# Hochschild Mining 2025 Annual Report

Source Brief: https://evesgoldminers.com/research/source-briefs/hochschild-mining-2026-04-08-hochschild-mining-2025-annual-report-dc943ce4
Original source: https://www.hochschildmining.com/media/ntek4iun/hm-plc-2025-ara-for-website.pdf
Original published: 2026-04-08
EGM generated: 2026-09-04
Company: Hochschild Mining plc (HOC)

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# Hochschild Mining 2025 Annual Report

Source: https://www.hochschildmining.com/media/ntek4iun/hm-plc-2025-ara-for-website.pdf
Published: 2026-04-08T00:00:00+00:00
Fetched: 2026-05-06T15:07:55.853+00:00
Source artifact: dc943ce4-0d13-4e15-9875-9bcd3ab1acd0
Normalizer input: text

## Content

# Hochschild Mining 2025 Annual Report
Source: https://www.hochschildmining.com/media/ntek4iun/hm-plc-2025-ara-for-website.pdf
Published: 2026-04-08
A N N U A L R E P O RT 2025
Strengthening today,
building the future
S T R AT E G I C R E P O R T GOVERNANCE F I N A N C I A L S TAT E M E N T S F U R T H E R I N F O R M AT I O N
WHO WE ARE
Hochschild Mining PLC is a leading precious metals company listed on
the London Stock Exchange with a primary focus on the exploration,
mining, processing and sale of silver and gold. We have over 60 years
of experience in the mining of precious metal epithermal vein deposits
and currently operate two underground epithermal vein mines, one
located in southern Peru and one in southern Argentina as well as an
open-pit mine in Brazil. We also have numerous long-term projects
throughout the Americas.
S T R AT E G I C R E P O R T G OV E R N A N C E F U R T H E R I N F O R M AT I O N
Highlights  2 Board of Directors  91 Profit by operation  202
Hochschild at a glance  3 Directors’ report  94 Reserves and resources  203
Our strategic framework  4 Corporate governance report  96 Shareholder information  205
Our investment case  5 Audit Committee report  109 Forward-looking statements & Non-IFRS measures  206
Optimising the business  6 Nomination Committee report  115
Market review  9 Directors’ Remuneration report  118
Chair’s statement  12 Supplementary information  130
Chief Executive Officer’s statement  14 Statement of Directors’ responsibilities  133
Business model  17 MARKET LISTING
Strategy  18 F I N A N C I A L S TAT E M E N T S Market: SEDOL:
Key performance indicators  20 Main Market (FTSE 250) B1FW502
Independent auditor’s report to the members
Operating review  22 of Hochschild Mining PLC  135
Financial review  34 Consolidated financial statements  143 ISIN: Issue date:
Stakeholder engagement  42 GB00B1FW5029 18 December 2006
Consolidated statement of comprehensive income  144
Sustainability report  45 Consolidated statement of financial position  145
Market segment: Year end:
Climate-related Financial Disclosure Report 2025  67 Consolidated statement of cash flows  146 STMM 31 December 2025
Risk management  76 Consolidated statement of changes in equity  147
Viability statement  87 Notes to the consolidated financial statements  148
Group non-financial and sustainability Parent company financial statements  192
information statement  89
Notes to the parent company financial statements  194 Visit our website hochschildmining.com
S T R AT E G I C R E P O R T GOVERNANCE F I N A N C I A L S TAT E M E N T S F U R T H E R I N F O R M AT I O N 1
Strategic
report
→ Highlights → Operating review
→ Hochschild at a glance → Financial review
→ Our strategic framework → Stakeholder engagement
→ Our investment case → Sustainability report
→ Optimising the business →  Climate-related Financial
Disclosure Report 2025
→ Market review
→ Risk management
→ Chair’s statement
→ Viability statement
→ Chief Executive Officer's statement
→  Group non-financial
→ Business model and sustainability
→ Strategy information statement
→ Key performance indicators
S T R AT E G I C R E P O R T GOVERNANCE F I N A N C I A L S TAT E M E N T S F U R T H E R I N F O R M AT I O N 2
HIGHLIGHTS
This year marks a key 2025 ST RO N G F I N A N C I A L P E R F O R M A N C E
moment for Hochschild, – Revenue up 25% at $1,182.1 million
(2024: $947.7 million)1.
– Basic earnings per share
(pre-exceptional) at $0.31 (2024: $0.23).
delivering our strongest – Revenue (pre-exceptional) up 28% at – Basic earnings per share
ever financial performance,
$1,208.6 million (2024: $947.7 million)2. (post-exceptional) at $0.39
– Adjusted EBITDA up 39% at $583.7 (2024: $0.19).
driven by disciplined million (2024: $421.4 million)3.
– Profit before income tax
– Cash and cash equivalents balance of
$317.0 million as at 31 December 2025
execution at Inmaculada (pre-exceptional) up 66% at
$330.4 million (2024: $199.1 million).
(2024: $97.0 million).
– Net debt2 of $22.7 million as at
and precious metal price – Profit before income tax 31 December 2025 (2024: $215.6 million).
tailwinds. We added (post-exceptional) up 110% at
$372.8 million (2024: $177.2 million).
– Recommended final dividend of
5.00 US cents per share ($25.7 million)4.
1.7 million ounces to our resource base,
advanced our two exciting growth projects in R E A D M O R E O N PA G E 3 4
Peru and Brazil, and significantly increased the 2025 O P E R AT I O N A L P E R F O R M A N C E 5
dividend, reflecting the strength of our balance – Strong 2025 safety performance. – Turnaround plan at Mara Rosa
sheet. At Mara Rosa, we are close to completing – Full-year attributable production
of 311,509 gold equivalent ounces
progressing in-line with expectations,
positioning the asset for stronger and
our turnaround plan, positioning the operation (2024: 347,374 ounces). sustainable long-term production.
– San Jose performance in line with
for a stronger and more sustainable future.
– Attributable all-in sustaining costs
(AISC)2 from operations of $2,138 per expectations producing 120,639 gold
gold equivalent ounce (2024: $1,558). equivalent ounces.
– Strong performance at Inmaculada – Senior management team
E D UA R D O L A N D I N producing 209,921 gold equivalent strengthened with key appointments
CHIEF EXECUTIVE OFFICER including Cassio Diedrich as Chief
ounces.
Operating Officer.
R E A D M O R E O N PA G E 2 2
2025 E X P LO R AT I O N A N D P RO J ECT H I G H L I G H TS
1
Revenue is reported in the financial statements net of commercial discounts, plus revenue from the sale of – Total resource additions of 1.7 million – Royropata silver project permitting
aggregates and services revenue. gold equivalent ounces. process on track.
2
Revenue (pre-exceptional) is reported in the financial statements net of commercial discounts, plus revenue from
the sale of aggregates and services revenue, and excludes the non-cash recycling of $26.4 million of accumulated – Monte do Carmo project progressing – Strong progression on monetisation of
losses related to the roll-forward of gold hedges.
3
Adjusted EBITDA, net debt and AISC are non-IFRS measures. Please see the Financial Review pages 38-39 for a towards updated economics and a final non-core assets: Tiernan Gold Corp. now
definition and calculation of Adjusted EBITDA, net debt and Attributable AISC. The Company has calculated its
all-in sustaining cost on an attributable basis and excludes Peruvian royalties which are recognised in the income investment decision by mid-2026. trading on the TSX Venture Exchange.
tax line. Management believes that the updated methodology better aligns with prevailing industry practices and
enhances comparability with peers. All previous periods have been re-presented to reflect this change.
4
 Please see the Financial Review page 41 for the calculation of the final proposed dividend.
5
2025 and 2024 equivalent figures calculated using the gold/silver ratio of 83x. R E A D M O R E O N PA G E 3 1
S T R AT E G I C R E P O R T GOVERNANCE F I N A N C I A L S TAT E M E N T S F U R T H E R I N F O R M AT I O N 3
Hochschild at a glance
Our operations follow a disciplined pipeline —
from exploration to production — delivering
value at every stage of the mine life cycle.
GOLD
1 I N M ACU L A DA
5
Over the past several decades, the
4
price of gold has been influenced by PE RU  210koz Au Eq 1
2 8
many different factors such as central 2 MAR A ROSA
bank buying, inflation, geopolitics, Inmaculada is a
monetary policy and equity markets. 20,000 hectare gold and
B R A Z I L  40koz Au
silver underground mine. The
259 koz
TOTAL GOLD PRODUCTION 2025
mine consists of 40 mining
concessions and is located
in the Ayacucho Department
Mara Rosa is an open pit
gold mine located in the
mining-friendly jurisdiction
in southern Peru. of Goias State.
$3,471/oz
AVERAGE PRICE FOR 2025
4,512 Employees & contractors
$66.0m Wages paid
$39.2m Taxes & royalties
1,769 Employees & contractors
$9.9m Wages paid
$4.0m Taxes & royalties
6
$83.8m Local procurement $44.8m Local procurement
SILVER R E A D M O R E O N PA G E 2 4 R E A D M O R E O N PA G E 2 9
Silver has tended to perform in line
3 SAN JOSE
with gold demonstrating its store-of-
value characteristics although with 7
Development Projects ARGENTINA  121koz Au Eq
over 50% of silver demand coming PROJECT PIPELINE
from industrial uses, the metal can Hochschild currently has a 4 Monte do Carmo (Brazil) San Jose is a gold-silver
also move with other industrial metals strong project pipeline with underground mine located
5 Royropata (Peru)
in line with global growth expectations. assets based in Peru, Brazil in the Santa Cruz province,
9.3
and Chile. These include 6  Volcan (Chile) 1,750km southwest of
k the advanced development (through 69.8% holding Buenos Aires.
oz project, Monte do Carmo in Tiernan Gold) 2,850 Employees & contractors
TOTAL SILVER PRODUCTION 2025 in Brazil, as well as former 3
Other $87.5m Wages paid
$40.4/oz
operations that have strong
7  Aclara Penco $19.2m Taxes & royalties
geological potential, such
(Chile, 19.5%) $90.5m Local procurement
as Royropata, and regional
AVERAGE PRICE FOR 2025 targets close to our current 8  Aclara Carina
R E A D M O R E O N PA G E 2 7
mines. (Brazil, 19.5%)
S T R AT E G I C R E P O R T GOVERNANCE F I N A N C I A L S TAT E M E N T S F U R T H E R I N F O R M AT I O N 4
Our strategic framework
O U R PU R POS E R E A D M O R E O N PA G E 4 5
Responsible and innovative mining committed to a better world
O U R STR ATEG I C PI LL A RS R E A D M O R E O N PA G E 1 8
DISCIPLINED
O P E R AT I O N A L
BROWNFIELD ESG C A P I TA L
E F F I C I E N CY
A L L O C AT I O N
O U R SUSTA I N A B I LIT Y A R E AS O F FOC US R E A D M O R E O N PA G E 4 2
Serving our Ensuring we are
Protecting the Ensuring Health Empowering
Communities a Responsible
Environment and Safety our People
Business
U N D E R PI N N E D BY O U R VA LU ES
Inspiring Recognising Seeking Demonstrating
Innovation
others talent efficiencies responsibility
S T R AT E G I C R E P O R T GOVERNANCE F I N A N C I A L S TAT E M E N T S F U R T H E R I N F O R M AT I O N 5
Our investment case
Low-cost precious metal growth potential
in key jurisdictions in the Americas.
G RO W T H O P T I O N S I N T H E A M E R I CA S B RO W N F I E L D P RO G R A M M E
We currently have two projects underway – Royropata in Peru Our brownfield team has a strong track record of adding
and Monte do Carmo in Brazil – that are expected to drive high-quality resources at all our operating mines.
significant production growth in the next few years.
READ MORE R E A D M O R E O N PA G E 2 5 READ MORE R E A D M O R E O N PA G E 3 1
ST RO N G E S G P E R F O R M A N C E LO N G -T E R M D I V I D E N D G RO W T H
Our corporate purpose places ESG at the heart of our business operations. As part of our comprehensive capital allocation
This commitment is demonstrated through a broad range of programmes, strategy, we recognise the importance of capital
initiatives, and actions that consistently drive positive change. return to our shareholders.
READ MORE R E A D M O R E O N PA G E 4 5 R E A D M O R E O N PA G E 4 1
S T R AT E G I C R E P O R T GOVERNANCE F I N A N C I A L S TAT E M E N T S F U R T H E R I N F O R M AT I O N 6
OPTIMISING THE BUSINESS
A strengthened leadership team
We are confident that we have the right team in place to drive and optimise
the business. Moving forward, this strengthened team will also play a vital
role in realising the full potential at the Mara Rosa mine and advancing the Biographies for our
development of the Monte do Carmo and Royropata projects.
leadership team can be
found on

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