $1.5 million) in line with the first half of 2025.

Income tax

The Company's pre-exceptional income tax charge was $128.8 million (H1 2025: $42.8 million), and includes royalties and special mining tax of $26.7 million (H1 2025: $10.7 million) and withholding tax of $7.5 million (H1 2025: $6.2 million). The total income tax charge includes deferred income tax  income due to the impact of net inflation in Argentina of $11.3 million (H1 2025: deferred income tax expense of $2.2 million).

The total effective tax rate was 35.2% (H1 2025: 30.6%).

Exceptional items

In H1 2025, exceptional items reflect the reversal of impairment of the Volcan project of US$30.8 million which was driven by the impact of higher gold prices, with no tax impact. 

Cash flow and balance sheet review         

Cash flow

$000	Six months to  30 June 2026	Six months to  30 June 2025	% Change
Net cash generated from operating activities	310,142	153,803	102
Net cash used in investing activities	(174,019)	(110,539)	57
Net cash used in financing activities	(166,078)	(29,825)	457
Foreign exchange adjustment	1,263	(571)	(321)
Net increase/(decrease) in cash and cash equivalents during the period	(28,692)	12,868	(323)

Net cash generated from operating activities increased from $153.8 million in H1 2025 to $310.1 million in H1 2026 mainly due to higher adjusted EBITDA of $491.5 million (H1 2025: $224.5 million), partially offset by temporary movements in working capital mainly due to 2025 tax expenses, workers profit sharing and bonuses executed in H1 2026.

Net cash used in investing activities increased to $174.0 million in H1 2026 from $110.5 million in H1 2025, mainly due to increased capex at Inmaculada and Mara Rosa of $69.3 million and $22.6 million, respectively (H1 2025: $60.0 million and $7.7 million, respectively), the short-term investments in instruments to mitigate inflation and devaluation risks in Argentina of $20.4 million, net (H1 2025: $nil), and the investment in Aclara Resources Inc. of $10.0 million in H1 2026 (H1 2025: $5.0 million).

Net cash used in financing activities increased from $29.8 million in H1 2025 to $166.1 million in H1 2026 primarily due to: the $60.0 million repayment of the existing $300.0 medium-term facility (H1 2025: $90.0 million draw-down), a net decrease of $20.0 million in short and medium-term bank loans (H1 2025: $50.0 million net increase), payments of dividends to San Jose joint venture partner, McEwen Mining Inc. of $58.3 million (H1 2025: $2.2 million), and payments of dividends to shareholders of $25.7 million (H1 2025: $10.1 million). These effects were partially offset by the $140.0 million repayment of the $200.0 medium-term facility in H1 2025 and the payment for the execution of the buy-down option related to the Sprott stream agreements of $13.0 million in H1 2025.

Working capital

$000	As at 30 June 2026	As at 31 December 2025
Trade and other receivables	139,309	155,544
Inventories	131,267	118,211
Trade and other payables	(189,049)	(219,796)
Derivative financial liabilities	(93,701)	(111,567)
Income tax payable, net	(70,616)	(95,651)
Provisions	(38,255)	(55,455)
Working capital	(121,045)	(208,714)

The Group's working capital position in H1 2026 increased by $87.7 million from $(208.7) million to $(121.0) million. The key drivers were lower trade and other payables of $30.7 million, lower income tax payable of $25.0 million and lower derivative financial liabilities of $17.9 million.

Net cash/(debt)

$000 unless otherwise indicated	As at 30 June 2026	As at 31 December 2025
Cash and cash equivalents	288,262	316,954
Other financial assets	20,422	2,640
Non-current borrowings	(115,000)	(225,000)
Current borrowings[25]	(142,592)	(114,643)
Net cash/(debt)	51,092	(20,049)

The Group's reported net cash position was $51.1 million as at 30 June 2026 (31 December 2025: $20.0 million net debt).

Capital expenditure^[26]

$000	Six months to                           30 June 2026	Six months to                            30 June 2025
Inmaculada	69,349	60,027
San Jose	15,129	22,807
Mara Rosa	22,615	7,694
Operations	107,093	90,528
Monte Do Carmo	9,308	7,866
Pallancata	6,706	3,852
Volcan	1,823	1,193
Corporate & Other	1,247	3,560
Total	126,177	106,999

Capital expenditure increased to $126.2 million in H1 2026 from $107.0 million in H1 2025 mainly due to higher capex at Inmaculada and Mara Rosa of $69.3 million and $22.6 million, respectively (H1 2025: $60.0 million and $7.7 million, respectively), partially offset by lower sustaining capex in San Jose of $15.1 million (H1 2025: $22.8 million).

RISKS

The principal risks and uncertainties facing the Company in respect of the year ended 31 December 2025 are set out in detail in the Risk Management section of the 2025 Annual Report and in Note 38 to the 2025 Consolidated Financial Statements.

The key risks disclosed in the 2025 Annual Report (available athochschildmining.com) arecategorisedas:

§ Financial risks comprising commodity price risk and commercial counterparty risk;

§ Operational risks including the risks associated with operational performance, supply chain, information security and cybersecurity, exploration & reserve and resource replacement, personnel, and political, legal and regulatory risks; and

§ Sustainability risks including risks associated with health and safety, environment, climate change and community relations.

While the risks referred to above continue to apply to the Company in respect of the remaining six months of the financial year, political, legal and regulatory risks in relation to Peru reduced in early July 2026 following the declaration of the result of the Presidential election.

Furthermore, the Company has categorised the forthcoming El Niño as a new principal risk in light of the widely accepted forecasts as to its severity.  The Company has taken a number of actions to mitigate, to the extent possible, the impact of this weather phenomenon on the group, including:

§ The establishment of a committee by the Peru Country Manager to identify operational risks and to co-ordinate the implementation of the necessary action plans which are tailored to address the specific weather-related threats to the group's assets depending on their location; and

§ The engagement of a meteorological expert to analyse and monitor weather data in Peru so as to inform the group's mitigation plans.

RELATED PARTY TRANSACTIONS

Related party transactions are disclosed in Note 32 to the 2025 Consolidated Financial Statements. Except for the Group's investment in Aclara Resources Inc. of $10.0 million in connection with the associate's private placement closed in May 2026 (note 14), there were no other significant related party transactions during the six-month period ended 30 June 2026.

GOING CONCERN

After their review, the Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence during the Going Concern Period (as defined in Note 2 of the interim condensed consolidated financial statements (Material Accounting Policies)). Accordingly, the Directors are satisfied the going concern basis of accounting is appropriate in preparing the interim condensed consolidated financial statements. For further detail, refer to the Going concern disclosure in the aforementioned Note 2.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors confirm that, to the best of their knowledge, the interim condensed consolidated financial statements have been prepared in accordance with UK adopted International Accounting Standard 34 "Interim Financial Reporting" and that the interim management report includes a fair review of the information required by Disclosure Guidance and Transparency Rules 4.2.7R and 4.2.8R.

A list of current Directors and their functions is maintained on the Company's website.

For and on behalf of the Board

Eduardo Landin
Chief Executive Officer

25 August 2026

INDEPENDENT REVIEW REPORT TO HOCHSCHILD MINING PLC

Conclusion

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the interim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of financial position, the interim condensed consolidated statement of cash flows, the interim condensed consolidated statement of changes in equity and related notes 1 to 24.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with United Kingdom adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Basis for Conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with United Kingdom adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with United Kingdom adopted International Accounting Standard 34, "Interim Financial Reporting".

Conclusions Relating to Going Concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

This Conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410; however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of the directors

The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

In preparing the half-yearly financial report, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the review of the financial information

In reviewing the half-yearly financial report, we are responsible for expressing to the company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our Conclusion, including our Conclusion Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

This report is made solely to the company in accordance with ISRE (UK) 2410. Our work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.

Deloitte LLP

Statutory Auditor

London, United Kingdom

25 August 2026

Interim condensed consolidated income statement

Six months ended 30 June 2026

				Six months ended 30 June 2026 (Unaudited)								Six months ended 30 June 2025 (Unaudited)
		Notes		Before exceptional items US$000			Exceptional items (Note 9) US$000		Total     US$000				Before exceptional items US$000		Exceptional items (Note 9) US$000		Total     US$000
Revenue		4		844,434			-		844,434				520,010		-		520,010
Cost of sales		5		(362,823)			-		(362,823)				(327,744)		-		(327,744)
Gross profit				481,611			-		481,611				192,266		-		192,266
Administrative expenses				(31,742)			-		(31,742)				(23,716)		-		(23,716)
Exploration expenses		6		(18,114)			-		(18,114)				(12,181)		-		(12,181)
Selling expenses		7		(18,417)			-		(18,417)				(8,343)		-		(8,343)
Other income		8		4,134			-		4,134				6,033		-		6,033
Other expenses		8		(37,949)			-		(37,949)				(29,083)		-		(29,083)
(Write-off) of assets/impairment reversal				(3,929)			-		(3,929)				(548)		30,779		30,231
Profit before net finance cost, foreign exchange loss and income tax				375,594			-		375,594				124,428		30,779		155,207
Share of loss of an associate		14		(1,063)			-		(1,063)				(887)		-		(887)
Finance income		10		14,211			-		14,211				3,921		-		3,921
Finance costs		10		(21,450)			-		(21,450)				(16,631)		-		(16,631)
Foreign exchange loss				(1,505)			-		(1,505)				(1,497)		-		(1,497)
Profit before income tax				365,787			-		365,787				109,334		30,779		140,113
Income tax expense		11		(102,060)			-		(102,060)				(32,133)		-		(32,133)
Mining royalty and special mining tax expense		11		(26,721)			-		(26,721)				(10,706)		-		(10,706)
Profit for the period				237,006			-		237,006				66,495		30,779		97,274
Attributable to:
Equity shareholders of the parent				189,734			-		189,734				60,110		30,779		90,889
Non-controlling interests				47,272			-		47,272				6,385		-		6,385
				237,006			-		237,006				66,495		30,779		97,274
Basic and diluted earnings per ordinary share for the period (expressed in U.S. dollars per share)				0.37			-		0.37				0.12		0.06		0.18

Interim condensed consolidated statement of comprehensive income

Six months ended 30 June 2026

				Six months ended 30 June
		Notes		2026 (Unaudited) US$000		2025 (Unaudited) US$000
Profit for the period				237,006		97,274
Other comprehensive income/(loss) that might be reclassified to profit or loss in subsequent periods
Change in fair value of cash flow hedges		15		30,604		(118,902)
Recycling of the loss on cash flow hedges		15		66,815		41,471
Deferred tax (loss)/benefit on cash flow hedges		11		(33,123)		25,808
Exchange differences on translating foreign operations1				4,963		9,921
Unrealised change in credit risk of financial liability		18(a)		(12)		(153)
Share of other comprehensive (loss)/profit of an associate		14		(353)		1,628
				68,894		(40,227)
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods; net of tax:
Net (loss)/profit on equity instruments at fair value through other comprehensive income ("OCI")				(10)		152
				(10)		152
Other comprehensive profit/(loss) for the period, net of tax				68,884		(40,075)
Total comprehensive income for the period				305,890		57,199
Total comprehensive loss attributable to:
Equity shareholders of the parent				260,258		50,814
Non-controlling interests				45,632		6,385
				305,890		57,199

1   Foreign exchange effect generated in the Group´s companies when the functional currency is the local currency, mainly due to the appreciation of the Brazilian real against the US$. 

Interim condensed consolidated statement of financial position

As at 30 June 2026

		Notes		As at 30 June 2026  (Unaudited) US$000		As at 31 December 2025  US$000
ASSETS
Non-current assets
Property, plant and equipment		12		1,281,302		1,238,438
Exploration and evaluation assets		13		94,966		93,797
Intangible assets				65,284		66,134
Investment in an associate		14		51,956		43,372
Financial assets at fair value through OCI		15		76		86
Other receivables				20,928		18,660
Deferred income tax assets		16		80,632		105,137
				1,595,144		1,565,624
Current assets
Inventories				131,267		118,211
Trade and other receivables				139,309		155,544
Income tax receivable				607		795
Other financial assets		15		20,422		2,640
Cash and cash equivalents		17		288,262		316,954
				579,867		594,144
Total assets				2,175,011		2,159,768
EQUITY AND LIABILITIES
Capital and reserves attributable to shareholders of the Parent
Equity share capital		21		9,068		9,068
Other reserves				(343,442)		(415,316)
Retained earnings				1,292,065		1,127,834
				957,691		721,586
Non-controlling interests				146,501		155,508
Total equity				1,104,192		877,094
Non-current liabilities
Other payables		18		36,467		34,225
Derivative financial liabilities		15		100,995		178,222
Borrowings		19		114,656		225,000
Provisions		20		188,568		161,892
Deferred income tax liabilities		16		95,313		85,428
				535,999		684,767
Current liabilities
Trade and other payables		18		189,049		219,796
Derivative financial liabilities		15		93,701		111,567
Borrowings		19		142,592		114,643
Provisions		20		38,255		55,455
Income tax payable				71,223		96,446
				534,820		597,907
Total liabilities				1,070,819		1,282,674
Total equity and liabilities				2,175,011		2,159,768

Interim condensed consolidated statement of cash flows

Six months ended 30 June 2026

				Six months ended 30 June
		Notes		2026 (Unaudited) US$000		2025 (Unaudited) US$000
Cash flows from operating activities
Cash generated from operations		24		432,982		175,198
Interest received				3,878		1,106
Interest paid		19		(13,218)		(9,385)
Payment of mine closure costs		20(1)		(6,280)		(3,686)
Income tax, special mining tax and mining royalty paid1				(107,220)		(9,430)
Net cash generated from operating activities				310,142		153,803
Cash flows from investing activities
Purchase of property, plant and equipment				(141,834)		(101,903)
Purchase of exploration and evaluation assets				(1,504)		(2,862)
Purchase of intangibles				(608)		(1,044)
Investment in associates		14		(10,000)		(5,000)
Purchase of other financial assets				(87,084)		-
Redemption of other financial assets				66,663		-
Proceeds from sale of assets held for sale				161		100
Proceeds from sale of property, plant and equipment		12		187		170
Net cash used in investing activities				(174,019)		(110,539)
Cash flows from financing activities
Proceeds from borrowings		19		445,000		270,000
Repayment of borrowings		19		(525,000)		(271,486)
Payment of lease liabilities				(2,050)		(3,034)
Dividends paid to shareholders		22		(25,719)		(10,059)
Dividends paid to non-controlling interests		22		(58,309)		(2,246)
Buy-down option of Stream Agreement		18a		-		(13,000)
Cash flows used in financing activities				(166,078)		(29,825)
Net increase in cash and cash equivalents during the period				(29,955)		13,439
Impact of foreign exchange				1,263		(571)
Cash and cash equivalents at beginning of period		17		316,954		96,973
Cash and cash equivalents at end of period		17		288,262		109,841

¹  Taxes paid have been offset with value added tax (VAT) credits of US$37,229,000 (2025: US$21,777,000).