Eduardo Landin, Chief Executive Officer said:

"Our operational team delivered a robust performance in the fourth quarter of 2023, and we have therefore ended the year at the top end of our revised production guidance with costs anticipated to be in line with expectations. I am also very pleased with our safety and environmental performance, where we achieved our best results in recent Company history.



In Brazil, we are in the final stages of the Mara Rosa project's construction and commissioning phases and are looking forward to the first gold pour in February. This exciting new mine forms a key part of our recently announced growth strategy and is set to enable Hochschild to increase output this year by over 15%."



Operational highlights

§ Full year attributable production[1]

o 186,091 ounces of gold

o 9.5 million ounces of silver

o 300,749 gold equivalent ounces at the high end of revised guidance of 289,000-303,000 ounces

o 25.0 million silver equivalent ounces

§ 2023 all-in sustaining costs expected to meet revised guidance of $1,490-1,580 per gold equivalent ounce ($18.0-19.0 per silver equivalent ounce)

Project highlights

§ Mara Rosa project is 99.8% complete with first gold pour expected in February

o On time and on budget

o 5 million hours completed on the project without any loss time accidents

Financial position

§ Total cash of approximately $89 million as at 31 December 2023 ($144 million as at 31 December 2022)

§ Net debt of approximately $252 million as at 31 December 2022 (net debt of $175 million as at 31 December 2022)

§ Current Net Debt/LTM EBITDA of approximately 0.97x as at 31 December 2023, improved from 1.12x in September 2023

§ Zero cost collar executed for 100,000oz of 2024 gold production from Inmaculada an average floor of $2,000/oz and an average cap of $2,252/oz

2023 ESG highlights
§ Lost Time Injury Frequency Rate of 0.99 (FY 2022: 1.37)[2]

§ Accident Severity Index of 37 (FY 2022: 93)[3]

§ Water Consumption of 163 lt/person/day (FY 2022: 171 lt/person/day)

§ Domestic waste generation of 0.93 kg/person/day (FY 2022: 1.05 kg/person/day)

§ ECO score of 5.76 out of 6 (FY 2022: 5.27)[4]

Growth in 2024

§ New Mara Rosa mine set to produce 83,000-93,000 ounces of gold at AISC of $1,090-$1,120 per ounce

§ Overall production target:

o 343,000-360,000 gold equivalent ounces

§ All-in sustaining costs target:

o $1,510-$1,550 per gold equivalent ounce

§ Total sustaining and development capital expenditure expected to be approximately $171-178 million

________________________________________________________________________________________



A conference call will be held at 2.00pm (London time) on Wednesday 24 January 2024 for analysts and investors.

Dial in details as follows:

UK Toll-Free: 0808 109 0700

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

US Toll-Free: 866-580-3963

Canada Toll-Free: 866-378-3566

Password: Hochschild Mining

A recording of the conference call will be available on demand on the Company's website: www.hochschildmining.com

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