Good morning, everyone. Welcome to Hochschild financial presentation 2025 results.

We have very good news today. Let me go to first of all disclaimer, and that's the basically takeaways.

As I said, 2025 has been a very good year with the strongest ever financials. We produced 311,000 oz.

The revenue went up 28%. The EBITDA went up 39% up to nearly $600 million.

Our attributable all-in sustaining cash cost was $2,138 per ounce. We end up the year with $317 million in cash.

Our net debt was $23 million. Dividend is going to be 5p.

We have add a significant amount of resources, 1.7 million oz gold equivalent, especially at Inmaculada and also at Royropata. What's going on in 2026?

We will continue developing our projects. Mara Rosa, all the turnaround project is on track.

The management transition is also complete. We have a new COO in place, and he is choosing his team in Brazil.

Royropata MEIA is on schedule. We have been working with Ausenco to make sure that the document will be ready in July to be presented to the new government in Peru.

As we have elections. Then, of course, we will continue with the non-core assets to be monetized.

Strong ESG metrics continue. Especially, I feel very proud by our safety performance.

We close the year with 0.97 frequency rate. Also, Tiernan Gold and Aclara, we did the RTO.

Aclara is continue with the permitting processes in Brazil and in Chile and also working on the vertical integration. If we go to the next page, 2.5 years ago, we said that we will be focusing in our precious metal assets.

The focus for these 2.5 years has been at Inmaculada, Mara Rosa, and San Jose. Also, we said that we would be focused on developing the new two projects: Monte do Carmo that we acquired, and Royropata is a brownfield discovery.

Also delivering on non-core assets that we said that they were non-core, and we would do something about it, yeah? What we have done is monetize Tiernan Gold, Aclara for sure, and Crespo, Azuca, and Arcata that we sold.

Going to the ESG performance, as I said, we feel extremely proud with our safety track record. It's a world-class level achievement.

Also, on the environmental performance, we are near perfect score. As you can see on the graph below, we have been always maintained above 5.5 out of 6.

We feel also very proud that we have increased the local workforce, giving a job to people that lives close to our sites, 66%. Also, in terms of energy, we have been able to pass all the energy contract to renewable.

That's very important for us. Finally, we have been included on the FTSE4Good Index Series, which is also very good for the company.

Going to the financials, I would like to introduce Eduardo Noriega that will help with the presentation. Thank you, Eduardo.

Go ahead.

Thank you, and good morning. As Eduardo said, we have a strong set of financial results during 2025, mainly driven by strong metal prices.

As you can see, our revenue was more than $1.2 billion, attributable net profit at $159.6 million, EPS at 31 cents, and adjusted EBITDA very strong as well at $584 million. In terms of revenue, as I said, revenue was higher, mainly explained by strong metal prices.

As you can see, gold price was 37% higher than last year, and silver price was 54% higher. These strong metal price conditions more than offset the challenges that we had in Mara Rosa, which are being resolved.

I have to say that in terms of production in 2025, we, in Argentina, were producing 100% concentrate to benefit from the strong commercial conditions of concentrates compared to dore. Cost of sales were 12% higher than last year's, mainly associated to higher production volumes, both at San Jose and Inmaculada.

We also had the fixed cost at San Jose during the stoppage period and during the ramp-up period. Finally, higher prices had an impact on royalties and workers' profit sharing, mainly in Peru.

In terms of admin expenses, we had higher expenses, mainly associated to higher professional fees associated to transactions we closed during the year, mainly the RTO of Tiernan. We also had higher workers' profit sharing associated to higher prices.

Under others net, we had higher net expenses, mainly associated to the elimination of a benefit that we had in Argentina, an export benefit that was eliminated in April 2025, and in 2024 we had it for the full year, explained around $13 million. We also had adjustments to our mine closure provisions for $9 million aligned with our plans and the execution of the closing plans of our projects.

Net interest expenses were higher, mainly associated to two non-cash events: one, the change in fair value of Monte do Carmo's royalties agreements with Sprott, which had an impact of $7.5 million; and the unrealized fair value losses of Tiernan warrants issued in the capital raise of $7.4 million. As I said, both non-cash effect.

The effective tax rate for the period was 39%, but from which around 6% represented the special mining tax and the royalties in Peru that, as are calculated as a percentage of our operating margin, operating income, but is booked in the income tax line. We also had withholding taxes of 2% that represented a 2% increase in the effective tax rate.

Before this impact, our effective income tax rate would have been 31%. Finally, under exceptional items, we had a net impact of around $47 million, mainly associated to the reversal of impairments in Aclara, Volcan, and San Jose.

None of our assets have impairments now, and that had a positive impact in the exceptional column of $79 million pre-tax. We also had a negative exceptional impact of $26 million under revenue due to the roll forward of some of the hedges that we had from H2 2025 to H1 2028.

That mark to market of those hedges pass through the P&L in 2025 under exceptional items. In terms of cash evolution, our cash increased materially from $97 million to $317 million, mainly driven by the strong cash generation capacity of our Inmaculada mine, $315 million.

We had $162 million generated in San Jose. We used $30 million in Mara Rosa to recover from production challenges.

We had $33 million invested in exploration programs, $57 million of corporate expenses. Then after the blue column, we had taxes paid for $36 million, current maintenance and closure plans for $34 million.

We paid interest net of $15 million. We had a temporary increase of indebtedness of $24 million.

We paid $17 million in dividends, mainly the $10 million final dividend of 2024 paid in June and $5 million of interim dividend of 2025 paid in September. We had a temporary negative change in working capital of $54 million, mainly associated to our decision to produce more concentrate with a higher DPOs and also a temporary accumulation of stockpiles in Mara Rosa and Inmaculada as part of our production plans.

Monte do Carmo, we invested $30 million, from which $13.5 million is the buy-down option of the Sprott agreement at Monte do Carmo. Also we had the early settlement of the deferred consideration at Monte do Carmo of $9.75 million.

That's included in the $30 million. We invested $7 million in Royropata.

We made a capital injection in Aclara to retain our 20% share of $8 million. Of course, we executed the RTO of Tiernan, which brought $40 million of additional cash to the group at a consolidated level.

In terms of all-in sustaining cost, our all-in sustaining cost was $2,138 per gold equivalent ounce in 2025, as expected and as guided, higher than what the all-in sustaining cost that we had in 2024. If we look at each of the mines, in Inmaculada, we had lower grades, partially offset by higher processed tonnage.

We also had the impact of prices in our workers' profit sharing and commercial discounts, no? In the case of San Jose, our production plan was in the border areas of the deposit, giving us lower grades, also as anticipated.

We had the impact, again, of higher prices in royalties and export taxes. As I said in the P&L explanation, in 2024, we had the FX export program that was suspended in April 2025.

In the case of Mara Rosa, the all-in sustaining cost was a result of lower production volumes and grades and, of course, the CapEx that we incurred during the year to address the operational challenges that we had. Capital expenditures, we had $203 million of sustained CapEx in our three mines.

In Inmaculada, we're including mine development costs mainly, $80 million; tailings dam expansion of $17 million incurred during the period. We also invested in our reverse osmosis plant to the water, the tailings dam of Inmaculada.

In San Jose, we had mine development costs of $26 million, drilling of $3 million, and mine raise boring for $2 million. In Mara Rosa, we invested in our plant and filtering improvements for $60 million, and we also invested at the mine, as you can see in the slide, stripping programs and sustaining CapEx, both combined, $17 million.

In terms of the balance sheet, we ended up with a strong balance sheet with $317 million in cash and net debt of $23 million. We continue deleveraging the company with a net debt to EBITDA ratio at 0.04 times, well below the threshold that we indicated throughout the cycle.

The company is well-positioned to invest in our growth projects, Monte do Carmo and Royropata, and as I said before, this strong balance sheet will give us the opportunity to do so. As you are aware, we also announced our dividend policy a couple of years ago, and this is the first year in which we are executing the policy at a variable rate.

Our dividend policy considers distributing between 20% and 30% of the attributable cash flow of the company with a minimum annual dividend of $10 million, subject to have a net debt to EBITDA ratio of below 1.5 times. We paid $5 million of interim dividend in October 2025, and we are now declaring a final dividend of 5 cents per share, which accounts for $26 million, taking the total dividend paid for the period to $31 million.

We're showing in this slide the dividend calculation, and as you can see, our total free cash flow is $193 million. A non-attributable piece of that free cash flow, mainly associated to Argentina, which also generated a strong cash of $54 million, bringing the attributable free cash flow to $139 million.

Back to you, Eduardo, for the strategy section.

Thank you, Eduardo. This is a picture of the Brazilian team, Cassius in the middle.

If we go to the next page, this slide is just to remember the strategy that we designed during back in in August 2023. We said that brownfield will be a very important pillar.

We believe that is a long-term value. Discovering new resources is where the value, the maximum value is for the mining business.

Through brownfield, we extend the life of mine of our existing assets. It's important that also brownfield is very well-focused on mineable resources.

There is this tendency of bringing resources, but at the end of the day, you want very good quality resources. Then the second pillar is the operational efficiency.

Something very important for us is to be on site. The the leadership has to be visiting the sites, and we have been doing that for the past 2.5 years.

Also, lean philosophy across the the company, cost efficiencies through programs. Of course, at the time to develop the new projects is to know how to develop on time and on budget.

ESG, world-class safety, as I said, we feel very proud. Water management focus is very important.

We implemented a new community approach, and I have to say that we didn't have any blockages or any problem with communities for nearly three years. That's very important.

Talent talent management with very good objectives in place. Of course, all our KPIs, ESG KPIs, in place for 2030.

Finally, the fourth pillar is the disciplined capital allocation, funding organic growth through our balance sheet. Of course, pay the the the debt if we can, capital returns through our policy, dividend policy.

If we do any M&A, has to be value-accretive, as we have demonstrated in Mara Rosa and also at Monte do Carmo. As I said, brownfield is very important, and we have demonstrated that during 2025, where we have add 1.7 million oz of gold equivalent.

Out of 1.7, 1.1 has been discovered in Royropata. Of course, as you can see, we made, in 2024, some projections of resources to be discovered from 2024 to 2030.

Today, on 2026, yeah, at the beginning of 2026, we have 4.5 million oz in resources, in in our base resources. As you can see, the performance in Inmaculada, we brought 0.5 million oz in, as I said, in Royropata, 1.1.

Also in San Jose, we have been able to replace partially the the the production. Inmaculada continue being a our flagship mine is producing above 200,000 oz per year with very good all-in sustaining cash cost.

We continue having a large regional land package with a huge potential. As I said, we have been able to add more resources during 2025.

In the last in the last 10 years, we have been able to discover 80 new veins at Inmaculada. We have brought 5.2 million oz of gold, yeah?

In 2026, we have plans in the southeast and north of Inmaculada. We are going to drill nearly 18,000 m, and we are aiming to bring at least 250,000 oz.

As you can see on the map, there is many places with potential veins that they are still that that we have still the possibility of discovering them. Then going to Royropata, as I said, Royropata is a major brownfield discovery.

We have today nearly 3 million oz of gold equivalent with very good grades. We are talking about like 550 g per ton of silver, and this deposit is mostly silver.

It's like 90% silver. The good news is that average width of the veins is like 30 m or more.

It's going to be a very productive mine once we put it in into production. Today, we have the agreements with the communities.

That's very good, and we did it that in 2024, all the easements. We are working with Ausenco and also with Stantec as a peer reviewer to present to the Peruvian government a very solid and and, very solid and very well-done technical document to be evaluated by the new government.

We expect to file this in August 2026 once we have the elections and to be approved a year a year after. As I said, we have add 1 million oz in Royropata.

The good thing here is that we have all this, all this discovery is around here, and we have all this new veins, continuation of the current veins that could be add more resources. At the end of the day, Royropata could become a massive deposit, that it will bring a very profitable production to the company from 2028 onwards.

Also, at the regional level, you can see here we have Inmaculada in the south, Pallancata and Selene, and we have different targets: Condorillo, we have Minas Cucho in in Inmaculada, we have Saicata and Gaby Marina close to Selene. There is a lot of regional potential to bring new deposits, yeah, with a potential of 3, 4, 5 million oz of of gold equivalent.

That's that's this land package has a huge value in terms of our strategic brownfield strategy. Then go to Mara Rosa.

Mara Rosa is an open-pit gold mine, as you know. We have a million ounces resource.

We have been able during 2025 and 2026 to reorganize and to stabilize the output. Ramping up to full production, it will be on H1 2026 once we have the thickener in place.

I have to announce that today the crushing, milling, and filtering plant is performing at nameplate capacity. The thickener is going to give us flexibility, but, the capacity is already reached.

Also, the dry stack, which is a difficult thing to do in a rainy environment, is totally controlled. Here we we have some details of everything we have done.

I would say that the only thing is pending is the overlap of the contractors, the mine contractors. We have done a tender, and we have select Fagundes.

Fagundes is one of the best Brazilian contractors in in the whole country. We have a plan to the overlap between R&D and Fagundes from now until July, more or less, yeah?

From July onwards, we will have an mine output of, let's say, 80,000 tonnes, and that will give us the opportunity to push back the mine and also to make available all all the ore, to pass through the material through the plant. As you can see, production KPIs evolution, they are extremely positive, you know?

Here is December, and you have February, and everything has increased, you know? The crushing, milling, and also filtering are above, these levels in November, December, that they were very low.

Better than text and voice is pictures. You have the the the mine here.

You have the filters working. This is the dry stack, even in the rain season.

You you see that is totally compacted and ready. This is the thickener, the fabrication, production of the of the walls and also the civil installation on site.

Also, you have some roofs that we have installed around the filtering plant to make sure that we have the area protected during the rain. Also, at Mara Rosa, we have still a lot of potential on brownfield exploration, and we are drilling.

As you can see, Posse is here, and we have all this area for possible incorporation. At the end of the day, the strategy is the same.

We we would like to add at least a year of resources every single year, to and in that in that sense, we can maintain that 1 million oz in terms of resource base, producing like 100,000 Well, let's say, 80,000 between 80,000, 90,000 oz per year. Monte do Carmo, do you remember that we acquired this project, we paid $60 million, is located in Tocantins, that's north of Goias, close to Mara Rosa.

We have a it's fully permitted, and today what we are doing is a gap analysis to make sure that all engineering is is correct. We are completing the engineering on the, I would say, at the end of May.

We will be trying to present an economic case in June 30th. That that would be around June 30th.

That's that's that's our objective. Good news is that we have repeat all the metallurgy tests, and we got 94% recovery, which is extremely high.

That's very good news. All the geotechnical studies are nearly finished to make sure that the pit is stable and everything.

Transmission line has already the permit and is ready for for construction. As I said, we will update the economics in mid-2026.

We aim to start production in 2028 if we start construction on July 2026. San Jose is is a mine that commenced in 2007, back in 2007, a year after I joined Hochschild.

2025 production has been very good, 120,000 oz, and we believe that this year is going to be more or less the same. During 2025, we have we have been implementing cost-effective measures at at at the whole process.

We are trying to contain costs as low as possible in an environment which is difficult. As Argentina has a lot of inflation during 2025 and worse even in even before.

The team is working there. The grades are there, and there is a huge cash generation in San Jose, which is very positive for us.

In terms of In terms of exploration, San Jose still has a lot of potential, not even not not only on the mine area, but also on the district. This is Cerro Negro, and this is San Jose.

There is a lot of mining properties that we own, and we're exploring with new technology. Also in Santa Cruz province, we are mapping and sampling couple of projects that it could be, it could be a a new future discovery.

In terms of valuation, I have to say that once Mara Rosa turnaround is nearly finished, we continue having a very strong Inmaculada performance. We are one of the few mining companies that have two projects, developing projects, that could represent an increase in production of 60%.

It could be It could mean that Hochschild Mining could reach 0.5 million oz of production in 2028. I believe that there is still a very important valuation opportunity for investors.

That's that's very good news for us, for for shareholders also. I believe that the performance of our share is being very impressive, and I am very proud of the team, the the work that they have done.

Finally, as a conclusion, 2025 has been a very strong year in terms of financials. It's important not only the financials, but also the ESG performance is we continue having a world-class performance on safety and environment.

Also, very I feel extremely proud of the community relations situation. We have a great team in place that they have changed the way we relate with communities.

Also, we have executed the turnaround on Mara Rosa. The management transition is in place.

I feel very comfortable with the at the actual mining management team. Inmaculada continued having a very solid performance.

Tiernan is already listed on the TSX, and it has its own future from now on, and also $31 million on dividends. The future is, of course, completing Monte do Carmo economics assessment and starting construction; brownfield program to continue delivering new resources to to extend life of mine; Royropata, as you can see, that's the most important projects that we have at Hochschild, 3 million oz, most of of it silver, huge veins continuation, it seems like a very, very good deposit; we'll continue with disciplined capital allocation to make sure that money is well-spent; and, of course, the investment in Tiernan and Aclara has become a value of $300 million plus, which is very good for for the company.

I have to say that 2.5 years ago, we said that we will be focused on core assets and delivering delivering profitable growth, and today we feel very proud that we have accomplished our promise. Thank you very much.

Now questions. Marina?

Or...

Good morning. Thanks for the presentation.

It's Marina Calero from RBC. I have a couple of questions on my side.

Royropata has huge exploration potential. Would you consider expanding the footprint of the operation and perhaps expand a bit the processing plant?

It's not in our plans, and I can tell you why. The environmental permit that we are presenting to the government does not include any expansion at the plant.

We believe that 3,000 tonnes capacity, we could achieve 150,000 oz per year. We feel that it would be a mine with 3 million oz that could last for 15, 20 years.

We feel quite comfortable with the recoveries and with the actual flotation process. It's something that we could evaluate later, but it would mean that we would have a new environmental permit in order to increase that capacity.

The question is why we didn't include the plant? Because that would mean a much more complicated environmental study.

We prefer just to did it only at the mine level to make sure that we get the permit as soon as possible.

Perfect. Thank you.

My second question is on taxes. Your taxes at the cash flow statements for this year were much lower than the P&L.

Should we expect a catch-up next year?

Thank you, Marina. Yes, yes.

As in both Peru and Argentina, you pay advanced payments on taxes, and then based on the previous year

tax rate or tax estimation, the results of the previous year, in this case, 2024. After you complete all your prepayments, then you do a final calculation, and in March, April, you complete the payment for the total calculation of that period.

There may be a regularization of that in 2026. That will also happen in 2026.

In 2026, rate will be calculated based, or taxes prepayments are based on 2025. If prices stay as they are today, which are higher than the average price of 2024, we will see a catch-up for 2020 in 2027 for the 2026 calculation.

Yes.

Thank you. Morning.

Ian Rossouw from Barclays. A couple of questions.

Just firstly on Royropata, you sort of highlighted the Peru elections later this year. What do you see the risks of timelines slipping further for production in '28, which I guess you still show on this presentation?

Then on the slides, you show the 2023 economics and sort of CapEx and OpEx. Do you have any updated estimates for us for that at this stage?

Then maybe the same for Monte do Carmo. I know you'll give us the final numbers and economics in the middle of the year, but any indications of what we could look for in terms of CapEx and OpEx?

Then just sort of more broadly on exploration, you've previously talked about adding ounces at sort of grades higher or similar to what you currently have. Obviously with the raising of your reserve and resource pricing in your calculations, just how should we think about that?

Do you still, I guess, target that, and yeah, just how we should think about that, the sort of grades going forward?

Let me start remembering the questions. Is the elections.

Let me say that today the polls shows that there is two strong candidates. One is Keiko Fujimori, and the other one is Lopez Aliaga.

They are both right-wings, and they are around 10%. There is a limit of 5%, to pass through to the Congress threshold, yeah?

It seems like elections are going good. I have to say that Hochschild has been working in Peru for 100 years, and we have been working from the military governments to anything.

We know how to work in Peru. Related to the Royropata permit, I have to say that SENACE, which is the official government agency for permits, is a very technical entity.

I don't expect any changes apart from the president of SENACE. We have been working with them during the process, and we have very good relationship with them.

I don't expect any risk at this point in time, yeah? Of course, you never know what could happen in the election.

It's five, six weeks away, let's see what happened. What was the...

The other one was exploration and grades. What is the...

What...

No, it was another question before.

CapEx and OpEx.

CapEx and OpEx on Royropata

and Monte do Carmo.

Yeah. We don't have a final number, but I would say that between the two projects, we will be thinking of around $500 million, yeah, in CapEx.

That's only $300 for Monte do Carmo, $200 for Royropata. The final numbers is really will depend on the prices that you would use.

Of course, at current prices, at spot prices, it would be an incredible result. I expect to have extremely profitable projects if we keep prices at the spot level, yeah?

In terms of reserves, I can give you that question.

Sure, Eduardo. The approach that we're taking is, first of all, it's exploration, brownfield, it's our main priority in terms of capital allocation.

We are committed to keep adding value to our shareholders through exploration. We're investing around $38 million of exploration this year.

The approach that we have taken towards how to cut our resources and reserves at current market, we adjusted our cutoff prices and the cutoff grades, and as a result of that, we are seeing more resources coming in, and with the main objective to design our mine plans to maximize NAV for each of our assets, no? That is what we're doing.

The additional resources that Eduardo announced it's not material that have been incorporated because of that factor. This is in addition to what we announced.

Sorry, just to follow up on the Royropata risks of the project dragging into '29. I guess on the slides, you still showed first production '28.

No, we'll do our best to try to get some production out of 20 2028. That's the plan.

If we get the approval of the environmental permit in 2027, yeah, it will not take more than a year to get the operational permits. I have to say also that we are looking at opportunities to see if we can start Royropata with current resources.

The prices are too high today, we are evaluating that possibility. That could bring some production before, no?

I don't expect any delay on Royropata.

Hi. Good morning.

Felicity Robson, Bank of America. Just following up on taxes, the effective tax rate was 39%, driven by royalties and withholding taxes.

How do you see that developing this year, and especially the impact of Peru that is driving that as well?

Certainly. The average statutory tax rate for income tax is around 31%, 32%, no?

In addition to that, we need to model the special mining tax and royalties in Peru. That will depend heavily on prices and operating margin, as I explained before.

If prices are similar to what we had in 2020 2025, the 6% impact on incremental effective tax rate should remain the same. If prices go up, that percentage could also go up, no?

It depends on gold and silver prices mainly.

Hi, I'm Rosie from JPMorgan. I have one question on the funding for Monte do Carmo project.

You're probably going to generate large free cash flow going forward from operations. I'm wondering, at the current plan, are you planning to fund the development using your free cash flow generations or by more debt?

Thank you, Rosie. No, the current plan is to fund the construction of Monte do Carmo and Royropata with our own cash generation.

At this plan, we're not considering raising more debt for those purposes.

Just to follow up on your comment about non-core assets and obviously, sort of shifting them off the balance sheet. That $300 million obviously a nice number.

In Aclara's, share price have rallied significantly. How should we think about this going forward?

Are you happy with that holding? Could that help to fund some of these projects?

It's a good problem to have. That's the truth.

We haven't decided yet about Aclara. I believe that Aclara will continue with construction and everything, yeah?

We have been extremely happy with the value. To tell you the truth, we haven't decided yet if we will continue having those shares, or we'll do something about it.

If there's a cash call for them to fund some of their projects, would you maintain or...

This year, yeah, we are planning to do so, yeah, for a very small amount. In case that it would be something bigger, at the end of the day, it's a Board of Directors' decision, yeah?

It's not in our plan.

Thank you.

We want to be focused on the core business.

Makes sense. Thank you.

Oh, hi, it's Robert Bonte-Friedheim at Sutter Mill Capital. Thank you for taking the question.

Just was looking at Mara Rosa and wanted to know again, now that you've changed sort of everything from the filtering and again, the whole process there, how do you want us to think about peak sort of milling rates? If we look back in your peak quarter sort of 4Q '24 and 1Q '25, you were running around 7,000, close to 6,500, 7,000 tons per day.

In the current setup, what would you want us to think about as the peak throughput rate on the milling side?

What I would say that it would be between 7,000 and 8,000 tonnes per day.

Okay. Remind us again now that you've kind of changed the whole process, is the grade profile still the same as initially, that we get back to reserve grade 1.1 at some point?

Yes, I believe that the grade is still the same. The grades of deposit are still there, and that has not changed, same as we had before.

Got you.

Remember that the strategy in Mara Rosa is to try to treat the highest possible grade during the first years, and then once you have the ore available on the stockpiles, treat the medium grade after.

Got you. Okay.

In terms of, again, the progression that you show us on the slide 22 of the presentation is quite impressive from November, December now to February kind of, especially on the crushing and milling side. Can we kind of sort of draw a line and that it will continue that way?

March is then higher again, and then April a bit higher, and then how do you want us to think about the progression over the year just of the plant throughput?

No, the idea is once we have the thickener in place, I expect to have a total capacity of at least 7,000 tonnes per day at the crushing, milling, and filtering process. That would be the objective, yeah?

As I said, the bottleneck today is the mine, it's not the process. If we receive 7,000 tonnes per day from the mine of high grade, we will be able to treat it.

Got you. The mine bottleneck, where are we on that?

How do you want shareholders to think about that?

As I said, we are not very happy with the actual contractor, and we launch a tender back at the beginning of this year. We have already select Fagundes, which is a very good contractor.

The idea is to overlap these two contractors during the next two, three months and try to reach 80,000 tonnes per day, which will give us at least 8,000, 9,000 tonnes of ore per day.

How many tonnes per day are you right now?

We are at 6,000, 5,000, depends on the day, yeah? A high grade is 4,000, 5,000, 6,000, depends on the day.

It's totally reflected on, as you can see, in February, we have 5.9, 5.4, 5.7, so that represents the mine throughput, because every single ore that is coming from the mine pass through the plant. That would be the average.

Today, I would say 5.5. Yeah.

When do you think

when we have the contractor and when will the mining rates go up? Is it second quarter, third quarter?

No, I would say second quarter for sure. Second quarter for sure, because we need to recover January and February that has been a bit lower, and also affected by the rainy season.

Rainy season is complicated to mine on open pits, especially in this area of the world that it rains a lot.

Thanks. Morning.

Thanks for the call. Just a few questions.

The first one's just following up just to clarify on Mara Rosa. The 7,000 tonnes per day, what availability rate do we have to adjust that for?

Because I guess if I just to multiply that by 365 and 24 hours, that gets me to about 2.6 million tonnes throughput. Is that the right number to still be thinking about, or do we need to adjust that a bit lower?

That's the first one.

Could you repeat the numbers, because I'm a bit lost.

Yeah. I work it out on my numbers, it's about 2.6 million tonnes a year of plant throughput on those assumptions.

Is that the right number to be thinking about?

It is the right number, yeah. Yeah.

The actual capacity of the plant is 2.5 million oz. 2.5 million tonnes.

That's what we aim to have also in Monte do Carmo, 2.5 million 2.5 million tonnes per year.

Okay. Thank you.

Second one's just on Royropata. Just to clarify, am I right in hearing you say that the CapEx for that project is $200 million?

If so, can you just help me understand that, because I kind of thought it would be lower just based on cost of development, because you've got the plant there already. What am I missing?

$200 million is an estimation. We haven't complete yet the detail engineering at the mine site.

It could be a little bit less. The thing is that we need to increase capacity at the tailings dam, yeah?

You could consider there $30 million, $40 million. Also, mine developments, we need to develop all this veins.

That's a lot of meters. Also, we need to put in place all the ventilation, electrical infrastructure, water pumping, new mining portals, new stockpiles.

There is a many components. That would be the amount of components that we need to develop.

I estimate that it could be between $150 million and $200 million.

That's very helpful. Then just a couple of questions on the financials for Eduardo Noriega.

Just the first one, I know you've given quite some color on cash tax for '26, but can you give us a steer as to how much cash tax we need to be putting into our model for 2026, please? That's the first one.

Thank you, Richard. I think a good estimation would be it's the difference between what you have in the P&L with what you have in the cash flow, which around, yeah, $90 million.

Okay. So

$90 million cash tax for '26?

Yes.

Okay.

Then

the last one is just on mine closure costs. I've just noticed some of these other costs have started to creep up, like your mine closure costs and such like.

Is that just a function of inflation, and we should just increase them and push them forward?

Thank you, Richard, for that question again. Those increases have to do mainly with projects that are being closed now, mainly Ares and Sipan and Selene.

The change in estimates is mainly a result of new information from engineering works that are being performed to close definitely those components that we're currently working on, no? That's the main factor.

There's also a component of inflation in that, but I would say it's not the majority of the impact. It's mainly the first one.

Okay. Thank you.

We are

Thank you very much. The first question is, "Why did shareholders not get the Tiernan Gold shares distributed out, as was the case with Aclara?"

Thank you, Charlie. Aclara is a different type of project, no?

It's a rare earth project in a company that is mainly a precious metal producer. The decision for listing Aclara separately and declaring a dividend in species to our shareholders is for them to decide if they want to stay or sell their position.

We actually saw some flow back after that transaction was executed. In the case of Tiernan, Volcan is a gold project that has been with us for a long period of time.

It's a project that has a huge potential with more than 11 million oz of gold underground in a jurisdiction like Chile that is looking better every day, no? With a new President Kast and his policies to promote investment, especially in the northern part of that country, to ensure there's a water availability to our projects.

It's a project that is becoming every time more interesting. We, as a company, are keeping around 79% non-dilutive 69% non-dilutive share, and that we are keeping with us, and we are actually providing a lot of support of the Tiernan team on different aspects in the region.

It makes sense for us to keep the Volcan project being a precious metal and with all the optionality that it brings to Hochschild shareholders, and the synergies that there are available between Tiernan and Hochschild Mining. Thank you, Charlie.

Thank you. The second question is, "Are the lower grades at Inmaculada in 2025 transitory, i.e., temporary?"

In 2026?

2025. Oh, okay.

No, that there is effect on prices, for sure, that cutoff grades has changed a little bit the grades. We'll try to keep the current grades onwards in the next years.

Thank you very much. That's no more from the webcast.

Thank you.

I have already said that I believe that we have present a very good set of results, and that based on the Mara Rosa turnaround and the strong performance of Inmaculada and the fact to have these two projects in the pipeline, there is still a very good opportunity of valuation for Hochschild, yeah? I have to say that we, as a team, feel extremely proud of what we have done in 2025.

It's in line what we decide as our strategy 2.5 years ago to be focused on the core business and, of course, delivering profitable growth. Thank you.