Good morning, everyone, and welcome to our presentation of our H1 results. Here with me is Eduardo Noriega, our CFO; and Charlie Gordon in London.

Charlie, please if we can go to page 3. Okay.

First, let me say that we have, on H1, the strongest-ever half-year results financials. We have produced 150,000 oz, a little bit more.

Revenues went up 62% up to $844 million. Our adjusted EBITDA went up 119% to $492 million.

The EPS went up 208% to $0.37. Our total all-in sustaining cash cost was $2,448 per ounce gold equivalent.

We end up with a $309 million in cash, and our net cash position is of $51 million. The dividend that we have established following our policy is $0.04 equivalent to $1, $21 million.

What do we have to do with the rest of the of the second half? Mara Rosa reorganization is on track, and we will talk about during this presentation.

Royropata, the environmental permit was submitted to the Peruvian government at the date that we planned to do so. We continue working on Monte do Carmo on engineering, and the decision, or the FID, will be at the end of the year.

We continue having a strong ESG metrics, and we have also reviewed our all-in sustaining cash cost for the end of the year, and the new range is between $2,380 to $2,500 per ounce. Basically, the reasons for this review is being FX in the different countries that we operate, and also the price, the gold and silver price that affect directly to work, work, work profit sharing and royalties, for example.

The guidance stay, in terms of production, stay as, as it was defined at the beginning of the year, and the all-in sustaining cash cost is the figures that I just gave it to you. I pass the presentation to Eduardo Noriega to go through the financial results.

Charlie, if you can go to page 5, please. Go ahead, Eduardo.

Thank you very much, Eduardo, and good morning. This this strong set of financial results, as as Eduardo described, as record half-year results are mainly characterized by strong metal prices, but also a a strong operations and the recovery of our operational capabilities in in Brazil.

Revenue was up 62%, and that was mainly driven by higher prices, gold and silver prices, that's partially offset that was partially offset by by a scheduled lower ounces produced. Cost of sales went up 11%, mainly due to, as I said, scheduled higher tonnage, including waste movement in Mara Rosa to recover our operational capabilities.

We also had the impact of higher prices in royalties, workers' profit sharing, export tax in Argentina, and other items directly correlated to to to prices. Also, we saw stronger stronger local currencies in Peru and Brazil and net inflation in Argentina.

I would say most all all those effects are are closely tied to the the stronger gold and silver prices. In terms of administrative expenses, the increase is is versus last year is mainly driven also by the performance of the company, prices impacting LTIP, but also workers' profit sharing and and and bonus provisions.

In others, we recorded a higher adjustment to our mine closure provisions of $6 million and a and and and also the impact of higher prices on of on some items in our expenses, like the social contribution that we have in Argentina. Finally, a a tax rate, effective tax rate was a 35%, mainly mainly including special mining taxes and the FX appreciation in Brazil and Argentina.

Special mining taxes and royalties are in Peru, sorry. Also the impact of FX movements in Brazil and Argentina.

Excluding this this effects, our effective tax rate would have been 32%. We didn't record any exceptional items in in for the first half of the year.

If we can go to the next page, please, Charlie. Here, we have the cash evolution, and I would just like to start saying that that the the the free cash flow was was was very strong in the year and accounted for for around $156 million in total.

You can see that the cash that that we were able to generate in Inmaculada and San Jose very strong, the first one at $288 million, the second one $149 million. In Mara Rosa, we used $80 million to fully recover our capabilities, and and and build a thickener, install a thickener, and and open the open the the pit.

We invested $16 million in brownfield exploration. Our corporate overhead was $30 million.

In terms of tax paid, we paid $129 million, from which most of it is in go went to Peru and Argentina. We reduced debt by $80 million.

We paid $84 million in dividends, $26 million to Hochschild shareholders, and the rest, 58, to our joint venture partner in San Jose, McEwen Mining. We had temporary movements in working capital, negative of $37 million.

We executed our planned maintenance and mine closure budgets, but and invested $17 million. We paid interest, net interest of $8 million.

In addition to those elements, we invested in Monte do Carmo $9 million to advance in in our permitting process in sorry, in our engineering process; in Royropata, $6 million; in Aclara, we made a capital contribution of $9 million in Q1; and and we had other investments in $3 million, mainly that the expenses that our that the Tiernan company invested in in the Volcan project. With that, our ending balance of cash and and short-term investments was $309 million.

Again, a very strong free cash flow generation in the first half of the year. Despite having temporary movements like the working capital and also, I didn't mention, but in the in that tax line, around $80 million were taxes that belonged to the to the previous year, 2025, that were paid in March and in May, no?

That regularisation of 2025 taxes. If we can go to the next page, please, on cost drivers.

The all-in sustaining cost at the at the Hoch operations was $2,448 per ounce. In Inmaculada, the cost was $1,953 per ounce, and that cost include in included the impact of the scheduled lower grades, but also the impact of higher prices in workers' profit sharing and other items of the cost.

We also had a stronger sol, the local currency in Peru, which had an impact. We had scheduled sustained CapEx increases, being mainly to develop new areas and and to execute our infill drilling program.

In San Jose, our all-in sustaining cost was was $2,944, and those that that cost includes include the impact of lower grades from the border areas that we're mining and also the impact of higher prices in royalties and export tax. We also observed observed a local net inflation local net inflation in Argentina.

We were expecting more a a devaluation, but but we saw in the in this first half a net inflation of around 7%. In the case of Mara Rosa, the all-in sustaining cost of $3,551 per ounce is includes the all the efforts and and and investment that we have made to recover to successfully recover operational capabilities in in that country.

Also and also, in Mara Rosa, we also had the the impact of the stronger stronger real versus the US dollar. I would like to highlight that the company has made a strong efforts implementing a cost reduction and efficiency efficiency projects that has helped us mitigate the impact of general inflation in the mining industry associated to higher metal prices.

Again, a very good performance. As Eduardo pointed out, just would like to reiterate that the adjustment that we have done to our to our all-in sustaining cost guidance is mainly associated to higher prices and its direct impact in our in our all-in sustaining cost, and also the impact of stronger FX rates locally and net inflation in Argentina.

All the rest of the inflationary pressure have been offset by our efficiency projects. We can go, please, to the following page on capital expenditures.

We have maintained our guidance of between $210 and $225 million for the year. In the first half, we invested $105 million in sustaining CapEx at a on a consolidated basis.

In Inmaculada, we invested $69 million, and this number mainly includes mine developments and projects like the expansion of the tailings dam, where we invested $10 million. We also executed our infill drilling campaign and other support CapEx.

In the case of San Jose, our our CapEx was $15 million, mainly related to mine developments. In the case of Mara Rosa, the $21 million invested in the first half is mainly associated to all the program that we explained before to recover the mine operational capabilities, mainly the thickener, but also the opening of the pit.

On the following page, please, on the balance sheet, we have $309 million in cash and short-term investments, as stated before, and that the cash generation of $156 million free cash flow is is is reflected in our the transformation of our net debt position by the end of 2025 of $20 million to a net cash position of $51 million. The interim dividend went up 300% to $0.04 per share, and our net cash to last 12-month EBITDA was minus sorry, the net cash was 0.1 times, much below our our target of between 0.5 times and 1.5 times net debt to EBITDA in preparation for the investments where we are scheduled to to do in Monte do Carmo and Royropata.

Back to you, Eduardo. Thank you very much.

Charlie, we can go to page 11. Just to to remember what we defined 3 years ago, it was a strategy that pursue the delivery and to reach the growth, yeah?

Basically, we define four pillars. The first one was Brownfield to bring long-term value, basically, expanding our life of mines in each of the sites that we operate.

Also, to be focused on on on resources that would end up mineable, you know? It's not it's important to bring mineable resources.

Also, to continue expanding our land packages in all the countries that we operate to maximize the chances to bring new resources.

On the Operational Excellence, of course, we have a lean philosophy across the company, looking for cost efficiencies; also, will would like to go by the book on the project development, and that's why we are working on on on Monte do Carmo at the moment. Of course, is very important for us to be on the sites, and to have a leadership that is present, with the with the people.

On ESG, we need to continue focus on safety. Safety is the most important thing for us.

Of course, as water is something that is very delicate today in the world, we we like to focus on water management. As we 3 years ago, we implement a new community approach, especially in Peru, and the result has been that no blockages or whatsoever during the 3 years.

Of course, talent management. On the fourth pillar is the disciplined capital allocation, where we are looking to produce capital returns to our shareholders.

Of course, through our balance sheet, we need to funding organic growth so also to be able to pay debt. Of course, if we do any M&A, this M&A has to has has to be value accretive.

If we can go to the next page, please. 3 years ago also, we classified the assets on core assets and non-core assets.

Today, we are focused on our three core assets, which is Inmaculada, Mara Rosa, and San Jose. We also focus on the projects that we have on the on the near term, Monte do Carmo and Royropata.

Also, we have been working very hard on getting value out out of those non-core assets. The best examples you have is that Tiernan Gold today, Aclara has a value of $300 million, and Crespo, Azuca, and Arcata was sold.

If we go to the next page, please, as Eduardo Noriega mentioned, we need to be very focused on cost and looking for for efficiencies. Today, we have more than 50 initiatives in place to be able to control or to offset the inflation that we are living in the mining industry.

That inflation has been able to set to to set off with this initiatives. The only reason why we have reviewed the new guidance, cost new guidance, is because we have the FX effects and also the the price-related cost.

In this page, you can see different top initiatives that there they has been implementing in each sites, and we believe that we will be able to achieve the guidance in terms of cost and also in terms of production applying these these programs. Going to Inmaculada, on page 14, please, Charlie.

Inmaculada, as is our flagship operation. The guidance in for 2026 is between 174 to 185,000 oz of gold.

We are in in in we we we are in that in that path to be able to achieve these results. Sadly, I have to to say that we have a a contractor fatality in June, but we have done an extensive investigation on what happened and apply all the lesson learned from this situation.

Also, I would like to mention that as you can see, the production profile, it goes a bit down, yeah, but I have to say that this is the the I mean the the the results of having higher prices that it let you pass through the plant lower grades. If we go to the page 15, this is a Inmaculada has been a fantastic story.

We start Inmaculada back in 2015, and if you remember, we used to have 1 million oz of gold equivalent. It was 80 million oz of silver equivalent.

In the last 10 years, we have been able to discover 80 veins and bring a total resource resource of 5.2 million oz of gold. What is next in Inmaculada?

Inmaculada, we are trying to do a exploration at the south of the deposit. That is something that we haven't test yet.

Also, Minascucho, we just got the permit, and we are waiting for social permitting. That's at the northwest of the of the deposit.

We have found at the Eduardo Belt some new veins that could be potential resources in the next years. Also, we believe that we will be able to bring around 250,000 oz this year on inferred resources.

As you can see, this year, our focus is to try to bring potential resources, potential near areas to be able to expand again the resource at Inmaculada. Going to page 16, we have Royropata project.

We have a great a great news here, and is that we have been able to file the environmental permit with the new Peruvian government. Also, as we have been able to build this document.

We have worked with the specialist consultants. We have close our agreements with the community with the communities back in 2024.

Today, we believe that we have a year of revision, and we could be seeing the permit granted next year around August. That's that's the plan.

The the thing about Royropata is that we have 3.3 million oz of gold equivalent. As you can see, the grade is a 412 g of silver and 1.5 g of gold.

The average width of the deposit is 13 m. Also, you know that we have a plant of 3,000 tons ready to receive this material at our Selene plant that is in care and maintenance since 2023.

We believe that we have a huge value to bring to the company developing this new project. Also, if we can go to the next page, you can see that we brought a lot of resources from 2007 to 2025.

Between 2027 and 2030, we believe that we can look for new resources to extend Marco vein. Good news for the company is that we just got the semi-detailed permit that let us drill from 40 platforms, and we are going to target the extension of Pallancata vein and also the new areas that we believe that we can bring new resources.

I believe that in a couple of years, we can have a a new fantastic asset, that would complement the production in Peru with at least 100,000 oz per year. If we go to page 18, you can see our land package between Inmaculada, Pallancata, and Selene.

It's 152,000 hectares. It's a huge land package.

We have been able to add 6 million oz of gold equivalent to date. We are using the most advanced exploration tools that are available in the market.

The latest thing that we're doing is microgravity survey, and we are testing current veins with this models, and we believe that there is a very good correlation. Between the this microgravity and also the long holes drilling, we believe that we have the tools, to to to explore all this area, and continue bringing resources to our plants at Inmaculada and Selene.

Okay. Going to page 19, we fly to Brazil to Mara Rosa.

Mara Rosa, as it was an asset that we acquire in Brazil, our first asset. During 2025 and 2026, we have been working on a reorganization, and finally, we have finished that.

We have solved all the filtering issues. We have a new contractor in place.

Our guidance, we keep our guidance for 2026 between 67,000 and 80,000 oz. If we go to the next page, I believe that the most interesting thing is the graph at the bottom of the page, the run rate performance.

As you can see, in August, we have the crushing, milling, and filtering plants nearly to our nameplate capacity. Good news is that we were able to implement the thickener that now is fully commissioned and working in in record time, in 3 months.

The most important thing is that today, we count with a very competent mining contractor, and we are doing many, many improvements at the mine. I believe that the second half of Mara Rosa is going to be very good for the company.

We have finished all this work. If we can go to page 21, Charlie, please, you can see the open pit there, you can see the filters, you can see the dry stack on on the right upper corner of the of the of the page that is, state-of-the-art in terms of stability and and everything.

The thickener in place. You see the ore stockpile full of full of ore, and also the filtering plant with their ceilings ready for with the roofs ready for the rainy season.

If we go to page 22, we can see the Mara Rosa near-mine program to add new resources. As the the the the place where Posse, which is Mara Rosa, is is placed is an orogenic trend that extend for 20 km.

We have many mining concessions along this this this this this trend. Currently, we are evaluating a structural corridor with three structures: Posse, Araras, and Speti.

We believe that we have promising results from drilling at the north of Posse. The idea is to continue bringing, as we establish in our strategy, is continue bringing new resources to current assets.

If we can go to page 23, we can see Monte do Carmo. Monte do Carmo is a is our new project in Brazil that we acquired in 2024 for $60 million.

It's 1 million oz of gold. It's located in a very mining-friendly Tocantins state, which is north of Goias.

This this project is fully permitted, and I have to say that has an excellent infrastructure in terms of paved highways, hydropower plants, airports, cities, big cities, that I'm sure it will attract very good talent once we start the operation. Today, we are working on waste rock facilities and pre-stripping engineering going to detail engineering.

The plant engineering done by Ausenco is nearly finished. Of course, we continue doing some pile drilling.

Of course, we have been able to talk to suppliers in order to talking about the orders for milling, crushing, power lines, and filtration to make sure that the lead times of those equipments are are ready for us. We expect to to present to the market an updated economic and go to our Board of Directors for FID at the end of this year.

At at that point, we will have finished 100% of our basic engineering. Through H1 2027, we will go, to perform the detailed engineering of all the components.

Basically, we Once you have a basic engineering, you can apply a fast-track construction strategy, developing detail engineering during construction. That's that's that's the idea.

I believe that the first thing is to make sure that based on basic engineering, we have a very strong project, even at very conservative prices. That's that also that's that's also is established on our strategy to make sure that any M&A has to be value accretive.

I'm going to San Jose. San Jose is doing very well in terms of production.

Unfortunately, inflation has went down in Argentina. Today, we have up to 16%, but unfortunately, we didn't have any devaluation.

Cost is is is increasing. It's incredible how many efficiency projects we have done in order to to to control those cost, but 16% of of cost increase is is is a lot.

We believe that we will be able to finish the year inside the new ranges that that we have present to the market, and of course, be able to accomplish with our guidance. In terms of exploration, if we can go to page 25, we we we believe that San Jose has a still has a lot of potential in terms of new new resources.

In 2026, we have been drilling on Aguas Verdes West in Ayelen and Maura. We are also doing microgravity survey that has been complete 70% in in areas that we believe that it could have new resources.

Of course, also we are working at the San Jose province, where we have some mining properties, and we believe that we can bring more value to to the company. Okay.

Changing the subject, if we go to page 26, I believe that we have a we we need to talk the new Peruvian government. As we have elections on July 28th, and Keiko Fujimori was appoint as a new president in Peru.

I have to say that a new cabinet has been appoint, and I would say that is technical and investment-friendly. At the inaugural address, it was centered basically on restoring stability, confidence, and growth, and we believe that these early moves that give us signals of continuity and pragmatic market-orientated tone.

On the economic team, we are very happy because Julio Velarde has been reappoint to the Central Bank. That the Peruvian sol has been the most established FX in in in in Latin America.

This Julio Velarde, which he will continue as a Governor of the Central Bank, has decide to extend his leadership until 2031. Also, as a Ministry of Economy, Elmer Cuba has been appoint.

He is a macroeconomist, very well reputated respected macroeconomist, and also former Central Bank Director. We expect to have a growth of 3.5% GDP in 2026.

At the at the Mining and Energy Minister, Guillermo Shinno has been appoint as a minister. He used to be Vice Minister of Mines, and is a person that has a lot of experience on the private sector also.

I believe that the Fujimori's platform for the for our sector is try to formalize mining, tackle illegal mining, and also simplify permitting. I believe that why is important this news for investors is because, we have a an improvement sentiment, and with renew expectations to have faster permitting, and I'm sure that the country is going to be attracting new investments.

I know that permitting remains challenging overall because, we need to have we need to implement a lot of changes on on regulations that the Fujimori's government has has presented. Of course, we have the Royropata permit now with this government, and I believe that that's that's very good news for for the company.

I insist that Royropata is it could be the new flagship of of Hochschild Mining. We need to continue developing this this project.

If we go to page 27, again, this this slide is always on our presentation, is that we believe that we have a valuation opportunity. Now we have Mara Rosa that I believe that on H2 is going to perform.

Inmaculada continue having a very strong performance. Today, Royropata, we have already present the the the permit.

Monte do Carmo, we believe that at the end of the year, we are going to be able to present the FID. With all these news, if we compare ourselves with with our peers, we have still a very low value, so that's an opportunity to buy our share, and and and the expectation is that the value is going to grow in the future.

If we're going to page 27 as a conclusion. Well, 2026 H1 has been, as we said, a record performance in terms of financial.

I'm extremely happy with the execution that we have been able to implement at Mara Rosa in its turnaround. We have very strong Peruvian and Argentinian cash flows.

The dividend is going to be 20 $21 million. Also, as we established in our in our strategy, Tiernan and Aclara's investments now are value at more than $300 million.

What is coming is Monte do Carmo project advancing with FID, as I as I explained. We believe that our brownfield program will deliver new additional ounces.

Royropata project to deliver more than 100,000 oz gold equivalent starting production in 2028. Of course, we will be keeping our disciplined capital allocation strategy to make sure that we pay debt, that we have the cash to continue investment, and for sure to give give returns to our shareholders.

With this, I have finished the presentation, and of course, please I would like to open the Q&A session. Thank you so much for being here today.

Thanks. Um, yeah, just um thanks for the time uh you call.

I've just got three um financial questions for Eduardo, please. The first one um is just, Eduardo, on the administrative costs, they've picked up because of bonus provisions.

Um what should we expect those costs to balance at as we go into the second half of the year? That's the first one.

Next Second one is just on the um working capital, you built um working capital over H1 to the tune of about $45 million. I just wonder if you can help us, how we should think about working capital in H2.

Then thirdly, um just on cash tax, um what kind of cash tax numbers should we be modelling for um the H2 26? Thanks very much.

Thank you, Richard. On on admin expenses, I would expect a similar amount for the second for the second half, no?

I would say that the most important impact here is workers' profit sharing. That in Peru, around 8% of the profit before income tax is shared among among employees, no?

That that has a direct impact on admin expenses. Then the the the rest of the items are pretty much would should be pretty much similar to what we saw in in H1 in this year.

In terms of working capital, certainly towards the end of the year, we typically see an improvement of on working capital. You see that we had a negative movement of $37 million in in in the slide that I presented.

I think that that amount should be offset next in the next in the second half of the year. Finally, on I I don't know, I I could not hear you very well on on on the tax, no?

I'll tell you that the that the tax payments that we had in that in the first half was were $129 million. From this $129 million, part of it, around $70 million, were regularisation of 2025 taxes in the in the of 2025 taxes executed in March and May this year.

It's it's included in here. For the second for the second half, we we may see, excluding those $70 million, we should see a similar amount, probably a little bit higher because there are more prepayments that are made in the second half versus the second in the second half versus the first half.

Pretty much a similar number, a little bit higher, excluding the $70 million that I that I pointed out.

Oh, brilliant. Thanks, Eduardo.

Thank you, Richard.

Hi, team. Um, yeah, a a a few questions from me.

Can you guys hear me?

Very well. Yes.

Thank you, Ian.

Perfect. Um, yeah, just firstly on the dividend, um obviously, you said you paid the dividend in line with your policy.

If I look at your apply the policy that you, I guess, showed the reconciliation of at the full-year results, if I apply that to H1 numbers, um I get a a a dividend sort of per share significantly higher than what you declared. How how should I think about the interim dividend?

Um, it doesn't seem like you've exactly applied your policy for that versus, I guess, what you did for the full year. Um, and then the second question, just on um Monte do Carmo, um it it seems like you're there's obviously been a bit of a delay in the timeline for the FID over the last couple of years, I guess more than a 12-month delay.

You've never really changed the first production timelines. Um, Eduardo, you just mentioned, I guess, perhaps fast-tracking construction.

How how should we think about that and the risks of that uh first production figure? Yes, if you are only doing detailed engineering later than previous plan, does that sort of introduce additional risks for the project and for the scope and timelines, etc.?

Okay. Basically, what we need to build Monte do Carmo, I believe that is between 18 months and 24 months, yeah?

Once you have a basic engineering, you can go and hire contractors. That's the strategy that I used back in 2015 at Inmaculada.

I did it with 60% basic engineering. In this case, I'm going to have 100% basic engineering.

Uh of course, we can fast-track all the civil work, I mean all the civil detail engineering. Also, I have said that we are talking with the suppliers of the main equipment also to make sure that the lead times are in line with our expectation.

I believe that taking into account all these numbers and all these data, we could be able to start production at the end of 2028. That's that's that's that's that's the situation.

Thank you, Eduardo. Let me let me address Ian's questions on on dividend.

Thank you for for raising that question, Ian. Our policy is an annual policy, no?

We said that we want to distribute between 20% and 30% of the attributable free cash flow. Basically, you need to deduct the non-attributable portion of the free cash flow of Argentina, basically.

In summary, that is that is what this this is about. When when looking at the interim dividend, we what what you you should do is we're not expecting to pay to apply that same policy to the first half.

We're actually looking at the overall the the entire year, modeling for different scenarios on on prices. Prices could go could stay, could go up, could go could go down, who knows?

We we we save some room for for that that situation. That's how we that's how we discuss the H1 the H1 numbers.

Of course, we we listen to to the market and see where we are and and and try to meet both both both objectives, no? That that the first one more important one, follow the the policy, the annual policy.

The second one is pay a dividend that would would protect us from from from an expected situation in the second half, and no, and and but we we don't apply the policy to the first half, no? It's more a smaller proportion of the full dividend expected is paid as as interim dividend.

Okay. All right.

I guess it just creates some uncertainty about what what people should forecast for the interim dividend. Um, but understood, thank you.

Um, and then just coming back to the the cost guidance, obviously the costs have gone up quite materially, particularly at Mara Rosa, um versus, I guess, previous expectations. You've already talked about pricing and FX having the most sort of the biggest impact.

Um how how should we think about, if we strip out these these sort of one-off impacts, uh prices and FX, what what should we think of Mara Rosa on a sort of normalized basis once it reaches full production? Um, I guess that's the first question.

Then secondly, just what what are you assuming for prices and FX in your in the updated guidance for the rest of the year?

Thank you, thank you, Ian. The the the revised all-in sustaining cost, as I said, includes the the higher prices and FX/local inflation.

From that the increase, around 60% has to do with higher prices at a total level and and 40% has to do with FX/local inflation in Argentina.

As

as you will see, our our our guidance for for the year in Mara Rosa is lower than what we had in H1. Our H1 number, as I said, include around $90 million of CapEx that had to do with bringing Mara Rosa back into stable stable production, which we believe we have we have achieved by the end of the the the end of the the by by the end of June.

Of course, we're seeing that better that good performance in July and August. We don't provide a guidance for Mara Rosa in the long term, no, because we are actually fine-tuning fine-tuning our our efficiency measures, and the team is super-focused on, after recovering production, just make sure that we capture all the efficiencies that that that that that we can in Mara Rosa.

I would I would say, Ian, that to to let us wait until the guidance for the next year for you to have a better idea on what would be more the run rate of of Mara Rosa. Certainly, by applying the full-year guidance to your to your equation, you will see that the cost is improving materially in the second half, and we expect that to improve even more in the in the coming years.

Okay. All right, thanks.

Um, maybe just on on that sort of ramp-up, and the useful, I guess, that slide was quite useful in terms of the run rates over the months, what's what's assumed for the rest of the year in terms of throughput? Are you assuming this the 6.3000 tons per day or 7,000 tons per day within that guidance?

I I I I would believe that we will be able to run rate at 7,000 tons per day at least.

Okay. Is that

That's the nominal capacity,

yes. Is that a range?

Yes, okay. The what what And the range of the sort sort of bottom end of the top end of the production guidance, is that just flexing flexing the throughput rate and grades?

How should we think about that?

No, really, the the range is going to depends on the grades that we will be able to reach at the bottom of the pit, you know? We we want to make sure that we do it in a in a in a in a good manner to make sure that we don't take material from 2027, you know?

That's it's very important to keep that the planning that we have decided to have in place. I believe that what we are what we are trying to do is to be as close as possible to the upper end, of the guidance.

Okay. All right.

Um, I'll I'll leave it at that and um pass on to the other people. Thank you.

Thank you so much.

Hello. Thanks very much.

Um the first question is, what are the key changes that you have already seen and that you expect in the second half of the year with the new mining contractors at Mara Rosa? My second question is, are you optimistic about potential mine life extensions at San Jose?

What do you need to sustain mine operations for longer? Thanks.

The first question is that I met personally Fagundes that is the mining contractor, and I believe that we we reach the one of the best contractors in in Brazil. They are extremely responsible and very focused on safety, which is very important for us.

The run rate for Fagundes, they have reached 70,000 tons per day, and I believe that they could reach like 75 up to 80,000 tons per day some days. We have to we believe that we could recover part of the material that has not been reached during the first half.

I don't know if that answered the question, but I I believe that we are in very good hands, I have to say. In terms of San Jose, San Jose has a a very strong mining properties.

That all the mining property between Cerro Negro and San Jose is a Hochschild property.

We believe that with the with the new tools that we are using for exploration, will be able to continue adding resources at San Jose. Let's wait for for the exploration results at the end of the year, but we have some promising results that they are published on the on the H1 report.

Go ahead, Charlie.

Thank you very much. The next one is, you mentioned submitting the environmental impact assessment to the government for Royropata.

What are the next steps now, and when would you expect to begin operations? The

the environmental impact study approval has different steps and different phases during this year that we just started. The first step was to submit the whole document and upload it to the system, and that's something that was done before the 22nd of August.

Now we have a first period that is the admissibility that it takes like between 4 and 6 weeks, we'll have the admissibility response from the government. Then there is some sessions that we need to have with the communities that the government would be present to make sure that the communities are they agree, with the with the with the impact study assessment.

What we believe is that we have been extremely professional, working with very strong consultants to make sure that we are we have presented a very solid document. Together with the good relationship that we have with the communities, and I have to be very insist on on this matter, we have been able to change the way that we have our relationship with the communities.

Today, what we are planning is to integrate the community on on as a contractors, as an employees, and I believe that they're happy with this new solution for them, you know? That's that's the steps.

We have this what we call taller, social taller with them, and then continue with the approval. We'll have some questions from the authority, and what we expect is to have the approval in a year.

Thank you. Um and the last question here at the moment, it looks like um it looks like you're doing well getting on top of issues at Mara Rosa.

Is it fair to expect a full run rate for 2027, and what might that level be?

What we believe that with the current prices, if the prices stay as as they are today, we believe that the the plant could be between 7,000 and 8 tons per day at the at its maximum. Of course, we would start once the the plant is totally established, we'll start doing some bottleneck studies to in order to maximize production at at our plants.

At the end, once you reach the maximum capacity, the production depends on the grades, and the grades depend on your cut-off, and the cut-off depends on the cost and the price. We we have already studied the the budget for 2027, and of course, we will try to maximize production, but making sure that that level of production is not a one-off.

What we want is to establish a level of production that would continue for several years, and we believe that at current prices with current rates, it could be around 80,000 tons per 80,000 oz per per year.

Thank you very much. That's all the questions there are from the webcast.

Can I go back to the phone lines to check there are any more there?

Thanks. Um, yeah, just a couple of uh follow-ups.

Uh firstly, just obviously, there was a bit of catch-up payment um at uh I guess uh cash-up from Argentina and you paid a $58 million minority dividend to McEwen. How how should we Oh, I guess, first of first this question is what what is the cash position currently in Argentina?

Then how should we think about sort of minority dividends uh in the second half?

Thank you, Ian. The cash position is around is more than $100 million.

In fact, it's around $110 million. There are the so And the the the idea is to keep a strong a strong balance sheet in in Argentina to execute on all our exploration plans.

As Eduardo pointed out, the geological potential of San Jose is huge, and we want to make sure we execute on those on those on those plans, no? We certainly, once we we certainly would like to we will distribute the excess of cash to to the shareholders, no?

That will that will probably happen more towards the early early next year versus when we finalize the the the the the reporting period or accounting period of 2026.

Okay. We should not expect another big one in in the second half.

No.

Okay. All right.

Oh, and sorry, can you can you guys still hear me?

Yes. Um,

yeah, just a follow-up um I guess it's a it's a question I asked in February or in March at the results. Um, just obviously, you you participated in a placing at Aclara in the period, and obviously, um followed your your sort of proportionate shareholding for the $10 million placing.

What's What's the plans going forward for that stake? Um, and if there are more equity raisings at Aclara, would you would you consider sort of uh following your your proportional stake again?

Yes, thank thank you very much. To to we know the Aclara team is working on different on different strategies to finance the development of their projects, and they are very capable, and then they have been very successful on doing so in the past.

I think from from what we have discussed with them, they are more looking on debt facilities than on on asking for more money. We we'll we'll see.

They have not finalized that exercise, and we'll see to see we'll we'll see how they come back to to to us, no? As Eduardo pointed out, our our core assets are our operating mines, and we are we're focused on on gold and silver, no?

We like the exposure that we have in Aclara, but we're mainly focused on gold and silver. Obviously, we need to we need to wait and see how the development of the Aclara team move along, and and we'll we'll see from there, no?

At this point, we're not we're not considering investing more in in Aclara.

Thanks. Then maybe just the same question on Tiernan Gold.

Are there any other sort of movements in cash balances we can expect in the second half that might impact uh the consolidated numbers?

No, thank thank you for that question, Ian. No, there there's not expected.

Tiernan is is well funded to advance a project closer to feasibility and permit permitting stage. That is a work that the the team led by by Fausto Di Trapani is executing.

We are very happy with the exposure that we have in Aclara. We have unveiled a lot of value for our shareholders, and that team is doing a fantastic job.

That that that deposit

Sorry, of of Sorry, of Tiernan. I said Aclara, I'm sorry.

That deposit is is one of the largest depo- gold deposits in the region, and we have a 69% stake there. There is a lot of of value for for shareholders and a lot of work, but also a lot of work to be done, as I said, from a technical perspective, to to move closer to a feasibility and permitting stage.

No no need for for additional capital contribution.

Okay. What what cost or CapEx will you consolidate from them in the second half?

Should we expect a similar number as in H1?

You you you can you can look at the first at the first half and probably a a multiply that by 2. That's that's a that's a rough a rough estimate.

It's not an official guidance because we would like to move as fast as we can in all the studies that we have. It will depend on the capacity from vendors, contractors, and the team to execute, no?

I think having a an approach like the one I I just described might be reasonable.

Brilliant. All right, thank you.

That's all from my side.

Thank you.

Thank you very much for being here this morning. As we said, we present a very strong set of results for H1.

Let let me say something that I feel very proud. The the Hochschild Mining has been named Best Place to Work in in each of our operation, and also at the corporate office.

We believe that one of our main the main thing in in in the company is the talent, and we we feel very happy for to receiving this award. Thank you so much.