Interim Results

About this update from Hochschild Mining Plc

[{"type":"text","content":"\n \n \n \n \n \n \n   27 August 2025 \n     \n Hochschild Mining PLC \n Interim Results \n Six months ended 30 June 2025 \n   \n Hochschild Mining PLC (\"Hochschild\" or the \"Company\") (LSE: HOC) (OTCQX: HCHDF) is pleased to announce its interim results for the six months ended 30 June 2025. \n   \n Financial Highlights \n § Revenue up 33% at $520.0 million (H1 2024: $391.7 million) [1] \n § Adjusted EBITDA up 27% at $224.5 million (H1 2024: $177.1 million) [2] \n § Profit before income tax (pre-exceptional) of $109.3 million (H1 2024: $83.1 million) \n § Profit before income tax (post-exceptional) of $140.1 million (H1 2024: $69.4 million) \n § Basic earnings per share (pre-exceptional) of $0.12 (H1 2024: $0.10) \n § Basic earnings per share (post-exceptional) of $0.18 (H1 2024: $0.08) \n § Cash and cash equivalents balance of $109.8 million as at 30 June 2025 (31 December 2024: $97.0 million) \n § Net debt of $202.3 million as at 30 June 2025 (31 December 2024: $215.6 million) 2 \n § Interim dividend of $1.0 cent per share ($5.1 million) \n Operational Highlights [3]   \n § H1 2025 attributable production of 161,597 gold equivalent ounces or 13.4 million silver equivalent ounces (H1 2024: 152,792 gold equivalent ounces or 12.7 million silver equivalent ounces) \n § Attributable all-in sustaining costs (AISC) 2 from operations of $1,914 per gold equivalent ounce (H1 2024: $1,432) or $23.1 per silver equivalent ounce (H1 2024: $17.3) \n § Mara Rosa mine update \n o  Processing plant restarted and ramping up \n o  Mechanical filter repairs and operational improvements currently being tested with mined ore \n o  Mining operations continued as planned \n o  New Brazil country manager appointed \n Project & Exploration Highlights \n § 2025 Brownfield drilling programme commenced with encouraging early drill results from Inmaculada and Mara Rosa \n § Development work continues at the Monte Do Carmo project \n Sustainability Highlights [4] \n § Continued strong performance across all key metrics \n § Lost Time Injury Frequency Rate of 1.08 (FY 2024: 1.25) [5] \n § Water Consumption of 132lt/person/day (FY 2024: 138lt/person/day) \n § Domestic waste generation of 0.83 kg/person/day (FY 2024: 0.93kg/person/day) \n § ECO score of 5.57 out of 6 (FY 2024: 5.58) [6] \n § Hochschild recently joined the United Nations Global Compact \n Revised 2025 full year guidance \n § FY 2025 Mara Rosa production target revised to 35,000-45,000 ounces (previously 94,000-104,000 ounces) \n § Revised operations attributable production target: \n o  291,000- 319,000 gold equivalent ounces (previously 350,000-378,000 ounces) \n § Revised operations attributable all-in sustaining costs target: \n o  $1,980-$2,080 per gold equivalent ounce (previously $1,587-$1,687 per gold equivalent ounce) \n § Revised Mara Rosa sustaining and development capital expenditure expected to be approximately $29-$30 million (i ncludes $18 million for remedial activities) \n   \n \n \n \n \n $000 unless stated \n \n \n Six months to 30 June 2025 \n \n \n Six months to 30 June 2024 \n \n \n % change \n \n \n \n \n Attributable silver production (koz) \n \n \n 3,812 \n \n \n 4,070 \n \n \n (6) \n \n \n \n \n Attributable gold production (koz) \n \n \n 116 \n \n \n 104 \n \n \n 12 \n \n \n \n \n Revenue \n \n \n 520,010 \n \n \n 391,740 \n \n \n 33 \n \n \n \n \n Adjusted EBITDA \n \n \n 224,472 \n \n \n 177,141 \n \n \n                  27 \n \n \n \n \n Profit/(loss) from continuing operations (pre-exceptional) \n \n \n 66,495 \n \n \n 64,026 \n \n \n                   4 \n \n \n \n \n Profit/(loss) from continuing operations (post-exceptional) \n \n \n 97,274 \n \n \n 51,486 \n \n \n                 89 \n \n \n \n \n Basic earnings/(loss) per share (pre-exceptional) $ \n \n \n 0.12 \n \n \n 0.10 \n \n \n                  20 \n \n \n \n \n Basic earnings/(loss) per share (post-exceptional) $ \n \n \n 0.18 \n \n \n 0.08 \n \n \n               125 \n \n \n \n \n   \n _______________________________________________________________________________________ \n   \n A live conference call and audio webcast will be held at 2.30pm (London time) on Wednesday 27 August 2025 for analysts and investors. \n For a live webcast of the presentation please click on the link below: \n   \n https://brrmedia.news/HOC_IR_2025                       \n   \n Conference call dial in details: \n UK: +44 (0)330 551 0200 \n UK Toll Free: 0808 109 0700 \n US Toll Free: 1 866 580 3963 \n Canada Toll Free: 1 866 378 3566 \n Pin:   Hochschild Mining Interim 2025 \n   \n _______________________________________________________________________________________ \n   \n Enquiries: \n   \n Hochschild Mining PLC \n Charles Gordon                                                                                                                                                                                                                                 +44 (0)20 3709 3264 \n Head of Investor Relations \n   \n Hudson Sandler \n Charlie Jack                                                                                                                                                                                                                                       +44 (0)207 796 4133 \n Public Relations \n _______________________________________________________________________________________ \n Non-IFRS Financial Performance Measures \n The Company has included certain non-IFRS measures in this news release. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardised meaning prescribed under IFRS, and therefore may not be comparable to other issuers. \n   \n About Hochschild Mining PLC: \n Hochschild Mining PLC is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) and crosstrades on the OTCQX Best Market in the U.S. (HCHDF), with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over fifty years' experience in the mining of precious metal epithermal vein deposits and operates two underground epithermal vein mines: Inmaculada, located in southern Peru; and San Jose in southern Argentina, and an open pit gold mine, Mara Rosa, located in the state of Goiás, Brazil.  Hochschild also has numerous long-term projects throughout the Americas. \n \n \n \n CHIEF EXECUTIVE OFFICER'S STATEMENT \n \n During the first half of 2025, Hochschild Mining delivered another period of steady progress across our business despite the operational issues in Brazil. We remain fully aligned with our strategy which is anchored around four key pillars: brownfield exploration, operational efficiency, ESG leadership, and disciplined capital allocation. This clear strategic focus continues to guide our decisions and drive our aim to generate value for all our stakeholders. Whilst challenges at our Mara Rosa mine affected first-half performance, we are confident that we now have the right team in place to drive a turnaround. The operational review and temporary suspension of the plant will enable us to set a foundation for reliable production. Moving forward, this strengthened team will also play a vital role in advancing the development of Monte Do Carmo. \n   \n Operations \n Although our operations delivered a mixed performance in the first half of the year, our flagship Inmaculada mine in Peru delivered a strong performance, with production slightly ahead of expectations, at 106,197 gold equivalent ounces (H1 2024: 109,502 ounces). At San Jose in Argentina, production was moderately lower than expected at 52,769 gold equivalent ounces (H1 2024: 56,737 ounces) with the production plan forecasting rising production in the second half. \n   \n Mara Rosa experienced a challenging first half of the year, with operations impacted by heavier-than-usual seasonal rainfall and contractor performance issues. These conditions restricted access to higher-grade zones within the pit and further exacerbated existing issues with filtering processes and delaying efforts to recover from mine waste removal backlogs carried over from 2024. I initiated and led a thorough review of the operation, following the resignation of our Chief Operating Officer in May. This review covers all aspects of mining, processing and permitting, and included a four-week suspension of the processing plant to perform essential maintenance and to allow the manufacturer to carry out mechanical filter repairs. Normal mining activities have continued throughout the period . \n   \n Gold production for the first half at Mara Rosa totalled 28,416 ounces, up from 14,354 ounces in the same period last year. During the mine's review process we remained actively engaged with all our stakeholders, including the local authorities and communities and are focused on restoring performance and unlocking the full potential of this asset. As part of this review, we were able to quickly implement a full reorganisation of our Brazilian operation, including the appointment of a new Brazil General Manager. \n   \n Projects \n In terms of strategic delivery, we continued to make progress across our key exciting future growth projects. In Brazil, detailed engineering studies at our new Monte Do Carmo project in the Tocantins state is well underway and the installation licence is already secured. With the permitting pathway substantially de-risked and the lessons learnt from our experience at Mara Rosa being applied, we are preparing the project for a potential construction decision sometime in the first half of 2026. In Peru, we have advanced the Royropata project, having secured all necessary land easements in 2024. The team is currently preparing the necessary documentation to submit the Modified Environmental Impact Assessment application to the Peruvian government, which will also be in 2026. \n   \n Exploration \n Exploration remains a key pillar of our growth strategy, and we are building on a record year of resource additions in 2024, with encouraging early results from ongoing drilling programmes at all three of our operations. At Inmaculada, continued success in the northern extension of the deposit has reinforced our confidence in the long-term potential at the deposit. New mineralisation has been identified beneath the main pit at Mara Rosa, and work is ongoing to extend the life-of-mine at San Jose. We expect to provide further updates on these programmes at the full-year results. \n   \n Financial results \n Financial results reflect the increased production and significantly increased commodity pricing in the period versus H1 2024. Gold production was higher versus H1 2024 and therefore, when combined with a 28% increase in the average gold price achieved, revenue increased by 33% to $520.0 million (H1 2024: $391.7 million). Attributable AISC was $1,914 per gold equivalent ounce (H1 2024: $1,432 per ounce) with the significant increase due to the production issues at Mara Rosa and higher costs in Argentina reflecting inflation in the country and lower production. Cost inflation was further exacerbated by the impact of strong precious metal prices in royalties and selling expenses in Argentina, and workers' profit sharing in Peru. Adjusted EBITDA of $224.5 million (H1 2024: $177.1 million) mostly reflects the higher precious metal prices and increased production levels offset by significantly higher costs. Pre-exceptional earnings per share was $0.12 (H1 2024: $0.10 per share) and post-exceptional earnings per share was $0.18 (H1 2024: $0.08 per share). \n   \n Our financial position remains strong, with solid cash generation from Inmaculada and the benefit of higher precious metal prices during the period. As of 30 June 2025, we reported cash and cash equivalents of $109.8 million (31 December 2024: $97.0 million), with net debt reduced to $202.3 million. This compares to net debt of $215.6 million at year-end 2024. During the period, we also repurchased the stream on Monte Do Carmo for $13 million, partially removing a long-term encumbrance on the project and increasing our future exposure to gold prices. Indebtedness ratios improved slightly with net debt to EBITDA decreasing from 0.51x at 31 December 2024 to 0.43x at 30 June 2025. The Board is pleased to declare an interim dividend of 1.0 cent per share ($5.1 million). \n   \n Sustainability \n Between 2024 and the first half of 2025, we achieved an 87% improvement in our ESG KPIs, a significant increase from the 56% improvement recorded between 2023 and 2024. Starting in 2025, our environmental and social KPI tracking has expanded to include Mara Rosa. Key achievements include an all-time high local workforce representation of 66% (2024: 59%), 32% of goods procured from local businesses (2024: 26%) and an impressive   89%   waste recycling rate (2024: 57%). We also became a signatory of the UN Global Compact and published a standalone, independently certified Sustainability Report with reference to the GRI Standards. Our environmental, health, and safety performance remains strong, with an ECO Score of 5.57 out of 6 (2024: 5.58), no new cases of work-related illness, a Lost Time Injury Frequency Rate (LTIFR) of 1.08 (2024: 1.25), and zero fatalities. Our Safety and Environmental Cultural Transformation Programs continue to make strong progress.   These achievements are reflected in our latest MSCI ESG rating of BBB, and our inclusion in the FTSE4Good Index Series. \n   \n Outlook \n Looking ahead, Hochschild remains focused on maintaining stability across its operations whilst carefully managing operational challenges in Brazil and the corresponding cost pressures. At Mara Rosa, testing at the processing plant is ongoing and filter performance continues to improve; however, we have revised our production forecast for the asset to 35,000-45,000 ounces for 2025 (previously 94,000-104,000 ounces). Our production guidance for Inmaculada and San Jose remains unchanged, meaning our revised Group production guidance is 291,000-319,000 gold equivalent ounces (previously 350,000-378,000 ounces).  As a result of the revised forecast at Mara Rosa, combined with sustained inflationary pressures in Argentina, the mining of lower-grade border areas of the veins at San Jose, and the impact of higher precious metal prices on royalties and export taxes in Argentina, we have updated our guidance on overall all-in sustaining cost from operations to $1,980 - $2,080 per gold equivalent ounce. \n   \n I would like to thank all our employees, contractors, local communities, and shareholders for their continued support and commitment. With a revitalised team in place and a clear strategy guiding us forward, we are confident in our ability to drive a recovery in Brazil. As we stay focused on delivering our objectives, we remain committed to building a stronger, more resilient business - one that is well-positioned for sustainable growth and long-term success. \n   \n Eduardo Landin, Chief Executive Officer \n 26 August 2025 \n   \n   \n   \n OPERATING REVIEW \n   \n OPERATIONS \n   \n Note: All 2025 and 2024 silver/gold equivalent production figures assume a gold/silver ratio of 83:1. \n   \n Production \n In H1 2025, Hochschild delivered attributable production of 161,597 gold equivalent ounces or 13.4 million silver equivalent ounces, with the increase resulting from an increased contribution from Mara Rosa versus H1 2024 when the mine was commissioning and ramping up production. \n   \n Total group production \n \n \n \n \n   \n \n \n Six months to \n 30 June 2025 \n \n \n Six months to \n 30 June 2024 \n \n \n \n \n Silver production (koz) \n \n \n 4,624 \n \n \n 5,016 \n \n \n \n \n Gold production (koz) \n \n \n 131.74 \n \n \n 120.16 \n \n \n \n \n Total silver equivalent (koz) \n \n \n 15,559 \n \n \n 14,989 \n \n \n \n \n Total gold equivalent (koz) \n \n \n 187.45 \n \n \n 180.59 \n \n \n \n \n Silver sold (koz) \n \n \n 4,618 \n \n \n 5,114 \n \n \n \n \n Gold sold (koz) \n \n \n 131.06 \n \n \n 118.25 \n \n \n \n \n Total production includes 100% of all production, including production attributable to Hochschild's minority shareholder at San Jose. \n   \n Attributable group production \n \n \n \n \n   \n \n \n Six months to \n 30 June 2025 \n \n \n Six months to \n 30 June 2024 \n \n \n \n \n Silver production (koz) \n \n \n 3,812 \n \n \n 4,070 \n \n \n \n \n Gold production (koz) \n \n \n 115.67 \n \n \n 103.75 \n \n \n \n \n Silver equivalent (koz) \n \n \n 13,413 \n \n \n 12,682 \n \n \n \n \n Gold equivalent (koz) \n \n \n 161.60 \n \n \n 152.79 \n \n \n \n \n Attributable production includes 100% of all production from Inmaculada and Mara Rosa and 51% from San Jose.   \n   \n The operational issues at Mara Rosa have resulted in a reduction in the production forecast. Plant testing is currently ongoing and the forecast therefore reflects the absence of output throughout most of the third quarter and includes a staged ramp-up in production thereafter. The forecasts for Inmaculada and San Jose remain unchanged. The revised guidance for 2025 is as follows: \n   \n Revised attributable 2025 production forecast split \n \n \n \n \n Operation \n \n \n Oz Au Eq \n \n \n \n \n Inmaculada \n \n \n 199,000-209,000 \n \n \n \n \n San Jose \n \n \n 57,000-65,000 \n \n \n \n \n Mara Rosa \n \n \n 35,000-45,000 \n \n \n \n \n Total \n \n \n 291,000-319,000 \n \n \n \n \n   \n Costs \n Attributable AISC from operations in H1 2025 was $1,914 per gold equivalent ounce or $23.1 per silver equivalent ounce (H1 2024: $1,432 per gold equivalent ounce or $17.3 per silver equivalent ounce) [7] , significantly higher than H1 2024 mainly due to the higher costs and reduced production related to the issues at Mara Rosa as well as net inflation and lower grades in Argentina. In addition, higher precious metal prices resulted in increased royalties, selling expenses in Argentina, and increased workers´ profit sharing expense in Peru. \n   \n The expected attributable all-in sustaining cost from operations for 2025 has been revised to $1,980-$2,080 per gold equivalent ounce which reflects the significant reduction in production forecast for Mara Rosa, an additional $18.0 million for addressing operational issues at the mine, net inflation in Argentina and the mining of reduced grades from border areas of the veins at San Jose, and the impact of higher precious metal prices on royalties and selling expenses in Argentina. \n   \n Revised attributable 2025 AISC forecast split \n \n \n \n \n Operation \n \n \n $/oz Au Eq \n \n \n \n \n Inmaculada \n \n \n 1,605-1,705 \n \n \n \n \n San Jose \n \n \n 2,200-2,350 \n \n \n \n \n Mara Rosa \n \n \n 3,400-3,800 \n \n \n \n \n Total from operations \n \n \n 1,980-2,080 \n \n \n \n \n   \n Inmaculada \n The 100% owned Inmaculada gold/silver underground operation is located in the Region of Ayacucho in southern Peru. It commenced operations in 2015. \n   \n \n \n \n \n Inmaculada summary  \n \n \n Six months to \n 30 June 2025 \n \n \n Six months to \n  30 June 2024 \n \n \n % change \n \n \n \n \n Ore production (tonnes) \n \n \n 672,720 \n \n \n 537,774 \n \n \n 25 \n \n \n \n \n Average silver grade (g/t) \n \n \n 153 \n \n \n 190 \n \n \n (19) \n \n \n \n \n Average gold grade (g/t) \n \n \n 3.47 \n \n \n 4.25 \n \n \n (18) \n \n \n \n \n Silver produced (koz) \n \n \n 2,961 \n \n \n 3,086 \n \n \n (4) \n \n \n \n \n Gold produced (koz) \n \n \n 70.52 \n \n \n 72.32 \n \n \n (2) \n \n \n \n \n Silver equivalent produced (koz) \n \n \n 8,814 \n \n \n 9,089 \n \n \n (3) \n \n \n \n \n Gold equivalent produced (koz) \n \n \n 106.20 \n \n \n 109.50 \n \n \n (3) \n \n \n \n \n Silver sold (koz) \n \n \n 2,951 \n \n \n 3,032 \n \n \n (3) \n \n \n \n \n Gold sold (koz) \n \n \n 71.19 \n \n \n 71.19 \n \n \n - \n \n \n \n \n Unit cost ($/t) \n \n \n 138.2 \n \n \n 144.6 \n \n \n (4) \n \n \n \n \n Total cash cost ($/oz Au co-product) \n \n \n 939 \n \n \n 739 \n \n \n 27 \n \n \n \n \n All-in sustaining cost ($/oz Au Eq) [8] \n \n \n 1,535 \n \n \n 1,321 \n \n \n 14 \n \n \n \n \n   \n Production                     \n Inmaculada's first half production was 70,520 ounces of gold and 3.0 million ounces of silver, which amounts to a gold equivalent output of 106,197 ounces (H1 2024: 109,502 ounces), a 3% reduction from the first half of 2024 due to expected reduced grades, partially offset by higher-than-expected tonnage resulting from ongoing efficiency initiatives begun in H1 2024. \n   \n Costs \n AISC was $1,535 per gold equivalent ounce (H1 2024: $1,321 per ounce) 9 . The increase versus the same period of 2024 was forecasted and is mainly the result of higher production volumes impacting production costs and higher workers profit sharing driven by higher precious metal prices. In addition, in H1 2025 there were scheduled lower gold and silver grades. \n   \n San Jose \n The San Jose silver/gold mine is located in Argentina, in the province of Santa Cruz, 1,750km southwest of Buenos Aires. San Jose commenced production in 2007. Hochschild holds a controlling interest of 51% in the mine and is the mine operator. The remaining 49% interest is owned by McEwen Mining Inc. \n                         \n \n \n \n \n San Jose summary (100%) \n \n \n Six months to \n 30 June 2025 \n \n \n Six months to \n 30 June 2024 \n \n \n % change \n \n \n \n \n Ore production (tonnes) \n \n \n 334,562 \n \n \n 268,853 \n \n \n 24 \n \n \n \n \n Average silver grade (g/t) \n \n \n 185 \n \n \n 255 \n \n \n (27) \n \n \n \n \n Average gold grade (g/t) \n \n \n 3.71 \n \n \n 4.47 \n \n \n (17) \n \n \n \n \n Silver produced (koz) \n \n \n 1,657 \n \n \n 1,930 \n \n \n (14) \n \n \n \n \n Gold produced (koz) \n \n \n 32.80 \n \n \n 33.49 \n \n \n (2) \n \n \n \n \n Silver equivalent produced (koz) \n \n \n 4,380 \n \n \n 4,709 \n \n \n (7) \n \n \n \n \n Gold equivalent produced (koz) \n \n \n 52.77 \n \n \n 56.74 \n \n \n (7) \n \n \n \n \n Silver sold (koz) \n \n \n 1,661 \n \n \n 2,079 \n \n \n (20) \n \n \n \n \n Gold sold (koz) \n \n \n 31.71 \n \n \n 35.29 \n \n \n (10) \n \n \n \n \n Unit cost ($/t) \n \n \n 307.5 \n \n \n 268.4 \n \n \n 15 \n \n \n \n \n Total cash cost ($/oz Ag co-product) \n \n \n 24.4 \n \n \n 17.1 \n \n \n 43 \n \n \n \n \n All-in sustaining cost ($/oz Au Eq) \n \n \n 2,660 \n \n \n 1,809 \n \n \n 47 \n \n \n \n \n   \n Production \n The first half of the year at San Jose in Argentina is traditionally a shorter operational period due to the scheduled workers' holiday, which occurs in the first quarter. The operation delivered a better second quarter with higher grades resulting in the H1 total of 4.4 million silver equivalent ounces (H1 2024: 4.7 million ounces) with tonnage increased versus H1 2024 due to the expansion of the plant's capacity - completed at the end of 2024 - to process lower grade material. \n   \n Costs \n AISC was $2,660 per gold equivalent ounce (H1 2024: $1,809 per ounce) with the significant increase versus H1 2024 mostly due to: net inflation in Argentina, the mining of lower-grade border areas of the veins at San Jose, the impact of higher precious metal prices on royalties and selling expenses, and the impact of the removal of the export benefit in April 2025 which had allowed the Company to settle a portion of exports at the blue dollar rate. \n   \n Mara Rosa \n The Mara Rosa gold mine is located in Brazil, in the province of Goias, 320km northwest of Brasilia. Mara Rosa reached commercial production in May 2024. \n   \n \n \n \n \n Mara Rosa summary  \n \n \n Six months to \n  30 June 2025 \n \n \n Six months to \n 30 June 2024 \n \n \n % change \n \n \n \n \n Ore production (tonnes) \n \n \n 988,637 \n \n \n 552,744 \n \n \n 79 \n \n \n \n \n Average silver grade (g/t) \n \n \n 0.32 \n \n \n - \n \n \n - \n \n \n \n \n Average gold grade (g/t) \n \n \n 0.95 \n \n \n 1.28 \n \n \n (26) \n \n \n \n \n Silver produced (koz) \n \n \n 6 \n \n \n - \n \n \n - \n \n \n \n \n Gold produced (koz) \n \n \n 28.42 \n \n \n 14.35 \n \n \n 98 \n \n \n \n \n Silver equivalent produced (koz) \n \n \n 2,365 \n \n \n 1,191 \n \n \n 99 \n \n \n \n \n Gold equivalent produced (koz) \n \n \n 28.49 \n \n \n 14.35 \n \n \n 99 \n \n \n \n \n Silver sold (koz) \n \n \n 6 \n \n \n 2 \n \n \n 200 \n \n \n \n \n Gold sold (koz) \n \n \n 28.16 \n \n \n 11.84 \n \n \n 138 \n \n \n \n \n Unit cost ($/t) \n \n \n 59.7 \n \n \n 66.6 \n \n \n (10) \n \n \n \n \n Total cash cost ($/oz Au co-product) \n \n \n 1,866 \n \n \n 2,622 \n \n \n (29) \n \n \n \n \n All-in sustaining cost ($/oz Au Eq) \n \n \n 2,627 \n \n \n 1,495 \n \n \n 76 \n \n \n \n \n   \n Production \n Following Q1 2025, the Company reported that operations at Mara Rosa were adversely affected by heavier-than-usual seasonal rainfall and contractor performance issues. These challenges restricted access to ore-particularly higher-grade zones-and compounded persistent problems with the filtering processes. Consequently, efforts to recover from mine waste removal delays, carried over from the previous year, were further hampered. \n   \n To address these issues, the CEO, Eduardo Landin, temporarily assumed operational responsibilities and initiated a thorough review of mining, processing, permitting, and waste management activities. As part of this effort, the Company suspended processing operations for approximately one month to carry out necessary maintenance and upgrades across the crushing, milling, and filtering circuits, whilst mining activities continued uninterrupted. \n   \n Production resumed at the plant in July using two of the four tailings filters, with the remaining two expected to come online in October after ongoing maintenance and testing. Performance is steadily improving, and the installation of a tailings thickener - planned for H1 2026 - is expected to enable the plant to reach full capacity during that period. The thickener will improve solids content ahead of filtration. Actual filtration capacity is currently being reassessed to determine whether additional work is required. These remedial actions have been communicated to the local environmental authorities. \n   \n Gold production for H1 2025 totalled 28,416 ounces (H1 2024: 14,354 ounces), with the increase due to the mine being in the commissioning and ramp-up phase in H1 2024. Full-year 2025 output is forecast between 35,000 and 45,000 ounces (previously 94,000-104,000 ounces) . \n   \n In parallel, the Company has also implemented a full reorganisation of its Brazil operations, including the previously announced appointment of a new Brazil General Manager as well as a new Operations Manager, alongside a revamped management structure. \n   \n Costs \n Due to the reduced production versus expectations as well as lower grades, as explained above, AISC was e levated at $2,627 per gold equivalent ounce (H1 2024: $1,495 per ounce) with the expectation that high costs will continue in the second half with most of the third quarter taken up with the plant stoppage and testing followed by a ramp-up in processing. \n   \n   \n \n ADVANCED PROJECT: MONTE DO CARMO \n Work has continued on the Monte Do Carmo project in the first half and included: \n § Detailed engineering \n § Completion of metallurgical testwork \n § Meetings with the Governor of the state of Tocantins \n § Meeting with Tocantins state agency to discuss workforce development plans \n § Award of the installation licence \n § Signing of contract for transmission line and power distribution network to support water intake and construction infrastructure \n § Evaluation of the use of water harvesting for the project \n § Review of proposed filtration system \n § Validation of pit engineering study \n   \n \n \n BROWNFIELD EXPLORATION \n Inmaculada \n During the first half of the year, the team carried out a further 8,392m of potential drilling in the Anomalia 1, Anomalia 4, Martha, Mariana and San Martin structures and 2,024m of resource drilling in the Mariana vein. \n   \n \n \n \n \n Vein \n \n \n Results (potential) \n \n \n \n \n Anomalia 1 \n \n \n IMM25-422: 1.6m @ 2.2g/t Au & 94g/t Ag \n \n \n \n \n Anomalia 4 \n \n \n IMM25-422: 1.1m @ 1.5g/t Au & 210g/t Ag \n \n \n \n \n Martha \n \n \n IMM25-423A: 0.9m @ 2.3g/t Au & 53g/t Ag \n \n \n \n \n Mariana \n \n \n IMM25-282: 1.2m @ 0.9g/t Au & 100g/t Ag \n \n \n \n \n San Martin \n \n \n IMS25-281A: 0.9m @ 0.3g/t Au & 99g/t Ag \n IMS25-290: 1.4m @ 0.5g/t Au & 15g/t Ag \n \n \n \n \n   \n \n \n \n \n Vein \n \n \n Results (resources) \n \n \n \n \n Mariana \n \n \n IMM25-286: 1.7m @ 1.4g/t Au & 55g/t Ag \n IMM25-288: 1.6m @ 2.2g/t Au & 113g/t Ag \n IMM25-293: 0.9m @ 0.7g/t Au & 89g/t Ag \n \n \n \n \n   \n During the third quarter, the Company expects to carry out 1,800m of potential drill holes as well as 5,200m of resource drilling in the Melisa vein and drilling deeper into the Angela vein. \n   \n San Jose \n During the first half, the team carried out 2,827m of potential drilling in the Escondida, Agostina, Isabel, Isabel 2, Isabel North, Pilar SE, Emilia, Luli, and Tonga veins \n   \n \n \n \n \n Vein \n \n \n Results (potential) \n \n \n \n \n Escondida \n \n \n SJD-2979: 1.7m @ 1.1g/t Au & 30g/t Ag \n SJD-3003: 0.9m @ 30.5g/t Au & 153g/t Ag \n \n \n \n \n Agostina \n \n \n SJD-2469: 2.5m @ 3.8g/t Au & 182g/t Ag \n \n \n \n \n Isabel \n \n \n SJD-2969: 1.7m @ 2.1g/t Au & 181g/t Ag \n SJD-2972: 0.5m @ 0.2g/t Au & 18g/t Ag \n \n \n \n \n Isabel I \n \n \n SJD-2970: 0.6m @ 2.1g/t Au & 112g/t Ag \n SJD-2972: 2.4m @ 1.1g/t Au & 46g/t Ag \n SJD-2973: 0.9m @ 0.8g/t Au & 70g/t Ag \n \n \n \n \n Isabel II \n \n \n SJD-2973: 0.6m @ 2.2g/t Au & 205g/t Ag \n \n \n \n \n Isabel N \n \n \n SJD-2972: 1.5m @ 2.5g/t Au & 109g/t Ag \n SJD-2972: 4.2m @ 1.3g/t Au & 121g/t Ag \n \n \n \n \n   \n During the third quarter, the Company will finish potential drilling in the Isabel and Escondida veins and start work on drilling for potential in Saavedra West and in the Betania and Florencia breccias. \n   \n Mara Rosa \n Within the district, the team drilled 3,009m of potential in Pastinho North, Grid A and the Jatoba areas intercepting low grade narrow structures. \n   \n   \n \n \n \n \n Vein \n \n \n Results (resources) \n \n \n \n \n Posse \n \n \n 25POSP_019A: 43.3m @ 0.5g/t Au \n 25POSP_020: 40.3m @ 0.5g/t Au \n 25POSP_022: 15.7m @ 0.4g/t Au \n 25POSP_023: 5.8m @ 0.4g/t Au \n 25POSP_024: 22.2m @ 0.3g/t Au \n \n \n \n \n Posse-Passo \n \n \n 25POSP_030: 40.3m @ 0.5g/t Au \n 25POSP_030: 0.4m @ 1.9g/t Au \n 25POSP_020: 0.6m @ 6.7g/t Au \n 25POSP_032: 55.3m @ 0.3g/t Au \n 25POSP_031: 46.6m @ 0.3g/t Au \n 25POSP_033: 30.2m @ 0.3g/t Au \n \n \n \n \n   \n During the third quarter, the team at Mara Rosa will continue resource drilling in Posse and also potential drilling in Morro Redondo. \n   \n Monte Do Carmo \n During the period, 3,099m of potential drilling was executed in the Dourado, Cigando, Adebaldo, Serra Alta and Gogo targets, along with 1,007m of resource drilling in Serra Alta and Gogo. \n   \n \n \n \n \n Vein \n \n \n Results (potential) \n \n \n \n \n Serra Alta \n \n \n 25SAP_002: 0.8m @ 0.6g/t Au \n \n \n \n \n Gogo \n \n \n 25GO_002: 2.2m @ 1.4g/t Au \n 25GO_002: 6.5m @ 0.3g/t Au \n 25GO_002: 2.1m @ 5.0g/t Au \n 25GO_002: 0.6m @ 0.9g/t Au \n 25GO_002: 0.7m @ 0.5g/t Au \n \n \n \n \n Dourado \n \n \n 25DOU_001: 0.8m @ 10.4g/t Au \n \n \n \n \n Cigano \n \n \n 25CIG_001: 0.6m @ 0.7g/t Au \n 25CIG_001: 0.4m @ 0.7g/t Au \n 25CIG_001: 0.4m @ 1.2g/t Au \n \n \n \n \n Adebaldo \n \n \n 25ADE_001: 6.7m @ 0.2g/t Au \n 25ADE_001: 3.6m @ 0.2g/t Au \n 25ADE_001: 0.7m @ 1.2g/t Au \n 25ADE_001: 1.1m @ 0.7g/t Au \n \n \n \n \n   \n \n \n \n \n Vein \n \n \n Results (resources) \n \n \n \n \n Gogo \n \n \n 25GO_004: 1.9m @ 0.5g/t Au \n 25GO_004: 1.4m @ 0.5g/t Au \n 25GO_004: 1.0m @ 0.3g/t Au \n \n \n \n \n   \n During the third quarter, the team will continue work in Serra Alta and inferred drilling in the Boqueirao target. \n   \n   \n   \n FINANCIAL REVIEW \n The reporting currency of Hochschild Mining PLC is US dollars. In discussions of financial performance, the Group removes the effect of exceptional items, unless otherwise indicated, and in the income statement results are shown both pre and post such exceptional items. Exceptional items are those items, which due to their nature or the expected infrequency of the events giving rise to them, need to be disclosed separately on the face of the income statement to enable a better understanding of the financial performance of the Group and to facilitate comparison with prior periods. \n   \n Revenue \n Gross revenue [9] \n Gross revenue increased by 32% to $527.5 million in H1 2025 (H1 2024: $399.8 million) due to higher average realised precious metal prices and higher gold production, partially offset by lower silver production. Gold output increased in Mara Rosa, where commercial production commenced in May 2024. \n   \n Gold \n Gross revenue from gold increased to $371.2 million (H1 2024: $261.3 million) due to the 28% increase in the average realised gold price and higher gold production in Mara Rosa. \n   \n Silver \n Gross revenue from silver increased to $156.2 million (H1 2024: $138.2 million) due to the 25% increase in the average realised silver price, partially offset by lower silver production in San Jose and Inmaculada. \n   \n Gross average realised sales prices \n The following table provides figures for average realised prices ( before the deduction of commercial discounts) and ounces sold for H1 2025 and H1 2024: \n   \n \n \n \n \n Ounces sold and average realised prices \n \n \n                                  Six months to 30 June 2025 \n \n \n                        Six months to 30 June 2024 \n \n \n   \n \n \n \n \n Gold ounces sold (koz) \n \n \n 131.06 \n \n \n 118.25 \n \n \n   \n \n \n \n \n Avg. realized gold price ($/oz) \n \n \n 2,832 \n \n \n 2,210 \n \n \n   \n \n \n \n \n Silver ounces sold (koz) \n \n \n 4,618 \n \n \n 5,114 \n \n \n   \n \n \n \n \n Avg. realized silver price ($/oz) \n \n \n 33.8 \n \n \n 27.0 \n \n \n \n \n \n \n \n   \n Hedges       \n H1 2025 realised prices and revenue include the effect of the following hedges: forwards for 50,000 gold ounces of 2025 at a price of $2,117 per ounce, and zero cost collars for 60,000 gold ounces of 2025 production at a strike put of $2,000 per ounce and a strike call of $2,485 per ounce, the impact of which was a realised loss of $41.5 million in H1 2025. H1 2024 realised prices and revenue include the effect of the following hedges: forwards for 27,600 gold ounces of 2024 production at a price of $2,100 per ounce, and zero cost collars for 100,000 gold ounces of 2024 production at a strike put of $2,000 per ounce and a strike call of $2,252 per ounce, the impact of which was a realised loss of $4.3 million in H1 2024. \n   \n Commercial discounts \n Commercial discounts refer to refinery treatment charges, refining fees and payable deductions for processing concentrate, and are deducted from gross revenue on a per tonne basis (treatment charge), per ounce basis (refining fees) or as a percentage of gross revenue (payable deductions). In H1 2025, the Group recorded commercial discounts of $7.5 million (H1 2024: $8.0 million). The ratio of commercial discounts to gross revenue in H1 2025 was 1.4% (H1 2024: 2.0%). \n   \n Revenue \n Revenue was $520.0 million (H1 2024: $391.7 million), comprising net gold revenue of $366.9 million (H1 2024: $256.6 million) and net silver revenue of $153.0 million (H1 2024: $134.8 million). In H1 2025, gold accounted for 71% and silver for 29% of the Company's consolidated net revenue (H1 2024: gold 66% and silver 34%). \n   \n Reconciliation of gross revenue by mine to Group net revenue \n \n \n \n \n $000 \n \n \n Six months to \n 30 June 2025 \n \n \n Six months to \n 30 June 2024 \n \n \n % change \n \n \n \n \n Gold revenue \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Inmaculada \n \n \n 201,736 \n \n \n 154,364 \n \n \n 31 \n \n \n \n \n San Jose \n \n \n 107,305 \n \n \n 81,671 \n \n \n 31 \n \n \n \n \n Mara Rosa \n \n \n 62,152 \n \n \n 25,430 \n \n \n 144 \n \n \n \n \n Pallancata \n \n \n  -   \n \n \n (185) \n \n \n (100) \n \n \n \n \n Commercial discounts from concentrates \n \n \n (4,319) \n \n \n (4,635) \n \n \n (7) \n \n \n \n \n Net gold revenue \n \n \n 366,874 \n \n \n 256,645 \n \n \n 43 \n \n \n \n \n Silver revenue \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Inmaculada \n \n \n 96,644 \n \n \n 79,715 \n \n \n 21 \n \n \n \n \n San Jose \n \n \n 59,341 \n \n \n 58,521 \n \n \n 1 \n \n \n \n \n Mara Rosa \n \n \n 197 \n \n \n 59 \n \n \n 234 \n \n \n \n \n Pallancata \n \n \n                                -   \n \n \n (59) \n \n \n (100) \n \n \n \n \n Commercial discounts from concentrates \n \n \n (3,215) \n \n \n (3,394) \n \n \n (5) \n \n \n \n \n Net silver revenue \n \n \n 152,967 \n \n \n 134,842 \n \n \n 13 \n \n \n \n \n Other revenue \n \n \n 169 \n \n \n 253 \n \n \n (33) \n \n \n \n \n Revenue \n \n \n 520,010 \n \n \n 391,740 \n \n \n 33 \n \n \n \n \n   \n Costs \n Total cost of sales was $327.7 million in H1 2025 (H1 2024: $248.1 million). The direct production cost excluding depreciation and amortisation was higher at $255.0 million (H1 2024: $194.9 million) mainly due to higher production volume across all operations, production cost inflation in Argentina and rising precious metal prices resulting in increased royalties. D epreciation and amortisation in production cost increased to $80.0 million (H1 2024: $68.6 million) mainly due to higher production volume, including new production in Mara Rosa, and incremental depreciation from future capex in Inmaculada. Fixed costs at the operation during reduced capacity and stoppages in Mara Rosa of $1.9 million in H1 2025 (H1 2024: San Jose of $1.1 million due to bad weather). Increase in inventories was $14.5 million in H1 2025 (H1 2024: $17.2 million) mainly due to higher products in process of $14.1 million in Mara Rosa.   \n   \n \n \n \n \n $000 \n \n \n Six months to \n 30 June 2025 \n \n \n Six months to \n 30 June 2024 \n \n \n % change \n \n \n \n \n Direct production cost excluding depreciation and amortisation \n \n \n 255,007 \n \n \n 194,850 \n \n \n 31 \n \n \n \n \n Depreciation and amortisation in production cost \n \n \n 80,015 \n \n \n 68,612 \n \n \n 17 \n \n \n \n \n Workers' profit sharing \n \n \n 5,396 \n \n \n 853 \n \n \n 533 \n \n \n \n \n Fixed costs during operational stoppages and reduced capacity \n \n \n 1,864 \n \n \n 1,062 \n \n \n 76 \n \n \n \n \n Change in inventories \n \n \n (14,538) \n \n \n (17,237) \n \n \n (16) \n \n \n \n \n Cost of sales \n \n \n 327,744 \n \n \n 248,140 \n \n \n 32 \n \n \n \n \n   \n Fixed costs during operational stoppages and reduced capacity: \n \n \n \n \n $000 \n \n \n Six months to \n 30 June 2025 \n \n \n Six months to \n 30 June 2024 \n \n \n % change \n \n \n \n \n Personnel \n \n \n 347 \n \n \n 703 \n \n \n (51) \n \n \n \n \n Third party services \n \n \n 702 \n \n \n 301 \n \n \n 133 \n \n \n \n \n Supplies \n \n \n 153 \n \n \n 33 \n \n \n 364 \n \n \n \n \n Depreciation and amortisation \n \n \n 40 \n \n \n                                - \n \n \n 100 \n \n \n \n \n Others \n \n \n 622 \n \n \n 25 \n \n \n 2,388 \n \n \n \n \n Cost of sales \n \n \n 1,864 \n \n \n 1,062 \n \n \n 76 \n \n \n \n \n   \n Unit cost per tonne \n The Company reported unit cost per tonne at its operations of $125.4 per tonne in H1 2025, a slight decrease versus H1 2024 ($128.8 per tonne). \n   \n Unit cost per tonne by operation (including royalties) [10] : \n \n \n \n \n Operating unit ($/tonne) \n \n \n Six months to \n 30 June 2025 \n \n \n Six months to \n 30 June 2024 \n \n \n % change \n \n \n \n \n Peru \n \n \n 138.2 \n \n \n 144.6 \n \n \n (4) \n \n \n \n \n Inmaculada \n \n \n 138.2 \n \n \n 144.6 \n \n \n (4) \n \n \n \n \n Argentina \n \n \n   \n \n \n \n \n \n \n \n \n \n \n San Jose \n \n \n 307.5 \n \n \n 268.4 \n \n \n 15 \n \n \n \n \n Brazil \n Mara Rosa \n \n \n   \n 59.7 \n \n \n 66.6 \n \n \n (10) \n \n \n \n \n Total \n \n \n 125.4 \n \n \n 128.8 \n \n \n (3) \n \n \n \n \n \n Cash costs \n Cash costs include cost of sales, commercial deductions and selling expenses before exceptional items, less depreciation and amortisation included in cost of sales. \n   \n Cash cost reconciliation [11] \n Six months to 30 June 2025 \n \n \n \n \n $000 unless otherwise indicated \n \n \n Inmaculada \n \n \n Pallancata \n \n \n San Jose \n \n \n Mara Rosa \n \n \n Total \n \n \n \n \n (+) Cost of sales [12] \n \n \n 148,233 \n \n \n - \n \n \n 120,019 \n \n \n 57,628 \n \n \n 325,880 \n \n \n \n \n (-) Depreciation and amortisation in cost of sales \n \n \n (51,442) \n \n \n - \n \n \n (20,149) \n \n \n (5,831) \n \n \n (77,422) \n \n \n \n \n (+) Selling expenses \n \n \n 355 \n \n \n - \n \n \n 7,381 \n \n \n 607 \n \n \n 8,343 \n \n \n \n \n (+) Commercial deductions [13] \n \n \n 1,683 \n \n \n - \n \n \n 7,745 \n \n \n 305 \n \n \n 9,733 \n \n \n \n \n Gold \n \n \n 1,182 \n \n \n - \n \n \n 4,444 \n \n \n 302 \n \n \n 5,928 \n \n \n \n \n Silver \n \n \n 501 \n \n \n - \n \n \n 3,301 \n \n \n 3 \n \n \n 3,805 \n \n \n \n \n Group cash cost \n \n \n 98,829 \n \n \n - \n \n \n 114,996 \n \n \n 52,709 \n \n \n 266,534 \n \n \n \n \n Gold \n \n \n 201,736 \n \n \n - \n \n \n 103,022 \n \n \n 62,116 \n \n \n 366,874 \n \n \n \n \n Silver \n \n \n 96,644 \n \n \n - \n \n \n 56,128 \n \n \n 195 \n \n \n 152,967 \n \n \n \n \n Revenue \n \n \n 298,380 \n \n \n - \n \n \n 159,150 \n \n \n 62,311 \n \n \n 519,841 \n \n \n \n \n Ounces sold \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Gold \n \n \n 71.2 \n \n \n - \n \n \n 31.7 \n \n \n 28.2 \n \n \n 131.1 \n \n \n \n \n Silver \n \n \n 2,951 \n \n \n - \n \n \n 1,661 \n \n \n 6 \n \n \n 4,618 \n \n \n \n \n Group cash cost ($/oz) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Co product Au \n \n \n 939 \n \n \n - \n \n \n 2,348 \n \n \n 1,866 \n \n \n 1,435 \n \n \n \n \n Co product Ag \n \n \n 10.85 \n \n \n - \n \n \n 24.41 \n \n \n 27.02 \n \n \n 16.98 \n \n \n \n \n By product Au \n \n \n 24 \n \n \n - \n \n \n 1,753 \n \n \n 1,865 \n \n \n 837 \n \n \n \n \n By product Ag \n \n \n (35.27) \n \n \n - \n \n \n 4.53 \n \n \n (1,590.16) \n \n \n (23.01) \n \n \n \n \n   \n Six months to 30 June 2024 \n \n \n \n \n $000 unless otherwise indicated \n \n \n Inmaculada \n \n \n Pallancata \n \n \n San Jose \n \n \n Mara Rosa \n \n \n Total \n \n \n \n \n (+) Cost of sales [14] \n \n \n 122,593 \n \n \n - \n \n \n 92,217 \n \n \n 32,268 \n \n \n 247,078 \n \n \n \n \n (-) Depreciation and amortisation in cost of sales \n \n \n (44,704) \n \n \n - \n \n \n (22,225) \n \n \n (1,498) \n \n \n (68,427) \n \n \n \n \n (+) Selling expenses \n \n \n 286 \n \n \n 14 \n \n \n 7,042 \n \n \n 273 \n \n \n 7,615 \n \n \n \n \n (+) Commercial deductions [15] \n \n \n 1,614 \n \n \n 11 \n \n \n 8,302 \n \n \n 73 \n \n \n 10,000 \n \n \n \n \n Gold \n \n \n 1,167 \n \n \n 1 \n \n \n 4,807 \n \n \n 73 \n \n \n 6,048 \n \n \n \n \n Silver \n \n \n 447 \n \n \n 10 \n \n \n 3,495 \n \n \n - \n \n \n 3,952 \n \n \n \n \n Group cash cost \n \n \n 79,789 \n \n \n 25 \n \n \n 85,336 \n \n \n 31,116 \n \n \n 196,266 \n \n \n \n \n Gold \n \n \n 154,364 \n \n \n (186) \n \n \n 77,037 \n \n \n 25,430 \n \n \n 256,645 \n \n \n \n \n Silver \n \n \n 79,715 \n \n \n (69) \n \n \n 55,137 \n \n \n 59 \n \n \n 134,842 \n \n \n \n \n Revenue \n \n \n 234,079 \n \n \n (255) \n \n \n 132,174 \n \n \n 25,489 \n \n \n 391,487 \n \n \n \n \n Ounces sold \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Gold \n \n \n 71.2 \n \n \n (0.1) \n \n \n 35.3 \n \n \n 11.8 \n \n \n 118.3 \n \n \n \n \n Silver \n \n \n 3,032 \n \n \n 1 \n \n \n 2,079 \n \n \n 2 \n \n \n 5,114 \n \n \n \n \n Group cash cost ($/oz) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Co product Au \n \n \n 739 \n \n \n (230) \n \n \n 1,409 \n \n \n 2,622 \n \n \n 1,088 \n \n \n \n \n Co product Ag \n \n \n 8.96 \n \n \n 14.94 \n \n \n 17.12 \n \n \n 35.67 \n \n \n 13.22 \n \n \n \n \n By product Au \n \n \n (5) \n \n \n (1,058) \n \n \n 757 \n \n \n 2,623 \n \n \n 486 \n \n \n \n \n By product Ag \n \n \n (24.98) \n \n \n 463.91 \n \n \n 1.68 \n \n \n 2,779.59 \n \n \n (12.99) \n \n \n \n \n                         \n 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. \n   \n All-in sustaining cost reconciliation [16] \n All-in sustaining cash costs per silver and gold equivalent ounce \n   \n The Company has calculated its all-in sustaining cost per gold and silver equivalent ounce on an attributable basis and excludes Peruvian royalties which are recognised in the income tax line. Management believes that the updated methodology better aligns with prevailing industry practices and enhances comparability with peers. All previous periods have been restated to reflect this change. \n   \n Six months to 30 June 2025 \n   \n \n \n \n \n $000 unless otherwise indicated \n \n \n Inmaculada \n \n \n San Jose \n \n \n Mara Rosa \n \n \n Main \n operations \n \n \n Corporate  & others \n \n \n Total \n \n \n \n \n (+) Direct production cost excluding depreciation and amortisation \n \n \n 93,207 \n \n \n 98,176 \n \n \n 63,624 \n \n \n 255,007 \n \n \n - \n \n \n 255,007 \n \n \n \n \n (+) Other items and workers profit sharing in cost of sales [17] \n \n \n 5,822 \n \n \n (2,142) \n \n \n 770 \n \n \n 4,450 \n \n \n - \n \n \n 4,450 \n \n \n \n \n (+) Operating and exploration capex for units [18] \n \n \n 57,455 \n \n \n 20,900 \n \n \n 7,679 \n \n \n 86,034 \n \n \n 670 \n \n \n 86,704 \n \n \n \n \n (+) Brownfield exploration expenses [19] \n \n \n 2,036 \n \n \n 4,356 \n \n \n 473 \n \n \n 6,865 \n \n \n 2,239 \n \n \n 9,104 \n \n \n \n \n (+) Administrative expenses (excl depreciation and amortisation) \n \n \n 2,506 \n \n \n 3,649 \n \n \n 1,372 \n \n \n 7,527 \n \n \n 14,971 \n \n \n 22,498 \n \n \n \n \n Sub-total \n \n \n 161,026 \n \n \n 124,939 \n \n \n 73,918 \n \n \n 359,883 \n \n \n 17,880 \n \n \n 377,763 \n \n \n \n \n Sub-total attributable \n \n \n 161,026 \n \n \n 63,719 \n \n \n 73,918 \n \n \n 298,663 \n \n \n 17,880 \n \n \n 316,543 \n \n \n \n \n Attributable Au ounces produced \n \n \n 70,520 \n \n \n 16,730 \n \n \n 28,416 \n \n \n 115,666 \n \n \n - \n \n \n 115,666 \n \n \n \n \n Attributable Ag ounces produced (000s) \n \n \n 2,961 \n \n \n 845 \n \n \n 6 \n \n \n 3,812 \n \n \n - \n \n \n 3,812 \n \n \n \n \n Attributable Ounces produced (Au Eq oz) \n \n \n 106,197 \n \n \n 26,912 \n \n \n 28,488 \n \n \n 161,597 \n \n \n - \n \n \n 161,597 \n \n \n \n \n Attributable Ounces produced (Ag Eq 000s oz) \n \n \n 8,814 \n \n \n 2,234 \n \n \n 2,365 \n \n \n 13,413 \n \n \n - \n \n \n 13,413 \n \n \n \n \n Attributable all-in sustaining costs per oz produced ($/oz Au Eq) \n \n \n 1,516 \n \n \n 2,368 \n \n \n 2,595 \n \n \n 1,848 \n \n \n 111 \n \n \n 1,959 \n \n \n \n \n Attributable all-in sustaining costs per oz produced ($/oz Ag Eq) \n \n \n 18.3 \n \n \n 28.5 \n \n \n 31.3 \n \n \n 22.3 \n \n \n 1.3 \n \n \n 23.6 \n \n \n \n \n (+) Commercial deductions \n \n \n 1,683 \n \n \n 7,745 \n \n \n 305 \n \n \n 9,733 \n \n \n - \n \n \n 9,733 \n \n \n \n \n (+) Selling expenses \n \n \n 355 \n \n \n 7,381 \n \n \n 607 \n \n \n 8,343 \n \n \n - \n \n \n 8,343 \n \n \n \n \n Sub-total \n \n \n 2,038 \n \n \n 15,126 \n \n \n 912 \n \n \n 18,076 \n \n \n - \n \n \n 18,076 \n \n \n \n \n Sub-total attributable \n \n \n 2,038 \n \n \n 7,714 \n \n \n 912 \n \n \n 10,664 \n \n \n - \n \n \n 10,664 \n \n \n \n \n Attributable Au ounces sold \n \n \n 71,195 \n \n \n 16,170 \n \n \n 28,160 \n \n \n 115,525 \n \n \n - \n \n \n 115,525 \n \n \n \n \n Attributable Ag ounces sold (000s) \n \n \n 2,951 \n \n \n 847 \n \n \n 6 \n \n \n 3,804 \n \n \n - \n \n \n 3,804 \n \n \n \n \n Attributable ounces sold (Au Eq oz) \n \n \n 106,751 \n \n \n 26,377 \n \n \n 28,234 \n \n \n 161,362 \n \n \n - \n \n \n 161,362 \n \n \n \n \n Attributable ounces sold (Ag Eq 000s oz) \n \n \n 8,860 \n \n \n 2,189 \n \n \n 2,343 \n \n \n 13,392 \n \n \n - \n \n \n 13,392 \n \n \n \n \n Sub-total ($/oz Au Eq) attributable \n \n \n 19 \n \n \n 292 \n \n \n 32 \n \n \n 66 \n \n \n -  \n \n \n 66 \n \n \n \n \n Sub-total ($/oz Ag Eq) attributable \n \n \n 0.2 \n \n \n 3.5 \n \n \n 0.4 \n \n \n 0.8 \n \n \n -  \n \n \n 0.8 \n \n \n \n \n Attributable all-in sustaining costs per oz sold ($/oz Au Eq) \n \n \n 1,535 \n \n \n 2,660 \n \n \n 2,627 \n \n \n 1,914 \n \n \n 111 \n \n \n 2,025 \n \n \n \n \n Attributable all-in sustaining costs per oz sold ($/oz Ag Eq) \n \n \n 18.5 \n \n \n 32.0 \n \n \n 31.7 \n \n \n 23.1 \n \n \n 1.3 \n \n \n 24.4 \n \n \n \n \n   \n Six months to 30 June 2024 [20] \n   \n \n \n \n \n $000 unless otherwise indicated \n \n \n Inmaculada \n \n \n San Jose \n \n \n Mara Rosa [21] \n \n \n Main \n operations \n \n \n Corporate \n & others \n \n \n Total \n \n \n \n \n (+) Direct production cost excluding depreciation and amortisation \n \n \n 75,884 \n \n \n 72,522 \n \n \n 46,444 \n \n \n 194,850 \n \n \n - \n \n \n 194,850 \n \n \n \n \n (+) Other items and workers profit sharing in cost of sales [22] \n \n \n 853 \n \n \n (8,399) \n \n \n (30,403) \n \n \n (37,949) \n \n \n - \n \n \n (37,949) \n \n \n \n \n (+) Operating and exploration capex for units [23] \n \n \n 62,149 \n \n \n 16,604 \n \n \n 968 \n \n \n 79,721 \n \n \n 39 \n \n \n 79,760 \n \n \n \n \n (+) Brownfield exploration expenses [24] \n \n \n 1,374 \n \n \n 4,489 \n \n \n - \n \n \n 5,863 \n \n \n 1,346 \n \n \n 7,209 \n \n \n \n \n (+) Administrative expenses (excl depreciation and amortisation) \n \n \n 2,382 \n \n \n 3,003 \n \n \n 580 \n \n \n 5,965 \n \n \n 14,747 \n \n \n 20,712 \n \n \n \n \n Sub-total \n \n \n 142,642 \n \n \n 88,219 \n \n \n 17,589 \n \n \n 248,450 \n \n \n 16,132 \n \n \n 264,582 \n \n \n \n \n Sub-total attributable \n \n \n 142,642 \n \n \n 44,992 \n \n \n 17,589 \n \n \n 205,223 \n \n \n 16,132 \n \n \n 221,355 \n \n \n \n \n Attributable Au ounces produced \n \n \n 72,317 \n \n \n 17,080 \n \n \n 11,937 \n \n \n 101,334 \n \n \n - \n \n \n 101,334 \n \n \n \n \n Attributable Ag ounces produced (000s) \n \n \n 3,086 \n \n \n 984 \n \n \n - \n \n \n 4,040 \n \n \n - \n \n \n 4,040 \n \n \n \n \n Attributable Ounces produced (Au Eq oz) \n \n \n 109,502 \n \n \n 28,936 \n \n \n 11,937 \n \n \n 150,376 \n \n \n - \n \n \n 150,376 \n \n \n \n \n Attributable Ounces produced (Ag Eq 000s oz) \n \n \n 9,089 \n \n \n 2,401 \n \n \n 991 \n \n \n 12,481 \n \n \n - \n \n \n 12,481 \n \n \n \n \n Attributable all-in sustaining costs per oz produced ($/oz Au Eq) \n \n \n 1,303 \n \n \n 1,555 \n \n \n 1,473 \n \n \n 1,365 \n \n \n 107 \n \n \n 1,472 \n \n \n \n \n Attributable all-in sustaining costs per oz produced ($/oz Ag Eq) \n \n \n 15.7 \n \n \n 18.7 \n \n \n 17.8 \n \n \n 16.4 \n \n \n 1.3 \n \n \n 17.7 \n \n \n \n \n (+) Commercial deductions \n \n \n 1,614 \n \n \n 8,302 \n \n \n 11 \n \n \n 9,927 \n \n \n - \n \n \n 9,927 \n \n \n \n \n (+) Selling expenses \n \n \n 286 \n \n \n 7,042 \n \n \n 190 \n \n \n 7,518 \n \n \n - \n \n \n 7,518 \n \n \n \n \n Sub-total \n \n \n 1,900 \n \n \n 15,344 \n \n \n 201 \n \n \n 17,445 \n \n \n - \n \n \n 17,445 \n \n \n \n \n Sub-total attributable \n \n \n 1,900 \n \n \n 7,825 \n \n \n 201 \n \n \n 9,926 \n \n \n - \n \n \n 9,926 \n \n \n \n \n Attributable Au ounces sold \n \n \n 71,194 \n \n \n 17,999 \n \n \n 9,464 \n \n \n 98,657 \n \n \n - \n \n \n 98,657 \n \n \n \n \n Attributable Ag ounces sold (000s) \n \n \n 3,032 \n \n \n 1,060 \n \n \n 2 \n \n \n 4,094 \n \n \n - \n \n \n 4,094 \n \n \n \n \n Attributable ounces sold (Au Eq oz) \n \n \n 107,734 \n \n \n 30,772 \n \n \n 9,482 \n \n \n 147,988 \n \n \n - \n \n \n 147,988 \n \n \n \n \n Attributable ounces sold (Ag Eq 000s oz) \n \n \n 8,942 \n \n \n 2,554 \n \n \n 787 \n \n \n 12,283 \n \n \n - \n \n \n 12,283 \n \n \n \n \n Sub-total ($/oz Au Eq) attributable \n \n \n 18 \n \n \n 254 \n \n \n 22 \n \n \n 67 \n \n \n -  \n \n \n 67 \n \n \n \n \n Sub-total ($/oz Ag Eq) attributable \n \n \n 0.2 \n \n \n 3.1 \n \n \n 0.3 \n \n \n 0.8 \n \n \n -  \n \n \n 0.8 \n \n \n \n \n Attributable all-in sustaining costs per oz sold ($/oz Au Eq) \n \n \n 1,321 \n \n \n 1,809 \n \n \n 1,495 \n \n \n 1,432 \n \n \n 107 \n \n \n 1,539 \n \n \n \n \n Attributable all-in sustaining costs per oz sold ($/oz Ag Eq) \n \n \n 15.9 \n \n \n 21.8 \n \n \n 18.0 \n \n \n 17.3 \n \n \n 1.3 \n \n \n 18.6 \n \n \n \n \n   \n Administrative expenses \n Administrative expenses of $23.7 million (H1 2024: $23.6 million) are in line with the first half of 2024. \n   \n Exploration expenses \n In H1 2025, exploration expenses decreased to $12.2 million (H1 2024: $13.5 million) mainly due to expenditure on exploration at Monte Do Carmo of $1.6 million recognised in the income statement in H1 2024. \n   \n In addition, the Group capitalises part of its brownfield exploration, which mostly relates to costs incurred converting potential resources to the Inferred or Measured and Indicated categories. In H1 2025, the Company capitalised $2.4 million relating to brownfield exploration (H1 2024: $0.9 million), bringing the total investment in exploration for H1 2025 to $14.6 million (H1 2024: $14.4 million). \n   \n Selling expenses \n Selling expenses increased to $8.3 million (H1 2024: $7.6 million) mainly due to higher transportation costs in Mara Rosa . \n   \n Other income/expenses \n Other income was lower at $6.0 million (H1 2024: $12.4 million) mainly due to the ending in April 2025, of the Argentinian Government export programme which entitled the Company to settle a portion of San Jose's exports at the blue chip exchange rate ($3.0 million). (H1 2024: $8.4 million). The programme was available from October 2023 through April 2025. \n   \n Other expenses were higher at $29.1 million (H1 2024: $14.8 million) mainly due to the increase in provision for mine closure of $11.5 million (H1 2024: $nil) and the provision for recovery of the ICMS credit (state tax on circulation of merchandise and transportation & communication services in Brazil) of $2.3 million (H1 2024: $nil). \n   \n Adjusted EBITDA \n Adjusted EBITDA increased by 27% to $224.5 million (H1 2024: $177.1 million) mainly due to the increase in revenues resulting from increased precious metal prices and higher gold production, partially offset by higher costs of sales and lower income from the export programme in Argentina. \n   \n 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. \n   \n \n \n \n \n $000 unless otherwise indicated \n \n \n Six months to \n 30 June 2025 \n \n \n Six months to \n 30 June 2024 \n \n \n % change \n \n \n \n \n Profit from continuing operations before exceptional items, net finance income/(cost), foreign exchange loss and income tax \n \n \n 124,428 \n \n \n 96,272 \n \n \n 29 \n \n \n \n \n Depreciation and amortisation in cost of sales \n \n \n 77,462 \n \n \n 68,427 \n \n \n 13 \n \n \n \n \n Depreciation and amortisation in administrative and other expenses \n \n \n 1,383 \n \n \n 1,433 \n \n \n (3) \n \n \n \n \n Exploration expenses \n \n \n 12,181 \n \n \n 13,509 \n \n \n (10) \n \n \n \n \n Personnel and other exploration related fixed expenses \n \n \n (3,073) \n \n \n (2,560) \n \n \n 20 \n \n \n \n \n Other non-cash income, net [25] \n \n \n 12,091 \n \n \n 60 \n \n \n 20,052 \n \n \n \n \n Adjusted EBITDA \n \n \n 224,472 \n \n \n 177,141 \n \n \n 27 \n \n \n \n \n Adjusted EBITDA margin \n \n \n 43% \n \n \n 45% \n \n \n (4) \n \n \n \n \n   \n Finance income \n Finance income decreased to $3.9 million (H1 2024: $7.3 million), mainly due to the lower gain on Argentinean mutual funds of $0.9 million (H1 2024: $4.6 million), partially offset by a $1.3 million gain on the execution of the buy-down option related to the stream agreements with Sprott in H1 2025. \n   \n Finance costs \n Finance costs increased from $15.2 million in H1 2024 to $16.6 million in H1 2025 principally due to: the unrealised fair value loss of the financial liability related to the stream agreements with Sprott of $2.4 million (H1 20224: $nil), higher interest expense which totalled $10.4 million (H1 2024: $9.6 million) resulting from the lower capitalisation of interest expenses that are directly attributable to the Monte Do Carmo project of $2.8 million (H1 2024: $5.9 million directly attributable to the construction of Mara Rosa ) partially offset by the impact of lower interest rates and a lower average medium-term loan balance. These effects were partially offset by the loss from changes in fair value of Argentinean bonds held in H1 2024 of $2.4 million. \n   \n Foreign exchange losses \n Foreign exchange losses decreased from $4.6 million in H1 2024 to $1.5 million in H1 2025 mainly due to a lower loss from the devaluation of the local currency on monetary assets in Argentina of $2.4 million (H1 2024: $3.8 million) and the foreign exchange gain in Brazil of $0.9 million (H1 2024: loss of $0.9 million). \n   \n Income tax \n The Company's pre-exceptional income tax charge was $42.8 million (H1 2024: $19.1 million), and includes royalties and special mining tax of $10.7 million (H1 2024: $6.3 million) and withholding tax of $6.2 million (H1 2024: 0.2 million). The tax expense includes deferred income tax income due to the impact of the revaluation of the local currency in Peru of $3.9 million (H1 2024: net inflation in Argentina of $8.7 million). H1 2024 includes the recognition of a deferred tax asset of $3.7 million related to the energy transmission line of Mara Rosa. \n   \n The total effective tax rate was 30.6% (2024: 25.8%). \n   \n Exceptional items \n In H1 2025, exceptional items reflect the reversal of impairment of the Volcan project of US$30.8 million which was driven by the impact of higher gold prices, with no tax impact (H1 2024: includes impairment losses at the Azuca and Arcata projects of $13.7 million, with a corresponding tax gain of $1.2 million).  \n   \n Cash flow and balance sheet review          \n Cash flow \n \n \n \n \n $000 \n \n \n Six months to \n 30 June 2025 \n \n \n Six months to \n 30 June 2024 \n \n \n % Change \n \n \n \n \n Net cash generated from operating activities \n \n \n 153,803 \n \n \n 100,795 \n \n \n 53 \n \n \n \n \n Net cash used in investing activities \n \n \n (110,539) \n \n \n (112,141) \n \n \n (1) \n \n \n \n \n Cash flows (used in)/from financing activities \n \n \n (29,825) \n \n \n 11,799 \n \n \n (353) \n \n \n \n \n Foreign exchange adjustment \n \n \n (571) \n \n \n (441) \n \n \n 29 \n \n \n \n \n Net increase/(decrease) in cash and cash equivalents during the period \n \n \n 12,868 \n \n \n 12 \n \n \n 107,133 \n \n \n \n \n   \n Net cash generated from operating activities increased from $100.8 million in H1 2024 to $153.8 million in H1 2025 mainly due to higher adjusted EBITDA of $224.5 million (H1 2024: $177.1 million). \n   \n Net cash used in investing activities decreased to $110.5 million in H1 2025 from $112.1 million in H1 2024, mainly due to: reduced capex at Mara Rosa of $7.7 million (H1 2024: $18.3 million), lower capex at Monte Do Carmo of $5.1 million (H1 2024: first payment of the option to acquire the project, including transaction costs, of $16.2 million). These effects were partially offset by the consideration received for the sale of Crespo project net of transaction costs of $13.9 million in H1 2024, and the investment in Aclara Resources Inc. of $5.0 million in H1 2025 (H1 2024: $nil). \n   \n Cash generated from/(used in) financing activities decreased from an inflow of $11.8 million in H1 2024 to an outflow of $29.8 million in H1 2025, primarily due to the $140.0 million repayment of the existing $200.0 medium-term facility (2024: $65 million withdrawal), the payment for the execution of the buy-down option related to the Sprott stream agreements of $13.0 million in H1 2025, and payments of dividends to shareholders of $10.1 million (H1 2024: $nil). These effects were partially offset by the draw-down of $90.0 million from the $300.0 million medium-term loan facility (2024: $50 million repayment), and a net increase of $50.0 million in short and medium-term bank loans (H1 2024: $1.0 million repayment of Minera Santa Cruz stock market promissory notes). \n   \n Working capital \n \n \n \n \n $000 \n \n \n  As at            \n  30 June 2025 \n \n \n As at                   \n   31 December 2024 \n \n \n \n \n Trade and other receivables \n \n \n 120,564 \n \n \n 135,814 \n \n \n \n \n Inventories \n \n \n 94,736 \n \n \n 87,087 \n \n \n \n \n Trade and other payables \n \n \n (182,392) \n \n \n (208,222) \n \n \n \n \n Derivative financial assets/(liabilities) \n \n \n (84,525) \n \n \n (40,276) \n \n \n \n \n Income tax receivable (payable), net \n \n \n (27,695) \n \n \n (21,019) \n \n \n \n \n Provisions \n \n \n (21,866) \n \n \n (35,082) \n \n \n \n \n Working capital \n \n \n (101,178) \n \n \n (81,698) \n \n \n \n \n   \n The Group's working capital position in H1 2025 decreased by $19.5 million from $(81.7) million to $(101.2) million. The key drivers were: higher derivative financial liabilities of $44.2 million, lower trade and other receivables of $15.3 million; partially offset by lower trade and other payables of $25.8 million and lower provisions of $13.2 million. \n   \n Net debt \n \n \n \n \n $000 unless otherwise indicated \n \n \n As at       \n        30 June 2025 \n \n \n As at     \n         31 December 2024 \n \n \n \n \n Cash and cash equivalents \n \n \n 109,841 \n \n \n 96,973 \n \n \n \n \n Non-current borrowings \n \n \n (190,000) \n \n \n (163,333) \n \n \n \n \n Current borrowings [26] \n \n \n (122,129) \n \n \n (149,249) \n \n \n \n \n Net debt \n \n \n (202,288) \n \n \n (215,609) \n \n \n \n \n   \n The Group's reported net debt position was $202.3 million as at 30 June 2025 (31 December 2024: $215.6 million). Net debt to EBITDA was 0.4x (31 December 2024: 0.5x) [27] . \n   \n Capital expenditure [28] \n \n \n \n \n $000 \n \n \n Six months to                            30 June 2025 \n \n \n Six months to                            30 June 2024 \n \n \n \n \n Inmaculada \n \n \n 60,027 \n \n \n 62,149 \n \n \n \n \n San Jose \n \n \n 22,807 \n \n \n 18,767 \n \n \n \n \n Mara Rosa \n \n \n 7,694 \n \n \n 24,175 \n \n \n \n \n Operations \n \n \n 90,528 \n \n \n 105,091 \n \n \n \n \n Monte Do Carmo \n \n \n 7,866 \n \n \n 16,200 \n \n \n \n \n Pallancata \n \n \n 3,852 \n \n \n 6,897 \n \n \n \n \n Volcan \n \n \n 1,193 \n \n \n 707 \n \n \n \n \n Corporate & Other \n \n \n 3,560 \n \n \n 405 \n \n \n \n \n Total \n \n \n 106,999 \n \n \n 129,300 \n \n \n \n \n   \n Capital expenditure decreased from $129.3 million in H1 2024 to $107.0 million in H1 2025 mainly due to reduced capex at Mara Rosa of $7.7 million (H1 2024: $18.3 million and capitalised interest of $5.9 million), lower capex at Monte Do Carmo of $5.1 million (H1 2024: first payment of the option to acquire the project, including transaction costs, of $16.2 million), and capitalised interest expenses related to the Monte Do Carmo project of $2.8 million in H1 2025. \n   \n Non-IFRS Financial Performance Measures \n The Company has included certain non-IFRS measures in this news release. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardised meaning prescribed under IFRS, and therefore may not be comparable to other issuers. \n   \n Forward looking statements \n This announcement contains certain forward looking statements, including such statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In particular, such forward looking statements may relate to matters such as the business, strategy, investments, production, major projects and their contribution to expected production and other plans of Hochschild Mining PLC and its current goals, assumptions and expectations relating to its future financial condition, performance and results. \n   \n Forward-looking statements include, without limitation, statements typically containing words such as \"intends\", \"expects\", \"anticipates\", \"targets\", \"plans\", \"estimates\" and words of similar import. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results, performance or achievements of Hochschild Mining PLC may be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Factors that could cause or contribute to differences between the actual results, performance or achievements of Hochschild Mining PLC and current expectations include, but are not limited to, legislative, fiscal and regulatory developments, competitive conditions, technological developments, exchange rate fluctuations and general economic conditions. The Company cautions against undue reliance on any forward looking statement or guidance, particularly in light of the current economic climate. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. \n   \n The forward looking statements reflect knowledge and information available at the date of preparation of this announcement. Except as required by the Listing Rules and applicable law, Hochschild Mining PLC does not undertake any obligation to update or change any forward looking statements to reflect events occurring after the date of this announcement. Nothing in this announcement should be construed as a profit forecast. \n \n   \n RISKS \n The principal risks and uncertainties facing the Company in respect of the year ended 31 December 2024 are set out in detail in the Risk Management section of the 2024 Annual Report and in Note 39 to the 2024 Consolidated Financial Statements. \n   \n The key risks disclosed in the 2024 Annual Report (available at   hochschildmining.com ) are   categorised   as: \n   \n § Financial risks comprising commodity price risk and, commercial counterparty risk; \n § Operational risks including the risks associated with operational performance, business interruption/supply chain, information security and cybersecurity, exploration & reserve and resource replacement, personnel, and political, legal and regulatory risks; and \n § Sustainability risks including risks associated with health and safety, environment, climate change and community relations. \n   \n The risks referred to above continue to apply to the Company in respect of the remaining six months of the financial year.   \n   \n \n RELATED PARTY TRANSACTIONS \n Related party transactions are disclosed in Note 33 to the 2024 Consolidated Financial Statements. No significant transactions with related parties during the six months period ended 30 June 2025. \n   \n   \n GOING CONCERN \n After their review, the Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence during the Going Concern Period (as defined in Note 2 of the interim condensed consolidated financial statements (Material Accounting Policies ). Accordingly, the Directors are satisfied the going concern basis of accounting is appropriate in preparing the interim condensed consolidated financial statements. For further detail, refer to the Going concern disclosure in the aforementioned Note 2.    \n   \n \n STATEMENT OF DIRECTORS' RESPONSIBILITIES \n The Directors confirm that, to the best of their knowledge, the interim condensed consolidated financial statements have been prepared in accordance with UK adopted International Accounting Standard 34 \"Interim Financial Reporting\" and that the interim management report includes a fair review of the information required by Disclosure Guidance and Transparency Rules 4.2.7R and 4.2.8R. \n   \n A list of current Directors and their functions is maintained on the Company's website. \n   \n For and on behalf of the Board \n   \n Eduardo Landin \nChief Executive Officer \n 26 August 2025 \n   \n \n \n INDEPENDENT REVIEW REPORT TO HOCHSCHILD MINING PLC \n Conclusion \n We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025, which comprises the interim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of financial position, the interim condensed consolidated statement of cash flows, the interim condensed consolidated statement of changes in equity and the related notes 1 to 26. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. \n   \n Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. \n   \n Basis for Conclusion \n We conducted our review in accordance with International Standard on Review Engagements 2410 (UK) \"Review of Interim Financial Information Performed by the Independent Auditor of the Entity\" (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. \n   \n As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, \"Interim Financial Reporting\". \n   \n Conclusions Relating to Going Concern \n Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed. \n   \n This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern. \n   \n Responsibilities of the directors \n The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. \n   \n In preparing the half-yearly financial report, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. \n   \n Auditor's Responsibilities for the review of the financial information \n In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. \n   \n Use of our report \n This report is made solely to the Company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) \"Review of Interim Financial Information Performed by the Independent Auditor of the Entity\" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed. \n   \n   \n Ernst & Young LLP \n London \n 26 August 2025 \n   \n \n   \n Interim condensed consolidated income statement \n Six months ended 30 June 2025 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n Six months ended \n 30 June 2025 (Unaudited) \n \n \n   \n \n \n Six months ended \n 30 June 2024 (Unaudited) \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n Notes \n \n \n   \n \n \n Before exceptional items US$000 \n \n \n \n \n \n Exceptional items \n (Note 9) \n US$000 \n \n \n \n \n \n Total     US$000 \n \n \n \n \n \n Before exceptional items US$000 \n \n \n \n \n \n Exceptional items \n (Note 9) \n US$000 \n \n \n \n \n \n Total     US$000 \n \n \n \n \n \n \n \n \n \n Continuing operations \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n \n \n \n 4 \n \n \n \n \n \n  520,010 \n \n \n   \n \n \n - \n \n \n   \n \n \n  520,010 \n \n \n   \n \n \n 391,740 \n \n \n \n \n \n - \n \n \n \n \n \n 391,740 \n \n \n   \n \n \n \n \n Cost of sales \n \n \n \n \n \n 5 \n \n \n \n \n \n  (327,744) \n \n \n   \n \n \n - \n \n \n   \n \n \n  (327,744) \n \n \n   \n \n \n (248,140) \n \n \n \n \n \n - \n \n \n \n \n \n (248,140) \n \n \n   \n \n \n \n \n Gross profit \n \n \n \n \n \n \n \n \n \n \n \n 192,266 \n \n \n   \n \n \n - \n \n \n   \n \n \n 192,266 \n \n \n   \n \n \n 143,600 \n \n \n \n \n \n - \n \n \n \n \n \n 143,600 \n \n \n   \n \n \n \n \n Administrative expenses \n \n \n \n \n \n \n \n \n \n \n \n  (23,716) \n \n \n   \n \n \n - \n \n \n   \n \n \n  (23,716) \n \n \n   \n \n \n (23,649) \n \n \n \n \n \n - \n \n \n \n \n \n (23,649) \n \n \n   \n \n \n \n \n Exploration expenses \n \n \n \n \n \n 6 \n \n \n \n \n \n  (12,181) \n \n \n   \n \n \n - \n \n \n   \n \n \n  (12,181) \n \n \n   \n \n \n (13,509) \n \n \n \n \n \n - \n \n \n \n \n \n (13,509) \n \n \n   \n \n \n \n \n Selling expenses \n \n \n \n \n \n 7 \n \n \n \n \n \n  (8,343) \n \n \n   \n \n \n - \n \n \n   \n \n \n  (8,343) \n \n \n   \n \n \n (7,615) \n \n \n \n \n \n - \n \n \n \n \n \n (7,615) \n \n \n   \n \n \n \n \n Other income \n \n \n \n \n \n 8 \n \n \n \n \n \n  6,033 \n \n \n   \n \n \n - \n \n \n   \n \n \n  6,033 \n \n \n   \n \n \n 12,402 \n \n \n \n \n \n - \n \n \n \n \n \n 12,402 \n \n \n   \n \n \n \n \n Other expenses \n \n \n \n \n \n 8 \n \n \n \n \n \n  (29,083) \n \n \n   \n \n \n - \n \n \n   \n \n \n  (29,083) \n \n \n   \n \n \n (14,781) \n \n \n \n \n \n - \n \n \n \n \n \n (14,781) \n \n \n   \n \n \n \n \n Impairment reversal/(impairment and write-off) of non-financial assets \n \n \n \n \n \n \n \n \n \n \n \n  (548) \n \n \n   \n \n \n 30,779 \n \n \n   \n \n \n 30,231 \n \n \n   \n \n \n (176) \n \n \n \n \n \n (13,732) \n \n \n \n \n \n (13,908) \n \n \n   \n \n \n \n \n Profit/(loss) from continuing operations before net finance cost, foreign exchange loss and income tax \n \n \n \n \n \n \n \n \n \n \n \n 124,428 \n \n \n   \n \n \n 30,779 \n \n \n   \n \n \n 155,207 \n \n \n   \n \n \n 96,272 \n \n \n \n \n \n (13,732) \n \n \n \n \n \n 82,540 \n \n \n   \n \n \n \n \n Share of loss of an associate \n \n \n \n \n \n 14 \n \n \n \n \n \n (887) \n \n \n   \n \n \n - \n \n \n \n \n \n (887) \n \n \n   \n \n \n (668) \n \n \n \n \n \n - \n \n \n \n \n \n (668) \n \n \n   \n \n \n \n \n Finance income \n \n \n \n \n \n 10 \n \n \n \n \n \n  3,921 \n \n \n   \n \n \n - \n \n \n   \n \n \n  3,921 \n \n \n   \n \n \n 7,263 \n \n \n \n \n \n - \n \n \n \n \n \n 7,263 \n \n \n   \n \n \n \n \n Finance costs \n \n \n \n \n \n 10 \n \n \n \n \n \n  (16,631) \n \n \n   \n \n \n - \n \n \n   \n \n \n  (16,631) \n \n \n   \n \n \n (15,179) \n \n \n \n \n \n - \n \n \n \n \n \n (15,179) \n \n \n   \n \n \n \n \n Foreign exchange loss \n \n \n \n \n \n \n \n \n \n \n \n  (1,497) \n \n \n   \n \n \n - \n \n \n   \n \n \n  (1,497) \n \n \n   \n \n \n (4,596) \n \n \n \n \n \n - \n \n \n \n \n \n (4,596) \n \n \n   \n \n \n \n \n Profit/(loss) from continuing operations before income tax \n \n \n \n \n \n \n \n \n \n \n \n 109,334 \n \n \n   \n \n \n 30,779 \n \n \n   \n \n \n 140,113 \n \n \n   \n \n \n 83,092 \n \n \n \n \n \n (13,732) \n \n \n \n \n \n 69,360 \n \n \n   \n \n \n \n \n Income tax (expense)/benefit \n \n \n \n \n \n 11 \n \n \n \n \n \n (42,839) \n \n \n   \n \n \n - \n \n \n   \n \n \n (42,839) \n \n \n   \n \n \n (19,066) \n \n \n \n \n \n 1,192 \n \n \n \n \n \n (17,874) \n \n \n   \n \n \n \n \n Profit/(loss) for the period from continuing operations \n \n \n \n \n \n \n \n \n \n \n \n 66,495 \n \n \n   \n \n \n 30,779 \n \n \n   \n \n \n 97,274 \n \n \n   \n \n \n 64,026 \n \n \n \n \n \n (12,540) \n \n \n \n \n \n 51,486 \n \n \n   \n \n \n \n \n Attributable to: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Equity shareholders of the parent \n \n \n \n \n \n \n \n \n \n \n \n 60,110 \n \n \n   \n \n \n 30,779 \n \n \n   \n \n \n 90,889 \n \n \n   \n \n \n 52,058 \n \n \n \n \n \n (12,540) \n \n \n \n \n \n 39,518 \n \n \n   \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n \n \n \n \n \n \n 6,385 \n \n \n   \n \n \n - \n \n \n   \n \n \n 6,385 \n \n \n   \n \n \n 11,968 \n \n \n \n \n \n - \n \n \n \n \n \n 11,968 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 66,495 \n   \n \n \n   \n \n \n 30,779 \n \n \n   \n \n \n 97,274 \n   \n \n \n   \n \n \n 64,026 \n \n \n \n \n \n (12,540) \n \n \n \n \n \n 51,486 \n \n \n   \n \n \n \n \n Basic and diluted earnings/(loss) per ordinary share from continuing operations for the period (expressed in U.S. dollars per share) \n \n \n \n \n \n \n \n \n \n \n \n 0.12 \n \n \n   \n \n \n 0.06 \n \n \n \n \n \n 0.18 \n \n \n   \n \n \n 0.10 \n \n \n \n \n \n (0.02) \n \n \n \n \n \n 0.08 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n   \n Interim condensed consolidated statement of comprehensive income \n Six months ended 30 June 2025 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n Six months ended 30 June \n \n \n \n \n \n \n \n \n \n \n \n \n \n Notes \n \n \n   \n \n \n 2025 (Unaudited) US$000 \n \n \n \n \n \n 2024 (Unaudited) US$000 \n \n \n \n \n \n \n \n \n \n Profit for the period \n \n \n \n \n \n \n \n \n \n \n \n 97,274 \n \n \n \n \n \n 51,486 \n \n \n \n \n \n \n \n Other comprehensive (loss)/income that might be reclassified to profit or loss in subsequent periods \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change in fair value of cash flow hedges \n \n \n \n \n \n 15 \n \n \n \n \n \n (118,902) \n \n \n \n \n \n (56,743) \n \n \n \n \n \n \n \n Recycling of the loss on cash flow hedges \n \n \n \n \n \n 15 \n \n \n \n \n \n 41,471 \n \n \n \n \n \n 4,285 \n \n \n \n \n \n \n \n Deferred tax benefit on cash flow hedges \n \n \n \n \n \n 11 \n \n \n \n \n \n 25,808 \n \n \n \n \n \n 17,218 \n \n \n \n \n \n \n \n Exchange differences on translating foreign operations 1 \n \n \n \n \n \n \n \n \n \n \n \n 9,921 \n \n \n \n \n \n (22,252) \n \n \n \n \n \n \n \n Unrealised change in credit risk of financial liability \n \n \n \n \n \n 19(a) \n \n \n \n \n \n (153) \n \n \n \n \n \n - \n \n \n \n \n \n \n \n Share of other comprehensive profit/(loss) of an associate \n \n \n \n \n \n 14 \n \n \n \n \n \n 1,628 \n \n \n \n \n \n (1,560) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (40,227) \n \n \n \n \n \n (59,052) \n \n \n \n \n \n \n \n Other comprehensive income that will not be reclassified to profit or loss in subsequent periods; net of tax: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net profit/(loss) on equity instruments at fair value through other comprehensive income (\"OCI\") \n \n \n \n \n \n \n \n \n \n \n \n 152 \n \n \n \n \n \n (151) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 152 \n \n \n \n \n \n (151) \n \n \n \n \n \n \n \n Other comprehensive loss for the period, net of tax \n \n \n \n \n \n \n \n \n \n \n \n (40,075) \n \n \n \n \n \n (59,203) \n \n \n \n \n \n \n \n Total comprehensive income/(loss) for the period \n \n \n \n \n \n \n \n \n \n \n \n 57,199 \n \n \n \n \n \n (7,717) \n \n \n \n \n \n \n \n Total comprehensive loss attributable to: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity shareholders of the parent \n \n \n \n \n \n \n \n \n \n \n \n 50,814 \n \n \n \n \n \n (19,685) \n \n \n \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n \n \n \n \n \n \n 6,385 \n \n \n \n \n \n 11,968 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 57,199 \n \n \n \n \n \n (7,717) \n \n \n \n \n \n \n \n 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.  \n \n   \n \n Interim condensed consolidated statement of financial position \n As at 30 June 2025 \n \n \n \n \n   \n \n \n   \n \n \n Notes \n \n \n   \n \n \n As at 30 \nJune \n2025 \n  (Unaudited) US$000 \n \n \n   \n \n \n As at 31 \nDecember \n2024 \n  US$000 \n \n \n   \n \n \n \n \n \n \n ASSETS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n \n \n \n 12 \n \n \n \n \n \n  1,092,608 \n \n \n \n \n \n 1,070,758 \n \n \n \n \n \n \n \n Evaluation and exploration assets \n \n \n \n \n \n 13 \n \n \n \n \n \n 171,835 \n \n \n \n \n \n 132,303 \n \n \n \n \n \n \n \n Intangible assets \n \n \n \n \n \n 18 \n \n \n \n \n \n 62,792 \n \n \n \n \n \n 49,632 \n \n \n \n \n \n \n \n Investment in an associate \n \n \n \n \n \n 14 \n \n \n \n \n \n 21,552 \n \n \n \n \n \n 15,811 \n \n \n \n \n \n \n \n Financial assets at fair value through OCI \n \n \n \n \n \n 15 \n \n \n \n \n \n 627 \n \n \n \n \n \n 475 \n \n \n \n \n \n \n \n Other receivables \n \n \n \n \n \n \n \n \n \n \n \n 19,265 \n \n \n \n \n \n 18,316 \n \n \n \n \n \n \n \n Deferred income tax assets \n \n \n \n \n \n 16 \n \n \n \n \n \n 53,772 \n \n \n \n \n \n 27,677 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,422,451 \n \n \n \n \n \n 1,314,972 \n \n \n \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n \n \n \n \n \n \n  94,736 \n \n \n \n \n \n 87,087 \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n \n \n \n \n \n \n  120,564 \n \n \n \n \n \n 135,814 \n \n \n \n \n \n \n \n Income tax receivable \n \n \n \n \n \n \n \n \n \n \n \n 611 \n \n \n \n \n \n 186 \n \n \n \n \n \n \n \n Other financial assets \n \n \n \n \n \n \n \n \n \n \n \n 2,492 \n \n \n \n \n \n 3,807 \n \n \n \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n 17 \n \n \n \n \n \n 109,841 \n \n \n \n \n \n 96,973 \n \n \n \n \n \n \n \n Assets held for sale \n \n \n \n \n \n 18 \n \n \n \n \n \n - \n \n \n \n \n \n 12,660 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n 328,244 \n \n \n   \n \n \n 336,527 \n \n \n \n \n \n \n \n Total assets \n \n \n   \n \n \n   \n \n \n   \n \n \n 1,750,695 \n \n \n   \n \n \n 1,651,499 \n \n \n \n \n \n \n \n EQUITY AND LIABILITIES \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Capital and reserves attributable to shareholders of the Parent \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity share capital \n \n \n \n \n \n 22 \n \n \n \n \n \n 9,068 \n \n \n \n \n \n 9,068 \n \n \n \n \n \n \n \n Other reserves \n \n \n \n \n \n \n \n \n \n \n \n (369,506) \n \n \n \n \n \n (329,431) \n \n \n \n \n \n \n \n Retained earnings \n \n \n \n \n \n \n \n \n \n \n \n 1,012,066 \n \n \n \n \n \n 931,236 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 651,628 \n \n \n \n \n \n 610,873 \n \n \n \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n \n \n \n \n \n \n 80,617 \n \n \n \n \n \n 76,478 \n \n \n \n \n \n \n \n Total equity \n \n \n \n \n \n \n \n \n \n \n \n 732,245 \n \n \n \n \n \n 687,351 \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other payables \n \n \n \n \n \n 19 \n \n \n \n \n \n  39,795 \n \n \n \n \n \n 46,501 \n \n \n \n \n \n \n \n Derivative financial liabilities \n \n \n \n \n \n 15 \n \n \n \n \n \n  94,372 \n \n \n \n \n \n 61,343 \n \n \n \n \n \n \n \n Borrowings \n \n \n \n \n \n 20 \n \n \n \n \n \n 190,000 \n \n \n \n \n \n 163,333 \n \n \n \n \n \n \n \n Provisions \n \n \n \n \n \n 21 \n \n \n \n \n \n 175,499 \n \n \n \n \n \n 146,781 \n \n \n \n \n \n \n \n Deferred income tax liabilities \n \n \n \n \n \n 16 \n \n \n \n \n \n 79,566 \n \n \n \n \n \n 82,504 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 579,232 \n \n \n \n \n \n 500,462 \n \n \n \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n \n \n \n 19 \n \n \n \n \n \n  182,392 \n \n \n \n \n \n 208,222 \n \n \n \n \n \n \n \n Derivative financial liabilities \n \n \n \n \n \n 15 \n \n \n \n \n \n  84,525 \n \n \n \n \n \n 40,276 \n \n \n \n \n \n \n \n Borrowings \n \n \n \n \n \n 20 \n \n \n \n \n \n 122,129 \n \n \n \n \n \n 149,249 \n \n \n \n \n \n \n \n Provisions \n \n \n \n \n \n 21 \n \n \n \n \n \n 21,866 \n \n \n \n \n \n 35,082 \n \n \n \n \n \n \n \n Income tax payable \n \n \n \n \n \n \n \n \n \n \n \n 28,306 \n \n \n \n \n \n 21,205 \n \n \n \n \n \n \n \n Liabilities directly associated with assets held for sale \n \n \n \n \n \n 18 \n \n \n \n \n \n - \n \n \n \n \n \n 9,652 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 439,218 \n \n \n \n \n \n 463,686 \n \n \n \n \n \n \n \n Total liabilities \n \n \n \n \n \n \n \n \n \n \n \n 1,018,450 \n \n \n \n \n \n 964,148 \n \n \n \n \n \n \n \n Total equity and liabilities \n \n \n \n \n \n \n \n \n \n \n \n 1,750,695 \n \n \n \n \n \n 1,651,499 \n \n \n \n \n \n \n \n   \n \n \n Interim condensed consolidated statement of cash flows \n Six months ended 30 June 2025 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n Six months ended 30 June \n \n \n \n \n \n \n \n   \n \n \n \n \n \n Notes \n \n \n   \n \n \n 2025 (Unaudited) US$000 \n \n \n   \n \n \n 2024 (Unaudited) US$000 \n \n \n \n \n \n \n \n \n \n Cash flows from operating activities \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash generated from operations \n \n \n \n \n \n 25 \n \n \n \n \n \n 175,198 \n \n \n \n \n \n 119,336 \n \n \n \n \n \n \n \n Interest received \n \n \n \n \n \n \n \n \n \n \n \n 1,106 \n \n \n \n \n \n 1,725 \n \n \n \n \n \n \n \n Interest paid \n \n \n \n \n \n 20 \n \n \n \n \n \n (9,385) \n \n \n \n \n \n (13,577) \n \n \n \n \n \n \n \n Payment of mine closure costs \n \n \n \n \n \n 21(1) \n \n \n \n \n \n (3,686) \n \n \n \n \n \n (3,414) \n \n \n \n \n \n \n \n Income tax, special mining tax and mining royalty paid 1 \n \n \n \n \n \n \n \n \n \n \n \n (9,430) \n \n \n \n \n \n (3,275) \n \n \n \n \n \n \n \n Net cash generated from operating activities \n \n \n \n \n \n \n \n \n \n \n \n 153,803 \n \n \n \n \n \n 100,795 \n \n \n \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Purchase of property, plant and equipment \n \n \n \n \n \n \n \n \n \n \n \n (101,903) \n \n \n \n \n \n (105,930) \n \n \n \n \n \n \n \n Purchase of evaluation and exploration assets \n \n \n \n \n \n \n \n \n \n \n \n (2,862) \n \n \n \n \n \n (18,156) \n \n \n \n \n \n \n \n Purchase of intangibles \n \n \n \n \n \n \n \n \n \n \n \n (1,044) \n \n \n \n \n \n - \n \n \n \n \n \n \n \n Investment in associates \n \n \n \n \n \n 14 \n \n \n \n \n \n (5,000) \n \n \n \n \n \n - \n \n \n \n \n \n \n \n Purchase of Argentinian bonds \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n (5,838) \n \n \n \n \n \n \n \n Proceeds from sale of Argentinian bonds \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n 3,472 \n \n \n \n \n \n \n \n Proceeds from sale of assets held for sale \n \n \n \n \n \n 18 \n \n \n \n \n \n 100 \n \n \n \n \n \n 13,890 \n \n \n \n \n \n \n \n Proceeds from sale of property, plant and equipment \n \n \n \n \n \n 12 \n \n \n \n \n \n 170 \n \n \n \n \n \n 421 \n \n \n \n \n \n \n \n Net cash used in investing activities \n \n \n \n \n \n \n \n \n \n \n \n (110,539) \n \n \n \n \n \n (112,141) \n \n \n \n \n \n \n \n Cash flows from financing activities \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Proceeds from borrowings \n \n \n \n \n \n 20 \n \n \n \n \n \n 270,000 \n \n \n \n \n \n 65,965 \n \n \n \n \n \n \n \n Repayment of borrowings \n \n \n \n \n \n 20 \n \n \n \n \n \n (271,486) \n \n \n \n \n \n (52,193) \n \n \n \n \n \n \n \n Payment of lease liabilities \n \n \n \n \n \n \n \n \n \n \n \n (3,034) \n \n \n \n \n \n (1,585) \n \n \n \n \n \n \n \n Dividends paid to shareholders \n \n \n \n \n \n 23 \n \n \n \n \n \n (10,059) \n \n \n \n \n \n - \n \n \n \n \n \n \n \n Dividends paid to non-controlling interests \n \n \n \n \n \n 23 \n \n \n \n \n \n (2,246) \n \n \n \n \n \n (388) \n \n \n \n \n \n \n \n Buy-down option of Stream Agreement \n \n \n \n \n \n 19a \n \n \n \n \n \n (13,000) \n \n \n \n \n \n - \n \n \n \n \n \n \n \n Cash flows (used in)/generated from financing activities \n \n \n \n \n \n \n \n \n \n \n \n (29,825) \n \n \n \n \n \n 11,799 \n \n \n \n \n \n \n \n Net increase in cash and cash equivalents during the period \n \n \n \n \n \n \n \n \n \n \n \n 13,439 \n \n \n \n \n \n 453 \n \n \n \n \n \n \n \n Impact of foreign exchange \n \n \n \n \n \n \n \n \n \n \n \n (571) \n \n \n \n \n \n (441) \n \n \n \n \n \n \n \n Cash and cash equivalents at beginning of period \n \n \n \n \n \n 17 \n \n \n \n \n \n 96,973 \n \n \n \n \n \n 89,126 \n \n \n \n \n \n \n \n Cash and cash equivalents at end of period \n \n \n \n \n \n 17 \n \n \n \n \n \n 109,841 \n \n \n \n \n \n 89,138 \n \n \n \n \n \n \n \n 1   Taxes paid have been offset with value added tax (VAT) credits of US$21,777,000 (2024: US$1,246,000). \n   \n   \n \n \n Interim condensed consolidated statement of changes in equity \n Six months ended 30 June 2025 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n Other reserves \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n   \n \n \n Notes \n \n \n Equity \n share \n capital US$000 \n \n \n   \n \n \n Dividends expired US$000 \n \n \n   \n \n \n   \n   \n   \n Unrealised gain/ \n (loss/gain on cash flow hedges \n US$000 \n \n \n   \n \n \n   \n   \n Share \n of other compre- hensive \n gain of an associate US$000 \n \n \n   \n \n \n Fair value reserve of  financial assets at fair value through OCI US$000 \n \n \n   \n \n \n Cumulative translation adjustment US$000 \n \n \n   \n \n \n Merger  reserve US$000 \n \n \n   \n \n \n Share-based payment reserve US$000 \n \n \n   \n \n \n   \n \n \n Change in fair value of Sprott agreement US$000 \n \n \n Total \nother \nreserves US$000 \n \n \n Retained earnings US$000 \n \n \n   \n \n \n Capital and reserves attributable to shareholders \nof the Parent US$000 \n \n \n   \n \n ...

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