Annual Results

Hochschild Mining plc

8th March 2017
 DISCLAIMER

Some statements contained in this presentation or in documents referred to in it are or may be forward-looking statements.
Any forward-looking information contained in this presentation has been prepared on the basis of a number of assumptions
which may prove to be incorrect. Accordingly, actual results may vary or differ from those expressed in such statements,
depending on a variety of factors. Forward-looking statements speak only as of the date on which they are made.
Hochschild Mining plc undertakes no obligation to update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise.
Past performance of the Company or its shares cannot be relied on as a guide to future performance. Nothing in this
presentation is to be construed as a profit forecast.
This presentation has been prepared solely for informational purposes and does not constitute, or form part of or contain
any invitation or offer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any securities issued by
Hochschild Mining plc (or any subsidiary thereof) or advise persons to do so in any jurisdiction, nor shall it, or any part of it,
form the basis of or be relied on in any connection with or act as an inducement to enter into any contract or commitment
therefore. The information herein is only a summary, does not purport to be complete and has not been independently
verified. No representation or warranty, either express or implied, is made as to, and no reliance may be placed for any
purpose whatsoever on the information or opinions contained in this document or on its accuracy or completeness and no
liability whatsoever is accepted for any loss howsoever arising from any use of this document or its contents otherwise in
connection therewith.
This presentation has been prepared in compliance with English law and English courts will have exclusive jurisdiction over
any disputes arising from or connected with this presentation.

2
 Key Highlights
EBITDA of $329m (2015: $139m)
EPS of $0.11 (2015: $0.14 loss)
AISC reduced by 13% to $11.2/oz
Cash balance of $140 million (31 Dec 2015: $84m)
Net debt of $187 million (31 Dec 2015: $351m)
Pablo resources increase to 40m ounces
Ongoing investment in brownfield exploration programme
Final dividend announced at 1.38 cents per share ($7m)

Further dividend announced reflecting a year of progress

3
 P&L

$m (pre-exceptional) 2016 2015 variation

Revenue 688.2 469.1 219.1
Cost of sales (487.7) (403.7) (84.0)
Full years contribution from world class Inmaculada mine
Depreciation (180.5) (135.6) (44.9)
Underlying cost and expenses under control
Gross profit 200.5 65.5 135.0
Gross profit margin 29% 14% 22
Administrative exp. (48.0) (38.1) (9.9)
Selling exp. (14.2) (21.7) 7.5
Exploration exp. (9.2) (9.3) 0.1
Others net 19.0 (7.2) 26.2
Operating income 148.2 (10.9) 159.1 Sales (k oz) 2016 2015 % change
Finance net (29.4) (29.5) (0.1) Gold 299.0 187.4 59
FX loss (1.8) (5.6) (3.8)
Silver 21,088 17,263 22
PBT 116.9 (46.0) 163.0
Tax (47.6) (20.4) (27.3)
Net profit 69.3 (66.4) 135.7
Avg received price ($/oz) 2016 2015 % change
Attrib. net profit 53.2 (61.9) 115.0
EPS 0.11 (0.14) 0.25 Gold 1,215 1,159 5
Adjusted EBITDA 329.0 138.8 190.2 Silver 17.0 16.0 6

4
 BALANCE SHEET ANALYSIS EVOLUTION OF 2016 CASH BALANCE

84

(19)

31 6 (47)
152

(127) 44
(26) 140
(18)
(7)
(17)
84

Dec 2015 Inmaculada Arcata Pallancata San Jose Hedge Admin Debt Interest Dividends Dividends Taxes WK & Dec 2016
Cash generation generation generation generation Repaid to Mcewen to Share Others Cash
balance Holders Balance

*Cash generation is calculated as EBITDA less operational capex & exploration capex
 COSTS

AISC fell 13% to $11.2/oz Ag Eq ASIC split

Key drivers: ($/oz Ag Eq )
2015 2016

Full year of low cost Inmaculada mine ($8.7/oz)

Better than expected grades at all operations
15.7 16.3
Export and reserve tax elimination + Patagonian port 14.3
13.7
14.1
12.9
benefit in Argentina (cancelled in Q4) 11.5 11.2

Operational initiatives 7.3

8.7

Reduction of mining cycle through time-study projects/new equipment

Drilling improvements
Optimisation of cement volumes in the mine fill mix
Evaluation/replacement of mine service contractors
Inmaculada Arcata Pallancata San Jose Total
operations

6
 CAPITAL EXPENDITURE
Sustaining & development capex split
($m)

Sustaining & development capex guidance for 2017 2016 2017

at $120m-$130m 54
45
Inmaculada capex: 35 35
2016 includes paste backfill/detox plan expenditure 25
21 20
2017 includes tailings dam ($15m) and support infrastructure 16

expenditure

Mine development capex surrounding Pablo vein Inmaculada Arcata Pallancata San Jose

($20m)
Significant brownfield capex budget increase in line Brownfield split*
($m)
with recently launched programme
2016 2017

8
6
2 3 3
0 1 1

Inmaculada Arcata Pallancata San Jose

Increased brownfield expenditure

7

*Does not include labour & other projects. Total brownfield expenditure for 2016 was approximately $8m. The budget for 2017 is $24m.
 FURTHER PROGRESS ACHIEVED IN DEBT REDUCTION
$232m debt repaid in 2015/2016
Net debt improved from $351m in Dec 2015 to $183m in Dec 2016
Net Debt/EBITDA improved from 2.5x to <0.6x
Only remaining major debt: $295m 2021 Bonds callable starting Jan 2018

February 2017
Additional $25m short term debt
Balance sheet progression repaid in Peru
($m)
5.8x
Cash Gross debt Net debt/EBITDA

2.5x
1.0x
0.6x

84 540 84 434 103 369 140 328

Jun-15 Dec-15 Jun-16 Dec-16

Leverage ratios at investment grade level

8
 LONG TERM STRATEGY MODEL

Disciplined investment balanced with shareholder return

Short-term priorities Long-term priorities

Cost control & operational efficiencies
LOM increases
CORE ASSETS Spare capacity
Capacity expansions
Brownfield programme

Progress drill-ready greenfield projects Build greenfield portfolio

EXPLORATION
Staking opportunities Optimising early stage projects

Early stage Geological upside

ACQUISITIONS
Earn-in JVs ROIC:12-15%

A decade of progress
10
 CORE ASSETS: FOUR YEARS OF TRANSFORMATION
Attributable production
(m oz Ag Eq)

37.0
Silver Gold

35.5
27.0
20.3 20.5 22.2

2012 2013 2014 2015 2016 2017e

All-in sustaining costs
($/oz Ag Eq)
21.7
18.6 17.4
12.9
11.2 12.2-12.7

2012 2013 2014 2015 2016 2017e

Already delivering 75% production growth and 50% cost reduction

10
*2015-2017e using gold/silver ratio of 74x to convert gold to silver equivalent. Ratio of 60x used for 2012-2014.
 CORE ASSETS: 2017 SPLIT BY OPERATION
Production forecast* $/oz Ag AISC forecast by mine
Pallancata 24
6.0m
(16%) 22
20

37
Arcata
18
Spot silver
7.0m
Moz Ag Eq 16
(19%)
15.3-15.8
San Jose (51%)
Growth
Attrib
14 14.2-14.7
investment

12.8-13.3
7.0m Growth
12.2-12.7
12
Growth investment
(19%)
investment Growth
investment

Inmaculada 9.5-10.0
10 Growth

17.0m
investment

(46%) 8
14.5-15.0
6 12.5-13.0
2017 production guidance increased from 35m to 37m oz Ag Eq 12.5-13.0 11.5-12.0
4 9.0-9.5
2017 AISC guidance of $12.2-12.7/oz Ag Eq
2
Excluding investment in growth, AISC would be $11.5-12.0/oz 0
HOC
Growth investment: brownfield investment & Pablo one-off Inmaculada San Jose Arcata Pallancata
Operations**
infrastructure

AISC forecasts include investment in brownfield growth

11
*Using gold/silver ratio of 74x to convert gold to silver equivalent
**HOC Operations AISC in Au equivalent is between $903/oz and $940/oz
 CORE ASSETS: INMACULADA

Short-term priorities
2017
Production: 17m oz Ag Eq; AISC: $9-10
Key initiatives:
Tailings dam expansion
Improving logistical access
Activating paste backfill & detox plants
Resume exploration
Convert Inferred into Measured & Indicated resources
Start extensive brownfield drilling programme (subject to permits)
following detailed 2016 target delineation

Long-term priorities
Explore Angela vein extension, identify further major veins in surrounding area to:
Deliver plant expansion
Extend LOM

Hochschilds flagship low cost operation: 6 years from discovery to production

12
 CORE ASSETS: ARCATA
Short-term priorities
2017
Production: 7m oz Ag Eq; AISC: $14.5-15.0*
Maximize productivity in narrow vein stopes
Continue to target dilution control
No major operational projects required
Exploration close to mine infrastructure
Tunels 3 &4, Tres Reyes, Luisa and Marciano, Alexia veins
Aim to fill spare plant capacity to 2,500tpd

Long-term priorities
Extend LOM
Spare
Reduce costs back to 2016 level (AISC approx.$13.5/oz) Spare
750tpd
Spare plant
capacity
opportunity
30% 1,750tpd
Current 100%

Ares

Operating for +50 years and still good potential

13
*Excludes increased investment in brownfield growth
 CORE ASSETS: PALLANCATA
Short-term priorities
2017
Production: 6m oz Ag Eq; AISC: $14.2-14.7/oz
AISC includes ramp investment for Pablo access
Secure exploration/operational permits
Transitioning to Pablo during the year
Goal to produce 2,400 tpd by year end
Continue drilling to grow resource base

Long-term priorities
Fill spare plant capacity up to 3,000tpd
Extend LOM Spare
600tpd Current
Explore for additional major veins Spare plant
1,000tpd

capacity 67%
opportunity
Pablo
1,400tpd

Transitioning to the Pablo vein during 2017

14
 CORE ASSETS: SAN JOSE

Short-term priorities
2017
Production: 14m oz Ag Eq; AISC: $12.8-13.3/oz
Control underlying costs following export/reserve tax
elimination
Key initiatives:
Hydraulic fill process
Ore control
Ongoing brownfield drilling programme outside current mine
infrastructure (Aguas Vivas, Platifero, Clara and Saavedra Norte)

Long-term priorities
Extend LOM

Strong cashflow improvement in 2016/2017

15
 MOVEMENTS IN RESERVES & RESOURCES

Assumptions for 2016 R&R measurement:

Reduce silver price assumption ($16.5/oz from $20/oz in 2015); gold unchanged at $1,200/oz
Exclude material with low probabilities of being mined
Inmaculada and Pablo resources not affected
Effect of these conservative decisions, together with un-replaced 2016 production:
Total core operation reserves down 9% to 183m ounces Ag Eq
Total core operation resources down 16% to 476m ounces Ag Eq
Key addition in the year has been the Pablo resources (+17.7m ounces Ag Eq)
Aligned with strategy to:
Ensure high conversion ratio of reserves into resources
Increase mineable reserves and resources to 5+5 years by 2020
R&Rs already adjusted in LOM mine plans, does not affect long term production or cost guidance

16
 EXPLORATION: PROVEN TRACK RECORD OF FINDING MINERALISATION
Highly successful historic brownfield exploration programmes at all operations Resource ounces found since 2007
Value of ounces discovered in less than 10 years exceeds $5 billion in revenue from Main Ag Eq Au Eq
Arcata, Pallancata & San Jose Operations (Moz) (Moz)
New brownfield plan launched in Sept 2016 Arcata 127 2.1
Follows long period of prospection geophysics has proven highly useful tool to Pallancata 125 2.1
predict underground structures
Low cost brownfield options
San Jose 225 3.8

Approximate cost for adding Inferred resources: $0.31/Ag Eq Oz Total 477 8.0

Aim to obtain 5 years of LOM in Reserves and 5 additional years of LOM in Resources
by end 2020
Evolution of San Jose
2015

Known veins
New veins discovered annually

Sustained brownfield exploration yields success and enhances LOM

17
 EXPLORATION: SIGNIFICANT UPSIDE AT INMACULADA

Angela vein still open along strike

Very little exploration beyond operational area

Several satellite veins to main Angela oreshoot

2017: exploration resumed. Focus on confirming presence of

Millet vein

50,000m resource drilling in Millet/Olinda

7,200m potential drilling in east and at Puquiopata (North

East)

Known along 700m - may extend 2,000m

Strong potential to resource future expansion and LOM increase

18
 INMACULADA: PLANT EXPANSION POTENTIAL
Production uplift
Significant production upside

Lower AISC

Low capex estimates for expansion

4,200tpd $10m
5,000tpd $50m

Initial modular construction allows

relatively simple capacity increases Au Eq oz
Current 270,000
230,000
Additional resources will be required to 200,000

170,000

avoid LOM reduction

3,500 3,850 4,200 5,000

Tonnes per day

Small investment required to materially increase capacity

19
 EXPLORATION IN ACTION: PABLO STILL GROWING

Resources have now reached 40m oz Ag Eq

Grade up by 44% (Ag Eq)

Ongoing drilling to convert existing

resources at Pablo into reserves

Completing geophysics on extension to

Pallancata vein Pablo resource table Dec 2015 Dec 2016 Var (%)
Tonnes 1,918,527 2,375,165 24

Begin exploration on Marco vein Ag (g/t) 291 423 45

Au (g/t) 1.0 1.4 40
Full production permits expected mid 2017 Ag Eq (g/t) 368 529 44
Ag Eq (m oz) 22.7 40.4 78

78% increase in resources in one year

20
 EXPLORATION:CHANGING THE PICTURE AT PALLANCATA

2017 potential drilling to focus on

Pablo and surrounding areas

Looking for a new extension to

Pallancata vein

Begin exploration at outcropping

Cochaloma vein

Opening up a new district: reinvigorating Pallancata

21
 EXPLORATION: ARCATA 2017

45,000m of resource &

13,000m of potential
drilling planned

Focused on Alexia,
Macarena East, Tunels 2,3
and 4, Tres Reyes, Luisa
and Marciano structures

Aiming to continue recent brownfield drilling success

23
 EXPLORATION: SAN JOSE 2017
Agua Vivas drilling ongoing
20,800m drilling planned in Platifero, Clara,
Saavedra Norte

Bloque Aguas
Vivas
HOCHSCHILD/
MCEWEN JV

Coeur

Goldcorp
Cerro Negro
>7m oz Au Eq
Acquired 2010
C$3.6bn

First drilling results expected in the near future

23
 EARLY STAGE PROJECTS

Chile: Volcan (100% owned) Peru: Crespo (100% owned) Peru: Azuca (100% owned)

Acquired as future strategic
resource
Large Chilean gold deposit
Water rights secured
9.5m oz of gold resources
Open pit project in S.Peru
Cluster
Expected 2.7m Ag Eq p.a.
Construction permit approved
Remaining capex of $90m
Several veins delineated
Over 100m oz of Ag Eq resources
Geological potential in district
Large overall land package

Pipeline of projects spread across the Americas

24
 CONCLUSION
Record production in 2016; another record forecast for 2017
AISC reduced by 13% in 2016
Proposed dividend of $7m
Brownfield plan ongoing - potential for additional low cost growth
Pablo resources up to 40m oz - geological upside proving to be material
Projects in portfolio offer optionality and long term resources
Debt reduction ahead of schedule

25
Annual Results
Appendix
 ATTRIBUTABLE METAL RESERVES AS AT 31 DECEMBER 2016
Ore reserves and mineral resources estimates
Hochschild Mining plc reports its mineral resources and reserves estimates in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2004 edition (the JORC Code). This establishes
minimum standards, recommendations and guidelines for the public reporting of exploration results and mineral resources and reserves estimates. In doing so it emphasises the importance of principles of transparency, materiality and
confidence. The information on ore reserves and mineral resources were prepared by or under the supervision of Competent Persons (as defined in the JORC Code). Competent Persons are required to have sufficient relevant experience and
understanding of the style of mineralisation, types of deposits and mining methods in the area of activity for which they are qualified as a Competent Person under the JORC Code. The Competent Person must sign off their respective estimates
of the original mineral resource and ore reserve statements for the various operations and consent to the inclusion of that information in this report, as well as the form and context in which it appears.
Hochschild Mining plc employs its own Competent Person who has audited all the estimates set out in this report. Hochschild Mining Group companies are subject to a comprehensive programme of audits which aim to provide assurance in
respect of ore reserve and mineral resource estimates. These audits are conducted by Competent Persons provided by independent consultants. The frequency and depth of an audit depends on the risks and/or uncertainties associated with
that particular ore reserve and mineral resource, the overall value thereof and the time that has lapsed since the previous independent third-party audit.
The JORC Code requires the use of reasonable economic assumptions. These include long-term commodity price forecasts (which, in the Groups case, are prepared by ex-house specialists largely using estimates of future supply and demand
and long-term economic outlooks).
Ore reserve estimates are dynamic and are influenced by changing economic conditions, technical issues, environmental regulations and any other relevant new information and therefore these can vary from year-to-year. Mineral resource
estimates can also change and tend to be influenced mostly by new information pertaining to the understanding of the deposit and secondly the conversion to ore reserves.
The estimates of ore reserves and mineral resources are shown as at 31 December 2016, unless otherwise stated. Mineral resources that are reported include those mineral resources that have been modified to produce ore reserves. All
tonnage and grade information has been rounded to reflect the relative uncertainty in the estimates; there may therefore be small differences. The prices used for the reserves calculation were: Au Price: US$1,200 per ounce and Ag Price:
US$16.5 per ounce.

Proved and
Reserve category1 Ag Au Ag Au Ag Eq
probable
(g/t) (g/t) (moz) (koz) (moz)
(t)
Arcata
Proved 479,515 371 1.1 5.7 17.3 7.0
Probable 811,996 327 1.1 8.5 29.7 10.7
Total 1,291,511 343 1.1 14.3 47.0 17.7
Inmaculada
Proved 3,254,366 144 3.9 15.1 412.7 45.7
Probable 2,568,907 182 4.7 15.0 388.9 43.8
Total 5,823,274 161 4.3 30.1 801.6 89.4
Pallancata
Proved 632,793 477 2.0 9.7 40.8 12.7
Probable 371,752 331 1.4 4.0 17.2 5.2
Total 1,004,545 423 1.8 13.7 58.0 18.0
San Jose
Proved 593,089 502 7.3 9.6 139.9 19.9
Probable 333,455 401 6.6 4.3 70.4 9.5
Total 926,544 465 7.1 13.9 210.4 29.4
Proved 4,959,763 252 3.8 40.1 610.7 85.3
Probable 4,086,111 242 3.9 31.8 506.2 69.2
TOTAL 9,045,874 247 3.8 71.9 1,116.9 154.5

Note: Where reserves are attributable to a joint venture partner, reserve figures reflect the Companys ownership only. Includes discounts for ore loss and dilution.
1 Operations were audited by P&E Consulting.
.

27
ATTRIBUTABLE METAL RESOURCES AS AT 31 DECEMBER 2016

Resource category Ag Eq Ag Eq
Tonnes (t) Ag (g/t) Au (g/t) Ag (moz) Au (koz)
(g/t) (moz)
Arcata
Measured 1,109,214 414 1.25 506 14.8 44.7 18.1
Indicated 1,942,187 385 1.29 481 24.0 80.7 30.0
Total 3,051,401 395 1.28 490 38.8 125.4 48.1
Inferred 4,030,857 341 1.25 433 44.1 162.1 56.1
Inmaculada1
Measured 2,977,597 178 4.83 535 17.0 462.7 51.2
Indicated 2,635,187 219 5.58 632 18.6 473.0 53.6
Total 5,612,784 197 5.19 581 35.6 935.7 104.8
Inferred 3,165,478 133 3.37 383 13.6 343.3 39.0
Pallancata
Measured 1,052,621 453 1.92 596 15.3 65.1 20.2
Indicated 693,465 332 1.45 439 7.4 32.4 9.8
Total 1,746,086 405 1.74 534 22.7 97.5 30.0
Inferred 3,637,800 357 1.37 459 41.8 160.7 53.7
San Jose
Measured 840,329 564 8.20 1,171 15.2 221.6 31.6
Indicated 964,641 404 6.26 867 12.5 194.1 26.9
Total 1,804,970 479 7.16 1,009 27.8 415.7 58.5
Inferred 529,566 404 6.40 878 6.9 109.0 14.9

28
ATTRIBUTABLE METAL RESOURCES AS AT 31 DECEMBER 2016 (continued)

Tonnes Ag Au Zn Pb Cu Ag Eq Ag Ag Eq Zn Pb Cu
Resource category Au (koz)
(t) (g/t) (g/t) (%) (%) (%) (g/t) (moz) (moz) (kt) (kt) (kt)
Crespo
Measured 5,211,058 47 0.47 - - - 82 7.9 78.6 13.7 - - -
Indicated 17,298,228 38 0.40 - - - 67 21.0 222.5 37.4 - - -
Total 22,509,286 40 0.42 - - - 71 28.8 301.0 51.1 - - -
Inferred 775,429 46 0.57 - - - 88 1.1 14.2 2.2 - - -
Azuca
Measured 190,602 244 0.77 - - - 301 1.5 4.7 1.8 - - -
Indicated 6,858,594 187 0.77 - - - 243 41.2 168.8 53.7 - - -
Total 7,049,197 188 0.77 - - - 245 42.7 173.5 55.5 - - -
Inferred 6,946,341 170 0.89 - - - 236 37.9 199.5 52.7 - - -
Volcan
Measured 105,918,000 - 0.738 - - - 55 - 2,513.1 186.0 - - -
Indicated 283,763,000 - 0.698 - - - 52 - 6,368.0 471.2 - - -
Total 389,681,000 - 0.709 - - - 52 - 8,882.7 657.3 - - -
Inferred 41,553,000 - 0.502 - - - 37 - 670.7 49.6 - - -
Other Projects1
Measured 1,393,716 69 0.02 7.12 3.10 0.39 315 3.1 0.9 14.1 99.3 43.1 5.5
Indicated 1,354,261 82 0.06 6.14 2.73 0.31 295 3.6 2.4 12.9 83.2 37.0 4.2
Total 2,747,977 76 0.04 6.64 2.92 0.35 305 6.7 3.3 27.0 182.4 80.1 9.7
Inferred 13,445,001 8 0.30 0.58 0.21 1.22 160 3.4 128.6 69.0 77.8 28.5 163.6
GRAND TOTAL
Measured 118,693,138 20 0.89 0.08 0.04 0.00 88 74.8 3,391.5 336.8 99.3 43.1 5.5
Indicated 315,509,563 13 0.74 0.03 0.01 0.00 69 128.3 7,541.9 695.5 83.2 37.0 4.2
Total 434,202,700 15 0.78 0.04 0.02 0.00 74 203.1 10,934.9 1,032.3 182.4 80.1 9.7
Inferred 74,083,472 62 0.75 0.10 0.04 0.22 142 148.9 1,788.0 337.3 77.8 28.5 163.6

1. Includes the Jasperoide copper project and the San Felipe zinc/silver project. The silver equivalent grade (147 g/t Ag Eq) has being calculated applying the following ratios, Cu/Ag=96.38 and Au/Ag=60

29
 RESERVES 2016 VERSUS 2015
Inmaculada Arcata

Pallancata San Jose

Conservative approach improving quality of resource base

30
 RESOURCES 2016 VERSUS 2015
Inmaculada Arcata

Pallancata San Jose

Conservative approach improving quality of resource base

31
 EXPLORATION: SOUTHERN PERU CLUSTER PROVIDES LONG TERM POTENTIAL

Corina

Azuca
65km
mineralised Selene
belt

Cochaloma
Pallancata Crespo

Palca
Puquiopata
Inmaculada

Arcata Ares
 CORE ASSETS: INMACULADA

2016 Peru P&P Reserves M&I Resources

Strong first full year of production: 229,000oz Au Eq oz (m oz Au Eq) (m oz Au Eq)
AISC of $8.7/oz
Grades and recoveries achieved better than expected 1.2 1.4
2017
Consistent production of 230,000oz Inferred Resources Production (2016)
AISC forecast at $9.5-10.0/oz including investment in (m oz Au Eq) (oz)
162,710 Au
brownfield growth and tailings dam expansion ($15m) 0.5
AISC excluding growth investment: $9.0-$9.5/oz 4.9m Ag
Unit cost (2016) AISC (2016)
($/t) ($/oz Au Eq)

64.4 644

Summary Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

Ore production (tonnes treated) 344,199 343,247 338,630 280,530 329,925 277,486
Average grade gold (g/t) 4.26 4.09 4.42 4.05 4.57 4.39
Average grade silver (g/t) 134 132 142 121 118 116
Gold produced (koz) 41.03 42.48 45.18 34.02 45.11 36.12
Silver produced (koz) 1,220 1,318 1,396 974 1,084 875
Gold equivalent (koz) 57.51 60.29 64.04 45.83 59.76 47.94

Hochschilds flagship low cost operation

33
 CORE ASSETS: ARCATA

2016 Peru P&P Reserves M&I Resources

Best year since 2010 with strong tonnage and grades (m oz Ag Eq) (m oz Ag Eq)
Production of 8.0m oz Ag Eq
AISC of $13.7/oz 17.7 48.1
2017
Production forecast of 7m oz Ag Eq Inferred Resources Production (2016)
Renewed focus on cost control (m oz Ag Eq) (oz)
6.3m Ag
AISC forecast at $15.3-15.8/oz 56.1
AISC excluding growth investment: $14.5-$15.0/oz 22,540 Au
Unit cost (2016) AISC (2016)
($/t) ($/oz Ag Eq)

101.1 13.7

Summary Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

Ore production (tonnes treated) 170,128 173,784 172,305 161,092 184,994 162,133
Average grade silver (g/t) 344 348 345 309 288 331
Average grade gold (g/t) 1.21 1.30 1.31 1.13 1.03 0.99
Silver produced (koz) 1,669 1,705 1,592 1,377 1,453 1,434
Gold produced (koz) 5.85 6.33 5.68 4.68 4.58 3.92
Silver equivalent (koz) 2,101 2,174 2,013 1,724 1,792 1,670

Operating for +50 years and still good potential

34
 CORE ASSETS: PALLANCATA

2016 Peru P&P Reserves M&I Resources

Production of 3.5m oz Ag Eq in transitional year (m oz Ag Eq) (m oz Ag Eq)
AISC of $16.3/oz affected by Pablo capital and stoppage
at mine (now resolved) 18.0 30.0
2017
Production forecast of 6m oz Ag Eq Inferred Resources Production (2016)
Costs expected to fall to $14.2-$14.7/oz - includes $20m (m oz Ag Eq) (oz)
2.6m Ag
investment in Pablo 53.7
AISC excluding growth investment: $12.5-$13.0 12,370 Au
Unit cost (2016) AISC (H1)
($/t) ($/oz Ag Eq)

131.0 16.3

Summary Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

Ore production (tonnes treated) 26,881 82,147 66,313 69,423 107,320 125,560
Average grade silver (g/t) 414 438 358 324 272 272
Average grade gold (g/t) 1.98 1.98 1.85 1.69 1.40 1.36
Silver produced (koz) 317 1,030 658 615 791 925
Gold produced (koz) 1.47 4.54 3.32 3.05 3.74 4.23
Silver equivalent (koz) 426 1,365 903 841 1,068 1,179

Transitioning to the Pablo vein during 2017

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 CORE ASSETS: SAN JOSE

2016 Argentina P&P Reserves M&I Resources

Another consistent year in an improved Argentinian (m oz Ag Eq) (m oz Ag Eq)
economic environment
Production of 13.7m oz Ag Eq 57.6 114.7
AISC of $11.5/oz in line with forecast
2017 Inferred Resources Production (2016)
Production forecast of 13.7m oz Ag Eq (m oz Ag Eq) (oz)
6.7m Ag
AISC forecast at $12.8-13.3/oz with costs increase due to 29.2
San

95,010 Au
Jose
cancellation of Patagonian port benefit

Unit cost (2016) AISC (2016)

($/t) ($/oz Ag Eq)

202.4 11.5

Summary Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

Ore production (tonnes treated) 146,892 140,366 146,829 101,937 154,642 144,851
Average grade silver (g/t) 418 469 428 470 453 441
Average grade gold (g/t) 6.32 6.44 6.09 6.27 6.63 6.09
Silver produced (koz) 1,704 1,855 1,770 1,362 1,994 1,780
Gold produced (koz) 25.95 25.57 25.21 18.28 29.44 24.90
Silver equivalent (koz) 3,624 3,747 3,635 2,715 4,172 3,274

Strong cashflow improvement in 2016/2017

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