Hochschild Mining : 2025 Full Year Results Press Release

About this update from Hochschild Mining Plc

HO C HSCHIL D 11 March 2026 Preliminary Results Year ended 31 December 2O25 Eduardo Londin. Chief Executive Officer of Hochschild, commented: "This year marks a key moment for Hochschild, delivering our strongest ever financial performance, driven fry disciplined execution at Inmaculada and precious metal price tailwinds. We added 1.7 million ounces to our resource hose, 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." 2O25 Strong financial performance Revenue up 25% at $1,182.1 million (2024: $947.7 million)' Revenue (pre-exceptionsI) up 28% at $1,208.6 million (2024: $947.7 miIIion)2 Adjusted EBITDA up 39% at $583.7 million (2024: $421.4 million)* Profit before income tax (pre-exceptionsI) up 66% at $330.4 million (2024: $199.1 million) Profit before income tax (post-exceptionsI) up 110% at $372.8 million (2024: $177.2 million) Basic earnings per sha re (pre-exceptionsI) at $0.31 (2024: $0.23) Basic earnings per sha re (post-exceptionaI) 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 debt 2 of $22.7 million as at 31 December 2025 (2024: $215.6 million) Recommended finaI dividend of 5.00 US cents per sha re ($25.7 million)° 2025 Operational Performances Strong 2025 safety performance Full year attributable production of 311,509 gold equivalent ounces (2024: 347,374 ounces) Attributable aII-in sustaining costs (AISC) 2 from operations of $2,138 per gold equ ivalent 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 2O25 Exploration and Project Highlights TotaI resource additions of 1.7 million gold equivalent ounces Monte do Cormo project progressing towards updated economics and a finaI 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 KPls" Lost Time Injury Frequency Rate of 0.97 (2024: 1.25)7 Fresh water used per tonne of ore processed: 0.26 m*/tonne (2024: 0.31 m*/tonne) Recycled waste of 81.4% (2024: 57.3%) LocoI workforce vs totaI 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)a ‌'Revenue is reported in the ñnonc/o/ statements net oF commerc/o/ discounts plus revenue From the sole oF aggregates and services revenue ‌°Pevenue fpre-except/ono/J is reported in the Financial stotem ents net oF commerc/o/ discounts, plus revenue From the sole oF aggregates and services revenue, and excludes the non-cost recycling oF 826.4 m // on oF accumulated losses related to the ro//-forward of gold hedges. ‌"adjusted EB/f0é, net dedt andé/SC are non-/FPS measures Please see the F none a/ Pev ew poges20-26 For a dean t on and oo/cu/ot on ofédjusted EB/r0A, net dedt andattr butab/e é/SC. the Company has calculated Is a//-*n sustain ng most on on attr dutod/e bas s and excludes Peruv an royalties wh*oh ore recogn sed n the noome tax /*ne Management believes thot the updated methodology better o/*gns w*th prevo ng ndustry praot*ces and enhances oomparod*/ ty with peers Allprevious per ads have been re-presented to reflect tH*s change ‌*Please see the Financial Pevieyy page 23 For the calculation oF the Final proposed dividend ‌'2025 and £02a equivalent Figures calculated using the go/d/s//ver ratio oF83x ‌°Fv 2024 9N7fFON T ONION KP/'2 9XCTU 09 MONO POSO ISO TO TON SLFUGPION OF 0 FOR T fS'2fOW fNQ0 C/f7f/f9S WL fCN OCCUISO0 jSFfOF TO MO 2024 2025 9N7fFON T 9NLOf RPIS fNCTUDO GOZO POSO ‌'Calculated as total number oF accidents per m////on labour hours ‌^fhe ECO Score *s an *eternally des gned key Performance /nd motor measuring env ronmenta/ performance *n one numder and encompass ng numerous /bctors *nc/ud*ng management oF waste water outcome oFregulatory nspeot ons and sound environmental practices relating to water oonsumpt*on and the reoyo/ ng of maker o/s ▪ ▪ ▪ ▪ ‌ 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. L/nit 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 Mi ning 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 Goios, Brazil. Hochschild also has numerous long-term projects throughout the Americas. Forword looking stotements This oneouncement maY contoin torword looktag stotements. B/ their noture, torword looking statements involve risks ord uncertainties because theY relate to events ord depend or circumstoaces that will or moY occur in the future. Actual results, performance or achievements oI 1-Hochschild Mintag PMC: moY, for various reosons, be moteriolly diUerent from as Y future results, performance or achievements expressed or implied b such forward looking statements. The torword-looking stotements reflect knowledge and information ovoiloble ot the date oI preparation oL this onnouncement. Except os required b/ the Eisting Rules ord opplicoble law, the Board oI !-Hochschild Mintag PMC: does not undertoke or Y obligation to update or change or Y torword-looking stoteme sts to reflect events occurring aiter the done oI this onnouncement. Nothing in this as nouncement should be construed as a profit torecost. Note The intormotion contoined within this ontounceme at is deemed bY the C:omponY to constitute inside intormotion as stipuloted under the Market Abuse Reg elation (Regulotion (HU) No.896/2014). Upon the publication oI this announceme at via o 'egulatorY lvtormotion Service, this inside intormotioo is now considered to be in the LEI: 549300HKJ0TVQ3CCHQ89 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 operations I 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 ago in delivered a solid performance, led by lnmaculada, which ago in 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 longstanding 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), ra ising 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 1O March 2O26 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 operations I performance in 2025 highlighted the resilience of our diversified asset base. Attributable gold equ ivalent production totaIIed 311,509 ounces, a 10% reduction compared with 347,374 ounces in the prior year, largely attributable to cha Ilenges at the Mara Rosa operation. All-in sustaining costs for the year were higher than initiaIly 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 metaI 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 repo irs. Production resumed in July 2025 and steadily romped 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 approx imately $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 a II 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 TotaI attributable Group production was 9% lower than 2024 but this was offset bya 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-exceptionsI revenue increased by 28% to $1,208.6 million (2024: $947.7 million). Attributable aII-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 partiaIly offset by a faII in production and an increase in cost of sales. Pre-exceptionsI profit for the year was $200.7 million (2024: $133.5 million) and basic earnings per share (pre-exceptionsI) increased to $0.31 (2024: $0.23 per share) mainly due to the higher profitsbility, net of taxes. On a post-exceptions I basis, profit for the year was $247.4 million (2024: $113.7 million) and basic earnings per share (post-exceptionsI) 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 reverse I of impairment at the Volcan project of $43.2 million, the reverse I of impairment of the investment in Aclara Resources Inc. of $22.2 million, the reverse I of impa irment 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 exceptions I items was a goin of $4.2 million. OutIook1 We expect attributable production in 2026 to be between 300,000 and 328,000 gold equivalent ounces. This will be driven by: 174,OOO-185,000 gold equivalent ounces from Inmaculada; an attributable contribution of 59,OOO to 63,OOO 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-qualit v 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 1O March 2O26 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 overaII attributable production torget for 2026 is 300,000-328,000 gold equivalent ounces. Total 2025 group production Year ended 31 Dec 2025 YeOr ended 31 Dec 2024 Silver production (koz) 9,251 10,530 Gold production (koz) 259.16 281.14 Total silver equivalent (koz) 30,762 33,864 TotaI gold equivaIent (koz) 370.62 408.00 Silver sold (koz) 9,145 10,643 Gold sold (koz) 2SS.S6 281.46 Totol production includes 1OO°/< of oll production, including production attributable to 1-Hochschild's minoritY shareholder at Son lose. Attrihutahle 2025 grouD p roduction Year ended YeOr ended 31 Dec 2025 31 Dec 2024 Silver production (koz) 7,475 8,496 Gold production (koz) 221.44 245.01 Silver equivalent (koz) 25,855 28,832 Gold equivolent (koz) 311.S1 347.37 Attributable production includes 100% oI all production from lnmaculado, Maro 'osa and 81°/< from Son lose. Attrihutahle 2026 Production forecast split Operation Oz Au Eq InmOculOdO 174,000-185,000 Mara Rosa 67,000-80,000 San Jose (51%) 59,000-63,000 Total 30O,OO0-328,000 COSS 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 AttrihutahIe AUC: forecast split Operation $/oz Au Eq lnmaculada 2,047-2,175 Mara Rosa 2,296-2,520 San Jose 2,304-2,495 Total from operations 2,157-2,320 ‌ Inmaculada The 100% owned Inmaculada gold/silver underground operation is located in the Department of Ayacucho in southern Peru. It commenced operations in June 2015. Inmaculada summary Year ended 31 Dec 2025 YeOr ended 31 Dec 2024 % change Ore production (tonnes) 1,372,800 1,197,965 15 Average silver grode (g/t) 143 179 (20) Average gold grode (g/t) 3.42 3.90 (12) Silver produced (koz) 5,618 6,368 (12) Gold produced (koz) 142.23 143.78 (1) Silver equivalent produced (koz) 17,423 18,302 (5) Gold equivaIent produced (koz) 209.92 220.50 (5) Silver sold (koz) 5,601 6,342 (12) Gold sold (koz) 143.67 143.64 Unit cost ($/I) 142.5 143.2 TotaI cash cost ($/oz Au co-product) 982 809 21 AII-in sustaining cost ($/oz Ag Eq) 20.9 17.8 17 AII-in sustaining cost ($/oz Au Eq)'1 1,732 1,479 17 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: $1,479 per ounce). The increase compared with 2024 was primarily driven by forecasted lower gold and silver grades and higher production volumes, which increased production costs, as well as other cost components directly affected by significantly higher precious metal prices, including workers' profit sharing and commercial deductions. Development project: Royropota The 100% owned Royropata project is located in the Department of Ayacucho in southern Peru and is close to the Pallancata mine which was placed on temporary care and maintenance in December 2023. In 2025, work continued on the Modified Environmental Impact Assessment for Royropata, which is progressing on schedule and is expected to be completed in early Q2, with submission to the Peruvian government planned following the national elections in July 2026. A public workshop in the Pallancata community to present the environmental and social baseline results was successfully held in December 2025, and a corresponding workshop for the Iscahuaca community in February 2026. Son lose The San Jose silver/gold mine is located in Argentina, in the province of Santa Cruz, 1,750 kilometres south west of Buenos Aires. San Jose commenced production in 2007. Hochschild holds a controlling interest of 51% and is the mine operator. The remaining 49% is owned by McEwen Mining Inc. SOn Jose summary Year ended 31 Dec 2025 YeOr ended 31 Dec 2024 % change Ore production (tonnes) 705,426 581,303 21 Average silver grode (g/t) 190 253 (25) Average gold grode (g/t) 4.02 4.55 (12) Silver produced (koz) 3,625 4,150 (13) Gold produced (koz) 76.97 73.73 4 Silver equivalent produ ced (koz) 10,013 10,270 (3) Gold equivaIent produ ced (koz) 120.64 123.73 (2) Silver sold (koz) 3,534 4,290 (18) Gold sold (koz) 713 74.37 (3) Unit cost ($/I) 293.0 287.2 TotaI ca sh cost ($/oz Ag co-product) 26.4 19.5 35 AII-in sustaining cost ($/oz Ag Eq) 30.4 23.8 28 AII-in sustaining cost ($/oz Au Eq) 2,520 1,973 28 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: $1,973 per ounce) with the significant increase versus 2024 mostly due to: the mining of lower-grade border areas of the veins at San Jose; the impact of higher precious metal prices on royalties and export taxes; and the impact of the removal of the export benefit in April 2025 which had allowed the Company to settle a portion of exports at the blue dollar rate. These were partially offset by higher treated tonnage. Maro Rosa The 100% owned Mara Rosa open pit gold mine is located in the mining friendly jurisdiction of Goios State in Brazil. Mara Rosa commenced production in mid-May 2024. Mara Rosa summary Year ended 31 Dec 2025 YeOr ended 31 Dec 2024 % change Ore production (tonnes) 1,424,03 1,757,955 (19) Average silver grode (g/t) 0.30 0.13 131 Average gold grode (g/t) 0.96 1.35 (29) Silver produced (koz) 9 11 (18) Gold produced (koz) 39.96 63.64 (37) Silver equivalent produ ced (koz) 3,32S 5,293 (37) Gold equivaIent produ ced (koz) 40.06 63.77 (37) Silver sold (koz) 9 11 (18) Gold sold (koz) 39.58 63.54 (38) Unit cost ($/I) 63.3 48.3 31 TotaI ca sh cost ($/oz Au co-prod uct) 2103 1,034 103 AII-in sustaining cost ($/oz Ag Eq) 44.5 17.0 162 AII-in sustaining cost ($/oz Au Eq) 3,697 1,408 163 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 hipher-prade 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 to ilings' filters, with the remaining units brought back online following maintenance and testing. Operational performance has since shown steady improvement. A toilings 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 ra iny-season water management, strengthening filtration and detoxification ava ilability, and improving moisture control through better maintenance planning and spares readiness. Reliable equipment availability and infrastructure performance further supported goins 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 toilings 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 ana !v sis 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 finaI investment decision in mid-2026. lnmoculodo During the year, the team carried out a further 13,142a of potential drilling and 17,363a 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). Vein Results (potentiaI) Anomalia 1 IMM25-422: 1.6m @ 2.2g/t Au & 949/1 Ag Anomalia 4 IMM25-422: 1.1m @ 1.5g/t Au & 210g/t Ag Martha IMM25-423 A: 0.9m @ 2.3g/t Au & 53g/t Ag Mariana IMM25-282: 1.2m @ 0.99/1 Au & 1009/1 Ag San Martin IMS25-281A: 0.9m @ 0.3g/t Au & 999/1 Ag IMS25-290: 1.4m @ 0.59/1 Au & 159/1 Ag Melisa IMM25-475: 0.8m @ 1.0g/t Au & 229/1 Ag IMM25-482: 2.Inn @ 106.69/1 Au & 546g/t Ag IMS25-316: 2.0m @ 8.29/1 Au & 579/1 Ag Melisa NE IMS25-312: 1.Inn @ 0.5g/t Au & 12g/t Ag IMS25-316: 3.5m @ 2.1g/t Au & 329/1 Ag IMS25-328: 0.8m @ 2.7g/t Au & 479/1 Ag IMS25-336: 1.0m @ 1.1g/I Au & 16g/t Ag Vein Results (resources) Maria no IMM25-286: 1.7m @ 1.4g/t Au & 55g/t Ag IMM25-288: 1.6m @ 2.2g/t Au & 113g/t Ag IMM25-293: 0.9m @ 0.79/1 Au & 899/1 Ag Ang ela IMM25-455: 3.6m @ 2.49/1 Au & 231g/t Ag IMM25-471: 2.6m @ 0.99/1 Au & 2279/1 Ag IMM25-473: 3.4m @ 1.8g/t Au & 1949/1 Ag IMS25-304: 1.0m @ 4.5g/t Au & 3349/1 Ag IMM25-454: 1.Inn @ 4.9g/t Au & 2329/1 Ag IMS25-315: 1.0 m @ 3.09/1 Au & 167g/t Ag Martha Techo IMS25-299: 1.6m @ 2.6g/t Au & 539/1 Ag IMS25-302: 2.9m @ 2.99/1 Au & 1549/1 Ag IMS25-307: 1.1m @ 3.8g/t Au & 249/1 Ag IMS25-310: 3.8m @ 3.79/1 Au & 96g/t Ag IMS25-313: 1.Inn @ 8.19/1 Au & 1219/1 Ag IMS25-311: 0.8m @ 1.9g/t Au & 129/1 Ag IMS25-325: 1.0m @ 0.39/1 Au & 21g/t Ag Dayona IMM24-385: 2.4m @ 5.0g/t Au & 219/1 Ag IMS25-322: 1.3m @ 1.39/1 Au & 106g/t Ag IMS25-331: 2.2m @ 2.89/1 Au & 209/1 Ag IMS25-335: 0.8m @ 0.7g/t Au & 539/1 Ag IMS25-337: 1.0m @ 0.3g/t Au & 50g/t Ag IMS25-344: 2.5m @ 0.2g/t Au & 246g/t Ag LOdy IMS25-306: 2.6m @ 3.69/1 Au & 269/1 Ag IMS25-306: 0.9m @ 2.99/1 Au & 46g/t Ag Melisa N.E. IMS25-314: 1.2m @ 3.4g/t Au & 179/1 Ag Ang ela Sur IMM25-418: 0.9m @ 6.2g/t Au & 1899/1 Ag IMM25-419: 0.9m @ 2.79/1 Au & 110g/t Ag Mirella IMM25-454: 0.8m @ 7.8g/t Au & 215g/t Ag IMM25-455: 0.8m @ 0.29/1 Au & 130g/t Ag IMM25-471: 2.2m @ 1.19/1 Au & 551g/I Ag Liz IMM25-454: 0.8m @ 4.4g/t Au & 393g/t Ag IMM25-455: 1.1m @ 2.4g/t Au & 150g/t Ag IMM25-471: 1.3m @ 2.29/1 Au & 137g/t Ag IMM25-467: 1.1m @ 1.6g/t Au & 429/1 Ag Ann IMM25-427: 0.8m @ 0.9g/t Au & 147g/t Ag G9rO IMS25-314: 0.9m @ 3.0g/t Au & 469/1 Ag IMM25-476: 0.8m @ 10.19/1 Au & 132g/t Ag IMM25-471: 0.9m @ 4.09/1 Au & 453g/t Ag IMM25-473: 0.8m @ 3.59/1 Au & 1519/1 Ag Ang ela Tesoro IMS25-318: 2.3m @ 2.39/1 Au & 185g/t Ag IMS25-323: 0.8m @ 1.4g/t Au & 879/1 Ag Isobella IMS25-320: 2.8m @ 1.99/1 Au & 579/1 Ag IMS25-326: 2.1m @ 5.29/1 Au & 101g/t Ag IMS25-330: 1.9m @ 4.7g/t Au & 101g/t Ag IMS25-334: 3.2m @ 2.5g/t Au & 64g/t Ag IMS25-338: 0.9m @ 2.3g/t Au & 50g/t Ag IMS25-341: 1.3m @ 2.8g/t Au & 369/1 Ag IMS25-345: 4.5m @ 3.79/1 Au & 819/1 Ag Martha IMS25-311: 1.0 m @ 1.4g/t Au & 45g/t Ag Split NS IMS25-319 A: 0.8m @ 1.2g/t Au & 12g/t Ag IMS25-325: 1.0m @ 0.2g/t Au & 89/1 Ag In the first quarter of 2026, the tea m is planning 3,6O0m of potentia I d rifling in Inmaculada CentraI and Southern zones. Son lose 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). Vein Results (potentiaI) Escondida SJD-2979: 1.7m @ 1.19/1 Au & 309/1 Ag SJD-3003: 0.9m @ 30.5g/t Au & 153g/t Ag Escond ida EW SJD-3071A: 0.9m @ 5.99/1 Au & 94g/t Ag Agostino SJD-2469: 2.5m @ 3.89/1 Au & 1829/1 Ag Isobel SJD-2969: 1.7m @ 2.1g/I Au & 1819/1 Ag SJD-2972: 0.5m @ 0.29/1 Au & 18g/t Ag Isobel I SJD-2970: 0.6m @ 2.1g/t Au & 1129/1 Ag SJD-2972: 2.4m @ 1.1g/t Au & 46g/t Ag SJD-2973: 0.9m @ 0.89/1 Au & 70g/t Ag Isobel II SJD-2973: 0.6m @ 2.2g/t Au & 2059/1 Ag Isobel N SJD-2972: 1.5m @ 2.59/1 Au & 1099/1 Ag SJD-2972: 4.2m @ 1.39/1 Au & 1219/1 Ag Ang elica SJD-3069: 1.7m @ 9.09/1 Au & 783g/t Ag SJD-3003: 0.9m @ 30.5g/t Au & 153g/t Ag SJD-3012: 0.8m @ 2.79/1 Au & 71g/t Ag SJM-732: 1.0m @ 1.39/1 Au & 25g/t Ag SJD-3059: 0.8m @ 0.49/1 Au & 289/1 Ag Piso Pilar SJM-729: 0.9m @ 7.5g/t Au & 714g/t Ag SJM-733-A: 0.8m @ 12.79/1 Au & 1149/1 Ag SJM-734: 1.Inn @ 5.69/1 Au & 2699/1 Ag SJD-3066: 0.9m @ 5.79/1 Au & 909/1 Ag SJM-735: 0.8m @ 53.8g/t Au & 3479/1 Ag SJM-740: 0.8m @ 4.49/1 Au & 107g/t Ag SJD-3066: 1.9m @ 3.29/1 Au & 259g/t Ag SJM-733-A: 1.0m @ 3.19/1 Au & 549/1 Ag SJM-740: 0.8m @ 5.49/1 Au & 45g/t Ag BetO niO SJD-3017: 2.4m @ 7.99/1 Au & 15g/t Ag Piso Betania SJD-3026: 1.7m @ 16.09/1 Au & 26g/t Ag SJD-3017: 2.0m @ 5.09/1 Au & 129/1 Ag Micaela N.E. SJD-3066: 1.2m @ 0.89/1 Au & 441g/t Ag PiIOr SJM-729-A: 1.2m @ 3.7g/t Au & 2969/1 Ag HVC SJD-3097: 1.9m @ 14.6g/t Au & 1,9079/1 Ag SJD-3112: 5.1m @ 9.09/1 Au & 885g/t Ag Pepo SJM-738: 1.2m @ 22.69/1 Au & 1,133g/t Ag SJM-739: 0.9m @ 13.59/1 Au & 115g/t Ag Pierino SJD-3115: 1.8m @ 0.02g/t Au & 314g/t Ag The plan for the first quorter of 2026 is to perform potentiaI d rifling in the HV-W a rea and in the northern zone. Royropato Exploration work continued at the Royropata project in 2025 with the team adding approximately 1.1 million gold equivalent ounces of resources at a grode of approximately 6.4 g ra ms per tonne of gold equivalent (89.0 million silver equ ivalent ounces of inferred resources at a grade of approximately 534 gra ms per tonne of silver equivalent). Moro Rosa Within the district, the team carried out 5,8O5m of potential drilling and 7,903 of resource drilling during 2025. Vein Results (potentiaI) Speti 24POSP_061: 3.4m @ 0.5g/t Au POsso 24POSP_063: 21.6m @ 0.4g/t Au Vein Results (resources) Posse 25POSP_019A: 43.3m @ 0.5g/t Au 25POSP_020: 40.3m @ 0.59/1 Au 25POSP_022: 15.7m @ 0.4g/t Au 25POSP_023: 5.8m @ 0.4g/t Au 25POSP_024: 22.2m @ 0.39/1 Au Posse-Passo 25POSP_030: 40.3m @ 0.59/1 Au 25POSP_030: 0.4m @ 1.99/1 Au 25POSP_020: 0.6m @ 6.79/1 Au 25POSP_032: 55.3m @ 0.3g/t Au 25POSP_031: 46.6m @ 0.39/1 Au 25POSP_033: 30.2m @ 0.3g/t Au 25POSP_035A: 24.3m @ 0.19/1 Au 25POSP_036: 40.2m @ 0.19/1 Au 25POSP_036: 5.9m @ 0.3g/t Au 25POSP_038: 21.0m @ 0.5g/t Au Incl. JI.6m @ 0.8g/t Au Incl. 5.8m @ 1.6g/t Au 25POSP_039A: 15.7m @ 0.3g/t Au 24POSP_041: 2.3m @ 0.3g/t Au 24POSP_048: 40.7m @ 0.39/1 Au 24POSP_050: 41.1m @ 0.39/1 Au 24POSP_051: 30.3m @ 0.9g/t Au 24POSP_052: 1.0m @ 1.09/1 Au 24POSP_054: 10.8m @ 0.59/1 Au 24POSP_058: 1.0m @ 0.99/1 Au 24POSP_059: 29.1m @ 0.3g/t Au Posse FW 24POSP_043: 0.8m @ 1.29/1 Au Aroros 25POSP_036: 39.2m @ 0.9g/t Au Incl. J6.2m @ J.3g/t Au 25POSP_038: 29.Inn @ 0.49/1 Au Incl. 1.Om @ JO.9g/t Au 25POSP_039A: 6.9m @ 0.39/1 Au 24POSP_041: 11.3m @ 0.49/1 Au 24POSP_047: 1.9m @ 0.4g/t Au 24POSP_049: 0.9m @ 3.1g/t Au Speti 25POSP_038: 3.9m @ 0.29/1 Au 24POSP_044: 2.0m @ 0.59/1 Au 24POSP_048: 2.2m @ 0.4g/t Au 24POSP_054: 11.4m @ 0.39/1 Au 24POSP_055: 19.8m @ 0.39/1 Au Speti HW 24POSP_056: 1.5m @ 1.49/1 Au The plan for the first quo rter is to continue the potentia I dr illing in the Passo-Ara ras-Speti areas and structures pa raIIeI to Posse. Monte Do C:armo Durinp the year, 4,S50m of potential dr illinp was executed alonp with 6,879m of resource dr illinp. Vein Results (potentia I) Serra Alto 25SAP 002: 0.8 m @ 0.69/1 Au G°9O 25GO_002: 2.2m @ 1.49/1 Au 25GO_002: 6.5m @ 0.3g/t Au 25GO_002: 2.Inn @ 5.0g/t Au 25GO_002: 0.6m @ 0.9g/t Au 25GO_002: 0.7m @ 0.5g/t Au Dourado 25DOU 001: 0.8m @ 10.49/1 Au Cigano 25CIG_001: 0.6m @ 0.79/1 Au 25CIG_001: 0.4m @ 0.79/1 Au 25CIG_001: 0.4m @ 1.29/1 Au Adeboldo 25ADE 001: 6.7m @ 0.2g/t Au 25ADE 001: 3.6m @ 0.29/1 Au 25ADE 001: 0.7m @ 1.29/1 Au 25ADE 001: 1.1m @ 0.79/1 Au Vein Results (resources) G°9O 25GO_004: 1.9m @ 0.5g/t Au 25GO_004: 1.4m @ 0.5g/t Au 25GO_004: 1.0m @ 0.3g/t Au Sierra Alto 25SA 031: 55.Inn @ 1.69/1 Au Incl. 8.9m @ 6.5g/t Au Incl. 5.6m @ 2.7g/t Au Incl. 3.7m @ 1.8g/t Au 25SA 031: 0.9m @ 1.4g/t Au 25SA 032: 5.0m @ g/t Au Incl. 0.8m @ 1.3g/t Au 25SA 032: 32.9m @ 0.49/1 Au Incl. 8.7m @ 1.Og/t Au 25SA 033: 18.4m @ 0.6 g/t Au Incl. 2.9m @ 1.3g/t Au Incl. 7.6m @ 0.9g/t Au 25SA 033: 10.8m @ 0.4 g/t Au 25SA 033: 3.8m @ 0.9 g/t Au 25SA 034: 11.Inn @ 0.7 g/t Au Incl. 3.Inn @ 1.9g/t Au 25SA 035: 4.6m @ 0.4 g/t Au Incl. 1.Om @ J.5g/t Au 25SA 035: 9.8m @ 0.4 g/t Au Incl. 5.9m @ JO5g/t Au 25SA 035: 0.9m @ 9.0 g/t Au 25SA 028: 0.7m @ 1.6 g/t Au 25SA 028: 0.3m @ 3.4 g/t Au 25SA 030: 4.5m @ 0.4 g/t Au 25SA 037: 3.4m @ 0.5g/t Au 25SA 037: 7.2m @ 0.5g/t Au 25SA 038: 17.9m @ 0.4g/t Au 25SA 038: 91.8m @ 0.6g/t Au 25SA 038: 7.9m @ 0.3g/t Au 25SA 038: 12.0m @ 0.49/1 Au 25SA 040: 6.0m @ 0.6g/t Au 25SA 041: 108.6m @ 0.9g/t Au 25SA 041: 8.2m @ 0.3g/t Au 25SA 041: 1.9m @ 0.5g/t Au 25SA 042: 29.3m @ 0.6g/t Au 25SA 043: 2.6m @ 0.4g/t Au 25SA 043: 24.4m @ 0.4g/t Au 25SA 044: 35.4m @ 0.6g/t Au 25SA 044: 5.9m @ 0.59/1 Au 25SA 044: 23.8m @ 1.1g/t Au 25SA 044: 12.Inn @ 1.89/1 Au 25SA 044: 33.6m @ 0.5g/t Au 25SA 045: 56.4m @ 0.9g/t Au 25SA 047: 26.6m @ 0.9g/t Au 25SA 048: 67.2m @ 0.8g/t Au 25SA 049: 2.8m @ 0.59/1 Au 25SA 050: 30.0m @ 0.49/1 Au 25SA 050: 2.8m @ 1.79/1 Au 25SA 051: 7.5m @ 0.49/1 Au 25SA 052: 3.0m @ 0.6g/t Au 25SA 053: 5.6m @ 0.7g/t Au 25SA 053: 28.7m @ 0.4g/t Au 25SA 053: 1.3m @ 5.6g/t Au 25SA 054: 36.3m @ 1.2g/t Au 25SA 054: 13.5m @ 0.3g/t Au 25SA 055: 18.8m @ 0.39/1 Au 25SA 057: 2.9m @ 0.5g/t Au 25SA 058: 31.9m @ 0.4g/t Au 25SA 058: 6.2m @ 0.5g/t Au 25SA 058: 15.7m @ 1.1g/I Au 25SA 059: 13.7m @ 0.49/1 Au El Dorado 25ELD 002: 1.0m @ 0.99/1 Au Boqueirao 25BQR 013: 8.0m @ 0.39/1 Au During Q1 2026, resource d rilling will continue in Sierra Alto. The reporting currencY of 1-locñschild Mintag PMC: is HS dollars. lv discussions of financial performance, the Group removes the eitect oI exceptional items, unless otherwise indicoted, ord 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 intrequenc Y oI the events giving rise to them, are disclosed separotelY or the toce oI the income statement to enoble o better understonding oL the tinoncial pertormonce oI the Group and to tocilitote comporison with prior Years. Revenue Gross revenue 2 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. 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: $305.6 million) due to the 54% increase in the average realised silver price, partially offset by lower silver production at Inmaculada and San Jose. Gross average realised sales prices The following table provides figures for average realised prices (before the deduction of commercial discounts) and ounces sold for 2025 and 2024: Average rea lised prices Year ended 31 Dec 2025 YeOr ended 31 Dec 2024 % change Silver ounces sold (koz) 9,145 10,643 (14) Avg. realised silver price ($/oz) 44.2 28.7 54 Gold ounces sold (koz) 255.6 281.46 (9) Avg. realised gold price ($/oz) 3,222 2,345 37 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 fry mine to Group net revenue hefore exceptional items $000 Silver revenue Year ended 31 Dec 2025 YeOr ended 31 Dec 2024 % change ‌'°/nc/udes revenue From services of80 4 m*//*on n 202S f2024: 80 4 m*//*onJ and a re ate soles *n /4ora Post of BI 4 m //*on n 2025. Gross revenue *s the net revenue bus commerc a/ d*soounts from the InmOculOdO 226,695 180,285 26 Mara Rosa 358 343 4 POIIO ncOtO (59) 100 SOn Jose 177,514 125,027 42 Commercial discounts (11,162) (7,599) 47 Net silver revenue 393,4O5 297,997 32 Gold revenue InmOculOdO 441,218 324,129 36 Mara Rosa 101,701 150,634 (32) POIIO ncOtO (185) 100 SOn Jose 280,500 185,512 51 Commercial discounts (9,981) (10,839) (8) Net gold revenue 813,438 649,251 25 Other revenue 1,732 448 287 Revenue 1,208,575 947,696 28 Cost of soles TotaI cost of soles was $677.9 m illion in 2025 (2024: $605.3 m illion). The direct production cost excluding depreciation and amortisation was higher at $508.0 million (2024: $454.0 m illion) ma inIy 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 to ilings management costs; and rising precious metaI prices resulting in increased royaIties. Depreciation and amortisation in production cost increased from $157.2 m illion in 2024 to $173.6 million in 2025 ma inly due to higher tonnage extracted at Inmaculada and San Jose and the change in the depreciation method from units of production to stra ight line basis for certain minor equipment in Inmaculada. The depreciation increase was pa rtiaIly offset by the impact of lower tonnage produced in Mara Rosa. Workers' profit sha ring increased from $3.1 m illion in 2024 to $15.5 million in 2025 ma inly due to higher precious metaI prices. Fixed costs incurred during totaI or pa rtiaI production stoppages due to operational cha Ilenges 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: $1O.1 million) ma inIy due to higher products in process of $23.0 million and $8.3 million at Mara Rosa and Inmaculada respectively; and higher finaI products at San Jose of $5.5 million. $000 Year ended 31 Dec 2025 YeO r ended 31 Dec 2024 %chonge Direct production cost excluding depreciation and amortisation 508,024 454,006 12 Depreciation and amortisation in production cost 173,577 157,165 10 Workers' profit sharing and others'* 16,730 3,145 432 Fixed costs during operational stoppages and reduced capacity 15,094 1,071 1,309 Change in inventories (35,486) (10,124) 251 Cost of sales 677,939 605,263 12 Fixed costs during operational stoppages and reduced capacity g Year ended 31 Dec 2025 YeO r ended 31 Dec 2024 %chonge Personnel 2,960 712 316 Third party services 9,563 301 3,077 Supplies 1,532 33 4,542 Others 1,039 25 4,056 Fixed costs during operational stoppages and reduced capacity 15,094 1,071 1,309 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 ($127.0 per tonne). This was ma inly due to the impact of the lower tonnage at Mara Rosa. Unit cost per tonne fry operation (including royalties)'^: Operating unit ($/tonne) Year ended 31 Dec 2025 YeO r ended 31 Dec 2024 %chonge Peru InmOculOdO 142.5 143.2 Brazil Mara Rosa 63.3 483 31 Argentina SOn Jose 293.0 287.2 Total 136.7 127.0 8 ‌extracted ord treoted tosmoge oh 3,849k ord S,SO£k respects very‌ ‌Cash costs include cost of sales, commercial deductions and selling expenses, less depreciation and amortisation included in cost of sales.‌‌‌‌‌ C:ash cost reconciliation Year ended 3J December 2025 $OOO unless otherwise indicated Inmoculoda Son lose Moro Rosa Totol (+) Cost of sales 310,319 252,344 115,276 677,939 (+) Other adjustments'* (167) (16,145) (16,312) (-) Depreciation and amortisation in cost of sales (100,581) (49,492) (15,275) (165,348) (+) Selling expenses 657 20,225 1,040 21,922 (+) Commercial deductions'" 3,389 21,814 44 25,247 Gold 2,417 J0,lfi42 38 J2,997 Si)yer 972 TI,272 6 12,250 Coshcost 213,617 244,891 84,94O 543,448 Gold 441,218 270,167 102,053 813,438 Silver 226,695 166,355 355 393,405 Revenue (pre-exceptional)" 667,913 436,522 1O2,4O8 1,2O6,843 Ounces sold (000s) Gold Silver 143.7 5,601 72.3 3,534 39.6 255.6 9,144 Group cash cost ($/oz) Co product Au 982 2,096 2,103 1,430 Co product Ag 12.9 26.4 31.2 19.3 By product Au (98) 930 2,1O1 534 By product Ag (41.1) (10.1) (2,OOO.4) (31.1) Year ended 31 December 2024 $OOO unless otherwise indicated Inmoculoda Son Jose Moro Rosa'" Other'" Totol (+) Cost of sales 271,020 223,529 110,630 84 605,263 (+) Other adjustments" (1,071) (31,638) (32,709) (-) Depreciation and amortisation in cost of sales (94,190) (46,905) (15,690) (156,785) (+) Selling expenses 614 15,847 931 14 17,406 (+) Commercial deductions'" 3,436 17,620 1,590 11 22,657 Gold 2,291 9,872 1,584 13,748 Si)yer 1,145 7,748 6 8,9O9 Coshcost 18O,88O 2O9,O2O 65,823 1O9 455,832 Gold 324,057 175,892 144836 (114) 644,671 Silver 180,285 117,443 330 (69) 297,989 Revenue" 5O4,342 293,335 145166 (183) 942,660 Ounces sold (000s) Gold 143.6 74.4 61.2 279.1 Silver 6,342 4,290 11 10,643 Group cash cost ($/oz) Co product Au 809 1,685 1,034 (230) 1,108 Co product Ag 10.2 19.5 13.1 14.9 13.5 By product Au (4) 1,127 1,031 (1,058) 529 By product Ag (22.9) 5.4 (7,O74.8) 463.9 (19.4) 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' All-in sustaining cash costs per silver equivalent ounce The Com pany has ca Iculated its a II-in sustaining cost per gold and silver equ ivalent ounce on an attributable basis and excludes Peruvian royaIties which are recognised in the income tax line. Management believes that the updated methodology ‌'"Other adjustments no/ude fixed casks dur*ng operat ono/ stoppages and reduced capao*ty*n Moro Peso ofBSS I m*// on most of sale of aggregates ofBJ I m // on *n Moro Post and cost oFenergy tronsm*ss onserv res oF80.I m*// on *n /nmaou/odo ‌better aligns with prevailing industry practices and enhances comparability with peers. All previous periods have been represented to reflect this change.‌‌‌‌‌‌ Year ended 3J December 2025 $OOO unless otherwise indicated Inmoculoda Son Jose Moro Rosa Main Operations Corporate s others Total (+) Direct production cost excluding depreciation and amortisation 199,36O 2O6,OO7 102,657 508,024 508,024 (+) Other items and workers profit sharing in cost of sales" 16,369 (2,680) 993 14,682 14,682 (+) Operating and exploration capex for units" 135,071 37,388 39,176 211,635 830 212,465 (+) Brownfield exploration expenses 2,713 11,883 987 15,583 4,404 19,987 (+) Administrative expenses (excl depreciation and amortisation) 6,138 7,291 3,196 16,625 36,794 53,419 Sub-total 359,651 259,889 147,009 766,549 42,O28 8O8,577 Sub-total attributable 359,651 132,544 147,009 639,2O4 42,O28 681,232 Attributable Au ounces produced 142,233 39,255 39,956 221,444 221,444 Attributable Ag ounces produced (OOOs) 5,618 1,848 9 7,475 7,475 Attributable Ounces produced (Au Eq oz) 2O9,921 61,526 40,062 311,509 311,509 Attributable Ounces produced (Ag Eq OOOs oz) 17,423 5,107 3,325 25,855 25,855 Attributable all-in sustaining costs per oz produced ($/oz Au Eq) 1,713 2,154 3,670 2,O52 135 2,187 Attributable all-in sustaining costs per oz produced ($/oz Ag Eq) 2O.7 26.O 442 24.7 1.6 26.3 (+) Commercial deductions 3,389 21,185 44 24,618 24,618 (+) Selling expenses 657 20,225 1,040 21,922 21,922 Sub-total 4,O46 42,O4O 1,084 47,17O 47,17O Sub-total attributable 4,O46 21,44O 1,084 26,57O 26,57O Attributable Au ounces sold 143,667 36,879 39,.567 180,546 180,546 Attributable Ag ounces sold (OOOs) 5,601 1,802 9 7,412 7,412 Attributable ounces sold (Au Eq oz) 211,153 58,596 39,688 309,437 309,437 Attributable ounces sold (Ag Eq OOOs oz) 17,526 4,863 3,294 25,683 25,683 Sub-total ($/oz Au Eq) attributable 19 366 27 86 - 86 Sub-total ($/oz Ag Eq) attributable O.2 4.4 0.3 1.O - 1.O Attributable all-in sustaining costs per oz sold ($/oz Au Eq) 1,732 2,52O 3,697 2,138 135 2,273 Attributable all-in sustaining costs per oz sold ($/oz Ag Eq) 2O.9 3O.4 44.5 25.7 1.6 27.4 Year ended 31 December 2024" $OOO unless otherwise indicated Inmoculoda Son Jose Moro Rosa'" Main Operations Corporate s others Total (+) Direct production cost excluding depreciation and amortisation 171,372 176,365 106,185 453,922 84 454,006 (+) Other items and workers profit sharing in cost of sales" 3,145 (14,468) (30,059) (41,382) (41,382) (+) Operating and exploration capex for units 138,582 33,035 5,289 176,906 2,857 179,763 (+) Brownfield exploration expenses 4,423 9,821 516 14,760 3,880 18,640 (+) Administrative expenses (excl depreciotion and amortisation) 4,639 6,512 1,932 13,083 33,654 46,737 Sub-total 322,161 211,265 83,863 617,289 40,475 657,764 Sub-total attributable 322,161 1O7,745 83,863 513,769 40,475 554,244 Attributable Au ounces produced 143,775 37,602 61,219 242,596 242,596 Attributable Ag ounces produced (OOOs) 6,368 2,117 11 8,496 8,496 Attributable Ounces produced (Au Eq oz) 22O,SO1 63,103 61,353 344,957 344,957 Attributable Ounces produced (Ag Eq OOOs oz) 18,3O2 5,238 5,092 28,632 28,632 Attributable all-in sustaining costs per oz produced ($/oz Au Eq) 1,461 1,7O7 1,367 1,490 117 1,6O7 Attributable all-in sustaining costs per oz produced ($/oz Ag Eq) 17.6 2O.6 16.5 17.9 1.4 19.4 (+) Commercial deductions 3,436 17,620 1,590 22,646 22,646 (+) Selling expenses 614 15,847 931 17,392 17,392 Sub-total 4,O5O 33,467 2,521 40,038 4O,O38 Sub-total attributable 4,O5O 17,O68 2,521 23,639 23,639 Attributable Au ounces sold 143,637 37,927 61,160 242,724 242,724 Attributable Ag ounces sold (OOOs) 6,342 2,188 11 8541 8541 Attributable ounces sold (Au Eq oz) 220,041 64,287 61,294 345,622 345,622 Attributable ounces sold (Ag Eq OOOs oz) 18,263 5,336 5,087 28,686 28,686 Sub-total ($/oz Au Eq) attributable 18 266 41 68 - 68 Sub-total t$/oz Ag Eq) attributoble O.2 32 O.5 0.8 - O.8 Attributable all-in sustaining costs per oz sold ($/oz Au Eq) 1,479 1,973 1,4O8 1,558 117 1,675 Attributable all-in sustaining costs per oz sold ($/oz Ag Eq) 17.8 23.8 17.O 18.8 1.4 2O.2 ‌Administrative expenses Administrative expenses were higher at $55.6 million (2024: $50.2 million) mainly due to higher professions I fees of $8.9 million (2024: $7.1 million) and legoI workers profit sharing in Peru of $3.2 million resulting from higher precious metaI prices (2024: $1.4 million). Exploration expenses In 2025, exploration expenses increased to $28.7 million (2024: $26.9 million) mainIy 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 pa rtiaIly offset by lower exploration expenses at Inmaculada of $2.7 million (2024: $4.4 million), and Monte do Cormo 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 potentia I 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), bring ing the totaI 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 goin in 2025 on the early settlement of the deferred consideration for the acquisition of the Monte do Cormo project, originally payable in June 2026 for $10 million. Other expenses before exceptions I 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: $niI), higher provision for legoI cla inns of $5.9 million (2024: $1.6 million), anda higher corporate sociaI 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. $OOO unless otherwise indicated Year ended 31 Dec 2025 YeOr ended 31 Dec 2024 % change Profit from continuing operations before exceptional items, 365,261 224,722 63 share of loss of an associate, net finance income/(cost), foreig n exchange loss and income tax Depreciation and amortisation in cost of sales 165,348 156,785 5 Depreciation and amortisation in administrative expenses, other expenses and fixed costs during operational 2,879 3,050 (6) stoppages and reduced capacity Exploration expenses 28,695 26,854 7 Personnel and other exploration related fixed expenses (6,551) (5,620) 17 Other non-cash items, net " 28,097 15,563 81 Adjusted EBITDA 583,729 421,354 39 Adj usted EBITDA morg in 48% 44% 9 Finance income Finance income of $11.8 million decreased from $13.1 million in 2024 mainly due to lower interest on Argentinian mutuaI funds of $2.9 million (2024: $6.9 million), pa rtiaIly offset by a higher goin 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, principaIly due to the unrealised fair vaIue loss of $7.5 million on the financiaI liability related to the stream agreements with Sprott (2024: $niI), and the unrealised fair value loss of $7.4 million related to the warrants issued in connection with Tiernan s capitaI ra ise in Decem ber 2025. Foreign exchange (losses)/gains The Group recognised a foreign exchange loss of $4.0 million (2024: $10.4 million) mainIy due to the impact of devaluation of the local currency on monetary assets in Argentina of $6.5 million (2024: $9.1 million), pa rtiaIly offset by a foreign exchange goin in Brazil of $1.4 million (2024: loss of $1.0 million). Income tax The Company's pre-exceptionsI income tax charge was $129.7 million (2024: $65.6 million). The increase in the cha rge is mainIy explained by higher profitability versus 2024 due to increased precious metaI prices. The effective tax rate (pre-exceptionsI) 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 Exceptions I items in 2025 totaIled a $46.7 million goin 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 reverse I 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 capitaI ra ise. 2024 includes the innpa irment charges at the Azuca and Arcata projects of $13.7 million, the impa irment 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 exceptions I items was a $4.2 million tax goin (2024: $2.1 million). Cosh flow and balance sheet review Cash flow: g Year ended 31 Dec 2025 YeOr ended 31 Dec 2024 Chang e Net cash generated from operating activities 423,918 321,247 102,671 Net cash used in investing activities (231,231) (277,000) 45,769 Cash flows generated generated/(used in) from financing activities 27,618 (34,818) 62,436 Foreign exchange adjustment (324) (1,582) 1,258 Net increase in cash and cash equivalents during the year 219,981 7,847 212,134 Net cash generated from operating activities increased from $321.2 million in 2024 to $423.9 million in 2025 mainIy due to higher Adjusted EBITDA of $583.7 million (2024: $421.4 million), pa rtiaIly offset by higher tax payments and working capitaI 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 pa id 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: $niI). Working capital $OOO As Ot 31 December 2025 As at 31 December 2024 Trade and other receivables 155,544 135,814 Inventories 118,211 87,087 Derivative financial liabilities (111,567) (40,276) Income tax payable, net (95,61) (21,019) Trade Ond other pOyO bles (19,796) (208,222) Provisions (SS,4SS) (35,082) Working capitaI (208,714) (81,698) ‌The Group's working capita I 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 financia I liabilities of $71.3 million due primarily to unrealised changes in fa ir value of the Group hedge contracts. These effects were pa rtiaIly offset by higher inventories of $31.1 million.‌ Net deht $OOO unless otherwise indicated As at 31 December 2025 As at 31 December 2024 Cash and cash equivalents 316,954 96,973 Non-current borrowings (225,OOO) (163,333) Current borrowings " (114,643) (149,249) Net debt (22,689) (215,609) The Group's reported net debt position was $22.7 million as at 31 December 2025 (2024: $215.6 million). The decrease is ma inly explained by the higher cash generated by the business and net proceeds from Tiernan Gold s capitaI ra ise in the TSXV in December 2025 of $40.0 million. Net debt to adj usted EBITDA was 0 O4x (2024: O.5x)". Capitol expenditure Year ended 31 Dec 2025 YeOr ended 31 Dec 2024 InmOculOdO 138,556 138,582 Mara Rosa 39,541 35,318 SOn Jose 43,575 46,143 Operations 221,672 220,043 Monte do Carmo 13,373 90,602 POIIO ncOtO 8,253 32,908 Other 6,478 4,529 Total 249,776 348,082 Capital expenditure decreased from $348.1 million in 2024 to $249.8 million in 2025, ma inly 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 ata 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 Year ended 31 Dec 2025 Net cash generated from operating activities 423,918 Less: non-attri butable net cash generated from operating activities (75,480) Attributable net cash generated from operating activities 348,438 Net cash used in investing activities (231,231) Less: non-attri butable net cash used in investing activities 21,829 Attributable net cash used in investing activitiies (209,402) Attributable free cash flow 139,036 /Vet DeDt / Adjusted EBITDA 0.O4x Dividend payout of 20-30% 27,807 - 41,711 Minimum a nnua I dividend 10,000 Total dividends 30,868 Interim dividends 5,145 Final proposed dividends 25,723 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: 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 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. For the Year ended 31 December 2025 Year ended 31 December 2025 Year ended 31 December 2024 Exceptional items Exceptional items Before exceptional items (note 11) Total Before exceptional items (note 11) Total Notes US$000 US$000 US$000 US$000 US$000 US$000 5 947,696 - 947,696 Cost of sales 6 (605,263) - (605,263) 342,433 - 342,433 Administrative expenses 7 (50,232) - (50,232) Exploration expenses 8 (26,854) - (26,854) Selling expenses 9 (17,489) - (17,489) Other income 12 20,955 - 20,955 Other expenses 12 (43,245) - (43,245) (Impairment reversal)/ impairment and write-off of non-current assets, net 16, 17 (846) (16,769) (17,615) and 18 224,722 (16,769) 207,953 Share of (loss)/ gain of an associate 19 (1,408) (5,081) (6,489) Finance income 13 13,097 - 13,097 Finance costs 13 (26,928) - (26,928) Foreign exchange loss, net 13 (10,416) - (10,416) 199,067 (21,850) 177,217 Income tax (expense)/benefit 14 (65,556) 2,088 (63,468) 133,511 (19,762) 113,749 Equity shareholders of the Parent 116,767 (19,762) 97,005 Non-controlling interests 16,744 - 16,744 133,511 (19,762) 113,749 Basic earnings/(loss) per ordinary share for the year (expressed in US dollars per 15 0.23 (0.04) 0.19 Diluted earnings/(loss) per ordinary share for the year (expressed in US dollars 15 0.23 (0.04) 0.19 share) per share) For the Year ended 31 December 2025 Year ended 31 December Notes 2024 US$000 113,749 Loss on cash flow hedges 38(a) (85,560) Loss on discontinuation of hedge relationship 38(a) - Deferred tax benefit on cash flow hedges 38(e) 28,473 Exchange differences on translating foreign operations (30,252) Unrealised change in credit risk of financial liability 25 - Share of other comprehensive profit/(loss) of an associate 19 (2,492) (89,831) Gain on equity instruments at fair value through other comprehensive income (OCI) 20 15 Other comprehensive loss for the year, net of tax 15 (89,816) 23,933 Equity shareholders of the Parent Non-controlling interests 7,189 16,744 23,933 1 Foreign exchange effect generated in the Group's companies when the functional currency is the local currency, mainly generated by the decrease (2024: increase) of the US$ exchange rate in Brazil. As at 31 December 2025 Notes As at 31 December 2024 US$000 Notes As at 31 December 2024 US$000 Trade and other payables 25 208,222 Property, plant and equipment 16 1,070,758 Derivative financial liabilities 38(e) 40,276 Evaluation and exploration assets 17 132,303 Borrowings 27 149,249 Intangible assets 18 49,632 Provisions 28 35,082 Investment in an associate 19 15,811 Income tax payable 14 21,205 Financial assets at fair value through OCI 20 475 Liabilities directly associated with assets held for sale 24 9,652 Other receivables 21 18,316 463,686 Deferred income tax assets 30 27,677 964,148 1,314,972 1,651,499 These financial statements were approved by the Board of Directors on 10 March 2026 and signed on its behalf by: Inventories 22 87,087 Trade and other receivables 21 135,814 Income tax receivable 14 186 Other financial assets 3,807 Cash and cash equivalents 23 96,973 Assets held for sale 24 12,660 336,527 Total assets 1,651,499 Chief Executive Officer 10 March 2026 Equity share capital 29 9,068 Other reserves (329,431) Retained earnings 931,236 610,873 Non-controlling interests 76,478 687,351 Other payables 25 46,501 Derivative financial liabilities 38(e) 61,343 Borrowings 27 163,333 Provisions 28 146,781 Deferred income tax liabilities 30 82,504 500,462 For the Year ended 31 December 2025 Year ended 31 December 2024 Notes US$000 Cash generated from operations 34 365,040 Interest received 3,272 Interest paid 27 (27,074) Payment of mine closure costs 28 (11,833) Income tax, special mining tax and mining royalty paid 1 (8,158) 321,247 Purchase of property, plant and equipment (213,513) Purchase of evaluation and exploration assets 17(1) (55,629) Purchase of intangibles 18 (19,534) Early settlement of Monte do Carmo´s deferred consideration 4(b) - Investment in associate 19 - Proceeds from sale of property, plant and equipment 759 Proceeds from sale of assets held for sale 24 13,890 Purchase of Argentinian bonds 13(6) (5,838) Proceeds from sale of Argentinian bonds 13(6) 2,865 (277,000) Proceeds from borrowings 27 311,607 Repayment of borrowings 27 (340,991) Payment of lease liabilities 26 (5,046) Dividends paid to shareholders 31 - Dividends paid to non-controlling interests 31 (388) Proceeds from Tiernan Reverse Takeover Transaction ("RTO") and 4(a) - offering Buy-down option of Sprott Stream Agreement 25(a) - (34,818) Increase in cash and cash equivalents during the year 9,429 Exchange difference (1,582) Cash and cash equivalents at beginning of year 89,126 Cash and cash equivalents at end of year 23 96,973 1 Taxes paid have been offset with value added tax (VAT) credits received of US$30,632,000 (2024: US$6,732,000). For the Year ended 31 December 2025 Other reserves Fair value reserve of Share of other Capital and reserves attributable to Equity share financial assets at fair value through OCI comprehensive loss of an associate Cumulative translation Unrealised gain/(loss) on cash flow hedges Merger reserve Share- based payment Change in fair value of Total other reserves Retained earnings shareholders of the Parent Non-controlling Total equity Notes capital US$000 US$000 US$000 adjustment US$000 US$000 US$000 reserve US$000 Sprott agreement US$000 US$000 US$000 US$000 interests US$000 US$000 Other comprehensive - 15 (2,492) (30,252) (57,087) (89,816) (89,816) (89,816) Profit for the year 97,005 97,005 16,744 113,749 income/(expense) Dividends to non- controlling 31 (388) (388) Other changes in associate's 19 1,865 1,865 1,865 - 1,865 Modification of share-based 28(2) (7,954) (7,954) (7,954) - (7,954) Accrual of share-based payments 1,311 1,311 1,311 - 1,311 interests equity payment awards Other comprehensive - 96 2,017 11,269 (98,684) - - (174) (85,476) - (85,476) - (85,476) Profit for the year - - - - - - - - - 201,900 201,900 45,502 247,402 income/(expense) Dividends paid to shareholders 31 - - - - - - - - - (15,195) (15,195) - (15,195) Dividends to non- controlling 31 - - - - - - - - - - - (2,246) (2,246) Sale of financial assets at fair value through OCI (409) - - - - - - (409) 775 366 - 366 Change in ownership interest in Tiernan without loss of 4 - - - - - - - - 9,118 9,118 35,774 44,892 interests control FOR THE YEAR ENDED 31 DECEMBER 2025 The financial information for the year ended 31 December 2025 does not constitute statutory accounts as defined in sections 435 (1) and (2) of the Companies Act 2006. Statutory accounts for the year ended 31 December 2024 have been delivered to the Registrar of Companies and those for 2025 will be delivered following the Company's annual general meeting. The auditor has Principal activity Country of incorporation Equity interest at 31 December 2024 % reported on these accounts; their reports were unqualified. Their report did not include a reference to any other matters to which the auditor drew attention by way of emphasis of matter and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. Hochschild Mining PLC (hereinafter "the Company") is a public limited company incorporated on 11 April 2006 under the Companies Act 2006 as a Limited Company and registered in England and Wales with registered number 05777693. The Cúspide Copper S.A.C. 4 and 13 Exploration Peru 100 Compañía Minera Cerro Salto S.A.C. 4 and 13 Exploration Peru 100 Toro Bravo Peru S.A.C. 5 Exploration Peru - Hochschild Mining (US) Inc. 8 Holding company USA 100 Hochschild Mining Canada Corp 9 Exploration Canada 100 Tiernan Gold Corp. 9 and 11 Holding company Canada 100 Company's registered office is located at 17 Cavendish Square, London W1G 0PH, United Kingdom. Amarillo Mineracao do Brasil Ltda. 10 Production of gold and silver Brazil 100 The ultimate controlling party of the Company is Mr Eduardo Hochschild whose beneficial interest in the Company and its subsidiaries (together "the Group" or "Hochschild Mining Group") is 38.27% and it is held through Pelham Investment Corporation ("Pelham"), a Cayman Islands company. On 8 November 2006, the Company's shares were admitted to the Official List of the UKLA (United Kingdom Listing Authority) and to trading on the London Stock Exchange. The Group's principal business is the mining, processing and sale of silver and gold. At 31 December 2025, the Group has one operating mine (Inmaculada) located in southern Peru, one operating mine (San Jose) located in Argentina and one operating mine (Mara Rosa) located in Brazil. The Group also has a portfolio of projects located across Peru, Argentina, Brazil, and Chile, at various stages of development. These consolidated financial statements were approved for issue by the Board of Directors on 10 March 2026. The Group's subsidiaries, all held indirectly, except for Hochschild Mining Holdings Limited, are as follows: Serra Alta Mineracao Ltda. 10 and note 4(b) Exploration Brazil 100 Serra Alta Participacoes Inmobiliarias S.A. 10 and note 4(b) Exploration Brazil 100 1 Registered address: Av. Santa Fe 2755, floor 9, Buenos Aires, Argentina. 2 Registered address: Sargento Cabral 124, Comodoro Rivadavia, Provincia de Chubut, Argentina. 3 Registered address: Av. Apoquindo 4775 of 1002, Comuna Las Condes, Santiago de Chile, Chile. 4 Registered address: La Colonia 180, Santiago de Surco, Lima, Peru. 5 Registered address: La Colonia 180, Santiago de Surco, Lima, Peru. The company was incorporated on 2 February 2025. 6 Registered address: 17 Cavendish Square, London, W1G0PH, United Kingdom. 7 Registered address: Calle Aguila Real No 122, Colonia Carolco, Monterrey, Nuevo Leon, CP 64996, Mexico. 8 Registered address: 1025 Ridgeview Dr. 300, Reno, Nevada 89519, USA. 9 Registered address: Suite 1700, Park Place, 666 Burrard Street, Vancouver BC, V6C 2X8. 10 Registered address: Fazenda Invernada s/n, Zona Rural, Mara Rosa - Goiás - Brazil, CEP: 76.490-000. 11 The Group has a 69.8% interest in Tiernan Gold Corp, while the remaining 30.2% is held by non-controlling shareholders (see note 4(a)). 12 The Company was incorporated on 8 July 2024. 13 The Company was incorporated on 20 July 2024 and sold on 27 February 2025. 14 The Group has a 51% interest in Minera Santa Cruz S.A. (Minera Santa Cruz), while the remaining 49% is held by a non-controlling shareholder. Equity interest at 31 December Principal activity Country of incorporation 2024 % Hochschild Mining (Argentina) Corporation S.A. 1 Holding company Argentina 100 MH Argentina S.A. 2 Exploration office Argentina 100 Minera Santa Cruz S.A. 1 and 14 Production of gold and silver Argentina 51 Minera Hochschild Chile S.C.M. 3 Exploration Chile 100 Andina Minerals Chile SpA 3 Exploration Chile 100 Southwest Minerals (Yunnan) Inc. 4 Exploration China 100 Hochschild Mining Holdings Limited 6 Holding company England and Wales 100 Hochschild Mining Ares (UK) Limited 6 Administrative office England and Wales 100 Hochschild Mining Brazil Holdings Corp. 6 Holding company England and Wales 100 Southwest Mining Inc. 4 Exploration Mauritius 100 Southwest Minerals Inc. 4 Exploration Mauritius 100 Minera Hochschild Mexico, S.A. de C.V. 7 Exploration Mexico 100 Hochschild Mining (Peru) S.A. 4 Holding company Peru 100 Compañía Minera Ares S.A.C. 4 Production of gold and silver Peru 100 Compañía Minera Arcata S.A. 4 Production of gold and silver Peru 99.1 Empresa de Transmisión Aymaraes S.A.C. 4 Power transmission Peru 100 continued The significant financial information in respect of subsidiaries that contain material non-controlling interest before intercompany eliminations as at and for the years ended 31 December 2025 and 2024 is as follows: 2025 2024 2025 2024 000 US$000 US$000 US$000 Non-current assets 133,371 - Current assets 144,568 - Non-current liabilities (66,806) - Current liabilities (57,922) - Equity (153,211) - Cash and cash equivalents 45,454 - Revenue 293,335 - Depreciation and amortisation (48,899) - Impairment reversal of non-current assets - - Interest income 1,071 - Interest expense (3,043) - Income tax (632) - Profit for the year 34,170 - Comprehensive income - - Net cash generated from operating activities 74,625 - Net cash used in investing activities (46,143) - Net cash (used in)/generated from financing activities (5,210) - Profit/(loss) attributable to non-controlling interests in the consolidated income statement, non-controlling interest in the consolidated statement of financial position, and dividends declared to non-controlling interests in the consolidated statement of changes in equity are solely related to Minera Santa Cruz and Tiernan Gold Corp. The consolidated financial statements of the Group have been prepared in accordance with UK adopted International Accounting Standards. The basis of preparation and accounting policies used in preparing the consolidated financial statements for the years ended 31 December 2025 and 2024 are set out below. The consolidated financial statements have been prepared on a historical cost basis except for the revaluation of certain financial instruments that are measured at fair value at the end of each reporting period, as explained below. These accounting policies have been consistently applied, except for the effects of the adoption of new and amended accounting standard. The financial statements are presented in US dollars (US$) and all monetary amounts are rounded to the nearest thousand ($000) except when otherwise indicated. The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025. Amendments apply for the first time in 2025, but do not have an impact on the consolidated financial statements of the Group. Lack of exchangeability - Amendments to IAS 21 Certain new standards, amendments and interpretations to existing standards have been published and are mandatory for the Group's accounting periods beginning on or after 1 January 2026 or later periods but which the Group has not previously adopted. These have not been listed as they are not expected to have a material impact the Group financial statements. The Group has not yet completed its assessment of IFRS 18. The analysis is expected to conclude on second quarter of 2026. Many of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimates is contained in the accounting policies and/or the notes to the financial statements. Significant areas of estimation uncertainty and critical judgements made by management in preparing the consolidated financial statements include: Significant estimates: - Useful lives of assets for depreciation and amortisation purposes - note 2(f). Estimates are required to be made by management as to the useful lives of assets. For depreciation calculated under the unit of-production method, estimated recoverable reserves and resources are used in determining the depreciation and/or amortisation of mine-specific assets. This results in a depreciation/amortisation charge proportional to the depletion of the anticipated remaining life-of-mine production. Each item's life, which is assessed annually, has regard to both its physical life limitations and to present assessments of economically recoverable reserves and resources of the mine property at which the asset is located. These calculations require the use of estimates and assumptions, including the amount of recoverable reserves and resources. Changes are accounted for prospectively. Depreciation commences when assets are available for use. Land is not depreciated. Ore reserves and resources - note 2(h). There are numerous uncertainties inherent in estimating ore reserves and resources. Assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and resources and may, ultimately, result in the reserves and resources being updated. Recoverable values of mining assets - notes 2(k), 16, 17 and 18. The values of the Group's mining assets are sensitive to a range of characteristics unique to each mine unit. Key sources of estimation for all assets include uncertainty around ore reserve estimates and cash flow projections. In performing impairment reviews, the Group assesses the recoverable amount of its operating assets principally with reference to fair value less costs of disposal ("FVLCD"). The recoverable values of the CGUs and advanced exploration projects are determined using a FVLCD methodology. FVLCD for CGUs is determined using a combination of level 2 and level 3 inputs. The FVLCD of producing mine assets is determined using a discounted cash flow model and for developing stage mine assets or advanced exploration projects is determined using a discounted cash flow model or the value-in-situ methodology. When using a value-in-situ methodology, the in-situ value is based on a comparable company analysis and applies a realisable 'enterprise value' to unprocessed mineral resources per ounce of resources, to estimate the amount that would be paid by a willing third party in an arm's length transaction (refer to notes 16, 17 and 18). There is judgement involved in determining the assumptions that are considered to be reasonable and consistent with those that would be applied by market participants. Significant estimates used in a discounted cash flow model include future gold and silver prices, future capital requirements, reserves and resources volumes, production costs and the application of disco unt rates which reflect the macro-economic risk, as applicable. When using a value-in-situ methodology, the in-situ value is based on a comparable company analysis. Changes in these assumptions will affect the recoverable amount of the property, plant and equipment, evaluation and exploration assets, and intangibles. Mine closure costs - notes 2(o) and 28(1). The Group assesses its mine closure cost provision annually. Significant estimates and assumptions are made in determining the provision for mine closure cost as there are numerous factors that will affect the ultimate liability. These factors include estimates of the extent and costs of rehabilitation activities, technological changes, regulatory changes, cost increases, mine life and changes in discount rates. Those uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision at the balance sheet date represents management's best estimate of the present value of the future closure costs required. In July 2021, the mine closure law for the province of Santa Cruz in Argentina was published, establishing a period of 180 business days to present the Mine Closure Plan. The plan was presented to the provincial authority in December 2022 and observations were received in December 2025. The Group plans to present an updated Mine Closure Plan, prepared with the support of external consultants, by the end of 2026. Valuation of financial instruments - note 38. The valuation of certain Group assets and liabilities reflects the changes to certain assumptions used in the determination of their value, such as future gold and silver prices, discount rates, and resources and reserves estimates. Non market performance conditions on LTIP 2022, LTIP 2023 and LTIP 2024 - note 28(2). There are two parts to the performance conditions attached to LTIP awards: 50% is subject to the Company's TSR ranking relative to a tailored peer group of mining companies, 50% is subject to internal KPIs split equally between: (i) three-year growth of the Company's Measured and Indicated Resources (MIR) per share (calculated on an enterprise value basis), and (ii) average outcome of the annual bonus scorecard in respect of 2023, 2024 and 2025, regarding LTIP 2023; 2024, 2025 and 2026, regarding LTIP 2024; and 2025, 2026 and 2027, regarding LTIP 2025, calculated as the simple mean of the three scorecard outcomes. At each reporting date the Group has to estimate the value of the shares and the possible outcome regarding the scorecard and MRI. The balance of the awards is disclosed in note 28(2). Critical judgements: Assessment of impairment indicators for the Group's CGUs - notes 16, 17 and 18. Assessment of impairment indicators are performed during the year and they were identified in certain of the CGUs - refer to notes 16, 17 and 18 for details. Income tax - notes 2(t), 2(u), 14, 30 and 36(a). Judgement is required in determining whether deferred tax assets are recognised on the statement of financial position. Deferred tax assets, including those arising from un-utilised tax losses require management to assess the likelihood that the Group will generate taxable earnings in future periods, in order to utilise recognised deferred tax assets. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the balance sheet date could be impacted. The Group analyses the possibility of generating profit in all the companies and determines the recognition of deferred tax. No deferred tax asset is recognised in the holding and exploration entities as they are not expected to generate any profit to settle the temporary difference (refer to note 30). Judgement is also required when determining the recognition of tax liabilities as the tax treatment of some transactions cannot be finally determined until a formal resolution has been reached by the tax authorities. Tax liabilities are also recorded for uncertain exposures which can have an impact on both deferred and current tax. Tax benefits are not recognised unless it is probable that the benefit will be obtained and tax liabilities are recognised if it is probable that a liability will arise (refer to note 36(a)). The final resolution of these transactions may give rise to material adjustments to the income statement and/or cash flow in future periods. The Group reviews each significant tax liability or benefit each period to assess the appropriate accounting treatment. Life of mine (LOM). There are several aspects which are determined by the life of mine, such as ore reserves and resources, recoverable values of mining assets, mine rehabilitation provision and depreciation. The life of mine for an operation is specified in the relevant Environmental Impact Assessment (EIA) which is amended from time to time as more resources at the mine are identified. EIAs are permits which are granted in the ordinary course of business to the mining industry. While the processing of such permits may be subject to delays, the Group has never had an EIA denied. A crucial element of Peru's legal framework is the principle of predictability which, in essence, means that if the legal requirements for any given permit have been satisfied, the State cannot unlawfully deny the granting of the permit. Taking this into consideration, as well as the Group's operational ex...

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