HOCHSCHILD MINING PLC - 549300JK10TVQ3CCJQ89

ANNUAL REPORT 2025 Strengthening today, building the future

STRATEGIC REPORT Highlights 2 Hochschild at a glance 3 Our strategic framework 4 Our investment case 5 Optimising the business 6 Market review 9 Chair’s statement 12 Chief Executive Ofﬁcer’s statement 14 Business model 17 Strategy 18 Key performance indicators 20 Operating review 22 Financial review 34 Stakeholder engagement 42 Sustainability report 45 Climate-related Financial Disclosures 67 Risk management 76 Viability statement 87 Group non-ﬁnancial and sustainability information statement 89 GOVERNANCE Board of Directors 91 Directors’ report 94 Corporate governance report 96 Audit Committee report 109 Nomination Committee report 115 Directors’ Remuneration report 118 Supplementary information 130 Statement of Directors’ responsibilities 133 FINANCIAL STATEMENTS Independent auditor’s report to the members of Hochschild Mining PLC 135 Consolidated income statement 143 Consolidated statement of comprehensive income 144 Consolidated statement of ﬁnancial position 145 Consolidated statement of cash ﬂows 146 Consolidated statement of changes in equity 147 Notes to the consolidated ﬁnancial statements 148 Parent company ﬁnancial statements 192 Notes to the parent company ﬁnancial statements 194 FURTHER INFORMATION Proﬁt by operation 202 Reserves and resources 203 Shareholder information 205 Forward-looking statements & non-IFRS measures 206 Hochschild Mining PLC is a leading precious metals company listed on the London Stock Exchange with a primary focus on the exploration, mining, processing and sale of silver and gold. We have over 60 years of experience in the mining of precious metal epithermal vein deposits and currently operate two underground epithermal vein mines, one located in southern Peru and one in southern Argentina as well as an open-pit mine in Brazil. We also have numerous long-term projects throughout the Americas. WHO WE ARE Visit our website hochschildmining.com MARKET LISTING Market: Main Market (FTSE 250) ISIN: GB00B1FW5029 Market segment: STMM SEDOL: B1FW502 Issue date: 18 December 2006 Year end: 31 December 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

→ Highlights → Hochschild at a glance → Our strategic framework → Our investment case → Optimising the business → Market review → Chair’s statement → Chief Executive Ofﬁcer’s statement → Business model → Strategy → Key performance indicators → Operating review → Financial review → Stakeholder engagement → Sustainability report → Climate-related Financial Disclosures → Risk management → Viability statement → Group non-ﬁnancial and sustainability information statement Strategic report 1 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

This year marks a key moment for Hochschild, delivering our strongest ever ﬁnancial performance, driven by disciplined execution at Inmaculada and precious metal price tailwinds. We added 1.7 million ounces to our resource base, advanced our two exciting growth projects in Peru and Brazil, and signiﬁcantly increased the dividend, reﬂecting the strength of our balance sheet. At Mara Rosa, we are close to completing our turnaround plan, positioning the operation for a stronger and more sustainable future. EDUARDO LANDIN CHIEF EXECUTIVE OFFICER HIGHLIGHTS 2025 STRONG FINANCIAL PERFORMANCE – Revenue up 25% at $1,182.1 million (2024: $947.7 million) 1 . – Revenue (pre-exceptional) up 28% at $1,208.6 million (2024: $947.7 million) 2 . – Adjusted EBITDA up 39% at $583.7 million (2024: $421.4 million) 3 . – Proﬁt before income tax (pre-exceptional) up 66% at $330.4 million (2024: $199.1 million). – Proﬁt before income tax (post-exceptional) up 110% at $372.8 million (2024: $177.2 million). – Basic earnings per share (pre-exceptional) at $0.31 (2024: $0.23). – Basic earnings per share (post-exceptional) at $0.39 (2024: $0.19). – Cash and cash equivalents balance of $317.0 million as at 31 December 2025 (2024: $97.0 million). – Net debt 2 of $22.7 million as at 31 December 2025 (2024: $215.6 million). – Recommended ﬁnal dividend of 5.00 US cents per share ($25.7 million) 4 . 2025 OPERATIONAL PERFORMANCE 5 – Strong 2025 safety performance. – Full-year attributable production of 311,509 gold equivalent ounces (2024: 347,374 ounces). – Attributable all-in sustaining costs (AISC) 2 from operations of $2,138 per gold equivalent ounce (2024: $1,558). – Strong performance at Inmaculada producing 209,921 gold equivalent ounces. – Turnaround plan at Mara Rosa progressing in-line with expectations, positioning the asset for stronger and sustainable long-term production. – San Jose performance in line with expectations producing 120,639 gold equivalent ounces. – Senior management team strengthened with key appointments including Cassio Diedrich as Chief Operating Ofﬁcer. 2025 EXPLORATION AND PROJECT HIGHLIGHTS – Total resource additions of 1.7 million gold equivalent ounces. – Monte do Carmo project progressing towards updated economics and a ﬁnal investment decision by mid-2026. – Royropata silver project permitting process on track. – Strong progression on monetisation of non-core assets: Tiernan Gold Corp. now trading on the TSX Venture Exchange. READ MORE ON PAGE 34 READ MORE ON PAGE 31 READ MORE ON PAGE 22 1 Revenue is reported in the ﬁnancial statements net of commercial discounts, plus revenue from the sale of aggregates and services revenue. 2 Revenue (pre-exceptional) is reported in the ﬁnancial statements net of commercial discounts, plus revenue from the sale of aggregates and services revenue, and excludes the non-cash recycling of $26.4 million of accumulated losses related to the roll-forward of gold hedges. 3 Adjusted EBITDA, net debt and AISC are non-IFRS measures. Please see the Financial Review pages 38-39 for a deﬁnition and calculation of Adjusted EBITDA, net debt and Attributable AISC. The Company has calculated its all-in sustaining cost on an attributable basis and excludes Peruvian royalties which are recognised in the income tax line. Management believes that the updated methodology better aligns with prevailing industry practices and enhances comparability with peers. All previous periods have been re-presented to reﬂect this change. 4 Please see the Financial Review page 41 for the calculation of the ﬁnal proposed dividend. 5 2025 and 2024 equivalent ﬁgures calculated using the gold/silver ratio of 83x. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 2

Hochschild at a glance SILVER Silver has tended to perform in line with gold demonstrating its store-of- value characteristics although with over 50% of silver demand coming from industrial uses, the metal can also move with other industrial metals in line with global growth expectations. 9.3 k oz TOTAL SILVER PRODUCTION 2025 $40.4/oz AVERAGE PRICE FOR 2025 GOLD Over the past several decades, the price of gold has been inﬂuenced by many different factors such as central bank buying, inﬂation, geopolitics, monetary policy and equity markets. 259 k oz TOTAL GOLD PRODUCTION 2025 $3,471/oz AVERAGE PRICE FOR 2025 PROJECT PIPELINE Hochschild currently has a strong project pipeline with assets based in Peru, Brazil and Chile. These include the advanced development project, Monte do Carmo in Brazil, as well as former operations that have strong geological potential, such as Royropata, and regional targets close to our current mines. Our operations follow a disciplined pipeline — from exploration to production — delivering value at every stage of the mine life cycle. 5 1 2 3 4 6 7 8 BRAZIL 40koz Au Mara Rosa is an open pit gold mine located in the mining-friendly jurisdiction of Goias State. 1,769 Employees & contractors $9.9m Wages paid $4.0m Taxes & royalties $44.8m Local procurement MARA ROSA 2 READ MORE ON PAGE 29 ARGENTINA 121koz Au Eq San Jose is a gold-silver underground mine located in the Santa Cruz province, 1,750km southwest of Buenos Aires. 2,850 Employees & contractors $87.5m Wages paid $19.2m Taxes & royalties $90.5m Local procurement SAN JOSE 3 READ MORE ON PAGE 27 PERU 210koz Au Eq Inmaculada is a 20,000 hectare gold and silver underground mine. The mine consists of 40 mining concessions and is located in the Ayacucho Department in southern Peru. 4,512 Employees & contractors $66.0m Wages paid $39.2m Taxes & royalties $83.8m Local procurement INMACULADA 1 READ MORE ON PAGE 24 Development Projects 4 Monte do Carmo (Brazil) 5 Royropata (Peru) 6 Volcan (Chile) (through 69.8% holding in Tiernan Gold) Other 7 Aclara Penco (Chile, 19.5%) 8 Aclara Carina (Brazil, 19.5%) STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 3

Our strategic framework OUR STRATEGIC PILLARS OUR PURPOSE OUR SUSTAINABILITY AREAS OF FOCUS UNDERPINNED BY OUR VALUES Innovation Inspiring others Recognising talent Seeking efﬁciencies Demonstrating responsibility Responsible and innovative mining committed to a better world READ MORE ON PAGE 45 READ MORE ON PAGE 18 READ MORE ON PAGE 42 DISCIPLINED CAPITAL ALLOCATION Serving our Communities Protecting the Environment Ensuring Health and Safety Empowering our People Ensuring we are a Responsible Business ESG OPERATIONAL EFFICIENCY BROWNFIELD STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 4

Our investment case Low-cost precious metal growth potential in key jurisdictions in the Americas.

BROWNFIELD PROGRAMME Our brownﬁeld team has a strong track record of adding high-quality resources at all our operating mines. LONG-TERM DIVIDEND GROWTH As part of our comprehensive capital allocation strategy, we recognise the importance of capital return to our shareholders. GROWTH OPTIONS IN THE AMERICAS We currently have two projects underway – Royropata in Peru and Monte do Carmo in Brazil – that are expected to drive signiﬁcant production growth in the next few years. STRONG ESG PERFORMANCE Our corporate purpose places ESG at the heart of our business operations. This commitment is demonstrated through a broad range of programmes, initiatives, and actions that consistently drive positive change. READ MORE ON PAGE 31 READ MORE ON PAGE 45 READ MORE ON PAGE 41 READ MORE ON PAGE 25 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 5

OPTIMISING THE BUSINESS EDUARDO LANDIN CHIEF EXECUTIVE OFFICER Eduardo was appointed CEO on 26 August 2023. Eduardo previously served as Hochschild’s COO for over 10 years. EDUARDO NORIEGA CHIEF FINANCIAL OFFICER Eduardo was appointed Chief Financial Ofﬁcer of Hochschild Mining on 10 December 2021 having joined the Company in March 2007. CASSIO DIEDRICH CHIEF OPERATING OFFICER Cassio, who joined Hochschild in September 2025, is an experienced mining engineer with 15 years at Vale in senior roles followed by leadership positions at Glencore and Kinterra Capital. A Brazilian national, he brings strong local expertise. EDUARDO VILLAR VP, HUMAN RESOURCES Eduardo has been with the Group since 1996. Prior to his current position, he served as Human Resources Manager, Deputy HR Manager and Legal Counsel. JOSÉ ENRIQUE FRÍAS VP, LEGAL & PUBLIC AFFAIRS Jose joined Hochschild Mining as Vice President of Legal and Public Affairs in June 2024. NICOLAS HOCHSCHILD VP, PLANNING & BUSINESS DEVELOPMENT Nicolas was Corporate Manager of Business Development from June 2023 before assuming his current role in May 2025. OSCAR GARCÍA VP, BROWNFIELD EXPLORATION Oscar was promoted to the position of VP, Brownﬁeld Exploration in 2019 having joined Hochschild Mining in 2007 as an Ore Control geologist. A strengthened leadership team We are conﬁdent that we have the right team in place to drive and optimise the business. Moving forward, this strengthened team will also play a vital role in realising the full potential at the Mara Rosa mine and advancing the development of the Monte do Carmo and Royropata projects. Biographies for our leadership team can be found on our website. 6 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

Driving the turnaround at Mara Rosa OVERVIEW OF CHALLENGES Mara Rosa faced several challenges in 2025, including heavier-than-usual seasonal rainfall, contractor performance issues that limited access to higher-grade ore and tailings ﬁlter problems. These issues also slowed recovery from delays in the mine’s waste removal which were carried over from 2024. Furthermore, in May, the Group’s COO and much of his team at the operation left the organisation, prompting a country-wide reorganisation led by Eduardo Landin. SUMMARY OF ACTIONS A comprehensive operational review strengthened mining, processing, and permitting systems, supported by a one-month plant shutdown to complete essential maintenance and ﬁlter repairs. Mining continued throughout the year, and production improved steadily as all tailings ﬁlters returned to service, reﬂecting stronger ﬂeet efﬁciency and better haulage conditions. The Company also completed a successful reorganisation of its Brazil operations, with new leadership and a more effective management structure positioning Hochschild for continued improvement. 88% EMPLOYEES ARE FROM GOIAS (2024: 81%) 116 LOCAL EMPLOYEES FROM MARA ROSA AND AMARALINA (2024: 40) OPTIMISING THE BUSINESS Q. How have you found the ﬁrst few months of working at Hochschild? A. The ﬁrst few months at Hochschild have been both engaging and professionally rewarding. Working on the Mara Rosa turnaround plan and getting familiar with the other operations and projects has presented a number of challenges but provided me with a valuable learning opportunity early on. I have been particularly impressed by the strength of the management team, whose experience and support have been evident from the outset. It is also a privilege to be part of a company with a strong reputation in the mining industry, which is clearly reﬂected in its culture and standards. Q. What special challenges have you had to deal with at Mara Rosa? A. At Mara Rosa, the key challenges were both operational and organisational, with a major turnaround already underway when I joined. Since then, signiﬁcant improvements have been made to mine access and efﬁciency, alongside necessary upgrades to processing and ﬁltering activities. In parallel, a timely cultural reset has been implemented to stabilise the operation and place it on a stronger, more sustainable footing. Q. Are you excited about the Monte do Carmo project? A. The team is looking forward to reaching a construction decision on the exciting Monte do Carmo project sometime in 2026. We are completing the detailed engineering and, of course, improving the business case with the lessons learned from Mara Rosa. Combined with the opportunity to advance a high- quality Brazilian project in a buoyant precious metal market, Monte do Carmo represents a compelling growth opportunity for the Company. Q & A WITH EDINEY DRUMMOND, BRAZIL COUNTRY MANAGER Q. What made you want to join Hochschild? A. Hochschild is a vastly experienced and reputable operator with a strong track record, combined with an exciting pipeline of projects in Brazil and Peru. Its ambitious growth plans and focus on long-term value creation made it a compelling opportunity for me to contribute my experience and help shape the next phase of the Company’s development. Q. Are there any opportunities for efﬁciencies and cost control? A. We have recently initiated a disciplined, organisation-wide approach to cost optimisation. Each department has been asked to develop a set of initiatives aligned to our strategic roadmap, with a clear focus on priorities and accountability. This has resulted in over 150 initiatives, many with measurable economic returns that are already included in the 2026 plans, with others still under assessment – creating a strong pipeline for ongoing efﬁciencies and cost control. Q & A WITH CASSIO DIEDRICH, CHIEF OPERATING OFFICER STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 7

Dedicated to a sustainable future SUSTAINABILITY IS KEY TO OUR BUSINESS STRATEGY Our purpose at Hochschild is responsible and innovative mining, committed to a better world. Sustainability is fundamental to this purpose and underpins how we operate as a business; it shapes our culture and guides our day-to-day actions. It deﬁnes our relationships with communities, our people and local governments, and underlies how we interact with the environment and the physical landscapes in which we operate. 0.97 LOST TIME INJURY FREQUENCY RATE (2024 1.25) 81% RECYCLED WASTE VS WASTE GENERATED (2024: 57%) Stakeholders We are focused on driving long-term sustainable performance for the beneﬁt of our customers, shareholders and wider stakeholders. Only by fully understanding our stakeholders’ needs and their expectations can we measure the extent of our success. CUSTOMERS SHAREHOLDERS EMPLOYEES SOCIAL GOVERNMENTS/ REGULATORS SUPPLIERS/ LENDERS READ MORE ON PAGE 42 OPTIMISING THE BUSINESS Since the Company’s inception, we have endeavoured to maintain and reinforce our corporate values of respecting the well-being of our employees, the environment and the communities in which we operate. SUMMARY OF ACTIONS In 2025, the Company delivered a strong improvement in ESG performance such as in Lost Time Injury Frequency Rates, fresh water usage and recycled waste. This has built on prior-year momentum and expanding the scope of environmental and social performance tracking across operations to now include Mara Rosa. Progress was made in local employment and procurement, waste management, and overall operational sustainability, alongside continued improvements in environmental, health, and safety performance. Governance and transparency were strengthened through alignment with international frameworks and enhanced external reporting. Ongoing safety and environmental culture initiatives continued to embed consistent practices across the business, with these achievements reﬂected in our latest MSCI ESG rating of BBB, and our inclusion in the FTSE4Good Index Series. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 8

Our markets and their key drivers WHY IS GOLD IMPORTANT IN TODAY’S WORLD? Gold represents enduring value, underpins ﬁnancial systems, and plays an important role across a range of industries, with its signiﬁcance rooted in its rarity, versatility, and timeless visual appeal that has attracted interest for centuries. Throughout history, gold has held cultural, religious, and economic importance, functioning as a symbol of wealth, a medium of exchange, and an integral element in many traditions and ceremonies. Its distinctive physical and chemical characteristics – such as durability, malleability, rarity, and enduring shine – underpin its value across industries including jewellery, technology, and investment, while investors and central banks continue to rely on gold for wealth preservation, portfolio diversiﬁcation, and protection against economic uncertainty, inﬂation, and geopolitical risk. GOLD IN TECHNOLOGY Gold’s excellent conductivity makes it a key material in electronics, including printed circuits and transistors. In the automotive industry, it plays a critical role in safety systems, such as anti-lock brakes and airbag sensors. In defence and aerospace, gold is valued for its ability to reﬂect infrared radiation, ﬁnding use in windscreens, astronaut helmet visors, and other space applications. Additionally, gold-coated glass is employed in commercial buildings to reﬂect sunlight, improve energy efﬁciency, and reduce solar heat gain. WHY IS SILVER IMPORTANT IN TODAY’S WORLD Silver is a precious metal with intrinsic value that, like gold, has long been regarded as both a commodity and a form of money, having served as a medium of exchange for thousands of years. Today, however, silver’s importance is driven primarily by industrial demand, with widespread use in technologies such as mobile devices, solar panels, and a growing range of emerging innovations that capitalise on its distinctive properties. As a noble metal, silver resists corrosion and oxidation and offers the highest thermal and electrical conductivity of any metal, making it especially valuable for electrical and electronic applications. Its antimicrobial and non-toxic characteristics support uses in medicine and consumer products, while its high lustre and reﬂectivity underpin demand in jewellery, silverware, and optical applications. Silver is used extensively across a wide array of applications, including soldering and brazing alloys, batteries, dentistry, electronics, glass coatings, LEDs, medical and pharmaceutical products, semiconductors, solar energy systems, water puriﬁcation, satellites, imaging technologies, and many other industrial processes. SILVER IN TECHNOLOGY As technology advances rapidly, silver’s importance continues to expand, particularly in applications like 5G networks and semiconductors. The global rollout of 5G and the surge in data demand have driven the need for faster, more reliable devices, with silver playing a critical role in manufacturing high-performance chips and components. Semiconductors, essential to modern digital devices, depend on silver for efﬁcient electrical conduction and regulation, making the metal a key driver in the ongoing evolution of technology. GOLD Gold is a precious metal bought by people across the world for different reasons, often inﬂuenced by socio-cultural factors, market conditions, and macroeconomic drivers in their country. The gold price ended 2025 at $4,341/oz (2024: $2,641/oz), another record high year-end close and increasing by a record 64% year-on-year. $4,341/oz 2025 YEAR-END PRICE The average 2025 gold price of $3,471/oz (2024: $2,406/oz) – also another record was 44% higher than 2024. +44 % AVERAGE PRICE VERSUS 2024 SILVER Silver is known for its lustrous appearance, malleability and conductivity and has been prized for centuries in jewellery, currency, and industrial applications. With a rich history tied to wealth and craftsmanship, silver plays a vital role in various sectors, from technology to medicine. The silver price ended 2025 at $70.6/oz (2024:$29.2/oz) which is a 142% increase on the 2024 closing price. $70.6/oz 2025 YEAR-END PRICE The average 2025 silver price of $40.4/oz (2024: $28.5/oz) was also 42% higher than 2024. +42 % AVERAGE PRICE VERSUS 2024 MARKET REVIEW Gold and silver prices in 2025 (indexed) Gold (NYM $/ozt) Continuous (GC00-USA) Silver (NYM $/ozt) Continuous (SI00-USA) Source: Nasdaq Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 300 250 200 150 100 50 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 9

Gold Gold delivered an exceptional performance in 2025, rising in nearly every month and recording its largest annual gain in 46 years. Driven by ongoing geopolitical tensions, volatile US trade policies and interest rate expectations, and broader economic uncertainty, gold emerged as one of the top-performing asset classes of the year. Gold prices delivered a historic performance in 2025, rising nearly every month and climbing as much as 55% to surpass $4,000 per ounce for the ﬁrst time in October, before reaching record highs above $4,300. The rally was driven by a mix of US trade- related uncertainty, reduced demand for the US dollar, increased central bank buying, shifting monetary policy expectations, and ongoing wars in Ukraine and the Middle East. Together, these forces created ideal conditions for gold’s strongest annual gain in 46 years. Total gold demand in 2025, including over-the-counter transactions, surpassed 5,000 tonnes for the ﬁrst time on record. Supported by a record-breaking price rally that delivered a huge number of new all-time highs, total demand reached an unprecedented value of $555 billion, up 45% year-on-year. Rising investment activity was the primary driver, with global gold ETF holdings increasing by 801 tonnes – the second-strongest annual inﬂow on record – whilst bar and coin demand accelerated to a 12-year high. Investment demand in 2025 was underpinned by consistent safe-haven and diversiﬁcation motives, alongside price-driven interest, while central bank purchases remained historically elevated and spread across the globe at 863 tonnes, albeit slower than recent peaks. In addition, in a background of record gold prices, jewellery demand declined, though sentiment stayed strong, with the value of global jewellery demand rising 18% to a record $172 billion. Meanwhile, technology demand held steady despite disruption in consumer electronics markets, supported by continued growth in AI-related applications. Total gold supply in 2025 rose 1% year- on-year to an estimated 5,002 tonnes, the highest since 1970, supported by record mine production and higher recycling. Initial early estimates point to mine output increasing marginally to 3,672 tonnes, just beating the 2018 record of 3,663 tonnes. Recycling rose 3% to 1,404 tonnes, a relatively muted response to the soaring US dollar gold price. Outstanding net producer hedging also fell as producers delivered into maturing contracts and bought back some longer-dated positions. $3,471/oz AVERAGE 2025 PRICE DEMAND SUPPLY Jewellery 33% Central banks 17% Investment 44% Technology 6% Recycled gold 27% Mine production 73% SUMMARY Gold is a precious metal bought by people across the world for different reasons, often inﬂuenced by socio- cultural factors, market conditions, and macroeconomic drivers in their country. POSSIBLE DRIVERS FOR GOLD IN 2026 Volatile geopolitical conditions are likely to remain a key driver of gold prices in the year ahead, supporting continued strong central bank buying, healthy gold ETF inﬂows, and robust bar and coin demand. Bond market uncertainty, further expected interest rate cuts delivered by a new Federal Reserve Chairman, and continued pressure on the US dollar should underpin strength across investment demand. Jewellery spending is expected to remain resilient. Central bank demand is forecast to stay solid, broadly in line with 2025 levels. Mine supply and recycled gold are likely to remain similar to last year, with high margins continuing to incentivise production. Sources: World Gold Council, Metals Focus MARKET REVIEW CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 10

Silver Silver generally tracks gold as a store of value, but with over half its demand from industry, it also moves with industrial metals and global growth trends. Silver prices were again extremely strong in 2025, with the silver spot price gaining 141%, rocketing from $29.2 to $70.6 per ounce and reaching a record high at just over $77 per ounce. This was due to an unprecedented liquidity squeeze that has driven lease rates to record highs, alongside record volumes being delivered into CME (Chicago Mercantile Exchange) vaults amid US tariff concerns and the US government’s ofﬁcial designation of silver as a critical mineral. These developments are unfolding against a backdrop of heightened macroeconomic and geopolitical risks – particularly surrounding US trade policy – which has encouraged investors to increase allocations to precious metals for diversiﬁcation. Consequently, investment demand has strengthened materially, more than offsetting weakness across all major segments of silver demand. In terms of market fundamentals, global supply is estimated to have risen by 1%, underpinned by a modest return to producer hedging. Global demand is expected to have declined by 4%, with all signiﬁcant demand categories posting lower totals. Even so, the market has remained in deﬁcit in 2025, marking the ﬁfth consecutive year. Global silver demand is expected to have fallen by 4% year over year to 1.12 billion ounces in 2025, with all major demand segments projected to decline, led by industrial demand, as well as weaker jewellery and bar-and-coin demand. Industrial demand is forecast to have dropped by 2% to 665 million ounces, reﬂecting heightened global economic uncertainty stemming from tariff policies and geopolitical tensions, alongside a faster pace of thrifting in response to elevated silver prices. In the photovoltaics (PV) sector, global installations are set to reach a new record; however, a sharp reduction in silver loadings per module is expected to drive PV-related silver demand down by around 5% year over year. This weakness should be partially offset by continued growth in AI-driven data centre infrastructure and further, albeit more moderate, expansion in electric vehicle sales. Jewellery and silverware are expected to have declined by 4% and 11%, respectively, this year. For each segment, this largely reﬂects weakness in India, where the rupee silver price has been trading at record highs, well before the international market experienced the same trend. Exchange-traded product (ETP) holdings rose by around 18% up until November 2025, lifting year-to-date inﬂows to 187 million ounces. This increase reﬂects mounting investor concerns over stagﬂation, the independence of the US Federal Reserve, government debt sustainability, the US dollar’s role as a safe haven, and ongoing geopolitical risk. Silver’s strong price performance, together with its supportive supply-demand fundamentals, has further bolstered investor conﬁdence. In 2025, global mined silver supply is expected to have remained ﬂat at 813 million ounces. Higher Mexican and Russian production was offset by lower output in Peru and Indonesia. Primary silver supply is forecast to have risen 3 million ounces to 227 million ounces, accounting for 28% of global output. Mexican production is predicted to have risen by 5 million ounces to 186 million ounces, driven by the restart of Penoles’ Tizapa mine following a prolonged labour dispute, the ongoing ramp-up at Endeavour Silver’s Terronera project, and higher output from Southern Copper. $40.4/oz AVERAGE 2025 PRICE DEMAND Industrial uses 60% Net physical investment 16% Jewellery and Silverware 22% Photography 2% SUPPLY Recycling 19% Mine production 80% Net Hedging Supply 1% SUMMARY Silver is known for its lustrous appearance, malleability, and conductivity and has been prized for centuries in jewellery, currency, and industrial applications. With a rich history tied to wealth and craftsmanship, silver plays a vital role in various sectors, from technology to medicine. POSSIBLE DRIVERS FOR SILVER IN 2026 Silver is expected to beneﬁt from improving investor sentiment toward precious metals, supported by tightening physical supply-demand balances. Silver may also be supported by many of the same drivers underpinning gold: a softer US dollar, US interest rate cuts, and renewed demand for safe- haven assets amid geopolitical concerns. Historically, silver has outperformed gold during falling rate cycles, as lower real yields tend to boost both investor allocations and industrial activity. The solar sector – the largest driver of silver demand – appears to be nearing a near-term peak in annual capacity additions. Analysts are suggesting solar installations may plateau or even decline from 2026 onwards. Silver is currently forecast to remain in deﬁcit. Sources: Silver Institute, Metals Focus MARKET REVIEW CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 11

CHAIR’S STATEMENT 2025 was a year that provided a number of challenges, but also one that clearly demonstrated the strength of our business and our people. Record precious metal prices towards the end of the year provided a powerful tailwind, delivering strong ﬁnancial results and reinforcing our conﬁdence in the long-term fundamentals of our portfolio. At Mara Rosa in Brazil, we responded quickly and decisively to operational challenges, executing a comprehensive turnaround plan that is now close to completion. As we look ahead, I am excited by the progress and potential of our two high-value projects in Peru and Brazil, which position the Company well for the year ahead and beyond. Success for the Group is deﬁned by achieving operational efﬁciency while delivering transformative change. We engage proactively with our communities, creating a meaningful and lasting positive social legacy. Through sustained effort, we achieved record proportions of local employment across our workforce and local procurement. We also implemented a comprehensive social investment programme beneﬁting communities across all our operations. Environmental management is integral to our approach to sustainable growth. In 2025, we delivered excellent environmental performance, reﬂected in our best-in- class ECO Score tool. This was further demonstrated by year-on-year reductions in fresh water consumption per tonne of ore processed, alongside continued improvements in waste management. In addition, our two ESG-linked loans delivered interest rate reductions linked to deﬁned environmental and safety performance indicators. We also made signiﬁcant progress in addressing climate-related risks, with our operations in Brazil and Argentina meeting 100% of their energy requirements from renewable sources. Safety excellence remained a deﬁning feature of the Group’s operational performance in 2025. This was reﬂected in an all-time low injury frequency rate, and the achievement of 2 million man-hours worked in San Jose without incidents. Together, these outcomes are a clear testament to the dedication, discipline, and professionalism of our operational teams. Our people remain central to our performance. Hochschild’s ability to attract and retain talent continues to be reﬂected in consistently low levels of employee turnover. We are also pleased to report that, in a traditionally male-dominated industry, we have made good progress in workforce diversity, reaching an all-time high level of female representation across our total workforce. Disciplined ﬁnancial management EDUARDO HOCHSCHILD COMPANY CHAIR $1,209m REVENUE 2024: $948m $584m ADJUSTED EBITDA 2024: $421m STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 12

Our performance across these areas has been independently validated through upgrades from leading ESG rating agencies, including MSCI and Sustainalytics, as well as our inclusion in the FTSE4Good Index. Comprehensive details of the programmes delivered across our countries of operation are set out in the Sustainability section of the Annual Report. Mara Rosa had a challenging start to the year, reﬂecting a combination of adverse seasonal conditions and operational issues. But I am pleased to report that the situation was addressed decisively through a comprehensive review of the operation, led by Eduardo Landin. The review resulted in the implementation of a turnaround plan for our Brazilian business, strengthening leadership including our new Chief Operating Ofﬁcer, Cassio Diedrich, and operational oversight, alongside targeted maintenance and process improvements. Following a temporary plant shutdown in July, the mine’s performance improved steadily throughout the second half of the year as access to higher-grade areas improved and plant stability was restored. With the reorganisation now complete, the operation is on more stable footing, and management remains focused on delivering consistent performance and realising the asset’s long-term value. Our other operations again delivered a solid performance, led by Inmaculada, which again exceeded annual production guidance and will continue to be our ﬂagship asset for some time, notwithstanding the elevated prices that are enabling the processing of lower- grade material over the coming quarters. While costs were moderately above our revised guidance, this largely reﬂected the immediate impact of sharply rising prices on cyclical costs such as royalties and export taxes. Furthermore, record precious metals prices, together with strong operational performance in Peru and Argentina, resulted in robust cash generation. This allowed the Group to signiﬁcantly reduce net debt while continuing to invest in brownﬁeld exploration and the advancement of our development projects. The performance of our brownﬁeld exploration team continues to be a key strength of Hochschild. Building on the success of previous years, the team delivered another strong result in 2025, adding 1.7 million gold equivalent ounces to our resource base. This outcome reﬂects both disciplined execution and the underlying quality of our asset portfolio and reinforces our long-standing view that there remains signiﬁcant potential within our existing operations. These additions support the long-term sustainability of the business and conﬁrm the important role that brownﬁeld exploration continues to play in our overall strategy. OUTLOOK As noted above, 2025 saw a continuation of the extraordinary uplift in the precious metals market, with both gold and silver reaching record levels on an almost monthly basis. Gold has recently risen to further new highs of over $5,400 per ounce, whilst silver has climbed to over $100 per ounce, with both metals beneﬁting from tight market conditions and heightened global political and economic uncertainty. This exceptional pricing environment has materially enhanced the Group’s ﬁnancial position, and we are encouraged to see this strength continuing into 2026 although precious metal markets remain volatile. It provides a strong foundation as we move forward to ﬁnance our project pipeline and complete the turnaround of our operations in Brazil. 2025 was a year marked by disciplined ﬁnancial management, as we made substantial progress towards our medium- term ﬁnancial objectives. A central priority during the year was the reduction of our debt position, and I am pleased to report that strong cash generation enabled us to reduce net debt by almost $200 million. This was achieved whilst also strengthening the Company through the monetisation of non- core assets. Management did an excellent job in successfully listing Tiernan Gold on the Toronto Stock Exchange Venture Exchange (TSXV), raising capital to advance the Volcan gold project in Chile while retaining an approximately 70% interest. As a result, our balance sheet is now well-positioned to ﬁnance our next development project in Brazil, Monte do Carmo, with updated project economics underway and a ﬁnal investment decision targeted for mid 2026. Last year, we highlighted that, as part of our capital allocation strategy, we recognised the importance of returning capital to our shareholders. Accordingly, we introduced a new dividend policy designed to provide greater predictability and consistency for our investors in the years ahead. Building on this, the Board is pleased to announce that the performance of the Company this year and the strength of our balance sheet allows us to recommend a ﬁnal dividend of 5.00 US cents per share, representing a distribution of $25.7 million for a total of $30.9 million in 2025. As we reﬂect on a successful 2025, I would like to extend my thanks to our leadership team, as well as the thousands of Hochschild employees, contractors, and partners whose dedication has been central to our progress during the year. Whilst we faced challenges in Brazil during the year, the commitment and hard work of our teams across all operations have been instrumental in delivering value for our Company and our stakeholders. I am truly proud of what has been accomplished and conﬁdent in our ability to build on this progress in the year ahead as we continue to develop our exciting portfolio. EDUARDO HOCHSCHILD COMPANY CHAIR 10 March 2026 The performance of our brownﬁeld exploration team continues to be a key strength of Hochschild. CHAIR’S STATEMENT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 13

CHIEF EXECUTIVE OFFICER'S STATEMENT During 2025, Hochschild Mining made solid progress across the Company, supported by disciplined execution of our strategy, despite operational challenges at Mara Rosa in Brazil. Our focus remains ﬁrmly on our four strategic pillars – brownﬁeld exploration, operational efﬁciency, ESG leadership, and disciplined capital allocation – which continue to guide our decision-making and underpin our commitment to long-term value creation. While Mara Rosa did not meet our expectations, decisive action was taken, and with a strengthened team including a new COO, a comprehensive operational review, and targeted optimisation initiatives now delivering results, a robust platform is in place to support improved performance in Brazil and reliable production in 2026. ESG Our corporate purpose places responsibility at the core of how we operate. As highlighted by the Chair, this commitment is reﬂected in a comprehensive range of initiatives that underpin our long-term value creation targets. In 2025, our ESG programme made strong progress, delivering year-on-year improvements across 10 of our 16 key ESG performance indicators and reinforcing its central role in the execution of our corporate strategy. Through active community engagement, we reinforced our social licence to operate across all our sites. We delivered an excellent Lost Time Injury Frequency Rate of 0.97 (2024: 1.25), while our operations in Peru and Argentina continued to maintain Level 8 safety management system certiﬁcation from Det Norske Veritas. Environmental performance remained robust, reﬂecting the effective integration of sustainability principles and responsible resource stewardship throughout our operations. OPERATIONS Our operational performance in 2025 highlighted the resilience of our diversiﬁed asset base. Attributable gold equivalent production totalled 311,509 ounces, a 10% reduction compared with 347,374 ounces in the prior year, largely attributable to challenges at the Mara Rosa operation. All-in sustaining costs for the year were higher than initially anticipated, reﬂecting lower production in Brazil, additional capital investment to support the operational reset at Mara Rosa, the mining of lower-grade border areas of the veins at San Jose, and the impact of higher precious metal prices in royalties, selling expenses and workers’ proﬁt sharing. The outlook remains compelling EDUARDO LANDIN CHIEF EXECUTIVE OFFICER GOLD PRODUCTION KOZ ATTRIBUTABLE SILVER PRODUCTION KOZ ATTRIBUTABLE 2025 221 2024 245 2025 7,475 2024 8,496 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 14

In 2025, the Inmaculada mine delivered another solid performance in line with plan, producing 209,921 gold equivalent ounces, 5% lower than 2024 (220,501 ounces), reﬂecting a scheduled reduction in grade. All-in sustaining costs were $1,732 per gold equivalent ounce (2024: $1,479 per ounce), with the increase year-on-year driven by the planned grade proﬁle, partially offset by higher throughput. Over at San Jose in Argentina, production of 120,639 gold equivalent ounces was modestly below 2024 (123,732 ounces), primarily due to scheduled lower grades, although this was mitigated by higher-than-anticipated tonnage processed. All-in sustaining cost of $2,520 per gold equivalent ounce was higher than expected, reﬂecting the mining of lower-grade border areas, higher royalties and export taxes driven by increased precious metal prices, and the removal in April 2025 of the export beneﬁt allowing partial settlement of exports at the blue dollar rate. Mara Rosa faced a challenging 2025, with early-year rainfall and operational constraints affecting access to higher- grade zones and delaying recovery from 2024 backlogs. Following the resignation of our COO in May, I led a comprehensive operational review covering mining, processing, and permitting, including a temporary suspension of the plant at the end of June for essential maintenance and repairs. Production resumed in July 2025 and steadily ramped up through the remainder of the year, with mining movement and throughput improving as operational stability strengthened. A reorganised Brazil management team, including the appointment of our new General Manager, Ediney Drummond, has strengthened oversight and execution. Operational improvements in the latter part of the year enhanced access to ore, increased productivity, and laid the groundwork for sustainable performance. Key focus areas- mining development, water management, ﬁltration, and plant reliability-were addressed through improved maintenance and infrastructure readiness. These actions have established a solid platform for consistent operations and workforce stability as we have moved into 2026. Gold production for the year at Mara Rosa totalled 40,062 gold equivalent ounces (2024: 63,538 ounces). Throughout the review process, we remained closely engaged with all stakeholders, including local authorities and communities, and are focused on unlocking the full potential of this asset in the next few quarters. PROJECTS In terms of strategic delivery, we continued to make strong progress across our high- potential growth projects. In Brazil, detailed engineering studies at our Monte do Carmo project in Tocantins are nearing completion. With the permitting pathway now substantially de-risked and lessons learned from our Mara Rosa experience being applied, we are preparing the project for a potential construction decision around mid-year. In Peru, the exciting Royropata silver project has advanced following the securing of all necessary land easements in 2024. The team is now preparing the documentation required to submit the Modiﬁed Environmental Impact Assessment application to the Peruvian government later this year, following the national elections and the installation of the new administration in the third quarter. In the second half of the year, I was pleased to see our management team make further progress in adding value to our non- core project portfolio through the listing of Tiernan Gold Corp (‘Tiernan’) on the TSXV and concurrent capital raise. This transaction represented an important step for Tiernan and reﬂected the signiﬁcant work completed over the past few years on the Volcan gold deposit in Chile. Tiernan now provides a dedicated platform to advance the project and realise its full potential under experienced leadership. Tiernan raised approximately $30 million, and Hochschild received approximately $12 million in proceeds from the secondary offering, while retaining a 69.8% stake of Tiernan. With gold prices remaining strong, we believe this structure offers the best path to maximise long-term value for all stakeholders. EXPLORATION Exploration continues to be a core pillar of the Group’s growth strategy, and during 2025 we built on our strong track record by adding a total of 1.7 million ounces of resources across the portfolio, with, in particular, signiﬁcant further additions at Inmaculada and Royropata. The brownﬁeld exploration team remains focused on identifying new opportunities for resource expansion within 10 kilometres of our existing operations, including drill testing at one of three deposits identiﬁed within the Inmaculada– Pallancata district in Peru. Over the longer term, the strategy also includes the selective acquisition of additional mining properties to further support sustainable growth and replace resources. FINANCIAL POSITION Record precious metal prices during the year drove the Company to generate signiﬁcant cash ﬂow with the result that the Company’s balance sheet is the strongest it has been for CHIEF EXECUTIVE OFFICER'S STATEMENT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 15

several years. Cash and cash equivalents was $317.0 million at the end of December (2024: $97.0 million) reﬂecting strong operational cash ﬂow during the year along with the consolidation of Tiernan’s cash balance following its listing and capital raise on the TSXV in the second half of the year. Total debt was $339.6 million (2024: $312.6 million) and therefore net debt was reduced to $22.7 million (2024: $215.6 million). FINANCIAL RESULTS Total attributable Group production was 9% lower than 2024 but this was offset by a 37% rise in the gold price received and a 54% rise in the silver price. Consequently, revenue increased by 25% to $1,182.1 million (2024: $947.7 million) and pre-exceptional revenue increased by 28% to $1,208.6 million (2024: $947.7 million). Attributable all-in sustaining costs were at $2,138 per gold equivalent ounce or $25.7 per silver equivalent ounce (2024: $1,558 per ounce/$18.8 per ounce). Adjusted EBITDA of $583.7 million (2024: $421.4 million) increased by 39% versus 2024 reﬂecting the signiﬁcant price rises partially offset by a fall in production and an increase in cost of sales. Pre-exceptional proﬁt for the year was $200.7 million (2024: $133.5 million) and basic earnings per share (pre-exceptional) increased to $0.31 (2024: $0.23 per share) mainly due to the higher proﬁtability, net of taxes. On a post-exceptional basis, proﬁt for the year was $247.4 million (2024: $113.7 million) and basic earnings per share (post-exceptional) was higher at $0.39 (2024: $0.19) and includes the non-cash recycling of $26.4 million of accumulated losses related to the roll-forward of gold hedges, the reversal of impairment at the Volcan project of $43.2 million, the reversal of impairment of the investment in Aclara Resources Inc. of $22.2 million, the reversal of impairment of $13.6 million of the San Jose mine, and the listing and transaction expenses in connection with Tiernan’s transaction of $10.2 million. The tax effect of exceptional items was a gain of $4.2 million. OUTLOOK 1 We expect attributable production in 2026 to be between 300,000 and 328,000 gold equivalent ounces. This will be driven by: 174,000-185,000 gold equivalent ounces from Inmaculada; an attributable contribution of 59,000 to 63,000 gold equivalent ounces from San Jose; and an increased level of production from the Mara Rosa mine of between 67,000 and 80,000 gold ounces. All-in sustaining costs for operations are expected at between $2,157 and $2,320 per gold equivalent ounce. This forecast which is an increase versus 2025 reﬂects the lower production in Inmaculada driven by lower grade expectations as well as additional capex on expansion of Inmaculada’s tailings dam. This will be partially offset by increased production at Mara Rosa and higher expected currency devaluation in Argentina. The outlook for the Company remains compelling as we complete the turnaround at Mara Rosa, advance our two high-quality growth projects in Brazil and Peru, and continue to generate strong cash ﬂows in a highly supportive precious metals price environment. This ﬁnancial strength has enabled us to strengthen the balance sheet, increase returns to shareholders and position the business to support sustainable growth. Alongside our focus on operational excellence and disciplined capital allocation, we will continue to assess opportunities to optimise our portfolio, whether through value- accretive acquisitions or the monetisation of our non-core assets, with the clear objective of delivering sustained value creation. EDUARDO LANDIN CHIEF EXECUTIVE OFFICER 10 March 2026 The Company’s balance sheet is the strongest it has been for several years. CHIEF EXECUTIVE OFFICER'S STATEMENT CONTINUED 1 All forecast equivalent ﬁgures assume a gold/silver ratio of 77x. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 16

MINERAL Our high-quality mineral resource base allows us to manage the business for the long term. NATURAL We aim to effectively manage the water and energy requirements of our mining and processing activities. HUMAN Our talented people use industry-leading technical, market and sustainability expertise to generate value from our assets. PHYSICAL Strong relationships with our suppliers across the world enable us to deliver tailored equipment and operating solutions. FINANCIAL Our focus on cost efﬁciency and disciplined capital allocation help deliver sustainable cash ﬂow and improve stakeholder returns. 1. DISCOVER We have strong expertise in discovering geological districts and our experienced exploration team believes that there is potential to continue to generate strong returns from the Company’s existing resource base. 2. DEVELOP We progress our projects quickly and efﬁciently and the ability to operate in remote locations remains a core competitive advantage along with our extensive knowledge of the key mining jurisdictions throughout the Americas. 3. EXTRACT Our extensive knowledge base of different ore bodies as well as a variety of environments has resulted in us consistently meeting annual operational targets, implementing cost efﬁciency programmes and adding to our resource base. 4. RESTORE The future use of our land has always been a fundamental consideration and we have a long track record of restoring our areas to a safe and stable physical condition in accordance with the surrounding landscape. COMMUNITIES Local programmes focus on our core themes of education, health and socio-economic development, allowing us to operate collaboratively with communities across our regions. $219m LOCAL PROCUREMENT IN 2025 EMPLOYEES We aim to provide our people with personal development and competitive compensation whilst empowering them with learning opportunities and new challenges in a healthy and safe work environment. 3,281 NUMBER OF EMPLOYEES IN 2025 CUSTOMERS As we have relatively few customers, successful relations are of critical importance and our Sales and Logistics teams oversee a relationship of co-operation and constant dialogue. 11 TOTAL NUMBER OF CUSTOMERS SUPPLIERS As a key inﬂuence on how we operate our business, we seek a relationship of mutual beneﬁt while requiring high standards of conduct. 5,852 TOTAL NUMBER OF SUPPLIERS GOVERNMENTS It is our aim to maintain a constructive relationship and open dialogue with the various governmental authorities we interact with through direct engagement and also through various national mining associations. $62m TAXES AND ROYALTIES PAID IN 2025 SHAREHOLDERS We are committed to the principle of capital return and have announced the resumption of dividends along with a new dividend policy to provide more certainty through the investment cycle. $26m PROPOSED 2025 FULL- YEAR DIVIDEND Creating sustainable value 4 MARKET 1 2 3 We use these resources… to create value… for all our stakeholders. BUSINESS MODEL STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 17

Strategy for delivery and growth STRATEGY STRATEGIC PILLARS AND KEY PRIORITIES 2025 ACTIVITIES 2026 PRIORITIES KEY METRICS RISKS CASE STUDIES BROWNFIELD – Generating long-term value – Extending life-of-mine – Focused on mineable resources – Exploration added approximately 1.7 million gold equivalent ounces of total resources – More than 1 million gold equivalent ounces of resource additions achieved at Pallancata/ Royropata – Additional resources added at Monte do Carmo from the west side of the Serra Alta pit – Explore new potential areas for resource expansion within 10km of existing operations at Inmaculada and Pallancata – Drill testing programme in Inmaculada South, East and North in the ﬁrst quarter – Drilling for potential resources at Monte do Carmo as well as adding inferred resources – Continue to drill at Mara Rosa for additional resources close to current mining area – Continue to add resources by drilling close to the San Jose mine as well as regional targets +6 moz AU EQ TOTAL RESOURCES DISCOVERED SINCE 2006 – Political, legal and regulatory – Community relations – Exploration and reserve and resource replacement PERU Inmaculada We have been highly successful in ﬁnding additional ounces of inferred resources in the rich Inmaculada district since the mine’s ﬁrst production in 2015 and we believe there is strong potential to identify more resources in the next decade. READ MORE ON PAGE 24 OPERATIONAL EFFICIENCY – Onsite leadership – Lean philosophy – Cost efﬁciencies – Project development – Mara Rosa turnaround plan completed – revised Group production and cost guidance issued – Monte do Carmo detailed engineering study and gap analysis on schedule – Modiﬁed Environmental Impact Assessment (MEIA) for Royropata on schedule – Reverse osmosis plant project at Inmaculada nearing completion – Reach Final Investment Decision (FID) for Monte do Carmo – Submit Royropata MEIA to Peruvian government – Achieve production targets across the Company including between 67,000 and 80,000 ounces at Mara Rosa – Minimise impact of cost inﬂation, care and maintenance costs and macroeconomic volatility $2,132/ oz Au Eq 2025 ATTRIBUTABLE OPERATIONS AISC – Operational performance BRAZIL Mara Rosa Mara Rosa experienced a challenging year due to heavy rainfall, operational constraints and management turnover. A comprehensive operational review and targeted maintenance were initiated which included a one-month processing plant shutdown. This allowed production to resume and performance to stabilise. Since then, operating rates have steadily improved, reﬂecting better efﬁciency and operating conditions. READ MORE ON PAGE 29 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 18

STRATEGIC PILLARS AND KEY PRIORITIES 2025 ACTIVITIES 2026 PRIORITIES KEY METRICS RISKS CASE STUDIES ESG – World-class safety performance – Water management focus – New community approach – Effective talent management – 2030 ESG KPI’s in place – Strong corporate values – Year-on-year growth in local procurement to 30% – Excellent environmental performance: 5.61 out of 6 in ECO Score – Reduction in fresh water consumption to 0.26 m3/tonne – Excellent Lost Time Injury Frequency Rate (LTIFR) of 0.97 – Consistently low levels of employee turnover (4.0%) – Record percentage of female workers (10.6% vs 10% in 2024) – Continue work towards alignment with the Taskforce on Nature-related Financial Disclosures (TNFD) – Conduct a detailed physical risk assessment and ﬁnancially quantify the most material identiﬁed risks – Conduct human rights due diligence to identify and assess related company risks 0.97 LTIFR IN 2025 – Political, legal and regulatory – Community relations – Personnel: recruitment and retention – Health & Safety – Environmental – Climate Change ARGENTINA San Jose The Safe Mind (‘Segura Mente’) programme at the San Jose mine promotes workplace mental health to support employee well-being and safety. It focuses on managing anxiety, improving sleep hygiene, and encouraging digital disconnection, based on psychological consultations and psychosocial risk assessments. READ MORE ON PAGE 27 DISCIPLINED CAPITAL ALLOCATION – Funding organic growth – Debt repayment – Capital return – Value accretive M&A – Tiernan Gold listed on TSXV raising proceeds of approximately $30 million for Tiernan offering and approximately $13 million for Hochschild secondary offering – Dividend reinstated and dividend policy announced – Net debt reduced to $23 million vs $216 million at year-end 2024 – Continue to repay existing debt – Position the Company to ﬁnance potential Monte do Carmo project construction start – Assess additional medium-term acquisitions – Consider the disposal of non-core assets $12 million PROCEEDS FROM TIERNAN GOLD SECONDARY OFFERING – Commodity price – Operational performance CHILE Tiernan Gold Corp. In H2 2025, as part of our drive to dispose of non-core assets, the wholly owned subsidiary, Tiernan Gold Corp., which is advancing the Volcan gold project in Chile, completed its qualifying transaction and listed on the TSX Venture Exchange. We realised approximately $12 million from a partial sale of the holding and ended the year with a 69.8% stake. READ MORE ON PAGE 13 STRATEGY CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 19

Measuring our performance KEY PERFORMANCE INDICATORS FINANCIAL MEASURES 1 PRODUCTION 371 MOZ AU EQUIVALENT 25 371 24 408 23 367 22 408 21 434 Links to strategy: 1 2 3 4 Links to remuneration: Yes (Page 118) Risks Operational performance Deﬁnition Total gold equivalent production equals total silver production divided by a gold/silver ratio for 2026 forecasts of 77x, 2022-2025 of 83x, 2021 of 86x and added to the total gold production. Performance Total gold equivalent production decreased by 9% versus 2024 due to the reduction in production from Mara Rosa arising from the plant stoppage at the mine and scheduled moderate reductions in production at Inmaculada and San Jose due to reduced grades. Outlook Total gold equivalent production is forecast to be between 357,000 and 390,000 gold equivalent ounces in 2026. REVENUE 1,209 $M 25 1,209 24 948 23 639 22 736 21 811 Links to strategy: 1 2 4 Links to remuneration: Yes (Page 118) Risks Operational performance and commodity prices Deﬁnition Revenue presented in the ﬁnancial statements is disclosed as net revenue and is calculated as gross revenue less commercial discounts. Performance Total revenue increased by 28% versus 2024 due to the strong increase in precious metal prices offset by the reduced production at all the mines. Outlook Total gold equivalent production is forecast to be between 357,000 and 390,000 gold equivalent ounces in 2026 assuming a gold/silver conversion ratio of 77x although much will depend on the performance of precious metal prices. STRATEGIC PILLARS: Brownﬁeld Operational efﬁciency 1 2 ESG Disciplined capital allocation 3 4 ADJUSTED EBITDA 584 $M 25 584 24 421 23 273 22 255 21 383 Links to strategy: 1 2 4 Links to remuneration: Yes (Page 118) Risks Operational performance, commodity prices and cost management Deﬁnition Adjusted EBITDA is calculated as proﬁt from continuing operations before exceptional items, share of proﬁt/loss from associates, net ﬁnance costs, foreign exchange losses and income tax plus non-cash items (depreciation and amortisation and changes in mine closure provisions) and exploration expenses other than personnel and other exploration-related ﬁxed expenses. Performance Adjusted EBITDA increased by 39% versus 2024 due to the strong increases in precious metal prices offset by a fall in production and a rise in costs. Outlook Adjusted EBITDA for 2026 will depend on precious metal prices and cost control, along with the ability of the operations to operate as expected. BASIC EARNINGS PER SHARE 0.31 $PRE-EXCEPTIONAL 25 0.31 24 0.23 23 0.02 22 0.01 21 0.14 Links to strategy: 1 2 4 Links to remuneration: No Risks Operational performance, commodity prices Deﬁnition The per-share proﬁt (using the weighted average number of shares outstanding for the period) available to equity shareholders of the Company from continuing operations before exceptional items. Performance Pre-exceptional earnings per share increased by 35% to $0.31 due to the substantial rise in Adjusted EBITDA. Outlook Pre-exceptional earnings per share will depend on Adjusted EBITDA performance and the effective tax rate which may be impacted if local currencies including the Peruvian sol, Argentinian peso and Brazilian real continue to depreciate versus the US dollar. DIVIDEND PER SHARE 5.0 US CENTS PER SHARE 25 5.0 24 1.9 23 – 22 2.0 21 4.3 Links to strategy: 2 4 Links to remuneration: No Risks Operational performance, commodity prices Deﬁnition The per-share (using the weighted average number of shares outstanding for the period) dividend paid to equity shareholders of the Company as recommended by the Board. Performance The Board has announced a ﬁnal dividend of $26 million for 2025. Outlook Dividend per share for 2026 will depend on the level of proﬁtability of the Company and the available uses of cash and is at the discretion of the Board and in accordance with the implemented dividend policy. 1 All silver equivalent ﬁgures (2025 and historic ﬁgures) have this year been converted to gold equivalent metrics in line with the Company’s dominating commodity. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 20

FINANCIAL MEASURES CONTINUED ALL-IN SUSTAINING COSTS 2,138 $/OZ AU EQUIVALENT 25 2,138 24 1,558 23 1,454 22 1,448 21 1,153 Links to strategy: 1 2 Links to remuneration: Yes (Page 118) Risks Operational performance, local cost inﬂation, increases in brownﬁeld exploration investment Deﬁnition Calculated on an attributable basis before exceptional items and includes cost of sales less depreciation and amortisation and change in inventories, administrative expenses, brownﬁeld exploration and operating capex divided by gold equivalent ounces produced using a gold/ silver ratio of 83:1 1 . Performance All-in sustaining costs from operations rose versus 2024 mainly due to the operational challenges and resulting reduced production at Mara Rosa, lower grades in Argentina and higher precious metal prices resulting in increased royalties, selling expenses in Argentina, and increased workers’ proﬁt sharing in Peru. Outlook The all-in sustaining cost from operations in 2026 is expected to be between $2,157 and $2,320 per gold equivalent ounce using a gold:silver ratio of 77x. TOTAL GOLD CASH COSTS 1,430 $/OZ AU EQUIVALENT 25 1,430 24 1,108 23 1,110 22 996 21 806 Links to strategy: 1 2 Links to remuneration: No Risks Operational performance including dilution, grade and tonnage control and local inﬂation Deﬁnition Cash costs are calculated based on pre-exceptional ﬁgures. Co-product cash cost per ounce is the cash cost allocated to the primary metal (allocation based on proportion of revenue), divided by the ounces sold of the primary metal. Performance Total gold cash costs for the Company increased by 34% versus 2024 due to the increase in unit costs at Mara Rosa resulting from the operational challenges and a moderate increases in unit cost in Argentina. Outlook Cash costs performance in 2026 is expected to be dependent on operational performance, local cost inﬂation and levels of local currency devaluation in Argentina, Brazil and Peru. NON-FINANCIAL MEASURES LTIFR 0.97 25 0.97 24 1.25 23 0.99 22 1.37 21 1.26 Links to strategy: 2 3 Links to remuneration: Yes (Page 118) Risks Health and safety risks Deﬁnition Calculated as total number of accidents per million labour hours. Performance LTIFR decreased by 22% vs 2024. Outlook The Company is working towards its 2030 objective of LTIFR of 1.2. RESOURCE BASE 1,739 M OZ AG EQUIVALENT 25 1,739 24 1,708 23 1,506 22 1,542 21 1,273 Links to strategy: 1 4 Links to remuneration: Yes (Page 118) Risks Exploration and revenue and resource replacement, political, legal and regulatory and community relations Deﬁnition Total attributable silver equivalent metal resources as at 31 December 2025. Performance Total attributable silver equivalent metal resources increased by 2% in 2025 due to the increases in resources at Inmaculada, Pallancata and Mara Rosa although partially offset by the sale of Arcata and Azuca. Outlook Resource increases in 2026 will depend on the ability to secure permits in Peru and the level of ongoing success in ﬁnding potential resources and the ability to convert these resources into the inferred and measured and indicated categories through drilling. KEY PERFORMANCE INDICATORS CONTINUED 1 For the three years prior to 2024, all-in sustaining costs includes Peruvian royalties and was calculated on a total basis. The Company has calculated 2024 (restated) and 2025 ﬁgures on an attributable basis and excluded Peruvian royalties which are recognised in the income tax line. Management believes that the updated methodology better aligns with prevailing industry practices and enhances comparability with peers. 2022 to 2025 ﬁgures used a gold:silver ratio of 83x and 2021 ﬁgures used 86x. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 21

Operating review 259.2 k oz TOTAL GROUP PRODUCTION OF GOLD 2024: 281.1koz 255.6 k oz TOTAL GROUP GOLD PRODUCTION SOLD 2024: 281.5koz 9,251 k oz TOTAL GROUP PRODUCTION OF SILVER 2024: 10,530koz 9,145 k oz TOTAL GROUP SILVER PRODUCTION SOLD 2024: 10,643koz TOTAL 2025 GROUP PRODUCTION Year ended 31 Dec 2025 Year ended 31 Dec 2024 Silver production (koz) 9,251 10,530 Gold production (koz) 259.16 281.14 Total silver equivalent (koz) 30,762 33,864 Total gold equivalent (koz) 370.62 408.00 Silver sold (koz) 9,145 10,643 Gold sold (koz) 255.56 281.46 Total production includes 100% of all production, including production attributable to Hochschild’s minority shareholder at San Jose. ATTRIBUTABLE 2025 GROUP PRODUCTION Year ended 31 Dec 2025 Year ended 31 Dec 2024 Silver production (koz) 7,475 8,496 Gold production (koz) 221.44 245.01 Silver equivalent (koz) 25,855 28,832 Gold equivalent (koz) 311.51 347.37 Attributable production includes 100% of all production from Inmaculada, Mara Rosa and 51% from San Jose. ATTRIBUTABLE 2026 PRODUCTION FORECAST SPLIT Operation Oz Au Eq Inmaculada 174,000-185,000 Mara Rosa 67,000-80,000 San Jose (51%) 59,000-63,000 Total 300,000-328,000 2026 ATTRIBUTABLE AISC FORECAST SPLIT Operation $/oz Au Eq Inmaculada 2,047-2,175 Mara Rosa 2,296-2,520 San Jose 2,304-2,495 Total from operations 2,157-2,320 OPERATIONS Note: 2025 and 2024 equivalent ﬁgures assume a gold/silver ratio of 83x. 2026 forecasts assume a ratio of 77x. PRODUCTION In 2025, Hochschild delivered attributable production of 311,509 gold equivalent ounces or 25.9 million silver equivalent ounces, in line with the Company’s revised guidance but lower than the 2024 result (347,374 gold equivalent ounces) mainly due to the challenges at Mara Rosa and lower scheduled production at Inmaculada. The overall attributable production target for 2026 is 300,000-328,000 gold equivalent ounces. COSTS Attributable all-in sustaining cost from operations in 2025 was $2,138 per gold equivalent ounce (2024: $1,558 per gold equivalent ounce), higher than original guidance of $1,587 – $1,687 mainly as a result of: the signiﬁcantly higher costs and reduced production related to the challenges at Mara Rosa; lower grades in Argentina; and higher precious metal prices resulting in increased royalties, selling expenses in Argentina, and increased workers’ proﬁt sharing in Peru. The attributable all-in sustaining cost from operations in 2026 is expected to be between $2,157 and $2,320 per gold equivalent ounce. GOLD SILVER STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 22

Peru INTRODUCTION Hochschild Mining’s base is in Peru where we control and plan operations at our head ofﬁce in Lima. Our origins can be traced back to the original group of companies founded in 1911 by Mauricio Hochschild. Many of the Company’s precious metals mines have been in our southern Peru ‘cluster’ and our ﬁrst operation there was Arcata which started production in 1964 and continued until 2019. Our key current operation is Inmaculada which has been producing since 2015 and contributes over 50% of our attributable output and is expected to remain the Company’s ﬂagship for many years to come. Although the Pallancata mine was placed on care and maintenance in 2023, we believe that the nearby Royropata zone will be a high-value successor when it reaches production in approximately two to three years. This development demonstrates that Hochschild’s extensive land package in Peru still has exciting geological potential and reinforces our commitment to our home country. SUSTAINABILITY Sustainability in Peru is based around our ﬁve strategic pillars: Serving our Communities; Protecting the Environment; Promoting Health & Safety; Empowering our People; and Being a Responsible Business. With regards to our Peruvian communities, we have made a large effort to strengthen our social engagement strategy and ﬁnd meaningful ways of supporting them. This has included increasing local employment and procurement, supporting local governments with public infrastructure, and positively engaging local communities through educational, health, and digital connectivity programmes. Hochschild operates one underground mine in southwest Peru, Inmaculada, as well as a nearby development project, Royropata. 4,500 + HOCHSCHILD EMPLOYEES AND CONTRACTORS IN PERU ROYROPATA READ MORE ON PAGE 25 OPERATING REVIEW PERU INMACULADA READ MORE ON PAGE 24 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 23

PRODUCTION The Inmaculada mine delivered gold equivalent production of 209,921 ounces (2024: 220,501 ounces), which although a 5% reduction versus 2024 was according to the mine plan and was due to reduced gold and silver grades partially offset by increased tonnage arising from a number of efﬁciency initiatives executed since the ﬁrst half of 2024. The Company is currently focused on managing grade variability inherent to sequencing, maintaining access to higher- grade zones, and sustaining stope inventory through continued geomechanical discipline and ﬂexibility in development work. The 100% owned Inmaculada gold/silver underground operation is located in the Department of Ayacucho in southern Peru. It commenced operations in June 2015. Inmaculada PERU Inmaculada summary Year ended 31 Dec 2025 Year ended 31 Dec 2024 % change Ore production (tonnes) 1,372,800 1,197,965 15 Average silver grade (g/t) 143 179 (20) Average gold grade (g/t) 3.42 3.90 (12) Silver produced (koz) 5,618 6,368 (12) Gold produced (koz) 142.23 143.78 (1) Silver equivalent produced (koz) 17,423 18,302 (5) Gold equivalent produced (koz) 209.92 220.50 (5) Silver sold (koz) 5,601 6,342 (12) Gold sold (koz) 143.67 143.64 – Unit cost ($/t) 142.5 143.2 – Total cash cost ($/oz Au co-product) 982 809 21 All-in sustaining cost ($/oz Ag Eq) 20.9 17.8 17 All-in sustaining cost ($/oz Au Eq) 1 1,732 1,479 17 COSTS All-in sustaining cost was $1,732 per gold equivalent ounce (2024: $1,479 per ounce). The increase compared with 2024 was primarily driven by forecasted lower gold and silver grades and higher production volumes, which increased production costs, as well as other cost components directly affected by signiﬁcantly higher precious metal prices, including workers’ proﬁt sharing and commercial deductions. 1 Excludes Peruvian royalties which are recognised in the income tax line. Management believes that the updated methodology better aligns with prevailing industry practices and enhances comparability with peers. All previous periods have been re-presented to reﬂect this change. Inmaculada 1,732 /koz Au Eq 2025 ALL-IN SUSTAINING COST OPERATING REVIEW : PERU 24 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

In 2025, work continued on the Modiﬁed Environmental Impact Assessment for Royropata, which is progressing on schedule and is expected to be completed in early Q2, with submission to the Peruvian government planned following the national elections in July 2026. A public workshop in the Pallancata community to present the environmental and social baseline results was successfully held in December 2025, and a corresponding workshop for the Iscahuaca community in February 2026. The 100% owned Royropata project is located in the Department of Ayacucho in southern Peru and is close to the Pallancata mine which was placed on temporary care and maintenance in December 2023. Development project: PERU Royropata Royropata 2028 PRODUCTION EXPECTED TO START 3,910 T PALLANCATA MEASURED & INDICATED RESOURCE TONNAGE OPERATING REVIEW : PERU 25 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

INTRODUCTION Our 51%-owned San Jose mine is operated by Minera Santa Cruz, which was created in 2001, through a joint venture between Hochschild and Minera Andes, now known as McEwen Mining, with the aim of carrying out the exploration and construction of San Jose. The deposit is epithermal in origin with low sulﬁdation quartz veins enriched with gold and silver. The site is located in the northwest of the Deseado Massif, around 50km from the town of Perito Moreno in the province of Santa Cruz. When it began operations, San Jose was the ﬁrst underground mine with on-site mineral processing in the province. SUSTAINABILITY PROGRESS In Argentina, as with the entire Hochschild Group, we aim to have a positive impact on our region and our Community Relations ofﬁce works closely alongside municipal and provincial authorities to identify the needs of our communities and thus ensure they get the beneﬁts. For example, in collaboration with local technical and agricultural institutions, we created a strawberry cultivation project in the Perito Moreno region (‘Frutillas Peritenses’). The project aimed to optimise agricultural processes by providing machinery which helped boost efﬁciency and yield per hectare. We have been operating in Argentina since 2007 and there remains strong geological potential in our San Jose land package. 1,900 + HOCHSCHILD EMPLOYEES IN ARGENTINA ARGENTINA SAN JOSE READ MORE ON PAGE 27 Argentina OPERATING REVIEW 26 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

PRODUCTION San Jose’s production in 2025 totalled 120,639 gold equivalent ounces (2024: 123,732 ounces) with the decrease versus 2024 reﬂecting scheduled declining grades although this has been partially offset by increased tonnage due to the expansion of the processing plant which was completed at the end of 2024. COSTS All-in sustaining costs were at $2,520 per gold equivalent ounce (2024: $1,973 per ounce) with the signiﬁcant increase versus 2024 mostly due to: the mining of lower-grade border areas of the veins at San Jose; the impact of higher precious metal prices on royalties and export taxes; and the impact of the removal of the export beneﬁt in April 2025 which had allowed the Company to settle a portion of exports at the blue dollar rate. These were partially offset by higher treated tonnage. The San Jose silver/gold mine is located in Argentina, in the province of Santa Cruz, 1,750 kilometres south west of Buenos Aires. San Jose commenced production in 2007. Hochschild holds a controlling interest of 51% and is the mine operator. The remaining 49% is owned by McEwen Mining Inc. San Jose ARGENTINA San Jose summary Year ended 31 Dec 2025 Year ended 31 Dec 2024 % change Ore production (tonnes) 705,426 581,303 21 Average silver grade (g/t) 190 253 (25) Average gold grade (g/t) 4.02 4.55 (12) Silver produced (koz) 3,625 4,150 (13) Gold produced (koz) 76.97 73.73 4 Silver equivalent produced (koz) 10,013 10,270 (3) Gold equivalent produced (koz) 120.64 123.73 (2) Silver sold (koz) 3,534 4,290 (18) Gold sold (koz) 72.31 74.37 (3) Unit cost ($/t) 293.0 287.2 2 Total cash cost ($/oz Ag co-product) 26.4 19.5 35 All-in sustaining cost ($/oz Ag Eq) 30.4 23.8 28 All-in sustaining cost ($/oz Au Eq) 2,520 1,973 28 San Jose $293.0 /T 2025 UNIT COST 2,520 /oz Au Eq 2025 ALL-IN SUSTAINING COST OPERATING REVIEW : ARGENTINA 27 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

Brazil INTRODUCTION In 2022, we completed the acquisition of Amarillo Gold, signalling our ﬁrst move into Brazil. The purchase of this asset aligned with our core strengths and long-term strategy of investing in development stage projects in the Americas and was the result of a long-term Company review process of a wide range of growth opportunities. The development of Mara Rosa in Goias state was completed in early 2024. Despite a number of operational issues in 2025 (expected to be completely resolved in 2026), we expect 2026 to be the strongest year of output so far. Furthermore, we made an additional acquisition in the neighbouring business-friendly state of Tocantins in 2024. The Monte do Carmo project was acquired from Cerrado Gold for total cash consideration of $60 million. The project beneﬁts from signiﬁcantly advanced permitting and compelling exploration upside potential and we are on track to make a ﬁnal construction decision sometime in 2026. SUSTAINABILITY Mara Rosa has beneﬁted from a complementary ESG-led approach with strong local community and government support and we have continued that focus during 2025 despite disruption from the reorganisation at the mine and the changes in management. Our health and safety corporate standards have been being implemented at the mine, including the introduction of the Company’s ‘SeguScore’ safety indicator. In addition, a solar plant designed to meet 100% of the mine’s energy demand throughout its useful life became operational in July 2025. We commenced operations at our ﬁrst operation, Mara Rosa, in Brazil in 2024 and are close to a construction decision on a new project in the country, Monte do Carmo. 1,500 + HOCHSCHILD EMPLOYEES AND CONTRACTORS IN BRAZIL OPERATING REVIEW BRAZIL MARA ROSA READ MORE ON PAGE 29 MONTE DO CARMO READ MORE ON PAGE 30 28 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

The 100% owned Mara Rosa open pit gold mine is located in the mining friendly jurisdiction of Goias State in Brazil. Mara Rosa commenced production in mid-May 2024. Mara Rosa PRODUCTION Following Q1 2025, the Company reported that operations at Mara Rosa were adversely affected by heavier-than-usual seasonal rainfall and contractor performance issues. These challenges restricted access to ore – particularly higher-grade zones – and compounded persistent problems with the ﬁltering processes. Consequently, efforts to recover from mine waste removal delays, carried over from the previous year, were further hampered. In response, CEO Eduardo Landin temporarily assumed direct operational oversight and led a comprehensive review of mining, processing, permitting, and waste management activities. The processing plant was suspended for approximately one month to allow for critical maintenance and upgrades across the crushing, milling, and ﬁltering circuits, whilst mining activities continued uninterrupted. Processing subsequently resumed using two of the four tailings’ ﬁlters, with the remaining units brought back online following maintenance and testing. Operational performance has since shown steady improvement. A tailings thickener, planned for installation in the ﬁrst half of 2026, is expected to further enhance waste ﬁltration and support the plant’s ability to operate at full capacity. Mining performance improved over the second half of the year, with increasing material movement rates reﬂecting enhanced ﬂeet efﬁciency and improved haulage conditions. This progress was supported by pushback development that improved access to future higher- grade ore zones, as well as stabilisation of the processing plant through stronger maintenance routines. Focus areas included rainy-season water management, strengthening ﬁltration and detoxiﬁcation availability, and improving moisture control through better maintenance planning and spares readiness. Reliable equipment availability and infrastructure performance further supported gains in productivity and operational stability. In parallel, the Company completed a reorganisation of its Brazil operations, including the appointment of a new Brazil General Manager, Ediney Drummond, and a new Mine Manager, alongside the implementation of a revised management structure. With the operational ramp-up progressing in line with expectations, management remains focused on sustaining Mara Rosa summary Year ended 31 Dec 2025 Year ended 31 Dec 2024 % change Ore production (tonnes) 1,424,031 1,757,955 (19) Average silver grade (g/t) 0.30 0.13 131 Average gold grade (g/t) 0.96 1.35 (29) Silver produced (koz) 9 11 (18) Gold produced (koz) 39.96 63.64 (37) Silver equivalent produced (koz) 3,325 5,293 (37) Gold equivalent produced (koz) 40.06 63.77 (37) Silver sold (koz) 9 11 (18) Gold sold (koz) 39.58 63.54 (38) Unit cost ($/t) 63.3 48.3 31 Total cash cost ($/oz Au co-product) 2,103 1,034 103 All-in sustaining cost ($/oz Ag Eq) 44.5 17.0 162 All-in sustaining cost ($/oz Au Eq) 3,697 1,408 163 consistent performance through reliable mining and plant operations, effective rainy-season management, completion of the tailings thickener installation, and maintaining workforce stability. For the year, Mara Rosa produced a total of 40,062 gold equivalent ounces including minor silver by-product (2024: 63,770 ounces). Production in the latter part of the year reﬂected a strong improvement following the implementation of the turnaround strategy. COSTS As a result of the challenges outlined above, including production falling short of expectations and lower grades, AISC increased sharply to $3,697 per gold- equivalent ounce, compared with $1,408 per ounce in 2024. Higher capex also contributed to the increase, as the cost of the remediation activities increased the spend from the original budget of $11–12 million to just over $34 million. Mara Rosa BRAZIL OPERATING REVIEW : BRAZIL 29 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

The Project, comprising 21 mineral concessions totalling 82,542 hectares, hosts multiple identiﬁed gold targets along a 30km mineralised trend, including the principal Serra Alta gold deposit. The Project beneﬁts from signiﬁcant existing site infrastructure including year-round access via a paved highway and close proximity to the Isamu Ikeda hydropower plant. Permitting is substantially advanced, with the Environmental Impact Assessment approved and the Preliminary Licence granted by the Tocantins state environmental agency in May 2023. 2025 PROGRESS Project activities continued across technical, engineering, and planning streams, with key studies and gap analyses completed, incorporating lessons learned from the Company’s experiences at Mara Rosa. Geotechnical work is largely advanced, with drilling and metallurgical sampling taking place in the fourth quarter, whilst environmental permit boundaries have been updated to reﬂect revised design and waste footprint changes. Engineering efforts are focused on updating the master plan to minimise changes to the schedule and evaluating process optimisation opportunities, including the use of Carbon-in- Leaching (CIL) and the installation of a SAG Mill. These considerations will inform permitting requirements, development sequencing, and future timelines. Stafﬁng is being strengthened through the recruitment of a Project Manager, while execution and procurement activities remain on hold pending validation of studies and master plan updates, with a ﬁnancial model update and a construction decision planned for the middle of 2026. We are close to a decision on construction at our Monte do Carmo project which was acquired in 2024. Monte do Carmo $60million TOTAL COST OF ACQUISITION 82,542 HECTARES OF MINERAL CONCESSIONS 1,012 /koz Au AU MEASURED & INDICATED RESOURCES Development project: Monte do Carmo Work has continued on the Monte do Carmo project in 2025 and included: – Project Manager recruitment – Engineering studies ongoing (Ausenco) and including GAP analysis from Mara Rosa experience – Review of process optimisation options underway, including potential for 100% Carbon-in-Leach conﬁguration, utilisation of a SAG mill and plant and mine capacity expansion opportunities – Completion of metallurgical testwork – Meeting with Tocantins state agency to discuss workforce development plans – Award of the installation licence – Signing of contract for transmission line and power distribution network to support water intake and construction infrastructure – Evaluation of the use of water harvesting for the project – Review of proposed ﬁltration system – Validation of pit engineering study – Geotechnical studies almost complete The Company currently expects updated economics and a ﬁnal investment decision in mid-2026. Monte do Carmo BRAZIL OPERATING REVIEW : BRAZIL 30 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

OPERATING REVIEW Brownﬁeld exploration INMACULADA During the year, the team carried out a further 13,142m of potential drilling and 17,363m of resource drilling. By the end of the year 0.5 million gold equivalent ounces of resources had been added at a grade of approximately 2.8 grams per tonne of gold equivalent (38.5 million silver equivalent ounces at a grade of approximately 239 grams per tonne of silver equivalent). Vein Results (potential) Anomalia 1 IMM25-422: 1.6m @ 2.2g/t Au & 94g/t Ag Anomalia 4 IMM25-422: 1.1m @ 1.5g/t Au & 210g/t Ag Martha IMM25-423A: 0.9m @ 2.3g/t Au & 53g/t Ag Mariana IMM25-282: 1.2m @ 0.9g/t Au & 100g/t Ag San Martin IMS25-281A: 0.9m @ 0.3g/t Au & 99g/t Ag IMS25-290: 1.4m @ 0.5g/t Au & 15g/t Ag Melisa IMM25-475: 0.8m @ 1.0g/t Au & 22g/t Ag IMM25-482: 2.1m @ 106.6g/t Au & 546g/t Ag IMS25-316: 2.0m @ 8.2g/t Au & 57g/t Ag Melisa NE IMS25-312: 1.1m @ 0.5g/t Au & 12g/t Ag IMS25-316: 3.5m @ 2.1g/t Au & 32g/t Ag IMS25-328: 0.8m @ 2.7g/t Au & 47g/t Ag IMS25-336: 1.0m @ 1.1g/t Au & 16g/t Ag Vein Results (resources) Mariana IMM25-286: 1.7m @ 1.4g/t Au & 55g/t Ag IMM25-288: 1.6m @ 2.2g/t Au & 113g/t Ag IMM25-293: 0.9m @ 0.7g/t Au & 89g/t Ag Angela IMM25-455: 3.6m @ 2.4g/t Au & 231g/t Ag IMM25-471: 2.6m @ 0.9g/t Au & 227g/t Ag IMM25-473: 3.4m @ 1.8g/t Au & 194g/t Ag IMS25-304: 1.0m @ 4.5g/t Au & 334g/t Ag IMM25-454: 1.1m @ 4.9g/t Au & 232g/t Ag IMS25-315: 1.0m @ 3.0g/t Au & 167g/t Ag Martha Techo IMS25-299: 1.6m @ 2.6g/t Au & 53g/t Ag IMS25-302: 2.9m @ 2.9g/t Au & 154g/t Ag IMS25-307: 1.1m @ 3.8g/t Au & 24g/t Ag IMS25-310: 3.8m @ 3.7g/t Au & 96g/t Ag IMS25-313: 1.1m @ 8.1g/t Au & 121g/t Ag IMS25-311: 0.8m @ 1.9g/t Au & 12g/t Ag IMS25-325: 1.0m @ 0.3g/t Au & 21g/t Ag Dayona IMM24-385: 2.4m @ 5.0g/t Au & 21g/t Ag IMS25-322: 1.3m @ 1.3g/t Au & 106g/t Ag IMS25-331: 2.2m @ 2.8g/t Au & 20g/t Ag IMS25-335: 0.8m @ 0.7g/t Au & 53g/t Ag IMS25-337: 1.0m @ 0.3g/t Au & 50g/t Ag IMS25-344: 2.5m @ 0.2g/t Au & 246g/t Ag Vein Results (resources) Lady IMS25-306: 2.6m @ 3.6g/t Au & 26g/t Ag IMS25-306: 0.9m @ 2.9g/t Au & 46g/t Ag Melisa N.E. IMS25-314: 1.2m @ 3.4g/t Au & 17g/t Ag Angela Sur IMM25-418: 0.9m @ 6.2g/t Au & 189g/t Ag IMM25-419: 0.9m @ 2.7g/t Au & 110g/t Ag Mirella IMM25-454: 0.8m @ 7.8g/t Au & 215g/t Ag IMM25-455: 0.8m @ 0.2g/t Au & 130g/t Ag IMM25-471: 2.2m @ 1.1g/t Au & 551g/t Ag Liz IMM25-454: 0.8m @ 4.4g/t Au & 393g/t Ag IMM25-455: 1.1m @ 2.4g/t Au & 150g/t Ag IMM25-471: 1.3m @ 2.2g/t Au & 137g/t Ag IMM25-467: 1.1m @ 1.6g/t Au & 42g/t Ag Ann IMM25-427: 0.8m @ 0.9g/t Au & 147g/t Ag Gera IMS25-314: 0.9m @ 3.0g/t Au & 46g/t Ag Ramal Y IMM25-476: 0.8m @ 10.1g/t Au & 132g/t Ag IMM25-471: 0.9m @ 4.0g/t Au & 453g/t Ag IMM25-473: 0.8m @ 3.5g/t Au & 151g/t Ag Angela Tesoro IMS25-318: 2.3m @ 2.3g/t Au & 185g/t Ag IMS25-323: 0.8m @ 1.4g/t Au & 87g/t Ag Isabella IMS25-320: 2.8m @ 1.9g/t Au & 57g/t Ag IMS25-326: 2.1m @ 5.2g/t Au & 101g/t Ag IMS25-330: 1.9m @ 4.7g/t Au & 101g/t Ag IMS25-334: 3.2m @ 2.5g/t Au & 64g/t Ag IMS25-338: 0.9m @ 2.3g/t Au & 50g/t Ag IMS25-341: 1.3m @ 2.8g/t Au & 36g/t Ag IMS25-345: 4.5m @ 3.7g/t Au & 81g/t Ag Martha IMS25-311: 1.0m @ 1.4g/t Au & 45g/t Ag Split NS IMS25-319A: 0.8m @ 1.2g/t Au & 12g/t Ag IMS25-325: 1.0m @ 0.2g/t Au & 8g/t Ag In the ﬁrst quarter of 2026, the team is planning 3,600m of potential drilling in Inmaculada Central and Southern zones. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 31

OPERATING REVIEW: BROWNFIELD EXPLORATION CONTINUED The plan for the ﬁrst quarter of 2026 is to perform potential drilling in the HV-W area and in the northern zone. ROYROPATA Exploration work continued at the Royropata project in 2025 with the team adding approximately 1.1 million gold equivalent ounces of resources at a grade of approximately 6.4 grams per tonne of gold equivalent (89.0 million silver equivalent ounces of inferred resources at a grade of approximately 534 grams per tonne of silver equivalent). MARA ROSA Within the district, the team carried out 5,805m of potential drilling and 7,903 of resource drilling during 2025. Vein Results (potential) Speti 24POSP_061: 3.4m @ 0.5g/t Au Passo 24POSP_063: 21.6m @ 0.4g/t Au Vein Results (resources) Posse 25POSP_019A: 43.3m @ 0.5g/t Au 25POSP_020: 40.3m @ 0.5g/t Au 25POSP_022: 15.7m @ 0.4g/t Au 25POSP_023: 5.8m @ 0.4g/t Au 25POSP_024: 22.2m @ 0.3g/t Au Posse-Passo 25POSP_030: 40.3m @ 0.5g/t Au 25POSP_030: 0.4m @ 1.9g/t Au 25POSP_020: 0.6m @ 6.7g/t Au 25POSP_032: 55.3m @ 0.3g/t Au 25POSP_031: 46.6m @ 0.3g/t Au 25POSP_033: 30.2m @ 0.3g/t Au 25POSP_035A: 24.3m @ 0.1g/t Au 25POSP_036: 40.2m @ 0.1g/t Au 25POSP_036: 5.9m @ 0.3g/t Au 25POSP_038: 21.0m @ 0.5g/t Au Incl. 11.6m @ 0.8g/t Au Incl. 5.8m @ 1.5g/t Au 25POSP_039A: 15.7m @ 0.3g/t Au 24POSP_041: 2.3m @ 0.3g/t Au 24POSP_048: 40.7m @ 0.3g/t Au 24POSP_050: 41.1m @ 0.3g/t Au 24POSP_051: 30.3m @ 0.9g/t Au 24POSP_052: 1.0m @ 1.0g/t Au 24POSP_054: 10.8m @ 0.5g/t Au 24POSP_058: 1.0m @ 0.9g/t Au 24POSP_059: 29.1m @ 0.3g/t Au Posse FW 24POSP_043: 0.8m @ 1.2g/t Au Vein Results (resources) Araras 25POSP_036: 39.2m @ 0.9g/t Au Incl. 16.2m @ 1.3g/t Au 25POSP_038: 29.1m @ 0.4g/t Au Incl. 1.0m @ 10.9g/t Au 25POSP_039A: 6.9m @ 0.3g/t Au 24POSP_041: 11.3m @ 0.4g/t Au 24POSP_047: 1.9m @ 0.4g/t Au 24POSP_049: 0.9m @ 3.1g/t Au Speti 25POSP_038: 3.9m @ 0.2g/t Au 24POSP_044: 2.0m @ 0.5g/t Au 24POSP_048: 2.2m @ 0.4g/t Au 24POSP_054: 11.4m @ 0.3g/t Au 24POSP_055: 19.8m @ 0.3g/t Au Speti HW 24POSP_056: 1.5m @ 1.4g/t Au The plan for the ﬁrst quarter is to continue the potential drilling in the Passo-Araras-Speti areas and structures parallel to Posse. MONTE DO CARMO During the year, 4,550m of potential drilling was executed along with 6,879m of resource drilling. Vein Results (potential) Serra Alta 25SAP_002: 0.8m @ 0.6g/t Au Gogo 25GO_002: 2.2m @ 1.4g/t Au 25GO_002: 6.5m @ 0.3g/t Au 25GO_002: 2.1m @ 5.0g/t Au 25GO_002: 0.6m @ 0.9g/t Au 25GO_002: 0.7m @ 0.5g/t Au Dourado 25DOU_001: 0.8m @ 10.4g/t Au Cigano 25CIG_001: 0.6m @ 0.7g/t Au 25CIG_001: 0.4m @ 0.7g/t Au 25CIG_001: 0.4m @ 1.2g/t Au Adebaldo 25ADE_001: 6.7m @ 0.2g/t Au 25ADE_001: 3.6m @ 0.2g/t Au 25ADE_001: 0.7m @ 1.2g/t Au 25ADE_001: 1.1m @ 0.7g/t Au Vein Results (resources) Gogo 25GO_004: 1.9m @ 0.5g/t Au 25GO_004: 1.4m @ 0.5g/t Au 25GO_004: 1.0m @ 0.3g/t Au SAN JOSE During the year, the team carried out 11,458m of potential drilling in the region. By the end of the year 168,000 gold equivalent ounces of inferred resources had been added at a grade of approximately 7.65 grams per tonne of gold equivalent (13.9 million silver equivalent ounces at a grade of approximately 635 grams per tonne of silver equivalent). Vein Results (potential) Escondida SJD-2979: 1.7m @ 1.1g/t Au & 30g/t Ag SJD-3003: 0.9m @ 30.5g/t Au & 153g/t Ag Escondida EW SJD-3071A: 0.9m @ 5.9g/t Au & 94g/t Ag Agostina SJD-2469: 2.5m @ 3.8g/t Au & 182g/t Ag Isabel SJD-2969: 1.7m @ 2.1g/t Au & 181g/t Ag SJD-2972: 0.5m @ 0.2g/t Au & 18g/t Ag Isabel I SJD-2970: 0.6m @ 2.1g/t Au & 112g/t Ag SJD-2972: 2.4m @ 1.1g/t Au & 46g/t Ag SJD-2973: 0.9m @ 0.8g/t Au & 70g/t Ag Isabel II SJD-2973: 0.6m @ 2.2g/t Au & 205g/t Ag Isabel N SJD-2972: 1.5m @ 2.5g/t Au & 109g/t Ag SJD-2972: 4.2m @ 1.3g/t Au & 121g/t Ag Angelica SJD-3069: 1.7m @ 9.0g/t Au & 783g/t Ag SJD-3003: 0.9m @ 30.5g/t Au & 153g/t Ag SJD-3012: 0.8m @ 2.7g/t Au & 71g/t Ag SJM-732: 1.0m @ 1.3g/t Au & 25g/t Ag SJD-3059: 0.8m @ 0.4g/t Au & 28g/t Ag Piso Pilar SJM-729: 0.9m @ 7.5g/t Au & 714g/t Ag SJM-733-A: 0.8m @ 12.7g/t Au & 114g/t Ag SJM-734: 1.1m @ 5.6g/t Au & 269g/t Ag SJD-3066: 0.9m @ 5.7g/t Au & 90g/t Ag SJM-735: 0.8m @ 53.8g/t Au & 347g/t Ag SJM-740: 0.8m @ 4.4g/t Au & 107g/t Ag Ramal Pilar SJD-3066: 1.9m @ 3.2g/t Au & 259g/t Ag SJM-733-A: 1.0m @ 3.1g/t Au & 54g/t Ag SJM-740: 0.8m @ 5.4g/t Au & 45g/t Ag Betania SJD-3017: 2.4m @ 7.9g/t Au & 15g/t Ag Piso Betania SJD-3026: 1.7m @ 16.0g/t Au & 26g/t Ag SJD-3017: 2.0m @ 5.0g/t Au & 12g/t Ag Micaela N.E. SJD-3066: 1.2m @ 0.8g/t Au & 441g/t Ag Pilar SJM-729-A: 1.2m @ 3.7g/t Au & 296g/t Ag HVC SJD-3097: 1.9m @ 14.6g/t Au & 1,907g/t Ag SJD-3112: 5.1m @ 9.0g/t Au & 885g/t Ag Pepa SJM-738: 1.2m @ 22.6g/t Au & 1,133g/t Ag SJM-739: 0.9m @ 13.5g/t Au & 115g/t Ag Pierina SJD-3115: 1.8m @ 0.02g/t Au & 314g/t Ag STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 32

OPERATING REVIEW: BROWNFIELD EXPLORATION CONTINUED Vein Results (resources) Sierra Alta 25SA_043: 2.6m @ 0.4g/t Au 25SA_043: 24.4m @ 0.4g/t Au 25SA_044: 35.4m @ 0.6g/t Au 25SA_044: 5.9m @ 0.5g/t Au 25SA_044: 23.8m @ 1.1g/t Au 25SA_044: 12.1m @ 1.8g/t Au 25SA_044: 33.6m @ 0.5g/t Au 25SA_045: 56.4m @ 0.9g/t Au 25SA_047: 26.6m @ 0.9g/t Au 25SA_048: 67.2m @ 0.8g/t Au 25SA_049: 2.8m @ 0.5g/t Au 25SA_050: 30.0m @ 0.4g/t Au 25SA_050: 2.8m @ 1.7g/t Au 25SA_051: 7.5m @ 0.4g/t Au 25SA_052: 3.0m @ 0.6g/t Au 25SA_053: 5.6m @ 0.7g/t Au 25SA_053: 28.7m @ 0.4g/t Au 25SA_053: 1.3m @ 5.6g/t Au 25SA_054: 36.3m @ 1.2g/t Au 25SA_054: 13.5m @ 0.3g/t Au 25SA_055: 18.8m @ 0.3g/t Au 25SA_057: 2.9m @ 0.5g/t Au 25SA_058: 31.9m @ 0.4g/t Au 25SA_058: 6.2m @ 0.5g/t Au 25SA_058: 15.7m @ 1.1g/t Au 25SA_059: 13.7m @ 0.4g/t Au El Dorado 25ELD_002: 1.0m @ 0.9g/t Au Boqueirao 25BQR_013: 8.0m @ 0.3g/t Au During Q1 2026, resource drilling will continue in Sierra Alta. Vein Results (resources) Sierra Alta 25SA_031: 55.1m @ 1.6g/t Au Incl. 8.9m @ 6.5g/t Au Incl. 5.6m @ 2.7g/t Au Incl. 3.7m @ 1.8g/t Au 25SA_031: 0.9m @ 1.4g/t Au 25SA_032: 5.0m @ g/t Au Incl. 0.8m @ 1.3g/t Au 25SA_032: 32.9m @ 0.4g/t Au Incl. 8.7m @ 1.0g/t Au 25SA_033: 18.4m @ 0.6 g/t Au Incl. 2.9m @ 1.3g/t Au Incl. 7.6m @ 0.9g/t Au 25SA_033: 10.8m @ 0.4 g/t Au 25SA_033: 3.8m @ 0.9 g/t Au 25SA_034: 11.1m @ 0.7 g/t Au Incl. 3.1m @ 1.9g/t Au 25SA_035: 4.6m @ 0.4 g/t Au Incl. 1.0m @ 1.5g/t Au 25SA_035: 9.8m @ 0.4 g/t Au Incl. 5.9m @ 105g/t Au 25SA_035: 0.9m @ 9.0 g/t Au 25SA_028: 0.7m @ 1.6 g/t Au 25SA_028: 0.3m @ 3.4 g/t Au 25SA_030: 4.5m @ 0.4 g/t Au 25SA_037: 3.4m @ 0.5g/t Au 25SA_037: 7.2m @ 0.5g/t Au 25SA_038: 17.9m @ 0.4g/t Au 25SA_038: 91.8m @ 0.6g/t Au 25SA_038: 7.9m @ 0.3g/t Au 25SA_038: 12.0m @ 0.4g/t Au 25SA_040: 6.0m @ 0.6g/t Au 25SA_041: 108.6m @ 0.9g/t Au 25SA_041: 8.2m @ 0.3g/t Au 25SA_041: 1.9m @ 0.5g/t Au 25SA_042: 29.3m @ 0.6g/t Au STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 33

REVENUE Gross revenue 1 Gross revenue before exceptional items increased by 27% to $1,229.7 million in 2025 (2024: $966.1 million) due to the higher average realised precious metal prices, partially offset by lower gold and silver production with gold output decreasing mainly due to the operational challenges at Mara Rosa. Silver output fell mainly due to scheduled grade reductions at Inmaculada and San Jose, partially offset by higher tonnage at both operations. Gold Gross revenue before exceptional items from gold increased to $823.4 million (2024: $660.1 million) due to the 37% increase in the average realised gold price, partially offset by lower gold production from Mara Rosa. Silver Gross revenue before exceptional items from silver increased in 2025 to $404.6 million (2024: $305.6 million) due to the 54% increase in the average realised silver price, partially offset by lower silver production at Inmaculada and San Jose. Gross average realised sales prices The following table provides ﬁgures for average realised prices (before the deduction of commercial discounts) and ounces sold for 2025 and 2024: Average realised prices Year ended 31 Dec 2025 Year ended 31 Dec 2024 % change Silver ounces sold (koz) 9,145 10,643 (14) Avg. realised silver price ($/oz) 44.2 28.7 54 Gold ounces sold (koz) 255.6 281.46 (9) Avg. realised gold price ($/oz) 3,222 2,345 37 FINANCIAL REVIEW Disciplined capital allocation drives our strategy and value creation. EDUARDO NORIEGA CHIEF FINANCIAL OFFICER $1,209m REVENUE 2024: $948m $0.31 EARNINGS PER SHARE 2024: $0.23 $584m ADJUSTED EBITDA 2024: $421m $23m NET DEBT 2024: $216m 1 Includes revenue from services of $0.4 million in 2025 (2024: $0.4 million), and aggregate sales in Mara Rosa of $1.4 million in 2025. Gross revenue is the net revenue plus commercial discounts from the sale of concentrates. and non-cash hedged items. The reporting currency of Hochschild Mining PLC is US dollars. In discussions of ﬁnancial performance, the Group removes the effect of exceptional items, unless otherwise indicated, and in the income statement results are shown both pre and post such exceptional items. Exceptional items are those items, which due to their nature or the expected infrequency of the events giving rise to them, are disclosed separately on the face of the income statement to enable a better understanding of the ﬁnancial performance of the Group and to facilitate comparison with prior years. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 34

Hedges 2025 realised prices and revenue include the effect of the following hedges: forwards for 29,167 gold ounces at a price of $2,117 per ounce, and zero cost collars for 60,000 gold ounces at a strike put of $2,000 per ounce and a strike call of $2,485 per ounce, the impact of which was a loss of $86.1 million in 2025. 2024 realised prices and revenue include the effect of the following hedges: forwards for 27,600 gold ounces at a price of $2,100 per ounce, and zero cost collars for 100,000 gold ounces at a strike put of $2,000 per ounce and a strike call of $2,252 per ounce, the impact of which was a loss of $27.9 million in 2024. In August 2025, the Group renegotiated the gold forward hedge agreement resulting in the extension of 20,813 ounces from August to December 2025 to the ﬁrst semester of 2028. At the date of the roll-forward, the fair value of these instruments amounted to a liability of $26.4 million. In accordance with IFRS 9, the accumulated loss recognised in the cash ﬂow hedge reserve within equity was reclassiﬁed to the income statement following the discontinuation of the original hedge relationship and the realisation of the hedged item. Given the non-recurring and non-cash nature of this hedge accounting reclassiﬁcation to the income statement, and the fact that the cash settlement will occur in 2028 once the instruments mature, the resulting charge of $26.4 million has been presented as an exceptional item within revenue. This presentation facilitates a better understanding by users of the ﬁnancial statements of the Group’s underlying operating performance by separating the effects of this discrete, non-cash hedge accounting reclassiﬁcation from revenue and proﬁtability trends. Commercial discounts Commercial discounts refer to reﬁnery treatment charges, reﬁning fees and payable deductions for processing concentrate, and are deducted from gross revenue on a per tonne basis (treatment charge), per ounce basis (reﬁning fees) or as a percentage of gross revenue (payable deductions). In 2025, the Group recorded commercial discounts of $21.1 million (2024: $18.4 million). The ratio of commercial discounts to gross revenue in 2025 was 2%, in line with 2024. Revenue Revenue before exceptional items was $1,208.6 million (2024: $947.7 million), including gold revenue of $813.4 million (2024: $649.3 million) and silver revenue of $393.4 million (2024: $298.0 million). In 2025, gold accounted for 67% and silver 33% of the Company’s consolidated net revenue (2024: gold 69% and silver 31%). Reconciliation of gross revenue by mine to Group net revenue before exceptional items $000 Year ended 31 Dec 2025 Year ended 31 Dec 2024 % change Silver revenue Inmaculada 226,695 180,285 26 Mara Rosa 358 343 4 Pallancata – (59) 100 San Jose 177,514 125,027 42 Commercial discounts (11,162) (7,599) 47 Net silver revenue 393,405 297,997 32 Gold revenue Inmaculada 441,218 324,129 36 Mara Rosa 101,701 150,634 (32) Pallancata – (185) 100 San Jose 280,500 185,512 51 Commercial discounts (9,981) (10,839) (8) Net gold revenue 813,438 649,251 25 Other revenue 1,732 448 287 Net revenue 1,208,575 947,696 28 FINANCIAL REVIEW CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 35

FINANCIAL REVIEW CONTINUED Cost of sales Total cost of sales was $677.9 million in 2025 (2024: $605.3 million). The direct production cost excluding depreciation and amortisation was higher at $508.0 million (2024: $454.0 million) mainly due to: higher volumes at Inmaculada and San Jose; higher mining and waste movement at Mara Rosa due to the normalisation of the stripping ratio as well as higher ﬁltration and tailings management costs; and rising precious metal prices resulting in increased royalties. Depreciation and amortisation in production cost increased from $157.2 million in 2024 to $173.6 million in 2025 mainly due to higher tonnage extracted at Inmaculada and San Jose and the change in the depreciation method from units of production to straight-line basis for certain minor equipment in Inmaculada. The depreciation increase was partially offset by the impact of lower tonnage produced in Mara Rosa. Workers’ proﬁt sharing increased from $3.1 million in 2024 to $15.5 million in 2025 mainly due to higher precious metal prices. Fixed costs incurred during total or partial production stoppages due to operational challenges at Mara Rosa were $15.5 million (2024: $1.1 million due to bad weather in San Jose). Increase in inventories was $35.5 million in 2025 (2024: $10.1 million) mainly due to higher products in process of $23.0 million and $8.3 million at Mara Rosa and Inmaculada respectively; and higher ﬁnal products at San Jose of $5.5 million. $000 Year ended 31 Dec 2025 Year ended 31 Dec 2024 % change Direct production cost excluding depreciation and amortisation 508,024 454,006 12 Depreciation and amortisation in production cost 173,577 157,165 10 Workers’ proﬁt sharing and others 2 16,730 3,145 432 Fixed costs during operational stoppages and reduced capacity 15,094 1,071 1,309 Change in inventories (35,486) (10,124) 251 Cost of sales 677,939 605,263 12 2 Includes cost of sale of aggregates of $1.1 million and cost of services of $0.1 million. Fixed costs during operational stoppages and reduced capacity $000 Year ended 31 Dec 2025 Year ended 31 Dec 2024 % change Personnel 2,960 712 316 Third-party services 9,563 301 3,077 Supplies 1,532 33 4,542 Others 1,039 25 4,056 Fixed costs during operational stoppages and reduced capacity 15,094 1,071 1,309 Unit cost per tonne The Company reported unit cost per tonne at its operations of $136.7 per tonne in 2025, an 8% increase versus 2024 ($127.0 per tonne). This was mainly due to the impact of the lower tonnage at Mara Rosa. Unit cost per tonne by operation (including royalties) 3 : Operating unit ($/tonne) Year ended 31 Dec 2025 Year ended 31 Dec 2024 % change Peru Inmaculada 142.5 143.2 – Brazil Mara Rosa 63.3 48.3 31 Argentina San Jose 293.0 287.2 2 Total 136.7 127.0 8 3 Unit cost per tonne is a non-IFRS measure. It is calculated by dividing mine and treatment production costs (excluding depreciation and amortisation) of $275.2 million and $228.2 million respectively, by extracted and treated tonnage of 3,849k and 3,502k respectively. Cash costs Cash costs include cost of sales, commercial deductions and selling expenses, less depreciation and amortisation included in cost of sales. Cash cost reconciliation Year ended 31 December 2025 $000 unless otherwise indicated Inmaculada San Jose Mara Rosa Total (+) Cost of sales 310,319 252,344 115,276 677,939 (+) Other adjustments 4 (167) – (16,145) (16,312) (-) Depreciation and amortisation in cost of sales (100,581) (49,492) (15,275) (165,348) (+) Selling expenses 657 20,225 1,040 21,922 (+) Commercial deductions 5 3,389 21,814 44 25,247 Gold 2,417 10,542 38 12,997 Silver 972 11,272 6 12,250 Cash cost 213,617 244,891 84,940 543,448 Gold 441,218 270,167 102,053 813,438 Silver 226,695 166,355 355 393,405 Revenue (pre-exceptional) 6 667,913 436,522 102,408 1,206,843 Ounces sold (000s) Gold 143.7 72.3 39.6 255.6 Silver 5,601 3,534 9 9,144 Group cash cost ($/oz) Co product Au 982 2,096 2,103 1,430 Co product Ag 12.9 26.4 31.2 19.3 By product Au (98) 930 2,101 534 By product Ag (41.1) (10.1) (2,000.4) (31.1) 4 Other adjustments include: ﬁxed costs during operational stoppages and reduced capacity in Mara Rosa of $15.1 million, cost of sale of aggregates of $1.1 million in Mara Rosa, and cost of energy transmission services of $0.1 million in Inmaculada. 5 Includes commercial discounts (from the sales of concentrate) and commercial discounts from the sale of dore. 6 Excludes: revenue from sale of aggregates of $1.4 million (2024: $nil), energy transmission services of $0.4 million (2024: $0.4 million), and pre-commercial revenue in Mara Rosa in 2024 of $4.6 million. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 36

Year ended 31 December 2024 $000 unless otherwise indicated Inmaculada San Jose Mara Rosa 7 Other 8 Total (+) Cost of sales 271,020 223,529 110,630 84 605,263 (+) Other adjustments 9 – (1,071) (31,638) – (32,709) (-) Depreciation and amortisation in cost of sales (94,190) (46,905) (15,690) – (156,785) (+) Selling expenses 614 15,847 931 14 17,406 (+) Commercial deductions 5 3,436 17,620 1,590 11 22,657 Gold 2,291 9,872 1,584 1 13,748 Silver 1,145 7,748 6 10 8,909 Cash cost 180,880 209,020 65,823 109 455,832 Gold 324,057 175,892 144,836 (114) 644,671 Silver 180,285 117,443 330 (69) 297,989 Revenue 6 504,342 293,335 145,166 (183) 942,660 Ounces sold (000s) Gold 143.6 74.4 61.2 – 279.1 Silver 6,342 4,290 11 – 10,643 Group cash cost ($/oz) Co product Au 809 1,685 1,034 (230) 1,108 Co product Ag 10.2 19.5 13.1 14.9 13.5 By product Au (4) 1,127 1,031 (1,058) 529 By product Ag (22.9) 5.4 (7,074.8) 463.9 (19.4) FINANCIAL REVIEW CONTINUED 5 Includes commercial discounts (from the sales of concentrate) and commercial discounts from the sale of dore. 6 Excludes: revenue from sale of aggregates of $1.4 million (2024: $nil), energy transmission services of $0.4 million (2024: $0.4 million), and pre-commercial revenue in Mara Rosa in 2024 of $4.6 million. 7 Excludes pre-commercial selling expenses of $0.1 million, commercial deductions of $0.1 million. 8 Mainly includes ﬁnal adjustments to Pallancata’s shipments that occurred in the last quarter of 2023. 9 Other adjustments include: Mara Rosa’s pre commercial cost of sales of $31.6 million, and costs during operational stoppages and reduced capacity in San Jose of $1.1 million. Co-product cash cost per ounce is the cash cost allocated to the primary metal (allocation based on proportion of revenue), divided by the ounces sold of the primary metal. By-product cash cost per ounce is the total cash cost minus revenue and commercial discounts of the by-product divided by the ounces sold of the primary metal. All-in sustaining cost reconciliation 10 All-in sustaining cash costs per silver equivalent ounce. The Company has calculated its all-in sustaining cost per gold and silver equivalent ounce on an attributable basis and excludes Peruvian royalties which are recognised in the income tax line. Management believes that the updated methodology better aligns with prevailing industry practices and enhances comparability with peers. All previous periods have been re-presented to reﬂect this change. 10 Calculated using a gold/silver ratio of 83:1. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 37

Year ended 31 December 2025 $000 unless otherwise indicated Inmaculada San Jose Mara Rosa Main Operations Corporate & others Total (+) Direct production cost excluding depreciation and amortisation 199,360 206,007 102,657 508,024 – 508,024 (+) Other items and workers proﬁt sharing in cost of sales11 16,369 (2,680) 993 14,682 – 14,682 (+) Operating and exploration capex for units12 135,071 37,388 39,176 211,635 830 212,465 (+) Brownﬁeld exploration expenses 13 2,713 11,883 987 15,583 4,404 19,987 (+) Administrative expenses (excl. depreciation and amortisation) 6,138 7,291 3,196 16,625 36,794 53,419 Sub-total 359,651 259,889 147,009 766,549 42,028 808,577 Sub-total attributable 359,651 132,544 147,009 639,204 42,028 681,232 Attributable Au ounces produced 142,233 39,255 39,956 221,444 – 221,444 Attributable Ag ounces produced (000s) 5,618 1,848 9 7,475 – 7,475 Attributable ounces produced (Au Eq oz) 209,921 61,526 40,062 311,509 – 311,509 Attributable ounces produced (Ag Eq 000s oz) 17,423 5,107 3,325 25,855 – 25,855 All-in sustaining costs per ounce produced ($/oz Ag Eq) 1,713 2,154 3,670 2,052 135 2,187 All-in sustaining costs per ounce produced ($/oz Au Eq) 20.7 26.0 44.2 24.7 1.6 26.3 (+) Commercial deductions 3,389 21,185 44 24,618 – 24,618 (+) Selling expenses 657 20,225 1,040 21,922 – 21,922 Sub-total 4,046 42,040 1,084 47,170 – 47,170 Sub-total attributable 4,046 21,440 1,084 26,570 – 26,570 Attributable Au ounces sold 143,667 36,879 39,.567 180,546 – 180,546 Attributable Ag ounces sold (000s) 5,601 1,802 9 7,412 – 7,412 Attributable ounces sold (Au Eq oz) 211,153 58,596 39,688 309,437 – 309,437 Attributable ounces sold (Ag Eq 000s oz) 17,526 4,863 3,294 25,683 – 25,683 Sub-total ($/oz Au Eq) attributable 19 366 27 86 – 86 Sub-total ($/oz Ag Eq) attributable 0.2 4.4 0.3 1.0 – 1.0 Attributable all-in sustaining costs per oz sold ($/oz Au Eq) 1,732 2,520 3,697 2,138 135 2,273 Attributable all-in sustaining costs per oz sold ($/oz Ag Eq) 20.9 30.4 44.5 25.7 1.6 27.4 Year ended 31 December 2024 14 $000 unless otherwise indicated Inmaculada San Jose Mara Rosa 15 Main Operations Corporate & others Total (+) Direct production cost excluding depreciation and amortisation 171,372 176,365 106,185 453,922 84 454,006 (+) Other items and workers proﬁt sharing in cost of sales16 3,145 (14,468) (30,059) (41,382) – (41,382) (+) Operating and exploration capex for units17 138,582 33,035 5,289 176,906 2,857 179,763 (+) Brownﬁeld exploration expenses 13 4,423 9,821 516 14,760 3,880 18,640 (+) Administrative expenses (excl. depreciation and amortisation) 4,639 6,512 1,932 13,083 33,654 46,737 Sub-total 322,161 211,265 83,863 617,289 40,475 657,764 Sub-total attributable 322,161 107,745 83,863 513,769 40,475 554,244 Attributable Au ounces produced 143,775 37,602 61,219 242,596 – 242,596 Attributable Ag ounces produced (000s) 6,368 2,117 11 8,496 – 8,496 Attributable ounces produced (Au Eq oz) 220,501 63,103 61,353 344,957 – 344,957 Attributable ounces produced (Ag Eq 000s oz) 18,302 5,238 5,092 28,632 – 28,632 All-in sustaining costs per ounce produced ($/oz Ag Eq) 1,461 1,707 1,367 1,490 117 1,607 All-in sustaining costs per ounce produced ($/oz Au Eq) 17.6 20.6 16.5 17.9 1.4 19.4 (+) Commercial deductions 3,436 17,620 1,590 22,646 – 22,646 (+) Selling expenses 614 15,847 931 17,392 – 17,392 Sub-total 4,050 33,467 2,521 40,038 – 40,038 Sub-total attributable 4,050 17,068 2,521 23,639 – 23,639 Attributable Au ounces sold 143,637 37,927 61,160 242,724 – 242,724 Attributable Ag ounces sold (000s) 6,342 2,188 11 8541 – 8541 Attributable ounces sold (Au Eq oz) 220,041 64,287 61,294 345,622 – 345,622 Attributable ounces sold (Ag Eq 000s oz) 18,263 5,336 5,087 28,686 – 28,686 Sub-total ($/oz Au Eq) attributable 18 266 41 68 – 68 Sub-total ($/oz Ag Eq) attributable 0.2 3.2 0.5 0.8 – 0.8 Attributable all-in sustaining costs per oz sold ($/oz Au Eq) 1,479 1,973 1,408 1,558 117 1,675 Attributable all-in sustaining costs per oz sold ($/oz Ag Eq) 17.8 23.8 17.0 18.8 1.4 20.2 FINANCIAL REVIEW CONTINUED 11 Other items include workers proﬁt sharing in Inmaculada of $15.5 million, the gain in San Jose resulting from the government’s export incentive programme of $3.0 million, lease expenditure of $2.1 million, $1.4 million, and $0.9 million in San Jose, Mara Rosa and Inmaculada, respectively, and other non-sustaining capex of $1.8 million and $0.4 million in San Jose and Mara Rosa, respectively. 12 Operating capex excludes capitalised leases of $3.9 million and $2.6 million in San Jose and Inmaculada, respectively, capitalised depreciation resulting from mine equipment utilised for mine developments totalling $1.9 million in San Jose, and capitalised interest of $0.9 million and $0.4 million in Inmaculada and Mara Rosa, respectively. 13 Corporate and others include personnel expenses related to brownﬁeld exploration. 14 2024 all-in-sustaining costs before the change in methodology (as previously reported) were: Inmaculada $1,512 per gold equivalent ounce, and main operations $1,638 per gold equivalent ounce. 15 Excludes non-sustaining capex and pre-commercial production capex of $30.0 million, and pre-commercial production brownﬁeld exploration ($0.8 million), administrative expenses ($0.8 million), commercial discounts ($0.1 million) and selling expenses ($0.1 million). 16 Other items include production costs incurred before the declaration of commercial production in Mara Rosa of $31.7 million, the gain in San Jose resulting from the government’s export incentive programme of $16.0 million, and lease expenditure of $1.6 million and $1.5 million in Mara Rosa and San Jose, respectively. 17 Operating capex from San Jose does not include non-sustaining capex and capitalised depreciation resulting from mine equipment utilised for mine developments totalling $13.1 million. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 38

Administrative expenses Administrative expenses were higher at $55.6 million (2024: $50.2 million) mainly due to higher professional fees of $8.9 million (2024: $7.1 million) and legal workers proﬁt sharing in Peru of $3.2 million resulting from higher precious metal prices (2024: $1.4 million). Exploration expenses In 2025, exploration expenses increased to $28.7 million (2024: $26.9 million) mainly due to higher prospects and generative expenditure in Peru of $4.1 million (2024: $1.5 million), and higher exploration expenses at San Jose of $11.9 million (2024: $9.8 million). These were partially offset by lower exploration expenses at Inmaculada of $2.7 million (2024: $4.4 million), and Monte do Carmo exploration expenses in 2024 of $1.6 million. In addition, the Group capitalises part of its brownﬁeld exploration, which mostly relates to costs incurred converting potential resources to the Inferred or Measured and Indicated categories. In 2025, the Company capitalised $10.0 million relating to brownﬁeld exploration (2024: $7.4 million), bringing the total investment in exploration for 2025 to $38.7 million (2024: $34.3 million). Selling expenses Selling expenses increased to $21.9 million (2024: $17.5 million) mainly due to higher precious metal prices impacting Argentinian export taxes. Other income/expenses Other income was lower at $10.2 million (2024: $21.0 million) primarily reﬂecting a lower beneﬁt from the Argentinian Government export programme to settle a portion of San Jose exports at the blue-chip exchange rate which remained in force until April 2025 totaling $3.0 million (2024: $16.0 million), partially offset by a $1.3 million gain in 2025 on the early settlement of the deferred consideration for the acquisition of the Monte do Carmo project, originally payable in June 2026 for $10 million. Other expenses before exceptional items were higher at $65.2 million (2024: $43.2 million) mainly due to mine closure provision increases of $24.0 million (2024: $14.7 million) at Selene, Sipan and Ares, the provision for recovery of the ICMS credit (state tax on circulation of merchandise and transportation and communication services in Brazil) of $4.6 million (2024: $nil), higher provision for legal claims of $5.9 million (2024: $1.6 million), and a higher corporate social responsibility contribution in Argentina as a result of higher commodity prices of $5.9 million (2024: $4.4 million). Adjusted EBITDA Adjusted EBITDA increased by 39% to $583.7 million (2024: $421.4 million) mainly due to the increase in revenue resulting from increased precious metal prices, partially offset by lower production, higher costs of sales, and a lower beneﬁt from the Argentinian Government export programme to settle a portion of San Jose exports at the blue-chip exchange rate. Adjusted EBITDA is calculated as proﬁt from continuing operations before exceptional items, net ﬁnance costs, foreign exchange losses and income tax plus non-cash items (depreciation and amortisation and changes in mine closure provisions) and exploration expenses other than personnel and other exploration related ﬁxed expenses. $000 unless otherwise indicated Year ended 31 Dec 2025 Year ended 31 Dec 2024 % change Proﬁt from continuing operations before exceptional items, share of loss of an associate, net ﬁnance income/(cost), foreign exchange loss and income tax 365,261 224,722 63 Depreciation and amortisation in cost of sales 165,348 156,785 5 Depreciation and amortisation in administrative expenses, other expenses and ﬁxed costs during operational stoppages and reduced capacity 2,879 3,050 (6) Exploration expenses 28,695 26,854 7 Personnel and other exploration related ﬁxed expenses (6,551) (5,620) 17 Other non-cash items, net18 28,097 15,563 81 Adjusted EBITDA 583,729 421,354 39 Adjusted EBITDA margin 48% 44% 9 18 Adjusted EBITDA has been presented before the effect of signiﬁcant non-cash (income)/expenses related to changes in mine closure provisions which were $24.0 million in 2025 (2024: $14.7 million), and the write-off of property, plant and equipment of $4.1 million in 2025 (2024: $0.9 million). Finance income Finance income of $11.8 million decreased from $13.1 million in 2024 mainly due to lower interest on Argentinian mutual funds of $2.9 million (2024: $6.9 million), partially offset by a higher gain on Argentinian bonds of $2.0 million (2024: $0.3 million). Finance costs Finance costs increased from $26.9 million in 2024 to $41.1 million in 2025, principally due to the unrealised fair value loss of $7.5 million on the ﬁnancial liability related to the stream agreements with Sprott (2024: $nil), and the unrealised fair value loss of $7.4 million related to the warrants issued in connection with Tiernan’s capital raise in December 2025. Foreign exchange (losses)/gains The Group recognised a foreign exchange loss of $4.0 million (2024: $10.4 million) mainly due to the impact of devaluation of the local currency on monetary assets in Argentina of $6.5 million (2024: $9.1 million), partially offset by a foreign exchange gain in Brazil of $1.4 million (2024: loss of $1.0 million). Income tax The Company’s pre-exceptional income tax charge was $129.7 million (2024: $65.6 million). The increase in the charge is mainly explained by higher proﬁtability versus 2024 due to increased precious metal prices. The effective tax rate (pre-exceptional) for the period was 39.2% (2024: 33.0%), compared to the weighted average statutory income tax rate of 31.2% (2024: 31.1%). The higher effective tax rate in 2025 versus the average statutory rate is mainly explained by: the effect of higher royalties and the Special Mining Tax resulting from higher prices which increased the effective rate by 5.9%, and the withholding tax increasing the rate by 2.3%. These effects were partially offset by the impact of local currency devaluations on deferred taxes in Brazil and Peru decreasing the rate by 1.5%. FINANCIAL REVIEW CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 39

Exceptional items Exceptional items in 2025 totalled a $46.7 million gain after tax (2024: $19.8 million loss after tax) related to: the non-cash recycling of the accumulated loss arising from the roll-forward of gold hedges in August 2025 of $26.4 million; and the reversal of impairment of: the Volcan project of $43.2 million, the investment in Aclara Resources Inc. of $22.2 million, and the San Jose mining unit of $13.6 million. Also included were listing and transaction expenses of $10.2 million arising from Tiernan Gold listing on the TSXV and concurrent capital raise. 2024 includes the impairment charges at the Azuca and Arcata projects of $13.7 million, the impairment of the investment in Aclara Resources Inc. of $5.1 million, and the write-off of work in progress of $3.1 million in Peru. The tax effect of these exceptional items was a $4.2 million tax gain (2024: $2.1 million). Cash ﬂow and balance sheet review Cash ﬂow $000 Year ended 31 Dec 2025 Year ended 31 Dec 2024 Change Net cash generated from operating activities 423,918 321,247 102,671 Net cash used in investing activities (231,231) (277,000) 45,769 Cash ﬂows generated/(used in) from ﬁnancing activities 27,618 (34,818) 62,436 Foreign exchange adjustment (324) (1,582) 1,258 Net increase in cash and cash equivalents during the year 219,981 7,847 212,134 Net cash generated from operating activities increased from $321.2 million in 2024 to $423.9 million in 2025 mainly due to higher Adjusted EBITDA of $583.7 million (2024: $421.4 million), partially offset by higher tax payments and working capital movements. Net cash used in investing activities decreased from $277.0 million in 2024 to $231.2 million in 2025 mainly due to the cash consideration paid for the acquisition of Monte do Carmo of $45.0 million in 2024 and lower expenditure on the Royropata MEIA process of $8.3 million (2024: $32.9 million), primarily due to investments in Royropata easements incurred in 2024. These effects were partially offset by the consideration received for the sale of Crespo project net of transaction costs of $13.9 million in 2024, and the early settlement of the deferred consideration related to the acquisition of Monte do Carmo of $8.8 million in 2025. Cash from ﬁnancing activities increased from an outﬂow of $34.8 million to an inﬂow of $27.6 million in 2025, primarily due to: the $275.0 million ﬁnal settlement of the former $300m medium-term facility in 2024; the draw-down of $90.0 million from the existing $300.0 million medium-term loan facility (2024: $30m draw-down); a net increase of $135.0 million in short and medium-term bank loans (2024: net increase of $80.0 million in short-term loans); and the net proceeds from Tiernan’s capital raise of $40.0 million (net of agent fees and transaction costs). These effects were partially offset by: the full repayment of the $200.0 medium-term facility (2024: $140 million draw-down); the payment for the execution of the buy-down option related to the Sprott stream agreements on the Monte do Carmo project of $13.0 million in 2025; and payments of dividends to shareholders of $15.2 million (2024: $nil). Working capital $000 As at 31 December 2025 As at 31 December 2024 Trade and other receivables 155,544 135,814 Inventories 118,211 87,087 Derivative ﬁnancial liabilities (111,567) (40,276) Income tax payable, net (95,651) (21,019) Trade and other payables (219,796) (208,222) Provisions (55,455) (35,082) Working capital (208,714) (81,698) The Group’s working capital position decreased by $127.0 million from $(81.7) million to $(208.7) million. The key drivers of the decrease were: higher income tax payable of $74.6 million resulting from higher proﬁtability and higher derivative ﬁnancial liabilities of $71.3 million due primarily to unrealised changes in fair value of the Group hedge contracts. These effects were partially offset by higher inventories of $31.1 million. Net debt $000 unless otherwise indicated As at 31 December 2025 As at 31 December 2024 Cash and cash equivalents 316,954 96,973 Non-current borrowings (225,000) (163,333) Current borrowings19 (114,643) (149,249) Net debt (22,689) (215,609) The Group’s reported net debt position was $22.7 million as at 31 December 2025 (2024: $215.6 million). The decrease is mainly explained by the higher cash generated by the business and net proceeds from Tiernan Gold’s capital raise in the TSXV in December 2025 of $40.1 million. Net debt to adjusted EBITDA was 0.04x (2024: 0.5x). 20 Capital expenditure $000 As at 31 December 2025 As at 31 December 2024 Inmaculada 138,556 138,582 Mara Rosa 39,541 35,318 San Jose 43,575 46,143 Operations 221,672 220,043 Monte do Carmo 13,373 90,602 Pallancata 8,253 32,908 Other 6,478 4,529 Total 249,776 348,082 19 Includes pre-shipment loans and short-term interest payables. 20 Net debt to EBITDA is a non-IFRS measure and is calculated as net debt divided by Adjusted EBITDA over the preceding 12-month period. FINANCIAL REVIEW CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 40

Capital expenditure decreased from $348.1 million in 2024 to $249.8 million in 2025, mainly reﬂecting lower spending at Monte do Carmo following the acquisition of the project in November 2024. The acquisition resulted in one-off capital expenditure in 2024 totalling $86.6 million, comprising $60.0 million of cash consideration ($45.0 million was paid and $15.0 million deferred, of which $10.0 million was settled in advance at a discount in 2025) and $26.2 million of assumed liabilities representing the fair value of the loan and streaming agreements with Sprott transferred to the Group on completion, of which $13.0 million was paid in 2025 related to the buy down of 50% of the stream agreements. Capital expenditure was also lower at Pallancata, primarily due to investments in Royropata easements incurred in 2024. Final proposed dividends $000 As at 31 December 2025 Net cash generated from operating activities 423,918 Less: non-attributable net cash generated from operating activities (75,480) Attributable net cash generated from operating activities 348,438 Net cash used in investing activities (231,231) Less: non-attributable net cash used in investing activities 21,829 Attributable net cash used in investing activities (209,402) Attributable free cash ﬂow 139,036 Net Debt/Adjusted EBITDA 0.04x Dividend payout of 20-30% 27,807 – 41,711 Minimum annual dividend 10,000 Total dividends 30,868 Interim dividends 5,145 Final proposed dividends 25,723 FINANCIAL REVIEW CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 41

STAKEHOLDER ENGAGEMENT Engaging with our stakeholders We are focused on driving long-term sustainable performance for the beneﬁt of our customers, shareholders and wider stakeholders. Only by fully understanding our stakeholders’ needs and their expectations can we measure the extent of our success. In this section we describe the key stakeholder groups, our general approach in engaging with them, and where you can ﬁnd further information within the Annual Report on speciﬁc examples of Hochschild’s interactions during 2025. SECTION 172(1) STATEMENT This section, together with the Stakeholder Engagement section of the Corporate Governance report (pages 103 and 104), explain how the Board takes account of stakeholder interests. Together, these comprise the Company’s ‘Section 172(1) statement’. CUSTOMERS SHAREHOLDERS EMPLOYEES SUPPLIERS/ LENDERS GOVERNMENT/ REGULATORS SOCIAL STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 42

Stakeholder group Why they are Important General Approach to Engagement SHAREHOLDERS Our shareholders are investors and owners of the business. We seek to establish and maintain constructive relations with all shareholders through open dialogue and an ongoing programme of engagement. Engagement with shareholders is undertaken by a number of company representatives including the CEO, CFO, members of the Board, the Company Secretary and the Head of Investor Relations. These interactions take various forms and include participation at sector-speciﬁc conferences, direct meetings with institutional investors, discussions with proxy voting agencies and at the Annual General Meeting. In addition to establishing an open dialogue with signiﬁcant shareholders, the Company seeks to pro-actively engage with investors on proposals of speciﬁc interest, such as those relating to executive remuneration. READ MORE ON PAGE 103 Stakeholder group Why they are Important General Approach to Engagement EMPLOYEES Our success relies greatly on our people. We seek to attract, retain and develop our people through competitive remuneration, a positive and safe working environment and equal opportunities for all. Employee engagement generally takes many forms and incorporates Q&A sessions with management as well as surveys and presentations on speciﬁc subject matters. Regular meetings are held throughout the year with the labour unions in each of our countries of operation, not only to negotiate collective agreements but to also discuss matters of interest such as enhancements to working facilities. Opportunities are also taken to hold events that showcase the values that embody our corporate purpose of Responsible & Innovative Mining Committed to a Better World. READ MORE ON PAGE 60 STAKEHOLDER ENGAGEMENT CONTINUED Stakeholder group Why they are Important General Approach to Engagement CUSTOMERS Due to the nature of what we produce, we have relatively few customers. As a result, successful relations with our customers are of critical importance to our business. Our Sales and Logistics teams oversee a relationship of co-operation and constant dialogue. The Company seeks to continually establish new commercial relationships to mitigate the risks arising from a concentrated customer base and vulnerability to geopolitical developments. Hochschild representatives attend key trade events such as those held in LME Week in London and CESCO Week in Chile. READ MORE ON PAGE 66 Stakeholder group Why they are Important General Approach to Engagement SUPPLIERS/ LENDERS As a key inﬂuence on how we operate our business, we seek a relationship of mutual beneﬁt while requiring high standards of business conduct, safety and ESG performance. The General Managers of our Peruvian, Argentinian and Brazilian operations maintain ongoing dialogue with suppliers to the mine sites, either directly or, in the case of our joint venture in Argentina, through organisations representing suppliers in the province. Other suppliers, including lenders, are managed by the relevant functional departments such as IT, Group Finance and others. With regards to existing lenders, the Company proactively engages on relevant business developments and sustainability performance. In all of our countries of operation, we seek opportunities to engage with suppliers within our spheres of inﬂuence. READ MORE ON PAGE 65 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 43

Stakeholder group Why they are Important General Approach to Engagement GOVERNMENT/ REGULATORS We seek to establish and maintain a constructive relationship and open dialogue with the various governmental and regulatory authorities in our countries of operation. The Vice President of Legal and Public Affairs oversees the Company’s engagement with relevant authorities and regulators in Peru, both directly and through participation in industry associations and other business forums. This is supplemented by the work of various teams who interact with public ofﬁcials and regulators as part of their responsibilities. In our Argentinian joint venture, engagement with authorities is undertaken by the President, General Manager and General Counsel. The Company also actively participates in the Argentine Chamber of Mining Companies. In Brazil, the Country Manager and Legal Director jointly lead engagement activities. Hochschild is an active participant in institutional forums and industry associations, at both national and state levels. The Company Secretary and UK Counsel is responsible for engaging with authorities in the UK resulting from the Company’s London listing. READ MORE ON PAGE 66 Stakeholder group Why they are Important General Approach to Engagement SOCIAL In acknowledgment of our social licence to operate, we recognise our steadfast commitments to (a) minimise our environmental footprint and (b) understand the needs and expectations of our local communities. Through close collaboration, both directly with local communities and in partnership with third- party organisations and authorities, we implement a variety of programmes to generate a positive impact within our sphere of inﬂuence. Our Community Relations Policy is focused on education, health and nutrition, and promoting socio-economic development. The Company is also committed to building trust and listening to community concerns with respect to our current and future activities. READ MORE ON PAGE 49 STAKEHOLDER ENGAGEMENT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 44

TRACEY KERR CHAIR, SUSTAINABILITY COMMITTEE DEAR SHAREHOLDER At Hochschild, our purpose is to deliver responsible and innovative mining that is committed to a better world. We strive to fulﬁl this purpose by placing our sustainability ambition at the core of our business objectives. In this section of the Annual Report, I am pleased to share how we have been delivering on this ambition in 2025. One of our most notable highlights has been the breadth of improvement in our ESG performance indicators, with 2025 seeing an improvement in 69% of the key statistics we monitor (compared to 38% in 2024). This achievement has been recognised by two ESG rating agencies – MSCI and Sustainalytics. This external recognition of the business’ year-on-year progress has enabled us to meet our corporate objective of improving ESG performance in two of the four rating agencies that assess our performance. It has also enabled us to meet the sustainability targets established in our green loans with Scotiabank and BBVA which link the interest rate with our performance in ﬁve distinct environmental and safety indicators. As a result, in 2025 we obtained an improvement in loan interest rates and generate savings for the business worth $45,000. We remain committed to supporting and collaborating with our local communities. We are proud to employ a workforce that is largely (nearly 66%) made up of local workers; this is an all-time high proportion for our business and now, for the ﬁrst year, exceeds our 2030 ambition. This has been achieved, in part, through initiatives aimed at improving local employability across all operational areas, such as the Mining Partner Programme in Argentina. Education remains a key focus of our social development efforts, and this is exempliﬁed by the 90 scholarships we provided in 2025 through our HOC Scholar Community Programme in Peru. The programme was recognised by The Technological University of Peru (UTP) at the ‘Regional Boost’ meeting, highlighting its contribution to strengthening the education of young people in the Ayacucho and Apurimac regions. Alongside our programmes, we have also increased local procurement to an all-time high of nearly 30%, up from approximately 26% in 2024, and hosted the third edition of the Mara Rosa and Amaralina Literature, Culture and Art Festival (FLICMA). In terms of our environmental focus, we have maintained a strong environmental performance which includes an historical high level of waste recycled. We are also very pleased to announce that the solar plant set to cover 100% of the energy demand of Mara Rosa in Brazil is fully operational. Similarly, in Argentina, we have replaced our remaining fossil fuel energy contracts with renewable energy from wind whilst, in Peru, a similar effort is underway to transition the remaining fossil fuel energy to renewable. SUSTAINABILITY REPORT Success for the Group means achieving operational efﬁciency while generating transformative change. EDUARDO HOCHSCHILD COMPANY CHAIR Our purpose is to deliver responsible and innovative mining that is committed to a better world. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 45

Biodiversity remains a top priority for our business. This year, we started the implementation of a second compensation plan at Inmaculada in collaboration with the Smithsonian Institute; the plan is focused speciﬁcally on restoring high-Andean grasslands in the buffer zone of the Sub Cuenca del Cotahuasi Landscape Reserve. We also achieved a positive water balance in San Jose as a result of designing and implementing a new water circuit with innovative measures such as the use of ‘shade balls’ in the new water storage pond. We have also worked to strengthen our health and safety performance this year, reinforcing our steadfast commitment to upholding excellence in safety practices. We are proud to have achieved an all-time low workplace injury rate of 0.97. Alongside this, we have enhanced our safety platforms across the Company, including Brazil, and retained our Det Norske Veritas (DNV) Level 8 Occupational Health and Safety Management rating in our Peruvian and Argentinian operations. Driving gender diversity in our workforce remains a key challenge in this industry and a top priority for our business. This year, we have made substantial progress, reaching an all-time high of almost 11% female representation across our total workforce. We also conducted a diversity census across the three countries of operation to collect data on gender, race, sexual orientation, and age. In 2026 we plan to develop an action plan to take this further and address the key improvement areas we have identiﬁed. Our strong performance as an employer was also, once again, recognised this year by Merco Talento, ranking us 4th out of 18 mining companies in Peru. As part of our approach to responsible business practices, we have formalised our commitments around some of our key topics. This includes publishing our ﬁrst Modern Slavery Statement and developing our ﬁrst policies on Biodiversity and Civil Security. We have also made updates to a number of policies relating to information security, anti-fraud, anti-bribery and corruption, as well as our Code of Conduct. Furthering our responsible business practices, we became a signatory of the UN Global Compact and published our third standalone sustainability report. We look forward, in 2026, to continuing the strengthening of our ESG practices, with a key focus on the topics of nature, climate change, and human rights. We will continue to promote socio-economic development in our communities and diversity in our workforce and ﬁnd innovative ways to both maintain robust safety measures and reduce our environmental footprint. If you have any comments and feedback on our sustainability activities, please contact us at sustainability@hocplc.com TRACEY KERR CHAIR, SUSTAINABILITY COMMITTEE 81.4% RECYCLED WASTE 2024: 57.3% 10.6% WOMEN IN WORKFORCE 2024: 10.0% 88% OF ENERGY THAT IS RENEWABLE AT 31 DECEMBER 2025 2024: 59% 17.6% WOMEN IN LEADERSHIP ROLES 2024: 17.2% 29.9% LOCAL PROCUREMENT 2024: 26.1% 65.9% LOCAL WORKFORCE 2024: 59.3% 5.61/6 ECO SCORE (VS TARGET OF 5.5/6) 2024: 5.58/6 125 LITRES/PERSON/DAY OF POTABLE WATER CONSUMPTION 2024: 138 LITRES/PERSON/ DAY OUR APPROACH TO SUSTAINABILITY We have ﬁve strategic focus areas that guide our sustainability efforts. As presented in the following pages, our performance in 2025 is reported within these focus areas and tied to our list of material topics. The topics are determined through our biennial materiality assessment, most recently refreshed in 2025 and next scheduled for 2027. This report complements the information available on our website and focuses on key sustainability highlights and performance outcomes for 2025. Further details on Hochschild’s sustainability strategy and its alignment with the Sustainable Development Goals (SDGs) are available on our website at www.hochschildmining.com/sustainability. Serving our Communities → Protecting the Environment → Empowering our People → Being a Responsible Business → OUR AREAS OF FOCUS SUSTAINABILITY REPORT CONTINUED Our corporate purpose embeds responsibility into the heart of our business. EDUARDO LANDIN CHIEF EXECUTIVE OFFICER Ensuring Health and Safety → 2025 HIGHLIGHTS STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 46

Sustainability governance Our Board of Directors holds ultimate responsibility for establishing and managing policies and initiatives related to sustainability. The Sustainability Committee, an ofﬁcial sub- committee of the Board, oversees and makes all necessary recommendations to the Board in connection with all ESG issues as they affect the Company’s operations. The Committee is chaired by Tracey Kerr, who has Board-level responsibility for sustainability matters. She is also the designated Non- Executive Director for Workforce Engagement. The Committee consists of the CEO and two Independent Directors, with the COO, Vice Presidents of People Management and Corporate Affairs, and Legal and Public Relations as regular attendees. During 2025, the Sustainability Committee’s activities were: – receiving quarterly updates on ESG performance against our 2030 ambitions comprising: • reviewing health and safety performance, including investigations into lost time accidents and high-potential events; • receiving updates from management on key environmental matters such as tailings storage facilities, progress on mine closure activities, climate change, and biodiversity; • reviewing progress on implementation of the Company’s community relations strategy; • reports on people management matters including the status of union negotiations and feedback on engagement activities; and • progress against permitting timelines. our Sustainalytics score improved from 28.4 to 26.8 (lower scores indicate stronger performance). We expect to receive our 2025 scores for CDP and FTSE4Good in March and June 2026 respectively. We are also pleased to be a constituent of the FTSE4Good Index. 2025 2024 CDP Climate B B CDP Water B- B- FTSE4Good (/5) 3.8 3.8 Sustainalytics Medium risk (26.8) Medium risk (28.4) MSCI BBB BB Sustainability reporting We are committed to continuously improving our sustainability performance and we will continue to provide a transparent account of the material topics to our key stakeholders. For climate-speciﬁc disclosures alignment with the Climate-related Financial Disclosures (CFD), see pages 67-75. This includes more detailed information on our climate governance, risk management, and strategy. Every two years, we also publish a standalone Sustainability Report that provides a comprehensive overview of Hochschild’s sustainability activities and performance. Our most recent standalone report, reﬂecting 2024 performance, was published in 2025 and is available via our website: https:// www.hochschildmining.com/sustainability/ sustainability-reports-and-policies/. – reviewing and, where appropriate, approving, new sustainability-related policies including in relation to biodiversity and civil security; – reviewing and approving public disclosures on sustainability-related matters; and – reviewing key mitigation measures sustainability-related topics in the Company’s Risk Register. Attendance at Committee meetings is detailed on page 93. Sustainability accountability ESG-related matters account for 25% of the business’ corporate bonus scorecard. It is broken down as follows: – 15% weighting related to safety; – 5% weighting for environmental results measured through our ECO Score; and – 5% weighting with respect to improvement in Hochschild’s external ESG ratings. In addition, performance against 14 sustainability-related KPIs 1 is embedded as a performance condition in the Company’s Long-Term Incentive Plan (LTIP), a key incentive offered to Executive Directors and selected members of senior management. In 2025, we achieved all of the ESG-related goals under both the annual bonus scheme and the 2023 LTIP awards which reﬂects the Company’s ESG performance between 2023 and 2025. Ratings We are particularly pleased to see improvements in both our MSCI and Sustainalytics scores which have enabled us to meet our broader Company goal. Our MSCI rating improved from BB to BBB and SUSTAINABILITY REPORT CONTINUED 15% WEIGHTING RELATED TO SAFETY 5% WEIGHTING FOR ENVIRONMENTAL RESULTS MEASURED THROUGH OUR ECO SCORE 5% WEIGHTING WITH RESPECT TO IMPROVEMENT IN HOCHSCHILD’S EXTERNAL ESG RATINGS 1 The Company’s LTIP comprises 14 KPIs. Thirteen align with the ESG KPIs outlined below, with one additional KPI – the Lost Time Injury Severity Rate (LTISR) – also included. The three ESG KPIs relating to the Board are excluded from the LTIP. ESG-RELATED WEIGHTINGS IN THE CORPORATE BONUS SCORECARD STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 47

2030 Ambition 2025 result 2024 result Serving our Communities Local workforce vs total workforce (%) 60% 65.9% 59.3% Local procurement vs total procurement (%) 20% 29.9% 26.1% Social investment vs net revenue (%) 0.90% 1.09% 1.22% Protecting the Environment Greenhouse gas (GHG) Scope 1+2 emissions reduction (%) 1 -30% +71.9% 2 +48.6% Fresh water utilised per ore processed (m3/ tonne) 0.22 0.26 0.31 Recycled waste (%) 80% 81.4% 57.3% Domestic waste landﬁlled (kg/person/day) 3 0.90 0.78 0.93 Potable water consumption (l/person/day) 3 174 125 138 Ensuring Health and Safety Fatal accidents 0 0 0 LTIFR 4 1.20 0.97 1.25 Empowering our People Women in the workforce (%) 11% 10.6% 10.0% Women in leadership roles (%) 20% 17.6% 17.2% Voluntary turnover (%) <5% 4.01% 4.96% Being a Responsible Business Director Independence (%) >50% 62.5% 62.5% Average tenure of Non-executive Directors (excl. Chair) 6 years 6 years 6 years, 5 months Women on Board seats (%) 40% 37.5% 37.5% 1 Measured as a reduction against the 2021 baseline. 2 The increase in GHG emissions in 2025 can be mainly attributed to the Mara Rosa mine, an open-pit operation, being incorporated into the calculation. We recognise that we may need to re-base our 2030 ambition in 2027 to account for the impact of Mara Rosa. 3 Domestic waste landﬁlled (kg/person/day) and potable water consumption (l/person/day) are calculated as the simple average across all mine sites. 4 Calculated as total number of accidents per million labour hours. READ MORE ON PAGE 49 READ MORE ON PAGE 52 READ MORE ON PAGE 57 READ MORE ON PAGE 60 READ MORE ON PAGE 64 Comprehensive sustainability-related disclosures, including policies and reports, are available on our website at: www. hochschildmining.com/sustainability/ sustainability-reports-and-policies/ Quarterly performance updates are published through our Sustainability Data Hub, while annual performance continues to be disclosed in our Sustainability and/or Annual Reports. The Sustainability Data Hub can be accessed at: www.hochschildmining. com/sustainability/sustainability-data-hub/ We regularly monitor the continued relevance of our selected KPIs and will reﬁne or supplement them as appropriate to ensure they remain aligned with our strategic priorities and stakeholder expectations. SUSTAINABILITY REPORT CONTINUED Seeing year-on-year progress in sustainability is integral to how we view and deﬁne success at Hochschild. We are focused on delivering against all of our 2030 ambitions and are pleased to report on the progress being made so far. DAVID VEXLER CORPORATE SUSTAINABILITY DIRECTOR Our 2030 ambition Performance against our ESG KPIs, shown below, is monitored and published on a quarterly basis. In 2025, performance highlights included historically low levels of domestic waste generation, potable water consumption, and Lost Time Injury Frequency Rate (LTIFR), alongside record- high growth in local workforce, local procurement, recycled waste, and female representation in the workforce. Further details on 2025 performance for each KPI are provided in the table below and in the corresponding sections of this report. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 48

HIGHLIGHTS 1 ALIGNMENT TO UN SDGS 65.9% LOCAL WORKFORCE VS TOTAL WORKFORCE 2 2024: 59.3% 29.9% LOCAL PROCUREMENT VS TOTAL PROCUREMENT 2024: 26.1% 1.09% SOCIAL INVESTMENT VS NET REVENUE 2024: 1.22% 1 Our Brazilian operations are reﬂected for the ﬁrst time in respect of 2025 for all data. 2 Local workforce vs total workforce KPI includes direct employees and contractors in all mine sites. Serving our Communities The socio-economic development of our local communities is our most material focus area. OUR APPROACH TO SERVING OUR COMMUNITIES We strive to create a positive and lasting impact on our local communities and they remain one of our most important stakeholders. The topic of ‘Local communities and socio-economic development’ has been identiﬁed as our singular most material topic. Our approach towards this topic continues to be guided by our Sustainability, Human Rights, and Community Relations Policies, ensuring that our engagement remains transparent, inclusive, and impactful. We serve our communities through the following focus areas: Engaging with our communities, Community investments and supporting local governments, Local employment, and Procurement of local goods and services. FOCUS AREAS Engaging with our communities We engage regularly with community members through a range of formal and informal mechanisms. These typically include focus groups, meetings with authorities, structured roundtables with community representatives and national authorities, and ongoing communication both in person and online. We operate six information ofﬁces across the communities which serve our mine sites. The ofﬁces provide accessible points of contact for community members to seek information, raise questions, or express concerns related to our mining operations. They are located in the following locations: Pauza and San Francisco de Rivacayco (serving the Inmaculada operation), Tucsa and Iscahuaca (linked to the former mine site of Pallancata), Perito Moreno (supporting the San Jose operation), and Mara Rosa (serving the Mara Rosa mine). We ensure concerns are addressed in a structured and timely manner through our formal grievance procedure. This year, we received 69 grievances across our Peruvian, Argentinian, and Brazilian mine sites. All grievances were responded to, with an average response time of eight days. Community investments and supporting local governments Our social engagement strategy continues to deliver positive impacts through several key initiatives in the three countries in which we operate. Peru In 2025, our social investment efforts in Peru focused primarily on community infrastructure development and the strengthening of local livelihoods. We co-ﬁnanced the construction of 1 kilometre of an irrigation canal in Cochapampa, improving water access for more than 15 hectares of agricultural land and beneﬁting over 50 local producers. Additional infrastructure initiatives included the construction and implementation of a mechanic workshop in the community of Casma Palla SUSTAINABILITY REPORT CONTINUED 49 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

Palla, beneﬁting more than 30 community members; the construction of a church in Cochapampa and a multi-purpose facility in Belen; and road maintenance works in the community of Huancute. To strengthen skills and help generate local income, we delivered training programmes in ﬁsh farming for 18 members of the community of Vizcacuto, baking for 24 women in Iscahuaca, and entrepreneurship and leadership through four workshop sessions for 30 women in Cochapampa. We also supported the construction of an organic community orchard, enabling the production of healthy food for self-consumption and beneﬁting 40 community members. Looking ahead to 2026, we plan to further advance initiatives focused on strengthening local productive systems and rural livelihoods, enhancing agricultural productivity, and supporting senior citizens and women. In line with our commitment to community health and well-being, we have carried out comprehensive medical campaigns in the communities of Tolconi, Vizcacuto, and Marcani, providing general, preventive, and specialised medical consultations, medicine distribution, and follow-up support for various health conditions. In addition, we implemented a bovine animal health campaign in San Antonio de Ojos, delivering preventive treatments for 600 cattle and beneﬁting 60 farmers through practical training, contributing to improved animal health and productivity. During the past year, 90 scholarships were awarded to university and technical institute students through the HOC Scholarship Community Programme, reaching 150 scholarships in total since the programme’s implementation in 2024. The programme was recognised by the Technological University of Peru (UTP) at its ‘Regional Boost’ meeting for its contribution to strengthening to education for young people in Ayacucho and Apurimac. We have also worked with nine strategic local municipalities to support sustainable development through a coordinated, multi- stakeholder approach. These partnerships include, for example, ﬁnancing technical assessments to improve and expand essential services (such as water and irrigation systems), supporting capacity- building and community activities, donating machinery to support municipal operations (particularly during weather- related emergencies), and strengthening municipal management to improve budget execution capacity. Brazil In Brazil, we hosted the third edition of the Mara Rosa and Amaralina Literature, Culture, and Art Festival (FLICMA). The festival welcomed 3,402 participants, including Hochschild employees and their families, and involved ten local schools and three educational centres. The programme featured literary and artistic performances, educational panels, storytelling sessions, book rafﬂes, theatre competitions, and a talent show. Through these activities, FLICMA play a fundamental role in promoting literature, culture, and art in the communities of Mara Rosa and Amaralina. We also launched the Support and Incentive Programme for Social Responsibility Projects (PROPOR, in Portuguese), aimed at supporting initiatives that deliver measurable positive impacts on community well-being and contribute to sustainable local development. Launched in April 2025 with 36 community residents and leaders participating, the programme selected two projects: the Safe Harvest project, which received supplies to improve saffron harvesting practices, and a sensory room project developed by a municipal school, which received materials to establish an inclusive space for neuroatypical children. Initial deliveries were made in 2025 with further implementation planned for 2026. Additionally, we continued to deliver annual health promotion campaigns, including Blue October and Pink November. These provide free testing for community members of the Mara Rosa community, alongside workshops focused on cancer prevention for Hochschild employees and contractors. Argentina In collaboration with local institutions, we provided 35 scholarships for higher- education students from Perito Moreno and Los Antiguos, expanding access to quality education. We also donated supplies and materials in response to community needs, including support for the regional hospital, nursing home, schools, and the broader municipality. In addition, we have continued the strawberry cultivation project with local families in Perito Moreno throughout the year, focusing primarily on the provision of technical supplies and equipment. We also delivered technical training sessions in communities surrounding the San Jose mine site, providing ﬁrst aid and CPR workshops to local groups. These sessions contribute to building local capacity to respond to medical emergencies and reinforce our commitment to supporting community health and safety. SUSTAINABILITY REPORT CONTINUED 50 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

In total, we invested $13.1 million in 2025 in our aforementioned social programmes across Peru, Argentina and Brazil. This represents 1.09% of our 2025 net revenue, meeting our 2030 ambition to invest 0.90% of net revenue in social initiatives. Education $870,000 Health and nutrition $579,000 Socio-economic development $2,243,000 Philanthropic campaigns $6,000 Culture and communication $225,000 Infrastructure $1,880,000 Local government support $7,375,000 Our local government support included $5.2 million granted to the province of Santa Cruz. This was provided through the publicly- managed ‘Proyecto UniRSE’ trust fund which ﬁnances diverse social and development initiatives. In Brazil, we also paid $1.9 million in the Financial Compensation for the Exploitation of Mineral Resources (‘CFEM’, in Portuguese), the federal mining royalty allocated to municipalities and states for investment in socio-economic development. Local employment Local employment is a key driver that underpins long-term socio-economic development. As such, we are proud to report that the proportion of local workers continues to grow year-on-year. In 2025, 65.9% of our workforce comprised of local workers, representing an all-time high and a signiﬁcant increase from 59.3% in 2024 and exceeding our 2030 ambition of 60%. At a country level, local representation reached 60.1% in Peru, 64.2% in Argentina, and 79.4% in Brazil. These ﬁgures include both direct employees and contracted workers. This year, local procurement accounted for 29.9% of our total procurement expenditure, representing a historical record and exceeding our 2030 ambition of 20% and improving from 26.1% in 2024. In terms of regional performance, local suppliers contributed 19.5% of procurement spend in Peru, 58.3% in Argentina and 29.9% in Brazil. In Peru, we strengthened local procurement by introducing a platform to help identify and manage potential local suppliers for bidding processes. We also assessed which services could be provided locally, focusing on areas such as laundry, transport and equipment maintenance. As a result, these services were successfully awarded to local suppliers. In Argentina, our efforts centred on building stronger relationships with local suppliers. This included site visits to suppliers in Santa Cruz, workshops at the mine site held in partnership with local chambers of commerce, and engagement with nationally based companies to establish partnerships with local suppliers. We have continued to implement targeted initiatives to strengthen local employability across our operations. In Argentina, the Mining Partner Programme engaged 40 participants from the local communities of Perito Moreno and Las Heras and included site visits to the San Jose mine. We also organised guided visits to San Jose for students from Technical School No. 11 and students and teachers from the Mining Technology degree programme in the National University of Comahue. The aim has been to increase exposure to mining operations among young people and future professionals. In addition, we delivered technical training sessions focused on basic electrical skills for community members in northern Santa Cruz. In September 2025, the Province of Santa Cruz amended Law No. 3141 (‘Ley de Promoción de Mano de Obra y Proveedores Locales’ in Spanish) to establish a 90% local workforce requirement for companies operating in the mining, energy, and related sectors. In alignment with this new requirement, we will continue to advance initiatives aimed at increasing local participation. In Brazil, we launched an industrial maintenance and welding training programme exclusively for women, with 35 participants currently undergoing training. Building on these initiatives, we plan to launch a welding and drilling training programme in Peru in 2026 for female community members in the areas surrounding the Inmaculada operation. Procuring local goods and services Alongside creating local employment opportunities, we also strive to support local businesses. This is a core value at Hochschild and one that enables business to generate long-term, tangible socio-economic value for communities. In Brazil, efforts in 2025 continued to focus on deepening engagement with local suppliers to support their development, enhance quality and safety standards, and contribute to cost optimisation. We are committed to increasing levels of local supplier participation in both competitive bidding processes and business engagement meetings. As part of this, we have designed a comprehensive local supplier development programme – the Municipal Support and Strengthening Programme (PROAPOIO, in Portuguese). The programme, which will be implemented in 2026 and delivered in partnership with the company IEG Goias, focuses on capacity building, compliance, and performance improvement. It integrates supplier development, local workforce training, and broader economic development, and includes assessments of supplier proﬁles and business maturity. As a result of this work, we will be able to identify regional priority needs and provide focused guidance on Hochschild’s procurement criteria, processes, and best practices. Hochschild is committed to strengthening the socio-economic development of our communities.’ EDUARDO NORIEGA CHIEF FINANCIAL OFFICER SUSTAINABILITY REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 51

HIGHLIGHTS 1 ALIGNMENT TO UN SDGS 0.26 FRESH WATER USED PER TONNE OF ORE PROCESSED 2024: 0.31 M 3 /TONNE 81.4% RECYCLED WASTE (%) 2024: 57.3% 5.61 2025 ECO SCORE (VS TARGET OF 5.5/6) 2024: 5.58 88% RENEWABLE ENERGY MIX BY DECEMBER 2025 2024: 59% Protecting the Environment Hochschild is committed to operating with the lowest possible environmental footprint. OUR APPROACH TO PROTECTING THE ENVIRONMENT Our Environmental Policy provides the framework for managing our most material environmental impacts, including reducing water consumption, improving energy efﬁciency, and managing waste responsibly. Environmental performance is monitored and managed across our four material topics: ‘Climate change’, ‘Water management’, ‘Management of waste and tailings’, and ‘Biodiversity and ecosystem services’. We protect the environment through the following focus areas: Environmental Management System (EMS), our internal ECO Score, Environmental ambassadors, Climate change, Water management, Management of waste and tailings, Biodiversity and ecosystem services, and Mine closure. FOCUS AREAS EMS Our EMS underpins the implementation of good environmental practices across all operations and ensures compliance with applicable legal and regulatory requirements. In 2025, EMS-related activities focused on three key areas: – Completing the commitment register for all our mine sites in Peru. – Delivering environmental supervision training sessions across all Peruvian mine sites to ensure compliance with regulatory requirements and external oversight. – Conducting an environmental culture assessment across all three countries (supported by an external consultant) to better understand employee perceptions and inform targeted improvement actions. The assessment comprised a 30-question survey distributed to all employees and contractors. We achieved a high reliability rate of 98% based on responses from 1,242 employees and 1,321 contractors. This was complemented by additional qualitative insights gathered through focus groups, interviews with key leaders and functional teams, and a detailed review of internal policies and procedures. The results highlighted strong environmental commitment at leadership level and well-deﬁned procedures. Alongside this, we identiﬁed opportunities to strengthen the consistent translation of these commitments into day-to-day practices and to reinforce engagement across the broader workforce. SUSTAINABILITY REPORT CONTINUED 1 Our Brazilian operations are reﬂected for the ﬁrst time in respect of 2025 across all environmental data, excluding energy and climate change data, which have been included since May 2024 (resulting in a partial year of data for 2024). 52 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

ECO Score The ECO score is Hochschild’s internal environmental performance indicator. Designed to consolidate key environmental metrics into a single, easily understood number, it covers a number of metrics: compliance with discharge limits, a zero- tolerance approach to environmental incidents, the number of regulatory ﬁndings, and the effectiveness of environmental management related to water consumption, waste generation and recycling, and environmental culture compliance. In 2025, we achieved an ECO Score of 5.61 out of 6, exceeding the Company’s ‘excellence’ target of 5.5 and improving on our 2024 result of 5.58. Since the introduction of the ECO score in 2015, overall performance has improved by 69%, reﬂecting sustained progress in the business’ environmental management. Environmental Ambassadors To fully embed environmental awareness and accountability into our everyday operations, we invite Hochschild employees and contractors across all levels to join our Environmental Ambassador programme. The programme aims to train employees who can drive change, strengthen our culture, and expand environmental awareness within the Company. In 2025, programme activities focused on training ambassadors on ESG KPIs and targets, environmental monitoring, and the appropriate management of ECO Score year-on-year progress 2025 1 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 5.61 5.58 5.76 5.27 5.29 5.74 4.82 5.37 5.46 4.59 3.32 environmental incidents. Additional emphasis was placed on reinforcing key concepts such as circular economy principles, correct waste segregation, and good housekeeping practices. At year end, we had a total of 104 Environmental Ambassadors, comprising 37 at San Jose, 24 at Mara Rosa, 20 at Inmaculada, 10 at Pallancata and Selene, 8 at Ares, and 5 at Sipan. Climate Change Our aim is to achieve Net Zero GHG emissions by 2050, with a near-term target to reduce Scope 1 and 2 market-based emissions by 30% by 2030, relative to a 2021 baseline. In 2025, our Scope 1 and 2 emissions increased by 15.7% compared to 2024. It is important to note that 2025 marks the ﬁrst full year of emissions data from Brazil, following the start-up of the Mara Rosa operation in May 2024. As a result, we recognise that a re-baselining of our 2030 target ambition may be required to appropriately reﬂect the impact of the Mara Rosa site, as well as to anticipate the development of new projects (Royropata and Monte do Carmo). Excluding Mara Rosa, we have estimated that our Scope 1 and 2 (market-based) emissions would have decreased by approximately 2.8% compared with the 2021 GHG emissions (versus a 10.6% decrease in 2024 compared to 2021 baseline). This increase in emissions was driven primarily by construction activities in Inmaculada. Despite this, our overall GHG emissions intensity remains well below industry average 2 , at 0.392 tCO2e/oz Au produced. 2025 2024 1 Scope 1 & 2 emissions (tCO2e) 2 101,683 87,910 Scope 3 emissions (tCO2e) 35,938 29,461 Emissions intensity (tCO2e/ounces of gold equivalent) 2,3,4 0.274 0.215 Emissions intensity (tCO2e/ounces of gold produced) 2,3,4 0.392 0.313 1 The 2024 emissions and intensity data include emissions from the Mara Rosa mine site from May 2024 (following the start of operations). 2 Independent limited assurance over Scopes 1, 2, and 3 emissions from the operating sites is conducted on a yearly basis in line with the ISO 14064-1:2019 Standard. The external veriﬁcation of the 2025 carbon footprint was obtained in March 2026. 3 Emissions (and intensity) reﬂect combustion of fuel of facilities (Scope 1) and purchased electricity (Scope 2) - market-based emissions. Market-based emissions exclude electricity purchased from renewable sources: hydropower in Peru, wind power in Argentina, and photovoltaic power in Brazil. 4 Total production includes 100% of all production, including that attributable to the joint venture partner at San Jose. We are pleased to report on the strong progress we are making in decarbonising our energy mix. To reduce Scope 2 emissions we are continuing to transition our operations towards 100% renewable electricity. In 2025, 80% of energy consumed in Peru was generated from renewable sources, alongside 82% in Argentina and 43% in Brazil. In Brazil, the solar plant designed to meet 100% of the Mara Rosa mine’s energy demand throughout its useful life became fully operational in July 2025. In Argentina, all remaining fossil fuel- based electricity contracts were replaced with wind energy in November 2025, and a similar transition is underway in Peru, with the bidding process currently in progress. As a result of 1 Our Brazilian operations are reﬂected for the ﬁrst time in the ECO Score in respect of 2025 for all data. Arcata is excluded from the 2025 results, as it was sold in February 2025. 2 Industry average for gold emission intensity according to S&P ‘Global Commodity Insights’ (published in December 2024) is 0.792 tCO2e/oz Au. Reducing our footprint through emissions reduction and waste innovation remains of utmost importance to the Company. NESTOR RIGAMONTI COUNTRY MANAGER, ARGENTINA SUSTAINABILITY REPORT CONTINUED 53 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

these initiatives, all electricity consumption and Scope 2 market-based emissions is expected to be zero from early 2026 onwards. This includes our three operating mine sites, as well as the Ares, Pallancata, and Selene sites. Water management Our water stewardship efforts continue to deliver strong and measurable outcomes across our operations. In 2025, potable water consumption decreased to 125 litres/ person/day, the lowest level recorded SUSTAINABILITY REPORT CONTINUED Potable water consumption (litres/person/day) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 125 138 163 171 193 231 206 225 214 294 408 Potable water consumption (l/person/day) is calculated as the simple average across all mine sites. Fresh water use in processing plants per ore processed (m3/tonne) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 0.26 0.31 0.27 0.27 0.24 0.24 0.25 0.31 0.37 0.34 Domestic waste landﬁlled (kg/person/day) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 0.78 0.93 0.93 1.05 1.00 1.18 1.04 1.13 1.13 1.33 1.94 Domestic waste landﬁlled (kg/person/day) is calculated as the simple average across all mine sites. Recycled waste (%) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 81.4% 57.3% 63.3% 68.8% 72.5% 56.4% 86.6% 53.6% 57.7% 29.5% 45.3% Tailings and waste rock generated and reused in 2025 (million metric tonnes) Inmaculada San Jose Mara Rosa Total Waste rock generated 0.825 0.981 20.056 21.862 Waste rock reused 0.449 0.156 0.366 0.971 Tailings generated 1.373 0.594 1.424 3.391 Tailings reused 0.342 0.113 – 0.455 since measurement began in 2015. This performance exceeded our 2030 target of 174 litres/person/day and represented an improvement from 138 litres/person/day in 2024. Fresh water consumption decreased to 0.26 m3 per tonne of ore processed this year (improving from 0.31 m3/tonne in 2024) and keeping us aligned with our ambition of 0.22 m3/tonne by 2030. At Inmaculada, commissioning of a reverse osmosis plant is nearing completion and, once operational, will enable water recirculation within the processing plant, further reducing reliance on fresh water sources. In addition, we achieved a positive water balance at the San Jose mine following the design and implementation of a new water circuit. This was complemented by innovative measures such as the installation of shade balls in the water reservoir between June and August 2025 to reduce water losses through evaporation. Water consumption at Mara Rosa remains very low, supported by the capture and use of rainwater in operations. In 2025, only 0.17 m3 of fresh water was consumed per tonne of ore processed at the site. Management of waste and tailings In 2025, domestic waste generation decreased to a record low since the ECO Score was implemented in 2015, with 0.78 kg/person/day generated, surpassing our 2030 ambition of 0.90 kg/person/day and representing an improvement of 16% in comparison to 2024. Additionally, 81.4% of waste generated across all mine sites was recycled, reused, donated, or composted. This represented an all-time high result, a 42% improvement compared with 2024 and surpassed our 2030 ambition of repurposing 80% of waste generated. 54 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

Notable site-level improvements were achieved at Pallancata and Selene, where domestic waste generation decreased from 1.15 kg/person/day in 2024 to 0.80 kg/ person/day in 2025. At the San Jose mine site, domestic waste generation declined from 1.65 kg/person/day to 1.22 kg/person/day, while the proportion of recycled waste increased from 45.7% to 74.5%. These results were driven by improved waste segregation at the source through training and communication, as well as proactive efforts to minimise waste generation. For example, a waste dehydrator was installed at Pallancata, increasing the efﬁciency of compost production by enabling a greater volume of organic waste to be processed. disclose comprehensive details on each of our TSFs and their management. The information sheet on our TSFs, which was originally published in 2019 in response to the joint request from the Church of England Pensions Board and Swedish National Pension Funds, will be updated in early 2026 and will be found on our website: https://www.hochschildmining.com/ sustainability/sustainabilityreports- and-policies/ Biodiversity and ecosystem services In November 2025, we published our new Biodiversity Policy following approval by the Sustainability Committee. The policy is publicly available on our website in Spanish, English, and Portuguese through the In 2025, we operated nine Tailings Storage Facilities (TSFs) across our operations. Our TSFs located in Peru were audited this year, with no material ﬁndings. Audits in Argentina and, for the ﬁrst time Brazil, are scheduled for 2026. We continue to prioritise the reuse of tailings and waste rock where feasible. In 2025, 23% of total tailings and 33% of total waste rock were used as backﬁll at the Inmaculada and San Jose mine sites. In addition, 366,278 metric tonnes of waste rock from the Mara Rosa mine were sold to a rail company, representing 1.8% of waste rock generated, supporting circular economy practices. We fully support the need for greater transparency in the mining sector and we SUSTAINABILITY REPORT CONTINUED Variety of land species of ﬂora and fauna in our site Inmaculada Pallancata San Jose 1 Selene Mara Rosa 2 Ares 108 113 64 81 159 64 Flora wet season Fauna wet season Flora dry season Fauna dry season 99 105 79 81 159 66 185 144 35 197 39 176 155 34 192 37 Inmaculada Pallancata San Jose 1 Selene Mara Rosa 2 Ares Sipan 3 Variety of aquatic species of ﬂora and fauna in our sites 71 25 109 12 24 34 34 37 60 40 45 88 40 52 66 29 43 16 18 22 22 24 22 25 1 The San Jose mine site did not monitor biodiversity on a semi-annual basis in 2025. One campaign was conducted in November 2025. 2 Mara Rosa had four quarterly monitoring campaigns in 2025, speciﬁcally in February, May, August, and November. Results shown reﬂect the values of the May and November monitoring campaigns. 3 Land biodiversity is not monitored in the Sipan mine site. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 55

following link: https://www.hochschildmining. com/sustainability/sustainability-reports- and-policies/ This year, we also conducted a gap assessment on the Taskforce on Nature- related Financial Disclosures (TNFD) and peer benchmarking to strengthen our preparedness for a more comprehensive nature assessment in 2026 and 2027. This work provided a clear view of our current disclosure readiness, identifying key strengths in the governance and risk management of nature-related issues, alongside opportunities to further develop the measurement of nature-related risks and opportunities. The ﬁndings directly inform our planned TNFD LEAP assessment which will commence in 2026. We continued to promote biodiversity awareness and conservation through the Knowledge Trail (‘Trilha do Conhecimento’) in Mara Rosa which, this year, welcomed over 3,500 visitors. In addition, more than 9,000 seedlings from its nursery were donated to local institutions, supporting environmental awareness initiatives and the recovery of disturbed areas. In Brazil, we launched the Environmental Education Programme at the Jose Feliciano Ferreira education centre, aimed at engaging students in ecological and sustainable practices. This programme combined workshops on waste management, energy efﬁciency, water conservation, and urban agriculture with hands-on activities, including the installation of a rainwater harvesting system and the establishment of a school garden. We regularly monitor ﬂora and fauna in affected areas. At each mining site, we have consultants conducting specialist, bi-annual research. The research takes place during rainy and dry seasons to monitor and maintain the biodiversity of our surroundings. Alongside these initiatives, we advanced our biodiversity compensation plans at Mara Rosa and Inmaculada. At Mara Rosa, we completed payment for the acquisition of land within the Terra Ronca State Park. At Inmaculada, authorities approved the implementation of two compensation plans following the approval of the Second Modiﬁcation of the Environmental Impact Study in 2023. The ﬁrst compensation plan focuses on the compensation of Andean wetlands. It involves the relocation of thirteen wetlands, covering a total area of 1,174 hectares, to avoid impacts from the expansion of the tailings dam. Between late 2023 and 2025, ﬁve wetlands totalling 0.462 hectares were successfully relocated, representing 39% of the total area of high-Andean wetland area included in the plan. Relocation activities are being carried out progressively in line with the dam expansion works and include site preparation, installation of drainage and natural irrigation systems, careful removal and transplanting of vegetation using strict protocols, and ongoing irrigation. The relocated wetlands are subject to continuous monitoring to assess effectiveness and support their long-term development, with a specialist company engaged to undertake transplanting work. The second compensation plan addresses high-Andean grassland and aims to increase the ecological value of approximately 30 hectares to offset soil disturbance within the buffer zone of the Cotahuasi Sub-basin Landscape Reserve. In 2024, coordination resources, and rehabilitation of altered areas, will be implemented in subsequent phases of the plan. Mine Closure and Rehabilitation We are committed to restoring areas affected by our activities to a safe and stable physical condition in accordance with the surrounding landscape. All mine sites have closure and rehabilitation plans in place, encompassing progressive closure during operations, ﬁnal closure for sites that have reached end-of- life, and post-closure activities to ensure ongoing maintenance and monitoring. In 2025, we continued the closure of the Ares TSF and initiated the closure of the Selene No.1 TSF, while also advancing progressive closure activities across all operations. SUSTAINABILITY REPORT CONTINUED meetings were held with the relevant authorities, and, in January 2025, we signed an agreement with the Smithsonian Institute to implement the plan through its Centre for Conservation and Sustainability. During 2025, our key activities included collecting data on fauna, habitats and sensitive areas, selecting the compensation area, assessment of the ecological value of the impacted area, and developing protocols for monitoring, rescuing, and relocating ﬂora and fauna. We also prepared protocols for identifying safe wildlife crossings, and supervised clearing works as part of prevention and mitigation measures. Further actions, including restoration activities, ecological value monitoring, capacity building for the landscape reserve staff, diagnostic studies on the sustainable use of local natural STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 56

HIGHLIGHTS 0 WORK-RELATED FATALITIES 2024: 0 0.97 LTIFR 2024: 1.25 Ensuring Health and Safety Prioritising the health and safety of our people is critical to the successful running of our day-to-day operations, particularly given the high-risk nature of the mining process. OUR APPROACH TO ENSURING HEALTH AND SAFETY We are committed to safeguarding the health, safety, and well-being of all employees and contractors, as set out in our Health and Safety Policy. We implement practical measures to prevent workplace incidents, eliminate occupational hazards, and promote overall well-being. Our material topic relating to this pillar is ‘Occupational health and safety’ (OHS). We do this through the following focus areas: OHS Management System, Maintaining a strong health and safety culture, Investigating and Learning from Incidents, and Employee welfare. FOCUS AREAS OHS Management System Hochschild operates a comprehensive OHS Management System based on a systematic risk management approach to ensure safe working conditions across all mine sites. The system is aligned with international best practice and national regulatory requirements, applies to both employees and contractors, and is externally certiﬁed at operating units. The risk management framework is reviewed annually and remained unchanged in 2025. In 2025, we maintained International Sustainability Rating System (ISRS) 7th DNV Level 8 certiﬁcation at the San Jose and Inmaculada mines. In Brazil, we conducted training and translated the health and safety documentation platform and the SafetyHOC app into Portuguese. The app supports the recording of safety observations and ﬁndings, task observations, and management inspections. Maintaining a strong health and safety culture In 2025, we achieved an all-time low LTIFR of 0.97 and maintained strong performance in both High Potential Events (HPEs) and LTISR, as detailed in the tables below. At the San Jose mine, we also reached a signiﬁcant milestone of 2 million work hours without accidents. These results contributed to a 7.4% improvement in our annual corporate SeguScore which increased to 9.62 out of 10, compared to 8.96 in 2024. The SeguScore is an internal safety performance indicator that integrates proactive and reactive measures, combining leading indicators – such as leadership presence and behavioural observations – with lagging indicators including the LTIFR, LTISR, and HPEs. SUSTAINABILITY REPORT CONTINUED ALIGNMENT TO UN SDGS 57 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

SeguScore 2025 2024 2023 2022 9.62 8.96 9.40 9.70 To further reinforce a proactive, safety-ﬁrst culture across our operations, we increased training for contractors in Peru and Brazil during the year. This additional training went beyond routine requirements, with a particular focus on management of change and accident investigation. In 2025, no new cases of work-related disease, ill-health, or fatalities were recorded among employees or contractors. Reducing and ultimately eliminating the causes of such incidents remains a core priority for the Company, through strengthened prevention programmes, enhanced operational controls, and the ongoing reinforcement of a robust safety culture across all operations. Employee welfare We have dedicated psychology teams in our Peruvian and Argentinian operations, providing ongoing support and contributing to the promotion of mental health and well-being in the workplace. In Brazil, psychological support functions are integrated within the Human Resources team. Additionally, at the corporate level, psychology-related matters are overseen by the Health and Hygiene function. During the year, we continued to implement a range of health and well-being initiatives across our operations. In May, we held the 2025 edition of Conversations as a Family (‘Conversemos en familia’ in Spanish) in Arequipa. Organised in collaboration with Sodexo (our catering contractor), the event Investigating and Learning from incidents In 2025, as shown in the results table, the Company recorded 21 lost time injuries across the three countries in which we operate. Unfortunately, two of these incidents resulted in partial permanent impairment, and the related lost days were recorded in accordance with applicable standards. The incident in Mara Rosa led to the amputation of a worker’s foot, while the accident in San Jose resulted in injury to the phalanx of a worker’s ﬁnger. These cases, along with all other lost time injuries reported during the year, were subject to comprehensive investigations to identify root causes and implement corrective and preventive actions. focused on promoting healthy eating habits and supporting families in preparing nutritious lunches for the children of our employees. Designed speciﬁcally for employee spouses, the initiative brought together approximately 100 participants and forms part of a long- standing programme that has been running since 2016 to strengthen family well-being and nutrition awareness. At the Inmaculada mine, we marked World Mental Health Day with an informative and interactive fair for employees and contractors focused on raising awareness, normalising emotional vulnerability, and encouraging self- care through participatory and educational activities. Led by company and contractor psychologists and reaching approximately 800 participants, the initiative reinforced a culture of empathy, prevention, and shared responsibility for mental well-being. In Argentina, we have continued to implement the Safe Mind programme (‘SeguraMente’ in Spanish) at the San Jose mine site. This focuses primarily on promoting mental health care in the workplace to enhance emotional SUSTAINABILITY REPORT CONTINUED We are proud to have maintained excellent standards in health and safety this year, reﬂected by our DNV level 8 rating in Peru and Argentina and year-on-year metric improvements. CASSIO DIEDRICH CHIEF OPERATING OFFICER Fatal accidents 1 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Nil Nil Nil Nil 2 1 Nil 3 4 Nil Nil LTIFR 1,2 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 0.97 1.25 0.99 1.37 1.26 1.38 1.05 1.74 2.69 2.20 1.85 LTISR 1,3 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 207 365 37 93 672 472 54 930 1264 138 112 1 All health and safety indicators reported by Hochschild cover employees and contractors. 2 Calculated as total number of accidents per million labour hours. 3 Calculated as total number of lost days due to accidents per million labour hours. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 58

SUSTAINABILITY REPORT CONTINUED well-being and safety of employees. In 2025, the programme included a dedicated training session for 20 leaders on psychosocial risk assessment and technical feedback skills training for over 80 employees to enhance role clarity and communication. It also included capacity-building training for over 100 leaders on the early identiﬁcation of mental health concerns and appropriate response pathways. Broader awareness activities were delivered during Mental Health Month in October under the theme ‘Your well-being is also your PPE’; this reached a wide employee audience through training sessions and targeted communications on self-care, sleep habits, and social connection. The programme, which featured participatory initiatives such as the Wellness Friday campaign (‘Viernestar’ in Spanish), engaged over 500 employees through interactive activities. These were designed to challenge myths, promote well- being, and reinforce organisational culture and behaviours aligned with the Company’s values and purpose. Moreover, in Brazil, we implemented the White January campaign in 2025, which promoted mental health awareness through targeted training sessions. The campaign addressed topics such as self-care, conﬂict management, and the importance of psychological support, while encouraging the use of the employee health plan, which includes online therapy. Practical guidance was also shared to extend mental health awareness into the family environment. In parallel, the site’s medical clinic monitored mental health- related medical certiﬁcates and ensured appropriate follow-up and referral through the occupational health team. Together, these initiatives reﬂect our ongoing commitment to supporting employee well- being across our operations. For the success of our operations, mental health is just as important as physical health. By strengthening awareness, providing early support and offering open dialogue, we build healthier, more resilient teams who can perform at their best. CROMWELL YARROW COUNTRY MANAGER, PERU STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 59

HIGHLIGHTS 10.6% WOMEN IN THE WORKFORCE 2024: 10.0% 17.6% WOMEN IN LEADERSHIP ROLES 1 2024: 17.2% 4.01% VOLUNTARY TURNOVER 2024: 4.96% Empowering our People Our people are key to our business success and the positive impact we make on the planet and society. OUR APPROACH TO EMPOWERING OUR PEOPLE Our Diversity and Inclusion Policy reﬂects our unwavering commitment to human rights and to building a workplace in which everyone feels valued and respected. We are focused on creating an environment that is safe, healthy, and inclusive, enabling our people to thrive and maintain a balanced work-life experience. Our approach to labour relations is rooted in our principles and practices relating to fair compensation, job security, and professional development opportunities. Our focus areas are Diversity, equity, and inclusion; Labour relations; Recruitment, retention, and engagement; and Innovation through technological solutions. FOCUS AREAS Diversity, equity, and inclusion In 2025, we made signiﬁcant progress in advancing workforce diversity, reaching an all-time high of 10.6% female representation across our total workforce. In the context of a traditionally male-dominated industry, this achievement reﬂects our immense efforts to advance gender balance to our 2030 ambition of 11%. Representation of women in leadership roles also increased to 17.6%, up from 17.2% in 2024, maintaining a positive trajectory towards our 2030 target of 20%. Our results are supported by a range of initiatives aimed at strengthening diversity, equity, and inclusion across our operations, with a particular focus on increasing visibility and empowerment of women in the workforce. Key actions during the year included the delivery of women-only training programmes, updates to maternity and paternity policies, and the implementation of a diversity census to identify priority gaps for improvement across our three operating countries. During the year, we updated the Maternity and Paternity Policy in Peru to extend time off and enhanced beneﬁts for women in Brazil, such as childcare subsidies. In Peru, we continued the anti-sexual harassment campaign alongside ‘Harassment-Free Workplaces’ (‘Espacios Laborales sin Acoso’, ELSA, in Spanish) for the fourth consecutive year, aligning the 2025 edition with the International Day for the Elimination of Violence Against Women. The campaign delivered measurable improvements, with the overall score SUSTAINABILITY REPORT CONTINUED ALIGNMENT TO UN SDGS 1 Leadership roles include senior, middle, and junior management. 60 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

increasing from 64.1 in 2023 to 73.4 in 2025. As a result, we have seen a reduction in sexual harassment cases, improved awareness of company policies and reporting channels, and a more positive perception of company tolerance and case management. We plan to launch the campaign in Brazil and Argentina in 2026. For the ﬁrst time, we conducted a diversity census across all three of our operating regions to improve visibility on representation and existing inequalities. Data covering gender, race, sexual orientation, and age were analysed externally by a specialised consultant. The ﬁndings provided insights into representation, organisational culture and leadership, and will inform the development and implementation of a targeted action plan in 2026. Additional initiatives have included networking and professional skills workshops in Argentina and, in Brazil, technical skills training sessions and workshops designed speciﬁcally for women in traditionally male- dominated areas, such as welding. Gender diversity 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Number of employees Men 2,928 2,978 2,921 3,282 3,347 3,155 3,024 3,894 3,849 3,859 Women 347 331 311 316 316 275 218 245 235 222 Number of senior managers Men 38 35 38 44 43 41 37 37 36 35 Women 6 6 5 6 2 1 1 1 1 1 Number of Board members Men 5 5 5 6 6 7 7 7 7 8 Women 3 3 3 3 3 2 1 1 1 1 SUSTAINABILITY REPORT CONTINUED Labour Relations We respect our employees’ right to freedom of association and collective bargaining and engage regularly with labour unions to negotiate collective agreements and address matters of mutual interest. In 2025, approximately 75% of our total workforce was covered by collective bargaining agreements or similar arrangements (2024: 74%). In Peru, four unions represent 990 employees; in Argentina, a single union represents 1,076 employees and, in Brazil, one union represents 382 employees. No days of operational disruption related to labour matters were recorded during the year. Age structure (number of employees) >50 382 <30 515 30 – 50 2,412 Our Code of Conduct sets out our commitment to fair treatment for all employees and contractors and to maintaining a workplace free from harassment and intimidation. It equally outlines the behaviour we expect from our workers to contribute to, and uphold, our safe and collaborative working culture. To ensure its relevance and effectiveness, the Code of Conduct is periodically reviewed and updated as necessary, with the most recent revision completed in June 2025. In November, we held an Integrity Week at our Mara Rosa site to provide training on our Code of Conduct, alongside training on ethics and harassment prevention. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 61

Further initiatives to strengthen labour relations in 2025 include the implementation of a new Balanced Scorecard (BSC)-based performance management system which strengthens goal clarity, recognition and development. In addition, we convened a strategic session with leaders across the organisation to enhance alignment and cross-functional collaboration. Recruitment, retention, and engagement Attracting, engaging, and retaining talent remained a key focus for us in 2025 and contributed to maintaining a low turnover rate of 4.01% (improving from 4.96% in 2024). In Peru, we received the Bumeran Awards ‘Talent Magnet Company’ recognition, reﬂecting our continued efforts to attract and retain high-quality talent. We are also proud to report that we have retained a strong position in the Merco Talento ranking, placing us 4th among 18 mining companies in Peru and 43rd among the top 100 companies overall. This recognition reﬂects our ongoing commitment to strengthening human capital management, expanding employee development opportunities, and fostering a positive work environment, with a strong focus on work-life balance. We continue to invest in employee engagement and open dialogue. This included the ongoing Employee Forum chaired by Tracey Kerr, our Non-Executive Director designated for Workforce Engagement (see page 104 for further details), as well as the implementation of several improvements to processes and camp and site conditions informed by climate and perception surveys. To further embed our four cultural attributes of Innovation, Talent, Responsibility, and Efﬁciency into daily work, we launched a Cultural Transformation Committee across all mine sites. This initiative reinforces our Company values and leadership behaviours while integrating previous transformation efforts in health and safety and environmental management. The programme is structured around seven core axes: leadership and people, governance and ethical conduct, community development, health and safety, environment, productivity, efﬁciency and innovation, and the integration of our corporate purpose into organisational culture. The Lima ofﬁces were refurbished, incorporating employee suggestions to improve the workplace climate and enhance talent attraction by promoting more open and collaborative spaces. In addition, to reinforce a culture of appreciation and recognition, we held a Recognition Week across all operations. The initiative generated more than 400 peer-to-peer recognitions through Slack, strengthening a culture of positive feedback across the organisation. Employee status in 2025 Permanent contracts Fixed-term contracts Men 2,864 64 Women 335 12 Training and development We continue to advance our capability- building initiatives through a broad range of development programmes. In 2025, key initiatives included technical training programmes for women in Brazil, the Mining Collaborator pre-employment programme at San Jose and, for the ﬁrst time, a professional development programme for contractor general managers. During the year, our employees received nearly 60,000 hours of training across our operations in all three countries, distributed as follows: 21,000 hours at Inmaculada; 24,000 hours at San Jose; 9,000 hours at Mara Rosa; 4,000 hours across our Pallancata, Selene, Ares, and Sipan mine sites; and 2,000 hours across our ofﬁces in Lima, Belo Horizonte, and Buenos Aires. Leadership This year, we launched our ﬁrst leadership pulse survey, achieving a 76% favourability rating. The results provide valuable insights to guide future actions on our organisational communication, transparency and alignment. The survey itself also strengthens our culture of feedback and recognition that, in turn, supports motivation and engagement. Alongside this, we conducted our annual Talent Inventory Review and continued to strengthen our multi-year leadership programme, HOC Leaders (‘Líderes HOC’ in Spanish). The talent review supports the identiﬁcation and development of future leaders, while HOC Leaders reinforces leadership behaviours that are aligned with our safety and environmental values. SUSTAINABILITY REPORT CONTINUED We strive to create an engaging workplace and provide strong opportunities for professional growth. We are also committed to improving gender diversity at Hochschild and within the mining industry more broadly. EDUARDO VILLAR VICE PRESIDENT OF PEOPLE AND CORPORATE AFFAIRS STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 62

Innovation through technological solutions We continued to advance innovation through targeted technological initiatives across our operations. In partnership with Boston Consulting Group, we progressed the ‘SWAT’ project, which was expanded from the Inmaculada mine site in 2024 to the San Jose mine site in 2025. The project focused on increasing productivity and reducing operating costs through the optimisation of dilution in underground mining, the implementation of efﬁciency initiatives in the processing plant, improvements in mining equipment maintenance, and the introduction of a third mining shift. These measures delivered an average 27% increase in mine extraction capacity, generating an estimated beneﬁt of approximately $20 million, net of price effects. In parallel, we advanced additional initiatives, including changes to mining methods – such as the implementation of sub-level stopping in the Frea section of the mine, and further efﬁciencies through materials optimisation. We are also investing in future-facing solutions through the “Waterless Mining” initiative, a joint research programme with Imperial College London and two Peruvian engineering-focused universities – UTEC and TECSUP. Scheduled to begin in 2026 and run through 2027, the initiative aims to minimise fresh water consumption by improving leaching processes and wastewater treatment. The programme will test high- energy pulses to enhance mineral liberation, allowing higher solids concentration while maintaining gold recovery. In parallel, the use of nanocatalysts and gangue minerals will be assessed to complement existing cyanide treatment technologies, reducing concentrations to levels that enable water reuse. Together, these efforts integrate academic research, applied engineering, and site-based testing to deliver scalable, low- water processing solutions. Separately, we launched the Centre for Social, Legal, and Environmental Intelligence (CISLA in Spanish), a digital platform designed to manage and track social and environmental commitments in Peru. The platform supports the timely and efﬁcient delivery of commitments, strengthening transparency and trust with surrounding communities. In addition, we advanced the development of a new bidding portal in Peru. The portal is designed to improve efﬁciency, reduce operating costs, and automate tracking, traceability, and digital document management. It also facilitates the identiﬁcation and inclusion of local suppliers in procurement processes, supporting our local procurement objectives. Lastly, we continued the development of a cloud-based interactive platform to automate data collection and calculation of the monthly ECO Score, with a focus on ﬁne tuning and adjusting technical details during the year. We also began the development of a similar platform for the collection and calculation of all ESG KPIs, with the objective of enhancing the accuracy and efﬁciency of ESG performance across all mine sites. SUSTAINABILITY REPORT CONTINUED We need to continuously innovate to sustain our performance and prepare for the future. By embracing new technologies, we are strengthening our ability to operate more safely, efﬁciently and responsibly. CASSIO DIEDRICH COO STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 63

HIGHLIGHTS Achieved sustainability targets established in our green loan with Scotiabank and BBVA Publication of our ﬁrst Civil Security Policy and Modern Slavery Statement Improved MSCI and Sustainalytics ESG scores related to responsible business conduct and ethics Being a Responsible Business We are wholly committed to ethical business operations and are dedicated to maintaining the highest standards of responsibility in our activities, partnerships, and business dealings. OUR APPROACH TO RESPONSIBLE BUSINESS Our practice for acting responsibly is led by our rigorous corporate governance framework of established systems, policies, and procedures. This framework drives business accountability across positive economic, social, and environmental outcomes. It involves advancing a corporate culture that is aligned with our shared values: innovation, recognising talent, seeking efﬁciencies, and demonstrating responsibility. Our focus areas are: Governance, Respecting human rights, Responsible business conduct and ethics, Responsible supply chain management, and Public policy. FOCUS AREAS Governance The Board of Directors holds ultimate accountability for establishing sustainability policies, ensuring compliance with both international and national regulations, and positioning sustainability as a source of lasting competitive advantage. Moreover, as of this year, the Terms of Reference of the Sustainability Committee were updated to explicitly include oversight of permitting and land access and human rights, as well as long-term mine closure liabilities, climate change and biodiversity. Our ESG KPIs related to Board composition remained stable in 2025 and are moving in the right direction toward our 2030 ambitions, though we have not yet reached all target levels. Director independence and female representation on the Board remained at 62.5% and 37.5%, respectively, year-on- year. The average tenure of Non-Executive Directors improved to six years, compared with 6.5 years in 2024. Further information is available in the ‘Responsibility’ sub-section within the Sustainability pages of our website. Respecting human rights In 2025, we published, on a voluntary basis, our ﬁrst Modern Slavery Statement which is publicly available on our website. The statement outlines our approach to human rights, including the standards of behaviour set out in our Code of Conduct, due diligence processes for business partners across the value chain, grievance mechanisms, and our procedures for risk assessment and management. SUSTAINABILITY REPORT CONTINUED ALIGNMENT TO UN SDGS 64 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

Alongside this, we published our ﬁrst Civil Security Policy which sets out our commitments to protecting our people, operations, and assets in full respect of human rights and in alignment with the Voluntary Principles on Security and Human Rights. The policy establishes a risk-based approach to security, requirements for the training and conduct of civil security personnel, clear standards on the use of force, and clear mechanisms for community engagement, incident reporting and investigation, and continuous improvement. To ensure that our human rights efforts are targeted and effective, we conducted a human rights gap assessment and leadership training with the support of independent third-party specialists. Based on the ﬁndings of the assessment, we developed a multi- year action plan to strengthen our human rights performance. In 2026, we will progress the development and implementation of a comprehensive human rights due diligence framework. In addition, in 2025 we became a member of the United Nations Global Compact. We also remained members of the ‘Sociedad Nacional de Mineria, Petroleo y Energia’ (SNMPE) in Peru, the ‘Camara Argentina de Empresarios Mineros’ (CAEM) in Argentina, and the ‘Instituto Brasileiro de Mineracao’ (IBRAM) in Brazil. Responsible business conduct and ethics This year, we strengthened our governance framework through a review and update of key policies, including Anti-bribery and Anti-corruption, Anti-fraud, and Information Security. We also retained our anti-bribery certiﬁcation from Entrepreneurs for Integrity in Peru, and the Pact for Integrity and Anti- corruption of the Ethos Institute in Brazil. Our Whistleblowing Policy, reviewed by the Audit Committee on an annual basis, provides a means of dealing with issues of misconduct, negligence, or wrongdoing that contravene Hochschild’s business interests or the law. This includes any criminal offence, failure to comply with legal or regulatory obligations, deliberate and serious misrepresentation of information, danger to the health and safety of employees or the public, and any action intended to conceal any of the above. This policy is implemented through an online portal that enables concerns to be raised with the option of anonymity. We take all legitimate reports seriously and enforce a zero-tolerance policy against retaliation, maintaining strict conﬁdentiality concerning complaints received and the identity of whistleblowers. In 2025, no ﬁnes, penalties, or settlements related to corruption were incurred or paid by the Company. Our Whistleblowing portal is available through the following link: https:// whistleblowing.hocplc.com Responsible supply chain management We seek relationships of mutual beneﬁt with our suppliers (including lenders), while requiring high standards of conduct, safety, quality, and ESG performance across our value chain. We maintain and renew our engagement with local suppliers, ensuring consistent and strategically aligned communication throughout bidding, contracting, and performance review processes. In 2025 we took a number of actions to strengthen our relationships with suppliers and improve supplier management and efﬁciency. At Group level, we provided suppliers with access to cost-efﬁcient ﬁnancing through a factoring programme, leveraging the business’ risk proﬁle and improving liquidity across the supply chain. We maintained inventories of critical consumables and spare parts to mitigate supply chain risks and support operational continuity, while engaging in ongoing discussions with suppliers in response to inﬂationary pressures. These discussions resulted in renegotiated commercial terms and the adoption of long-term agreements with ﬁxed or tiered pricing structures. In parallel, we engaged with lenders to the Company’s medium-term facilities on our sustainability performance, leading to the reﬁnancing of a $300 million facility with an interest rate linked to improvements in our ESG performance. The margin is subject to a 0.05% adjustment based on performance against three ESG KPIs: fresh water used per tonne of ore processed (m3/tonne), recycled waste (%), and LTIFR. Each KPI can reduce the margin by 0.0166% if annual targets are achieved, for a total potential reduction of 0.05%, lowering the margin from 1.95% to 1.90%. This represents our second green loan. Our ﬁrst, which was fully repaid in October 2025, comprised a $200 million facility with a similar margin adjustment linked to performance against potable water consumption (l/person/day), domestic waste landﬁlled (kg/person/day), and LTIFR. In Peru, we held regular meetings with suppliers to address pricing pressures, successfully reducing or closing gaps in requested price increases while securing more favourable commercial conditions and ensuring continuous and timely supply for our operations. We participated in PERUMIN 2025 to explore alternative suppliers and engage with current suppliers, benchmarking market conditions to conﬁrm that our procurement decisions remained aligned with competitive options. We also expanded and established new consignment contracts to strengthen commercial relationships and secure a more stable supply; this has been supported by the introduction of KPIs to optimise stock levels and replenishment times. Throughout the year, we continued to integrate ESG criteria both in supplier selection and new contracts. We promoted the use of the Supplier Portal SUSTAINABILITY REPORT CONTINUED Hochschild maintains a mature governance structure for managing ESG issues and engaging with stakeholders on key issues. Detailed oversight by the Sustainability Committee, together with routine reporting to the Board, reﬂects the critical role ESG plays in the Company’s strategic direction. RAJ BHASIN COMPANY SECRETARY STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 65

to ensure transparency and access to procurement information, and we advanced the implementation of the new Bidding Portal which facilitates transparent comparison of offers, standardised interactions with suppliers, and promotes efﬁciency in bidding processes. In Brazil, we strengthened engagement with local suppliers to support their development, improve their quality and safety standards, and enhance cost efﬁciency. This included greater participation of local suppliers in bidding processes, targeted actions to improve performance where suppliers were not meeting expected standards and, where necessary, the replacement of underperforming suppliers to ensure operational continuity and compliance. In addition, we designed a supplier development plan for 2026. Details of these initiatives can be found on page 51. Engaging with our customers Given the nature of our products, Hochschild has a relatively small customer base, making strong and transparent customer relationships critical to the business. Our Sales and Logistics teams maintain close, cooperative relationships with customers through ongoing dialogue and active engagement. During the year, we continued to establish new commercial relationships to reduce customer concentration risk and strengthen resilience to potential geopolitical developments. In terms of engaging with our customers on environmental, social, and governance matters, this typically includes annual (at least) information requests from key clients as well as site visits. These interactions support customer assurance processes, including compliance with LBMA standards and the regulatory requirements of the jurisdictions in which reﬁneries operate. In 2025, we hosted two customer visits at the San Jose and Inmaculada mines. In addition to routine relationship management, Hochschild participated in LME Week in London and CESCO Week in Chile as part of our customer engagement activities. In the context of improving treatment and reﬁning charges in the global minerals market, we also engaged with customers to explore opportunities to increase concentrate volumes from the San Jose mine in Argentina, while implementing measures to mitigate export logistics risks. During the year, we updated our Counterparty Risk Report to further strengthen the monitoring of customer ﬁnancial health, with increased focus on early warning indicators. We also reﬁned commercial contracts to incorporate more favourable title-transfer clauses, enhancing contractual protection and overall risk management. Public policy Hochschild engages constructively with public authorities and policymakers to support transparent dialogue, regulatory compliance, and responsible sector development. In Peru, engagement with authorities and regulators is overseen by the Vice President of Legal and Public Affairs, both at corporate level and through industry associations such as the SNMPE, the Peruvian Foreign Trade Society (‘COMEX Peru’), and other relevant business organisations and forums. Various internal teams also interact with public ofﬁcials and regulators as part of their responsibilities, with the Vice President of Legal and Public Affairs promoting the implementation of relevant policies and associated training to ensure alignment with Company standards. The CEO, together with the Vice President of Legal and Public Affairs and in coordination with the Country Manager and other senior leaders, represents the Company before national authorities. In Argentina, public engagement within our joint venture is led by the President, General Manager, and General Counsel. In Brazil, engagement with governmental authorities is led by the Country Manager and Legal Director, supported by active participation in institutional forums and industry associations. Engagement with UK authorities related to the Company’s London listing is led by the Company Secretary and UK Counsel. During 2025, a range of public policy topics were discussed with authorities. Key issues raised included the following: – Illegal mining; – Permitting processes; – Health, safety, and environmental performance and compliance; – Climate change reporting; – Contributions to regional development through local employment and investment in social programmes and infrastructure; – The monitoring of legislative and regulatory developments, including participation in public consultations; and – Collective actions to protect industry interests and regulatory clarity. In response, Hochschild has taken a number of actions aimed at supporting constructive engagement and informed decision-making. These include: – Providing clear and transparent updates to authorities on operational plans, permitting processes, and material developments; – Contributing technical input and comments on proposed regulations through industry associations; – Participating in sector-wide discussions to address illegal mining and strengthen the formal mining framework; and – Engaging in institutional outreach through business associations to foster open dialogue with policymakers and other stakeholders. SUSTAINABILITY REPORT CONTINUED By maintaining open dialogue with authorities and industry bodies, we help shape policies that support both sustainable development and long-term industry stability. JOSE FRIAS VICE PRESIDENT OF LEGAL AND PUBLIC AFFAIRS STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 66

HOCHSCHILD’S FUTURE IN A CHANGING CLIMATE Strengthening our business for future climate challenges Hochschild recognises that climate change is one of the most urgent issues that we face globally. It is likely to signiﬁcantly impact the context in which we operate. For example, it could meaningfully affect the physical environment in and around our mines, increase climate-related regulatory expectations, and lead to economic shifts in the markets in which we operate. We are dedicated to responsibly managing our climate-related impacts, including our carbon footprint, alongside the potential effects climate change could have on our business. The purpose of this report Hochschild is within scope of the UK Companies Act climate-related ﬁnancial disclosure requirements and the FCA/UK Listing Rules climate-related disclosure requirements. As such, we are required to disclose against the recommendations of the UK Climate-related Financial Disclosure (CFD) as well as on a ‘comply or explain’ basis against the Task Force on Climate-related Financial Disclosures (TCFD). This report meets these requirements by providing transparent reporting on how we govern, identify, assess, manage, and respond to climate-related issues that affect our business. It also provides the key metrics and targets that we use to track our performance, including our greenhouse gas emissions and Net Zero ambition. It is aligned with the four disclosure areas recommended by the TCFD of Governance, Risk Management, Strategy, and Metrics and Targets. Where to ﬁnd out more This report includes all disclosures required under the applicable reporting standards referenced above. Supplementary information can be found on our website and in the Sustainability section of this report on pages 49-66. For a breakdown of our response to the disclosure requirements and where they can be located, refer to the ‘Directory of disclosures’ sub-section under ‘CFD Alignment’ on page 75. Key updates in 2025 We are proud that this year’s disclosure is our most comprehensive to date, offering more detailed insights into how climate- related risks and opportunities may affect our business. The updated structure of the report ensures that stakeholders can easily understand our approach, our progress, and the actions we are taking to strengthen our long-term resilience. Here are some of our key updates from 2025: – Between 2024 and 2025, we enhanced our assessment of how the low-carbon transition may operationally impact our business. • We reviewed one of the transition- related issues that we expect could impact our business most signiﬁcantly: carbon pricing exposure. The importance of this risk is directly linked to upcoming legislation in some of our operating regions, in particular Brazil. This was further analysed through a ﬁnancial quantiﬁcation exercise, which provided clearer insight into the scale and timing of the potential ﬁnancial impacts of this risk. • We also completed an assessment of one of our most material transition opportunities which relates to land transport emissions. – Our Brazil and Argentina operations now run entirely on renewable power. Our Peru operation is also tendering its last fossil- fuel contract, with the goal of switching to renewable energy in 2026. Once this is ﬁnalised, all of our operating mines will be powered exclusively by renewably sourced electricity, bringing their market-based Scope 2 emissions to zero. Governance Board oversight Our Board holds overall accountability for overseeing Hochschild’s approach to sustainability and climate-related issues, ensuring that climate considerations are fully integrated into our governance structures, strategy, and long-term planning. The Board reviews how climate-related risks and opportunities may inﬂuence our ﬁnancial statements, including impacts on production costs, capital investment decisions, and mine closure obligations. Our Board receives quarterly updates from both the Sustainability Committee 1 and Audit Committee on key sustainability topics. The Sustainability Committee comprises Hochschild’s CEO and an independent Director, and is chaired by a second independent Director, which ensures sustained oversight from the highest level of the organisation. These committees report to the Board on climate-related issues, including our management of risks, water management issues, and other material environmental risks, as well as progress against our ESG ambitions. Management’s role At the management level, we oversee climate- related risks and opportunities through our Risk Committee; this includes our CEO, Vice Presidents, country General Managers, and the Head of Internal Audit. The Committee manages the risk process, reviews the effectiveness of controls, and approves updates to any sustainability-related matter ﬂagged by the Sustainability Director, before it is shared with the Audit Committee, Sustainability Committee, and the Board. In addition to our established governance structure, we also operate working groups in response to speciﬁc climate-related events. This includes the El Niño Taskforce in Peru, which is activated when required, and the Water Management Taskforce in Argentina, ensuring that emerging operational risks, 1 As of this year, the Terms of Reference of the Sustainability Committee were updated to explicitly include oversight of climate change-related matters. Climate-related Financial Disclosures STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 67

such as from water supply scarcity, are managed quickly and effectively. Day-to-day environmental performance is monitored by our Sustainability Team. The Team, led by the Sustainability Director and by Environmental Leads in each country, reports to the Vice President of People Management and Corporate Affairs. Progress in all of these areas is supported by our Remuneration Policy. Performance against ESG metrics determines the extent of the annual bonus payouts to eligible employees which incentivises reductions in our environmental footprint. Details of the speciﬁc metrics can be found in the ‘Metrics and Targets’ section on page 73. RISK MANAGEMENT Climate risk and opportunity identiﬁcation and assessment Climate-related risks and opportunities are identiﬁed and assessed in line with our Enterprise Risk Management policies, using our established scenario analysis methodology with three deﬁned scenarios and time horizons. We assess the materiality of these risks and opportunities by evaluating whether they could meaningfully inﬂuence our strategic, operational or ﬁnancial performance over these time horizons. When Climate-related Risks and Opportunities (CROs) are identiﬁed as potentially material, we conduct assessments on priority issues to better understand the potential ﬁnancial risks associated. This work spans across our ﬁve mining facilities – Inmaculada, Selene, and Pallancata in Peru; Mara Rosa in Brazil; and San Jose in Argentina. The ‘Strategy’ section of this report provides further detail on our overall approach to managing climate-related risk and opportunities, including both site-level responses and the integration of broader climate measures into our day-to-day business practices. Scenarios and time horizons used in our climate assessments As part of our CRO assessment, both the 2024 physical CRO assessment and the transition elements of the focused analysis have considered the resilience of our assets, operations, and overall business strategy by using multiple climate change scenarios and time horizons. This includes lower emissions scenarios, such as a 2°C or lower scenario, as well as high emissions scenarios. The scenarios that we have used in the physical and transition assessments are: – Physical risks: The Intergovernmental Panel on Climate Change (IPCC) Shared Socioeconomic Pathway (SSP) 1-2.6 (low GHG emissions) and SSP5-8.5 (high GHG emissions). – Transition risks and opportunities: The Network for Greening the Financial System (NGFS) Net Zero by 2050 and Current Policies scenarios and, where data was not available, the International Energy Agency (IEA) Stated Policies (STEPS) and Net Zero by 2050 (NZE). The time horizons that we have used in the physical and transition assessments are: – Physical risks: baseline, representing the current climatic conditions and present materiality of each risk; 2030, representing the materiality of each risk in the short to medium-term future; and 2050, representing the materiality of each risk in the long-term. – Transition risks and opportunities: 2030, representing the materiality in the short-term future; 2040, representing the materiality in the medium-term future; and 2050, representing the materiality in the long-term. We will continue to monitor and assess the impact of climate-related risks to ensure continued resilience of these to our strategy. 2025 review and transition assessment In 2024, we reviewed scenario analysis results across physical risks and transition risks and opportunities. Building on this work, in 2025, we conducted two transition assessments and a ﬁnancial quantiﬁcation of the risk of carbon pricing. This process involved collecting additional climate data, reviewing relevant internal business processes, undertaking external market research, and engaging key internal stakeholders to deﬁne an appropriate methodology based on process insights and current data maturity. The outputs are now directly informing management decision-making and strategic planning across the business. Risk assessment methodology and scoring Each identiﬁed risk or opportunity is assigned consequence and probability ratings and mapped using a 3x5 risk matrix across baseline and future projected horizons (2030 and 2050). This is followed by qualitative impact assessments and recommendations for next steps. The resulting risk rating is classiﬁed as Low, Medium, or High. Once these risk ratings are assigned, the potential impact of each risk is qualitatively assessed, and management actions proposed. This process enables us to identify what we consider to be the most material risks to our business. Integration into our broader risk management processes Risks that are identiﬁed to be material through the process detailed above are then reviewed quarterly by the Risk Committee, reported to the Audit Committee and discussed at the Board level. This ensures consistent oversight and that appropriate risk responses are taken. CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED Risk evaluation Consequence of impact rating (S) Very high 5 5 10 15 High 4 4 8 12 Moderate 3 3 6 9 Low 2 2 4 6 Insigniﬁcant 1 1 2 3 1 2 3 Low Medium High Probability/likelihood rating (P) Risk category Risk score Hochschild Mining PLC recommended actions High 9-15 Requires management/ top management attention Moderate 5-8 Requires management to assign responsibilities Low 1-4 Routine procedures are required to address risks STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 68

STRATEGY We recognise the importance of understanding the potential impacts that climate-related risks and opportunities can have on our business. We have assessed these issues for several years, and this section summarises the most relevant physical and transition risks and opportunities over the short, medium, and long term, along with the potential impacts on our business and how we are responding to them. Climate-related risks and opportunities Our physical climate risk proﬁle Our physical climate risk assessment, conducted in 2024, evaluated the exposure of our assets and our surrounding supply chain to nine climate hazards. The assessment also included the transport of supplies by road to each mining site and the transport of products to logistics hubs across Peru, Brazil, and Argentina. As a result of the assessment, ﬁve physical risks were identiﬁed as ‘high’ risk and 15 risks were identiﬁed as ‘medium’ risks. In accordance with our Enterprise Risk Management framework, ‘high’ risks are those that require management/top management attention, whereas ‘medium’ risks require our management to assign responsibilities to monitoring and managing them. While the results of our physical risk assessment remained unchanged in 2025, we introduced new actions to strengthen our response to these risks. It should be noted that, while our current operating assets (Inmaculada, Mara Rosa, and San Jose) have a relatively short Life of Mine (LOM) out to 2044, we intend to continue operating beyond 2050, should ongoing exploration and the discovery of new reserves and resources allow. Therefore, the longer-term physical risks associated with climate change (e.g. those that may emerge post-LOM, or post 2050) are still identiﬁed as being relevant to our business. See the table on the right-hand side for a breakdown of how we are responding to each of our physical risks. CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED Hazard Risk rating by 2050 (SSP5-8.5) Relevant locations Description of risk Risk Response EXTREME HEAT High risk Argentina (San Jose); Brazil (Mara Rosa) Impact of extreme heat on production efﬁciency, reducing revenue and increasing OpEx: Site operations may be disrupted due to increasing temperatures negatively impacting heat-sensitive manufacturing equipment (e.g. extraction machinery). This could lead to more inefﬁcient or delayed production, potentially reducing revenue. Increased operational expenditure may be required for repairs to damaged equipment. Under present-day conditions, this risk is not identiﬁed as a material issue for any of our sites. However, we closely monitor the potential emergence of this risk and will prepare appropriate responses and action plans as needed. There have been no material updates to this risk response since 2024. WILDFIRES High risk Argentina (San Jose); Brazil (Mara Rosa) Impact of wildﬁres on infrastructure, increasing CapEx: Direct heat and ﬂames associated with wildﬁres can cause direct physical damage to the structural integrity of on-site infrastructure (e.g. water storage facilities, mineral processing facilities, smelters, etc.). If ﬂammable chemicals are stored incorrectly, this could exacerbate the impacts associated with wildﬁres. Repair or replacement of key site infrastructure can also lead to signiﬁcant increases in CapEx. For Mara Rosa speciﬁcally: – We have created ﬁrebreaks around the perimeter of the site. – We have undertaken periodic inspections of our ﬁrebreaks. – We continuously monitor for the presence of smoke during the dry season and take immediate action to prepare for wildﬁres (where necessary). – Our on-site ﬁre brigade helps to manage and counteract ﬁre risks. – We communicate with neighbouring properties to ensure an appropriate collective response to wildﬁres is carried out. Under present-day conditions, this risk is not identiﬁed as a material issue for San Jose. However, we will continue to closely monitor the potential emergence of this risk in the future and will prepare appropriate responses and action plans, as needed. There have been no material updates to this risk response since 2024. EXTREME RAINFALL AND FLOODING High risk All countries and sites Impact of extreme rainfall ﬂooding on mining facilities, reducing revenue: Extreme rainfall ﬂooding could lead to increased water levels in tailings facilities which could reduce operating capacity. In a worst-case scenario, this could lead to overtopping, due to insufﬁcient capacity or failure of the embankments. A reduction in the TSFs operating capacity and/or disruption to nearby site personnel camps could reduce revenues. Furthermore, higher water levels could postpone scheduled closure activities, impede access to mining areas, and require further treatment of contact water associated with mining components. – We monitor precipitation levels continuously via the freeboard in the Group’s TSFs. No El Niño weather event is forecasted for early 2026; however, weather and climate patterns are closely monitored. Mine planning of the Group’s assets reﬂects this by: • Identifying potential weather-related risks, including rainfall seasonality; and • Ensuring all water-related infrastructure is maintained in good condition and clear of any obstructions. – We conduct internal and external audits on a regular basis to ensure the stability of our operational tailings facilities. For example, in 2025, an external audit was conducted on our Peruvian TSFs and, during 2026, audits will be carried out in Argentina and, for the ﬁrst time, in Brazil. – We monitor roads to and from our sites to identify areas of high erosion/ washouts. The roads are continuously maintained to reduce the risk of erosion associated with extreme rainfall. – We manage the build-up and use of ore stockpiles and stock up on critical materials at our sites when needed, such as for El Niño events. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 69

CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED Hazard Risk rating by 2050 (SSP5-8.5) Relevant locations Description of risk Risk Response WATER STRESS AND DROUGHT High risk Argentina (San Jose); Brazil (Mara Rosa) Impact of water stress and drought on mining operations, reducing revenue: Reductions in water availability could disrupt operations across each of Hochschild’s mining facilities (including the tailings dams present at each site). If sufﬁcient water is not made available at each site, water- intensive operations could be disrupted. For TSFs speciﬁcally, a reduction in water supply could reduce the quantity of water that can be stored and reused for operations. This could subsequently disrupt upstream operations within each mining site. As a result, both impacts could result in a delay in production and cause a reduction in revenue. – We reuse 100% of treated domestic wastewater within the processing plants in our Peru and Argentina operations. – We implemented innovative measures such as the use of ‘shade balls’ in the new water storage pond in our Argentina operation. As a result of these efforts, our operation has a positive water balance. – We are completing the implementation of a reverse osmosis plant in Inmaculada that will increase water recirculation by using treated water from its TSF. We expect the implementation of the reverse osmosis plant to result in a reduction of the fresh water consumption KPI in Inmaculada. – At Mara Rosa, we prioritise the use of captured and stored rainwater. – We encourage our sites to reduce their potable water usage, which is also measured through our ECO score. – Green Loans are linked to two KPIs associated with water consumption. For 2025, we achieved the threshold required for an interest rate reduction. – We have detailed water balances for all operating mine sites, which allow us to make accurate decisions. – In 2025 we awarded the Waterless Mining project, a joint research initiative with UTEC, TECSUP, and Imperial College London designed to signiﬁcantly reduce fresh water consumption. The chosen proposal, ‘Mineral Behaviour as the key to minimizing water usage at leaching and water treatment stages’, focuses on optimising leaching through electric pulses and using nanocatalysts and gangue minerals to reduce water use and improve metal extraction. The project will commence in 2026 and continue through 2027. EXTREME WINDS AND STORMS High risk All countries and sites Impact of extreme winds and storms on above-ground structures and electrical equipment, increasing CapEx: Strong winds associated with storms could result in direct physical damage to mining infrastructure such as tailings facilities, processing facilities, and machinery (e.g. drilling equipment, transformers, water pumps). As key assets required for the operation of Hochschild’s mines, if repair or replacement is required, an increase in capital expenditure can be anticipated, as well as operational disruptions when equipment is unable to operate. – We continuously track the weather across our operating regions. – We plan to undertake future CRO assessments using multiple scenarios to further improve project design. There have been no material updates to the risk response since 2024. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 70

OUR TRANSITION RISK AND OPPORTUNITY PROFILE We have assessed a total of eight transition risks and opportunities across our operations in Peru, Argentina and Brazil, all of which align with the categories deﬁned by the TCFD framework. The ﬁve transition risks and opportunities that were ranked as ‘high’ or ‘medium’ are disclosed in the table on the right-hand side. Our transition risk and opportunity proﬁle has been updated to reﬂect the results of our enhanced analysis in 2025. See the table to the right for a breakdown of how we are responding to each of our transition risks and opportunities. CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED TCFD category Risk/opportunity rating by 2050 (under Net Zero 2050 scenario) Description of risk/opportunity Risk/opportunity response POLICY High risk Risk – The impact of carbon pricing on Operational Expenditure: Carbon pricing mechanisms in Brazil and Peru, upon their entry into force, can impact operational costs and competitiveness. In Brazil, this risk will not be material to Hochschild until 2030 when Brazil’s Emissions Trading System is expected to become operational. A carbon tax already exists in Argentina within fuel costs and is not material to Hochschild. – We conducted a ﬁnancial quantiﬁcation of the carbon pricing risk. Please refer to the ‘Risk: Carbon pricing’ sub- section below for more information. – We are decarbonising our operations to reduce our emissions proﬁle and reduce future operational expenditure. This includes continuing to transition to renewable energy and assessing the electriﬁcation of our ﬂeet and mining equipment over the next four years. POLICY Medium risk Risk – Investor concern regarding climate action: Activist investors have started to put pressure on mining companies to decarbonise their business, which may require Hochschild to bring capital expenditure forward. – We have a target to reduce 30% of Scope 1 and 2 market- based emissions by 2030 against a 2021 baseline. – Our annual GHG emissions action plan outlines the speciﬁc measures that we intend to take to meet the interim goal set for the year as well as our 2030 GHG emissions reduction ambition. See ‘Our Net Zero Ambitions’ for further information. There have been no material updates to this risk response since 2024. RESOURCE EFFICIENCY High opportunity Opportunity – Reduced land transport emissions: To reach our 2030 and 2050 ambitions, we are seeking opportunities to reduce emissions from our portfolio of ﬂeet at our mines. We are expecting to transition towards more energy-efﬁcient vehicles with lower GHG emissions as these become readily available and commercially viable within the next four years. In 2025, an updated assessment of this opportunity was conducted. Please refer to the ‘Opportunity: Land transport emissions’ sub- section below for more information. – In August 2025, we tested an electric front-loader vehicle. Over the next four years, we will continue to evaluate viable options as emerging low-carbon technologies mature. – As part of a phased emissions reduction strategy, we are exploring more efﬁcient diesel equipment. We are also continuing to work with ﬂeet suppliers to secure low- carbon vehicle delivery while preparing for changes to leasing models and asset replacement costs to support our Net Zero trajectory. TECHNOLOGY High opportunity Opportunity – Investment in low-carbon technologies: Investing in low-carbon technologies will enable us to create operational efﬁciencies within the mining processes, resulting in lower emissions. We will continue to deploy capital expenditure to fund new technologies that reduce energy usage in the extraction stage. – Through the SWAT project, implemented in partnership with Boston Consulting Group, we implemented operational efﬁciency initiatives in San Jose in 2025 – including dilution optimisation, processing plant efﬁciency improvements, and enhanced equipment maintenance – which increased extraction capacity and reduced energy intensity per tonne mined, contributing to lower operating costs and emissions intensity. Further details are provided on page 63. – In 2025, we awarded the Waterless Mining Project, aimed at improving extraction efﬁciency and reducing fresh water consumption. The selected proposal focuses on optimising the leaching process through electric pulses and the use of nanocatalysts to reduce water use and improve metal recovery. Further details can be found on page 63. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 71

FURTHER ANALYSIS INTO THE CLIMATE-RELATED ISSUES ON THE BUSINESS In our 2025 assessment, we conducted further analysis into the impacts of our most material climate transition-related issues, prioritising the risk of carbon pricing and the opportunity to decarbonise land transport emissions across transport modes. Risk: Carbon pricing Overview Developments in carbon pricing legislation in Brazil, Peru, and/or Argentina can affect Hochschild’s cost base and, as a result, our overall ﬁnancial performance. This risk focuses on the effect of incoming carbon pricing legislation on Hochschild’s cost base and business resilience. Speciﬁcally, it relates to the effect of the legislation on the operational costs and competitiveness of our assets in Brazil, Peru and Argentina. The analysis, which assessed the potential ﬁnancial impact associated with this risk, considered the potential cost burden to Hochschild from carbon pricing from 2025 to 2050, across three transition pathways. To this Scope 2 emissions. Currently, our operations in Brazil are above this threshold. In 2025, Scope 1 emissions for the Mara Rosa site were 31,459 tCO2e and Scope 2 emissions were 12,737 tCO2e. Scope 2 emissions are expected to be close to zero from 2026 onwards, as the operation contracts 100% of its energy demand from a renewable source since July 2025. As a result, if Scope 1 emissions remain similar in 2030, we would be subject to carbon pricing. Monte do Carmo was also considered in the assessment, with projected emissions assumed to be aligned with those of Mara Rosa; therefore, a similar regulatory impact would be expected. Peru: Currently, there are no deﬁned timelines for an ETS scheme that have been announced in Peru. For the purpose of the quantiﬁcation exercise, we assumed a Peruvian ETS to launch in 2031. Given that the IEA’s STEPS scenario only reﬂects countries’ stated policies, there are estimated to be zero cost impacts to our mines in Peru at all time horizons. Argentina: Similar to Peru, no ETS schemes have been announced in Argentina. As the LOM of the San Jose mine ends in 2029, the carbon costs are estimated to remain at zero across all end, three IEA emissions scenarios were used: STEPS, Announced Pledges (APS), and NZE. Findings The long-term ﬁnancial impacts around carbon pricing risk remain uncertain, owing to the potential for legislation to change in the countries in which we operate. However, our ﬁndings suggest that ﬁnancial impact may materialise from 2030 onwards, once the Brazilian Emissions Trading System (ETS) comes into effect. The magnitude of this impact is considered immaterial to the 2025 ﬁnancial statements and remains uncertain in the long term due to the details of the regulatory requirements as well as our own operational emissions proﬁle. Our detailed ﬁndings of the impact of carbon pricing in Brazil, Peru and Argentina are as follows: Brazil: Financial implications for Hochschild may emerge following the implementation of the Brazilian GHG ETS; this is assumed to begin around 2030 and is expected to require compliance for operations emitting over 25,000 tCO2e per year across Scope 1 and scenarios, even in the longer term, on the basis that an ETS scheme will not be in place before we are in a closure stage for this asset. Next steps We will continue to monitor developments surrounding carbon pricing legislation across Brazil, Peru and Argentina, recognising that timelines and compliance thresholds may shift as legislation matures. As part of this, we will look to continue reﬁning our ﬁnancial quantiﬁcation exercise as more detail becomes available on the respective ETS schemes in these countries. We recognise that we may need to take further measures to manage emissions in response to any developments, as and where they occur. Opportunity: Land transport emissions Overview Our land transport emissions originate from various stages of our production processes, with owned assets and third-party emissions contributing to our overall footprint. We understand that land transport emissions are one of the key areas where actions can be taken to decarbonise. As such, we conducted further assessment to gain a deeper understanding of the actions that we can take to reduce emissions from our ﬂeet. Findings To help us reduce our land transport emissions, the three potential areas that we identiﬁed for possible emissions reductions are as follows: Fuel switching: Fuel switching presents a near- term opportunity to transition from diesel to lower-carbon alternatives such as biodiesel, electricity, or hydrogen. We recognise also that adoption depends on technology readiness and upfront investment needs. Efﬁciency measures across operations: Our analysis highlighted the role of efﬁciency measures across operations, machinery, and processes to reduce energy and fuel CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED TCFD category Risk/opportunity rating by 2050 (under Net Zero 2050 scenario) Description of risk/opportunity Risk/opportunity response RESOURCE EFFICIENCY High opportunity Opportunity – Developing circular processes: Under a Net Zero scenario, developing circular processes at mine sites will reduce emissions. We are working to minimise waste generation as much as possible and ensure that any remaining materials are reused or recycled after the mining process. – We reused tailings and waste rock as backﬁll for the underground mines in Inmaculada and San Jose: • Reuse of tailings: 23% (2024: 16%) • Reuse of waste rock: 33% (2024: 24%) – In 2025, we sold 366,378 tonnes of waste rock from Mara Rosa to a rail company (representing 1.8% of waste rock generated). – We encourage our sites to maximise recycling of all waste – which is also measured through an ESG KPI. In 2025, the waste recycling rate was 81.4%, surpassing our 2030 target of 80%. Please refer to the ‘Waste’ section of this report for more information. We reuse 100% of treated domestic wastewater in the Inmaculada and San Jose processing plants. There have been no material updates to this risk response since 2024. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 72

consumption for non-road mobile machinery. For example, this could include simple operational interventions such as improving operator training, reducing idle time, and optimising equipment scheduling based on real-time utilisation data. On the machinery side, efﬁciency can be improved through better-performing diesel models, retroﬁtting idle-control, or hydraulic systems. Process changes: Through process changes, the need for certain machinery can be eliminated entirely, which can substantially reduce energy use and emissions. While uptake across the mining industry is still emerging, there is growing interest in these approaches and they show strong potential. As this continues to develop, further assessment will help identify where process redesign could be applied effectively across our operations. Next steps We will evaluate viable options as emerging low-carbon technologies mature, recognising that ﬂeet transformation depends on future technological development. As part of a phased emissions reduction strategy, we will explore more efﬁcient diesel equipment and continue engaging with ﬂeet suppliers to secure low-carbon vehicle delivery. Alongside this, we will assess the timing and cost implications from changes to leasing models and asset replacement, to ensure future investments align with the Net Zero trajectory. BUSINESS RESILIENCE TO CLIMATE-RELATED IMPACTS We assess the resilience of our business model and strategy against a range of climate-related scenarios, consistent with CFD requirements. Our scenario range and approach remain consistent with 2024, with further detail provided in the ‘Risk Management’ section above. Strengthening our resilience We are actively strengthening our resilience to future policy, market, and technology trends that will drive the mining sector toward Net Zero. See ‘Our Net Zero Ambitions’ for further information. METRICS AND TARGETS Metrics used for climate risk and opportunity identiﬁcation and assessment Metrics and targets provide a clear, measurable foundation for converting identiﬁed climate risks and opportunities into actionable performance outcomes, ensuring they directly inform strategic planning and strengthen risk management across the business. ESG metrics represent 25% of our overall performance metrics. Of this, 5% is focused on improvement in ESG indices that include climate-related metrics required for CDP Climate reporting, and a further 5% is tied to environmental performance as measured through our ECO Score tool. Performance against these and other metrics (relating to proﬁtable production and ﬁnancial results) determine the extent of the annual bonus payouts to eligible employees, incentivising a reduction in our environmental footprint. We also have a Long-Term Incentive Programme (LTIP) which includes monitoring performance targets against 14 sustainability-related KPIs, including our 2030 GHG reduction and fresh water reduction ambitions. A full list of ESG metrics can be found in the Sustainability Report on page 48. The results of the physical and transition climate assessments have informed the selection of metrics needed to monitor and manage our risks and opportunities effectively. The insights have highlighted the importance of robust data on waste and water due to Hochschild’s exposure to the physical climate risks of water stress and drought, and the opportunity to develop more circular processes. Therefore, the subsequent sub-sections will focus primarily on waste and water-related Overall resilience of our business We consider our business to be resilient to the climate-related risks identiﬁed. This resilience is associated with three factors: 1. Our expected Life of Mine (LOM); 2. The timing of when climate-related risks are projected to materialise; and 3. Measures already in place to mitigate the impact of high-risk hazards. Short-to-medium time horizon (2030 and 2040) Climate-related risks are largely not projected to materially affect operations within the LOM period of our current mining assets (18 years). This is the case even for risks that we consider to be most likely to become material, such as carbon pricing. However, the precise magnitude of carbon pricing in 2030 onwards remains uncertain. Long-term time horizon (2050 and beyond) The majority of the identiﬁed risks, particularly physical hazards, are anticipated to materialise over the long-term time horizon (2050) and will be more important to our operating environment. However, in the LOM period, we do not foresee any of these risks becoming material until the new mines come into operation. Although our current LOM does not extend to 2050, we anticipate being able to operate beyond that timeframe, and thus some of these long-term risks could still be relevant to our business. We will continue to monitor these long-term risks closely and reassess their relevance as circumstances evolve. Site-level risk management measures Our resilience is further supported by the risk management measures and responses we have implemented across each of our sites to reduce the potential impact of high-risk climate hazards on our assets and operations (refer to the tables in the ‘Climate-related risks and opportunities’ section for more detail). metrics associated with the most relevant climate risks and opportunities for our business. Water Our physical risk assessment highlighted the water-intensive nature of our operations and the potential risk to our sites of water stress and drought. As a result, we use multiple metrics to monitor our consumption of water resources. We have also set targets to reduce our on-site potable water consumption and fresh water consumption within our operations. We monitor the following water- related targets: 2030 Target 2025 Progress Reduce potable water consumption to 174 litres per person per day by 2030 In 2025, we were able to reduce water consumption to 125 litres per person per day, an all-time low and a signiﬁcant improvement from 138 litres in 2024. (2030 target surpassed) Lower fresh water use to 0.22 m 3 per tonne of ore processed by 2030 In 2025, we achieved a reduction to 0.26 m 3 per tonne, an improvement from 0.31 m 3 in 2024. Waste Minimising waste generation is central to developing circular processes that directly reduce emissions. We therefore focus on reducing waste sent to landﬁll and increasing our recycling rate. We monitor the following waste-related targets: 2030 Target 2025 Progress Achieve 80% recycled waste by 2030 In 2025, we achieved a performance of 81.4%, a substantial increase from 57.4% in 2024. (2030 target surpassed) Reduce domestic waste sent to landﬁll to 0.90 kg per person per day by 2030 In 2025, we achieved a decrease to 0.78 kg per person per day, an improvement from 0.93 kg in 2024. (2030 target surpassed) CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 73

OUR SCOPE 1, 2 AND 3 GHG EMISSIONS At Hochschild, we report our Scope 1, 2 and 3 emissions on an annual basis. For a full breakdown of our Scope 1, 2 and 3 emissions for 2025, please refer to the Environmental section of the Annual Report on page 53 or to the Sustainability Data Hub available on the ‘Sustainability’ section of our website. Emissions are calculated on an annual basis in alignment with the ISO 14064-1 Standard and the GHG Protocol Corporate Accounting and Reporting Standard. Our Scope 1, 2 and 3 GHG emissions are a key metric used to monitor our climate impact over time. In 2025, our total emissions (market-based) amounted to 137,621 tCO2e, an increase of 17.3% compared with the previous year emissions. The open-pit operation at Mara Rosa has been incorporated into our GHG footprint since May 2024, resulting in a partial year of data for 2024 and the ﬁrst full year of reporting in 2025. However, 2025 emissions are still not fully representative due to a prolonged plant stoppage and the transition to solar energy during the year. Given these structural changes, we may re-baseline our emissions and update our 2030 target in 2027 to fully reﬂect the impact of Mara Rosa. Excluding Mara Rosa, our Scope 1 and 2 (market-based) emissions in 2025 decreased by approximately 2.8% compared with the 2021 GHG emissions. Our 2025 Scope 3 emissions constitute 26% of our total emissions, with the highest contribution originating from Category 4 (18%). The selected categories disclosed in the table below represent emissions over which Hochschild has a reasonable degree of inﬂuence. Other categories either lack sufﬁcient data for accurate assessment or fall outside of our direct or indirect sphere of control, limiting the ability to effectively measure or mitigate them. footprint and work closely with our suppliers to implement a Scope 3 emission reduction strategy thereafter. Our Carbon Roadmap helps our business to understand some of the activities and investments that may be required to reach this target including, but not limited to: – Implementing behaviour change programmes across the business; – Using higher efﬁciency electric vehicles, with lower GHG emissions; and – Completing the full transition to renewable electricity. As we implement these measures, we recognise the importance of monitoring and assessing progress against our GHG emission reduction targets. Last year, we developed our ﬁrst annual GHG emissions action plan; this outlines the speciﬁc measures that we intended to take to meet the interim goal set for the year. By switching our energy contracts in Brazil and Argentina to lower carbon sources, it brings us in alignment with our 2030 GHG emissions reduction ambition. This action plan will be reviewed each year, and the Sustainability Committee will provide the Board with regular updates on the implementation of the action plan. Our annual GHG footprint is also presented to the Sustainability Committee so that they can oversee progress against these targets and support continued progress towards our Scope 1 and 2 reduction ambition by 2030. CFD ALIGNMENT Commitments for 2026 We will further our analysis of the most signiﬁcant climate-related physical risks to our business in 2026 and, where needed, quantify the potential ﬁnancial impact of the most material risks that we identify. This Our Scope 3 emissions, per category, are as follows: will play a key role in supporting our ongoing management of these issues across our sites. We are anticipating that 2026 will provide us with a representative full year of Scope 1 and 2 emissions for Mara Rosa, giving us much greater clarity on the mine’s emissions. As this is a signiﬁcant change to our overall emissions proﬁle, in 2027, we may need to re-baseline our emissions inventory at that stage as well as update our 2030 target. We will also advance our understanding of our Scope 3 emissions proﬁle by conducting a programme of screening all categories to identify which ones are material for the business and then reporting against these. We are continuing to track developments in the UK regulatory landscape to ensure our disclosures remain aligned with all climate- related reporting requirements, including the emerging Sustainability Reporting Standards (UK SRS) based on the IFRS Sustainability Disclosure Standards. Directory of disclosures The following table summarises our status with respect to Climate-related Financial Disclosures, noting where disclosures are ‘Consistent’ or ‘Partially Consistent’ with the TCFD recommendations. Where disclosures are consistent, we believe all necessary information recommended has been disclosed. Where disclosures are partially consistent with the recommendations, we have provided our commitment to improving the status of the disclosure in 2026. The table also states where additional information on each disclosure category may be found. This is because climate change intersects with other sustainability topics, but the information is not speciﬁcally required for disclosure under CFD regulations. CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED Scope 3 emissions category Emissions (tCO2eq) 35 Category 1: Purchased goods and services 25,437 Category 4: Upstream transportation and distribution 251 Category 5: Waste 4,626 Category 6: Business travel 4,352 Category 7: Employee commuting 1,237 Category 9: Downstream transportation and distribution In 2026, we intend to advance our understanding of our Scope 3 emissions proﬁle by conducting a programme of screening all categories to identify which ones are material for the business. Our Net Zero ambitions Our aim is to become Net Zero by 2050 across both our operations (Scope 1 and 2) and value chain (Scope 3). In 2023, we set a near-term target to reduce our Scope 1 and 2 (market- based) emissions by 30% by 2030, compared to our 2021 baseline. Achieving this target will involve a full transition to renewable electricity and the adoption of more energy-efﬁcient, lower-emission vehicles. To achieve our ambition of Net Zero by 2050 across the value chain, we need to improve our understanding of our Scope 3 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 74

CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED TCFD Disclosure Area TCFD Area/Recommendation Status Disclosure Location Next Steps and Further Information GOVERNANCE 1. Describe the Board’s oversight of climate-related risks and opportunities. Consistent See pages 67-68 Our Board has oversight of climate-related risks and opportunities, as stated in the Sustainability Committee Terms of Reference, and exercises this responsibility through consistent processes that integrate climate considerations into enterprise-level governance. 2. Describe management’s role in assessing and managing climate-related risks and opportunities. Consistent See pages 67-68 Our management is responsible for assessing and managing climate-related risks and opportunities. RISK MANAGEMENT 3. Describe the organisation’s processes for identifying and assessing climate-related risks. Consistent See page 68 We use scenario analysis to assess our physical and transition climate risks across short, medium, and long-term horizons. 4. Describe the organisation’s processes for managing climate-related risks. Consistent See page 68 We have adopted processes to manage and mitigate the physical and transition risks identiﬁed from the scenario analysis. In 2026, we will undertake a focused analysis of physical climate risks, including ﬁnancial quantiﬁcation, to inform our processes for managing the most material risks to our business. 5. Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation’s overall risk management. Consistent See page 68 We incorporate climate considerations within all key stages of identifying, assessing, and managing risks. This integration ensures that climate-related risks are evaluated through the same governance, controls, and decision-making frameworks that underpin our wider Enterprise Risk Management approach. Further, we have integrated and mapped the signiﬁcant and emerging climate-related risks onto our mining units’ existing risk matrices (which are updated quarterly). These matrices are consistently reviewed during quarterly Risk Committee and Board meetings. STRATEGY 6. Describe the climate-related risks and opportunities the organisation has identiﬁed over the short, medium- and long term. Consistent See pages 69-73 We disclose the physical and transition climate-related risks and opportunities identiﬁed over the short, medium, and long-term in this report. We will also be conducting a more detailed physical climate risk assessment in 2026. 7. Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy and ﬁnancial planning. Consistent See pages 69-73 Based upon the results of our previously completed physical and transition CRO assessments, we have identiﬁed the impact of climate-related risks and opportunities on our business strategy and assessed the ﬁnancial impact the risk of carbon pricing in 2025 to inform ﬁnancial planning. We will be conducting further focused analysis of physical risks in 2026, including ﬁnancial quantiﬁcation for the most material risks. 8. Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario. Consistent See pages 69-73 We have described the resilience of our strategy based on the results of our physical and transition climate risk and opportunity scenario analysis. We use different climate-related scenarios in our assessment, including a high emissions scenario and a 2°C or lower scenario. METRICS AND TARGETS 9. Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process. Consistent See pages 73-74 We report the metrics used to assess Hochschild’s climate-related risks and opportunities in alignment with our strategy and risk management processes. In 2025, we have conducted further analysis into our key transition risk and opportunity. These assessments of the risk of carbon pricing and opportunity of land transport emissions have enabled us to obtain more information on the additional metrics that can be used to monitor and manage risks and opportunities. We are now actively working on these. We will also continue to explore the use of additional metrics that could be employed to support our management of climate-related risks and opportunities. 10. Disclose Scope 1, Scope 2, and if appropriate, Scope 3 GHG emissions, and the related risks. Partially consistent See pages 73-74 Our Scope 1 and 2 emissions, as well as some of our relevant 3 emissions are disclosed in this report. However, we recognise that we have further work to be done to provide a complete set of Scope 3 data. In 2026, we will undertake a more detailed assessment of our relevant Scope 3 GHG emissions, in alignment with the GHG Protocol. Following this, we will update our inventory, as required. This will be included in future reporting cycles. 11. Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets. Consistent See pages 73-74 We report the targets used to manage climate-related risks and opportunities and performance against targets. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 75

OUR APPROACH Management of the Group’s operations and execution of its growth strategies are subject to a number of risks, the occurrence of which could adversely affect performance. The Group’s risk management framework is premised on the continued monitoring of the prevailing environment, the risks posed by it, and the evaluation of potential actions to mitigate those risks. RISK GOVERNANCE The Board has overall responsibility for risk management and determines the nature and extent of the principal and emerging risks that the Group will accept in executing its strategy. The Audit Committee supports the Board in this aspect of its responsibilities by overseeing the effectiveness of the system of internal controls and the risk management process. The management Risk Committee is tasked with implementing the Group’s policy on risk management and monitoring the effectiveness of controls in support of the Group’s business objectives. At the beginning of every year, the Risk Committee meets to discuss the principal risks to be closely monitored during the year. As part of its regular monitoring function, it meets quarterly and more frequently if required. The Risk Committee comprises the CEO, the Vice Presidents, Country General Managers and the Head of the Internal Audit function. A ‘live’ risk matrix is reviewed which maps the signiﬁcant risks faced by the business as well as those considered to be emerging risks. The matrix is updated at each Risk Committee meeting, and the most signiﬁcant current and emerging risks, as well as actions to mitigate them, are reported to the Directors and, in the case of sustainability risks, are considered in detail by the Sustainability Committee. A review of the Company’s risk management framework is currently in progress as part of the preparatory work being undertaken with respect to Provision 29 of the UK Corporate Governance Code (2024 edition) which will require, among other things, a Directors’ declaration on the effectiveness of material controls in the 2026 Annual Report (see page 111 for further details). RISK APPETITE Deﬁning risk appetite is crucial in ensuring that a risk management system is embedded into Hochschild’s organisational culture. Our risk appetite approach is to minimise our exposure to reputational, compliance and excessive ﬁnancial risk, whilst accepting a certain level of risk to achieve our strategic goals. As part of setting risk appetite, the Board considers and monitors, on an annual basis, the level of acceptable risk it is willing to take in each of the principal risk areas. Appetite for risk will vary according to the activity undertaken, and is predicated on the fact that a risk will only be tolerated after a full understanding of the potential beneﬁts and its implications before proceeding with a course of action, and that sensible mitigation measures are identiﬁed and implemented. The Board’s tolerance for each risk has been described using a four-point scale of Zero / Low / Medium / High. The introduction of ‘Zero appetite’ in this year’s report highlights the Board’s commitment to mitigating, to the extent possible, risks relating to health and safety, and environmental management. Risk management Our risk appetite approach is to minimise our exposure to reputational, compliance and excessive ﬁnancial risk, whilst accepting a certain level of risk to achieve our strategic goals. BOARD Determines risk appetite Reviews Register of signiﬁcant strategic risks and mitigating actions Monitors effectiveness of risk management process AUDIT COMMITTEE Responsible for risk management and internal control processes Oversees internal audit function, including annual work plan MANAGEMENT RISK COMMITTEE Quarterly review of risk universe and signiﬁcant strategic risks Cascades risk tolerance and appropriate risk management culture Determines mitigating actions and monitors effectiveness of controls STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 76

1 3 5 2 4 2025 RISKS Details of the principal and emerging risks faced by the Group at the end of 2025 and the associated mitigating actions are provided on the following pages. While there has been no change in the risks presented to those reported in the 2024 Annual Report: i for the purposes of presentation, commentary on Business Interruption risks is no longer presented together with Supply Chain risk but has been included within the commentary on Operational Performance risks; ii in relation to Exploration & reserve and resource replacement risks: a. the sub-risk relating to the estimate of mineral reserves has been removed as a Principal Risk; and b. the tolerance for the risk has been increased from low to medium to more accurately reﬂect the level of risk that the Directors are willing to take to achieve Hochschild’s strategic growth objectives; iii in relation to Cybersecurity risks: a. the tolerance for the risk has been adjusted from medium to low following the most recent assessment by the Directors; and b. the risk proﬁle is considered to have increased due to the positive ﬁnancial impact of higher precious metal prices on producers and hence, their perceived attractiveness to cyber attackers. RISK MANAGEMENT PROCESS Supporting commentary provides detail on the evolution of each of the principal risks during 2025 including, where appropriate, the reason for any change to the risk proﬁle relative to the prior year. OUTLOOK At the time of approval of the Annual Report, the overall risk climate in which the Group operates is dominated by the Presidential and Congressional elections in Peru in April 2026 and the anticipated second round in July. Further details are provided in the commentary on Political, Legal and Regulatory risks. In addition, the trend of higher, and at times, signiﬁcantly volatile, precious metal prices is likely to result in higher ﬁnancial expectations from key local stakeholder groups, as well as increased levels of illegal mining and related illegal activities. RISK MANAGEMENT CONTINUED Proactive risk identiﬁcation and management process 1 IDENTIFY Business processes are reviewed to identify risks to Hochschild’s strategic objectives with a risk matrix prepared for each process. 2 MEASURE Each risk identiﬁed is analysed for probability of occurrence and scale of impact to determine the level of threat to strategic objectives. 3 MANAGE Taking into consideration the relevant risk appetite and the scale of risk, mitigating actions and controls are designed and implemented. 4 MONITOR Mitigation and controls monitored to ensure effectiveness and to take all actions necessary to achieve a level of risk management within the deﬁned appetite for risk. 5 REPORT – Established reporting within the business on risk management by Internal Audit function. – Principal and emerging risks reported on quarterly basis to the Audit Committee and the Board. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 77

RISK HEAT MAP To assist the reader in assessing the relative signiﬁcance of each risk discussed in this section, the heat map indicates the Board’s assessment of the likelihood of the unmitigated risk occurring as well as the extent of the impact on the Group. The key to the map indicates how the proﬁle of a risk has changed (whether in terms of impact or probability) relative to the prior year. Risk heat map key RISK MANAGEMENT CONTINUED Probability Impact Low Low High 1 Commodity price 5 Information security and cybersecurity 2 Commercial counterparty 4 Supply chain 7 Personnel: recruitment and retention 9 Political, legal and regulatory 8 Personnel: labour relations 10 Health and safety 11 Environmental 12 Climate change 8 11 3 2 7 5 1 13 10 12 6 4 9 13 Community relations 6 Exploration and reserve and resource replacement 3 Operational performance High STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 78

RISK MANAGEMENT CONTINUED FINANCIAL RISKS Risk change, tolerance and impact Mitigation Commentary 1. Commodity price Adverse movements in precious metal prices could materially impact the Group in various ways beyond a reduction in the ﬁnancial results of operations. These include impacts on the feasibility of projects, the economics of mineral resources, heightened personnel retention and sustainability-related risks. Strategic pillar impacted: 1 2 3 4 Risk proﬁle change vs 2024: Risk tolerance: Medium See the Market Review on pages 9 to 11 for further details on how commodity prices performed in 2025. Constant focus on maintaining a low all- in sustaining cost of production and an efﬁcient level of administrative expense. Policy to maintain reasonable levels of ﬁnancial leverage to ensure ﬂexibility through price cycles. Flexible hedging policy that allows the Company to contract hedges to mitigate the effect of price movements taking into account the Group’s asset mix, forecast production and debt proﬁle. In 2025, the average realised gold and silver price was 37% and 54% higher respectively than the prior year. The Group’s principal strategy to mitigate against commodity price volatility is focused on conserving capital and optimising cash ﬂow through: – Controlling operating and administrative costs; – Optimising sustaining capital expenditure; and – Managing working capital. Further detail on cost and working capital management in 2025 can be found in the Financial Review from page 34. As previously reported, the Company executed hedges in 2023 and 2024 to ensure an ongoing level of cash ﬂow stability. During 2025, the Group undertook the following sales subject to these arrangements: – 60,000 ounces of gold with an average ﬂoor of $2,000 per ounce and an average ceiling of $2,485 per ounce; and – 29,200 ounces of gold at a ﬁxed price of $2,100 per ounce. The remaining commitments from the 2023 hedges are as follows: – 2026: 50,000 ounces of gold at a ﬁxed price of $2,167 per ounce; – 2027: 50,000 ounces of gold at a ﬁxed price of $2,206 per ounce; and – 2028 (H1): 20,813 ounces of gold at a ﬁxed price of $2,150 per ounce. This was the result of a renegotiation of terms in August 2025 (see page 187 for further details). Risk change, tolerance and impact Mitigation Commentary 2. Commercial counterparty Insolvency of a customer or other business counterparty (bank, insurance company) could result in the Group’s inability to collect accounts receivable or to access funds or to receive services which could adversely impact the Group’s proﬁtability. Strategic pillar impacted: 2 Risk proﬁle change vs 2024: Risk tolerance: Medium Active assessment of customers and business counterparties. Risk mitigation practices seeking to diversify the Group’s customer base, to limit the size of shipments and to maximise upfront payments. Ongoing assessment of methods to mitigate collection risk. During the year, the following actions were taken: Commercial counterparty monitoring: The Company undertook an annual review of existing customers which encompasses analysis of corporate governance, balance sheet strength and other aspects impacting credit quality. Customers with a higher-risk proﬁle are required to subject to commercial terms that protect the Group’s position, such as delaying transfer of title to goods sold on full payment and, where appropriate, the provision of a parent company guarantee. Financial counterparties, including insurance underwriters, are also the subject of ongoing monitoring. In addition, members of the Company’s sales function attended commercial events with current and potential customers with a view to diversifying and mitigating counterparty risk. Review of ﬁnancial counterparties: The Company continued to implement (a) policies to identify new ﬁnancial counterparties and (b) strategies to support the Group’s treasury and insurance needs. On an ongoing basis, the Group has adopted a number of practices such as the placing of limits on cash balances invested with ﬁnancial institutions and monitoring credit ratings. STRATEGIC PILLARS: 1 Brownﬁeld 2 Operational efﬁciency 3 ESG 4 Disciplined capital allocation STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 79

RISK MANAGEMENT CONTINUED OPERATIONAL RISKS Risk change, tolerance and impact Mitigation Commentary 3. Operational performance Failure to manage operations effectively could jeopardise the achievement of production targets which, together with the failure to manage the cost base, could adversely impact the Group’s proﬁtability. Strategic pillar impacted: 2 4 Risk proﬁle change vs 2024: Risk tolerance: Low Close monitoring of operational performance, costs and capital expenditure at all stages of the mining value chain and during the entire mine life cycle. Monitoring, and ensuring the adequacy of, key mining components such as tailings and water storage facilities, waste rock deposits. Insurance coverage is in place to protect key equipment against major risks. Overall In 2025 the Group’s attributable production was 311,509 gold equivalent ounces and attributable all-in sustaining cost from operations was slightly ahead of guidance for the year, at $2,138 per gold equivalent ounce. Developments during 2025 Mara Rosa In response to the operational challenges faced at Mara Rosa, management initiated an action plan comprising: – focused interventions to restore operating stability including planned downtime to execute maintenance and upgrades across critical circuits; – productivity and mining efﬁciency actions, including scaling up waste removal capacity and strengthening drilling and blasting processes; and – organisational reinforcement in Brazil to support tighter operating discipline and governance, including changes to the operating leadership structure. Cost Management During 2025, a disciplined cost management programme was implemented Group-wide focused on preserving margins and maintaining operational ﬂexibility given cost pressures associated with higher precious metal prices. Key initiatives included the optimisation of mine plans to prioritise production areas, the renegotiation of contracts with key suppliers and contractors, and the implementation of productivity improvement programmes across mining and processing activities. Looking ahead to 2026, a series of cost and efﬁciency measures designed to further strengthen operating margins and cash ﬂow generation will be executed. These initiatives include an increase in treatment throughput at Inmaculada, energy consumption optimisation programmes and improvements in mine sustaining costs. These actions are embedded in the approved Budget and in the performance objectives of senior management. Risk change, tolerance and impact Mitigation Commentary 3. Operational performance continued Mining Components Projects and critical-path workstreams included the TSF/dry-stack tailings storage at Mara Rosa (including tie-ins and operational discipline to maintain disposal to plan), and continued advancement of Inmaculada tailings and water risk reduction programmes, including commissioning of the reverse osmosis system and tailings dam licensing milestones progressing into 2026. Contingency Planning In addition to maintaining insurance policies covering machinery breakdown, mitigating actions taken during the year included: – the identiﬁcation of follow-up actions to support reliability across key processing circuits during ramp-up and the rainy season. – ongoing refresh and strengthening of the Crisis Response Plan, building on the work referenced in the prior year’s Annual Report. Updates included reinforcing governance/escalation protocols, interfaces between corporate and site emergency response plans, and preparedness routines. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 80

RISK MANAGEMENT CONTINUED OPERATIONAL RISKS Risk change, tolerance and impact Mitigation Commentary 4. Supply chain Disruption to the supplies of key inputs could negatively impact production. Strategic pillar impacted: 2 Risk proﬁle change vs 2024: Risk tolerance: Low Management reporting systems to support appropriate levels of inventory. Negotiation of long-term power supply contracts and the procurement of contingent generators and transformers. Use of high-quality equipment from recognised manufacturers. Implementation of preventive and predictive maintenance programmes. During the year, the Company: – identiﬁed and implemented the use of alternative suppliers for numerous critical consumables; – continued efforts, with the support of SAP HANA, to restore stocks of critical consumables and strategic spare parts to pre-pandemic levels; – required of certain suppliers, the maintenance of minimum stock levels; – continued to monitor the ﬁnancial position of key suppliers; and – strengthened critical spares planning at Mara Rosa. Follow-up actions are in progress to support reliability across key processing circuits. With regards to energy supplies, studies to improve the efﬁciency of power consumption at Inmaculada and San Jose are in progress. 5. Information security and cybersecurity Failure of any of the Group’s business critical information systems as a result of unauthorised access by third parties may affect the Group’s ability to operate. Strategic pillar impacted: 2 Risk proﬁle change vs 2024: Risk tolerance: Low Compliance with ISO 27001, an internationally recognised certiﬁcation to evaluate information security management systems. Dedicated team within the Technology department focused on preventing evolving threats. Audits performed by the internal audit department and third parties to test systems and issue recommendations. Primary information processing supported by RISE with SAP. Security of the Group’s information and networks are assured through the following means: – world-class cybersecurity tools supported by artiﬁcial intelligence that secure and protect our network, assets and information. Additionally, we have a centralised Cyber Security Operation Centre (CyberSOC) that monitors and detects possible attacks; – ethical hacking evaluation was performed during the year to identify potential vulnerabilities in infrastructure and operational applications; – a review of security infrastructure in Peru and Argentina was launched in conjunction with third-party specialists; – cybersecurity training continued throughout the year to ensure that all employees are aware of the risks and to report suspicious activity; and – in December 2025, the Cybersecurity Crisis Plan was reviewed in advance of its approval and adoption. Risk change, tolerance and impact Mitigation Commentary 6. Exploration & reserve and resource replacement The Group’s future operating margins and proﬁtability depend upon its ability to ﬁnd mineral resources and to replenish reserves. Strategic pillar impacted: 1 2 4 Risk proﬁle change vs 2024: Risk tolerance: Medium Implementing and maintaining an annual exploration drilling plan. Ongoing evaluation of acquisition and joint venture opportunities to acquire additional ounces. Implementation of a comprehensive permitting strategy led by a Permitting Committee. Comprehensive engagement activities with communities and governmental authorities (see later sections on Macroeconomic and Sustainability risks). General The Group has an internal Permitting Committee to co-ordinate efforts with a view to streamlining the permitting process for exploration and operational requirements. Senior executives actively participate in industry initiatives to simplify the permitting process. Limited greenﬁeld exploration is undertaken, with the aim of providing the Group with a focused portfolio of advanced and early-stage opportunities in stable jurisdictions in the Americas. Developments during the year The Company had a successful year in terms of the Brownﬁeld exploration programme, with 1.7m gold equivalent ounces of total resource additions being reported. The year-on-year changes in the Company’s attributable Reserves and Resources are 3.2% and 5.7% respectively. Further details on brownﬁeld exploration are provided on pages 31 to 33. 7. Personnel: recruitment and retention Inability to attract or retain sufﬁciently skilled personnel. For further details see the Directors’ Remuneration Report from page 118. The Group’s future operating margins and proﬁtability depend upon its ability to ﬁnd mineral resources and to replenish reserves. Strategic pillar impacted: 2 Risk proﬁle change vs 2024: Risk tolerance: Medium The Group’s approach to recruitment and retention provides for the payment of competitive compensation packages, well-deﬁned career plans, training and development opportunities and the overall employee value proposition. Among the initiatives held by the Company during the year include the: – implementation of a new Balanced Scorecard- based performance management system for all employees, strengthening goal clarity, recognition and development; – holding of a Recognition Week, with events over ﬁve days, prompting the acknowledgment of over 500 achievements through the Company’s workplace platform, thereby reinforcing a culture of appreciation; – execution of improvement actions identiﬁed from working climate and perception surveys, including process enhancements and upgrades to camp and site conditions; and – continuation of capability-building initiatives, including technical training programmes for women in Brazil, the Mining Collaborator pre-employment programme in San Jose, and a Professional Development Programme for contractor General Managers. Further details can be found in the Empowering our People section of the Sustainability Report from page 60. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 81

RISK MANAGEMENT CONTINUED Risk change, tolerance and impact Mitigation Commentary 9. Political, legal and regulatory Changes in the government, political, legal, tax and regulatory landscape could result in signiﬁcant additional expense, restrictions on or suspensions of operations and may lead to delays in the development of current operations and projects. Delays in granting/securing the necessary environmental and operational permits for exploration or operations could affect future production and ﬁnancial results of the Group. Strategic pillar impacted: 1 2 3 Risk proﬁle change vs 2024: Risk tolerance: Legal/regulatory compliance: Low Operating in such jurisdictions: Medium Local specialist personnel continually monitor and react, as necessary, to policy changes. In addition, political, social and communications advisers have been engaged to support the Group in responding to developments. Participation in local industry organisations. Peru Political Overview Following several months of heightened political tension, President Boluarte was removed from ofﬁce by Congress in October 2025, and replaced by the then President of Congress, José Jerí. After a few months of relative political stability, allegations relating to governance and transparency issues prompted Congress to remove President Jerí from ofﬁce in February 2026 and to appoint President José María Balcázar. These developments have unfolded against the backdrop of the forthcoming general elections in April 2026 where over 30 presidential candidates have been registered and hundreds of lists registered nationwide of those seeking election to Congress. As a result, Congress is expected to be highly fragmented limiting the scope for structural reforms. Legal/Regulatory Developments The draft Mape Law designed to regulate and formalise artisanal and small-scale mining (‘ASM’) was rejected in July 2025 by the Congressional Energy and Mines Commission. Progress on the new framework has since stalled and is expected to resume under the new Administration. As an alternative measure, the validity of the registry which formalises the activities of ASM operators (REINFO) was extended, until 31 December 2026, while maintaining the exclusion of a signiﬁcant number of previously registered operators. As ASM-related issues, such as their social and environmental aspects, and the fact that individuals linked to ASM-related activities feature on congressional lists, mean that this will be a key campaigning matter in certain parts of the country. OPERATIONAL RISKS Risk change, tolerance and impact Mitigation Commentary 8. Personnel: labour relations Failure to maintain good labour relations with workers and/ or unions may result in work slowdown, stoppage or strike. Strategic pillar impacted: 2 Risk proﬁle change vs 2024: Risk tolerance: Medium Development of a tailored labour relations strategy focusing on proﬁt sharing, working conditions, management style, development opportunities, motivation and communication. Periodic meetings with mineworkers and unions to ensure a complete understanding of expectations and to keep all parties updated on the Group’s ﬁnancial performance. Peru The Group’s Peruvian operation generated sufﬁcient taxable income to give rise to an entitlement to statutory proﬁt sharing for Peruvian mineworkers. The Company maintains ﬂuid relations with the labour union of Inmaculada including monthly meetings apart from the formal annual negotiations to monitor internal and external labour and social risks. Argentina Against a backdrop of widespread opposition, at a national level, to signiﬁcant labour reform proposals by the Government, the Company maintained operational continuity, supported by a framework of ongoing dialogue with AOMA (national union of mining workers), ASIJEMIN (national union of supervisory mining staff), and UOCRA (national union of construction workers). In addition, a labour dispute with UPSAP (union of private security workers) was managed and resolved without signiﬁcant impact on operations. Brazil Mara Rosa: In advance of the start of operations at Mara Rosa, Hochschild established a Union Negotiation Committee, meetings of which continued to be held during the year to discuss relevant issues and update the annual labour agreement. Monte do Carmo: The Company initiated engagement with the relevant trade union, resulting in the ﬁrst collective labour agreement, which was approved by employees and will be negotiated on an annual basis. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 82

RISK MANAGEMENT CONTINUED SUSTAINABILITY RISKS Risk change, tolerance and impact Mitigation Commentary 10. Health and safety Group employees working in the mines may be exposed to severe health and safety risks. Failure to manage these risks may result in occupational illness, accidents, a work slowdown, stoppage or strike and/or may damage the reputation of the Group and hence its ability to operate. Strategic pillar impacted: 2 3 Risk proﬁle change vs 2024: Risk tolerance: Zero Health and safety operational policies and procedures reﬂect the Group’s zero tolerance approach to accidents. Use of world-class DNV (Det Norske Veritas) safety management systems. Dedicated personnel to ensure the safety of employees at the operations via stringent controls, training and prevention programmes. Systematic programme of training, communication campaigns and other initiatives promoting safe working practices. Use of reporting and management information systems to monitor the incidence of accidents and enable preventative measures to be implemented. Hochschild performed strongly in terms of safety in 2025 with the accident frequency at 0.97 (2024: 1.25) and accident severity at 207 (2024: 365) and the attainment of our ongoing objective of zero fatalities (2024: zero fatalities). Highlights of the Company’s progress on safety include: – The achievement of Level 8 of the DNV certiﬁcation of Inmaculada’s and San Jose’s health and safety risk management system. Mara Rosa achieved its ﬁrst rating, Level 4, which establishes a clear baseline and a roadmap to progressing further in future cycles by, among other things, strengthening the effectiveness of controls, and contractor integration; – The continued roll-out of the ‘Safety 2.0 Programme’ included: • continuous training programmes tailored at each level; • cross-audits at Inmaculada, San Jose, and Mara Rosa of the Risk Management System resulting in action plans for implementation prior to the DNV audit at the end of the year; • the engagement of DNV to carry out a baseline audit of our safety risk management information system at our Brazilian operation, resulting in an action plan for implementation and subsequent achievement of Level 4 certiﬁcation; and • the continued use of the Seguscore, which is a holistic measure of the Group’s safety performance combining traditional indicators (including those referred to above) with leading indicators reﬂecting the outcome of internal and external safety audits. For further details on our safety initiatives, please see the safety section of the Sustainability Report on pages 57 to 59. OPERATIONAL RISKS Risk change, tolerance and impact Mitigation Commentary 9. Political, legal and regulatory continued Argentina Political Overview During 2025, President Milei continued to advance his programme of economic stabilisation and deregulation. Inﬂation declined markedly compared to 2024, while a contained exchange rate devaluation supported short-term stability, amid ongoing debates over competitiveness. President Milei’s popularity remained relatively stable, bolstered by the mid-term elections, in a highly polarised political and social context. Legal/Regulatory Developments The Government progressed with the implementation of the Large Investment Incentive Regime (RIGI) to attract long-term investment in strategic sectors. As part of the wide-ranging reforms: – capital controls were partially removed during the year, enabling foreign companies, such as Hochschild, to access the Ofﬁcial Foreign Exchange Market to have dividends paid from their Argentinian businesses on earnings from 2025 onwards; and – a number of deregulatory measures are being taken with respect to labour law to increase ﬂexibility for businesses and reduce costs. Brazil Political Overview The federal government continued to advance social policies and economic reforms, including the approved tax reform, which is entering its transition phase. 2026 is an election year, with presidential, congressional and state elections, including in Goias, where Mara Rosa is located, and Tocantins, where Monte do Carmo is located, a context that may inﬂuence the political and regulatory environment. Legal/Regulatory Developments Following discussions during the 2025, in February 2026 the Governor of Goias, where Mara Rosa is located, announced his intention to revoke the 1.65% levy known as FUNDEINFRA subject to approval of the State Legislative Assembly. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 83

RISK MANAGEMENT CONTINUED SUSTAINABILITY RISKS Risk change, tolerance and impact Mitigation Commentary 11. Environmental The Group’s activities and production methods could impact the environment, thereby affecting its relationship with local stakeholders and reputation. Such an impact may necessitate the implementation of remedial work and/or the payment of penalties which could affect the ﬁnancial results of the Group. Strategic pillar impacted: 1 2 3 4 Risk proﬁle change vs 2024: Risk tolerance: Zero The Group has a dedicated team responsible for sustainability- related matters and for environmental management. The Group has adopted a number of policies and procedures to manage its footprint including the setting of targets for 2030. The Group continues to use the ECO Score, which allows it to measure and manage environmental performance. The Group also continues to adopt measures to minimise natural resource use, with particular emphasis on water consumption in its operations. A speciﬁc tailings management framework in place for TSFs, including independent third-party review. In 2025, the Group performed strongly in its ECO Score (with a score of 5.61 out of 6 (2024: 5.58)), reﬂecting the following notable achievements: – three sites achieving a perfect score of 6 out of 6 (Inmaculada, Selene/Pallancata and Ares); – the lowest water consumption since 2015 (125l/ person/day); – continued with the lowest domestic waste generated since 2015 (0.78 kg/person/day); and – the Group maintains a very high level of environmental culture compliance (using an internal scoring system). In keeping with the strong ESG performance overall in 2025, the Group saw year-on-year improvements or 2030 targets being achieved in four out of ﬁve of the environment-related areas of performance that are being monitored on an ongoing basis. Speciﬁcally, regarding the use of water: – fresh water consumption was 0.26m3/tonne of ore processed (2024: 0.31 m3/tonne) on track to meet our 2030 target of 0.22 m3/tonne. Once the reverse osmosis plant at Inmaculada is operational, it will enable water recirculation in the processing plant, reducing reliance on fresh water; – the Group achieved a positive water balance in San Jose because of the design and implementation of the new water circuit and the use of innovative measures such as shade balls in the water reservoir to avoid evaporation loss; and – only 0.17 m3 of fresh water was used per tonne of ore processed in Mara Rosa in 2025 reﬂecting the ability to capture rainwater and incorporating its use in the operation. Risk change, tolerance and impact Mitigation Commentary 11. Environmental continued A challenge faced in 2025 related to contact water at one of the Group’s former mines, Sipan in Peru. This has been the focus of targeted remedial actions which have been implemented and continue to be monitored. Regarding waste, the Group signiﬁcantly increased recycled waste at a level of 81.4% (2024: 57.3%). The Group also operated nine TSFs across its operations, carrying out independent third-party audits in Peru during the year. During 2026, audits will be carried out in Argentina and Brazil. The Group also seeks to reuse tailings and waste rock where possible. Regarding biodiversity, in 2025 the Group published a standalone Biodiversity Policy and conducted a gap assessment and peer benchmark with regards to the Taskforce on Nature-related Financial Disclosures which will lead into a deeper assessment on nature-related matters in 2026 and 2027. In 2025, the Group continued the closure of the Ares TSF and initiated the closure of the Selene #1 TSF, while also advancing progressive closure activities across all mine sites. The Sustainability team continued with its efforts on reporting widely on the Group’s sustainability performance by participating in numerous reporting initiatives resulting in improvements in the 2025 ratings from MSCI and Sustainalytics. For further details, please refer to the environmental section of the Sustainability Report on pages 52 to 56. https://www.hochschildmining.com/sustainability/ sustainability-approach/environmental- management/ STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 84

RISK MANAGEMENT CONTINUED SUSTAINABILITY RISKS Risk change, tolerance and impact Mitigation Commentary 12. Climate change Changes in climate and weather patterns, including the occurrence of extreme weather events such as extreme heat, extreme rainfall ﬂooding, water stress and drought, and storm conditions, may cause operational disruption and, at worse, could result in a suspension of operations. Failure to comply with climate- related laws and regulations could result in reputational risks for the Group, increased costs and longer permitting delays. Lack of climate change actions could result in restricted access to capital. Strategic pillar impacted: 2 3 4 Risk proﬁle change vs 2024: Risk tolerance: Medium Read our 2025 CFD Report from page 67. The Company’s 2030 target is to reduce its GHG Scope 1 and 2 emissions by 30% against a 2021 baseline, with an aim to reach Net Zero GHG emissions by 2050. Enhanced management oversight and operating protocols to: – quantify and verify carbon footprint, including Scope 3 emissions; – maximise the efﬁcient use of natural resources and minimise energy consumption; – maximise the use of renewable energy; and – promote transparency with regards to the Group’s performance through participation in investor-led reporting initiatives. During the year: – the Group built on the work done to date in assessing the ﬁnancial impact of climate change on the business (climate scenario analysis, a detailed transition risk assessment and an update of the physical climate risk assessment on its operations, including Mara Rosa) by also quantifying the potential impact of carbon pricing, which is the Group’s most material transition risk. These studies identiﬁed current and future climate-related risks to the Group’s infrastructure. See page 67 for further details. – Aligned with the Group’s 2030 target, the solar plant in Brazil is now operational and covers 100% of Mara Rosa’s contracted energy needs over the life of the mine. – The Group completed the transition to renewable energy at San Jose by replacing the last two fossil-fuel contracts with wind power. Since 1 November 2025, the mine has 100% of its energy contracted to renewable sources. – In Peru, the transition towards 100% contracted renewable energy is in the bidding process. In 2025, 80% of electricity consumption came from hydroelectric sources. Please refer to note 2(b) to the Consolidated Financial Statements with regards to the current assessment of the ﬁnancial impact of climate change-related risks. Risk change, tolerance and impact Mitigation Commentary 13. Community relations Communities living in the areas surrounding the Group’s operations may oppose the activities carried out at existing mines or, with respect to development projects and prospects, may invoke their rights to be consulted under new laws. These actions may result in loss of production, increased costs and decreased revenues, longer lead times, additional costs for exploration and have an adverse impact on the Group’s ability to obtain the relevant permits. Strategic pillar impacted: 1 2 3 4 Risk proﬁle change vs 2024: Risk tolerance: Low The Group has a dedicated team responsible for Community Relations to lead constructive engagement. The Community Relations strategy: – has a territorial and water focus, prioritising the areas of education, health, local infrastructure (water, sanitation, connectivity) and sustainable development; and – seeks to adopt a multi-party approach to projects involving public and private organisations and local communities. Policy to actively recruit workers from local communities. Policy of hiring service providers from local communities. The Group engages with local governments to support public investment initiatives through technical assistance and direct investment. Overall The current politically fragmented and volatile environment, combined with the increasing prevalence of illegal mining activities and pre-election campaigning, has coincided with an increase in social tensions involving local communities in several mining regions of Peru. In this context, temporary disruptions to access routes and other forms of social pressure have become more frequent, affecting mining operations and logistics. At the same time, existing community agreements have increasingly become subject to review or challenge in an attempt to renegotiate terms. This has resulted in extended discussions and recurring dialogue cycles, adding complexity to community relations. Government authorities continue to approach these situations with a strong emphasis on dialogue and mediation, reﬂecting heightened sensitivity to social conﬂicts in the mining sector. While this approach has facilitated continued engagement between parties, it has also tended to extend resolution timelines, contributing to a more uncertain operating environment at a local level. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 85

RISK MANAGEMENT CONTINUED SUSTAINABILITY RISKS Risk change, tolerance and impact Mitigation Commentary 13. Community relations continued During the year: – The Group’s active engagement resulted in zero days of operational disruption due to community protest; – The Group spent or donated $13.1 million (2024: $12.3 million) to beneﬁt local communities; – The Group implemented a range of initiatives across its countries of operation, such as: • In Peru, the improvement of tracking commitments with communities and successfully closing negotiations with key communities close to Royropata; • In Argentina, the ongoing provision of scholarships to local students and contributions to the provincial fund for social and development initiatives; and • In Brazil, a programme that covered, among other things, socio-environmental education and promoting economic development. – At Monte do Carmo, the Company intensiﬁed its engagement with public authorities, including the State Environmental Secretariat (Naturatins) and the Municipality of Monte do Carmo. A structured communication plan is currently underway, comprising (i) quarterly meetings with the Municipality; and (ii) the periodic distribution of informational bulletins, providing transparent updates on the Company, its activities and project developments to local stakeholders. In addition, the Environmental Education Programme and the Local Workforce Training and Qualiﬁcation Programme focused on promoting socio-environmental awareness, upskilling both local and project workforce. Further details on the Group’s social initiatives can be found in the Sustainability Report from page 49. EMERGING RISKS The Board has also considered and identiﬁed the following as emerging risks. Given the uncertainty and novel nature of these risks, these are subject to ongoing monitoring: Security – the proliferation of the activities of cartels and organised crime networks across the region and into the Company’s countries of operation. This could result in higher exposure to corruption, kidnappings, and violence against operations and employees, and disruption to supply chains. Geopolitical Instability – the unilateral actions of a country in pursuit of its own strategic priorities could have an impact on the global risk environment with far reaching implications for the global community and targeted regions, heightening political, economic and social risks. Technology Adoption – failure by the Company to adopt the appropriate level of new technologies or to promote and incorporate innovation in its operations could result in missed opportunities, thereby hampering the Company’s ability to deliver on its strategic and operational objectives. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 86

PERIOD OF VIABILITY STATEMENT The Directors have reviewed the length of time to be covered by the Viability statement, particularly given its primary purpose of providing investors with a view of ﬁnancial viability that goes beyond the period of the Going Concern statement. It has been concluded that the period from the date of this statement and ending on 31 December 2028 (the ‘Viability Period’) is the appropriate time horizon in light of: – The inherent uncertainty of longer- term forecasting in a cyclical industry which, in the case of precious metals, is largely driven by global macroeconomic factors; and – The large number of external variables that need to be taken into account in establishing any meaningful forecast of the Company’s business. APPROACH TO ASSESSING VIABILITY In assessing the Company’s viability, the Directors have considered ﬁve scenarios affecting either Inmaculada alone or Inmaculada and Mara Rosa and a sixth scenario, being a lower precious metal price environment than that forecast by analysts which would impact all operations. All scenarios are within reasonable contemplation taking into account the principal risks to which the Company is exposed. Read more in our Risk Management Report from page 76. Inmaculada and Mara Rosa are collectively expected to generate c.77% of attributable net revenue in the Viability Period. In their assessment of the ﬁnancial impact of each of the above scenarios, the Directors made the same assumptions as those used for the Base Case Scenario in the Going Concern analysis (refer to note 2(d) to the Consolidated Financial Statements), namely: – Average analyst consensus prices for silver and gold during the Viability Period of $3,769/oz for gold, and $45.5 /oz for silver (the ‘Assumed Prices’); Viability statement In accordance with provision 31 of the UK Corporate Governance Code, the Directors have assessed the viability of the Company taking into account the Company’s current position and principal risks. – Operational forecasts are in line with the approved budget for 2026 and the latest LOM plans for 2027 onwards; – Net debt payments of $275m during the Viability Period, with repayments under the $300m Medium Term Facility made in accordance with the contractual schedule, including instalments due in 2028; and – Exploration expenses and capital expenditure at Monte do Carmo and Royropata, and care and maintenance costs at Royropata and Ares, will be incurred as anticipated during the Viability Period. The ﬁnancial impacts of the outstanding hedges as at the date of this report (as detailed in the commentary accompanying Commodity Price risk on page 79) and of the outstanding payment agreed at the time of the acquisition of the Monte do Carmo project have been reﬂected in the forecasts used to analyse the selected scenarios. The following scenarios were analysed: SCENARIO 1: A community-led protest results in a blockade of a principal road to/from the mine and damage to a critical plant component A protest by a local community obstructs the access road to Inmaculada for two months. Furthermore, it is assumed that a component of the plant is damaged and repair works will take six months to complete. The impact analysis takes into account the cost of negotiating a settlement and other associated expenses. SCENARIO 2: A strike by mineworkers A widespread mineworkers’ strike results in a suspension of operations at Inmaculada and Mara Rosa for three weeks in different months. The impact analysis takes into account the cost of negotiating a settlement and other associated expenses. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 87

VIABILITY STATEMENT CONTINUED SCENARIO 3: The occurrence of a material safety accident A severe fatal accident occurs at each of Inmaculada and Mara Rosa which results in a one-month stoppage of each operation in different months. The impact analysis takes into account other ﬁnancial liabilities that may result including the cost of remedial work and regulatory ﬁnes. SCENARIO 4: The occurrence of a material environmental incident A key part of Inmaculada and Mara Rosa’s plant infrastructure is compromised which results in a major spillage of contaminants. The impact analysis assumes a suspension of operations for one month in different months and takes into account the cost of repairs, remediation and regulatory ﬁnes and other associated expenses. SCENARIO 5: The failure of the mill or other critical plant component A major failure of one of the mills at Inmaculada’s plant followed by a major failure of one of the mills at Mara Rosa’s plant causes a stoppage of six months at each mining unit which requires civil works, repairs and the acquisition of replacement equipment. The impact analysis (i) assumes that the stoppage at Mara Rosa commences one month after the stoppage at Inmaculada ends and (ii) takes into account the cost of the works and replacement costs as well as contributions from relevant insurance policies. SCENARIO 6: Precious metal prices fall to a level that is 10% below the annual average consensus prices for gold and 15% for silver Following such a fall in prices, the Company would seek to reduce variable costs and capital expenditure by 5%, which are at the Company’s discretion. In their assessment of the ﬁnancial impact of each of the scenarios, the Directors concluded that upon the occurrence of any one of the scenarios, the Company would be viable. Taking into account the causes of operational stoppages in the past and the extent of the disruption caused, the Directors are of the opinion that combinations of weak precious metal prices and the occurrence of more than one of the above referenced scenarios taking place concurrently is remote. Should prices fall further than described in Scenario 6, or the scenarios in reality are more severe than those modelled or a combination of scenarios occurs, the Board would oversee the use of additional sources of liquidity and the implementation of mitigating actions which may include: – Use of the remaining $180 million from the $300m Medium Term Facility, available until October 2026; – The use of lines of credit with relationship banks, noting that over $206 million of pre-approved, but uncommitted, working capital credit lines are available as at the date of this statement (subject to compliance with covenant ratios under the medium-term credit facility); – Delaying discretionary capital expenditure at the Monte do Carmo and Royropata projects; – Suspending dividend payments; and/or – Raising capital at either the corporate or asset level. Other actions which would serve to mitigate such scenarios include cash pay-outs against insured risks, working capital management, asset/royalty sales and commodity price hedging. For examples of the actions taken by the Board during the year under review to mitigate the impact of the Company’s principal risks, please refer to the commentary in the Risk Management section of this report. CONCLUSION While it is always possible that combinations of weak precious metal prices and the occurrence of more than one of the above referenced scenarios could threaten the solvency and liquidity of the Company over the Viability Period, such combinations are considered to be remote. The Directors have therefore assessed the impact of each scenario, using the Assumed Prices and other factors considered to be reasonable, and, accordingly, can conﬁrm that they have a reasonable expectation that the Company will be able to continue in operation and meet obligations over the Viability Period. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 88

Reporting requirement Relevant policies Further information KPIs Business model Business model (page 17) Principal risks Risk Management (page 76) Audit Committee report (page 109) Environmental matters (including climate-related ﬁnancial disclosures) Code of Conduct* Corporate Sustainability Policy* Environmental Policy* Tailings Storage Facilities Policy* Biodiversity Policy* Climate-related Financial Disclosures Report (page 67) Protecting the Environment section of the Sustainability Report (page 52) GHG emissions GHG intensity ECO Score Electricity consumption Water consumption % of water recycled Domestic waste generation % Recycled waste Employees Code of Conduct* Corporate Sustainability Policy* Protocol for the Prevention of Covid-19 Health & Safety Policy* The following sections of the Sustainability Report: Empowering our People (page 60) Ensuring Health & Safety (page 57) % local workforce % voluntary turnover High Potential Events rate Work-related fatalities Injury Frequency rate Reporting requirement Relevant policies Further information KPIs Social matters Corporate Sustainability Policy* Community Relations Policy* Serving our Communities section of the Sustainability Report (page 49) % local workforce Social investment (as % of revenue) % local procurement Human rights Corporate Sustainability Policy* Human Rights Policy* Diversity & Inclusion Policy* Sexual Harassment Prevention Policy Civil Security Policy* Empowering our People section of the Sustainability Report (page 60) % of women (a) in the workplace, (b) in leadership roles and (c) on the Board Anti-corruption and anti- bribery matters Code of Conduct* Anti Bribery and Corruption Policy* Whistleblowing Policy* Anti Fraud Policy* Audit Committee report (page 109) * Copies available from www.hocplc.com The Strategic Report has been approved by the Board of Directors on 10 March 2026 and signed on its behalf by: EDUARDO LANDIN CHIEF EXECUTIVE OFFICER 10 March 2026 Group non-ﬁnancial and sustainability information statement The information below is produced to comply with sections 414CA and 414CB of the Companies Act 2006. The information is incorporated by cross-reference. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 89

→ Board of Directors → Directors’ report → Corporate governance report → Audit Committee report → Nomination Committee report → Directors’ Remuneration report → Supplementary information → Statement of Directors’ responsibilities Governance STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 90

BOARD OF DIRECTORS A highly skilled and experienced Board Joined the Group in 1987 and appointed Board Chair in 2006. Appointed to the Board in August 2023. Appointed to the Board in 2006. Appointed to the Board in August 2020. Key skills and competencies – Over 35 years’ involvement with the Group – Extensive board experience of companies in Latin America – Proven ability to implement long-term strategies in both the non-proﬁt and corporate sectors Current external appointments Commercial: Cementos Pacasmayo S.A.A. (Chair), Aclara Resources Inc. (Chair) Non-proﬁt: UTEC (Chair), TECSUP Key skills and competencies – Long-standing operational experience – Broad knowledge of strategic planning and operational control – Qualiﬁed Mechanical Engineer Current external appointments Commercial: Non-Executive Director of Aclara Resources Inc. Non-proﬁt: Patronato Universidad del Paciﬁco Key skills and competencies – Extensive experience of managing international businesses – Deep understanding of socio-political issues in Latin America – Corporate ﬁnance Current external appointments Commercial: President of Consult & Co. and Non-Executive Director of Aclara Resources Inc. Non-proﬁt: Bunge and Born Charitable Foundation (President) Key skills and competencies – Long-standing career in investment banking in Canada focusing on strategy and M&A – Signiﬁcant experience on listed company boards – In-depth knowledge of corporate governance/ﬁnance/executive compensation Current external appointments Commercial: Non-Executive Chair of Capital Power Corporation and Tiernan Gold Corp. Previous experience Eduardo joined the Hochschild Group in 1987 as Safety Assistant at the Arcata unit, becoming Head of the Hochschild Mining Group in 1998. Eduardo is the Company’s largest shareholder with a holding of c.38%. Previous experience Prior to his appointment as CEO in August 2023, Eduardo served as COO of the Company since March 2013. He joined the Company in January 2008 as General Manager of Argentinian operations and, in 2011, became General Manager of Projects with direct responsibility for the development of Inmaculada. Eduardo previously worked at Cementos Pacasmayo, in the Government of Peru’s Ministry of Energy and Mines and at Repsol S.A. in England, Spain and Peru. Previous experience Jorge served as a Director and Deputy Chairman of international agribusiness Bunge between 2001 and 2010. He previously served as Head of European operations and Head of the UK operations. Jorge previously served as a Non- Executive Director of Dufry AG (now Avolta AG). Jorge has been nominated to the Board by the Company’s largest shareholder, controlled by Eduardo Hochschild. Previous experience Jill spent over 20 years in the investment banking industry having served in a number of senior leadership roles at RBC Capital Markets. She provided strategic advice to and helped raise capital for companies with a focus on the power, pipeline, infrastructure and certain commodity related industries. Jill has previously served on the boards of several TSX-listed companies including Turquoise Hill Resources, Capstone Copper and Trevali Mining Corporation. EDUARDO HOCHSCHILD CHAIR OF THE BOARD EDUARDO LANDIN CHIEF EXECUTIVE OFFICER JORGE BORN JR. NON-EXECUTIVE DIRECTOR JILL GARDINER INDEPENDENT NON- EXECUTIVE DIRECTOR Audit Committee Sustainability Committee Chair Remuneration Committee Nomination Committee A S S N R N A R N N STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 91

Appointed to the Board in December 2021. Designated Non-Executive Director for workforce engagement. Appointed to the Board in May 2022. Appointed to the Board in October 2023. Appointed to the Board in June 2025. Audit Committee Sustainability Committee Chair Remuneration Committee Nomination Committee Key skills and competencies – Extensive experience of managing sustainability in mining – Geology, having overseen global exploration activities – UK-listed company governance Current external appointments Commercial: Non-Executive Director of Weir Group PLC and Antofagasta plc. Key skills and competencies – Extensive experience of managing mining operations – In-depth knowledge of the Canadian market, a key mining hub – Mining Engineering (B.Sc/M.Sc.) Current external appointments Commercial: Non-Executive Director of TSX-listed Vista Gold Corp. Key skills and competencies – Extensive experience of public company ﬁnancial reporting and risk management – Mining sector experience – UK-listed company governance Current external appointments Commercial: Non-Executive Director of Gold X2 Mining Inc. (formerly Goldshore Resources Inc), Rupert Resources Ltd and Orla Mining Ltd. Key skills and competencies – Signiﬁcant knowledge of the mining sector – Extensive experience of corporate ﬁnance, strategy and M&A – UK-listed company governance Current external appointments Commercial: Non-Executive Chair of Resolute Mining Limited. Previous experience Tracey spent almost 10 years working for Anglo American plc, most recently as the Group Head of Sustainable Development having previously also been accountable for safety, operational risk management and sustainable development. Prior to working in sustainability, Tracey worked as a geologist where she oversaw Vale’s exploration activities in the Americas and subsequently joined Anglo American as Group Head of Exploration. Tracey previously served as a Non-Executive Director of Polymetal International PLC. Previous experience Mike spent eight years at Kinross Gold Corp, latterly as Senior Vice President, Operations until his retirement in December 2022. He previously served as a Non-Executive Director of Nickel Creek Platinum Corp. and as a Director and Interim CEO of TSX-listed Claude Resources Inc. having spent a signiﬁcant portion of his career with Vale Canada (formerly Inco Ltd). During his time there he held the positions of CEO New Caledonia and President, Manitoba Operations. Mike is a member of the Professional Engineers of Ontario and a graduate of the Institute of Corporate Directors (ICD) in partnership with the Rotman School of Management. Previous experience Joanna was formerly Executive Vice President and Chief Financial Ofﬁcer of the FTSE 100 company, Endeavour Mining plc, and, prior to that, was an audit partner at Deloitte LLP, Vancouver for 12 years where she conducted multinational audit engagements for US and Canadian listed companies primarily in mining and emerging markets. Joanna is a Chartered Professional Accountant of British Columbia and has a certiﬁcation from the Canadian Institute of Corporate Directors. Previous experience Andrew was formerly the President and CEO of NYSE and TSX-listed Golden Star Resources (2019 – 2022) and prior to that, was CEO of mining investor La Mancha. Between 2010 and 2017 Andrew held various roles at Acacia Mining PLC, including as Chief Financial Ofﬁcer from 2013 to 2017. Before joining Acacia, Andrew worked with JP Morgan Cazenove for 10 years advising a range of clients on equity capital transactions. TRACEY KERR SENIOR INDEPENDENT DIRECTOR MIKE SYLVESTRE INDEPENDENT NON- EXECUTIVE DIRECTOR JOANNA PEARSON INDEPENDENT NON- EXECUTIVE DIRECTOR ANDREW WRAY INDEPENDENT NON- EXECUTIVE DIRECTOR A S R N S R R N N A S N A R N A BOARD OF DIRECTORS CONTINUED Joined the Group and appointed Company Secretary in 2007. Key skills and competencies Raj is a solicitor and Chartered Secretary with over 25 years’ experience in FTSE-listed companies. He has signiﬁcant experience in advising on corporate governance and corporate and commercial law. Previous experience Raj previously served as Deputy Company Secretary and Commercial Counsel at Burberry Group plc. RAJ BHASIN COMPANY SECRETARY STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 92

GENDER OF INDEPENDENT DIRECTORS TENURE OF INDEPENDENT DIRECTORS AS AT 31 DECEMBER 2025 Women 3 0 – 3 Years 2/5 45 – 55 2/8 56 – 65 4/8 3+ Years 3/5 66+ 2/8 Men 2 BOARD AND COMMITTEE MEETING ATTENDANCE BOARD OF DIRECTORS CONTINUED Directors Independent Board Audit Nomination Remuneration Sustainability Eduardo Hochschild, Board Chair No 4/4 – 3/3 – – Eduardo Landin, Chief Executive Ofﬁcer No 4/4 – – – 4/4 Jorge Born, Non-Executive Director No 1 3/4 2 – 3/3 – – Jill Gardiner, Non-Executive Director Yes 4/4 4/4 3/3 4/4 – Tracey Kerr, Non-Executive Director Yes 4/4 – 3/3 4/4 4/4 Joanna Pearson, Non-Executive Director Yes 4/4 4/4 3/3 4/4 – Mike Sylvestre, Non-Executive Director Yes 4/4 4/4 3/3 – 4/4 Andrew Wray, Non-Executive Director 3 Yes 2/2 2/2 1/1 3/3 – Former Director Michael Rawlinson, Non-Executive Director 3 Yes 2/2 2/2 2/2 1/1 – 1 As a Non-Executive Director nominated by Pelham Investment Corporation, the Company’s largest shareholder, Jorge Born is not considered to be independent. 2 Jorge Born was unable to attend the August Board Meeting due to a conﬂicting engagement. 3 Andrew Wray was appointed a Director and a member of the Committees referred to above, and Michael Rawlinson ceased to be Director and a member of the Committees referred to above, at the conclusion of the AGM held on 12 June 2025. AGE OF DIRECTORS AS AT 31 DECEMBER 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 93

Directors’ report The Directors present their report for the year ended 31 December 2025. INFORMATION IN DIRECTORS’ REPORT The Directors’ Report comprises the Corporate Governance Report from pages 96 to 117, this Report on pages 94 to 95, and the Supplementary Information on pages 130 to 132. Other information that is relevant to the Directors’ Report, and which is incorporated by reference, comprises: – An indication of likely future developments included in the Strategic Report; – Greenhouse gas emissions data and the steps taken by the Company to increase its energy efﬁciency, included in the Sustainability Report from page 53; and – Policy on ﬁnancial risk management in note 38 to the consolidated ﬁnancial statements. For the purposes of compliance with Disclosure Guidance and Transparency Rules 4.1.5R(2) and 4.1.8R, the Strategic Report and this Directors’ Report (including the other sections of the Annual Report incorporated by reference) comprise the Management Report. DIVIDEND The Directors declared an interim dividend in respect of the year ended 31 December 2025 of 1 US cent per share (totalling $5.1 million) and are recommending the payment of a ﬁnal dividend of 5 US cents per share. DIVIDEND WAIVER The trustee of the Hochschild Mining Employee Share Trust (‘the Employee Trust’) has waived, on an ongoing basis, the right to dividend payments on shares held by the Employee Trust. As at the date of this report, the Employee Trust does not hold any shares. DIRECTORS The names, functions and biographical details of the Directors serving at the date of this report are given on pages 91 and 92. With the exception of Andrew Wray, who was appointed to the Board on 12 June 2025, all of the Directors were in ofﬁce for the duration of the year under review. Each of the Directors will be retiring and seeking re-election (or, in the case of Andrew Wray, election) by shareholders at the 2026 Annual General Meeting in line with the UK Corporate Governance Code. DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE The Company’s Articles of Association (the ‘Articles’) contain a provision whereby each of the Directors may be indemniﬁed by the Company in respect of liability in relation to: (i) any negligence, default, breach of duty or breach of trust relating to the Company or any associated company; (ii) execution of his/ her duties as Director of the Company; and (iii) the activities of the Company or any associated company as trustee of an occupational pension scheme. For these purposes, associated company has the meaning given to it by section 256 of the Companies Act 2006. However, a Director will not be indemniﬁed for any liability incurred by him/her to the Company or Group companies; any criminal or regulatory ﬁnes; the costs of defending any criminal proceedings in which he/she is convicted; or the costs of defending any civil proceedings brought by the Company in which judgment is given against him/her. The Company has purchased and maintains liability insurance for its Directors and ofﬁcers as permitted by law and Deeds of Indemnity on terms consistent with the Articles have been executed by the Company in favour of the Directors. POLITICAL AND CHARITABLE DONATIONS The Company does not make political donations. During the year, the Group spent or donated a total of $13.1 million to beneﬁt local communities (2024: $12.3 million). RELATIONSHIP AGREEMENT Pelham Investment Corporation (the ‘Signiﬁcant Shareholder’), Eduardo Hochschild (who together with the Signiﬁcant Shareholder are collectively referred to as the ‘Controlling Shareholders’) and the Company entered into a relationship agreement (the ‘Relationship Agreement’) in preparation for the Company’s IPO in 2006 and which was amended and restated during 2014. The principal purpose of the Relationship Agreement is to ensure that the Group is capable of carrying on its business for the beneﬁt of the shareholders of the Company as a whole, and that transactions and relationships with the Controlling Shareholders and any of their respective associates are at arm’s length and on normal commercial terms. Further details of the Relationship Agreement with regard to the conduct of the Signiﬁcant Shareholder are set out in the Corporate Governance Report on page 105 and, with regard to the right to appoint Directors to the Board, are set out on page 106. As required by the Listing Rules, the Directors conﬁrm that the Company continues to be able to carry on the business it carries on as its main activity independently from the Signiﬁcant Shareholder at all times. GOVERNANCE PROCESSES Conﬂicts of Interest The Companies Act 2006 allows directors of public companies to authorise conﬂicts and potential conﬂicts of interest of directors where the Company’s Articles of Association contain a provision to that effect. Amendments to the Company’s Articles of Association were approved by shareholders in 2008, which included provisions giving the Directors authority to authorise matters which may result in the Directors breaching their duty to avoid a conﬂict of interest. The Board has established effective procedures to enable the Directors to notify the Company of any actual or potential conﬂict situations and for those situations to be reviewed and, if appropriate, to be authorised by the Board, subject to any conditions that may be considered necessary. In keeping with the approach agreed by the Board, Directors’ conﬂicts were reviewed during the year under review. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 94

Directors of the Company who have an interest in matters under discussion at Board meetings are required to declare this interest and to abstain from voting on the relevant matters. Related Party Transactions All related party transactions are put to the Independent Directors for consideration and if thought ﬁt, approval. GOING CONCERN After their thorough review of Group liquidity and covenant forecasts the Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence for the period to 31 March 2027 which is at least 12 months from the date of approval of these ﬁnancial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual ﬁnancial statements. Please refer to note 2(d) to the consolidated ﬁnancial statements for full details of the Directors’ assessment of going concern. AGM The 20th AGM of the Company will be held at 3pm on 9 June 2026. The shareholder circular incorporating the Notice of AGM will be sent separately to shareholders or, for those who have elected to receive electronic communications, will be available for viewing at www.hochschildmining.com The shareholder circular contains details of the business to be considered at the meeting. AUDITOR As detailed in last year’s Annual Report, Deloitte LLP was selected as the Company’s Auditor following the tender process held in 2024. Accordingly, Ernst & Young LLP will be rotating off as Auditor in 2026 on completion of matters relating to the audit of the 2025 ﬁnancial statements, and a resolution to appoint Deloitte LLP as Auditor will be put to shareholders at the forthcoming AGM. STATEMENT ON DISCLOSURE OF INFORMATION TO AUDITOR Having made enquiries of fellow Directors and of the Company’s Auditor, each Director conﬁrms that, to the best of his/her knowledge and belief, there is no relevant audit information of which the Company’s Auditor is unaware. Furthermore, each Director has taken all the steps that he/she ought to have taken as a Director in order to make himself/herself aware of any relevant audit information and to establish that the Company’s Auditor is aware of that information. This conﬁrmation is given, and should be interpreted, in accordance with the provisions of section 418(2) of the Companies Act 2006. DIRECTORS’ RESPONSIBILITIES The Directors conﬁrm that to the best of their knowledge: – the consolidated ﬁnancial statements, prepared in accordance with UK-adopted international accounting standards give a true and fair view of the assets, liabilities, ﬁnancial position and proﬁt of the parent company and undertakings included in the consolidation taken as a whole; – the Annual Report, including the Strategic Report, includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and – they consider the Annual Report, taken as a whole, to be fair, balanced and understandable and that it provides the information necessary for shareholders to assess the Company’s position, performance, business model and strategy. See page 133 for a detailed description of the Directors’ responsibilities in the preparation of the Annual Report and the Group and Parent Company ﬁnancial statements. DISCLAIMER Neither the Company nor the Directors accept any liability to any person in relation to this Annual Report except to the extent that such liability could arise under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with section 90A of the Financial Services and Markets Act 2000. On behalf of the Board RAJ BHASIN COMPANY SECRETARY 10 March 2026 Hochschild Mining PLC Company Number: 05777693 DIRECTORS’ REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 95

Dear Shareholder I am pleased to present the Corporate Governance Report for 2025. In addition to overseeing management’s response to the operational challenges faced at Mara Rosa, the Directors took a number of actions over the course of the year to enhance the way we can effectively discharge our governance responsibilities. BOARD EFFECTIVENESS We were delighted to announce, early in the year, the appointment of Andrew Wray as an independent Non-Executive Director. This was in keeping with our Board succession plan which foresaw Michael Rawlinson’s retirement having served over nine years on the Board and therefore indicated a need to ensure the continued presence of the experience and skills that would otherwise have been lost. Andrew brings with him longstanding experience of operating at a senior level within FTSE-listed mining companies as well a deep knowledge of capital markets. Board succession also presented an opportunity to appoint our ﬁrst female Senior Independent Director and Chair of the Remuneration Committee, and so I am delighted that Tracey Kerr and Jill Gardiner agreed to assume these respective roles following last year’s AGM. There is a long way to go for the mining industry to address the gender imbalance in its workforce, but I am proud that we, as a Board, and indeed the Company as a whole, as reported in the Sustainability Report, have been able to make their contributions. Following the external Board performance review undertaken in late 2024, I am pleased that a number of strengths in the way the Board operates were acknowledged. We have worked diligently during the year to implement the areas of development that were identiﬁed and are pleased to report on the progress made later in this report. ENGAGING WITH STAKEHOLDERS A key input to the Board’s deliberations on strategy is the views of stakeholder, both internal and external. As a result, the changes in Board responsibilities prompted an invitation to our largest independent shareholders to deepen their understanding of governance practices at Hochschild, and to share their views and expectations. This was a valuable exercise and we have provided further detail later in this report on the wide- ranging nature of the discussions held. The second group of stakeholders the Board heard from was a selection of our Lima-based employees in a session of the Employee Forum which was chaired by Tracey Kerr as the Non-Executive Director designated for workforce engagement. The group was selected so that the Board could better understand the perceptions and needs of those who are in the early stages of their career. This not only helps the Board to gauge organisational culture, but it was also invaluable in ensuring that the Board can steer the Company to future strategic success by securing the talent that we need. Please do not hesitate to contact me at Chairman@hocplc.com if you should have any comments or observations you wish to share. EDUARDO HOCHSCHILD COMPANY CHAIR Corporate governance report EDUARDO HOCHSCHILD COMPANY CHAIR A year of robust performance and active governance. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 96

Introduction This report, together with the sections of the Annual Report referred to in the table to the right, describe how the Company has applied the Principles of the UK Corporate Governance Code (‘the Code’) (2024 edition) in respect of the year ended 31 December 2025. A copy of the Code is available on the website of the Financial Reporting Council (FRC) at www.frc.org.uk. STATEMENT OF COMPLIANCE The Board conﬁrms that, in respect of the year under review, the Group has complied with the provisions contained in the Code with the exceptions noted below: CORPORATE GOVERNANCE REPORT CONTINUED Sections of UK Corporate Governance Code Page References 1. Board Leadership and Company Purpose A. Effective board 91-92, 98 B. Purpose, values and culture 17, 42-44, 101-102 C. Governance framework 47, 98, 109, 115 D. Stakeholder engagement 42-66, 103-104 E. Workforce policies and practices 60-66, 104 2. Division of Responsibilities F. Role of chair 105 G. Board Balance & Independence 105 H. Non-Executive Directors’ external commitments & challenge 91-92, 105 I. Board resources 98, 106 3. Composition, Succession and Evaluation J. Appointment to the board 106, 116-117 K. Board skills, experience and knowledge 91, 92, 105, 116 L. Annual board evaluation 106-108 4. Audit, Risk and Internal Control M. Independence of audit functions & integrity of reporting 109-114 N. Fair, balanced and understandable assessment 95 O. Effective risk management & internal control framework 76-88, 110-111 5. Remuneration P. Linking remuneration to purpose and strategy 20-21 Q. Remuneration policy review 119 R. Determining 2025 remuneration outcomes 122-124 Other Disclosures Share structure, shareholder agreements & constitutional provisions 130-132 PROVISION 37 Directors’ contracts and/or other agreements or documents which cover director remuneration should include malus and clawback provisions that would enable the Company to recover and/or withhold sums or share awards. Explanation: In order to overcome the legal difﬁculties in enforcing clawback in Peru, the Group’s malus policy describes the events which may lead to its implementation including misconduct, reputational damage, error in calculation and any material breach of an individual’s employment contract. PROVISION 19 The Chair should not remain in post beyond nine years from the date of their ﬁrst appointment to the Board. Explanation: As a major shareholder of the Company and given his signiﬁcant experience of mining in Peru, the Directors consider Mr Hochschild’s continued role as Board Chair to be in the best interests of the Company. As described later in this report, the Company’s governance structure incorporates a number of checks and balances to ensure ongoing objectivity and that undue inﬂuence is not exercised. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 97

Board leadership and Company purpose BOARD AUDIT COMMITTEE 1 REMUNERATION COMMITTEE 1 NOMINATION COMMITTEE 1 EXPLORATION WORKING GROUP SUSTAINABILITY COMMITTEE 1 EDUARDO HOCHSCHILD COMPANY CHAIR JOANNA PEARSON CHAIR EDUARDO HOCHSCHILD CHAIR JILL GARDINER CHAIR TRACEY KERR CHAIR 2 5 A working group consisting of management and Non-Executive Directors which reviews detailed reports on, and progress against, brownﬁeld and greenﬁeld exploration programmes. READ MORE ON PAGE 115 READ MORE ON PAGE 45 READ MORE ON PAGE 109 READ MORE ON PAGE 118 1 See www.hochschildmining.com/about-us/governance/ for copies of the committees’ terms of reference. CORPORATE GOVERNANCE REPORT CONTINUED Non-Independent Directors Independent Directors EDUARDO LANDIN CHIEF EXECUTIVE OFFICER JORGE BORN JR. NON-EXECUTIVE DIRECTOR STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 98

THE BOARD The Board is responsible for approving the Company’s strategy and monitoring its implementation, for overseeing the management of operations and for providing leadership and support to the senior management team in achieving sustainable added value for shareholders. It is also responsible for enabling the efﬁcient operation of the Group by providing adequate ﬁnancial and human resources and an appropriate system of ﬁnancial control to ensure these resources are fully monitored and utilised. There is an agreed schedule of matters reserved for the Board which includes the approval of annual and half-yearly results, the Group’s strategy, the annual budget and major items of capital expenditure. 2025 BOARD MEETINGS Business Nine Board meetings were held during the year, of which four were scheduled meetings. The ad hoc meetings were convened to consider: – Updates on the Mara Rosa mine; – The recommendation of the Nomination Committee with regards to the appointment of Andrew Wray as a Non- Executive Director; – The partial divestment of the Volcan gold project through a listing of Tiernan Gold Corp on the TSX-Venture exchange. In addition to the regular updates from across the business, the principal matters considered by the Board during 2025 are detailed on this and the following pages. In keeping with Board practice, meetings incorporate reports from each of the Committee Chairs on the business considered at their respective meetings. Any signiﬁcant matters arising from those meetings are discussed by the full Board and feature among the matters described. Senior executives of the organisation are invited to attend Board meetings and to make presentations on their areas of responsibility. In the event a Director is unable to attend a Board or Committee meeting, comments are encouraged to be fed back to the Chairman of the relevant meeting who ensures that the absent Director’s views are conveyed. In between scheduled Board meetings, Directors are kept informed through: – monthly management reports on the Company’s operations, safety performance, exploration activity and ﬁnancial position; and – monthly Board update calls. The Directors receive brieﬁngs from the Company Secretary and legal advisers on their duties under English law to promote the success of the Company. As in other large companies, these duties are, in part, discharged through a framework of delegated authorities. MATTERS CONSIDERED BY THE BOARD IN 2025 HEALTH AND SAFETY – Updates on the ongoing implementation of the Company’s framework of safety initiatives (see page 57 for further details) – Quarterly reviews of the health dashboard detailing performance of key health-related indicators at each of the operations – Updates on the ﬁndings of the Company’s investigations into health and safety matters including reports on severe operational accidents and near-misses. Please see Sustainability report for further information FINANCIAL – The stress-tested scenarios and the underlying assumptions used in (a) the going concern statements in support of the 2024 annual ﬁnancial statements and 2025 half-yearly ﬁnancial statements and (b) the viability statement included in the 2024 Annual Report and Accounts – Approval of the 2024 Annual Report and Accounts and the 2025 Half-Yearly Report – The Group’s ongoing ﬁnancial position and projected cash ﬂows – Approval of a Dividend Policy – The recommended 2024 ﬁnal dividend and approval of the 2025 interim dividend – Updates on unbudgeted expenditure – Approval of the proposal to roll-forward the hedged sale obligations for delivery in H2 2025 to H1 2028 – The review and approval of the 2026 budget STRATEGY AND GROWTH – The review and approval of the Group’s annual strategic plan 1 – Progress of the Brownﬁeld Exploration Programme – Updates on the preparatory workstreams for, and the subsequent approval of, the ﬁnancing and partial divestment of the Volcan gold project through the listing of Tiernan Gold Corp on the TSX Venture Exchange 1 – Updates on potential early-stage projects in targeted jurisdictions of interest CORPORATE GOVERNANCE REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 99

SUSTAINABILITY – Reviews of the social climate in Peru, Argentina and Brazil and their potential impact on the Group’s activities – Performance of the Group against the internally-designed environmental corporate scorecard (the ECO Score) and updates on the Company’s implementation of the Environmental Cultural Transformation Plan – Review of the 2024 Sustainability and Climate-related Financial Disclosures’ Reports – Feedback on employees’ views following meetings chaired by Tracey Kerr (see page 104 for further details) – Approval of the Company’s ﬁrst Modern Slavery Statement https://www.hochschildmining.com/media/t5mjh3st/ modern-slavery-statement-hochschild-mining.pdf – Approval of the new Anti-Fraud Policy and revised versions of the Anti-Bribery and Corruption and Whistleblowing Policies, and Code of Conduct INVESTORS’ VIEWS – Regular reports from the Head of Investor Relations on investor sentiment as part of the Group’s comprehensive investor engagement schedule (see later section headed Shareholder engagement activities in 2025 on page 103) – Feedback from investors (i) and proxy voting agencies on 2025 AGM business and (ii) in response to an invitation to meet with Tracey Kerr and Jill Gardiner in their respective roles as Senior Independent Director and Chair of the Remuneration Committee (see page 103 for further details) EXTERNAL ENVIRONMENT – Presentation from corporate broker, JP Morgan Cazenove, on the industry, the outlook for precious metals and regulatory matters 1 See page 104 on how wider stakeholders’ interests were considered in relation to these key Board decisions. BUSINESS PERFORMANCE – Updates on the Mara Rosa operation, including the ﬁndings from both internal and externally-commissioned reviews, and the implementation of (i) changes to operational governance, and (ii) remedial actions at the operations – Detailed updates on operational performance including progress on permitting in relation to Royropata – Updates on the recruitment of the Chief Operating Ofﬁcer RISK & INTERNAL CONTROL – Presentation on the Group’s level of preparedness with regards to cyber-attacks – Political developments in the Company’s countries of operation – Quarterly reviews of the Group’s Risk Register detailing the signiﬁcant and emerging risks faced by the Group and their corresponding mitigation plans – Annual review of risk appetite – Updates on progress on the Company’s compliance with Provision 29 of the UK Corporate Governance Code GOVERNANCE – Updates and presentations from the Company Secretary on relevant legal and governance-related developments including lessons drawn from decisions of the Financial Conduct Authority with regards to Listing Rules/regulatory compliance – An update on the implementation of the 2024 Board evaluation recommendations – The process for the internally-led Board effectiveness review – Non-Executive Directors' fees – The annual reviews of the Directors’ conﬂicts of interest and the independence of Non-Executive Directors CORPORATE GOVERNANCE REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 100

OUR CORPORATE VALUES The Company frequently runs events to reinforce the Company’s culture and values involving colleagues across all of operations. In 2025 these included a series of events across our operations (see opposite and overleaf for further details). CORPORATE GOVERNANCE REPORT CONTINUED Purpose and culture The Group was established over a hundred years ago and over time it has characterised itself not only through sound operations but also in striving to achieve the highest standards of safety and with regards to its social impact. This approach is reﬂected and described in further detail in the Code of Conduct, which was originally adopted in 2010 and was revised in August 2025, and sets out the standards and behaviours expected from all levels within the Company as well as our partners, namely: professionalism, honesty, integrity, respect for our stakeholders and a commitment to safety, our communities and the environment. These are further reiterated in the Group’s suite of policies relating to fraud and bribery. As a Company with a mission of undertaking ‘Responsible and Innovative Mining Committed to a Better World’ – Hochschild Mining has adopted the values (below) to foster a culture that is aligned with its purpose. SETTING THE TONE The Board sets the tone from the top, reﬂecting Hochschild’s values in its deliberations and decision-making. The CEO and the executive management team is the crucial conduit through which the tone is cascaded throughout the organisation. In particular, during the year: – the CEO kept the organisation updated on key aspects of the management re- organisation at Mara Rosa and hosted a virtual Q&A session on the review of the operation with all employees; – the achievement of key strategic events were highlighted, such as the sale of Arcata; – the CEO gave presentations on the 2024 full-year results and 2025 interim results as well as the underlying strategic priorities; – the CEO reiterated the Company’s commitments to sustainable mining in recognition of World Environment Day; and – the CEO and COO reiterated the importance of workplace safety (see panel to the right for further information). BRAZIL: REINFORCING CULTURAL ATTRIBUTES In Brazil, a dedicated programme was implemented to reinforce the Company’s cultural attributes, delivered through four themed weeks, each focused on a speciﬁc cultural attribute. Each week concluded with the recognition of one staff employee, one technical (operational-level) employee, and one contractor employee who exempliﬁed the cultural attribute being highlighted. This initiative helped embed cultural attributes into daily operations and promoted role models across different worker groups. BEING EFFICIENT BEING INNOVATIVE RECOGNISING TALENT ACTING RESPONSIBLY UNCOMPROMISING ON SAFETY As a reﬂection of the importance placed on safety, senior management shared messages at relevant points during the year on the collective commitment to safe working practices. Such messages were circulated in response to the occurrence of fatal accidents at other mining companies’ operations in Peru, in support of the ILO’s World Day for Safety and Health at Work, and at the end of the year to reiterate the uncompromising nature of the commitment to safety. Brieﬁngs are also held, in keeping with the Company’s usual practice, on learnings arising from serious accidents or near-misses. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 101

HOC RECOGNITION WEEK In 2025, we launched our inaugural Recognition Week, implemented across all operations, aimed at strengthening the practice of recognition at all levels of the organisation. The initiative encouraged employees to identify and value behaviours that represent the Company’s cultural attributes, reinforcing the importance of recognising positive contributions in daily work. This initiative was promoted by the CEO, and included: – Virtual workshops focused on the importance of recognition and practical ways of acknowledging others’ achievements. – Leadership workshops delivered in each country. – On-site activities at the administrative ofﬁces and mining units, where recognition cards were used to encourage peer-to-peer recognition. In addition, a dedicated channel on the corporate collaboration platform was created to promote continuous recognition across the organisation. CORPORATE GOVERNANCE REPORT CONTINUED ASSESSING AND MONITORING CULTURE The Board assesses and monitors the Company’s culture using a dashboard of measures (some of which are reported on a monthly basis) and the use of other mechanisms such as surveys and feedback from employees, both direct and indirect. MONITORING CULTURE DASHBOARD Responsibility Safety Accident Frequency Index (LTIFR), Accident Severity Index, High Potential Event rate, Leading indicators, Seguscore (see page 58 for further details) Environmental ECO Score Community Relations Production stoppages due to social issues ESG External ESG ratings Ethical practices/Integrity Whistleblowing reports, compliance training roll-out, internal audit reports Innovation Updates on operational efﬁciency projects Recognising Talent Team and individual development plans, staff turnover/retention rates, results of diversity and inclusion programmes, results of working climate survey Efﬁciency Operational KPIs including AISC, Production and Brownﬁeld Exploration results and expenditure vs budget; Financial KPIs including Adjusted EBITDA, Working Capital, Cash Balance, Debt Covenant ratios Surveys The Board also receives updates from management on speciﬁc engagement initiatives which provide valuable insight at an operational level which, during 2025, included: – an environmental culture survey, which was conducted for the second time to evaluate the maturity of environmental awareness; and – the use of a digital tool designed by third-party specialists to assess employee awareness of the measures implemented to combat sexual harassment STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 102

The Board ensures there is regular and sustained engagement with its shareholders and other stakeholders which is fed back to the Board and taken into consideration in discussions and decision-making. This section of the report includes the s172(1) statement and, by cross-referencing other parts of this report, summarises how engagement was undertaken and how stakeholders’ interests were considered in the key decisions taken during the year. ENGAGEMENT WITH SHAREHOLDERS Our approach The Board Chair, with the support of the Senior Independent Director and the Company Secretary, is available to engage with major shareholders on matters of governance and performance against strategy. The Chief Executive Ofﬁcer is responsible for discussing strategy and business performance Engagement with the Company’s shareholders and conveying their views to the other members of the Board. He is supported in this regard by the Chief Financial Ofﬁcer and the Head of Investor Relations who is based in the London corporate ofﬁce. In addition to the direct means of contact as detailed in the table below, Directors are kept informed of major shareholders’ views through copies of (i) relevant analysts’ and brokers’ brieﬁngs, (ii) voting recommendation reports issued by institutional investor agencies, and (iii) signiﬁcant correspondence from shareholders with respect to the business to be put to shareholder vote at General Meetings. An extensive investor relations schedule resulted in management holding approximately 100 investor meetings during the year. The Company continued its use of platforms to facilitate the virtual attendance of private investors in live presentations from the CEO on the full-year and half-year ﬁnancial results and to submit questions. 2025 Shareholder Engagement Process In early September 2025, the Company invited 13 of its largest independent shareholders to meet virtually with Tracey Kerr and Jill Gardiner to discuss governance matters following their respective appointments, earlier in the year, to the roles of Senior Independent Director and Remuneration Committee Chair. Six shareholders requested meetings which were also attended by the Company Secretary. The discussions were wide-ranging and covered numerous aspects of corporate governance, executive remuneration and sustainability. In particular, the subject matters discussed included: – Chair succession; – Board composition and the process for Board-level recruitment; – Directors’ time commitments; – The Board’s approach to employee engagement and conducting visits to the operations; – The Remuneration Committee’s approach to 2025 remuneration in light of the operational challenges at Mara Rosa and the alignment between Hochschild’s remuneration practices with its ESG objectives; – The Board’s role with respect to Human Rights issues including modern slavery and the whistleblowing process; and – The Board’s approach to performance reviews and the actions arising from recent assessments. Outcome The feedback received at the meetings was conveyed to the full Board which further informed their approach on the various issues discussed. In addition, these meetings (i) provided a key insight into the investors’ governance areas of focus, and (ii) prompted further consideration of broader investor- related matters, for example, the potential for additional investor marketing within Latin America. ENGAGEMENT WITH OTHER STAKEHOLDERS On pages 42 to 44 of the Strategic Report, the Company has identiﬁed its key stakeholder groups and described how the Company engages with them. Further details on our interactions with these groups can be found in the Sustainability Report. The Directors are aware of their duty under English company law (the ‘section 172 duties’) to act in the way that is considered, in good faith, as most likely to promote the success of the Company for the beneﬁt of its shareholders and other factors. These include the likely consequences of any decisions in the long term, the interests of the Company’s employees, the need to foster the Company’s business relationships with all stakeholders, the impact of the Company’s operations on the community and environment, and the desire to maintain a reputation for high standards of business conduct. By understanding stakeholders’ views and expectations, the Board is able to successfully steer the Company towards achieving its strategic goals in a sustainable manner and in acknowledgement of its licence to operate. Shareholder engagement activities in 2025 Month Event January (and May, July, October) Conference calls following each Quarterly Production Report February BMO Global Metals & Mining Conference March 2024 annual results presentation and UK roadshow May BoA Merrill Lynch Global Metals, Mining and Steel Conference June AGM, where resolutions were passed with the support of an average of 97.5% of the votes cast. August H1 2025 results presentation September H1 2025 results UK roadshow, including presentation to retail investors via the Investor Meet Company platform Denver Gold Forum Invitation to signiﬁcant shareholders to meet with Tracey Kerr and Jill Gardiner following their appointments to the respective roles of Senior Independent Director and Remuneration Committee chair (see right for more details). October Canaccord Silver Conference CORPORATE GOVERNANCE REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 103

WORKFORCE ENGAGEMENT: EMPLOYEE FORUM The forum, which was launched in 2022, is valued by Directors as they learn, ﬁrst-hand, the views of colleagues across the business on a variety of subjects. The intention of the forum held in 2025 was to speciﬁcally hear the views of colleagues in the early stages of their professional careers as they represented the age demographic that is considered critical in driving the Company’s future success. The meeting identiﬁed a number of perceived strengths and areas of development that would increase the appeal of Hochschild Mining as an employer and was followed by an open question and answer session which included insight into the Board’s areas of focus in the medium to long term. Key Feedback Received Strengths Areas of Development HOC beneﬁts from a ﬂat organisation structure making senior management accessible The provision of additional specialist training opportunities Working environment and exposure to multi-disciplinary teams that support professional development The promotion of opportunities to work at other operations Policies that acknowledge a healthy work/ life balance Consideration of incorporating additional areas of innovation Proud to be associated with a Company that acts on social and environmental commitments Highlighting publicly the extent of social engagement undertaken by HOC Below, we have summarised how the Board receives feedback from its key stakeholder groups: Employees As Chair of the Sustainability Committee, Tracey Kerr is our designated Director to oversee workforce engagement. In addition to receiving quarterly updates from the Vice President of Human Resources on discussions with trade unions and other employee group meetings, Tracey also met with employees at the San Jose mine during a site visit in August 2025. She also chaired an Employee Forum meeting at the Lima Head Ofﬁce (see panel on the right-hand side for further details). Social Relevant matters are reported to the Sustainability Committee on a quarterly basis which is fed back to the Board. Government/ Regulators Relevant matters are reported to the Board (a) on a routine basis in relation to signiﬁcant matters, such as permitting, environmental and other regulatory matters and (b) as part of its consideration of the quarterly Risk Management updates on the political/regulatory climate. Suppliers/ Lenders Relevant matters are reported to the Board as part of its consideration of the quarterly Risk Management updates (particularly with regards to Counterparty and Supply Chain risks). Customers Signiﬁcant matters are reported to the Board by the Chief Financial Ofﬁcer who is responsible for managing the Sales and Logistics department. There were no material matters raised during the year. IMPACT ON WIDER STAKEHOLDER GROUP OF KEY DECISIONS IN 2025 In discharging their section 172 duties the Directors have regard to the factors set out above as well as other factors which are considered relevant to the decision being made. It is acknowledged that every decision we make will not necessarily result in a positive outcome for all our stakeholders. By considering the Company’s purpose together with its strategic priorities, and having a process in place for decision-making, the aim is to make sure that decisions reﬂect the Group’s corporate values. For details on how our Board operates and the matters we discussed and debated during the year, please see pages 99 and 100. We set out below examples of how the Directors had regard to the matters set out in section 172(1) (a)-(f) when discharging their section 172 duties on certain decisions taken during the year. (a) Annual Strategic Review In keeping with its usual approach, the Board carried out a review of the Group’s strategy. The discussion in 2025 identiﬁed ten strategic objectives as key drivers for growth in respect of which, four-year targets are set. Each objective reﬂects the pillars of Hochschild’s corporate purpose and promotes good ESG practices to ensure the achievements of the Group’s 2030 ambitions as well as seeking to become an employer of choice by creating a positive working environment. By taking this approach, the Board has mandated that every strategic business decision should promote sustainability for a wide range of stakeholders. (b) Partial Divestment of the Volcan Gold Project In its decision to separately list, and raise ﬁnance for, the Volcan gold project and to partially divest the Group’s ownership of the asset, the Board: – Considered the expectations of shareholders generally for the Company to realise value from non-core assets; and – Acknowledged that the listing and associated ﬁnancing would result in the project progressing towards development which would create sustainable value for employees and local stakeholders (including communities, suppliers and government). CORPORATE GOVERNANCE REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 104

Directors of the Board continue to assert that he chairs the Board in an objective manner and encourages open and full debate. The Directors are satisﬁed that the composition of the Board and the implementation of certain contractual arrangements act as additional measures which prevent the exercise of undue inﬂuence by Eduardo Hochschild. Firstly, the signiﬁcant presence of Independent Directors and the active role of the Senior Independent Director ensure that the views of minority shareholders are well represented. Secondly, the undertakings provided in the Relationship Agreement (as described below) ensure that the Company and its subsidiaries are capable of carrying on their business independently of Eduardo Hochschild and his associates. The Relationship Agreement contains undertakings from each of Eduardo Hochschild and Pelham that: – All transactions with the Company (and its subsidiaries) will be conducted at arm’s length and on normal commercial terms; – Neither of them (nor their associates) (the ‘Relevant Parties’) will take any action that would have the effect of preventing the Company from complying with its obligations under the UK Listing Rules; – The Relevant Parties will not propose, and neither will they procure the proposal of, a shareholder resolution intended or which appears to be intended to circumvent the proper application of the UK Listing Rules; and – The Relevant Parties will not take any action that would preclude or inhibit any member of the Group from carrying on its business independently of any of them. SENIOR INDEPENDENT DIRECTOR Tracey Kerr succeeded Michael Rawlinson as the Senior Independent Director (‘SID’) following Michael’s retirement from the Board in June 2025. The role of the SID is not only to act as a central point of contact for the Non-Executive Directors as a group but to also act as a conduit between the Non-Executive Directors and the executive management team. To facilitate this, meetings of (a) the Non-Executive Directors and of (b) the Independent Non-Executive Directors are chaired by the SID after each Board meeting. This provides the opportunity to gather feedback and thoughts on Board discussions which are subsequently relayed to the Board Chair and/or the executive team as appropriate. A crucial part of the role of the SID is to meet with major shareholders if concerns have not been addressed by the executive team. No such meetings were requested during the year. NON-EXECUTIVE DIRECTORS The Company’s Non-Executive Directors have held senior positions in the corporate sector. Each such Director brings their experience and independent perspective to enhance the Board’s capacity to help develop proposals on strategy and to oversee and grow the operations within a sound framework of corporate governance. Details of the tenure of appointment of Non-Executive Directors are provided in the Directors’ Remuneration Report. BOARD COMPOSITION The Board comprised, at all times, a majority of Non-Executive Directors considered to be of independent judgement and character. In addition to Eduardo Hochschild, the other non-independent Non-Executive Directors are Eduardo Landin (CEO), and Jorge Born who has been nominated to the Board by Pelham under its rights pursuant to the Relationship Agreement (further details of which can be found on page 94 of the Directors’ Report). CHAIR The Board is led by the Chair, Eduardo Hochschild who, through Pelham, is the Company’s largest shareholder with an interest of c.38%. As Chair of the Board, Eduardo Hochschild is responsible for leading the Board of Directors and ensuring that the Board is enabled to play a full and constructive part in the development and determination of the Group’s strategy and overall commercial objectives. CHIEF EXECUTIVE In addition to leading the executive team in the day-to-day management of the Group’s business, Eduardo Landin, as Chief Executive Ofﬁcer, is responsible for the formulation of the vision and long-term corporate strategy of the Group, the approval of which is a matter for the full Board. The Board has approved a document which sets out the division of responsibilities between the Chair and Chief Executive Ofﬁcer. STATUS OF THE CHAIR In light of his signiﬁcant shareholding, Eduardo Hochschild is not considered to be independent. However, the other Division of responsibilities INDEPENDENCE OF NON-EXECUTIVE DIRECTORS In keeping with its usual practice, the Board considered, during the year, the independence of Non-Executive Directors taking into account the circumstances set out in Provision 10 of the Code. The Board has concluded that, with the exception of Eduardo Hochschild in light of his signiﬁcant shareholding, and Jorge Born, who is a nominee director of Pelham, all other Non-Executive Directors are considered to be independent. COMPANY SECRETARY The Company Secretary is appointed and removed by the Board and is responsible for advising the Board on governance matters and the provision of administrative and other services to the Board. All the Directors have access to the Company Secretary. CORPORATE GOVERNANCE REPORT CONTINUED I am pleased to have taken on the role of Senior Independent Director in June 2025. It has long been acknowledged as a key position in Board-level governance, but it has particular importance at Hochschild where the Board Chair is also a signiﬁcant shareholder. TRACEY KERR SENIOR INDEPENDENT NON-EXECUTIVE DIRECTOR STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 105

APPOINTMENTS AND RE-ELECTION OF DIRECTORS The Board has established a Nomination Committee which recommends nominations to the Board. The report of the Nomination Committee appears on pages 115 to 117. The Company has adopted the practice of requiring Directors to seek annual re- election by shareholders in keeping with the UK Corporate Governance Code. The biographies of the Directors can be found on pages 91 and 92 which, in addition to specifying other positions, also highlight the key skills and experience of each Board member. Under the terms of the Relationship Agreement, Pelham has (i) the right to appoint up to two Non-Executive Directors to the Board for so long as it holds an interest of 30% or more in the Company and (ii) the right to appoint one Non-Executive Director for so long as it has an interest of 15% or more in the Company, and in each case to remove any such Director(s) previously appointed. The Relationship Agreement continues for so long as the Company’s shares are traded on the London Stock Exchange or until such time as the Controlling Shareholders (including Eduardo Hochschild) cease to own or control in aggregate a minimum of 15% of the issued share capital or voting rights of the Company. In the exercise of its nominating rights, Pelham has currently only appointed Jorge Born. Composition, succession and evaluation BOARD DEVELOPMENT It is the responsibility of the Board Chair to ensure that the Directors are able to build on their knowledge and are provided with the necessary resources to do so. Brieﬁngs The Directors receive regular brieﬁngs from the Company Secretary on developments in the areas of corporate law and corporate governance that affect their roles as Directors of a UK-listed company. During 2025, this included reviewing relevant published decisions of the Financial Conduct Authority for ﬁndings of breaches of rules and regulations that apply to listed companies and their ofﬁcers. In addition, the Directors have ongoing access to the Company’s ofﬁcers and advisers with presentations arranged periodically on topics such as Directors’ duties and regulatory obligations. BENEFITING FROM EXTERNAL EXPERTISE In line with a recommendation arising from the 2024 Board review, representatives from JP Morgan Cazenove, one of the Company’s corporate brokers presented to the Board in June 2025 on the precious metal mining sector and the outlook for silver and gold. In addition, the Directors were advised on the regulatory aspects of responding to investor activism. ADVICE The Company has procedures by which members of the Board may take independent professional advice at the Company’s expense in the furtherance of their duties. BOARD EFFECTIVENESS The Board is committed to the process of continuous improvement and so, during the year (a) took a number of actions to implement the ﬁndings of the external evaluation undertaken in 2024, and (b) undertook an internally-facilitated evaluation towards the end of 2025. 2025 BOARD EFFECTIVENESS REVIEW Process The Board carried out an internally-led Board Effectiveness review in the latter part of 2025 which involved one-to-one discussions between each Board member and the Senior Independent Director and Company Secretary. The discussions were wide-ranging and were structured to cover the following areas as well as focusing on other emerging matters. The Board Board composition and effectiveness, Format of meetings and materials, Speciﬁc aspects of the Board’s responsibilities in general and learnings arising from the year’s key developments. The Committees Reviews of composition, key aspects of their speciﬁc roles and upcoming areas of focus. CORPORATE GOVERNANCE REPORT CONTINUED Peer Reviews In relation to the Chair Effectiveness of relationships, management of board meetings. In relation to the Directors Self-review and 360 Review of other Board members’ strengths and development areas. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 106

Implementation of 2024 Board Effectiveness Review The table below sets out the key actions taken in 2025 in respect of the principal recommendations arising from the prior year’s review carried out by Lintstock. Area of Focus Recommendation Actions taken Enhancing Director insight Site visits Consideration to be given to ‘virtual visits’ during Board meetings if physical visits are not feasible (due to remoteness, adverse weather, safety etc) While this action will be kept under consideration, site visits were undertaken during 2025, with Tracey Kerr and Mike Sylvestre visiting the San Jose mine in August. External environment Opportunities to be taken to enhance the Directors’ knowledge of the Company’s peers and their relative performance, technological advances in the industry and community-related considerations Sector experts from JP Morgan Cazenove, one of the Company’s corporate brokers, presented to the Board in June 2025 on the industry and the outlook for precious metals. Other Deep Dive sessions on relevant areas will be held during 2026. Management succession Successor development below executive management level Development plans and associated timelines for selected employees below executive management level were considered as part of the Nomination Committee’s annual review in November 2025. Strategy Board involvement in strategic planning Enhance preparation for, and conduct of, the Annual Strategic Review and consideration of longer-term priorities Given management's focus on Mara Rosa over the period of preparation for the Annual Strategic Review, the recommended suggestions have been carried forward to the current year. Governance & risk Transition to new Senior Independent Director (SID) Supporting Tracey Kerr through the incorporation of suggested practices to ensure smooth ﬂow of information between Chair and the Non-Executive Directors After each Board meeting, separate meetings take place as a matter of routine between (a) the Non-Executive Directors only, and (b) the Independent Non-Executive Directors only. These are followed by a meeting between the SID and Chair and, if necessary, between the SID and the CEO. Risk management Targeted areas of development to enhance the Board’s understanding of the Company’s risk environment Annual review of risk appetite has been formalised and included in Board calendar. Risk management processes are currently under review as part of the Company’s preparations to comply with Provision 29 of the UK Corporate Governance Code (see page 111 for further details). Internal Board effectiveness reviews Introducing a more robust individual director performance review Approach incorporated in the 2025 internally-led review (see section below for further details). CORPORATE GOVERNANCE REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 107

2025 BOARD EFFECTIVENESS REVIEW Process The Board carried out an internally-led Board Effectiveness review in the latter part of 2025 which involved one-to-one discussions between each Board member and the Senior Independent Director and Company Secretary. The discussions were wide-ranging and were structured to cover the following areas as well as focusing on other emerging matters. The Board Board composition and effectiveness, Format of meetings and materials, Speciﬁc aspects of the Board’s responsibilities in general and learnings arising from the year’s key developments. The Committees Reviews of composition, key aspects of their speciﬁc roles and upcoming areas of focus. Peer Reviews In relation to the Chair Effectiveness of relationships, management of Board meetings. In relation to the Directors Self-review and 360 Review of other Board members’ strengths and development areas. CORPORATE GOVERNANCE REPORT CONTINUED Area of Focus Action Enhancing Director insight External environment Deeper dive discussions on technological advances in the industry and socio-political developments Operational insight Senior country/operational managers to meet with Board members Strategy Strategic Updates Enhancing periodic reporting on progress against strategic objectives Risk Contingency Planning Reviewing the Company’s preparedness to respond to unforeseen events AREAS OF STRENGTH Open and constructive dynamic at Board meetings Quality of Board materials in general and in response to follow-up requests Support provided on governance and regulatory responsibilities The smooth transition of responsibilities to the new Senior Independent Director and Remuneration Committee Chair The effectiveness of the Audit and Sustainability Committees Findings The areas of strength and development areas identiﬁed in the 2025 Board and Committee Review are summarised below: STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 108

In this section of the Annual Report, we provide shareholders with an insight into key areas considered by the Committee, together with an explanation of how the Committee discharged its responsibilities and provided assurance on the integrity of the 2025 Annual Report and Accounts. Another key aspect of the Audit Committee’s responsibilities is the monitoring of the effectiveness of the Company’s internal controls and risk management processes. This was given increased focus during the year in light of Provision 29 of the UK Corporate Governance Code. In particular, a review of the Group’s system of internal controls is well progressed which will enable the Directors to provide the requisite conﬁrmation on the effectiveness of material controls in the 2026 Annual Report. Please refer to page 111 for further details. Turning to the 2025 ﬁnancial statements, the Committee reviewed management’s material accounting judgements and disclosures where the issues of impairments, the accounting for the separate listing of Tiernan Gold and mine rehabilitation provision were considered in detail. Further information on these key accounting matters are provided on pages 113 and 114. JOANNA PEARSON COMMITTEE CHAIR Audit Committee report JOANNA PEARSON COMMITTEE CHAIR KEY ROLES AND RESPONSIBILITIES – To monitor the integrity and material accuracy of the Company’s ﬁnancial statements and related disclosures; – To monitor the effectiveness of the Company’s internal controls and risk management systems and review the preparation of the going concern and viability statements; – To review, on behalf of the Board, the Company’s procedures for detecting fraud, the Company’s systems and controls for the prevention of bribery and to review and conclude on non-compliance; – Oversight of the Internal Audit function, review of its annual work plan and its ﬁndings; – To oversee the relationship with the Company’s external Auditor and to review the effectiveness of the external audit process; and – To report to shareholders annually on the Committee’s activities including details of the signiﬁcant accounting issues encountered during the year and how they have been addressed. MEMBERSHIP AND MEETINGS Details of committee membership and attendance during the year are provided on page 93. Additional details on the relevant experience and expertise of each Committee member are provided on the next page. DEAR SHAREHOLDER On behalf of the Board, I am pleased to present the Audit Committee Report for the year ended 31 December 2025. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 109

Joanna Pearson was formerly Executive Vice President and Chief Financial Ofﬁcer of the FTSE 100 company, Endeavour Mining plc, and, prior to that, was an audit partner at Deloitte LLP, in Vancouver, Canada where she conducted multinational audit engagements for US and Canadian listed companies primarily in mining and emerging markets. Joanna is also a Non-Executive Director of (i) Gold X2 Mining (TSX-V) where she chairs the Audit Committee, (ii) Rupert Resources Limited (TSX) where she also chairs the Audit Committee and (iii) Orla Mining Ltd (TSX and NYSE) where she serves on the Audit Committee. Joanna is a Chartered Professional Accountant of British Columbia and is a graduate of the Institute of Corporate Directors (ICD), Rotman Directors Education Programme. The other Committee members all have relevant ﬁnancial experience, particularly given: – Jill Gardiner’s career in investment banking and her ex-oﬁcio position on the Audit Committee of TSX-listed Capital Power Corporation; – Mike Sylvestre’s extensive career with Vale Canada (formerly Inco Ltd) and his position on the Board of NYSE and TSX- listed Vista Gold Corp; and – Andrew Wray’s career in investment banking with JP Morgan Cazenove and his subsequent senior management roles with various listed mining companies including as CEO of Golden Star Resources and Chief Financial Ofﬁcer of Acacia Mining Plc. The Audit Committee members are considered to be Independent Directors and the Board is satisﬁed that at least one member has recent and relevant ﬁnancial experience and that the Audit Committee, as a whole, has competence relevant to the sector in which the Company operates. For further details on the skills and experience of the Audit Committee members, please refer to the biographical details on pages 91 and 92. The performance of the Audit Committee was considered as part of the annual Board Effectiveness Review which was considered by the whole Board. ATTENDEES The lead partner of the external Auditor, EY, the Chair of the Company, the Chief Executive Ofﬁcer, the Chief Financial Ofﬁcer, the Vice President of Legal & Public Affairs and the Head of Internal Audit attend each Audit Committee meeting by invitation. The Company Secretary acts as Secretary to the Committee. ACTIVITY DURING THE YEAR The Committee considered the following principal matters during the year: Financial reporting – The 2024 Annual Report and Accounts and the 2025 Half-Yearly Report were reviewed by the Audit Committee before recommending their approval by the Board. In its review of these ﬁnancial reports, the Audit Committee considered that appropriate accounting policies, estimates and judgements were applied in preparing the relevant statements and the transparency and clarity of disclosures contained within them. This included a review of the assumptions made with respect to the use of the going concern basis in preparation of the accounts, and the longer-term viability statement. Review of review/audit plans – In line with its usual practice, the Committee considered reports from the external Auditor which included the audit plan for the 2025 full-year audit as well as reports on the scope and structure of the review of the half-yearly results and audit of the annual results and any recommendations on the Company’s processes and controls. During the year, the Committee members held meetings with the external Auditor without executive management to discuss matters relating to the 2024 annual audit and the 2025 interim review. RISK MANAGEMENT Consideration and challenge of risk management assessments which incorporate a risk matrix detailing (i) the most signiﬁcant and emerging risks facing the Group, (ii) an evaluation reﬂecting the likelihood of the occurrence of the risk and the extent of the potential impact on the Group, and (iii) commentary on the steps taken to manage each speciﬁc risk. See pages 76 to 86 for a description of the process by which the Group’s principal and emerging risks are identiﬁed and monitored, and the actions taken during the year to mitigate them. CORPORATE GOVERNANCE REPORT: AUDIT COMMITTEE REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 110

INTERNAL AUDIT The Audit Committee continued to oversee and challenge the Group’s adoption of a risk-based approach to internal audit. The Audit Committee receives a quarterly report from the Head of Internal Audit which sets out speciﬁc areas covered, ﬁndings identiﬁed, improvements being recommended and introduced, and proposals for the programme over the following three months. The CEO and Chief Financial Ofﬁcer also receive copies of these reports to ensure that adequate support is provided for the activities of the Internal Audit function. During the year, the Chair of the Audit Committee had regular calls with the Head of Internal Audit to monitor the department’s progress during the year and the Audit Committee met with the Head of Internal of Audit without the presence of executive management to discuss, among other things, the results of the internal audit during the year and the scheduled work plan. INTERNAL CONTROLS As delegated by the Board, the Audit Committee is responsible for reviewing the adequacy and effectiveness of internal ﬁnancial controls, and internal control and risk management systems. These controls are a critical component of our governance and assurance framework. At its March 2026 meeting, the Audit Committee reviewed the processes implemented by the Company which provide assurance on the adequacy of those controls and systems which includes the following: – Reports from the Head of the Internal Audit function (see earlier for more information). – Reviews of accounting and ﬁnancial reporting processes together with the internal control environment at Group level. This involves the monitoring of performance and the taking of relevant action through the monthly review of Key Performance Indicators and, where required, the production of revised forecasts. The Group has adopted a standard accounting manual to be followed by all ﬁnance teams, which is continually updated to ensure the consistent recognition and treatment of transactions and production of the consolidated ﬁnancial statements. – The adoption of delegated authorities with respect to capital expenditure and investments. – The monitoring of cash balances by the Treasury function. – The external Auditor’s observations of the Company’s internal control environment. – Review of budgets and reporting against budgets. – Consideration of progress against strategic objectives. Accordingly, the Committee is satisﬁed that, for the year under review and the period from 1 January 2025 to the date of approval of the Annual Report and Accounts, internal controls are in place at the operational level within the Group. The system of internal control is designed to manage rather than eliminate the risk of failure to achieve business objectives and it must be recognised that such a system can only provide reasonable and not absolute assurance against material misstatement or loss. The Group’s internal controls over ﬁnancial reporting include policies and procedures designed to ensure that the ﬁnancial statements give a true and fair view and are free from material misstatement. The Audit Committee conﬁrms that the effectiveness of the Company’s system of risk management and internal controls has been reviewed with respect to the year under review. These covered material controls, which included controls covering operational, ﬁnancial and compliance matters. With the operational issues identiﬁed at Mara Rosa in the ﬁrst half of the year, management and the PROVISION 29 READINESS ACTIVITIES A recurring item for the Committee in the second half of 2025 has been the business’ readiness activities relating to changes brought in by the new UK Corporate Governance Code (the Code), speciﬁcally the approach and roadmap to achieve compliance with the new Provision 29. With the support of KPMG, the process undertaken to date has been focused on reviewing the current risk and controls framework and ﬁnalising the Group’s deﬁnition of ‘materiality’. Management provided the Committee with activity updates during the year which can be summarised as follows: 1. Selection: Review of proposals from third-party ﬁrms to support the Group, resulting in the appointment of KPMG. 2. Assessing Risk & Readiness: Sharing understanding of current Enterprise Risk Management Framework, identifying gaps and remediation. 3. Risk-Mapping analysis: Review of the business’ current risk reporting, including regular reporting to the Directors, as well reviewing operational risk reporting. 4. Deﬁning ‘risk materiality’: In preparation for identifying ‘material controls’, the proposed approach for determining materiality was agreed with the Committee. 5. Establishing Working Group: Comprising the Audit Committee Chair, CFO, Company Secretary and Head of Internal Audit, progress the next stages of the project, and report back to the Committee. The following phases include: – Validating the design of material controls; – Reviewing the results of the testing of controls framework, with follow up action as appropriate; and – Developing continuous performance monitoring and reporting. Internal Audit team evaluated the processes in place and implemented additional controls to strengthen the control environment and increase consistency across the Group. The Directors conﬁrm that no signiﬁcant failings or weaknesses were identiﬁed as a result of the review of the effectiveness of the Group’s system of internal control. CORPORATE GOVERNANCE REPORT: AUDIT COMMITTEE REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 111

TRANSITIONING TO DELOITTE AS NEW EXTERNAL AUDITOR As previously reported, Deloitte was appointed as the successor to EY as external auditor following the audit tender held in 2024. Management has worked closely with the incoming audit team during the year to understand Hochschild’s organisational structure and ﬁnancial reporting process. This familiarisation phase of the transition has involved: – The holding of workshops across the business to better understand roles, responsibilities and high-level processes; – Attendance, by the signing partner and Audit manager, at Audit Committee meetings from August 2025, where all signiﬁcant accounting matters and judgements were discussed; – Meetings held between relevant Hochschild functions and specialist Deloitte teams; – Shadowing activities conducted by EY on relevant meetings; – Ensuring independence requirements continued to be met; and – The London-based audit team travelling to Lima at the end of 2025 to meet with senior management to commence planning activities for FY26. The process envisages the production of a transition report in June 2026 covering insights and benchmarking information as well as the initial plans for the HY26 review and FY26 audit. A resolution seeking approval for Deloitte’s appointment will be put to shareholders at the forthcoming AGM. WHISTLEBLOWING The Audit Committee reviewed, on behalf of the Board, the adequacy of the Group’s whistleblowing arrangements. Whistleblowing reports are circulated to a group comprising the Audit Committee Chair (‘AC Chair’), the Head of Internal Audit, the Vice-President of Human Resources and the Company Secretary (‘the Reporting Group’); the AC Chair has a preliminary discussion with the Head of Internal Audit on the approach to the investigation; and the ﬁndings of the investigation are then reported, in the ﬁrst instance, to the Reporting Group, and are summarised to the Audit Committee at its next scheduled meeting. The Head of Internal Audit also circulates to the Reporting Group, on a periodic basis, summaries of ongoing investigations into matters raised through the Company’s whistleblowing channels, and their relevant status. FRAUD AND BRIBERY The Audit Committee continued to review and challenge the actions taken by management to promote ethical and transparent working practices. The Group’s Code of Conduct describes the values and standards of behaviour expected of our employees and our business partners. In addition, the Group has adopted a speciﬁc Anti- Bribery and Anti-Corruption Policy to reﬂect the Board’s zero tolerance to these types of acts. This policy, as well as the Code of Conduct, were revised and a new Anti-fraud Policy was adopted during the year in advance of the entry into force of the new corporate offence of Failure to Prevent Fraud under the Economic Crime and Corporate Transparency Act 2023. EXTERNAL AUDIT Ongoing Relationship Management The Audit Committee oversees the relationship with the external Auditor. The Audit Committee evaluated the performance of EY in relation to the review of the HY24 ﬁnancial statements and the audit of the FY24 ﬁnancial statements and concluded that it was appropriate to recommend the reappointment of EY as external Auditor at the 2025 AGM. The Audit Committee reviewed the ﬁndings of the external Auditor, reviewed management letters, and reviewed and approved the audit fees. In line with its usual practice, the Audit Committee evaluated the effectiveness of EY and the external audit process taking into account the results of Hochschild management’s internal survey relating to EY’s performance as well as views and recommendations from management and its own experiences with the external Auditor. Key criteria of the evaluation included resources and expertise, quality and timeliness of the audit process, quality of communication and reporting to the Audit Committee. The current audit partner is Jessy Maguhn who has held the role since 1 May 2024. Auditor objectivity The Audit Committee has adopted a policy on the use of the external Auditor for the provision of non-audit services (see later section on Auditor independence for more details). In addition, objectivity is also ensured by the regular rotation of the lead audit partner which last took place following the approval of the 2023 ﬁnancial statements. GOVERNANCE The Audit Committee received updates from the Auditor and the Company Secretary on regulatory and other developments impacting the Committee’s role such as the status of reforms of UK audit governance. EVALUATION The Committee’s performance was evaluated as part of the annual Board effectiveness review which, as reported earlier in this Corporate Governance Report, was undertaken internally led by the Senior Independent Director and supported by the Company Secretary. Aspects of the Committee’s role were considered and discussed in the one- to-one interviews held with each Board member. The process conﬁrmed that the Audit Committee continued to fulﬁl its responsibilities effectively. Categories above relate to the nature of the allegation made whether or not they were established by the subsequent investigation. Breaches of Code of Conduct/ Other policies 52% Workplace conduct 45% Health & Safety 3% 2025 Whistleblowing reports CORPORATE GOVERNANCE REPORT: AUDIT COMMITTEE REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 112

TAX COMPLIANCE STRATEGY During the year the Audit Committee approved, on behalf of the Board, a document on the Group’s approach to UK tax matters. The document can be found in the Corporate Policies section of: https:// www.hochschildmining.com/sustainability/ sustainability-reports-and-policies/ SIGNIFICANT ISSUES RELATING TO THE 2025 FINANCIAL STATEMENTS As recommended by the Code, the following is a summary of the signiﬁcant issues considered by the Committee in relation to the 2025 ﬁnancial statements and how these issues have been addressed. (a) Impairments The Audit Committee considered management’s analysis of potential indicators of impairment and impairment reversals across the Group’s operating and development stage assets. In addition, the Committee considered the analysis undertaken with respect to the Group’s investment in Aclara. Having concluded on the presence, or not, of triggering factors, the Audit Committee reviewed and challenged: – The commodity prices, production forecasts, cost assumptions, inﬂation, foreign exchange and discount rates used for the reversal of impairment analysis with respect to San Jose; – With respect to Volcan, the evidence of recent publicly trading share price as a result of the completion of the reverse takeover transaction in December 2025 resulted in an additional reversal of impairment at year end, in addition to the reversal of impairment that was recognised at 30 June 2025, which had been determined using an in-situ valuation; and – The basis of the calculation of the reversal of the impairment related to the investment in Aclara taking into account the prolonged increase in the Aclara share price above the cost of the investment. In conclusion, the Audit Committee concurred with management that there were reversal of impairments for San Jose and Volcan in the year ended 31 December 2025 for $13.6 million and $43.3 million, respectively. In addition, the Audit Committee concurred with management that there was a reversal of the previous impairments recognised on the Company’s investment in Aclara of $22.2 million. (b) Accounting for the Tiernan transaction(s) The Audit Committee considered the judgements and estimates in accounting for the reverse take-over (RTO) of Tiernan Gold Corp. (Tiernan) by Railtown Capital Corp. (Railtown), which resulted in Tiernan becoming a publicly traded company on the TSX Venture Exchange in December 2025. In its assessment of the analysis undertaken by management, the Audit Committee reviewed and challenged: – The impact of the RTO on the carrying value of the Tiernan assets in the Group’s consolidated ﬁnancial statements, and the resulting impairment reversal (see (a) above); – The accounting for the Company’s change in ownership interest of Tiernan without loss of control, which was recognised in equity, and the calculation of the non- controlling interest; – The accounting for the difference in the deemed consideration upon completion of the RTO and the fair value of Railtown’s identiﬁable net assets as a listing expense in the year; CORPORATE GOVERNANCE REPORT: AUDIT COMMITTEE REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 113

– The allocation of the value of each subscription receipt between one common share and one-half of a common share purchase warrant; and – The accounting for the outstanding warrants issued by Tiernan which are denominated in Canadian dollars, and are a ﬁnancial liability measured at fair value through proﬁt or loss. In conclusion, the Audit Committee concurred with management’s accounting for and the judgements and estimates used with respect to the Company's interest in Tiernan. (c) Accounting for hedges The Audit Committee considered the accounting for and judgements made with respect to the hedges that were outstanding during the year, in particular with respect to the renegotiation of certain gold forward hedges to defer the contracts for 20,813 ounces from the second half of 2025 to the ﬁrst half of 2028. The market value of the rolled forward contract was a loss of $26.4 million at the time that they were renegotiated. In its assessment of the analysis undertaken by management, the Audit Committee reviewed and challenged: – The Company’s objective with respect to its hedging programme and whether the contracts that were rolled forward during the year were consistent with the Company’s hedging policy; – Whether the sales of gold designated in the hedge documentation were ounces that were highly probable to have been sold during the year relative to the total ounces of gold sold by the Company in 2025; and – The presentation of the non-cash unrealised loss related to the rolled over contracts in the consolidated income statement as an exceptional revenue item in the year. The Audit Committee concluded that the accounting for the hedges during the year was appropriate. The Company realised losses of $86.0 million related to hedges that were settled during the year, and an additional $26.4 million was recognised as an exceptional item in revenue for the hedge contracts that were rolled over from 2025 to 2028. At 31 December 2025, the value of the Group’s derivative ﬁnancial liabilities related to hedges maturing in the between 2026 and 2028 is $276.6 million. (d) Mine rehabilitation provision The Audit Committee considered the judgement exercised by management in assessing the amounts required to be paid by the Company to rehabilitate the Group’s assets. In its assessment of the analysis undertaken by management, the Audit Committee took into account: – The basis of the estimation of future rehabilitation costs; – The discount rates applied; – The signiﬁcant changes in estimates in the current year and the basis for increased costs; and – The accounting for the changes in the provision in the current year. The Audit Committee concluded the provision and related disclosures related to the Group’s mine rehabilitation activities to be appropriate. AUDITOR INDEPENDENCE The Audit Committee continues to oversee the implementation of speciﬁc policies designed to safeguard the independence and objectivity of the Auditor, which includes the Group’s policy on the provision of non- audit services. POLICY ON THE USE OF AUDITOR FOR NON-AUDIT SERVICES The Audit Committee has adopted a policy on the use of the Auditor for non-audit services (the ‘NAS Policy’). The NAS Policy reﬂects the Revised Ethical Standard in permitting the engagement of the Auditor only for additional services that are directly linked to the audit or are required by law and/or regulation. The NAS Policy requires (i) the Audit Committee and Chief Financial Ofﬁcer to approve all non-audit services undertaken by the external Auditor and (ii) that the cost of non-audit services rendered by the external Auditor, in any ﬁnancial year, cannot exceed 70% of the average of the audit fees paid to the external Auditor in the last three consecutive ﬁnancial years. The Audit Committee continuously monitors the level of fees for non-audit services compared to the audit fees paid to the Auditor in the last three consecutive ﬁnancial years. 2025 AUDIT AND NON-AUDIT FEES Please refer to note 33 to the consolidated ﬁnancial statements for details of the fees paid to the external Auditor. SAFEGUARDS Additional safeguards to ensure Auditor objectivity and independence include: – Six-monthly reports to the Audit Committee from the Auditor analysing the fees for non-audit services rendered; – An annual assessment, by the Audit Committee, of the Auditor’s objectivity and independence in light of all relationships between the Company and the audit ﬁrm; and – The pre-approval of any non-audit services by the CFO and the Audit Committee. Compliance Statement required under Article 7.1 of the Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014 (the ‘Order’) The Company conﬁrms that it has complied with the Order during the year under review. CORPORATE GOVERNANCE REPORT: AUDIT COMMITTEE REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 114

As reported earlier in the report, 2025 saw a number of changes to the Board and key Board-level responsibilities. I am delighted that Andrew Wray joined the Board as an independent Non-Executive Director. He brings the skills and experience, both in terms of the sector, and in relation to equity capital markets, which is of particular relevance given our London listing. The Committee also considered the ﬁndings from the internally-led Board performance review, particularly with regards to ensuring that Directors are kept updated on relevant inﬂuences impacting the external environment in which the Company operates. We also maintained our focus on succession planning, with our annual review of the Board skills matrix, and of the management succession plan. Signiﬁcant time was spent reviewing progress against individual development plans for the senior executive team, and where relevant, the state of readiness of their internal successors. EDUARDO HOCHSCHILD COMMITTEE CHAIR Nomination Committee report 1 As a Non-Executive Director nominated by Pelham, the Company’s largest shareholder, Jorge Born is not considered to be independent. 2 Andrew Wray was appointed a committee member and Michael Rawlinson ceased to be a committee member at the conclusion of the AGM held on 12 June 2025. KEY ROLES AND RESPONSIBILITIES – Identify and nominate candidates for Board approval; – Make recommendations to the Board on composition and balance; – Oversee the succession planning of Board and senior management positions; and – Review the Directors’ external interests with regards to actual, perceived or potential conﬂicts of interest. MEMBERSHIP AND MEETINGS Details of committee membership and attendance during the year are provided on page 93. The Company Secretary acts as Secretary to the Committee. ACTIVITY DURING THE YEAR The Committee met three times during the year and undertook the following: Reporting and monitoring – The approval of the report of the Committee’s activities for inclusion in the 2024 Annual Report Board/Committee roles – As reported last year, the Committee recommended, to the Board, the appointment of Andrew Wray as an independent Non-Executive Director EDUARDO HOCHSCHILD COMMITTEE CHAIR DEAR SHAREHOLDER I am pleased to present the Nomination Committee’s 2025 report. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 115

Succession planning Board succession plan – The annual review of the Board tenure and skills matrix which maps the presence of key strategic skills and other desirable attributes around the Board table, thereby identifying any current gaps and those that could arise following anticipated changes in the composition of the Board (see Board skills matrix to the right). Chair succession As stated in previous Annual Reports, the Board believes that, taking into account Eduardo Hochschild’s long-standing involvement with the Company, his signiﬁcant shareholding, and the governance structure and practices that have been adopted as described earlier in this report, his continued role as Board Chair remains in the best interests of the Company. A succession plan in relation to the Chair is in place and whilst there are no short or medium-term plans for Eduardo Hochschild to retire, he has informed the Board that, absent any change in circumstances, his intention is to retire by the age of 70 (being within the next eight years). Executive succession and development plan – The annual review of the HOC Talent and Succession Review Plan (TSRP) which, in addition to setting out the developmental needs for senior executives, also identiﬁes successors to ‘Critical Positions’ and their personal development strategies. In reviewing this Plan during the year, the Committee also sought, in line with its commitment, to improve the diversity of the pipeline of talent coming through to executive management level. Other factors are also considered such as the opportunity to increase diversity and the time commitment for the role. With respect to the latter, the Company does not take a prescribed approach with reference to the number of other Board positions that may be held by an existing or potential Board member but rather an assessment on a case- by-case basis of the capacity to assume the responsibilities required of the role in question. Induction New Board appointees are offered the opportunity to meet with key management personnel and the Company’s principal advisers as well as undertaking visits to the Group’s operations. In addition, where appointees will serve on any of the Board Committees, sessions with the relevant Committee Chairs are organised. Appointment of Andrew Wray In line with the succession plan, Andrew Wray was appointed as an Independent Non-Executive Director to succeed Michael Rawlinson following his planned retirement from the Board at the 2025 AGM. Conﬂicts of interest – Consideration of actual or potential conﬂicts of interest arising from proposed directorships prior to their acceptance by a Board member. During the year, such consideration was given to the appointment of Joanna Pearson to the boards of Rupert Resources Limited and Orla Mining Ltd. Evaluation – Reviewed the ﬁndings of the internally-led Board Performance review, in particular with regards to any development needs that had been identiﬁed. Topics of interest have been identiﬁed and will be the subject of brieﬁngs to be arranged over the course of the year. Appointments to the Board The Company’s approach In seeking candidates for appointment to the Board, regard is given to relevant experience and the skills required to complete the composition of a balanced Board (with reference to the Board skills matrix) and taking into account the challenges and opportunities facing the Company. While it is the Company’s general approach to engage a search agency for Non-Executive appointments, on this occasion Andrew Wray was already known to the Company and hence was approached directly to meet with Board members before his appointment was recommended to the Board for approval. In identifying Andrew Wray as a candidate, the Nomination Committee took into consideration the desirable skills that would be lost through Michael Rawlinson’s retirement and the recommendation from past Board Performance reviews which recognised the beneﬁts of appointing a Non-Executive Director with past mining operations experience. Board skills matrix 1 2 3 4 5 6 7 8 9 10 11 12 Eduardo Hochschild x x x x x x x Eduardo Landin x x x x Jorge Born x x x x x Jill Gardiner x x x Tracey Kerr x x x x x x Joanna Pearson x x x x Mike Sylvestre x x x x Andrew Wray x x x x x x 1 Mining experience 2 Geology 3 Managing Latam business 4 Government relations 5 Recent and relevant ﬁnancial experience 6 Corporate ﬁnance 7 M&A experience 8 UK corporate governance 9 Relations with UK ﬁnancial institutions 10 New technologies/innovation 11 ESG/Socio-political issues 12 Climate Change Andrew Wray induction process Provision of key documentation: On Governance, Key Corporate Policies, Directors’ & Ofﬁcers’ Liability Insurance and other useful information The Board perspective: Meets with other Board members The operational perspective: Meetings with the CEO, CFO, COO Brieﬁngs: Internal: Vice Presidents, Head of Internal Audit, Head of Investor Relations, Company Secretary External: EY (External auditor), FIT (Remuneration Committee adviser) CORPORATE GOVERNANCE REPORT: NOMINATION COMMITTEE REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 116

DIVERSITY Policy on Board appointments The Board is committed to the overriding principle that every member and potential appointee must be able to demonstrate the skills and knowledge to be able to make a valued contribution to the Board. It is also acknowledged that diversity brings new perspectives which can drive superior business performance and promote innovation. The Directors have therefore adopted a multifaceted approach to Board (and, by extension, Committee) recruitment which: – Primarily considers a candidate’s merits; and – Seeks opportunities to ensure the ongoing diversity of the Board whether of gender, culture, race, professional background, nationality or otherwise and which reﬂects the Company’s speciﬁc circumstances, primarily that it is headquartered in Peru with operating assets located solely in South America. For further details of the diversity and inclusion initiatives and the progress made by the Company during 2025, please refer to pages 60 and 61. Compliance with UKLR 6.6.6R(9) (Diversity Disclosures) The following tables are included in compliance with the FCA Listing Rules requirements on Board/Senior management diversity. The information used to complete the tables below was requested of each Director by the Company Secretary who provided the categories and sub-categories of ethnicity referred to in the FCA Listing Rules which are based on those used by the UK Ofﬁce for National Statistics. Each Director was provided the opportunity to appear in the following tables as ‘not speciﬁed/preferred not to say’. Statement of Compliance as at 31 December 2025 Target Compliance Explanation (were non-complaint) At least 40% of the Board are women No While the proportion of women on the Board overall is just short of the target, at 38%, it increases (a) to 43% if Jorge Born is excluded from the calculation given that he has been nominated to the Board under the Relationship Agreement with Pelham, and furthermore (b) to 50% if Eduardo Landin, the CEO, is also excluded. At least one of the senior Board positions (Chair, CEO, Senior Independent Director or CFO) is held by a woman Yes Tracey Kerr succeeded Michael Rawlinson as Senior Independent Director on 12 June 2025. At least one member of the Board is from a minority ethnic background No The composition of the Board reﬂects the Company’s geography of operations which are located solely in South America where deﬁnitions of ethnicity differ from those used in the UK. There have been no changes to the above information since 31 December 2025 up until the date of approval of this report. Gender diversity Members Number of Board members Percentage of the Board 1 Number of senior positions on the Board (CEO, CFO, SID and Chair) 2 Number in executive management Percentage of executive management Men 5 63% 3 7 100% Women 3 38% 1 – – Not speciﬁed/prefer not to say – – – – – 1 Subject to rounding. 2 The CFO is included in the table above but is not a Board member. Ethnic background Members Number of Board members Percentage of the Board 1 Number of senior positions on the Board (CEO, CFO, SID and Chair) 2 Number in executive management Percentage of executive management 1 White British or other White (including minority-white groups) 8 100% 3 1 14% Mixed/Multiple Ethnic Groups – – – – – Asian/Asian British – – – 1 14% Black/African/Caribbean/Black British – – – – – Other ethnic group, including Arab – – 1 5 72% Not speciﬁed/prefer not to say – – – – – 1 Subject to rounding. 2 The CFO is included in the table above but is not a Board member. CORPORATE GOVERNANCE REPORT: NOMINATION COMMITTEE REPORT CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 117

JILL GARDINER COMMITTEE CHAIR Directors’ Remuneration report I would like to start by thanking Michael Rawlinson for having chaired the Committee with diligence, efﬁciency and dedication for more than seven years. The report comprises this Annual Statement and the Annual Report on Remuneration. PAY AND PERFORMANCE IN 2025 2025 Performance General We have reported, earlier in the Annual Report, on the Company’s robust ﬁnancial performance which is the result of both favourable precious metal prices and disciplined execution at Inmaculada. In addition, the Company’s exploration efforts have seen the incorporation of signiﬁcant additional mineral resources that are expected to extend the lives of our core mines, and materially at Inmaculada. From an operational perspective, the year saw challenges at the Mara Rosa mine in respect of which management initiated a detailed turnaround plan. Operational Targets As a result of the issues at Mara Rosa, the Company was not able to achieve the production and cost objectives set at the beginning of the year. Also, in keeping with the Remuneration Committee’s usual approach of disregarding the impact of external factors such as commodity prices on bonus outcomes, the threshold target for Adjusted EBITDA for the full year was not met. Strategic execution The Company made meaningful progress during the year toward achieving our medium to long-term objectives. At Monte do Carmo, advances were made on all fronts, as described on page 123, with a construction decision planned for mid-2026. Permitting at the Company’s key development project in Peru, Royropata, is also proceeding as scheduled with current expectations that production will commence in two to three years. The brownﬁeld exploration programme yielded 1.7 million gold equivalent ounces of additional inferred resources across our sites. Finally, in keeping with the Board’s commitment to divest and monetise non- core assets, we were pleased to complete the listing of the Volcan gold project through the listing of Tiernan Gold Corporation on the TSX Venture Exchange. Acknowledging Responsibility A signiﬁcant focus of the Company’s remuneration policy is on safety and environmental management performance as well as progress on ESG matters generally. Pleasingly, the year-end LTIFR of 0.97 is an all-time low for Hochschild and the full-year ECO Score, which reﬂects, among other things, potable water consumption and waste recycling, was at 5.61 out of 6. Our progress on ESG matters overall also prompted improvements in two key external ratings, as further detailed on page 123. We continued to look at wider employee pay matters by reviewing the alignment of elements of pay across the organisation with our strategic objectives. Assessing performance As stated in detail later in this report, the Remuneration Committee assessed DEAR SHAREHOLDER On behalf of the Board, I am pleased to present my ﬁrst Directors’ Remuneration Report as Chair of the Remuneration Committee. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 118

performance reﬂecting on the above factors. It was concluded that, as the operational objectives set at the beginning of the year in relation to production, Adjusted EBITDA and costs were not met, the overall bonus outcome for 2025 was just under 49% of maximum. Further details of the performance outcomes are set out in the Annual Report on Remuneration. LTIP vesting The 2023 LTIP awards, which are subject to a three-year performance period ending on 31 December 2025, are due to vest on 20 April 2026. The 2023 awards were subject to three performance measures based on the Company’s relative TSR performance against a tailored peer group (50%), the additions of measured and indicated resources (25%), and a consistency metric measured against average bonus scorecard outcomes (25%). The 2023 LTIP awards vested as to 75% of maximum and further details of the performance outcomes are also set out in the Annual Report on Remuneration. 2026 Remuneration As part of our 2026 annual salary review, we will increase the CEO’s base salary to $760,000 (2025: $660,000) effective March 2026. This is considered to be an appropriate market-level salary for the Hochschild CEO following a detailed assessment and benchmarking exercise carried out by the Remuneration Committee. The Committee’s assessment took into account: – the level of Eduardo Landin’s salary on appointment in August 2023 which was deliberately set considerably lower than that of his predecessor to reﬂect his ﬁrst CEO role; and – the progress made by the Group under Eduardo’s leadership. The detailed benchmarking undertaken by the Committee revealed that when compared with peers in the FTSE 250, where the Company ranks amongst the largest companies, the new salary remains amongst the lower CEO salaries. As an operator in an extractive industry, we realise that our reported results and underlying share price can be inﬂuenced strongly by underlying commodity prices. Accordingly, it is important that we only set salaries at levels which we are comfortable paying year-on-year, and we regard this positioning as being attained by this 2026 salary-level. No further above employee salary inﬂation increases are currently envisaged now that this progression on our CEO’s base salary from appointment to a market-level has been completed. Further details on the assessment carried out by the Committee can be found on page 125. As conﬁrmed later in this report, there are no material changes in how the bonus and LTIP will operate in 2026. 2026 AGM At the forthcoming AGM, shareholders will be asked to approve the Directors’ Remuneration Report, being the usual annual advisory vote. I would like to thank our shareholders for their continuing support on remuneration matters as evidenced by the voting on our 2024 Directors’ Remuneration Report which was supported by over 98% of the votes cast. We continue to welcome your views. Should you have any comments or questions on any element of the Directors’ Remuneration Report, please do not hesitate to contact me at info@hocplc.com. JILL GARDINER CHAIR OF THE REMUNERATION COMMITTEE DIRECTORS’ REMUNERATION REPORT CONTINUED This report has been prepared according to the requirements of the Companies Act 2006 (‘the Act’), Regulation 11 and Schedule 8 of the Large and Medium-Sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013, the Companies (Miscellaneous Reporting) Regulations 2018, the Companies (Directors’ Remuneration Policy and Directors’ Remuneration Report) Regulations 2019 and other relevant requirements of the FCA Listing Rules. In addition, the Board has applied the principles of good corporate governance set out in the UK Corporate Governance Code, and has considered the guidelines issued by its leading shareholders and bodies such as ISS (Institutional Shareholder Services), the Investment Association, and Glass Lewis. Directors’ Remuneration Policy (unaudited) The Directors’ Remuneration Policy for executive and non-executive directors for the three-year period expiring at the Company’s 2027 AGM, and which was approved by shareholders at the AGM held on 13 June 2024, can be found within the Company’s Annual Report and Accounts for 2023 (on pages 125 to 133) which is available on the Company’s website at www. hochschildmining.com/investors/results- reports-presentations. ANNUAL REPORT ON REMUNERATION The following section provides details of how Hochschild’s approved 2024 Directors’ Remuneration Policy was implemented during the ﬁnancial year ending 31 December 2025, and how the Remuneration Committee intends to implement the Directors’ Remuneration Policy in 2026. Any information contained in this section of the report that is subject to audit has been marked as such. Remuneration Committee membership The Remuneration Committee was chaired by Michael Rawlinson until his retirement from the Board on 12 June 2025. On that date, Jill Gardiner was appointed Chair of the Committee and Andrew Wray joined as a Committee member. The Remuneration Committee has comprised, at all times, only Independent Non-Executive Directors. The composition of the Remuneration Committee and its terms of reference comply with the provisions of the UK Corporate Governance Code and the terms of reference are available for inspection on the Company’s website at www. hochschildmining.com. Members of senior management attend meetings at the invitation of the Committee. During the year, attendees included the Chair, the CEO and the Vice President of People and Corporate Affairs. No Director or senior executive is present when his or her own remuneration arrangements are considered by the Committee. The Company Secretary acts as Secretary to the Committee. The Committee’s terms of reference The duties of the Remuneration Committee are to determine and agree with the Board the broad policy for the remuneration of the Executive Directors, the other members of senior management and the Company Secretary, as well as their speciﬁc remuneration packages including pension rights and, where applicable, any compensation payments. In determining such policy, the Remuneration Committee shall take into account all factors which it deems necessary to ensure that members of the senior executive management of the Group are provided with appropriate incentives to encourage strong performance, and are rewarded in a fair and responsible manner for their individual contributions to the success of the Group. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 119

DIRECTORS’ REMUNERATION REPORT CONTINUED The Committee undertook the following items of business in 2025 (unless otherwise stated): 2024 Remuneration and reporting – Reviewed and approved incentive outcomes for 2024 (2024 annual bonus and vesting of 2022 LTIP awards); – Considered and approved the 2024 Directors’ Remuneration Report; 2025 Remuneration – Considered and approved the adjustment to the CEO’s base salary from 1 March 2025 to reﬂect performance and tenure in role from appointment as well as market competitiveness; – Approved the opportunity/award level and performance targets for 2025 annual bonus and LTIP awards; – Considered a provisional assessment of the CEO’s performance against his annual bonus objectives; Future Remuneration – Considered, in principle, the nature of the objectives and related weightings of the 2026 annual bonus objectives; – Considered the continuing appropriateness for 2026 of the Directors’ Remuneration Policy which was approved by our shareholders at the 2024 AGM; – At the March 2026 meeting, considered the outcome of the benchmarking assessment and the revised base salary for the CEO from March 2026; Keeping informed – Regularly considered market trends in executive remuneration and key themes for 2025 and 2026; and – Received updates on workforce remuneration across the Group. Details on attendance at Committee meetings can be found on page 93. Advisers During the year, in order to enable the Committee to reach informed decisions on executive remuneration, advice on market data and trends was obtained from independent consultants FIT Remuneration Consultants LLP (FIT). FIT reported directly to the Committee Chair in 2025 and is a signatory to and abides by the Code of Conduct for Remuneration Consultants (which can be found at www.remunerationconsultantsgroup.com). Other than advice on remuneration, no other services were provided by FIT to the Company. The Committee is satisﬁed that the advice provided by FIT in 2025 was independent and objective. FIT was appointed as the independent adviser to the Remuneration Committee following a competitive tender process in 2021. The fees paid to FIT in respect of work carried out in 2025 totalled £48,450 excluding VAT, and were charged on the basis of FIT’s standard terms of business for advice provided. Summary of shareholder voting The table below shows the results of the binding vote on the 2024 Remuneration Policy at the 2024 AGM and of the advisory vote on the 2024 Annual Report on Remuneration at our 2025 AGM: 2024 Remuneration Policy 2024 Annual Report on Remuneration Total number of votes % of votes cast Total number of votes % of votes cast For (including discretionary) 358,843,749 93.28% 410,778,593 98.03% Against 25,844,735 6.72% 8,253,969 1.97% Total votes cast (excluding withheld votes) 384,688,484 – 419,032,562 – Votes withheld 61,032 – 44,473 – Votes withheld are not included in the ﬁnal proxy ﬁgures as they are not recognised as votes in law. Employee Engagement The Company undertakes varied forms of engagement with employees. In 2025, this included Company-wide Q&A sessions with the CEO and the continuation of the roundtable sessions hosted by Tracey Kerr as the Non-Executive Director designated for workforce engagement (and a member of the Remuneration Committee). In addition, there are frequent and periodic meetings held by mine management with mine-site employees as well as regular engagement with workers’ appointed representatives regarding many aspects of the business. These processes provide an opportunity for feedback on Executive Directors’ pay to be given and explanations to be shared, although most of the engagement process is focused on wider employee welfare; a report on any material feedback regarding remuneration is received by the Remuneration Committee. The Committee is committed to listening to and engaging with the views of our shareholders and takes an interest in voting outcomes. The Committee will continue to be transparent in our remuneration decision- making and to engage with our shareholders on remuneration matters. Workforce Pay During the year, the Committee received and considered a report summarising the base salaries, beneﬁts and incentives received by each category of Group staff and summarising the bonus potential and performance metrics used in each of the annual bonus schemes in operation across the Group. In addition, the Committee ensures that it remains informed regarding legally mandated proﬁt sharing for Peru-based employees. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 120

DIRECTORS’ REMUNERATION REPORT CONTINUED Single total ﬁgure of remuneration for Executive Directors (audited) The table below sets out a single ﬁgure for the total remuneration received by the CEO, being the only Executive Director, for the year ended 31 December 2025 and the prior year: 2025 (US$000) 2024 (US$000) Base salary 650 588 Taxable benefits1 12 8 Total ﬁxed 662 596 Single-year variable2 579 754 Multi-year variable3 446 396 Proﬁt share 4 370 94 Total variable 1,395 1,244 Compensation for Time Service (CTS) 5 97 97 Tax refunds 6 6 6 Total remuneration 2,160 1,943 All ﬁgures are rounded to the nearest $000 1 Taxable beneﬁts comprises medical insurance. 2 Outcomes for performance during the year under the Annual Bonus Plan. See following sections for further details. 3 2025 Multi-year variable value relates to the partial vesting of the 2023 LTIP awards based on performance to 31 December 2025. See following sections for further details. 4 All-employee proﬁt share mandated by Peruvian law. As required by Peruvian law, an amount equal to 8% of the relevant Peruvian company’s taxable income for the year is distributable to its employees. The amount receivable by each Executive Director is not within the control of the Group and is determined using a formula, taking into account annual base salary (plus other incentive payouts, if any) and the number of days worked during the calendar year. 5 CTS is a legal entitlement for employees in Peru which provides for a fund in the event of termination of employment. CTS in respect of base salary is calculated as one month’s wages and is deposited biannually in an employee’s interest- accruing bank account and prior to the end of employment. Employees can gain access to the deposited amount to the extent it exceeds four months’ wages. CTS in respect of other forms of remuneration such as incentive payouts, that are considered to be ‘non-extraordinary’, is currently calculated at a rate of 1/24th. For 2025, CTS comprises: CTS on base salary of $54k (2024: $49k), CTS on bonus of $24k (2024: $31k) and CTS on LTIP of $19k (2024: $17k). 6 Refunds payable in relation to social security. Single total ﬁgure of remuneration for Non-Executive Directors (audited) The table below sets out a single ﬁgure for the total remuneration for the year ended 31 December 2025 and the prior year received by Non-Executive Directors serving during those periods: Base fee (US$000) Additional fees (US$000) Taxable beneﬁts (US$000) Total (US$000) 2025 2024 2025 2024 2025 2024 2025 2024 Eduardo Hochschild 1 432 417 0 0 971 688 1,403 1,105 Jorge Born Jr 100 93 0 0 0 0 100 93 Jill Gardiner2 100 93 25 21 0 0 125 115 Tracey Kerr 100 93 45 32 0 0 145 125 Mike Sylvestre 100 93 14 13 0 0 114 107 Joanna Pearson 100 93 34 24 0 0 134 117 Andrew Wray3 56 n/a 8 n/a 0 n/a 64 n/a Former Director Michael Rawlinson4 44 93 24 51 0 0 68 144 All ﬁgures are rounded to the nearest $000. Non-Executive Directors’ fees are denominated in GBP and accordingly differences in USD:GBP exchange rates impact the comparisons between Non-Executive Directors’ fees for the year being reported and the comparative prior year. 1 Eduardo Hochschild was an Executive Director until 31 December 2014 and, as reported in the 2015 Annual Report, Eduardo Hochschild retained eligibility to receive beneﬁts following his transition to the Non-Executive Chairman role comprising personal security, medical insurance and use of a company car and driver. 2 In respect of Jill Gardiner’s appointment as Non-Executive Chair of Tiernan Gold Corp. (‘Tiernan’) a former wholly- owned subsidiary which listed on the TSX Venture Exchange in December 2025 and in which Hochschild retains a c.70% shareholding, Jill received an award of 5,594 Deferred Share Units (‘DSUs’) under the terms of Tiernan’s Omnibus Equity Incentive Plan. Each DSU entitles the holder to receive one common share of Tiernan, a cash payment equal to the value of one common share of Tiernan, a combination thereof, or otherwise as determined at the sole discretion of Tiernan, following the holder ceasing to be a director of Tiernan. The DSUs vest one year from the date of grant. 3 Andrew Wray was appointed a Non-Executive Director on 12 June 2025. 4 Figures disclosed for Michael Rawlinson relate to the period from 1 January 2025 to 12 June 2025, being the date of his retirement from the Board. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 121

DIRECTORS’ REMUNERATION REPORT CONTINUED SALARY AND FEES FOR THE YEAR ENDED 31 DECEMBER 2025 Executive Director Executive Director Base salary from 1 March 2025 (US$000) Base salary from 1 March 2024 (US$000) % change Eduardo Landin 660 600 10% Base salary above excludes CTS. All salaries are denominated in US dollars. Non-Executive Directors The Non-Executive Directors’ fees have been set at a level to reﬂect the amount of time and level of involvement required in order to carry out their duties as members of the Board and its Committees. The annual rates of fees payable to the Non-Executive Directors of the Company in 2025 and 2024 are set out in the table below. All Non-Executive Directors receive a base fee, and additional fees are paid for acting as Chair or member of one of the Board Committees (excluding the Nomination Committee) and as Senior Independent Director. As reported in last year’s report, with effect from 1 March 2025, a 3.5% increase was made to the levels of the Board Chair’s fee, the Non-Executive Directors’ base fees and the additional fees paid for acting as a Committee Chair, Committee member and Senior Independent Director. Executive Director Fee level from 1 March 2025 (Stated currency p.a.) 1 Previous fee level (Stated currency p.a.) % change Non-Executive Board Chair’s fee US$434,700 US$420,000 3.5% Non-Executive Directors’ base fee £76,073 £73,500 3.5% Additional fees Senior Independent Director £15,215 £14,700 3.5% Chair of the Audit, Remuneration and Sustainability Committees £15,215 £14,700 3.5% Committee membership fee (Audit; Remuneration; Sustainability) £5,434 £5,250 3.5% 1 Subject to rounding. INCENTIVE OUTCOMES FOR THE YEAR ENDED 31 DECEMBER 2025 (AUDITED) Annual bonus in respect of 2025 performance Objectives for the 2025 bonus were set by the Committee at the beginning of the year and assessment of performance during the year was undertaken at the March 2025 Committee meeting. Details of the bonus paid to Eduardo Landin for 2025, including the speciﬁc performance metrics, weightings and performance against each of the metrics, are provided in the table below: 2025 Targets 2025 Assessment Objective KPI Target weighting Threshold Target Maximum 2025 result Final bonus score Profitable production and financial results Attributable production (Koz Au Eq) 15% 350 362 378 312k Oz Au Eq Nil Adjusted EBITDA 1 15% US$294m US$330m US$367m US$204m Nil Adjusted AISC from operations with growth (/oz Au Eq) 2 20% US$1,687/oz US$1,635/oz US$1,587/oz US$1,989/oz Nil Strategy Strategic advancement 10% Remco Assessment Satisﬁed 10% Brownﬁeld exploration Inferred resources added during the year (subject to permits available) (Moz Au Eq) 15% 0.7 0.9 1.2 1.7M Oz Au Eq 15% Responsibility Accident frequency rate (LTIFR) 10% 2.2 – 1.4 0.97 10% Accident Severity Index (LTISR) 5% 300 – 150 207 3.7% ECO Score 3 5% ≥5.00 – ≥5.50 5.61 5% ESG Ratings 4 5% 5 ratings remain unchanged vs 2024 1 rating improves and others remain unchanged vs 2024 2 ratings improve and others remain unchanged vs 2024 2 ratings improved 5% Bonus payable (as a percentage of maximum opportunity) 48.7% 1 Adjusted EBITDA is used for the annual bonus and is determined based on EBITDA which is adjusted primarily to neutralise price effects, unbudgeted expenditure or external factors. Such adjustments in 2025 included primarily (a) the impact of higher-than-budgeted commodity prices (including in relation to hedges) of c.US$435 million and (b) the impact of such prices on royalties, commercial discounts and selling expenses of c.US$29 million. 2 All-in sustaining cost (AISC) is adjusted to ensure comparability with the assumptions used to set the objective at the beginning of the year and therefore primarily disregards (a) the additional impact of higher-than-budgeted commodity prices on royalties, commercial discounts and selling expenses (c.US$49/oz) and on legal workers’ proﬁt sharing at Inmaculada (c.US$48/oz) and (b) unbudgeted exploration at Mara Rosa and San Jose (c.US$19/oz). 3 Refer to www.hochschildmining.com for further details on the methodology of calculating the Group’s ECO Score (the internally designed measurement of the Company’s environmental performance). 4 ESG ratings comprise those given by Sustainalytics, MSCI, FTSE4Good, CDP Climate and CDP Water. GENERAL APPROACH The determination of the bonus payout is at the discretion of the Committee, taking into account performance during the year against the above scorecard. Each objective in the scorecard has a ‘threshold’, ‘target’ and ‘maximum’ performance target (and in the absence of a ‘target’ level objective, a straight-line applies between ‘threshold’ and ‘maximum’ levels), achievement of which translates into a score for each objective. The bonus scores for each objective are summed which translates into a percentage which is applied to the maximum bonus opportunity. The maximum annual bonus opportunity is 180% of salary. For ‘threshold’ and ‘target’ levels of performance, the bonus earned is 30% and 50% of maximum, respectively. Performance between ‘threshold’ and ‘target’ levels, and between ‘target’ and ‘maximum’ levels are scored on a straight-line basis. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 122

DIRECTORS’ REMUNERATION REPORT CONTINUED Adjustments were made in line with the Company’s usual practice to maintain the quality of earnings by primarily disregarding the impact of factors outside of management’s control such as actual prices of silver and gold (as compared to budgeted prices). ASSESSING PERFORMANCE AGAINST 2025 BONUS OBJECTIVES In arriving at the above bonus scorecard, the Committee paid particular attention to the following aspects of the Company’s performance: Operational and ﬁnancial performance As mentioned in the Annual Statement, operational performance in 2025 was hampered by the challenges faced at Mara Rosa and, therefore, when judged against the objectives set at the beginning of the year (under the same assumptions used at that time) none of the objectives relating to production, Adjusted EBITDA or costs were satisﬁed. Safety The Company’s strong safety performance in 2025 which, in addition to seeing the Company achieve its long-term objective of Zero Fatalities, saw the Company maintain its industry-leading position in relation to the lost time accident frequency rate. However, the occurrence of a serious accident during the year at Mara Rosa meant that the objective on accident severity was only partially achieved. ECO Score & ESG Ratings The overall ECO Score for the year is 5.61 against a stretch target of 5.50. This internally designed award-winning measure of environmental management reﬂects the following: – The lowest level of water consumption (125l/person/day) since such records have been maintained (for at least 11 years); production, this objective was fully satisﬁed in line with the performance scale shown in the table above. Please see pages 31 to 33 (Brownﬁeld Exploration) for further details. Experience of key stakeholders The Committee also took into account the experience of the Group’s key stakeholders during the year, noting: – The share price performance during the year which had more than doubled by the year-end; – The Company’s ongoing programme of initiatives to assist local communities and other local stakeholders; and – The continued engagement initiatives on ESG matters undertaken in 2025 reinforcing the Group’s commitment to transparency and continued improvement. – Domestic waste generation of 0.78 kg/ person/day; – Recycled waste of 81%; and Further details on the ECO Score can be found on the Company’s website at www.hochschildmining.com The Committee noted the improvements in the Company’s ratings given by MSCI and Sustainalytics. Strategic advancement In evaluating performance against this objective, the Committee considered a range of actions taken to position the Company for long-term and sustainable growth to beneﬁt our shareholders, including: Monte do Carmo Development (Brazil) – the advancement of the project in line with the 2025 schedule, including notably, the near completion of the detailed engineering studies, meeting with state agencies and the awarding of the installation licence. For further details, please see page 30 of the Operating Review; Royropata MEIA (Peru) – continuation of permitting workstreams and holding public workshops to present environmental and social baseline results to local communities; and Tiernan Gold – successful completion of the listing of the Group’s Volcan gold project on the TSX Venture Exchange. This was an example of the Group’s strategy in relation to non-core assets, securing external ﬁnancing while taking the opportunity to partially realise its investment in the asset. Brownﬁeld exploration In light of the signiﬁcant amount of inferred resources added over the course of the year, which provides assurance of the Group’s future For further details, see the Sustainability Report from page 45. In conclusion, the Committee agreed that Eduardo Landin be awarded a bonus of 48.7% of the maximum opportunity. 2023 LTIP vesting On 20 April 2023, Eduardo Landin was granted an LTIP award with a face value of US$595,000 in his then non-Board role as Chief Operating Ofﬁcer. Vesting of the 2023 LTIP was dependent on (i) three-year relative TSR performance against a tailored peer group (50% of the total award) and (ii) internal KPIs as summarised in the table below (50% of the total award). There was no retesting of performance. Further details of the performance conditions are shown in the table below: Performance measure Weighting Performance targets TSR Relative TSR 1 performance vs. tailored peer group 2 50% Upper quintile (80th percentile): full vesting Upper tercile (67th percentile): 75% vesting Median (50th percentile): 25% vesting Below median: nil vesting Straight-line vesting between (a) Median and Upper tercile, and (b) Upper tercile and Upper quintile Internal KPIs Measured & Indicated Resource additions (M&IR) per share 3 – absolute growth over three-year performance period 2023-2025 25% 180 Ag Eq Moz growth in M&IR – full vesting 160 Ag Eq Moz growth in M&IR – 75% vesting 120 Ag Eq Moz growth in M&IR – 25% vesting Straight-line vesting between these points M&IR growth measured as Total M&I Resource Additions over three years Consistency Performance Condition 25% Average bonus scorecard outcome 2023-2025 with threshold vesting of 25% requiring an average achievement of 60% scorecard attainment with straight-line vesting up to full vesting requiring an average of 100% scorecard attainment. There is an overriding underpin whereby if the annual scorecard achievement is less than 60% in any one year, then the vesting of this LTIP component will be nil. 1 TSR is calculated in common currency. 2 The 2023 LTIP peer group, at the time of measurement of the award, comprised: Agnico-Eagle Mines, Alamos Gold, AngloGold Ashanti, Barrick Gold, Cia des Minas Buenaventura, Centamin, Coeur Mining, Eldorado Gold, Endeavour Silver, Equinox Gold, First Majestic Silver, Fortuna Silver Mines, Fresnillo, Gold Fields, Hecla Mining, IAMGOLD, Kinross Gold, Newmont Mining, OceanaGold Corp, Pan American Silver, Polymetal and SSR Mining. 3 M&IR additions only in the three-year period across all qualifying assets (currently in Peru, Argentina and Brazil). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 123

DIRECTORS’ REMUNERATION REPORT CONTINUED The Remuneration Committee considered the following outcome of the performance conditions between 1 January 2023 and 31 December 2025: – the Company’s TSR over the performance period ranked above upper quintile relative to that of the tailored peer group, thereby resulting in full vesting as to 50% of the award; – the Company’s M&IR additions totalled 189.1 Ag Eq Moz, resulting in full vesting as to 25% of the award; and – while the average bonus scorecard was 64.2%, the underpin, which requires a bonus scorecard outcome of at least 60% in each of the three years, was not satisﬁed in 2025, there is nil vesting as to 25% of the award. Accordingly, the 2023 LTIP awards will vest as to 75%. Scheme interests awarded in 2025 (audited) On 12 March 2025, Eduardo Landin was granted a cash-settled award under the LTIP with a maximum face value of $1,320,000 (200% of base salary). Vesting is dependent on performance conditions measured from 1 January 2025 to 31 December 2027, with 50% of the award based on TSR performance against a tailored peer group and 50% based on internal KPIs as summarised in the table below. Awards normally vest on the third anniversary of the date of grant, subject to continued employment, and are subject to potential malus in line with the Company’s Malus policy (see page 97 for further details). Due to legal difﬁculties arising from its enforcement in Peru, the Remuneration Committee is unable to operate clawback. After payment of tax, all of the vested cash award will be required to be invested in Hochschild shares which will be held for a further period of two years. Dividends, if any, will accrue to shares during the holding period. Director recipients of LTIP awards granted from 2025 will be subject to a post- termination shareholding requirement for a two-year period set at the lower of (i) their shareholding at the date of termination and (ii) shares equivalent to their in-post shareholding requirement. Further details, including vesting schedules, are provided in the table below: Executive Director Grant date Performance period Face value of award at grant Award value for threshold performance Eduardo Landin 12.03.25 1 January 2025 to 31 December 2027 $1,320,000 $330,000 Performance measure Weighting Performance targets TSR Relative TSR 1 performance vs. tailored peer group 2 50% Upper quintile (80th percentile): full vesting Upper tercile (67th percentile): 75% vesting Median (50th percentile): 25% vesting Below median: nil vesting Straight-line vesting between (a) Median and Upper tercile, and (b) Upper tercile and Upper quintile Internal KPIs Measured & Indicated Resource additions (M&IR) per share 3 – absolute growth over three-year performance period 2025-2027 25% 180 Ag Eq Moz growth in M&IR – full vesting 160 Ag Eq Moz growth in M&IR – 75% vesting 120 Ag Eq Moz growth in M&IR – 25% vesting Straight-line vesting between these points MI&R growth measured as Total M&I Resource Additions over three years ESG Performance Condition 25% If average proportion of ESG KPIs over the three-year performance period which are equal to or better than the 2024 baseline ≥ 50% – full vesting If average proportion of ESG KPIs over the three-year performance period which are equal to or better than the 2024 baseline ≥ 35% – 25% vesting Straight-line vesting between these points ESG KPIs comprise 14 indicators relating to objectives set with regards to communities (including local workforce, local procurement and social investment), environmental management (including GHG and water consumption), people (including gender) and health & safety. 1 TSR is calculated on the basis of common currency. 2 The 2025 LTIP peer group, at the date of grant, comprised: Agnico-Eagle Mines, Alamos Gold, AngloGold Ashanti, Barrick Gold Corp, Cia des Minas Buenaventura, Coeur Mining, Eldorado Gold Corp, Endeavour Silver Corp, Equinox Gold, First Majestic Silver Corp, Fortuna Silver Mines, Fresnillo, Gold Fields, Hecla Mining, IAMGOLD, Kinross Gold, Newmont Mining, OceanaGold Corp, Pan American Silver and SSR Mining. 3 M&IR additions only in the three-year period. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 124

DIRECTORS’ REMUNERATION REPORT CONTINUED Exit payments made in the year (audited) There were no exit payments made in the year. Payments to past Directors (audited) No payments were made to past Directors in the year. Implementation of Remuneration Policy for 2026 A summary of how the Remuneration Policy will be applied for the year ending 31 December 2026 is provided below. Salary The Committee reviewed the CEO’s salary and, in light of benchmarking information considered at the March 2026 meeting, it has been agreed to increase his base salary to $760,000 (2025: $660,000) effective March 2026. The review took into account the following factors: – Firstly, it is now two and a half years since Eduardo Landin assumed the role of CEO. – On his appointment in August 2023, Eduardo Landin’s salary was set at $550,000, being considerably lower than the salary of his predecessor of $700,000. Our positioning of Eduardo Landin’s salary on appointment reﬂected this being his ﬁrst role as CEO of a public company. – In the past two annual March salary reviews, Eduardo Landin’s salary was increased to $600,000 (2024) and subsequently to $660,000 (2025), keeping below our former CEO’s salary on each occasion to date. For reference, the former CEO’s salary was set a decade ago in March 2016. – The Committee considered that the 2026 salary review was an appropriate time to increase Eduardo Landin’s salary to a level which is believed to be an appropriate and up-to-date market level for the CEO. – This provides appropriate recognition of the progress made by the Group under Eduardo’s leadership since his appointment, which, taking a multi-year view, is clearly in the long-term best interests of shareholders. The benchmarking undertaken by the Committee used data from the UK FTSE 250 and, in addition, the Committee had regard to pay data from competitor and comparator companies in similar precious metals extractive industries; however, as these companies are predominantly listed on either the New York or Toronto stock exchanges, they formed a secondary reference point. The comparison to the main FTSE 250 data set showed that Eduardo Landin’s prior salary was at a comparably low level and moving to the new salary level will continue to place his base salary among the lower salary levels for CEOs in FTSE 250 companies. Additionally, on-target total remuneration will remain at a broadly similar level in the FTSE 250 data set even after the change in base salary. This is shown in the charts to the right. As we also show in the charts, at present Hochschild’s market cap (on a six-month average basis) currently positions Hochschild amongst the largest FTSE 250 companies. After careful consideration of the data as well as the Company’s long-term development under Eduardo Landin’s leadership, and the interests of stakeholders, the Committee concluded the increase in the CEO’s salary to be appropriate. Annual bonus The maximum annual bonus opportunity for the CEO for the 2026 ﬁnancial year will remain at 180% of salary. The bonus payment will be subject to performance against similar measures as those used in 2025. Further disclosure of measures and targets, where not commercially sensitive, will be provided in next year’s Annual Report on Remuneration. As in previous years, the Committee will assess performance against the objectives set and calculate an overall bonus score which will be applied to the maximum bonus opportunity. The bonus will be subject to malus provisions in line with the Remuneration Policy and, a discretionary override will be applied such that the occurrence of any fatality during the year at the Group’s operations will result in the reduction, to nil, of the safety- related objectives. Any bonus earned above 150% of salary will be paid in shares and deferred for two years. CEO REMUNERATION AND MARKET CAPITALISATION V FTSE 250 Lower quartile – Median Median to upper quartile HOC 2025 HOC 2026 3,000 2,500 2,000 1,500 1,000 500 3,000 2,500 2,000 1,500 1,000 500 $’000 £’m Basic Salary On-target Remuneration Market Capitalisation STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 125

DIRECTORS’ REMUNERATION REPORT CONTINUED LTIP The Committee will make awards in 2026 at levels up to 200% of base salary. The awards will be made on the same terms as those applying to the 2025 awards. Vested LTIP awards will be invested (on a post-tax basis) in the Company’s shares which are required to be held for a further two years. The performance conditions are: – Relative TSR performance vs tailored peer group (50% weighting: same median to upper quintile range as for 2024 awards); – Measured & Indicated Resources additions (M&IR) per share (25% weighting: growth over three-year performance period 2026- 2028, reﬂecting the same absolute growth targets as for 2025 awards); and – ESG Performance Condition (25% weighting: subject to year-on-year maintenance of or improvements in at least 35% of the 14 selected ESG key performance indicators covering communities, environmental management, people and health & safety over the three- year performance period). Malus provisions will apply to LTIP awards in line with the Remuneration Policy. % Change 2025 Base salary/ Non-Executive fees 1,1a Taxable beneﬁts 2 Single-year variable 3 Executive Directors Eduardo Landin 4 10.5% 50.0% 12% Non-Executive Directors Eduardo Hochschild 3.6% 41% 3a n/a Jorge Born Jr 7.5% n/a n/a Jill Gardiner 8.7% n/a n/a Tracey Kerr 16.0% n/a n/a Michael Rawlinson 8 -52.8% n/a n/a Mike Sylvestre 6.5% n/a n/a Joanna Pearson 14.5% n/a n/a Andrew Wray n/a n/a n/a Average all employees 6 5.1% n/a 15.1% % Change 2024 Base salary/ Non-Executive fees 1 Taxable beneﬁts 2 Single-year variable 3 Executive Directors Eduardo Landin 4 209.5% 14.3% 198% Non-Executive Directors Eduardo Hochschild 4.3% 3.5% n/a Jorge Born Jr 6.9% n/a n/a Jill Gardiner 5.5% n/a n/a Tracey Kerr 6.8% n/a n/a Michael Rawlinson 7.5% n/a n/a Mike Sylvestre 10.3% n/a n/a Joanna Pearson 5 550% n/a n/a Average all employees 6 5.2% n/a -10.3% % Change 2023 Base salary/ Non-Executive fees 1 Taxable beneﬁts 2 Single-year variable 3 Executive Directors Eduardo Landin n/a n/a n/a Non-Executive Directors Eduardo Hochschild -1.8% 10.6% n/a Jorge Born Jr 0% n/a n/a Ignacio Bustamante 4 n/a n/a n/a Jill Gardiner 12.4% n/a n/a Tracey Kerr 9.3% n/a n/a Michael Rawlinson 1.5% n/a n/a Mike Sylvestre 90.2% n/a n/a Joanna Pearson n/a n/a n/a Average all employees 6 6% n/a -16% Non-Executive fees Fees for the Chair and Non-Executive Directors (i.e. base, additional and Committee membership fees) will be the subject of a 3.5% increase with effect from 1 March 2026. Annual percentage change in Directors’ remuneration The tables to the right show, in respect of those Board Directors serving during 2025 and for comparative purposes, Ignacio Bustamante, the former CEO, the percentage change in their remuneration between 2021 and 2025 compared with the percentage change in remuneration for all other employees. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 126

DIRECTORS’ REMUNERATION REPORT CONTINUED % Change 2022 Base salary/ Non-Executive fees 1 Taxable beneﬁts 2 Single-year variable 3 Executive Directors Ignacio Bustamante 4 0% 7.4% -1.5% Non-Executive Directors Eduardo Hochschild 0% -9.6% n/a Jorge Born Jr -9.3% n/a n/a Jill Gardiner 1% n/a n/a Tracey Kerr 7 1,867% n/a n/a Michael Rawlinson -2.2% n/a n/a Mike Sylvestre n/a n/a n/a Average all employees 6 7.0% n/a 14% % Change 2021 Base salary/ Non-Executive fees 1 Taxable beneﬁts 2 Single-year variable 3 Executive Directors Ignacio Bustamante 4 0% -10% 5.7% Non-Executive Directors Eduardo Hochschild 0% 17% n/a Jorge Born Jr 0% n/a n/a Jill Gardiner 0% n/a n/a Tracey Kerr 0% n/a n/a Michael Rawlinson 0% n/a n/a Average all employees 6 6.2% n/a 0.8% 1 Note that Non-Executive Director fees other than those paid to Eduardo Hochschild are denominated in British Pounds but are reported in US Dollars at the relevant rate for reporting purposes. % changes are therefore the result of a combination of (i) differences in exchange rates used for reporting purposes and (ii) the introduction of Committee membership fees from 1 March 2022. Where ‘0%’ is stated, this means that there was no change in the relevant fee as denominated. In 2025, there were additionally changes in Committee Chair roles and Senior Independent Director roles. 1a Year-on-year % change includes 3.5% increase in Non-Executive fees effective 1 March 2025. 2 Taxable beneﬁts comprise (a) for Eduardo Landin, medical insurance and (b) for Eduardo Hochschild, the use of a car and driver, personal security and medical insurance. 3 Single-year variable comprises (a) bonus (calculated with reference to base salary only, i.e. before CTS and tax rebates) and (b) statutory proﬁt-share. 3a 2025 year-on-year increase primarily due to a 37% increase in the cost of security. 4 Ignacio Bustamante resigned as CEO (and Executive Director) on 26 August 2023 and served as a Non-Executive Director until 31 December 2023. Eduardo Landin was appointed as CEO (and Executive Director) on 26 August 2023 5 Year-on-year % increase reﬂects the fact that Joanna Pearson was appointed to the Board on 1 October 2023. 6 ‘All employees’ comprises full-time salaried employees in Peru. 7 Year-on-year % increase reﬂects the fact that Tracey Kerr was appointed to the Board on 10 December 2021. 8 Year-on-year % decrease reﬂects the fact that Michael Rawlinson retired from the Board on 12 June 2025. Relative importance of spend on pay The table below shows the percentage change in shareholder distributions (i.e. dividends) and total employee pay expenditure from the ﬁnancial year ended 31 December 2024 to the ﬁnancial year ended 31 December 2025. 2025 2024 % change Distribution to shareholders (US$000) 1 30,868 10,059 207% 2025 2024 % change Employee remuneration (US$000) 221,081 181,231 22% 1 Comprises all cash dividends paid in respect of each year. The Directors are recommending the payment of a ﬁnal dividend of US$25.7m for the year ended 31 December 2025. Pay for performance The following graph shows the TSR for the Company compared to the FTSE 350 Precious Metals and Mining Index and FTSE 250 Index, assuming £100 was invested on 31 December 2015. The Board considers that the FTSE 350 Precious Metals and Mining Index is an appropriate published index as it reﬂects the sector that Hochschild operates in, and the FTSE 250 Index provides a view of performance against a broad equity market index of which Hochschild has been a constituent for the majority of the past 10 years. The table below details the CEO’s single ﬁgure remuneration and actual variable pay outcomes over the same period. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 127

DIRECTORS’ REMUNERATION REPORT CONTINUED Directors’ interests (audited) The interests of the Directors and their families in the ordinary shares of the Company as at 31 December 2025 are detailed in the table below. The Company has adopted shareholding guidelines whereby all Executive Directors (currently only the CEO) are required to acquire and retain a beneﬁcial shareholding in the Company equal to at least 250% of base salary. The CEO is required to invest the entire amount of a vested LTIP for two years (on a net basis) regardless of his achievement of the shareholding guideline. Shares held Owned outright or vested at 31 Dec 2024 Owned outright or vested at 31 Dec 2025 Vested but subject to holding period Unvested and subject to performance conditions Unvested and subject to deferral only Shareholding requirement (% of salary) Current shareholding (% of salary) Requirement met? Eduardo Landin 430,700 430,700 149,500 0 0 250% 605% 1 Yes Eduardo Hochschild 196,900,306 196,900,306 Jorge Born Jr 0 0 Jill Gardiner 0 0 Tracey Kerr 0 0 Michael Rawlinson 0 0 Mike Sylvestre 0 1,620 Joanna Pearson 0 0 1 Using the Company’s closing share price and GBP/USD exchange rate as at 31 December 2025 (being the last trading day of the year) of £5.13 and £1:$1.34 respectively. Historical TSR Performance Growth in the value of a hypothetical £100 holding over the 10 years to 31 December 2025. Hochschild Mining FTSE 250 FTSE 350 Precious Metals and Mining Index Source: Datastream (a LSEG product) £1,400 £1,200 £1,000 £800 £600 £400 £200 £0 2024 2025 Ignacio Bustamante Ignacio Bustamante and Eduardo Landin 1 Eduardo Landin CEO 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CEO single ﬁgure of remuneration ($000) 3,474 4,519 4,174 3,665 1,933 1,996 1,986 IB 519 EL 731 1,943 2,160 Annual bonus outcome (% of maximum) 83% 83% 90% 95% 90% 78.5% 85.4% 74.1% 69.8% 48.7% LTI vesting outcome (% of maximum) 0% (ELTIP) 90% (LTIP) 86% (ELTIP) 100% (LTIP) 43% (ELTIP) 100% (LTIP) 34% (ELTIP) 0% (LTIP) 0% (LTIP) 0% (LTIP) 0% (LTIP) 40.3% (LTIP) 66.6% (LTIP) 75% (LTIP) Subject to rounding 1 The 2023 ﬁgures represent the single ﬁgure of total remuneration for Ignacio Bustamante in respect of the period 1 January 2023 to 26 August 2023 and for Eduardo Landin from 26 August 2023 to 31 December 2023. 2023 2022 2021 2020 2019 2018 2017 2016 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 128

DIRECTORS’ REMUNERATION REPORT CONTINUED There have been no changes to Directors’ shareholdings since 31 December 2025. Directors’ interests in share options, shares and cash awards in Hochschild Long-Term Incentive Plans Details of Directors’ interests in shares and cash awards under Hochschild’s Long-Term Incentive Plans are set out in the table below. Eduardo Landin Date of grant Share price at grant Exercise price at grant Number of shares awarded Max value Performance period Vesting date 2023 LTIP 20.04.23 n/a n/a n/a $595,000 01.01.23 – 31.12.25 20.04.26 2024 LTIP 13.03.24 n/a n/a n/a $1,100,000 01.01.24 – 31.12.26 13.03.27 2025 LTIP 12.03.25 n/a n/a n/a $1,320,000 01.01.25 – 31.12.27 12.03.28 Except as disclosed in the table below, none of the Directors had an interest in the shares of any subsidiary undertaking of the Company or in any signiﬁcant contracts of the Group. Director Nature of Interest Jill Gardiner Beneﬁcial interest in 5,000 Common Shares (and 2,500 warrants to acquire additional such shares) of Tiernan Gold Corp. (‘Tiernan’) 1 and a holding of 5,594 DSUs under the terms of Tiernan’s Omnibus Equity Incentive Plan 2 1 The Group has an interest of c.70% in Tiernan Gold Corp. 2 See page 121 (footnote 2) for further details. External appointments The table below details the 2025 fees received by Executive Directors in respect of external directorships: Name of Executive Director Name of Company Fee Received Eduardo Landin Aclara Resources Inc US$75,000 1 Note: 1 Relates to the six-month period from 1 July 2025 and comprises US$25k in cash and US$50k in shares of Aclara Resources Inc. Signed on behalf of the Board JILL GARDINER CHAIR OF THE REMUNERATION COMMITTEE 10 March 2026 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 129

Supplementary information INTRODUCTION References in this section to ‘the Articles’ are to the Company’s Articles of Association as at the date of this report, copies of which are available from the Registrar of Companies or on request from the Company Secretary. References in this section to ‘the Companies Act’ are to the Companies Act 2006. SHARE CAPITAL Issued share capital The Company’s issued share capital comprises 514,458,432 ordinary shares of 1 pence each (‘shares’). No shares were issued during the year. The Hochschild Mining Employee Share Trust (‘the Trust’) is an employee share trust established to hold shares on trust for the beneﬁt of employees within the Group. The Trust did not, at any time during the year, and does not, at the date of this report, hold any such shares. The Trustee of the Trust has absolute discretion to vote or abstain from voting in relation to the shares held by it from time to time and in doing so may take into account the interests of current and future beneﬁciaries and other considerations. Current share repurchase authority In keeping with the Company’s usual practice of maintaining ﬂexibility, shareholder approval was obtained at the AGM held in June 2025 for the repurchase of up to 51,445,843 shares which represents 10% of the Company’s issued share capital (‘the 2025 Authority’). Whilst no purchases have been made by the Company pursuant to the 2025 Authority, it is intended that shareholder consent will be sought on similar terms at this year’s AGM when the 2025 Authority expires. Additional share capital information This section provides additional information as at 31 December 2025. (a) Structure of share capital The Company has a single class of share capital which is divided into ordinary shares of 1 pence each, which are in registered form. Further information on the Company’s share capital is provided in note 29 to the consolidated ﬁnancial statements. (b) Rights and obligations attaching to shares The rights attaching to the ordinary shares are described in full in the Articles. In summary, on a show of hands and on a poll at a general meeting or class meeting, every member present in person or, subject to the below, by proxy has one vote for every ordinary share held. (c) Transfer of shares The Articles contain customary provisions which, in summary, state that the registration of a transfer of shares may be refused in certain circumstances including in the case of uncertiﬁcated shares, where the transfer would not be permitted under CREST Regulations and, in the case of a transfer of certiﬁcated shares, where such transfer does not comply with certain formalities. (d) Restrictions on voting No member shall be entitled to vote at any general meeting or class meeting in respect of any shares held by him or her, if any call or other sum then payable by him or her in respect of that share remains unpaid. Currently, all issued shares are fully paid. In addition, no member shall be entitled to vote if he or she failed to provide the Company with information concerning interests in those shares required to be provided under the Companies Act. (e) Deadlines for voting rights Votes are exercisable at the general meeting of the Company in respect of which the business being voted upon is being heard. Votes may be exercised in person, by proxy or, in relation to corporate members, by a corporate representative. Under the Articles, the deadline for delivering proxy forms cannot be earlier than 48 hours (excluding non-working days) before the meeting for which the proxy is being appointed. As at 31 December 2025 Number of ordinary shares/voting rights Percentage of issued share capital Nature of holding Eduardo Hochschild 1 196,900,306 38.27% Indirect BlackRock, Inc. 26,306,010 5.11% Indirect & Securities Lending Van Eck Associates Corporation 15,465,722 3.01% Direct 1 The shareholding of Eduardo Hochschild is held through Pelham Investment Corporation. Subsequent to 31 December 2025, the Company has been notiﬁed of the following additional changes: Number of ordinary shares/voting rights Percentage of issued share capital Nature of holding BlackRock, Inc. Below 5% Below 5% Indirect & Securities Lending & CFD Substantial shareholdings The Company has been notiﬁed of the interests detailed in the table below in the Company’s shares in accordance with Chapter 5 of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTRs). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 130

SHAREHOLDER AGREEMENTS The Relationship Agreement entered into prior to the IPO between, amongst others, the Major Shareholder (as deﬁned in the Relationship Agreement) and Eduardo Hochschild (collectively ‘the Controlling Shareholders’) and the Company contains provisions restricting the Controlling Shareholders’ rights to exercise their voting rights to procure an amendment to the Articles that would be inconsistent with the Relationship Agreement. SIGNIFICANT AGREEMENTS A change of control of the Company following a takeover bid may cause a number of agreements to which the Company, or any of its trading subsidiaries, is party to take effect, alter or terminate. Such agreements include commercial trading contracts, joint venture agreements and ﬁnancing arrangements. Further details are given below of those arrangements where the impact may be considered to be signiﬁcant in the context of the Group. (a) $300 million Credit Agreement and $200 million Credit Agreement (the ‘Credit Agreements’) Under the terms and conditions of the Credit Agreements which are between, amongst others, the Group and BBVA Securities Inc, and The Bank of Nova Scotia, a Change of Control obliges the Group to prepay all Advances (as deﬁned in the agreement) unless any Lender notiﬁes the Group that it is declining any such prepayment in which case the Advances owing to such declining Lender shall not be prepaid. In summary, a Change of Control means an event or series of events by which: (a) the Permitted Holders (being Eduardo Hochschild, his spouse, either of their descendants or estate or guardian of any of the aforementioned, a trust for the beneﬁt of one or more of the aforementioned or any entity controlled by any one or more of the aforementioned) shall for any reason cease, individually or in the aggregate, to be the beneﬁcial owners (as so deﬁned) of at least 30% of the Company’s shares; or (b) the Permitted Holders shall for any reason cease, individually or in the aggregate, to have the power to appoint at least the number of the members of the Board of Directors or other equivalent governing body of the Company that the Permitted Holders are permitted to elect as at the date of the relevant agreement; or (c) the Company shall for any reason cease, directly or through one or more of its Subsidiaries, to be the ‘beneﬁcial owner’ (as so deﬁned) of more than 50% of the Equity Interests in either Compañia Minera Ares S.A.C. or Amarillo Mineraçao do Brasil Ltda. (b) Long-Term Incentive Plans Awards made under the Group’s Long- Term Incentive Plan shall, upon a change of control of the Company, vest early unless a replacement award is made. Vesting will be pro-rated to take account of the proportion of the period from the award date to the normal vesting date falling prior to the change of control and the extent to which performance conditions (and any other conditions) applying to the award have been met. SUMMARY OF CONSTITUTIONAL AND OTHER PROVISIONS Appointment of Directors Under the terms of the Articles, Directors may be appointed by the Company by ordinary resolution or by the Board. A Director appointed by the Board holds ofﬁce only until the next following AGM and is then eligible for election by shareholders but is not taken into account in determining the Directors or the number of Directors who are to retire by rotation at that meeting. Each Director is subject to periodic re- election by shareholders at intervals of no more than every three years. Each Director (other than the Chairman and any Director holding executive ofﬁce) shall retire at each AGM following the ninth anniversary of the date on which he or she was elected by the Company. Approach to appointments adopted by the Board Under law, the Company is entitled to adopt such practices which are no less stringent than those set out in the Articles. Accordingly, notwithstanding the above, the Board has adopted the recommendation of the UK Corporate Governance Code that all Directors should seek annual re-election by shareholders. Listing Rules In line with the UK Listing Rules which apply to Hochschild given the presence of a controlling shareholder, the election or re-election of any Independent Director must be approved by: (i) all shareholders of the Company; and (ii) the independent shareholders of the Company (i.e. any person entitled to vote on the election of Directors of the Company who is not a controlling shareholder). If either shareholder resolution to elect or re-elect the Independent Director is defeated, the Company may propose a further resolution to elect or re-elect the proposed Independent Director provided that the further resolution must not be voted on within 90 days from the date of the original vote but it must then be voted on within a period of 30 days from the end of the 90-day period. It may then be passed by a simple majority of the shareholders of the Company voting as a single class. Removal of Directors The Company may, in accordance with and subject to the provisions of the Companies Act by ordinary resolution of which special notice has been given, remove any Director before the expiration of his/her term of ofﬁce. The Articles state that the ofﬁce of Director shall be vacated for customary reasons, including if s/he is prohibited by law from acting as a Director, s/he becomes bankrupt or compounds with his/her creditors generally and s/he is absent without permission of the Directors from meetings of the Board for six months and the Directors resolve that his/her ofﬁce be vacated. Relationship Agreement In addition, under the terms of the Relationship Agreement: – For as long as the Major Shareholder has an interest of 30% or more in the Company, it is entitled to appoint up to two Non- Executive Directors and to remove such Directors so appointed; and – For as long as the Major Shareholder has an interest of 15% or more of the Company, it is entitled to appoint up to one Non- Executive Director and to remove such Director so appointed. Amendment of Articles of Association Any amendments to the Articles may be made in accordance with the provisions of the Companies Act by way of special resolution. Powers of the Directors Subject to the Articles, the Companies Act and any directions given by special resolution, the business and affairs of the Company shall be managed by the Directors who may exercise all such powers of the Company. SUPPLEMENTARY INFORMATION CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 131

Subject to applicable statutes and other shareholders’ rights, shares may be issued with such rights or restrictions as the Company may by ordinary resolution decide or, in the absence of any such resolution, as the Directors may decide. Subject to applicable statutes and any ordinary resolution of the Company, all unissued shares of the Company are at the disposal of the Directors. At each AGM, the Company puts in place an annual shareholder authority seeking shareholder consent to allot unissued shares, in certain circumstances for cash, in accordance with the guidelines of certain Investor Protection Committees. Repurchase of shares Subject to authorisation by shareholder resolution, the Company may purchase its own shares in accordance with the Companies Act. Any shares which have been bought back may be held as Treasury shares or, if not so held, must be cancelled immediately upon completion of the purchase, thereby reducing the amount of the Company’s issued share capital. The minimum price which must be paid for such shares is speciﬁed in the relevant shareholder resolution. Dividends and distributions Subject to the provisions of the Companies Act, the Company may by ordinary resolution from time to time declare dividends not exceeding the amount recommended by the Directors. Likewise, the Directors may, subject to the Companies Act, pay interim dividends whenever the ﬁnancial position of the Company, in the opinion of the Directors, justiﬁes their payment. If the Directors act in good faith, they are not liable to holders of Section Matter Location (1) Interest capitalised Note 27(b) to the consolidated ﬁnancial statements (2) Publication of unaudited ﬁnancial information Not applicable (3) Details of speciﬁed long-term incentive scheme None (4) Waiver of emoluments by a Director None (5) Waiver of future emoluments by a Director None (6) Non pre-emptive issues of equity for cash None (7) Item (6) in relation to major subsidiary undertakings None (8) Parent participation in a placing by a listed subsidiary None (9)(a) Contract of signiﬁcance in which a Director is interested None (9)(b) Contract of signiﬁcance with controlling shareholder None (10) Provision of services by a controlling shareholder None (11) Shareholder waivers of dividends Directors’ Report (12) Shareholder waivers of future dividends Directors’ Report (13) Statement of compliance to conduct business independently of controlling shareholder Directors’ Report SUPPLEMENTARY INFORMATION CONTINUED shares with preferred or pari passu rights for losses arising from the payment of interim dividends on other shares. ADDITIONAL DISCLOSURES Disclosure table pursuant to Listing Rule 6.6.4R For the purposes of UKLR 6.6.4R, the information required to be disclosed by UKLR 6.6.1R can be found in the following parts of this Annual Report: STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 132

Statement of Directors’ responsibilities The Directors are responsible for preparing the Annual Report and the Group and Parent Company ﬁnancial statements in accordance with applicable United Kingdom law and regulations. Company law requires the Directors to prepare Group and Parent Company ﬁnancial statements for each ﬁnancial year. Under that law the Directors have elected to prepare the Group and Parent Company ﬁnancial statements in accordance with UK- adopted international accounting standards (IFRS). Under company law the Directors must not approve the ﬁnancial statements unless they are satisﬁed that they give a true and fair view of the state of affairs of the Group and the Parent Company and of their proﬁt or loss for that period. Under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, Group ﬁnancial statements are required to be prepared in accordance with UK-adopted international accounting standards. In preparing those ﬁnancial statements, the Directors are required to: – Select suitable accounting policies in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and then apply them consistently; – Make judgements and accounting estimates that are reasonable and prudent; – Present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; – Provide additional disclosures when compliance with the speciﬁc requirements in IFRS is insufﬁcient to enable users to understand the impact of particular transactions, other events and conditions on the Group and Parent Company ﬁnancial position and ﬁnancial performance; – In respect of each of the Group ﬁnancial statements and Parent Company ﬁnancial statements, state whether UK-adopted international accounting standards have been followed, subject to any material departures disclosed and explained in the relevant ﬁnancial statements; and – Prepare the ﬁnancial statements on the going concern basis unless it is appropriate to presume that the Parent Company and/or the Group will not continue in business. The Directors are responsible for keeping adequate accounting records that are sufﬁcient to show and explain the Parent Company’s and Group’s transactions and disclose with reasonable accuracy at any time the ﬁnancial position of the Parent Company and the Group and enable them to ensure that the Parent Company and the Group ﬁnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Parent Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors’ Report, Directors’ Remuneration Report and Corporate Governance Statement that comply with that law and those regulations. The Directors are responsible for the maintenance and integrity of the corporate and ﬁnancial information included on the Company’s website. Legislation in the UK governing the preparation and dissemination of ﬁnancial statements may differ from legislation in other jurisdictions. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 133

→ Independent auditor’s report to the members of Hochschild Mining PLC → Consolidated financial statements → Consolidated statement of comprehensive income → Consolidated statement of financial position → Consolidated statement of cash flows → Consolidated statement of changes in equity → Notes to the consolidated financial statements → Parent company financial statements → Notes to the parent company financial statements Financial statements STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 134

Independent auditor’s report to the members of Hochschild Mining PLC OPINION In our opinion: – Hochschild Mining PLC’s Group ﬁnancial statements and Parent Company ﬁnancial statements (the ‘ﬁnancial statements’) give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 December 2025 and of the Group’s proﬁt for the year then ended; – the Group ﬁnancial statements have been properly prepared in accordance with UK adopted International Accounting Standards; – the Parent Company ﬁnancial statements have been properly prepared in accordance with UK adopted International Accounting Standards as applied in accordance with section 408 of the Companies Act 2006; and – the ﬁnancial statements have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the ﬁnancial statements of Hochschild Mining PLC (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the year ended 31 December 2025 which comprise: Group Consolidated statement of ﬁnancial position as at 31 December 2025 Consolidated income statement for the year then ended Consolidated statement of comprehensive income for the year then ended Consolidated statement of changes in equity for the year then ended Consolidated statement of cash ﬂows for the year then ended Related notes 1 to 38 to the consolidated ﬁnancial statements, including material accounting policy information Parent Company Statement of ﬁnancial position as at 31 December 2025 Statement of changes in equity for the year then ended Statement of cash ﬂows for the year then ended Related notes 1 to 14 to the ﬁnancial statements, including material accounting policy information The ﬁnancial reporting framework that has been applied in their preparation is applicable law and UK adopted International Accounting Standards and as regards the Parent Company ﬁnancial statements, as applied in accordance with section 408 of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the ﬁnancial statements section of our report. We believe that the audit evidence we have obtained is sufﬁcient and appropriate to provide a basis for our opinion. INDEPENDENCE We are independent of the Group and Parent in accordance with the ethical requirements that are relevant to our audit of the ﬁnancial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulﬁlled our other ethical responsibilities in accordance with these requirements. The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group or the Parent Company and we remain independent of the Group and the Parent Company in conducting the audit. CONCLUSIONS RELATING TO GOING CONCERN In auditing the ﬁnancial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the ﬁnancial statements is appropriate. Our evaluation of the Directors’ assessment of the Group and Parent Company’s ability to continue to adopt the going concern basis of accounting included: – Conﬁrming our understanding of the Directors’ going concern assessment process and the key factors and assumptions that are considered in their assessment; – Auditing the key factors and assumptions adopted in the assessment of going concern and the cash ﬂow model, including considering whether management has exercised any bias in selecting their assumptions, by comparing against past performance and available market data; – Checking the reasonableness of all key assumptions in management’s forecasts, including the forecast gold and silver price used; the production proﬁles which form the basis of the cash ﬂow forecast; and the mitigating factors that exist and that can be utilised to ensure the liquidity of the Group; STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 135

– Obtaining the Directors’ going concern assessment, including cash ﬂow forecast and covenant calculations for the going concern period which covers 12 months from the audit report date to 31 March 2027. The Directors have modelled a severe scenario in order to incorporate unexpected changes to the forecast liquidity of the Group. This severe scenario modelled a reduction in precious metal prices, stoppages of all operations and unforeseen social related costs. We evaluated the sufﬁciency of the sensitivities performed, by assessing whether the severe scenario was appropriately severe based on historical track record; – Obtaining an understanding of the operation of management’s model, checking the clerical accuracy of management’s modelling, and recalculating management’s forecasts of their compliance with borrowing covenants throughout the assessment period under management’s scenarios; – Verifying the terms, maturity, interest rates, and any restrictions or covenants of the borrowings held by the Group at the date of approving the ﬁnancial statements against the original contracts; – Checking the consistency of the factors and assumptions adopted in the going concern assessment with other areas of our audit, including the Group’s asset impairment tests; – Challenging the adequacy of the going concern assessment period until 31 March 2027, considering whether any events or conditions foreseeable after the period indicated a longer review period would be appropriate; – Considering the results of management’s reverse stress tests in order to identify what factors would lead to the Group utilising all liquidity during the going concern period. Assessing the likelihood of these factors in the context of the outlook for commodity prices against the recent historical highs, historic market lows, as well as our own industry experience and management’s hedging strategy; – Reconciling the opening cash position in the Group’s going concern assessment to the Group cash balance at 31 December 2025. Comparing the cash balance as per the accounting records to those in the going concern model for January and February 2026 and assessing the Group’s post-year-end trading performance by comparison to budget; – With regards to the Parent Company ﬁnancial statements, reviewing the letter of support received from Compañía Minera Ares (‘CMA’) and assessed the ability of CMA to provide ﬁnancial support to the Parent Company during the going concern period, through our test of CMA’s future cash ﬂows included within the Group’s going concern model; – Considering whether management’s disclosures in the Annual Report and Accounts are appropriate, through consideration of the relevant disclosure standards; and – Reviewing the support prepared by management and the disclosures relating to the viability assessment and considered whether they accurately represented the process followed by management and whether the Group complied with the UK Corporate Governance Code disclosures requirements. Our key observations: – The Directors’ assessment forecasts that the Group will maintain sufﬁcient liquidity and will comply with the ﬁnancial covenants throughout the going concern assessment period in all reasonably plausible scenarios, prior to the consideration of any mitigating actions available at their discretion. Considering the short-term nature of the cash forecasts, we do not consider climate change to impact the estimates reﬂected in the going concern assessment. Based on the work we have performed, we have not identiﬁed any material uncertainties relating to events or conditions that, individually or collectively, may cast signiﬁcant doubt on the Group and Parent Company’s ability to continue as a going concern for a period to 31 March 2027. In relation to the Group and Parent Company’s reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the directors’ statement in the ﬁnancial statements about whether the directors considered it appropriate to adopt the going concern basis of accounting. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Group’s ability to continue as a going concern. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HOCHSCHILD MINING PLC CONTINUED OVERVIEW OF OUR AUDIT APPROACH Audit scope – We performed an audit of the complete ﬁnancial information of three components, and audit procedures on speciﬁc balances for a further four components and for the remaining twenty components we performed other audit procedures. – The components where we performed full or speciﬁc audit procedures accounted for 99% of Adjusted EBITDA, 100% of Revenue and 99% of Total Assets. Key audit matters – We identiﬁed the ‘Recoverability of the carrying value of the Group’s mining assets and investment in associate’ as a key audit matter that, in our professional judgement, had the greatest effect on our overall audit strategy, the allocation of resources in the audit and in directing the audit team’s efforts. Materiality – Our overall Group materiality of US$11.7m which represents 2% of the Group’s Adjusted EBITDA. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 136

AN OVERVIEW OF THE SCOPE OF THE PARENT COMPANY AND GROUP AUDITS Tailoring the scope We have followed a risk-based approach when developing our audit approach to obtain sufﬁcient appropriate audit evidence on which to base our audit opinion. We performed risk assessment procedures, with input from our component auditors, to identify and assess risks of material misstatement of the Group ﬁnancial statements and identiﬁed signiﬁcant accounts and disclosures. When identifying components at which audit work needed to be performed to respond to the identiﬁed risks of material misstatement of the Group ﬁnancial statements, we considered our understanding of the Group and its business environment, the applicable ﬁnancial framework, the Group’s system of internal control at the entity level, the existence of centralised processes, applications and any relevant internal audit results. We determined that centralised audit procedures would be performed on the following key audit areas: recoverability of mining assets and investment in associate; mine rehabilitation provision; accounting impact of reserves and resources estimates; accounting for hedges; and accounting for the transactions completed by Tiernan Gold Corp (the Tiernan Transaction). We then identiﬁed three components as individually relevant to the Group due to signiﬁcant risk or an area of higher assessed risk of material misstatement of the Group ﬁnancial statements being associated with the components. These three components of the Group are also individually relevant due to materiality or ﬁnancial size of the component relative to the Group. For those individually relevant components, we identiﬁed the signiﬁcant accounts where audit work needed to be performed at Statutory Auditor, or another senior member of the Group audit team, visits each of the primary operating locations where the Group audit scope is focused. During the current year’s audit cycle, visits were undertaken by the primary audit team to the component teams in Peru, Argentina and Brazil, with the Senior Statutory Auditor attending the visits for all three locations. These visits involved discussing the audit approach with the component team and any issues arising from their work, meeting with local management and reviewing relevant audit working papers on risk areas. The Group audit team interacted regularly with the component teams where appropriate during various stages of the audit, reviewed relevant working papers and were responsible for the scope and direction of the audit process. Where relevant, the section on key audit matters details the level of involvement we had with component auditors to enable us to determine that sufﬁcient audit evidence had been obtained as a basis for our opinion on the Group as a whole. This, together with the additional procedures performed at Group level, gave us appropriate evidence for our opinion on the Group ﬁnancial statements. CLIMATE CHANGE Stakeholders are increasingly interested in how climate change will impact Hochschild Mining PLC. The Group has determined that the most signiﬁcant future impacts from climate change on its operations will be from potential governmental and societal responses to climate change risks, changes in weather patterns and consequential restricted access to capital as a result of failing to respond to these risks. These are explained on pages 71 to 73 in the Task Force On Climate-related Financial Disclosures (‘TCFD’) report and on page 85 in the principal risks and uncertainties. All of these disclosures form part of the ‘Other information’ rather than the audited these components by applying professional judgement, having considered the Group signiﬁcant accounts on which centralised procedures will be performed, the reasons for identifying the ﬁnancial reporting component as an individually relevant component and the size of the component’s account balance relative to the Group signiﬁcant ﬁnancial statement account balance. We then considered whether the remaining Group signiﬁcant account balances not yet subject to audit procedures, in aggregate, could give rise to a risk of material misstatement of the Group ﬁnancial statements. We selected four components of the Group to include in our audit scope to address these risks. Having identiﬁed the components for which work will be performed, we determined the scope to assign to each component. Of the seven components selected, we designed and performed audit procedures on the entire ﬁnancial information of three components (‘full scope components’). For four components, we designed and performed audit procedures on speciﬁc signiﬁcant ﬁnancial statement account balances (‘speciﬁc scope components’). Our scoping to address the risk of material misstatement for the key audit matter is set out in the Key audit matters section of our report. INVOLVEMENT WITH COMPONENT TEAMS In establishing our overall approach to the Group audit, we determined the type of work that needed to be undertaken at each of the components by us, as the Group audit engagement team, or by component auditors operating under our instruction. The Group audit team continued to follow a programme of planned visits that has been designed to ensure that the Senior ﬁnancial statements. Our procedures on these unaudited disclosures therefore consisted solely of considering whether they are materially inconsistent with the ﬁnancial statements or our knowledge obtained in the course of the audit or otherwise appear to be materially misstated, in line with our responsibilities on ‘Other information’. In planning and performing our audit we assessed the potential impacts of climate change on the Group’s business and any consequential material impact on its ﬁnancial statements. As explained in note 2(b) to the Consolidated Financial Statements and the TCFD report on pages 67 to 75 the governmental and societal responses to climate change risks are still developing, and are interdependent upon each other, and consequently the ﬁnancial statements cannot capture all possible future outcomes as these are not yet known. The degree of certainty of these changes may also mean that they cannot be taken into account when determining asset and liability valuations and the timing of future cash ﬂows under the requirements of UK adopted International Accounting Standards. Hochschild have established a 2030 ambition to reduce greenhouse gas emissions (GHG) Scope 1 and 2 by 30%, against the 2021 baseline emissions level, as part of their overarching ambition to achieve Net Zero by 2050. The Group have not yet formalised this 2030 ambition as a climate commitment, due to the fact the full ﬁnancial impact assessment to determine the ﬁnancial statement impact of these measures is still underway. We also note that Hochschild may need to re-baseline their ambitions with respect to the 2030 target to fully reﬂect the introduction of Mara Rosa, which is to be conducted in 2026-2027. Therefore, until this assessment has been completed, management are unable to determine the full future economic impact on its business model and operational plans and INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HOCHSCHILD MINING PLC CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 137

therefore the potential impacts are not fully incorporated in these ﬁnancial statements. Our audit effort in considering the impact of climate change on the ﬁnancial statements was focused on evaluating management’s assessment of the impact of climate risk, physical and transition and whether these have been appropriately reﬂected in the disclosures in note 2(b) to the Consolidated Financial Statements. We also challenged the Directors’ considerations of climate change risks in their assessment of going concern and viability and associated disclosures. Based on our work we have not identiﬁed the impact of climate change on the ﬁnancial statements to be a key audit matter or to impact a key audit matter. KEY AUDIT MATTERS Key audit matters are those matters that, in our professional judgement, were of most signiﬁcance in our audit of the ﬁnancial statements of the current period and include the most signiﬁcant assessed risks of material misstatement (whether or not due to fraud) that we identiﬁed. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the ﬁnancial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HOCHSCHILD MINING PLC CONTINUED Risk Our response to the risk Recoverability of the carrying value of the Group’s mining assets and investment in associate Refer to the Audit Committee Report; Accounting policies (page 150); and notes 16 to 19 to the Consolidated Financial Statements (pages 171 to 175) At 31 December 2025 the carrying values of the Group’s mining assets were: – Property, plant and equipment (PP&E): US$1,238.4m (2024: US$1,070.8m); – Evaluation and exploration (E&E) assets: US$93.8m (2024: US$132.3m); and – Intangible assets: US$66.1m (2024: US$49.6m) – Investment in associate: US$43.4m (2024: US$15.8m) IFRS requires companies to test cash generating units (CGUs) for impairment whenever an indicator exists. An intangible asset with an indeﬁnite useful life is tested for impairment at least annually and whenever there is an indication that the asset might be impaired. For the Group, CGUs represent individual mines and advanced exploration projects. Our approach focused on the following procedures: – We obtained an understanding of management’s key controls over impairment of mining assets in supporting the prevention, detection and correction of material errors in the ﬁnancial statements. – We also obtained an understanding of management’s process to obtain and extend the mining operating permits, including those related to mine closure plans, and assessed the reasonableness of any judgements which could impact the determination of the life of mine of the Group’s assets. – We obtained management’s assessment of whether any indicators of impairment or reversal of impairment were present at 31 December 2025, following the requirements of IFRS. – We challenged the validity and completeness of the indicators identiﬁed by management in its assessment with reference to our existing knowledge of the business and evidence obtained elsewhere in our audit, including searching for contra-evidence, with a focus on the following key assumptions: Risk Our response to the risk Additionally, IFRS requires testing of CGUs for impairment reversal at the end of each reporting period where there is any indicator that an impairment loss recognised in prior periods (for an asset other than goodwill) may no longer exist, or may have decreased. For the Group, the relevant CGUs are: – Operating mines: Inmaculada, San Jose and Mara Rosa; – Development projects: Volcan, Royropata, and Monte do Carmo; and – Investment in associate: Aclara. The Volcan CGU includes an intangible asset with an indeﬁnite useful life and therefore is tested for impairment at least annually. A number of impairment or impairment reversal indicators were identiﬁed across the Group’s CGUs, including but not limited to: – the increase in gold and silver prices and decrease in discount rate, impacting the San Jose CGU; – the transaction completed by Tiernan (the investment vehicle which holds the Volcan CGU); and – developments in the rare earths market and the progress in Aclara’s project development; resulting in a sustained uplift of Aclara’s share price. Furthermore, an impairment assessment was performed on the Monte do Carmo project following its reclassiﬁcation from E&E assets to PPE. In addition, as at 30 June 2025, an impairment indicator was identiﬁed at the Mara Rosa CGU resulting from the operational challenges presented during the ﬁrst half of the year, including a temporary suspension of the processing plant. No impairment was required then. No indicators of impairments were identiﬁed as at 31 December 2025. As disclosed in notes 16 to 19 to the consolidated ﬁnancial statements, total impairment reversals of US$79.0m were recognised in the year. These reversals are related to San Jose (US$13.6m), Volcan (US$43.2m) and Aclara (US$22.2m). – Comparing and assessing management’s prices to analysts’ consensus forecasts for gold and silver as at 31 December 2025 and 31 December 2024. – Obtaining relevant support of management’s position on market interest rates and other macroeconomic factors. – Challenging the economic performance of the CGUs during the year, discussed with management and reviewed the approve mine plans and/or budgets, with special focus on the operational performance of Mara Rosa over the second-half of 2025. – For exploration projects, obtaining an understanding of management's plans to recover the carrying value in full from successful development or by sale. We also obtained technical reports from third parties for development projects. – Obtaining relevant support about expected renewal/extension of mining permits. – With respect to the investment in Aclara, assessing the continued trend of the increase in its share price, including any development of its projects and rare earth metal prices. – For those CGUs and investments in associate where an indicator of impairment or reversal of impairment exists, we obtained the recoverable value models and performed the following procedures: – Where relevant, challenged the appropriateness of the valuation approach adopted by management. – Assessed the appropriateness of the methodology applied in preparing the model as well as the arithmetical accuracy of management’s model. – Undertook an assessment of management’s track record of accuracy in forecasting to determine the reliability of current forecasts. Agreed the main inputs to the approved mine plans or budgets, and compared them with historical actual ﬁgures, where appropriate. – Involved our valuation specialists to assist us in challenging and assessing the appropriateness of the discount rate used in the calculation as well as other key assumptions and testing methodology. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 138

Risk Our response to the risk – With respect to the recoverable value model for the Volcan CGU, we assessed management’s estimation of the recoverable value by reference to the implied value derived from the consideration received for a non-controlling interest in Tiernan. – With respect to the recoverable value of the investment in Aclara, we considered whether the increase in the share price above the cost of investment was signiﬁcant and sustained over a prolonged period of time to support the reversal of the impairment. – We evaluated the appropriateness of the impairment reversals by comparing the calculated recoverable values of the San Jose, Volcan and Aclara CGUs to the carrying values that would have been determined, net of depreciation or amortisation, had no prior impairment been recognised. – We reviewed, by reference to the FRC’s guidance, the appropriateness, sufﬁciency, and clarity of the impairment-related disclosures, including around reasonably possible changes in estimates. Key observations communicated to the Audit Committee As a result of the audit procedures performed, we have concluded that management’s impairment indicator analysis and impairment assessment for the Group’s CGUs has been carried out appropriately and in accordance with the requirements of IFRS. We further concluded that the signiﬁcant assumptions used in the recoverable value models prepared by management were appropriate, and where applicable, fell within the range of acceptable outcomes that we had calculated. Based on the procedures performed, we consider the impairment reversals recorded by management at 31 December 2025 totalling $79.0m to be appropriate. We are satisﬁed that the carrying values of the Mara Rosa and Monte do Carmo CGUs do not require impairment as at 31 December 2025. We concluded that the related disclosures in the Group ﬁnancial statements are appropriate. How we scoped our audit to respond to the risk and involvement with component teams All audit work performed to address this risk was undertaken by the Group audit team. carrying value of the Group’s mining assets, where there are a number of signiﬁcant judgements and estimates involved that are susceptible to management bias. In the prior year, our auditor’s report included a key audit matter in relation to the ‘Recoverability of the carrying value of the Group’s mining assets and investment associate’. This is consistent with the key audit matter included in our auditor’s report for the current year. OUR APPLICATION OF MATERIALITY We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identiﬁed misstatements on the audit and in forming our audit opinion. Materiality The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to inﬂuence the economic decisions of the users of the ﬁnancial statements. Materiality provides a basis for determining the nature and extent of our audit procedures. We determined planning materiality for the Group to be US$7.2m (2024: US$8.1m), the level on which we based our testing. Final materiality was calculated as US$11.7m (2024: US$8.4m) based on 2% (2024: 2%) of the Group’s Adjusted EBITDA. Given our planning materiality was lower than the ﬁnal materiality we continued to use US$7.2m as our materiality for our testing. We believe that Adjusted EBITDA provides us with a suitable basis for calculating materiality, as it is an earnings-based measure that is considered to be a critical measure for users of the ﬁnancial statements, given the focus on this metric by the Group’s shareholders, investors and external lenders. In addition, the Adjusted EBITDA measure is used to assess As part of our audit, we also address the risk of management override of internal controls, including evaluating whether there is evidence of bias by the Directors that may represent a risk of material misstatement due to fraud. We determined that the risk of management override does not represent a separate key audit matter, on the basis that it is our assessment that this risk principally manifests itself through recoverability of the the Group’s compliance with key restrictive covenants on the Group’s borrowings. We determined materiality for the Parent Company to be US$22.7m (2024: US$17.2m), which is 1% (2024: 1%) of Equity. The Parent Company materiality is higher than the Group materiality as it is based on Equity, which we consider to be an appropriate basis for materiality for a holding company, as the users of the ﬁnancial statements focus on a capital-based measure. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HOCHSCHILD MINING PLC CONTINUED Revenue recognition is a signiﬁcant risk presumed by ISAs (UK). It is not included above, as Hochschild’s revenue streams are largely routine in nature and do not involve signiﬁcant judgement or use of signiﬁcant estimates. Consequently, the auditing of revenue recognition did not have the greatest effect on our overall audit strategy, the allocation of resources in the audit or in directing the efforts of the engagement team. Starting basis Proﬁt from operations before net ﬁnance income/(cost), foreign exchange loss and income tax (pre-exceptional) (US$365.3m) Adjustments – Add: Depreciation and amortisation in cost of sales and in administrative expenses (US$168.2m) – Add: Exploration expenses other than personnel and other exploration related ﬁxed expenses (US$22.1m) – Add: Write-off of PPE (US$4.1m) – Add: Increase in provision for mine closure ($24.0m) Materiality – US$583.7m Adjusted EBITDA – Materiality of US$11.7m (2% of materiality basis). – During the course of our audit, we reassessed initial materiality and we maintained our planning materiality level for the purpose of completing our audit procedures as the same was below our ﬁnal materiality. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 139

Performance materiality The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality. On the basis of our risk assessments, together with our assessment of the Group’s overall control environment, our judgement was that performance materiality was 75% (2024: 75%) of our planning materiality, namely US$8.8m (2024: US$6.1m). We have set performance materiality at this percentage due to our understanding of the Group’s control environment, and that there have been no signiﬁcant events that would alter our expectation that there is a low likelihood of misstatements that would be material individually or in aggregate to the ﬁnancial statements. Audit work was undertaken at component locations for the purpose of responding to the assessed risks of material misstatement of the Group ﬁnancial statements. The performance materiality set for each component is based on the relative scale and risk of the component to the Group as a whole and our assessment of the risk of misstatement at that component. In the current year, the range of performance materiality allocated to components was US$1.4m to US$3.9m (2024: US$1.8m to US$4.2m). Reporting threshold An amount below which identiﬁed misstatements are considered as being clearly trivial. We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of US$585k (2024: US$420k), which is set at 5% of We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course of the audit: – the information given in the Strategic Report and the Directors’ Report for the ﬁnancial year for which the ﬁnancial statements are prepared is consistent with the ﬁnancial statements; and – the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identiﬁed material misstatements in the Strategic Report or the Directors’ Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: – adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or planning materiality, as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of other relevant qualitative considerations in forming our opinion. Other information The other information comprises the information included in the Annual Report set out on pages 1 to 89, and pages 90 to 133, including Strategic Report and Governance sections (including the Directors’ Report, Corporate Governance Report, Directors’ Remuneration Report, Supplementary Information and Statement of Directors’ Responsibilities), other than the ﬁnancial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the ﬁnancial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the ﬁnancial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the ﬁnancial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. – the Parent Company ﬁnancial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns; or – certain disclosures of Directors’ remuneration speciﬁed by law are not made; or – we have not received all the information and explanations we require for our audit. CORPORATE GOVERNANCE STATEMENT We have reviewed the Directors’ statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the Group and Company’s compliance with the provisions of the UK Corporate Governance Code speciﬁed for our review by the UK Listing Rules. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the ﬁnancial statements or our knowledge obtained during the audit: – Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identiﬁed set out on page 95, note 2(d) to the Consolidated Financial Statements and note 2(b) to the Parent Company Financial Statements; – Directors’ explanation as to its assessment of the Company’s prospects, the period this assessment covers and why the period is appropriate set out on page 88; INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HOCHSCHILD MINING PLC CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 140

– Directors’ statement on whether it has a reasonable expectation that the Group will be able to continue in operation and meets its liabilities set out on page 95 and note 2(d) to the Consolidated Financial Statements; – Directors’ statement on fair, balanced and understandable set out on page 95; – Board’s conﬁrmation that it has carried out a robust assessment of the emerging and principal risks set out on page 95; – The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems set out on pages 110 and 111; and – The section describing the work of the Audit Committee on pages 109 to 114. RESPONSIBILITIES OF DIRECTORS As explained more fully in the Directors’ responsibilities statement set out on page 133, the Directors are responsible for the preparation of the ﬁnancial statements and for being satisﬁed that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of ﬁnancial statements that are free from material misstatement, whether due to fraud or error. In preparing the ﬁnancial statements, the Directors are responsible for assessing the Group and Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. ﬁnancial statements are those related to the reporting frameworks (UK adopted International Accounting Standards, the Companies Act 2006, the UK Corporate Governance Code and the UK Listing Rules issued by the Financial Conduct Authority) and the relevant tax compliance regulations in the jurisdictions in which the Group operates (principally UK, Peru, Argentina and Brazil). In addition, we concluded that there are certain signiﬁcant laws and regulations that may have an effect on the determination of the amounts and disclosures in the ﬁnancial statements, mainly relating to health and safety, employee matters, bribery and corruption practices, environmental and certain aspects of company legislation recognising the regulated nature of the Group’s mining activities and its legal form. – We understood how Hochschild Mining PLC is complying with those frameworks by making enquiries of management, internal audit, those responsible for legal and compliance procedures and the Company Secretary. We corroborated our enquiries through our review of Board minutes, papers provided to the Audit Committee, correspondence provided to and received from regulatory bodies and legal advice provided by external counsel, and noted there was no contradictory evidence. – We assessed the susceptibility of the Group’s ﬁnancial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business, including outside the ﬁnance function, to understand what areas were susceptible to fraud. We also considered performance targets and their propensity to inﬂuence management to manage the Group’s earnings. AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the ﬁnancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inﬂuence the economic decisions of users taken on the basis of these ﬁnancial statements. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management. – We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most signiﬁcant and directly relevant to speciﬁc assertions in the – We considered the programmes and controls that the Group has established to address risks identiﬁed, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where risk was considered as higher, we performed audit procedures to address each identiﬁed fraud risk. We engaged our forensics specialists to support our audit procedures over fraud and potential non-compliance with laws and regulations. – Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved: incorporating data analytics across our audit approach, journal entry testing with a focus on manual consolidation journals and journals meeting our deﬁned risk criteria based on our understanding of the Group’s business; enquiries of the Group’s legal counsel, Group management, internal audit and all full and speciﬁc scope management; review of Board and Audit Committee reporting; evaluating any matters of potential non-compliance with support from our forensics and legal specialists as necessary; and focused testing as referred to in the key audit matters section above. – We ensured our global team has appropriate industry experience through working for many years on relevant audits, including experience of mining. Our audit planning included considering external market factors, for example geopolitical risk, the potential impact of climate change, commodity price risk and major trends in the industry. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HOCHSCHILD MINING PLC CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 141

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HOCHSCHILD MINING PLC CONTINUED A further description of our responsibilities for the audit of the ﬁnancial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report. OTHER MATTERS WE ARE REQUIRED TO ADDRESS – Following the recommendation from the Audit Committee, we were appointed by the Company on 16 October 2006 to audit the ﬁnancial statements for the year ending 31 December 2006 and subsequent ﬁnancial periods. Following a competitive tender process, we were reappointed as auditor of the Company for the period ending 31 December 2016 and subsequent ﬁnancial periods. The period of total uninterrupted engagement including previous renewals and reappointments is 20 years, covering the years ending 31 December 2006 to 31 December 2025. Following the conclusion of our 2025 audit, we will formally rotate off the engagement following our 20-year tenure, as required under the FRC’s Ethical Standard. – The audit opinion is consistent with the additional report to the Audit Committee. USE OF OUR REPORT This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. JESSY MAGUHN (SENIOR STATUTORY AUDITOR) FOR AND ON BEHALF OF ERNST & YOUNG LLP, STATUTORY AUDITOR London 10 March 2026 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 142

Consolidated income statement For the year ended 31 December 2025 Year ended 31 December 2025 Year ended 31 December 2024 Before exceptional items Exceptional items (note 11) Total Before exceptional items Exceptional items (note 11) Total Notes US$000 US$000 US$000 US$000 US$000 US$000 Revenue 5 1,208,575 (26,427) 1,182,148 947,696 – 947,696 Cost of sales 6 (677,939) – (677,939) (605,263) – (605,263) Gross profit 530,636 (26,427) 504,209 342,433 – 342,433 Administrative expenses 7 (55,604) – (55,604) (50,232) – (50,232) Exploration expenses 8 (28,695) – (28,695) (26,854) – (26,854) Selling expenses 9 (21,922) – (21,922) (17,489) – (17,489) Other income 12 10,163 – 10,163 20,955 – 20,955 Other expenses 12 (65,243) (10,158) (75,401) (43,245) – (43,245) (Impairment reversal)/impairment and write-off of non-current assets, net 16, 17 and 18 (4,074) 56,845 52,771 (846) (16,769) (17,615) Profit/(loss) before share of (loss)/gain of an associate net finance income/(cost), foreign exchange loss and income tax 365,261 20,260 385,521 224,722 (16,769) 207,953 Share of (loss)/gain of an associate 19 (1,643) 22,187 20,544 (1,408) (5,081) (6,489) Finance income 13 11,826 – 11,826 13,097 – 13,097 Finance costs 13 (41,112) – (41,112) (26,928) – (26,928) Foreign exchange loss, net 13 (3,955) – (3,955) (10,416) – (10,416) Profit/(loss) before income tax 330,377 42,447 372,824 199,067 (21,850) 177,217 Income tax (expense)/benefit 14 (129,650) 4,228 (125,422) (65,556) 2,088 (63,468) Profit/(loss) for the year 200,727 46,675 247,402 133,511 (19,762) 113,749 Attributable to: Equity shareholders of the Parent 159,553 42,347 201,900 116,767 (19,762) 97,005 Non-controlling interests 41,174 4,328 45,502 16,744 – 16,744 200,727 46,675 247,402 133,511 (19,762) 113,749 Basic earnings/(loss) per ordinary share for the year (expressed in US dollars per share) 15 0.31 0.08 0.39 0.23 (0.04) 0.19 Diluted earnings/(loss) per ordinary share for the year (expressed in US dollars per share) 15 0.31 0.08 0.39 0.23 (0.04) 0.19 143 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION

Consolidated statement of comprehensive income For the year ended 31 December 2025 Year ended 31 December Notes 2025 US$000 2024 US$000 Profit for the year 247,402 113,749 Other comprehensive income that might be reclassified to profit or loss in subsequent periods: Loss on cash flow hedges 38(a) (176,860) (85,560) Loss on discontinuation of hedge relationship 38(a) 26,427 – Deferred tax benefit on cash flow hedges 38(e) 51,749 28,473 Exchange differences on translating foreign operations 1 11,269 (30,252) Unrealised change in credit risk of financial liability 25 (174) – Share of other comprehensive profit/(loss) of an associate 19 2,017 (2,492) (85,572) (89,831) Other comprehensive income that will not be reclassified to profit or loss in subsequent periods: Gain on equity instruments at fair value through other comprehensive income (OCI) 20 96 15 96 15 Other comprehensive loss for the year, net of tax (85,476) (89,816) Total comprehensive profit for the year 161,926 23,933 Total comprehensive loss attributable to: Equity shareholders of the Parent 116,424 7,189 Non-controlling interests 45,502 16,744 161,926 23,933 1 Foreign exchange effect generated in the Group’s companies when the functional currency is the local currency, mainly generated by Foreign exchange effect generated in the Group’s companies when the functional currency is the local currency, mainly generated by the decrease (2024: increase) of the US$ exchange rate in Brazil. the decrease (2024: increase) of the US$ exchange rate in Brazil. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 144

Consolidated statement of financial position As at 31 December 2025 As at 31 December 2025 As at 31 December 2024 Notes US$000 US$000 ASSETS Non-current assets Property, plant and equipment 16 1,238,438 1,070,758 Evaluation and exploration assets 17 93,797 132,303 Intangible assets 18 66,134 49,632 Investment in an associate 19 43,372 15,811 Financial assets at fair value through OCI 20 86 475 Other receivables 21 18,660 18,316 Deferred income tax assets 30 105,137 27,677 1,565,624 1,314,972 Current assets Inventories 22 118,211 87,087 Trade and other receivables 21 155,544 135,814 Income tax receivable 14 795 186 Other financial assets 2,640 3,807 Cash and cash equivalents 23 316,954 96,973 Assets held for sale 24 – 12,660 594,144 336,527 Total assets 2,159,768 1,651,499 EQUITY AND LIABILITIES Capital and reserves attributable to shareholders of the Parent Equity share capital 29 9,068 9,068 Other reserves (415,316) (329,431) Retained earnings 1,127,834 931,236 721,586 610,873 Non-controlling interests 155,508 76,478 Total equity 877,094 687,351 Non-current liabilities Other payables 25 34,225 46,501 Derivative financial liabilities 38(e) 178,222 61,343 Borrowings 27 225,000 163,333 Provisions 28 161,892 146,781 Deferred income tax liabilities 30 85,428 82,504 684,767 500,462 Notes As at 31 December 2025 As at 31 December 2024 US$000 US$000 Current liabilities Trade and other payables 25 219,796 208,222 Derivative financial liabilities 38(e) 111,567 40,276 Borrowings 27 114,643 149,249 Provisions 28 55,455 35,082 Income tax payable 14 96,446 21,205 Liabilities directly associated with assets held for sale 24 – 9,652 597,907 463,686 Total liabilities 1,282,674 964,148 Total equity and liabilities 2,159,768 1,651,499 These financial statements were approved by the Board of Directors on 10 March 2026 and signed on its behalf by: Eduardo Landin Chief Executive Officer 10 March 2026 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 145

Consolidated statement of cash flows For the year ended 31 December 2025 Year ended 31 December 2025 2024 Notes US$000 US$000 Cash flows from operating activities Cash generated from operations 34 473,893 365,040 Interest received 2,906 3,272 Interest paid 27 (17,703) (27,074) Payment of mine closure costs 28 (15,829) (11,833) Income tax, special mining tax and mining royalty paid 1 (19,349) (8,158) Net cash generated from operating activities 423,918 321,247 Cash flows from investing activities Purchase of property, plant and equipment (209,190) (213,513) Purchase of evaluation and exploration assets 17(1) (6,337) (55,629) Purchase of intangibles 18 (2,612) (19,534) Early settlement of Monte do Carmo’s deferred consideration 4(b) (8,750) – Investment in associate 19 (5,000) – Proceeds from sale of property, plant and equipment 558 759 Proceeds from sale of assets held for sale 24 100 13,890 Purchase of Argentinian bonds 13(6) – (5,838) Proceeds from sale of Argentinian bonds 13(6) – 2,865 Net cash used in investing activities (231,231) (277,000) Cash flows from financing activities Proceeds from borrowings 27 410,000 311,607 Repayment of borrowings 27 (386,486) (340,991) Payment of lease liabilities 26 (5,499) (5,046) Dividends paid to shareholders 31 (15,195) – Dividends paid to non-controlling interests 31 (2,246) (388) Proceeds from Tiernan Reverse Takeover Transaction (RTO) and offering 4(a) 40,044 – Buy-down option of Sprott Stream Agreement 25(a) (13,000) – Net cash flows generated from/(used in) financing activities 27,618 (34,818) Increase in cash and cash equivalents during the year 220,305 9,429 Exchange difference (324) (1,582) Cash and cash equivalents at beginning of year 96,973 89,126 Cash and cash equivalents at end of year 23 316,954 96,973 1 Taxes paid have been offset with value added tax (VAT) credits received of US$30,632,000 (2024: US$6,732,000). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 146

Consolidated statement of changes in equity For the year ended 31 December 2025 Other reserves Capital and Share of other reserves Fair value reserve of comprehensive Cumulative Unrealised attributable to Equity share financial assets at fair loss of an translation gain/(loss) on cash Share-based Change in fair value shareholders of the Non-controlling Total capital value through OCI associate adjustment flow hedges Merger reserve payment reserve of Sprott agreement Total other reserves Retained earnings Parent interests equity Notes US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 Balance at 1 January 2024 9,068 (127)419 (20,180)(11,546)(210,046)6,643 – (234,837)834,231 608,462 60,122 668,584 Other comprehensive income/(expense) – 15 (2,492)(30,252)(57,087)– – – (89,816)–

(89,816)

– (89,816)Profit for the year – – – – – – – – – 97,005 97,005 16,744 113,749 Total comprehensive income/(expense) for the – 15 (2,492)(30,252)(57,087)– – – (89,816)97,005 7,189 16,744 23,933 year Dividends to non- controlling interests 31 – – – – – – – – – – – (388)(388)Other changes in associate’s equity 19 – – 1,865 – – – – – 1,865 – 1,865 – 1,865 Modification of share- based payment awards 28(2) – – – – – –

(7,954)

– (7,954)–

(7,954)

– (7,954)Accrual of share-based payments–– – – – – 1,311 – 1,311 – 1,311 – 1,311 Balance at 31 December 2024 9,068 (112)(208)(50,432)(68,633)(210,046)– – (329,431)931,236 610,873 76,478 687,351 Other comprehensive income/(expense) – 96 2,017 11,269 (98,684)– –

(174)

(85,476)–

(85,476)

– (85,476)Profit for the year ––––––––-201,900201,90045,502247,402Total comprehensive income/(expense) for the – 96 2,017 11,269 (98,684)– –

(174)

(85,476)201,900 116,424 45,502 161,926 year Dividends paid to shareholders 31 –––––––––(15,195)

(15,195)

–(15,195)Dividends to non- controlling interests 31 – – – – – – – – – – – (2,246)(2,246)Sale of financial assets at –fair value through OCI(409)––––––(409)775366–366Change in ownership interest in Tiernan 4–––––––––9,1189,11835,77444,892without loss of control Balance at 31 December 2025 9,068(425)1,809(39,163)(167,317)(210,046)–

(174)

(415,316)1,127,834721,586155,508877,094 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 147

Notes to the consolidated ﬁnancial statements For the year ended 31 December 2025 1 Corporate information Hochschild Mining PLC (hereinafter ‘the Company’) is a public limited company incorporated on 11 April 2006 under the Companies Act 2006 as a Limited Company and registered in England and Wales with registered number 05777693. The Company’s registered ofﬁce is located at 17 Cavendish Square, London W1G 0PH, United Kingdom. The ultimate controlling party of the Company is Mr Eduardo Hochschild whose beneﬁcial interest in the Company and its subsidiaries (together ‘the Group’ or ‘Hochschild Mining Group’) is 38.27% and it is held through Pelham Investment Corporation (‘Pelham’), a Cayman Islands company. On 8 November 2006, the Company’s shares were admitted to the Ofﬁcial List of the UKLA (United Kingdom Listing Authority) and to trading on the London Stock Exchange. The Group’s principal business is the mining, processing and sale of silver and gold. At 31 December 2025, the Group has one operating mine (Inmaculada) located in southern Peru, one operating mine (San Jose) located in Argentina and one operating mine (Mara Rosa) located in Brazil. The Group also has a portfolio of projects located across Peru, Argentina, Brazil, and Chile, at various stages of development. These consolidated ﬁnancial statements were approved for issue by the Board of Directors on 10 March 2026. The Group’s subsidiaries, all held indirectly, except for Hochschild Mining Holdings Limited, are as follows:

			Equity interest at 31 December
Company	Principal activity	Country of incorporation	2025 %	2024 %
Hochschild Mining (Argentina) Corporation S.A. 1	Holding company	Argentina	100	100
MH Argentina S.A. 2	Exploration ofﬁce	Argentina	100	100
Minera Santa Cruz S.A. 1 and 14	Production of gold and silver	Argentina	51	51
Minera Hochschild Chile S.C.M. 3	Exploration	Chile	100	100
Andina Minerals Chile SpA 3	Exploration	Chile	69.8	100
Southwest Minerals (Yunnan) Inc. 4	Exploration	China	100	100
Hochschild Mining Holdings Limited 6	Holding company	England and Wales	100	100
Hochschild Mining Ares (UK) Limited 6	Administrative ofﬁce	England and Wales	100	100
Hochschild Mining Brazil Holdings Corp. 6	Holding company	England and Wales	100	100
Southwest Mining Inc. 4	Exploration	Mauritius	100	100
Southwest Minerals Inc. 4	Exploration	Mauritius	100	100
Minera Hochschild Mexico, S.A. de C.V. 7	Exploration	Mexico	100	100
Hochschild Mining (Peru) S.A. 4	Holding company	Peru	100	100
Compañía Minera Ares S.A.C. 4	Production of gold and silver	Peru	100	100
Compañía Minera Arcata S.A. 4	Production of gold and silver	Peru	99.1	99.1
Empresa de Transmisión Aymaraes S.A.C. 4	Power transmission	Peru	100	100
Cúspide Copper S.A.C. 4 and 13	Exploration	Peru	100	100
Compañía Minera Cerro Salto S.A.C. 4 and 13	Exploration	Peru	–	100
Toro Bravo Peru S.A.C. 5	Exploration	Peru	100	–
Hochschild Mining (US) Inc. 8	Holding company	USA	100	100
Hochschild Mining Canada Corp 9	Exploration	Canada	100	100
Tiernan Gold Corp. 9 and 11	Holding company	Canada	69.8	100
Amarillo Mineracao do Brasil Ltda. 10	Production of gold and silver	Brazil	100	100
Serra Alta Mineracao Ltda. 10 and note 4(b)	Exploration	Brazil	100	100
Serra Alta Participacoes Inmobiliarias S.A. 10 and note 4(b)	Exploration	Brazil	100	100

1 Registered address: Av. Santa Fe 2755, ﬂoor 9, Buenos Aires, Argentina. 2 Registered address: Sargento Cabral 124, Comodoro Rivadavia, Provincia de Chubut, Argentina. 3 Registered address: Av. Apoquindo 4775 of 1002, Comuna Las Condes, Santiago de Chile, Chile. 4 Registered address: La Colonia 180, Santiago de Surco, Lima, Peru. 5 Registered address: La Colonia 180, Santiago de Surco, Lima, Peru. The company was incorporated on 2 February 2025. 6 Registered address: 17 Cavendish Square, London, W1G0PH, United Kingdom. 7 Registered address: Calle Aguila Real No 122, Colonia Carolco, Monterrey, Nuevo Leon, CP 64996, Mexico. 8 Registered address: 1025 Ridgeview Dr. 300, Reno, Nevada 89519, USA. 9 Registered address: Suite 1700, Park Place, 666 Burrard Street, Vancouver BC, V6C 2X8. 10 Registered address: Fazenda Invernada s/n, Zona Rural, Mara Rosa – Goias – Brazil, CEP: 76.490-000. 11 The Group has a 69.8% interest in Tiernan Gold Corp, while the remaining 30.2% is held by non-controlling shareholders (see note 4(a)). 12 The Company was incorporated on 8 July 2024. 13 The Company was incorporated on 20 July 2024 and sold on 27 February 2025. 14 The Group has a 51% interest in Minera Santa Cruz S.A. (Minera Santa Cruz), while the remaining 49% is held by a non-controlling shareholder. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 148

1 Corporate information continued The signiﬁcant ﬁnancial information in respect of subsidiaries that contain material non-controlling interest before intercompany eliminations as at and for the years ended 31 December 2025 and 2024 is as follows:

	Minera Santa Cruz S.A. As at 31 December		Tiernan Gold Corp. As at 31 December
	2025 US$000	2024 US$000	2025 US$000	2024 US$000
Non-current assets	140,380	133,371	87,251	–
Current assets	291,237	144,568	39,709	–
Non-current liabilities	(76,857)	(66,806)	(13,065)	–
Current liabilities	(108,487)	(57,922)	(3,200)	–
Equity	(246,273)	(153,211)	(110,695)	–
Cash and cash equivalents	149,114	45,454	39,673	–
Revenue	436,522	293,335	–	–
Depreciation and amortisation	(49,338)	(48,899)	–	–
Impairment reversal of non-current assets	14,179	–	43,255	–
Interest income	1,275	1,071	441	–
Interest expense	(1,482)	(3,043)	(2)	–
Income tax	(47,326)	(632)	(12)	–
Profit for the year	97,646	34,170	24,687	–
Comprehensive income	–	–	4,803	–
Net cash generated from operating activities	153,130	74,625	1,477	–
Net cash used in investing activities	(43,425)	(46,143)	(1,823)	–
Net cash (used in)/generated from financing activities	(6,046)	(5,210)	28,129	–

Proﬁt/(loss) attributable to non-controlling interests in the consolidated income statement, non-controlling interest in the consolidated statement of ﬁnancial position, and dividends declared to non-controlling interests in the consolidated statement of changes in equity are solely related to Minera Santa Cruz and Tiernan Gold Corp. 2 Material accounting policies (a) Basis of preparation The consolidated ﬁnancial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards. The basis of preparation and accounting policies used in preparing the consolidated ﬁnancial statements for the years ended 31 December 2025 and 2024 are set out below. The consolidated ﬁnancial statements have been prepared on a historical cost basis except for the revaluation of certain ﬁnancial instruments that are measured at fair value at the end of each reporting period, as explained below. These accounting policies have been consistently applied, except for the effects of the adoption of new and amended accounting standard. The ﬁnancial statements are presented in US dollars (US$) and all monetary amounts are rounded to the nearest thousand ($000) except when otherwise indicated. Changes in accounting policy and disclosures The accounting policies adopted in the preparation of the consolidated ﬁnancial statements are consistent with those followed in the preparation of the Group’s annual consolidated ﬁnancial statements for the year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025. Amendments apply for the ﬁrst time in 2025, but do not have an impact on the consolidated ﬁnancial statements of the Group. – Lack of exchangeability – Amendments to IAS 21 Standards, interpretations and amendments to existing standards that are not yet effective and have not been previously adopted by the Group Certain new standards, amendments and interpretations to existing standards have been published and are mandatory for the Group’s accounting periods beginning on or after 1 January 2026 or later periods but which the Group has not previously adopted. These have not been listed as they are not expected to have a material impact the Group ﬁnancial statements. The Group has not yet completed its assessment of IFRS 18. The analysis is expected to conclude on second quarter of 2026. (b) Judgements in applying accounting policies and key sources of estimation uncertainty Many of the amounts included in the ﬁnancial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to prior experience, but actual results may differ from the amounts included in the ﬁnancial statements. Information about such judgements and estimates is contained in the accounting policies and/or the notes to the ﬁnancial statements. Signiﬁcant areas of estimation uncertainty and critical judgements made by management in preparing the consolidated ﬁnancial statements include: Signiﬁcant estimates: – Useful lives of assets for depreciation and amortisation purposes – note 2(f). Estimates are required to be made by management as to the useful lives of assets. For depreciation calculated under the unit-of-production method, estimated recoverable reserves and resources are used in determining the depreciation and/or amortisation of mine-speciﬁc assets. This results in a depreciation/amortisation charge proportional to the depletion of the anticipated remaining life-of-mine production. Each item’s life, which is assessed annually, has regard to both its physical life limitations and to present assessments of economically recoverable reserves and resources of the mine property at which the asset is located. These calculations require the use of estimates and assumptions, including the amount of recoverable reserves and resources. Changes are accounted for prospectively. Depreciation commences when assets are available for use. Land is not depreciated. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 149

2 Material accounting policies continued – Ore reserves and resources – note 2(h). There are numerous uncertainties inherent in estimating ore reserves and resources. Assumptions that are valid at the time of estimation may change signiﬁcantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and resources and may, ultimately, result in the reserves and resources being updated. – Recoverable values of mining assets – notes 2(k), 16, 17 and 18. The values of the Group’s mining assets are sensitive to a range of characteristics unique to each mine unit. Key sources of estimation for all assets include uncertainty around ore reserve estimates and cash ﬂow projections. In performing impairment reviews, the Group assesses the recoverable amount of its operating assets principally with reference to fair value less costs of disposal (‘FVLCD’). The recoverable values of the CGUs and advanced exploration projects are determined using a FVLCD methodology. FVLCD for CGUs is determined using a combination of Level 2 and Level 3 inputs. The FVLCD of producing mine assets is determined using a discounted cash ﬂow model and for developing stage mine assets or advanced exploration projects is determined using a discounted cash ﬂow model or the value-in-situ methodology. When using a value-in-situ methodology, the in-situ value is based on a comparable company analysis and applies a realisable ‘enterprise value’ to unprocessed mineral resources per ounce of resources, to estimate the amount that would be paid by a willing third party in an arm's length transaction (refer to notes 16, 17 and 18). There is judgement involved in determining the assumptions that are considered to be reasonable and consistent with those that would be applied by market participants. Signiﬁcant estimates used in a discounted cash ﬂow model include future gold and silver prices, future capital requirements, reserves and resources volumes, production costs and the application of discount rates which reﬂect the macro- economic risk, as applicable. When using a value-in-situ methodology, the in-situ value is based on a comparable company analysis. Changes in these assumptions will affect the recoverable amount of the property, plant and equipment, evaluation and exploration assets, and intangibles. – Mine closure costs – notes 2(o) and 28(1). The Group assesses its mine closure cost provision annually. Signiﬁcant estimates and assumptions are made in determining the provision for mine closure cost as there are numerous factors that will affect the ultimate liability. These factors include estimates of the extent and costs of rehabilitation activities, technological changes, regulatory changes, cost increases, mine life and changes in discount rates. Those uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision at the balance sheet date represents management’s best estimate of the present value of the future closure costs required. In July 2021, the mine closure law for the province of Santa Cruz in Argentina was published, establishing a period of 180 business days to present the Mine Closure Plan. The plan was presented to the provincial authority in December 2022 and observations were received in December 2025. The Group plans to present an updated Mine Closure Plan, prepared with the support of external consultants, by the end of 2026. – Valuation of ﬁnancial instruments – note 38. The valuation of certain Group assets and liabilities reﬂects the changes to certain assumptions used in the determination of their value, such as future gold and silver prices, discount rates, and resources and reserves estimates. – Non-market performance conditions on LTIP 2022, LTIP 2023 and LTIP 2024 – note 28(2). There are two parts to the performance conditions attached to LTIP awards: 50% is subject to the Company’s TSR ranking relative to a tailored peer group of mining companies, 50% is subject to internal KPIs split equally between: (i) three-year growth of the Company’s Measured and Indicated Resources (MIR) per share (calculated on an enterprise value basis), and (ii) average outcome of the annual bonus scorecard in respect of 2023, 2024 and 2025, regarding LTIP 2023; 2024, 2025 and 2026, regarding LTIP 2024; and 2025, 2026 and 2027, regarding LTIP 2025, calculated as the simple mean of the three scorecard outcomes. At each reporting date the Group has to estimate the value of the shares and the possible outcome regarding the scorecard and MRI. The balance of the awards is disclosed in note 28(2). Critical judgements: – Assessment of impairment indicators for the Group’s CGUs – notes 16, 17 and 18. Assessment of impairment indicators are performed during the year and they were identiﬁed in certain of the CGUs – refer to notes 16, 17 and 18 for details. – Income tax – notes 2(t), 2(u), 14, 30 and 36(a). Judgement is required in determining whether deferred tax assets are recognised on the statement of ﬁnancial position. Deferred tax assets, including those arising from un-utilised tax losses require management to assess the likelihood that the Group will generate taxable earnings in future periods, in order to utilise recognised deferred tax assets. Estimates of future taxable income are based on forecast cash ﬂows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash ﬂows and taxable income differ signiﬁcantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the balance sheet date could be impacted. The Group analyses the possibility of generating proﬁt in all the companies and determines the recognition of deferred tax. No deferred tax asset is recognised in the holding and exploration entities as they are not expected to generate any proﬁt to settle the temporary difference (refer to note 30). Judgement is also required when determining the recognition of tax liabilities as the tax treatment of some transactions cannot be ﬁnally determined until a formal resolution has been reached by the tax authorities. Tax liabilities are also recorded for uncertain exposures which can have an impact on both deferred and current tax. Tax beneﬁts are not recognised unless it is probable that the beneﬁt will be obtained and tax liabilities are recognised if it is probable that a liability will arise (refer to note 36(a)). The ﬁnal resolution of these transactions may give rise to material adjustments to the income statement and/or cash ﬂow in future periods. The Group reviews each signiﬁcant tax liability or beneﬁt each period to assess the appropriate accounting treatment. – Life of mine (LOM). There are several aspects which are determined by the life of mine, such as ore reserves and resources, recoverable values of mining assets, mine rehabilitation provision and depreciation. The life of mine for an operation is speciﬁed in the relevant Environmental Impact Assessment (EIA) which is amended from time to time as more resources at the mine are identiﬁed. EIAs are permits which are granted in the ordinary course of business to the mining industry. While the processing of such permits may be subject to delays, the Group has never had an EIA denied. A crucial element of Peru’s legal framework is the principle of predictability which, in essence, means that if the legal requirements for any given permit have been satisﬁed, the State cannot unlawfully deny the granting of the permit. Taking this into consideration, as well as the Group’s operational experience, the Group believes that permits will be secured such that operations can continue without interruption. In the unlikely scenario that this does not occur, there could be material changes to those items in the ﬁnancial statements that are determined by the life of mine. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 150

2 Material accounting policies continued – Determination of functional currencies – note 2(e). The determination of functional currency requires management judgement, particularly where there may be several currencies in which transactions are undertaken and which impact the economic environment in which the entity operates. In Argentina, the exchange control restrictions limit the companies to hold US dollars but do not restrict carrying out transactions in US dollar. – Recognition of evaluation and exploration assets and transfer to development costs – notes 2(g), 16 and 17. Judgement is required in determining when there is sufﬁcient evidence that there is a future economic beneﬁt of an exploration project, at which point the exploration costs are capitalised. This includes an assessment of whether there is a high degree of conﬁdence of the existence of economically recoverable minerals, mine-site exploration is being conducted to convert resources to reserves, or mine-site exploration is being conducted to conﬁrm resources. The stage, timeline and associated risks of the project are also considered. The exploration and evaluation assets are then assessed for impairment when facts and circumstances suggest that the carrying amount is not recoverable. Following advancement of engineering, permitting and project development activities, management concluded that the technical feasibility and commercial viability of the Monte do Carmo project are demonstrable. Accordingly, in line with the Group’s accounting policy and the requirements of IAS 16 and IAS 23, the asset has been reclassiﬁed from Exploration & Evaluation to Property, Plant and Equipment. – Climate change • General Between 2024 and 2025, the Group undertook a climate-related scenario analysis, a detailed transition risk assessment, an update of the physical climate risk assessment on its operations, and a ﬁnancial quantiﬁcation of carbon pricing which is considered to be the Group’s most material transition risk. These studies identiﬁed current and future climate-related risks to the Group’s infrastructure. While current climate change-related factors are reﬂected in the Group’s existing budget, the ﬁnancial impact of future carbon pricing on the Group is not expected to materialise until 2030. The magnitude of this impact remains uncertain due to the details of the emission trading system schemes as well as our own operational emissions’ proﬁle. Despite the adoption of the Group’s climate change strategy, the introduction of unexpected climate- change regulations in the countries where the Group operates may affect the ﬁnancial quantiﬁcation estimates and could result in changes to ﬁnancial results and the carrying values of certain assets and liabilities in forthcoming reporting periods. • Physical risks The Group completed a climate-related scenario analysis, identifying ﬁve physical risks rated as ‘high’: water stress and drought, extreme rainfall ﬂooding, wildﬁres, extreme winds and storms, and extreme heat. The costs associated with managing these risks are incorporated into the Group’s operational and capital expenditure. The ﬁnancial quantiﬁcation of the future impact of the most signiﬁcant climate change-related physical risks on the Group will be conducted in 2026. As the Group progresses its adaptation strategy, the identiﬁcation of additional risks or the development of the Group’s response may result in changes to ﬁnancial results and the carrying values of assets and liabilities in future reporting periods. – Business combinations and asset acquisitions – note 4. In identifying a business combination (note 2(c)) or acquisition of assets the Group applies the concentration test in accordance with IFRS 3 to determine whether an acquisition is a business combination or an asset acquisition. The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identiﬁable assets or a group of similar assets. If the concentration test is met, the acquisition is accounted for as an asset acquisition. If the concentration test is not met, the Group considers the underlying inputs, processes and outputs acquired as a part of the transaction. For an acquired set of activities and assets to be considered a business there must be at least some inputs and processes that have the capability to achieve the purposes of the Group. Where signiﬁcant inputs and processes have not been acquired, a transaction is considered to be the purchase of assets. For the assets and assumed liabilities acquired the Group allocates the total consideration paid (including directly attributable transaction costs) based on the relative fair values of the underlying items. On 7 November 2024 the Group acquired a 100% interest in the Monte do Carmo gold project in Brazil, through the acquisition of Serra Alta Mineração Ltda. (note 4). The transaction was accounted as a purchase of assets as it met the concentration test, with the main asset acquired being the Monte do Carmo project which is in a development stage. Where the acquiree does not meet the deﬁnition of a business under IFRS 3, the transaction has been accounted for in accordance with IFRS 2 Share-based Payment as the acquiree is deemed to have issued equity instruments in exchange for its identiﬁable net assets. Any excess of the deemed consideration over the fair value of the identiﬁable net assets acquired is recognised as a listing expense in the income statement. In December 2025, Tiernan Gold Corp., an indirect wholly-owned subsidiary of the Group, completed a reverse takeover of Railtown Capital Corp., a TSXV-listed capital pool company. As Railtown did not meet the deﬁnition of a business under IFRS 3, the transaction was accounted for in accordance with IFRS 2 (note 4(a)). – Stream Agreements– note 25(a). Judgement was required in determining the accounting treatment for the initial recognition and subsequent measurement of the obligations included in the Secured Note and Stream Agreement with Sprott Private Resource Streaming and Royalty Corp. (Sprott), assigned to the Group upon the acquisition of the Monte do Carmo project. Refer to notes 4 and 25(a) for details on the Monte do Carmo’s acquisition and the Stream Agreements, respectively. Management determined that the Secured Note and Stream Agreement are closely connected, with the option by Sprott to set off the US$20,000,000 stream payment against the Secured Note upon commencement of production. Therefore, management considered the two contracts as a single unit of account. The Stream Agreement meets the deﬁnition of a derivative and is accounted for at fair value through proﬁt and loss (FVTPL). The key assumptions on which management has based its determination of fair value are disclosed in note 25(a). – Investment in an associate – note 19. Judgement is required in determining the recoverable amount of the investment in Aclara Resources Inc. (Aclara). Management determined that there were sufﬁcient external and internal indicators to support a full reversal of the accumulated impairment of the investment in Aclara as of 31 December, 2025. As a result, the Group has recognised a reversal of impairment of US$22,187,000 as at 31 December 2025. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 151

2 Material accounting policies continued – Loss on discontinuation of hedge relationship – note 38 (a). Management uses judgement in determining whether an item should be presented as exceptional in the income statement. In accordance with the Group’s policy, “Exceptional items are those signiﬁcant items which, due to their nature or the expected infrequency of the events giving rise to them, need to be disclosed separately on the face of the income statement to enable a better understanding of the ﬁnancial performance of the Group and facilitate comparison with prior years”. Given the non-recurring and non-cash nature of this hedge accounting reclassiﬁcation to the income statement, and the fact that the cash settlement will occur in 2028 once the instruments mature, the resulting charge has been presented as an exceptional item within revenue. This presentation facilitates a better understanding by users of the ﬁnancial statements of the Group’s underlying operating performance by separating the effects of this discrete, non-cash hedge accounting reclassiﬁcation from revenue and proﬁtability trends. (c) Basis of consolidation The consolidated ﬁnancial statements set out the Group’s ﬁnancial position, performance and cash ﬂows as at 31 December 2025 and 31 December 2024 and for the years then ended, respectively. Subsidiaries are those entities controlled by the Group regardless of the amount of shares owned by the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non- controlling interests’ rights to safeguard their interest are fully considered in assessing whether the Group controls a subsidiary. Speciﬁcally, the Group controls an investee if, and only if, the Group has: – power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); – exposure, or rights, to variable returns from its involvement with the investee; and – the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: – the contractual arrangement with the other vote holders of the investee; – rights arising from other contractual arrangements; and – the Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Basis of consolidation Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated ﬁnancial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of OCI are attributed to the equity holders of the parent of the Group and to the non- controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction, affecting retained earnings. If the Group loses control over a subsidiary, it (i) derecognises the assets (including goodwill) and liabilities of the subsidiary; (ii) derecognises the carrying amount of any non- controlling interest (NCI); (iii) derecognises the cumulative translation differences, recorded in equity; (iv) recognises the fair value of the consideration received; (v) recognises the fair value of any investment retained; (vi) recognises any surplus or deﬁcit in proﬁt or loss; and (vii) reclassiﬁes the parent’s share of components previously recognised in other comprehensive income to proﬁt or loss or retained earnings, as appropriate. An NCI represents the equity in a subsidiary not attributable, directly and indirectly, to the parent company and is presented separately within equity in the consolidated statement of ﬁnancial position, separately from equity attributable to owners of the parent. Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any NCI in the acquiree. The choice of measurement of NCI, either at fair value or at the proportionate share of the acquiree’s identiﬁable net assets, is determined on a transaction by transaction basis. Acquisition costs incurred are expensed and included in administrative expenses. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for the NCI, and any interest previously held, over the net identiﬁable assets acquired and the liabilities assumed. Assets acquired and liabilities assumed in transactions separate to the business combinations, such as the settlement of pre-existing relationships or post-acquisition remuneration arrangements, are accounted for separately from the business combination in accordance with their nature and applicable IFRSs. Identiﬁable intangible assets meeting either the contractual-legal or the separability criteria are recognised separately from goodwill. Contingent liabilities representing a present obligation are recognised if the acquisition date fair value can be measured reliably. (d) Going concern Directors’ assessment The Directors have reviewed Group liquidity, including cash resources and borrowings (refer to note 27 for details of the US$300 million medium-term loan) and related covenant forecasts to assess whether the Group is able to continue in operation for the period to 31 March 2027 (the ‘Going Concern Period’) which is at least 12 months from the date of these consolidated ﬁnancial statements. The Directors also considered the impact of a downside scenario on the Group’s future cash ﬂows and liquidity position as well as debt covenant compliance. Scenarios analysedFor the purposes of the going concern assessment, the base case scenario reviewed by the Directors (the ‘Base Scenario’) reﬂects, among other things, budgeted production for 2026 and current life-of-mine plans for Inmaculada, San Jose and Mara Rosa. The Base Scenario also assumes average precious metal prices of US$3,994/oz for gold and US$48.1/oz for silver (the ‘Assumed Prices’), being the average analysts’ consensus prices for the Going Concern Period. The Directors also considered a severe but plausible downside scenario (‘the Severe Scenario’) which takes into account the combined impact of a three-week stoppage of all operations, unforeseen social-related costs and lower precious metal prices which are lower than the Assumed Prices (a 10% lower gold price and 15% lower silver price) (‘the Downside Assumptions’). Even in the Severe Scenario it has been assumed that all employees remain on full pay and that mitigating actions, such as the deferral of discretionary expenditure, which are under the Group‘s control, while available, would not be necessary. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 152

2 Material accounting policies continued Under the Base and the Severe scenarios, the Group’s liquid resources, which as at the date of this report include an undrawn amount of US$180 million, remain more than adequate for the Group’s forecast expenditure and scheduled repayments of the amounts owed under the Group’s borrowings, with sufﬁcient headroom maintained to comply with debt covenants. Reverse Stress TestsManagement also performed reverse stress tests which were considered in the Directors’ assessment. Under these tests, the Directors concluded that: – prices of US$1,797/oz for gold and US$21.7/oz for silver for the duration of the Going Concern Period would result in sufﬁcient headroom to comply with the Group’s minimum level of liquidity; and – 21 weeks of concurrent stoppages at each of Inmaculada, San Jose and Mara Rosa would result in sufﬁcient headroom to comply with the Group’s debt covenants of the medium-term loan facility. In its application of the above reverse stress tests, no mitigation actions were applied. The Directors considered the nature and extent of the conditions required to trigger these outcomes and concluded the likelihood of such scenarios occurring during the Going Concern Period to be remote. Conclusion After their review, the Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence during the Going Concern Period. Accordingly, the Directors are satisﬁed the going concern basis of accounting is appropriate in preparing the consolidated ﬁnancial statements. (e) Currency translation The functional currency for each entity in the Group is determined by the currency of the primary economic environment in which it operates. For the holding companies and operating entities this currency is US dollars and for the other entities it is the local currency of the country in which it operates. The Group’s ﬁnancial information is presented in US dollars, which is the Company’s functional currency. Transactions denominated in currencies other than the functional currency of the entity are initially recorded in the functional currency using the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured at the exchange rate prevailing at the statement of ﬁnancial position date. Exchange gains and losses on settlement of foreign currency transactions which are translated at the rate prevailing at the date of the transactions, or on the translation of monetary assets and liabilities which are translated at period-end exchange rates, are taken to the income statement. Non-monetary assets and liabilities denominated in foreign currencies that are stated at historical cost are translated to the functional currency at the foreign exchange rate prevailing at the date of the transaction. Exchange differences arising from monetary items that are part of a net investment in a foreign operation are recognised in equity and transferred to income on disposal of such net investment. Subsidiary ﬁnancial statements expressed in their corresponding functional currencies are translated into US dollars by applying the exchange rate at period-end for assets and liabilities and the transaction date exchange rate for income statement items. The resulting difference on consolidation is included as a cumulative translation adjustment in equity. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassiﬁed to proﬁt or loss. (f) Property, plant and equipment Property, plant and equipment is stated at cost or deemed cost less accumulated depreciation and impairment losses. Cost comprises its purchase price and directly attributable costs of acquisition or construction required to bring the asset to the condition necessary for the asset to be capable of operating in the manner intended by management. Economical and physical conditions of assets have not changed substantially over this period. The cost less residual value of each item of property, plant and equipment is depreciated over its useful life. Each item’s estimated useful life has been assessed with regard to both its own physical life limitations and the present assessment of economically recoverable reserves and resources of the mine property at which the item is located. Estimates of remaining useful lives are made on a regular basis for all mine buildings, machinery and equipment, with annual reassessments for major items. Depreciation is charged to cost of production on a units of production basis for mine buildings and installations and plant and equipment used in the mining production process, or charged directly to the income statement over the estimated useful life of the individual asset on a straight-line basis when not related to the mining production process. Changes in estimates, which mainly affect units of production calculations, are accounted for prospectively. An asset’s carrying amount is written-down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the net proceeds with the carrying amount and are recognised within other income/expenses, in the income statement. The expected useful lives under the straight-line method are as follows:

	Years
Buildings	3 to 33
Plant and equipment	5 to 15
Vehicles	5

During the period, management reassessed the depreciation method applied to certain items of plant and equipment at Inmaculada. Following an extension of the life of mine, management determined that the estimated useful lives of these assets, ranging between 10 and 15 years, were shorter than the revised life of mine. As a result, the depreciation method for these assets was changed from the units-of-production method to depreciation on a straight-line basis over their estimated useful lives. This change has been accounted for as a change in accounting estimate and applied prospectively (refer to note 16(2)). Borrowing costs directly attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to be ready for its intended use are capitalised as part of the cost of the asset. All other borrowing costs are expensed where incurred. For borrowings associated with a speciﬁc asset, the actual rate on that borrowing is used. Otherwise, a weighted average cost of borrowing is used. The Group capitalises the borrowing costs related to qualifying assets with a value of US$1,000,000 or more, considering that the substantial period of time to be ready is six or more months. Mining properties and development costs Purchased mining properties are recognised as assets at their cost of acquisition or at fair value if purchased as part of a business combination. Costs associated with developments of mining properties are capitalised. Mine development costs are, upon commencement of commercial production, depreciated using the units of production method based on the estimated economically recoverable reserves and resources to which they relate. When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as part of the cost of inventory or expensed, except for costs which qualify for capitalisation relating to mining asset additions or improvements, underground mine development or mineable reserve development. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 153

2 Material accounting policies continued Construction in progress and capital advances Assets in the course of construction are capitalised as a separate component of property, plant and equipment. Once the asset moves into the production phase, the cost of construction is transferred to the appropriate category. Construction in progress is not depreciated. Capital advances to suppliers related to the purchase of property, plant and equipment are disclosed in construction in progress. Subsequent expenditure Expenditure incurred to replace a component of an item of property, plant and equipment is capitalised separately with the carrying amount of the component being written-off. Other subsequent expenditure is capitalised if future economic beneﬁts will arise from the expenditure. All other expenditure including repairs and maintenance expenditures are recognised in the income statement as incurred. (g) Evaluation and exploration assets Exploration and evaluation expenses are capitalised when there is sufﬁcient evidence that there is a future economic beneﬁt to the Group. All other exploration and evaluation expenses are expensed as incurred. Exploration and evaluation expenses are considered to have a future beneﬁt to the Group when there is a high degree of conﬁdence of the existence of economically recoverable minerals, mine-site exploration is being conducted to convert resources to reserves, or mine-site exploration is being conducted to conﬁrm resources. The stage, timeline and associated risks of the project are also considered. For exploration and evaluation conducted near operating mine sites, exploration and evaluation expenses are capitalised upon the conﬁrmation of resources. Payments or option payments made by the Group to acquire licences for exploration and evaluation assets, or to acquire an underlying mineral project, are capitalised in exploration and evaluation expenses or expensed as incurred, following the same criteria described above. The Group’s exploration and evaluation assets are carried at acquired costs until such time as the technical feasibility and commercial viability of the extraction of resources in an area of interest are demonstrable, usually after a pre-feasibility study has been completed, at which time they are classiﬁed as mine development costs and are tested for impairment, and are then reclassiﬁed to mining properties and development costs. For exploration and evaluation conducted near operating mine sites, exploration and evaluation expenses are classiﬁed as development costs upon the conversion of resources to reserves. (h) Determination of ore reserves and resources The Group estimates its ore reserves and mineral resources based on information compiled by internal competent persons. Reports to support these estimates are prepared each year and are stated in conformity with the 2012 Joint Ore Reserves Committee (JORC) code. It is the Group’s policy to have the report audited every two years by a Competent Person. Reserves and resources are used in the units of production calculation for depreciation and amortisation as well as the determination of the timing of mine closure cost and impairment analysis. (i) Investment in associates An associate is an entity over which the Group has signiﬁcant inﬂuence. Signiﬁcant inﬂuence is the power to participate in the ﬁnancial and operating policy decisions of the investee, but is not control or joint control over those policies. The considerations made in determining signiﬁcant inﬂuence are similar to those necessary to determine control over subsidiaries. The Group’s investment in its associate are accounted for using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group’s share of net assets of the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment separately. The statement of proﬁt or loss reﬂects the Group’s share of the results of operations of the associate. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognised directly in the equity of the associate, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The aggregate of the Group’s share of proﬁt or loss of an associate is shown on the face of the statement of proﬁt or loss outside operating proﬁt and represents proﬁt or loss after tax and non-controlling interests in the subsidiaries of the associate. The ﬁnancial statements of the associate are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the investment and its carrying value, and then recognises the loss within ‘Share of (loss)/proﬁt of an associate’ in the statement of proﬁt or loss. Upon loss of signiﬁcant inﬂuence over the associate, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of signiﬁcant inﬂuence and the fair value of the retained investment and proceeds from disposal is recognised in proﬁt or loss. (j) Intangible assets Right to use energy of transmission line Transmission line costs represent the investment made by the Group to construct the transmission line on behalf of the government to be granted the right to use it. This is an asset with a ﬁnite useful life equal to that of the mine to which it relates and that is amortised applying the units of production method for that mine. Water permits Water permits are recorded at cost and allow the Group to withdraw a speciﬁed amount of water from the ground for reasonable, beneﬁcial uses. This is an asset with an indeﬁnite useful life (note 18(2)). Legal rights Legal rights correspond to expenditures required to give the Group the right to use a property for the surface exploration work, development and production. This is an asset with a ﬁnite useful life equal to that of the mine to which it relates and that is amortised applying the units of production method for that mine. Other intangible assets Other intangible assets are primarily computer software which are capitalised at cost and are amortised on a straight-line basis over their useful life of three years. Royalty intangible assets Royalty interests represent contractual rights to receive a percentage of revenue or production from speciﬁc mining operations. These assets are recognised at cost or at fair value when acquired. Royalty intangible assets have a ﬁnite useful life. Royalty intangible assets have a ﬁnite useful life and are amortised using the units-of-production method over the expected life of the related mining operation. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 154

2 Material accounting policies continued (k) Impairment of non-ﬁnancial assets Assets that have an indeﬁnite useful life are not subject to amortisation and are tested annually for impairment. The carrying amounts of property, plant and equipment and evaluation and exploration assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. If there are indicators of impairment, an exercise is undertaken to determine whether the carrying values are in excess of their recoverable amount. Such review is undertaken on an asset by asset basis, except where such assets do not generate cash ﬂows independent of other assets, and then the review is undertaken at the cash-generating unit (CGU) level. The assessment requires the use of estimates and assumptions such as long-term commodity prices, discount rates, future capital requirements, reserves and resources volumes (reﬂected in the production volume) and production costs. Changes in these assumptions will affect the recoverable amount of the property, plant and equipment and evaluation and exploration assets. If the carrying amount of an asset or its cash-generating unit (CGU) exceeds the recoverable amount, an impairment provision is recorded to reﬂect the asset at the lower amount. Impairment losses are recognised in the income statement. Calculation of recoverable amount The recoverable values of the CGUs and advanced exploration projects are determined using a FVLCD methodology. FVLCD for CGUs was determined using a combination of Level 2 and Level 3 inputs. The FVLCD of the producing mine assets is determined using a discounted cash ﬂow model and for the developing stage mine assets or advanced exploration projects is determined using a discounted cash ﬂow model or the value-in-situ methodology, which applies a realisable ‘enterprise value’ to unprocessed mineral resources per ounce of resources, to estimate the amount that would be paid by a willing third party in an arm's length transaction (notes 16, 17 and 18). Reversal of impairment An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. (l) Inventories Inventories are valued at the lower of cost or net realisable value. Cost is determined using the weighted average method. The cost of work in progress and ﬁnished goods (ore inventories) is based on the cost of production. For this purpose, the costs of production include: – costs, materials and contractor expenses which are directly attributable to the extraction and processing of ore; – depreciation of property, plant and equipment used in the extraction and processing of ore; and – related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. (m) Trade and other receivables Current trade receivables are carried at the original invoice amount and then subsequently measured at amortised cost less provision made for impairment of these receivables. Non-current receivables are stated at amortised cost. A provision for impairment of trade receivables is established using the expected credit loss impairment model according IFRS 9. The amount of the provision is the difference between the carrying amount and the recoverable amount and this difference is recognised in the income statement. The revaluation of provisionally priced contracts stated in 2(q) is recorded as trade receivables. (n) Share capital Ordinary shares are classiﬁed as equity. Any excess above the par value of shares received upon issuance of those shares is classiﬁed as share premium. The Group had the merger reserve available for distribution within retained earnings. (o) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outﬂow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation (note 28). If the effect of the time value of money is material, provisions are determined by discounting the expected future cash ﬂows at a pre-tax rate that reﬂects current market assessments of the time value of money and, where appropriate, the risks speciﬁc to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a ﬁnance cost. Mine closure cost Provisions for mine closure costs are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) in the accounting period when the related environmental disturbance occurs. The provision is discounted and the unwinding of the discount is included in ﬁnance costs. At the time of establishing the provision, a corresponding asset is capitalised and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates and operating lives of the mines. Changes to estimated future costs are recognised in the statement of ﬁnancial position by adjusting the mine closure cost liability and the related asset originally recognised. If, for mature mines, the related mine assets net of mine closure cost provisions exceed the recoverable value, that portion of the increase is charged directly to the income statement. Similarly, if reductions to the estimated costs exceed the carrying value of the mine asset, that portion of the decrease is credited directly to the income statement. For closed sites, changes to estimated costs are recognised immediately in the income statement. Workers’ proﬁt sharing and other employee beneﬁts In accordance with Peruvian legislation, companies in Peru must provide for workers’ proﬁt sharing equivalent to 8% of taxable income in each year. This amount is charged to the income statement within personnel expenses (note 10) and is considered deductible for income tax purposes. The Group has no pension or retirement beneﬁt schemes. Other Other provisions are accounted for when the Group has a legal or constructive obligation for which it is probable there will be an outﬂow of resources for which the amount can be reliably estimated. (p) Share-based payments Cash-settled transactions A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognised in personnel expenses. The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The fair value of the awards is taken to be the market value of the shares at the date of award adjusted by a factor for anticipated relative Total Shareholder Return (TSR) performance. Fair values are subsequently remeasured at each reporting date to reﬂect the number of awards expected to vest based on the current and anticipated TSR performance. The approach used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transactions. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 155

2 Material accounting policies continued Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reﬂected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reﬂected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognised for awards that do not ultimately vest because the performance and/or service conditions have not been met. Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model and is recognised, together with a corresponding increase in other reserves in equity, over the period in which the performance and/or service conditions are fulﬁlled. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reﬂects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that vest. The income statement expense for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and is recognised in personnel expenses (note 10). Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reﬂected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reﬂected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisﬁed, provided that all other performance and/or service conditions are satisﬁed. When the terms of an equity-settled award are modiﬁed, the minimum expense recognised is the grant date fair value of the unmodiﬁed award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modiﬁcation, is recognised for any modiﬁcation that increases the total fair value of the share-based payment transaction, or is otherwise beneﬁcial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through proﬁt or loss. On 22 May 2024, beneﬁciaries of LTIPs were communicated of a change in the payment mechanism resulting in a modiﬁcation of the LTIP from an equity settled to a cash-settled transaction. This resulted in a recognition of liability based on the fair valuation of the cash-settled LTIPs as at the date of modiﬁcation and reversal of the share-based payment reserves, the incremental fair value of the cash-settled award over that of the equity-settled award as at the modiﬁcation date amounting to US$405,000 is expensed to the proﬁt and loss. The liability is remeasured at each reporting date. (q) Revenue recognition The Group is involved in the production and sale of gold and silver from dore and concentrate containing both gold and silver. Dore bars are either sold directly to customers or are sent to a third party for further reﬁning into gold and silver before they are sold. Concentrate is sold directly to customers. Revenue from contracts with costumers is recognised when control of the goods or services are transferred to the customer at an amount that reﬂects the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue excludes any applicable sales taxes. The revenue is subject to adjustment based on inspection of the product by the customer. Revenue is initially recognised on a provisional basis using the Group’s best estimate of contained gold and silver. Any subsequent adjustments to the initial estimate of metal content are recorded in revenue once they have been determined. In addition, certain sales are ‘provisionally priced’ where the selling price is subject to ﬁnal adjustment at the end of a period, normally ranging from 15 to 120 days after the start of the delivery process to the customer, based on the market price at the relevant quotation point stipulated in the contract. Revenue is initially recognised when the conditions set out above have been met, using market prices at that date. The price exposure is considered to be an adjustment and hence separated from the sales contract at each reporting date. The provisionally priced metal is revalued based on the forward selling price for the quotational period stipulated in the contract until the quotational period ends. The selling price of gold and silver can be measured reliably as these metals are actively traded on international exchanges. The revaluation of provisionally priced contracts is recorded as revenue. Commercial discounts related to the reﬁning, recovery and treatment of minerals are presented netted from sales. A proportion of the Group’s sales are sold under CIF Incoterms, whereby the Group is responsible for providing freight/shipping services (as principal) after the date that the Group transfers control of the metal in concentrate to its customers. The Group, therefore, has separate performance obligations for freight/shipping services which are provided solely to facilitate sale of the commodities it produces. Other Incoterms commonly used by the Group are FOB, where the Group has no responsibility for freight or insurance once control of the products has passed at the loading port, and Delivered at Place (DAP) where control of the goods passes when the product is delivered to the agreed destination. For arrangements which have these Incoterms, the only performance obligations are the provision of the product at the point where control passes. For CIF arrangements, the transaction price (as determined above) is allocated to the metal in concentrate and freight/shipping services using the relative stand-alone selling price method. Under these arrangements, a portion of consideration may be received from the customer in cash at, or around, the date of shipment under a provisional invoice. Therefore, some of the upfront consideration that relates to the freight/shipping services yet to be provided, is deferred. It is then recognised as revenue over time using an output method (being days of shipping/transportation elapsed) to measure progress towards complete satisfaction of the service as this best represents the Group’s performance. This is on the basis that the customer simultaneously receives and consumes the beneﬁts provided by the Group as the services are being provided. The costs associated with these freight/shipping services are also recognised over the same period of time as incurred. Income from services provided to related parties (note 32(a)) is recognised in revenue when services are provided. Income from the sale of aggregates in Mara Rosa is recognised in revenue (note 5). Deferred revenue results when cash is received in advance of revenue being earned. Deferred revenue is recorded as a liability until it is earned. Once earned, the liability is reduced and revenue is recorded. The Group analyses when revenue is earned or deferred. (r) Contingencies A contingent liability is a possible obligation depending on whether some uncertain future event occurs, or a present obligation where payment is not probable or the amount cannot be measured reliably. Contingent liabilities are not recognised in the ﬁnancial statements and are disclosed in notes to the ﬁnancial statements unless their occurrence is remote (note 36). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 156

2 Material accounting policies continued A contingent asset is a possible asset that arises from past events, and whose existence will be conﬁrmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Contingent assets are not recognised in the ﬁnancial statements, but are disclosed in the notes if their recovery is deemed probable (note 36). (s) Finance income and costs Finance income and costs comprise interest expense on borrowings, the accumulation of interest on provisions, interest income on funds invested, unwinding of discount, and gains and losses from the change in fair value of derivative instruments. Interest income is recognised as it accrues, taking into account the effective yield on the asset. (t) Income tax Income tax for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items charged or credited directly to equity, in which case it is recognised in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted at the statement of ﬁnancial position date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for ﬁnancial reporting purposes and the amounts used for taxation purposes, with the following exceptions: – where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable proﬁt or loss; and – in respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on the tax rates (and tax laws) that have been enacted or substantively enacted at the statement of ﬁnancial position date. A deferred tax asset is recognised only to the extent that it is probable that future taxable proﬁts will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax beneﬁt will be realised. (u) Uncertain tax positions An estimated tax liability is recognised when the Group has a present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The liability is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account risks and uncertainties surrounding the obligation. Separate liabilities for interest and penalties are also recorded if appropriate. Movements in interest and penalty amounts in respect of tax liability are not included in the tax charge, but are disclosed in the income statement. Tax liabilities are based on management’s interpretation of country- speciﬁc tax law and the likelihood of settlement. This involves a signiﬁcant amount of judgement as tax legislation can be complex and open to different interpretation. Management uses in-house tax experts, professional ﬁrms and previous experience when assessing tax risks. Where actual tax liabilities differ from the liabilities, adjustments are made which can have a material impact on the Group’s proﬁts for the year. Refer to note 36(a) for speciﬁc tax contingencies. (v) Leases Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Right-of-use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include ﬁxed payments (including in- substance ﬁxed payments) less any lease incentives receivable, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reﬂects the Group exercising the option to terminate. The variable lease payments are recognised as expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reﬂect the accretion of interest, and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modiﬁcation, a change in the lease term, a change in the in-substance ﬁxed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of ofﬁce equipment that are considered of low value (i.e., below US$5,000). Lease payments on short- term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. (w) Financial instruments A ﬁnancial instrument is any contract that gives rise to a ﬁnancial asset of one entity and a ﬁnancial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are classiﬁed, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through proﬁt or loss. The classiﬁcation of ﬁnancial assets at initial recognition depends on the ﬁnancial asset’s contractual cash ﬂow characteristics and the Group’s business model for managing them. The Group’s business model for managing ﬁnancial assets refers to how it manages its ﬁnancial assets in order to generate cash ﬂows. The business model determines whether cash ﬂows will result from collecting contractual cash ﬂows, selling the ﬁnancial assets, or both. Purchases or sales of ﬁnancial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 157

2 Material accounting policies continued Subsequent measurement For purposes of subsequent measurement, the Group’s ﬁnancial assets are classiﬁed in the following categories: – Financial assets at amortised cost (debt instruments) The Group measures ﬁnancial assets at amortised cost if both of the following conditions are met: – The ﬁnancial asset is held within a business model with the objective to hold ﬁnancial assets in order to collect contractual cash ﬂows. – The contractual terms of the ﬁnancial asset give rise on speciﬁed dates to cash ﬂows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in proﬁt or loss when the asset is derecognised, modiﬁed or impaired. The Group’s ﬁnancial assets at amortised cost includes trade and other receivables. – Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the deﬁnition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classiﬁcation is determined on an instrument-by-instrument basis. Financial assets designated at fair value through OCI are carried in the statement of ﬁnancial position at fair value with net changes in fair value recognised in the OCI. Gains and losses on these ﬁnancial assets are never recycled to proﬁt or loss. Dividends are recognised as other income in the statement of proﬁt or loss when the right of payment has been established, except when the Group beneﬁts from such proceeds as a recovery of part of the cost of the ﬁnancial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group has listed and non-listed equity investments under this category. – Financial assets at fair value through proﬁt or loss Financial assets at fair value through proﬁt or loss include ﬁnancial assets held for trading, ﬁnancial assets designated upon initial recognition at fair value through proﬁt or loss, or ﬁnancial assets mandatorily required to be measured at fair value. Financial assets are classiﬁed as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classiﬁed as held for trading unless they are designated as effective hedging instruments. Financial assets with cash ﬂows that are not solely payments of principal and interest are classiﬁed and measured at fair value through proﬁt or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classiﬁed at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through proﬁt or loss on initial recognition if doing so eliminates, or signiﬁcantly reduces, an accounting mismatch. Financial assets at fair value through proﬁt or loss are carried in the statement of ﬁnancial position at fair value with net changes in fair value recognised in the statement of proﬁt or loss. The Group has listed equity investments and embedded derivatives under this category. Dividends on listed equity investments are also recognised as other income in the statement of proﬁt or loss when the right of payment has been established. Derecognition A ﬁnancial asset (or, where applicable, a part of a ﬁnancial asset or part of a group of similar ﬁnancial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of ﬁnancial position) when: – The rights to receive cash ﬂows from the asset have expired; or – The Group has transferred its rights to receive cash ﬂows from the asset or has assumed an obligation to pay the received cash ﬂows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment of ﬁnancial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through proﬁt or loss. ECLs are based on the difference between the contractual cash ﬂows due in accordance with the contract and all the cash ﬂows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simpliﬁed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Financial liabilities Initial recognition and measurement Financial liabilities are classiﬁed, at initial recognition, as ﬁnancial liabilities at fair value through proﬁt or loss, and ﬁnancial liabilities measured at amortised cost, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All ﬁnancial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s ﬁnancial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative ﬁnancial instruments. Subsequent measurement The measurement of ﬁnancial liabilities depends on their classiﬁcation, as described below: – Financial liabilities at fair value through proﬁt or loss Financial liabilities at fair value through proﬁt or loss include ﬁnancial liabilities held for trading and ﬁnancial liabilities designated upon initial recognition as at fair value through proﬁt or loss. – Financial liabilities measured at amortised cost This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in proﬁt or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in ﬁnance costs in the statement of proﬁt or loss. This category generally applies to interest-bearing loans and borrowings. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 158

2 Material accounting policies continued Derecognition A ﬁnancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing ﬁnancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modiﬁed, such an exchange or modiﬁcation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of proﬁt or loss. Derivative ﬁnancial instruments and hedge accounting The silver and gold forward and zero cost collar agreements signed by the Group are being used to hedge the exposure to changes in the cash ﬂows of the silver and gold commodity prices. Consequently, the Group has opted to apply hedge accounting under the requirements of IFRS 9 Financial Instruments. Initial recognition and subsequent measurement These derivative ﬁnancial instruments were initially recognised at fair value on the date on which the derivative contract was entered into and were subsequently remeasured at fair value. Derivatives are carried as ﬁnancial assets when the fair value is positive and as ﬁnancial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classiﬁed as cash ﬂow hedges when hedging the exposure to variability in cash ﬂows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised ﬁrm commitment. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identiﬁcation of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualiﬁes for hedge accounting if it meets all of the following effectiveness requirements: – There is ‘an economic relationship’ between the hedged item and the hedging instrument; – The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship; and – The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Changes in the fair value of derivatives designated as cash ﬂow hedges are recognised in other comprehensive income and accumulated under the heading of cash ﬂow hedging reserve until changes in the fair value of the hedged item are recognised in proﬁt or loss. However, the ineffective portion of the changes in the fair value of such derivatives is recognised in proﬁt or loss. The Group uses cash ﬂow hedges for hedging the exposure to variability in silver and gold prices. The amounts that have been recognised in other components of equity relating to such hedging instruments are reclassiﬁed to proﬁt or loss when the hedged transaction affects proﬁt or loss. (x) Dividend distribution Dividends on the Company’s ordinary shares are recognised when they have been appropriately authorised and are no longer at the Company’s discretion. Accordingly, interim dividends are recognised when they are paid and ﬁnal dividends are recognised when they are declared following approval by shareholders at the Company’s Annual General Meeting. (y) Cash and cash equivalents Cash and cash equivalents are carried in the statement of ﬁnancial position at cost. For the purposes of the statement of ﬁnancial position, cash and cash equivalents comprise cash on hand and deposits held with banks that are readily convertible into known amounts of cash and which are subject to insigniﬁcant risk of changes in value. For the purposes of the cash ﬂow statement, cash and cash equivalents, as deﬁned above, are shown net of outstanding bank overdrafts. Liquidity funds are classiﬁed as cash equivalents if the amount of cash that will be received is known at the time of the initial investment and the risk of changes in value is considered insigniﬁcant. (z) Exceptional items Exceptional items are those signiﬁcant items which, due to their nature or the expected infrequency of the events giving rise to them, need to be disclosed separately on the face of the income statement to enable a better understanding of the ﬁnancial performance of the Group and facilitate comparison with prior years. Exceptional items mainly include: – Impairments and reversal of impairments or write-offs of assets, property, plant and equipment and evaluation and exploration assets; – incremental cost due to pandemics which are not expected to be recurring; – gains or losses arising on the disposal of subsidiaries, investments or property, plant and equipment; – any gain or loss resulting from restructuring within the Group; – the impact of infrequent labour action related to work stoppages in mine units; – the penalties generated by the early termination of agreements with providers or lenders of the Group; – the reversal of an accumulation of prior year’s tax expenses that resulted from an agreement with the government; – expenses related to a corporate transaction, including listing expenses and related transaction costs; – gains or losses arising from the discontinuation of hedge relationships; and – the related tax impact of the above items. (aa) Fair value measurement The Group measures ﬁnancial instruments, such as derivatives, at each statement of ﬁnancial position date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: – In the principal market for the asset or liability; or – In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest. A fair value measurement of a non-ﬁnancial asset takes into account a market participant’s ability to generate economic beneﬁts by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufﬁcient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the ﬁnancial statements are categorised within the fair value hierarchy, as described in note 38(e). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 159

2 Material accounting policies continued For assets and liabilities that are recognised in the ﬁnancial statements on a recurring basis at fair value, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is signiﬁcant to the fair value measurement as a whole) at the end of each reporting period. The Group determines the policies and procedures for both recurring fair value measurement and unquoted ﬁnancial assets, and for non-recurring measurement. At each reporting date, the Group analyses the movements in the values of assets and liabilities, which are required to be re-measured or re-assessed as per the Group’s accounting policies. For this analysis, the Group veriﬁes the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents. The Group, in conjunction with its external valuers where applicable, also compares the changes in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. (ab) Export incentive programme On 3 October 2023, the Argentinian Government approved that exporters of crude oil, gas and derivatives, who meet certain conditions, may receive 25% of the funds received from exports through negotiable securities acquired in foreign currency and settled in local currency. Since 13 December 2023 changed to 20% and the beneﬁt was in force until April 2025. As at 31 December 2025 the Group recognised a beneﬁt from the programme of US$2,979,000 (2024: US$15,996,000), disclosed as other income (refer to note 12(1)). (ac) Stripping costs In an open-pit operation, it is necessary to remove overburden or waste material to access the ore bodies (stripping activity). During the mine development and pre-production phases, the stripping related costs are capitalised as part of the cost of development and subsequently recognised as depreciation in the cost of sales, on a units of production basis, once commercial production starts. The removal of waste material usually continues throughout the life of mine. Upon commencement of commercial production, the activity is referred to as production stripping. Production stripping costs are capitalised only when it is probable that future economic beneﬁts associated with the stripping activity will ﬂow to the Group, and costs can be reliably measured. Otherwise, the production stripping costs are charged to the income statement as operating costs as they are incurred. Stripping activity costs associated with such development activities are capitalised as development costs using an average stripping ratio. The average stripping ratio is calculated by dividing the estimated number of tonnes of waste material to be removed by the estimated ore to be mined over the life of the mine, and is reviewed annually. The amount capitalised is subsequently depreciated using the units of production method. 3 Segment reporting The Group’s activities are principally related to mining operations, which involve the exploration, production and sale of gold and silver. Products are subject to the same risks and returns and are sold through similar distribution channels. The Group undertakes a number of activities solely to support mining operations including power generation and services. Transfer prices between segments are set at an arm’s length basis in a manner similar to that used for third parties. Segment revenue, segment expense and segment results include transfers between segments at market prices. Those transfers are eliminated on consolidation. For internal reporting purposes, management takes decisions and assesses the performance of the Group through consideration of the following reporting segments: – Operating unit – San Jose, which generates revenue from the sale of gold and silver (dore and concentrate). – Operating unit – Mara Rosa, which generates revenue from the sale of gold and silver (dore). – Operating unit – Inmaculada, which generates revenue from the sale of gold and silver (dore). – Former operating unit – Pallancata, which generated revenue from the sale of gold and silver (concentrate) until 2023, and it is involved in the development of the Royropata area. – Exploration, which explores and evaluates areas of interest in brownﬁeld and greenﬁeld sites with the aim of extending the life of mine of existing operations and to assess the feasibility of new mines. – Other – includes the proﬁt or loss generated by Empresa de Transmisión Aymaraes S.A.C. The Group’s administration, ﬁnancing, other activities (including other income and expense), and income taxes are managed at a corporate level and are not allocated to operating segments. Segment information is consistent with the accounting policies adopted by the Group. Management evaluates the ﬁnancial information based on the adopted IFRS accounting policies in the ﬁnancial statements. The Group measures the performance of its operating units by the segment proﬁt or loss that comprises gross proﬁt, selling expenses and exploration expenses. Segment assets include items that could be allocated directly to the segment. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 160

3 Segment reporting continued (a) Reportable segment information

	Inmaculada	San Jose	Mara Rosa	Pallancata	Exploration	Other 1	Adjustment and eliminations	Total
	US$000	US$000	US$000	US$000	US$000	US$000	US$000	US$000
YEAR ENDED 31 DECEMBER 2025
Revenue from external customers	724,643	381,257	133,044	–	–	151	–	1,239,095
Inter-segment revenue	–	–	–	–	–	4,647	(4,647)	–
Total revenue from customers	724,643	381,257	133,044	–	–	4,798	(4,647)	1,239,095
Provisional pricing adjustment	257	55,265	6	–	–	–	–	55,528
Realised loss on hedges	(56,987)	–	(29,061)	–	–	–	–	(86,048)
Loss on discontinuation of hedge relationship 2	–	–	(26,427)	–	–	–	–	(26,427)
Total revenue	667,913	436,522	77,562	–	–	4,798	(4,647)	1,182,148
Segment proﬁt/(loss)	354,559	164,059	(31,667)	–	(29,020)	3,138	(7,477)	453,592
Others 3								(80,768)
Proﬁt from continuing operations before income tax								372,824
Other segment information
Depreciation 4	(103,029)	(53,007)	(19,454)	(519)	(9)	(2,352)	–	(178,370)
Amortisation	(385)	(489)	(515)	(446)	–	(105)	–	(1,940)
(Impairment) Impairment reversal and (write-off) of assets, net	(474)	11,635	(1,415)	(37)	43,229	(167)	–	52,771

	Inmaculada	San Jose	Mara Rosa	Pallancata	Exploration	Other 1	Adjustment and eliminations	Total
	US$000	US$000	US$000	US$000	US$000	US$000	US$000	US$000
ASSETS
Capital expenditure	138,556	43,575	39,541	8,253	15,196 6	4,655	–	249,776
Current assets	29,325	113,736	53,051	1,501	–	1,971	–	199,584
Other non- current assets	608,566	139,003 365,669		47,926	197,629 7	39,576	–	1,398,369
Total segment assets	637,891	252,739	418,720	49,427	197,629	41,547	–	1,597,953
Not reportable assets 5	–	–	–	–	–	561,815	–	561,815
Total assets	637,891	252,739	418,720	49,427	197,629	603,362	–	2,159,768

1 ‘Other’ revenue relates to revenues earned by Empresa de Transmisión Aymaraes S.A.C. for energy transmission services. 2 The amount represents the reclassiﬁcation of US$26,427,000 from the cash ﬂow hedge reserve within equity to the income statement following the extension of 20,813 ounces of gold forwards from August to December 2025 to the ﬁrst semester of 2028. In accordance with IFRS 9, the accumulated loss was reclassiﬁed to the income statement following the discontinuation of the original hedge relationship and the realisation of the hedged item. The item is presented as an exceptional item (note 11), and had no impact on realised on cash ﬂows (note 38(a)). 3 Comprised of administrative expenses of US$55,604,000, other income of US$10,163,000, other expenses of US$75,401,000, write-off of assets (net) of US$4,074 ,000, impairment of non-current assets of US$56,845,000, share of gain of an associate of US$20,544,000, ﬁnance income of US$11,826,000, ﬁnance costs of US$41,112,000, and foreign exchange loss of US$3,955,000. 4 Includes depreciation capitalised in the Pallancata unit (US$444,000), San Jose unit (US$1,944,000), Inmaculada unit (US$286,000), Mara Rosa (US$42,000) and products in process (US$1,102,000). 5 Not reportable assets are comprised of ﬁnancial assets at fair value through OCI of US$86,000, other receivables of US$92,831,000, income tax receivable of US$795,000, deferred income tax asset of US$105,137,000, investment in associates US$43,372,000, other ﬁnancial assets of US$2,640,000, and cash and cash equivalents of US$316,954,000. 6 Includes Monte do Carmo capital expenditure of US$13,373,000. 7 Includes Monte do Carmo balance of US$110,382,000. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 161

3 Segment reporting continued

	Inmaculada	San Jose	Mara Rosa	Pallancata	Exploration	Other 1	Adjustment and eliminations	Total
	US$000	US$000	US$000	US$000	US$000	US$000	US$000	US$000
YEAR ENDED 31 DECEMBER 2024
Revenue from external customers	522,406	285,142	159,646	(255)	–	452	–	967,391
Inter-segment revenue	–	–	–		–	3,975	(3,975)	–
Total revenue from customers	522,406	285,142	159,646	(255)	–	4,427	(3,975)	967,391
Provisional pricing adjustment	(54)	8,193	70	–	–	–	–	8,209
Realised loss on hedges	(18,010)	–	(9,894)	–	–	–	–	(27,904)
Total revenue	504,342	293,335	149,822	(255)	–	4,427	(3,975)	947,696
Segment proﬁt/(loss)	231,141	54,094	40,830	(269)	(28,379)	2,472	(1,799)
Others 2							(120,873)
Proﬁt from continuing operations before income tax								177,217
Other segment information
Depreciation 3	(91,251)	(48,368)	(17,383)	(560)	(8)	(2,584)	–	(160,154)
Amortisation	(80)	(531)	(761)	(102)	–	(105)	–	(1,579)
Impairment and write-off of assets, net	(730)	(15)	–	(53)	(13,732)	(3,085)	–	(17,615)

	Inmaculada	San Jose	Mara Rosa	Pallancata	Exploration	Other 1	Adjustment and eliminations	Total
	US$000	US$000	US$000	US$000	US$000	US$000	US$000	US$000
ASSETS
Capital expenditure	138,582	46,143	35,318	32,908	92,041 5	3,090	–	348,082
Current assets	17,028	67,866	35,210	1,758	5,327	6,387	–	133,576
Other non- current assets	572,513	132,716	347,235	41,622	125,325	33,282	–	1,252,693
Total segment assets	589,541	200,582	382,445	43,380	130,652	39,669	– 1,386,269
Not reportable assets 4	–	–	–		–	265,230	–	265,230
Total assets	589,541	200,582	382,445	43,380	130,652	304,899	– 1,651,499

1 ‘Other’ revenue relates to revenues earned by Empresa de Transmisión Aymaraes S.A.C. for energy transmission services. 2 Comprised of administrative expenses of US$50,232,000, other income of US$20,955,000, other expenses of US$43,245,000, write-off of assets (net) of US$3,883,000, impairment of non-current assets of US$13,732,000, share of losses of an associate of US$6,489,000, ﬁnance income of US$13,097,000, ﬁnance costs of US$26,928,000, and foreign exchange loss of US$10,416,000. 3 Includes depreciation capitalised in the Pallancata unit (US$102,000), San Jose unit (US$2,367,000), Mara Rosa project (US$146,000), and products in process (-US$1,110,000). 4 Not reportable assets are comprised of ﬁnancial assets at fair value through OCI of US$475,000, other receivables of US$116,892,000, income tax receivable of US$186,000, deferred income tax asset of US$27,677,000, investment in associates US$15,811,000, other ﬁnancial assets of US$3,807,000, assets held for sale of US$3,409,000, and cash and cash equivalents of US$96,973,000. 5 Includes Monte do Carmo capital expenditure of US$90,602,000. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 162

3 Segment reporting continued (b) Geographical information The revenue for the period based on the country in which the customer is located is as follows:

	Year ended 31 December
	2025	2024
	US$000	US$000
Switzerland	284,052	246,763
Canada	458,012	363,922
South Korea	77,308	53,527
Germany	92,399	20,754
Japan	–	4,364
Chile	4,155	30,696
Finland	36,718	18,527
USA	203,574	172,082
Luxembourg	(409)	2,486
Bulgaria	12,748	8,369
Peru	124,485	54,110
Brazil	1,581	–
Total revenue 1	1,294,623	975,600
Inter-segment
Peru	4,647	3,975
Total	1,299,270	979,575
Loss on realised hedges
United Kingdom	(56,987)	(18,010)
Brazil	(29,061)	(9,894)
Loss on discontinuation of hedge relationship 2
Brazil	(26,427)	–
Total	1,186,795	951,671

1 Includes revenue from customers and provisional pricing adjustments of US$55,528,000 (2024: US$8,209,000). 2 The amount represents the non-cash recycling of US$26,427,000 from other comprehensive income to revenue following the extension of 20,813 ounces of gold forwards from August to December 2025 to the ﬁrst semester of 2028. As the sales of gold designated in the hedge relationship occurred during the second half of 2025, IFRS 9 requires the recycling of the accumulated loss to the income statement. The item is presented as an exceptional item (note 11), and had no impact on cash ﬂows. In the periods set out below, certain customers accounted for greater than 10% of the Group’s total revenues as detailed in the following table:

	Year ended 31 December 2025			Year ended 31 December 2024
		%			%
	US$000	Revenue	Segment	US$000	Revenue	Segment
Asahi Reﬁning Canada Ltd.	458,012	38%	Inmaculada, Mara Rosa and San Jose	363,922	38%	Inmaculada, Mara Rosa and San Jose
MKS Switzerland S.A.	168,936	14%	Inmaculada	121,108	13%	Inmaculada
Argor Heraus S.A.	115,213	10%	Inmaculada	125,655	13%	Inmaculada and San Jose
Auramet International Inc.	91,995	8%	Inmaculada and Mara Rosa	132,284	14%	Inmaculada

Non-current assets, excluding ﬁnancial instruments, investment in associates, other receivables and deferred income tax assets, were allocated to the geographical areas in which the assets are located as follows:

	As at 31 December
	2025	2024
	US$000	US$000
Peru	696,068	647,416
Brazil	476,051	435,195
Argentina	139,003	132,716
Chile	87,247	37,366
Total non-current segment assets	1,398,369	1,252,693
Financial assets at fair value through OCI	86	475
Investment in associates	43,372	15,811
Other receivables	18,660	18,316
Deferred income tax assets	105,137	27,677
Total non-current assets	1,565,624	1,314,972

4 Asset acquisition and partial disposal of subsidiary (a) Tiernan Gold Corp. Reverse Takeover Transaction and Private Placement On December 16, 2025, Tiernan Gold Corp. (‘Tiernan’), an indirect wholly-owned subsidiary of the Company, completed a reverse take over with Railtown Capital Corp. (‘Railtown’), a capital pool company listed on the TSX Venture Exchange (TSXV), by way of a three-cornered amalgamation (the ‘Transaction’). As a result of the Transaction, Railtown acquired all of the issued and outstanding securities of Tiernan in exchange for securities of Railtown, and the combined entity continued under the name Tiernan Gold Corp. HM Holdings Ltd., an indirect wholly-owned subsidiary of the Company, retained control of the resulting public entity (the ‘Resulting Issuer’). Accordingly, the Transaction constituted a reverse takeover of Railtown by Tiernan for accounting purposes. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 163

4 Asset acquisition and partial disposal of subsidiary continued In connection with the Transaction, Tiernan consolidated its issued and outstanding common shares on the basis of one post-consolidation common share for approximately every 2.68 pre-consolidation common share, and Railtown consolidated its securities on the basis of one post-consolidation security for approximately every 7.09 pre-consolidation security. Concurrently with the Transaction, Tiernan completed a private placement of subscription receipts for aggregate gross proceeds of C$58,351,000 (US$42,445,000), comprising (i) a treasury offering by Tiernan that generated gross proceeds of C$40,000,000 (US$29,096,000) and (ii) a secondary offering by Hochschild that generated gross proceeds of C$18,351,000 (US$13,349,000). Each subscription receipt was issued at a price of C$5.00 consisting of approximately C$4.49 for one common share and C$0.51 for one-half of a common share purchase warrant. The value of the shares issued by Tiernan as part of the treasury offering was C$35,880,000 (US$25,929,000), which was measured with the subscription price per share paid by investors, with the remaining C$4,120,000 (US$3,167,000) allocated to the warrants. Of the total gross proceeds from the secondary offering, C$16,461,000 (US$11,960,000) were received directly by Hochschild Mining Holdings, and C$1,890,000 (US$1,375,000) were allocated to Tiernan in respect of the warrants issued. Upon completion of the Transaction, the subscription receipts automatically converted into one common share of the Resulting Issuer and one-half of one common share purchase warrant, with each whole warrant exercisable to acquire one common share at an exercise price of C$6.50 for a period of 24 months following the closing of the private placement. For accounting purposes, Tiernan was identiﬁed as the acquirer and Railtown as the acquiree. Railtown did not meet the deﬁnition of a business under IFRS 3 Business Combinations. As the Resulting Issuer is deemed to have issued equity instruments in exchange for the identiﬁable net assets of Railtown, the Transaction was accounted for as a reverse takeover and accounted in accordance with IFRS 2 Share-based Payment . The excess of the deemed consideration over the fair value of Railtown’s identiﬁable net assets resulted in a listing expense of US$9,052,000, while transaction costs of US$1,106,000 were also incurred. Both amounts were recognised in the Group’s income statement within other expenses and classiﬁed as exceptional items (refer to note 11). In addition, as part of the private placement completed in connection with the Transaction, Tiernan issued warrants denominated in Canadian dollars. As the functional currency of the Resulting Issuer is the US dollar, these warrants do not meet the ‘ﬁxed-for-ﬁxed’ criterion under IAS 32 Financial Instruments: Presentation and are therefore classiﬁed as ﬁnancial liabilities measured at fair value through proﬁt or loss. At the completion date of the Transaction, the Group recognised a ﬁnancial liability of US$4,542,000 in respect of these warrants. Subsequent changes in the fair value of the warrants, resulting in an unrealised loss of US$7,365,000, are recognised in proﬁt or loss within ﬁnance cost (refer to note 13(5)). Tiernan continues to be consolidated in the Group’s consolidated ﬁnancial statements. There was no change in control at the Group level. A non-controlling interest of US$32,006,000 was recognised on consolidation of Tiernan.

Effects on equity of changes in ownership in Tiernan	US$000
Change in ownership interest in Tiernan without loss of control	9,118
Non-controlling interest	35,774
Total impact on equity	44,892

Effects on cash ﬂows of Private Placement	US$000
Treasury offering – shares	25,929
Secondary offering – shares	11,960
Issuance of warrants	4,542
Agent fees and transaction costs	(2,387)
Total impact on cash ﬂows	40,044

(b) Acquisition of Monte do Carmo In March 2024, the Group, through its wholly-owned subsidiary Amarillo Mineração do Brasil Ltda. (‘Amarillo’), entered into an option agreement with Cerrado Gold Inc. (‘Cerrado’) to acquire a 100% interest in Cerrado's Monte Do Carmo Project (the Project) located in the mining-friendly state of Tocantins, Brazil. The payment for the option amounted to US$15,000,000 by way of 10% interest-bearing secured loan. Upon obtaining the Cerrado Shareholder Approval (‘Cerrado’s Shareholder Approval’), on 27 June 2024, the loan of US$15,000,000 was deemed to be repaid in full by Cerrado by the concurrent set off of an amount equal to the loan due by Amarillo as part of the purchase price. Through US$30,000,000 in additional phased payments (the ‘Exercise Consideration’), the Company was able to complete the acquisition of 100% of the Project on 7 November, 2024 (‘Closing’). The Exercise Consideration is in addition to the US$15,000,000 which has been deemed paid, and a further US$15,000,000 payable at certain milestones following Closing, giving a total consideration of US$60,000,000: – US$10,000,000 payable within 14 days of the second anniversary of the date of the Cerrado’s Shareholder Approval (27 June 2024); and – US$5,000,000 within 14 days of the earlier of (i) the commencement of commercial production from the Project, and (ii) 31 March 2027. At Closing, Amarillo acquired all of the outstanding equity interests in Serra Alta Mineração Ltda. (‘Serra Alta’), Cerrado’s subsidiary in Brazil which holds the Monte do Carmo project. In connection with the option agreement, the Group committed to incur a minimum of US$5,000,000 in exploration expenditures for Monte do Carmo, which was achieved by the acquisition date. The Group applied the concentration test in accordance with IFRS 3 to determine whether the acquisition is a business combination or an asset acquisition, concluding that substantially all of the fair value of the gross assets acquired is concentrated in a single identiﬁable asset or a group of similar assets, being the Monte do Carmo project which is in a development stage. Since the concentration test was met, the transaction was accounted as a purchase of assets. The total consideration amounted to US$86,556,000 and is comprised of: (i) cash consideration paid of US$45,000,000, (ii) deferred consideration of US$13,365,000, representing the present value of the US$15,000,000 remaining payables, (iii) liabilities assumed by Amarillo in connection with the Sprott Private Resource Streaming and Royalty Corp. (‘Sprott’) secured note and stream agreements (‘stream Agreements’) of US$26,159,000 (note 25(a)), net of its deferred income tax asset of US$899,000 (iv) additional exploration expenditure assumed by Amarillo pre-closing of the acquisition of US$1,180,000, and (v) transaction costs of US$1,751,000. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 164

4 Asset acquisition and partial disposal of subsidiary continued In addition, Serra Alta Participações Imobiliárias S.A. (SAPI) – entity owned by Amarillo and Serra Alta, has a contractual obligation to make payment of royalties in favour of the former landowners of the Bortolotti Property corresponding to 50% of the amount due to the Brazilian authorities as statutory tax (Compensação Financeira pela Exploração Mineral (“CFEM”)). According to the most recent estimates available to the Company, approximately 25% of the gold reserves of the Project are located within the area comprised by the Bortolotti Property and would accordingly be subject to the payment of such royalties. Monte do Carmo consolidates its ﬁnancial information with the Group from 7 November 2024, being the date on which the Group obtained control. The fair value of assets acquired and liabilities assumed as at 7 November 2024 comprise the following:

	US$000
Cash and cash equivalents	8
Other receivables	10
Evaluation and exploration assets (note 17)	82,725
Property, plant and equipment (note 16)	3,988
Deferred income tax asset	1,918
Total assets	88,649
Accounts payable and other liabilities	(2,093)
Total liabilities	(2,093)
Net assets acquired	86,556
Consideration for the acquisition of Serra Alta Mineracao Ltda shares
Cash consideration	45,000
Deferred consideration	13,365
Secured note and stream contracts transferred to Amarillo, net of deferred tax asset	25,260
Expenditure assumed by Amarillo	1,180
Transaction costs	1,751
Total consideration	86,556
Cash paid	47,931
Less cash acquired with the subsidiary	(8)
Net cash ﬂow on acquisition	47,923

The Group recognises individual identiﬁable assets (and liabilities) by allocating the cost of acquisition on the basis of the relative fair values at the date of purchase: Step 1: Identify assets and liabilities acquired, adjusting them to the Group’s accounting policies and presentation. Step 2: Determine the purchase consideration. Step 3: Purchase price allocation: The consideration paid is allocated to the fair value of the identiﬁable assets and liabilities assumed with the remainder allocated to the mineral property acquired. The fair value at the time of acquisition is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. In September 2025, the Group settled early the deferred payment of US$8,750,000 from the original amount of US$10,000,000 due in June 2026; resulting in a gain of US$1,250,000, which has been recognised in the income statement, within other income (see note 12). The carrying value of the remaining deferred consideration amounts to US$4,862,000 as at 31 December 2025 (see note 25). 5 Revenue before exceptional items

	Year ended 31 December 2025			Year ended 31 December 2024
		Revenue 1			Revenue 1
	Goods sold	Shipping services	Total	Goods sold	Shipping services	Total
	US$000	US$000	US$000	US$000	US$000	US$000
Gold (from dore bars)	664,140	421	664,561	556,551	731	557,282
Silver (from dore bars)	245,304	224	245,528	221,776	485	222,261
Gold (from concentrates)	208,551	4,230	212,781	105,192	2,610	107,802
Silver (from concentrates)	112,103	2,658	114,761	71,046	1,749	72,795
Gold (from precipitates)	(283)	–	(283)	6,801	–	6,801
Silver (from precipitates)	15	–	15	2	–	2
Services and aggregates	1,732	–	1,732	448	–	448
Total revenue from costumers	1,231,562	7,533	1,239,095	961,816	5,575	967,391
Provisional pricing adjustments 2	55,528	–	55,528	8,209	–	8,209
Realised loss on hedges	(86,048)	–	(86,048)	(27,904)		(27,904)
Total	1,201,042	7,533	1,208,575	942,121	5,575	947,696

1 Includes commercial discounts (reﬁnery treatment charges, reﬁning fees and payable deductions for processing concentrate), and are deducted from gross revenue on a per tonne basis (treatment charge), per ounce basis (reﬁning fees) or as a percentage of gross revenue (payable deductions). In 2025, the Group recorded commercial discounts of US$25,247,000 (2024: US$22,720,000). Gross revenue is presented net of dore commercial discounts of US$4,104,000 (2024: US$4,282,000). 2 Certain sales are ‘provisionally priced’ where the selling price is subject to ﬁnal adjustment at the end of a period, normally ranging from 15 to 120 days after the start of the delivery process to the customer, based on the market price at the relevant quotation point stipulated in the contract. Revenue is initially recognised when the conditions set out above have been met, using market prices at that date. The price exposure is considered to be an adjustment and hence separated from the sales contract at each reporting date. The provisionally priced metal is revalued based on the forward selling price for the quotational period stipulated in the contract until the quotational period ends. The selling price of gold and silver can be measured reliably as these metals are actively traded on international exchanges. The revaluation of provisionally priced contracts is recorded as revenue. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 165

6 Cost of sales Cost of sales comprises:

	Year ended 31 December
	2025	2024
	US$000	US$000
Direct production costs excluding depreciation and amortisation	508,024	454,006
Depreciation and amortisation in production costs	173,577	157,165
Workers proﬁt sharing	15,512	3,145
Cost of sales of aggregates and transmission services	1,218	–
Fixed costs during operational stoppages and reduced capacity 1	15,094	1,071
Change in inventories	(35,486)	(10,124)
Cost of sales	677,939	605,263

1 Corresponds to the ﬁxed cost at the operation during reduced capacity and stoppages in Mara Rosa of US$15,094,000 (2024: corresponds to the ﬁxed cost at the operation during stoppages in San Jose of US$1,071,000). The main components included in cost of sales are:

	Year ended 31 December
	2025	2024
	US$000	US$000
Depreciation and amortisation in cost of sales 1	165,348	156,785
Personnel expenses (note 10) 2	167,120	132,412
Mining royalty (note 37)	12,655	9,694
Change in products in process and ﬁnished goods	(35,486)	(10,124)
Fixed costs at the operations during stoppages and reduced capacity 3	15,094	1,071

1 The depreciation and amortisation in production cost is US$173,577,000 (2024: US$157,165,000). The difference with the depreciation and amortisation in cost of sales is included in inventory. 2 Includes workers proﬁt sharing of US$15,512,000 (2024: US$3,145,000) and excludes personnel expenses of US$2,960,000 (2024: US$712,000) included within unallocated ﬁxed cost at the operations (see below). 3 Corresponds to the unallocated ﬁxed cost accumulated as a result of idle capacity during reduced capacity and stoppages. These costs mainly include third-party services of US$9,563,000 (2024: US$301,000), personnel expenses of US$2,960,000 (2024: US$712,000), supplies of US$1,532,000 (2024: US$33,000), depreciation and amortisation of US$40,000 (2024: US$Nil) and other costs of US$999,000 (2024: other costs of US$25,000). 7 Administrative expenses

	Year ended 31 December
	2025	2024
	US$000	US$000
Personnel expenses (note 10)	31,042	28,586
Professional fees 1	8,879	7,088
Donations	773	1,235
Lease rentals	1,675	1,583
Third-party services	417	522
Indirect taxes	2,645	1,986
Depreciation and amortisation	2,283	2,588
Depreciation of right-of-use assets	227	147
Technology and systems	1,878	1,156
Security	1,132	830
Other	4,653	4,511
Total	55,604	50,232

1 Corresponds to tax and advisory fees of US$2,959,000 (2024: US$2,670,000), audit fees of US$2,178,000 (2024: US$1,934,000), legal fees of US$1,285,000 (2024: US$1,030,000) and other professional fees of US$2,457,000 (2024: US$1,454,000). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 166

8 Exploration expenses

	Year ended 31 December
	2025 US$000	2024 US$000
Mine site exploration 1
Arcata	–	93
Ares	126	300
Inmaculada	2,713	4,423
Pallancata	2,259	2,106
San Jose	11,883	9,821
Mara Rosa	1,065	1,278
	18,046	18,021
Prospects 2
Peru	1,187	193
Chile	(98)	40
Brazil	–	1,581
	1,089	1,814
Generative 3
Peru	2,934	1,317
	2,934	1,317
Personnel (note 10)	6,275	5,550
Others	276	70
Depreciation right-of-use assets	75	82
Total	28,695	26,854

1 Mine-site exploration is performed with the purpose of identifying potential minerals within an existing mine-site, with the goal of maintaining or extending the mine’s life. 2 Prospects expenditure relates to detailed geological evaluations in order to determine zones, which have mineralisation potential that is economically viable for exploration. Exploration expenses are generally incurred in the following areas: mapping, sampling, geophysics, identiﬁcation of local targets and reconnaissance drilling. 3 Generative expenditure is early stage exploration expenditure related to the basic evaluation of the region to identify prospects areas that have the geological conditions necessary to contain mineral deposits. Related activities include regional and ﬁeld reconnaissance, satellite images, compilation of public information and identiﬁcation of exploration targets. 9 Selling expenses

	Year ended 31 December
	2025 US$000	2024 US$000
Personnel expenses (note 10)	202	200
Warehouse services	2,101	1,569
Taxes 1	16,628	13,034
Transportation costs	786	429
Other	2,205	2,257
Total	21,922	17,489

1 Corresponds to the export duties in Argentina. 10 Personnel expenses

	Year ended 31 December
	2025 US$000	2024 US$000
Salaries and wages	142,451	124,828
Workers’ proﬁt sharing (note 28)	23,447	6,590
Other legal contributions	36,179	30,056
Statutory holiday payments	9,461	10,317
Long-Term Incentive Plan (note 28)	4,157	3,562
Termination beneﬁts	4,209	4,861
Other	1,177	1,017
Total	221,081	181,231

Personnel expenses are distributed as follows:

	Year ended 31 December
	2025 US$000	2024 US$000
Cost of sales 1	170,080	133,124
Administrative expenses	31,042	28,586
Exploration expenses	6,275	5,550
Selling expenses	202	200
Other expenses	9,193	9,492
Capitalised as property, plant and equipment	4,289	4,279
Total	221,081	181,231

1 Personnel expenses related to unallocated ﬁxed cost accumulated as a result of excess absenteeism and idle capacity included in cost of sales amount to US$2,960,000 (2024: US$712,000). The average number of employees for 2025 and 2024 were as follows:

	Year ended 31 December
	2025 US$000	2024 US$000
Peru	1,445	1,492
Argentina	1,387	1,444
Chile	4	5
Brazil	395	343
United Kingdom	11	11
Total	3,242	3,295

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 167

11 Exceptional items Exceptional items are those signiﬁcant items which, due to their nature or the expected infrequency of the events giving rise to them, are disclosed separately on the face of the income statement to enable a better understanding of the ﬁnancial performance of the Group and facilitate comparison with prior years. Unless stated, exceptional items do not correspond to a reporting segment of the Group.

	Year ended 31 December
	2025 US$000	2024 US$000
Revenue
Loss on discontinuation of hedge relationship (note 38 (a))	(26,427)	–
Sub total	(26,427)	–
Other expenses
Listing expense and transaction costs (note 4)	(10,158)	–
Sub total	(10,158)	–
Impairment and write-off of non-current assets
Reversal of impairment/(impairment) of non-current assets 1	56,845	(13,732)
Write-off of non-current assets 2	–	(3,037)
Sub total	56,845	(16,769)
Share of (loss)/gain of an associate
Reversal of impairment/(impairment) of investment in associate (note 19)	22,187	(5,081)
Sub total	22,187	(5,081)
Income tax
Income tax (expense)/beneﬁt related to the above 3	4,228	2,088
Sub total	4,228	2,088
Total	46,675	(19,762)

1 Corresponds to the reversal of impairment of the Volcan project of US$43,255,000 and San Jose mine unit of US$13,590,000 (2024: corresponds to the impairment related to the Azuca project of US$13,732,000) (refer to notes 16, 17, 18 and 24). 2 In 2024, corresponds to the write-off of construction in progress stopped as the assets would be used by Azuca and Arcata units and they were sold (refer to note 16 and 24). 3 Corresponds to the deferred tax expense generated by the reversal of impairment of San Jose mine unit of US$4,757,000 and deferred tax credit of US$8,985,000 generated by the loss on discontinuation of hedge relationship (2024: Corresponds to the current tax credit generated by the impairment of Azuca of US$1,192,000 and the deferred tax credit generated by the write-off of constructions in progress of US$896,000). Except for US$202,000 of transaction costs incurred in connection with the Tiernan Transaction (note 4(a)), included within ﬁnancing activities in the cash ﬂow statement, none of the above exceptional items impacted the Group’s cash ﬂows (2024: none). 12 Other income and other expenses before exceptional items

	Year ended 31 December
	2025 US$000	2024 US$000
OTHER INCOME
Income from export programme in Argentina 1	2,979	15,996
Logistic services	1,608	1,704
Gain of early settlement of deferred consideration (note 4(b))	1,250	–
Income from third party use of mine	889	–
Lease rentals	424	165
Gain on sale of Arcata and Azuca	416	–
Gain on sale of property, plant and equipment	377	656
Other	2,220	2,434
Total	10,163	20,955
OTHER EXPENSES
Increase in provision for mine closure (note 28(1))	(24,023)	(14,717)
Care and maintenance expenses of Pallancata mine unit	(9,431)	(8,320)
Corporate social responsibility contribution in Argentina 2	(5,913)	(4,396)
Increase in provision for legal claims 3	(5,861)	(1,578)
Provision for recovery of tax credits 4	(4,644)	–
Care and maintenance expenses of Ares mine unit	(4,564)	(2,365)
Termination beneﬁts in Minera Santa Cruz	(2,187)	(2,704)
Provision of obsolescence of supplies (note 22)	(1,745)	(864)
Cost of recovery of expenses	(1,378)	(1,860)
Depreciation right-of-use assets	(329)	(315)
Other	(5,168)	(6,126)
Total	(65,243)	(43,245)

1 Beneﬁt arising from being able to access the Argentina government’s Export Incentive Programme, allowing certain companies to exchange a certain proportion of US dollar sales at a preferential market exchange rate. The programme remained in force until April 2025. 2 Relates to a contribution in Argentina to the Santa Cruz province calculated as a proportion of sales. 3 Mainly related to contingencies related to the ISS (municipal tax on services) in Brazil, labour lawsuits in Argentina and penalties in Peru. 4 Provision for recovery of ICMS (state tax on circulation of merchandise and transportation and communication services) credit in Brazil. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 168

13 Finance income, ﬁnance costs and foreign exchange loss

	Year ended 31 December
	2025 US$000	2024 US$000
FINANCE INCOME
Interest income 1	2,569	2,972
Changes in the fair value of ﬁnancial instruments through proﬁt or loss 2	2,911	6,887
Gain from sale of ﬁnancial asset	2,012	327
Debit valuation adjustment (DVA) of hedges	1,817	866
Gain on execution of buy-down option 3	1,250	–
Change in fair value of ﬁnancial liability through proﬁt or loss (note 25(a))	–	233
Other 4	1,267	1,812
Total	11,826	13,097
FINANCE COSTS
Interest on secured bank loans (note 27(b))	(15,635)	(15,425)
Other interest	(3,179)	(3,123)
Total interest expense	(18,814)	(18,548)
Loss from changes in the fair value of ﬁnancial instruments 5	(8,119)	(2,973)
Change in fair value of ﬁnancial liability through proﬁt or loss (note 25(a))	(7,482)	–
Unwinding of discount on mine rehabilitation (note 28(1))	(3,070)	(3,110)
Loss on discount of other receivables 6	(1,042)	–
Other	(2,585)	(2,297)
Total	(41,112)	(26,928)
FOREIGN EXCHANGE LOSS, NET
Argentina	(6,486)	(9,133)
Peru	679	187
Brazil 2	2,640	(2,272)
Others	(788)	802
Total	(3,955)	(10,416)

1 Excludes interest on deposits and liquidity funds of US$248,000 (2024: US$296,000) that is directly attributable to the construction of Mara Rosa and Monte do Carmo which have been recognised in property, plant and equipment as a reduction to construction in progress and capital advances and mining properties and development costs, and evaluation and exploration assets. 2 Gain on Argentinian mutual funds. 3 Corresponds to the gain on the execution of the buy-down option related to the Stream Agreements with Sprott, refer to note 25(a). 4 Mainly includes interest income related to tax claims resolved in favour of Compania Minera Ares of US$271,000 (2024: US$1,142,000). 5 Includes the loss arising from changes in the fair value of warrants classiﬁed as derivative ﬁnancial liabilities of US$7,365,000 (note 4), change in fair value of Railtown’s legacy options and warrants of US$466,000 and the foreign exchange effect related to the settlement of Argentinean bonds of US$288,000 (2024: US$2,973,000). 6 Mainly related to the effect of the discount of tax credits in Brazil. 14 Income tax expense

	Year ended 31 December 2025			Year ended 31 December 2024
	Before exceptional items	Exceptional items	Total	Before exceptional items	Exceptional items	Total
	US$000	US$000	US$000	US$000	US$000	US$000
Current corporate income tax
Corporate income tax expense	113,085	–	113,085	35,735	–	35,735
Withholding tax	7,662	–	7,662	(835)	–	(835)
	120,747	–	120,747	34,900	–	34,900
Deferred taxation
Origination and reversal of temporary differences (note 30)	(19,727)	(4,228)	(23,955)	16,497	(2,088)	14,409
Corporate income tax	101,020	(4,228)	96,792	51,397	(2,088)	49,309
Current mining royalties
Mining royalty charge (note 37)	14,974	–	14,974	7,108	–	7,108
Special mining tax charge (note 37)	13,656	–	13,656	7,051	–	7,051
Total current mining royalties	28,630	–	28,630	14,159	–	14,159
Total taxation expense/(beneﬁt) in the income statement	129,650	(4,228)	125,422	65,556	(2,088)	63,468

The weighted average statutory income tax rate was 30.5% for 2025 and 33.1% for 2024. This is calculated as the average of the statutory tax rates applicable in the countries in which the Group operates, weighted by the proﬁt/(loss) before tax of the Group companies in their respective countries as included in the consolidated ﬁnancial statements. The statutory tax rate in Argentina is 35%, in Peru 29.5%, in Brazil 34% and in the UK 25%. The change in the weighted average statutory income tax rate is due to a change in the weighting of proﬁt/(loss) before tax in the various jurisdictions in which the Group operates. There were tax credits in relation to the cash ﬂow hedge losses recognised in equity during the Year ended 31 December 2025 of US$51,749,000 (2024: US$28,473,000). There was a withholding tax of US$7,662,000 with respect to dividends received in the UK from a Peruvian subsidiary. The Group has assessed the OECD Pillar Two (‘Global Minimum Tax’) rules. The Group is not expected to be within the scope of the Pillar Two rules. As a result, no current or deferred tax impact has been recognised in respect of Pillar Two for the period. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 169

14 Income tax expense continued The total taxation charge on the Group’s proﬁt before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to the consolidated proﬁts of the Group companies as follows:

	Year ended 31 December
	2025 US$000	2024 US$000
Proﬁt from operations before income tax	372,824	177,217
At average statutory income tax rate of 30.5% (2024: 33.1%)	113,831	58,618
Expenses not deductible for tax purposes 1	7,846	1,888
Non-recognised tax losses	3,851	3,937
Non-taxable (gain from reversal)/loss from impairments 2	(17,226)	1,270
Special mining tax and mining royalty deductible for corporate income tax	(8,446)	(4,177)
Permanent differences arising on special investment regime 3	(4,259)	(4,939)
(Recognition of previously unrecognised deferred tax)/unrecognised deferred tax 4	(741)	6,729
Other	(2,587)	(2,353)
Corporate income tax at average effective income tax rate of 24.7% (2024: 34.4%) before foreign exchange effect, special mining tax and mining royalty and withholding tax	92,269	60,973
Foreign exchange rate effect 5	(3,139)	(10,829)
Corporate income tax at average effective income tax rate of 23.9% (2024: 28.3%) before special mining tax and mining royalty and withholding tax	89,130	50,144
Special mining tax and mining royalty 6	28,630	14,159
Corporate income tax and mining royalties at average effective income tax rate of 31.6% (2024: 36.3%) before withholding tax	117,760	64,303
Withholding tax	7,662	(835)
Total taxation charge in the income statement at average effective tax rate 33.6% (2024: 35.8%) from operations	125,422	63,468

1 In 2025, US$5,151,000 mainly relates to non-deductible expenses related to Tiernan’s Reverse Takeover and Private Placement, including: listing expenses, the unrealised loss on the warrants issued in connection with the Private Placement, and transaction costs (refer to notes 4 and 11). 2 Non-taxable reversal of impairment of the Volcan project and the investment in Aclara (refer to note 11). 3 Argentina beneﬁts from a special investment regime that allows for a super (double) deduction in calculating its taxable proﬁts for all costs relating to prospecting, exploration and metallurgical analysis, pilot plants and other expenses incurred in the preparation of feasibility studies for mining projects. 4 Mainly corresponds to the impact on deferred taxes of the changes in estimate of the mine closure provision. 5 The foreign exchange effect is composed of a proﬁt of US$4,271,000 (2024: US$676,000 loss) from Peru , a loss of US$2,070,000 (2024: US$7,359,000 proﬁt) from Argentina and a proﬁt of US$938,000 (2024: US$4,151,000 proﬁt) from Brazil. This mainly corresponds to the foreign exchange effect of converting tax bases and monetary items from local currency to the corresponding functional currency. The main contributor of the foreign exchange effect on the tax credit in 2025 is the devaluation of the Peruvian soles (2024: devaluation of the Argentinian pesos). 6 Corresponds to the mining royalty and special mining tax in Peru (note 37). The amounts after offset, as presented on the face of the statement of ﬁnancial position, are as follows:

	As at 31 December
	2025 US$000	2024 US$000
Income tax receivable 1	795	186
Income tax payable 2	(96,446)	(21,205)
Total	(96,651)	(21,019)

1 Corresponds to the tax credit of Empresa de Transmision Aymaraes of US$649,000 (2024: US$103,000). 2 Mainly corresponds to the corporate income tax payables of Compañia Minera Ares of US$44,701,000 (2024: US$10,664,000), Minera Santa Cruz of US$40,170,000 (2024: US$5,353,000), Amarillo Mineracao do Brasil of US$Nil (2024: US$1,688,000) and mining royalties payables of Compañia Minera Ares of US$11,451,000 (US$3,459,000). 15 Basic and diluted earnings per share Earnings per share (EPS) is calculated by dividing proﬁt for the year attributable to equity shareholders of the Parent by the weighted average number of ordinary shares issued during the year. The Company does not have dilutive potential ordinary shares as at 31 December 2025. The Group presents proﬁt before exceptional items attributable to equity holders of the Parent and Basic and Diluted Earnings per share as alternative performance measures (APMs). These measures are not deﬁned under IFRS and may not be comparable with similarly titled measures used by other companies. It is presented to provide additional information on the underlying performance of the Group by excluding items that management considers exceptional. The measure is calculated as proﬁt attributable to equity holders of the Parent, adjusted to exclude exceptional items. As at 31 December 2025 and 2024, EPS has been calculated as follows:

	Year ended 31 December
	2025	2024
BASIC EARNINGS PER SHARE
Before exceptional items (US$)	0.31	0.23
Exceptional items (US$)	0.08	(0.04)
Total for the year (US$)	0.39	0.19
Diluted earnings per share
Before exceptional items (US$)	0.31	0.23
Exceptional items (US$)	0.08	(0.04)
Total for the year (US$)	0.39	0.19

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 170

15 Basic and diluted earnings per share continued Proﬁt attributable to equity holders of the Parent is derived as follows:

	Year ended 31 December
	2025	2024
Proﬁt attributable to equity holders of the Parent (US$000)	201,900	97,005
Exceptional items after tax – attributable to equity holders of the Parent (US$000)	(42,347)	19,762
Proﬁt before exceptional items attributable to equity holders of the Parent (US$000)	159,553	116,767

The following reﬂects the share data used in the basic and diluted earnings per share computations:

	Year ended 31 December
	2025	2024
Basic weighted average number of ordinary shares in issue (thousands)	514,458	514,458
Weighted average number of ordinary shares in issue for the purpose of diluted earnings per share (thousands)	514,458	514,458

16 Property, plant and equipment

	Mining properties and development costs 1	Land and buildings	Plant and equipment 2, 3	Vehicles 4	Mine closure asset	Construction in progress and capital advances 1, 5	Total
	US$000	US$000	US$000	US$000	US$000	US$000	US$000
YEAR ENDED 31 DECEMBER 2025
Cost
At 1 January 2025	1,819,515	582,238	761,172	18,789	100,928	13,313	3,295,955
Additions	145,723	1,502	24,677	3,499	–	53,563	228,964
Change in discount rate (note 28(1))	–	–	–	–	2,074	–	2,074
Change in mine closure estimate (note 28(1))	–	–	–	–	5,061	–	5,061
Disposals	–	–	(946)	(2,510)	–	–	(3,456)
Write-offs 6	–	(683)	(16,903)	(5,249)	–	(1,294)	(24,129)
Foreign exchange effect	(47)	185	71	2	203	–	414
Transfers and other movements 8	101,358	18,898	14,065	649	–	(34,023)	100,947
At 31 December 2025	2,066,549	602,140	782,136	15,180	108,266	31,559	3,605,830
Accumulated depreciation and impairment
At 1 January 2025	1,298,124	409,293	433,955	12,025	71,800	–	2,225,197
Depreciation for the year	108,556	19,630	44,052	3,209	2,923	–	178,370
Disposals	–	–	(822)	(2,569)	–	–	(3,391)
Write-offs	–	(529)	(14,330)	(5,196)	–	–	(20,055)
Reversal of impairment	(5,247)	(2,556)	(4,913)	(78)	–	–	(12,794)
Foreign exchange effect	–	1	64	–	–	–	65
Transfers and other movements 8	–	–	(74)	74	–	–	–
At 31 December 2025	1,401,433	425,839	457,932	7,465	74,723	–	2,367,392
Net book value at 31 December 2025	665,116	176,301	324,204	7,715	33,543	31,559	1,238,438

1 With the capitalisation rate of 6.97%, there were borrowing costs capitalised in property, plant and equipment amounting to US$1,391,000. 2 Within plant and equipment, costs of US$479,385,000 are subject to depreciation on a unit of production basis in line with accounting policy on note 2(f) for which the accumulated depreciation is US$268,134,000 and the depreciation charge for the year is US$23,034,000. 3 Plant and equipment include US$3,526,000 of right-of-use assets (note 26). 4 Vehicles include US$5,874,000 of right-of-use assets (note 26). 5 Within construction in progress and capital advances there are capital advances amounting to US$1,674,000, mainly related to Amarillo Mineracao do Brasil of US$1,665,000 (2024: US$2,027,000, mainly related to Compania Minera Ares of US$999,000). 6 Mainly corresponds to the write-off of construction in progress and plant and equipment in the San Jose and Mara Rosa units (refer to note 16 and 24). 7 During the year, the Group reassessed the depreciation method applied to certain items of equipment at Inmaculada to better reﬂect the life of the assets, resulting in a change in accounting estimate. This change increased depreciation expense for the year by US $9,835,000 and has been applied prospectively. The change will affect depreciation expense in future periods. 8 Mainly includes the transfer of US$100,686,000 from evaluation and exploration assets (Monte do Carmo project of US$98,516,000) (note 17). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 171

16 Property, plant and equipment continued Lien granted to RG Royalties LLC. over certain Mara Rosa assets such as mineral interests and surface rights, in respect of the 1,75% NSR royalty granted over Mara Rosa’s production. The royalty obligation and the associated lien were acquired following the Group’s acquisition of Amarillo in April 2022. None of the Group’s property, plant and equipment are pledged as security for borrowings.

	Mining properties and development costs 1	Land and buildings	Plant and equipment 2, 3	Vehicles 4	Mine closure asset	Construction in progress and capital advances 1, 5	Total
	US$000	US$000	US$000	US$000	US$000	US$000	US$000
YEAR ENDED 31 DECEMBER 2024
Cost
At 1 January 2024	1,935,106	560,135	646,582	12,240	116,887	167,295	3,438,245
Additions	132,126	620	24,065	7,068	–	68,931	232,810
Acquisition of assets (note 4)	–	3,927	34	27	–	–	3,988
Change in discount rate (note 28(1))	–	–	–	–	(3,736)	–	(3,736)
Change in mine closure estimate (note 28(1))	–	–	–	–	4,097	–	4,097
Return of disposal	–	–	845	–	–	90	935
Disposals	–	–	(968)	–	–	–	(968)
Write-offs 6	–	–	(5,546)	(507)	–	(3,037)	(9,090)
Foreign exchange effect	(9,518)	(628)	(271)	(9)	(528)	(9,101)	(20,055)
Transfer to assets held for sale	(251,992)	(31,556)	(52,702)	(341)	(15,792)	–	(352,383)
Transfers and other movements 7	13,793	49,740	149,133	311	–	(210,865)	2,112
At 31 December 2024	1,819,515	582,238	761,172	18,789	100,928	13,313	3,295,955
Accumulated depreciation and impairment
At 1 January 2024	1,454,537	416,785	455,040	9,307	83,703	20	2,419,392
Depreciation for the year	95,136	23,865	33,825	3,512	3,403	–	159,741
Disposals	–	–	(865)	–	–	–	(865)
Write-offs 6	–	–	(4,728)	(479)	–	–	(5,207)
Foreign exchange effect	–	(3)	(101)	(1)	–	–	(105)
Transfer to assets held for sale	(251,992)	(31,375)	(49,212)	(330)	(15,306)	–	(348,215)
Transfers and other movements 7	443	21	(4)	16	–	(20)	456
At 31 December 2024	1,298,124	409,293	433,955	12,025	71,800	–	2,225,197
Net book value at 31 December 2024	521,391	172,945	327,217	6,764	29,128	13,313	1,070,758

1 With the capitalisation rate of 6.33%, there were borrowing costs capitalised in property, plant and equipment amounting to US$6,678,000. 2 Within plant and equipment, costs of US$557,684,000 are subject to depreciation on a unit of production basis in line with accounting policy on note 2(f) for which the accumulated depreciation is US$291,305,000 and depreciation charge for the year is US$19,897,000. 3 Plant and equipment include US$1,564,000 of right-of-use assets (note 26). 4 Vehicles include US$5,194,000 of right-of-use assets (note 26). 5 Within construction in progress and capital advances there are capital advances amounting to US$2,027,000, mainly related to Compania Minera Ares of US$999,000. 6 Mainly corresponds to the write-off of construction in progress stopped as the assets would be used by Azuca and Arcata units and they were sold (refer to notes 16 and 24). 7 Mainly includes the transfer of US$1,656,000 from evaluation and exploration assets (Inmaculada of US$519,000, Pallancata US$30,000, Mara Rosa of US$867,000 and San Jose of US$240,000) (note 17) as they are related to conversion of resources in to reserves. 2025 In June 2025, management determined that there was a trigger of impairment in the Mara Rosa mine unit due to the operational challenges presented during the first half of the year, including heavier-than-usual rainfall and contractor performance issues. These conditions limited access to ore, particularly high-grade zones, and further compounded challenges with the filtering process. The Group suspended the processing plant for four weeks, and the measures taken resulted in a reduction to the expected production, ramping up through H1 2026 when the plant is expected to achieve full capacity. The corresponding impact on the operations’ costs was considered. The impairment test resulted in no impairment being recognised as the negative impact of the operational challenges described above was offset by strong gold prices. The recoverable value of Mara Rosa was determined using a FVLCD methodology. No indicators of impairment were identiﬁed at 31 December 2025. In December 2025, management again determined that there was a trigger of reversal of impairment in the San Jose mine unit due to the increase in gold and silver prices, and the decrease in the post-tax discount rate from 18.3% to 12.5%. The impairment test resulted in a full reversal of the previously recognised impairment, adjusted for the depreciation that would have been recorded had the asset not been impaired, amounting to US$13,590,000 in total, allocated as follows: US$12,794,000 to Property, Plant and Equipment, US$379,000 to Exploration and Evaluation assets (note 17) and US$417,000 to Intangible assets (note 18). The recoverable value of San Jose was determined using a FVLCD methodology. The key assumptions on which management has based its determination of FVLCD and the associated recoverable values calculated for the San Jose CGU are gold and silver prices, future capital requirements, production costs, reserves and resources (reﬂected in the production volume), and the discount rate.

Real prices US$ per oz.	2026	2027	2028	2029	Long-term
Gold	4,044	3,845	3,475	3,183	3,000
Silver	48.8	46.1	42.1	37.1	32.0

	San Jose
Discount rate (post-tax)	12.5%
Discount rate (pre-tax)	12.9%

The period of four years was used to prepare the cash ﬂow projections of San Jose mine which is consistent with its estimated life of mine. No indicators of impairment or reversal of impairment were identiﬁed in the other CGUs which includes other exploration projects, with the exception of the Volcan project (refer to note 18). The estimated recoverable values of the Group’s CGUs are equal to, or not materially different than, their carrying values. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 172

16 Property, plant and equipment continued Sensitivity analysis Management believes that no reasonably possible change in any of the key assumptions above would cause the carrying value of the San Jose CGUs to exceed its recoverable amount. As the full amount of previous impairments has been reversed as at 31 December 2025, no reasonable change in any of the key assumptions would result in an additional reversal of impairment. 2024 In December 2024, management determined that there was a trigger of reversal of impairment in the San Jose mine unit due to the increase in gold and silver prices and the increased reserves and resources estimate. The impairment test resulted in no impairment, or impairment reversal, being recognised as the positive effect of the increased prices and additional reserves and resources was mainly offset by higher costs due to ongoing inﬂation in Argentina. The recoverable value of San Jose was determined using a FVLCD methodology. The key assumptions on which management has based its determination of FVLCD and the associated recoverable values calculated for the San Jose CGU were gold and silver prices, future capital requirements, production costs, reserves and resources (reﬂected in the production volume), and the discount rate.

Real prices US$ per oz.	2025	2026	2027	2028	2029	Long term
Gold	2,663	2,466	2,438	2,248	1,894	2,100
Silver	32.3	32.0	32.1	28.2	23.7	25.0

	San Jose
Discount rate (post-tax)	18.3%
Discount rate (pre-tax)	18.8%

The period of seven years was used to prepare the cash ﬂow projections of San Jose mine which was in line with its life of mine. No indicators of impairment or reversal of impairment were identiﬁed in the other CGUs which includes other exploration projects, with the exception of the Volcan project (note 18). 17 Evaluation and exploration assets

			Monte do
	Azuca	Mara Rosa	Carmo	Volcan	Other	Total
	US$000	US$000	US$000	US$000	US$000	US$000
COST
Balance at 1 January 2024	84,717	1,422	–	65,819	22,907	174,865
Additions 1	366	1,351	2,891	1,073	3,344	9,025
Acquisition of assets (note 4(b)) 1	–		82,725	–	–	82,725
Foreign exchange effect	–	(83)	(2,362)	(8,054)	–	(10,499)
Transfers to property, plant and equipment (note 16)	–	(1,280)	–	–	(832)	(2,112)
Transfers to asset held for sale (note 24)	(85,083)	–	–	–	(4,011)	(89,094)
Balance at 31 December 2024	–	1,410	83,254	58,838	21,408	164,910
Additions 1	–	2,828	8,942	1,823	4,607	18,200
Foreign exchange effect	–	–	6,320	6,023	–	12,343
Transfers to property, plant and equipment (note 16)	–	(2,173)	(98,516)	–	3	(100,686)
Balance at 31 December 2025	–	2,065	–	66,684	26,018	94,767
ACCUMULATED IMPAIRMENT
Balance at 1 January 2024	66,629	–	–	35,511	5,403	107,543
Impairment (note 24)	13,732	–	–	–	–	13,732
Foreign exchange effect	–	–	–	(4,253)	–	(4,253)
Amortisation	–	413	–	–	–	413
Transfers to property, plant and equipment (note 16)	–	(413)	–	–	(43)	(456)
Transfers to assets held for sale	(80,361)	–	–	–	(4,011)	(84,372)
Balance at 31 December 2024	–	–	–	31,258	1,349	32,607
Impairment reversal 2	–	–	–	(33,671)	(379)	(34,050)
Foreign exchange effect	–	–	–	2,413	–	2,413
Balance at 31 December 2025	–	–	–	–	970	970
Net book value as at 31 December 2024	–	1,410	83,254	27,580	20,059	132,303
Net book value as at 31 December 2025	–	2,065	–	66,684	25,048	93,797

1 From the total additions, the payment in cash amounted to US$6,337,000 (2024: US$55,629,000) 2 Impairment reversal related to Volcan amounting to US$43,255,000 in total, allocated as follows: US$33,671,000 to Exploration and Evaluation assets and US$9,584,000 to Intangible assets (note 18). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 173

17 Evaluation and exploration assets continued At 31 December 2024 the Group recorded an impairment with respect to evaluation and exploration assets of the Azuca project of US$13,732,000 (see note 24). There were borrowing costs capitalised in evaluation and exploration assets of US$5,928,000 (2024: US$39,000). 18 Intangible assets

	Transmission line 1	Water permits 2	Software licences	Legal rights 3	Royalty intangible assets	Total
	US$000	US$000	US$000	US$000	US$000	US$000
COST
Balance at 1 January 2024	34,172	21,267	2,248	5,227	–	62,914
Foreign exchange effect	(798)	(2,547)	–	(144)	–	(3,489)
Additions	–	–	–	19,534	–	19,534
Addition of royalty intangible asset (note 24)	–	–	–	–	3,967	3,967
Balance at 31 December 2024	33,374	18,720	2,248	24,617	3,967	82,926
Foreign exchange effect	–	1,843	–	–	–	1,843
Additions	–	–	165	2,447	–	2,612
Transfers	–	–	–	41	–	41
Disposals	–	–	–	(116)	–	(116)
Addition of royalty intangible asset (note 24)	–	–	–	–	4,715	4,715
Balance at 31 December 2025	33,374	20,563	2,413	26,989	8,682	92,021
Accumulated amortisation and impairment
Balance at 1 January 2024	19,288	10,150	2,155	1,338	–	32,931
Amortisation for the year 4	1,175	–	12	392	–	1,579
Foreign exchange effect	–	(1,216)	–	–	–	(1,216)
Balance at 31 December 2024	20,463	8,934	2,167	1,730	–	33,294
Amortisation for the year 4	908	–	31	1,001	–	1,940
Impairment reversal 5	(408)	(9,584)	(9)	–	–	(10,001)
Foreign exchange effect	–	650	3	1	–	654
Balance at 31 December 2025	20,963	–	2,192	2,732	–	25,887
Net book value as at 31 December 2024	12,911	9,786	81	22,887	3,967	49,632
Net book value as at 31 December 2025	12,411	20,563	221	24,457	8,482	66,134

1 The transmission line in San Jose is amortised using the units of production method. At 31 December 2025 the remaining amortisation period is approximately 4 years (2024: 7 years) in line with the life of the mine. The transmission line in Mara Rosa is amortised using the units of production method. 2 Corresponds to the acquisition of water permits of Andina Minerals Group (‘Andina’). These permits have an indeﬁnite life according to Chilean law. 3 Legal rights correspond to expenditures required to give the Group the right to use a property for the surface exploration work, development and production. 4 The amortisation for the period is included in cost of sales and administrative expenses in the income statement. 5 Reversal of impairment relating to San Jose of US$417,000 (note 16) and Volcan of US$9,584,000. As at 30 June 2025, management identiﬁed indicators for a reversal of impairment for the Volcan project driven by an increase in long-term gold price assumptions, resulting in the recognition of a partial reversal of impairment of US$30,779,000. During the second half of 2025, additional positive market evidence became available following the completion of the reverse takeover transaction and concurrent ﬁnancing on 16 December 2025, which provided an observable valuation benchmark for the Volcan project (note 4). Based on this transaction, management concluded that the recoverable amount of the Volcan CGU exceeded its carrying amount as at 31 December 2025. Accordingly, the remaining accumulated impairment loss of US$12,476,000 was fully reversed as at 31 December 2025. Total reversal of impairment for 2025 amounts to US$43,255,000 in total, allocated as follows: US$33,671,000 to Exploration and Evaluation assets (note 17) and US$9,584,000 to Intangible assets. In December 2024, management determined that there was a trigger of reversal of impairment in Volcan project due to the increase in gold prices. The impairment test resulted in no impairment, or impairment reversal, being recognised. The recoverable value of the Volcan project as of 31 December 2024 was determined using a FVLCD methodology. The Group used a value in-situ methodology, which applies a realisable ‘enterprise value’ to unprocessed mineral resources per ounce of resources. The enterprise value used in the calculation performed as at 31 December 2024 was a risk adjusted value per in-situ gold equivalent ounce of US$3.72. The carrying amount of the Volcan CGU, which includes the water permits, is reviewed annually to determine whether it is in excess of its recoverable amount. The estimated recoverable amount is not materially different than its carrying value.

US$000	As at 31 December 2025	As at 31 December 2024
Current carrying value Volcan CGU	87,247	37,366

19 Investment in an associate The Group retains a 19.45% interest in Aclara Resources Inc. (‘Aclara’) (2024: 19.50%), a Toronto Stock Exchange listed company, involved in the development of two rare-earth metals projects: the Penco Module in the Bio-Bio Region of Chile and the Carina Project in the State of Goias, Brazil. Upon Aclara’s Initial Public Offering (IPO) on 10 December 2021, Hochschild Mining Holdings Limited (‘HM Holdings’) retained 20% of Aclara shares. The investment was recorded at initial recognition at fair value, based on the IPO offering price, and is accounted for using the equity method in the consolidated financial statements. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 174

19 Investment in an associate continued The following table summarises the ﬁnancial information of the Group’s investment in Aclara Resources Inc:

	As at 31 December 2025 US$000	As at 31 December 2024 US$000
Current assets	24,908	29,821
Non-current assets	160,081	123,980
Current liabilities	(9,571)	(6,231)
Non-current liabilities	(1,371)	(1,415)
Equity	174,047	146,155
Non-controlling interest 1	19,610	18,603
Equity attributable to shareholders	154,437	127,552
Group’s share in equity 19.45% (2024: 19.50%)	30,038	24,873
Fair value adjustment on initial recognition and accumulated adjustments for non-attributable changes to equity 2	13,334	13,125
Accumulated impairment	–	(22,187)
Group’s carrying amount of the investment 19.45% (2024: 19.50%)	43,372	15,811
Summarised consolidated statement of proﬁt and loss
Administrative expenses	(7,642)	(8,239)
Exploration expenses	(1,985)	(459)
Share of loss of joint venture	(432)	(115)
Finance income	1,308	1,657
Finance cost	(303)	(64)
Foreign exchange gain/(loss)	107	(193)
Loss from operations for the year	(8,947)	(7,413)
Loss from continuing operations attributable to shareholders	(8,447)	(7,223)
Group’s share of loss for the year	(1,643)	(1,408)
Other comprehensive proﬁt that may be reclassiﬁed to proﬁt or loss in subsequent periods, net of tax
Exchange differences on translating foreign operations	10,373	(12,780)
Total comprehensive proﬁt/(loss) for the year	10,373	(12,780)
Group’s share of comprehensive proﬁt/(loss) for the year	2,017	(2,492)

1 On April 17, 2024 Aclara closed a strategic ﬁnancing of US$29,027,000 by the company CAP S.A. in Aclara’s Chilean subsidiary which owns the Penco Module and all of Aclara’s mining concessions in Chile in exchange for 20% equity participation in REE UNO Spa which had a corresponding impact on the Group’s equity. 2 Includes the 20% of the fair value adjustment, estimated by the Group, of Aclara’s exploration and evaluation asset on initial recognition of US$12,307,000, and other non-attributable changes to equity of US$1,027,000 (31 December 2024: US$12,307,000 and US$818,000 respectively). The movement of investment in associate is as follows:

	Year ended 31 December
	2025 US$000	2024 US$000
Beginning balance	15,811	22,927
Impairment reversal/(impairment)	22,187	(5,081)
Share of loss for the period	(1,643)	(1,408)
Share of comprehensive proﬁt/(loss) for the period	2,017	(2,492)
Capital contribution through private placement	5,000	–
Equity gain in Aclara from CAP strategic ﬁnancing	–	1,865
Ending balance	43,372	15,811

2025 During 2025, both external and internal indicators of a reversal of impairment were identiﬁed for the Group’s investment in Aclara. External indicators included developments in the rare earths market such as the expansion of Chinese restrictions on rare-earth exports during the year and the resulting increased focus on establishing non-China supply chains. Internal indicators included progress in project development, notably the release of the Carina pre-feasibility study and upgraded Mineral Resource Estimate, continued and positive advancement of the Penco environmental approval process, the commitment of up to US$5,000,000 in strategic funding from the U.S. International Development Finance Corporation, and the decision by the directors of Aclara to construct a heavy rare earth separation facility in Louisiana, USA. These factors resulted in a sustained uplift in Aclara’s recoverable value, as reﬂected by a prolonged increase in the share price above the cost of the investment. Therefore, management concluded that the recoverable amount of the investment exceeded its carrying amount, resulting in the full reversal of the previously recognised impairment charges of US$22,187,000. 2024 On 23 December 2024, Aclara announced a US$25,000,000 private placement of common shares at C$0.7 (US$0.5) per share with new and existing strategic investors: New Hartsdale Capital Inc., CAP S.A. and the Group. The subscription price represents a 41% premium over the closing price of the Common Shares on the Toronto Stock Exchange (TSX) on the last trading day prior to the date of the announcement of the Private Placement. The private placement was completed on 20 February 2025 and the Group paid US$5,000,000. The Group reassessed the recoverable value of its investment in Aclara, adjusting the carrying amount of the investment to reﬂect the value of the shares issued in the private placement. As a result, the Group determined an impairment charge of US$5,081,000 as at 31 December 2024. The carrying amount of the investment recognised the changes in the Group’s share of net assets of the associate since the acquisition date. The balance as at 31 December 2025, after recognising the changes in the Group’s share of net assets of the associate and the impairment charge is US$43,372,000 (2024: US$15,811,000). The fair value of Aclara shares, based on the market price per share, as at 31 December 2025 amounted to US$67,460,000 (2024: US$10,173,000). No dividends were received from the associate during 2025 and 2024. The associate had no contingent liabilities or capital commitments as at 31 December 2025 and 31 December 2024. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 175

20 Financial assets at fair value through OCI

	Year ended 31 December
	2025 US$000	2024 US$000
Beginning balance	475	460
Fair value change recorded in OCI	96	15
Sales of ﬁnancial assets	(485)	–
Ending balance	86	475

The Group made the election at initial recognition to measure the below equity investments at fair value through OCI as they are not held for trading. Fair value of the listed shares is determined by reference to published price quotations in an active market and they are categorised as Level 1. The fair value of non-listed equity investments is determined based on ﬁnancial information available of the companies and they are categorised as Level 3. 21 Trade and other receivables

		As at 31 December
	2025		2024
	Non-current US$000	Current US$000	Non-current US$000	Current US$000
Trade receivables	–	81,373	–	37,238
Advances to suppliers	–	8,111	–	13,324
Tax claims	11,369	4,757	8,060	7,826
Funds in escrow 1	–	305	–	14,278
Receivables from related parties (note 32(a))	–	176	–	121
Other 2	1,245	10,588	3,279	11,619
Total assets classiﬁed as receivables	12,614	105,310	11,339	84,406
Prepaid expenses	3,270	5,176	2,764	11,083
Value Added Tax (VAT) 3	2,776	45,058	4,213	40,325
Total	18,660	155,544	18,316	135,814

The fair values of trade and other receivables approximate their book value. 1 Represents funds held in escrow in connection with Royropata easements. 2 Includes account receivables from contractors for the sale of supplies of US$2,190,000 (2024: US$1,773,000), funds restricted in relation to ongoing employee legal claims in Minera Santa Cruz of USD$1,250,000 (2024: USD$549,000), loan to third parties of US$787,000 (2024: US$1,381,000), and, net of a provision for impairment of receivables of US$1,045,000 (2024: US$1,016,000). 3 Primarily relates to US$19,830,000 (2024: US$18,277,000) of VAT receivable related to the San Jose project that will be recovered through future sales of gold and silver and also through the sale of these credits to third parties by Minera Santa Cruz. It also includes the VAT of Compania Minera Ares of US$6,719,000 (2024: US$6,978,000), and Amarillo Mineracao do Brasil of US$19,829,000 (2024: US$18,514,000). The VAT is valued at its recoverable amount. Recovery is effected either through cash refunds, offset against other tax liabilities or, where permitted, transfer to third parties. In Argentina, VAT balances are generally expected to be recovered within approximately six months. In Brazil, PIS and COFINS credits are offset against income tax and social contributions, while ICMS credits are expected to be realised through authorised transfers. In Peru, VAT is recoverable through cash refunds or offset against other taxes. The recovery occurs on a monthly basis given the entity’s ongoing export activities. As at 31 December 2025 and 2024, none of the ﬁnancial assets classiﬁed as receivables (net of impairment) were past due. 22 Inventories

	As at 31 December
	2025 US$000	2024 US$000
Finished goods valued at cost	7,393	1,874
Products in process valued at cost	53,333	23,623
Products in process accrual valued at cost 1	8,118	8,152
Supplies and spare parts 2	56,150	58,476
	124,994	92,125
Provision for obsolescence of supplies	(6,783)	(5,038)
Ending balance	118,211	87,087

1 Corresponds to the estimated production costs from 26 to 31 December 2025 (2024: 26 to 31 December 2024). 2 Includes in transit inventory of US$342,000 (2024: US$689,000). Finished goods include concentrate, dore and aggregates. Products in process include stockpile and precipitates. The Group either sells dore bars as a ﬁnished product or if it is commercially advantageous to do so, delivers the bars for reﬁning into gold and silver ounces which are then sold. In the latter scenario, the dore bars are classiﬁed as products in process. At 31 December 2025 and 2024, the Group had no dore on hand included in products in process. Concentrate is sold to smelters, but in addition could be used as a product in process to produce dore. Products in process accrual valued at cost include stockpile (2024: stockpile). As part of the Group’s short-term ﬁnancing policies, it acquires pre-shipment loans which are guaranteed by the sales contracts. The Group has contracts as at 31 December 2025 of US$Nil (2024: US$Nil) (note 27). The amount of expense recognised in proﬁt and loss related to the consumption of inventory of supplies, spare parts and raw materials in 2025 is US$147,890,000 (2024: US$140,623,000). Movements in the provision for obsolescence comprise an increase in the provision of US$1,745,000 (2024: US$864,000) and the reversal of US$Nil related to supplies and spare parts, that had been provided for (2024: US$Nil). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 176

23 Cash and cash equivalents

	As at 31 December
Cash and cash equivalents	2025 US$000	2024 US$000
Cash in hand	723	679
Current demand deposit accounts 1	94,514	94,167
Time deposits 2	221,717	2,122
Mutual funds	–	5
Cash and cash equivalents considered for the statement of cash ﬂows (note 2(y))	316,954	96,973

1 Relates to bank accounts which are freely available and bear interest. The balance has checks in transit. Includes US$10,609,000 current demand deposit accounts restricted to be utilised for advancing the Volcan project and its related business expenses (2024: US$11,837,000). 2 These deposits have an average maturity of 6 days (2024: average of 4 days). Cash and cash equivalents comprise cash on hand and deposits held with banks that are readily convertible into known amounts of cash and which are subject to insigniﬁcant risk of changes in value. The fair value of cash and cash equivalents approximates their book value. 24 Assets held for sale Azuca and Arcata projectsPrior to classifying Arcata and Azuca disposal group as assets and liabilities related to asset held for sale, as at 30 June 2024, the Group recognised an impairment of US$13,732,000. The recoverable value of the Azuca and Arcata project was determined using a FVLCD methodology, based on the proposed economic terms of sale. In November 2024, the Group entered into an agreement whereby the third party acquired the assets and liabilities of Arcata and Azuca from Compañia Minera Ares for US$1,000,000 as a non-refundable cash payment at closing, and a 1.0% and 1.5% Royalty Net Smelter Return (NSR) for Arcata and Azuca, respectively. The buyer also took over the environmental liabilities amounting to US$9,652,000. The Group has provided a guarantee for the mine closure obligations for up to US$5,778,623 with maturity in January 2026. Upon completion of the transaction on 27 February 2025, the Group derecognised the assets and liabilities directly associated with assets held for sale which amounted to US$12,660,000 and US$9,652,000, respectively as at 31 December 2024. The cash received for the sale of Azuca and Arcata projects was US$1,000,000 net of transaction costs of US$900,000. The gain on sale amounted to US$416,000 and is recognised in other income. The 1.0% and 1.5% Royalty Net Smelter Return (NSR) for Arcata and Azuca, respectively was recognised as a contingent consideration within other rights as an intangible with a fair value of US$4,715,000 (note 18) at initial recognition and a deferred tax liability of US$1,390,000 was recognised in connection with the deferred consideration. Crespo projectIn 2023, the Group entered into an agreement with a third party whereby the third party would acquire the assets and liabilities of the Crespo project from Compañia Minera Ares which resulted in the assets and liabilities of project Crespo being classiﬁed as held for sale at 31 December 2023. In March 2024, the Group received US$15,000,000 as a non-refundable cash payment at closing, and a 1.5% Royalty Net Smelter Return (NSR) over the Crespo project, recognised as a contingent consideration within other rights as an intangible with a fair value of US$3,967,000 (note 18) at initial recognition and a deferred tax liability of US$1,170,000 was recognised in connection with the deferred consideration. The buyer also took over the environmental liabilities of the project amounting to US$711,000. Upon completion of sale, the Group derecognised the asset held for sales amounting to US$17,398,000 and the liabilities directly associated with assets held for sale amounting to US$711,000. No proﬁt or loss was generated on the sale. The cash received for the sale of Crespo project was US$15,000,000 net of transaction costs of US$1,110,000. 25 Trade and other payables

		As at 31 December
	2025		2024
	Non-current	Current	Non-current	Current
	US$000	US$000	US$000	US$000
Trade payables 1	–	112,794	–	126,357
Salaries and wages payable 2	–	40,832	–	37,059
Payment in advance received 3	–	21,615	–	5,002
Taxes and contributions	15	11,902	33	10,718
Guarantee deposits 4	–	8,068	–	7,896
Accounts payable – hedges	–	9,022	–	6,943
Mining royalties (note 37)	–	1,621	–	1,470
Accounts payable to related parties (note 32(a))	–	313	–	209
Stream Agreements (note (a))	19,332	–	25,926	–
Lease liabilities (note 26)	6,340	2,647	3,477	3,246
Deferred consideration (note 4(b))	4,862	–	13,500	–
Other 5	3,676	10,982	3,565	9,322
Total	34,225	219,796	46,501	208,222

1 Trade payables relate mainly to the acquisition of materials, supplies and contractors’ services. These payables do not accrue interest and no guarantees have been granted. 2 Salaries and wages payable relates to remuneration payable. At 31 December 2025, there was Board members’ remuneration payable of US$Nil (2024: US$Nil) and Long-Term Incentive Plan payable of US$3,845,000 (2024: US$3,764,000). 3 Payments in advance received, mainly related to shipments not recognised as revenue during the period, amounting to US$17,613,000 in Minera Santa Cruz. 4 Guarantee deposits made by the contractors of the Group to guarantee the fulﬁlment of their tasks. The guarantee will be returned to the contractor at the end of the service and when it is veriﬁed that it has been completed correctly. 5 Current balance includes the accrual of the production costs corresponding to six days of production from 26 to 31 December of US$5,594,000 (2024: US$7,583,000). (a) Stream Agreements On 7 November, 2024, the Company completed the acquisition of 100% of the Monte do Carmo Project (MdC) from Cerrado Gold Inc. (‘Cerrado’). At Closing, the Company assumed all liabilities in connection with the Sprott Private Resource Streaming and Royalty Corp. (‘Sprott’) secured note and streaming contract (collectively ‘Stream Agreements’) that Cerrado had entered into with Sprott. The US$20,000,000 metals purchase and sale agreement (‘Streaming Contract’) provided for the sale and physical delivery to Sprott of 2.25% of metals produced from MdC, for the duration of the project. The price payable for the metals is calculated by reference to the London Bullion Market Association (LBMA) price for gold or silver as applicable, and amounts to 10% of the reference price. In connection with the Streaming Contract, Cerrado issued a US$20,000,000 secured Note to Sprott that bears interest at a rate of 10% per annum, calculated and payable quarterly which will mature on the earlier of the achievement of commercial production or 14 March 2031 (‘Secured Note’). Under the Stream Agreements, if the Board of Directors approves the construction of a mining operation with a life-of-mine production of less than 1,049,000 ounces of payable gold, the stream percentage on Monte do Carmo would increase linearly from its base value of 2.25% following a formula in the Streaming Contract. Management determined that the Secured Note and Streaming Contract with Sprott are closely connected, with the option of Sprott to set off the stream payment against the Secured Note, on the commencement of production of Monte do Carmo. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 177

25 Trade and other payables continued On 30 June 2025, under the terms of the Stream Agreements, the Company executed the buy down for 50% of the Streaming Contract by paying US$13,000,000 to Sprott. As a result, the Secured Note is reduced to US$10,000,000 and the stream percentage is reduced by 50%. The deﬁnitive stream percentage will be determined upon the Board of Directors’ approval of the construction of the mining operation and will be based on the then available payable gold ounces in the construction mine plan. The Group has elected to account for the obligations arising from these agreements at FVTPL. The Secured Note represents a ﬁnancial liability for the contractual obligation to repay the remaining principal of US$10,000,000 and quarterly interest payments in cash. The Stream Agreements meet the deﬁnition of a derivative and are accounted at FVTPL. The fair value of the Stream Agreements was determined using the expected cash ﬂow approach, which uses multiple, probability weighted cash ﬂow projections discounted to present value. The changes in the liabilities of the Stream Agreements as at 31 December 2025 are shown below:

	US$000
At 7 November 2024	26,159
Unrealised change in fair value (note 13)	(233)
At 31 December 2024	25,926
Cash payment for the exercise of the buy-down option	(13,000)
Gain on execution of the buy-down option (note 13)	(1,250)
Unrealised change in fair value (note 13)	7,482
Change in credit risk recognised in other comprehensive income	174
At 31 December 2025	19,332

The key assumptions on which management has based its determination of fair value of the Stream Agreements are gold prices, and reserves and resources (reﬂected in the production volume). The discount rates for the Secured Note of 6.3% and 7.4% and the Stream Agreement of 8.1% and 9.7% as at 31 December 2025 and 31 December 2024, respectively, (calculated under the WACC methodology). As at 31 December 2025:

Real prices US$ per oz.	2028	2029	Long term
Gold	3,475	3,183	3,000

As at 31 December 2024:

Real prices US$ per oz.	2028	2029	Long term
Gold	2,248	1,894	2,100

Reasonable possible changes to any of the key assumptions above as at 31 December 2025 would increase/(decrease) the fair value of the Stream Agreements:

US$000	US$000
Gold price (decrease by 10%)	(1,618)
Gold price (increase by 10%)	1,618
Discount rate (increase by 1%)	(871)
Discount rate (decrease by 1%)	855
Reserves and resources volume (decrease by 10%)	(1,618)
Reserves and resources volume (increase by 10%)	1,618

The fair value of trade and other payables approximate their book values. 26 Lease liabilities The Group has lease contracts for vehicles and equipment used in its operations and administrative ofﬁces. Leases of motor vehicles generally have lease terms of three years. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. The Group also has certain leases of assets with lease terms of 12 months or less and leases of ofﬁce equipment with low value. The Group applies the short-term lease and lease of low-value assets recognition exemptions for these leases. The following are the amounts recognised in proﬁt or loss related to the leases according IFRS 16 and the other leases that the Group has not capitalised:

	Year ended 31 December
	2025 US$000	2024 US$000
Depreciation expense for right-of-use assets (included in cost of sales, administrative, exploration and other expenses)	(4,907)	(4,514)
Interest expense on lease liabilities (included in ﬁnance expenses)	(581)	(582)
Expense relating to short-term leases (included in cost of sales, administrative, exploration and other expenses)	(1,099)	(959)
Expense relating to leases of low-value assets (included in cost of sales, administrative, exploration and other expenses)	(1,706)	(769)
Variable lease payments (included in cost of sales and exploration expenses)	(22,931)	(18,942)
Total amount recognised in proﬁt or loss	(31,224)	(25,766)

The Group had total cash outﬂows for leases of US$31,235,000 in 2025 (2024: US$25,714,000). There were additions to right-of-use assets and lease liabilities during the year of US$7,182,000 (2024: US$7,094,000). The future cash outﬂows relating to leases that have not yet commenced are US$10,423,000 (2024: US$7,716,000). Short-term leases, leases of low-value assets and variable lease payments are included in the operating cash ﬂows. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 178

26 Lease liabilities continued The movement in IFRS 16 lease liabilities in the years 2025 and 2024 is as follows:

	As at 1 January 2025	Additions	Repayments	Interest expense	As at 31 December 2025
	US$000	US$000	US$000	US$000	US$000
Lease liabilities	6,723	7,182	(5,499)	581	8,987
Less: current balance	(3,246)				(2,647)
Non-current balance	3,477				6,340

	As at 1 January 2024	Additions	Repayments	Interest expense	As at 31 December 2024
	US$000	US$000	US$000	US$000	US$000
Lease liabilities	4,093	7,094	(5,046)	582	6,723
Less: current balance	(2,714)				(3,246)
Non-current balance	1,379				3,477

27 Borrowings

			As at 31 December
		2025			2024
	Effective Non-current		Current	Effective Non-current		Current
	interest rate	US$000	US$000	interest rate	US$000	US$000
Secured bank loans (a)
Pre-shipment and other loans in Minera Santa Cruz (note 22)	–	–	–	8.45% to 13.00%	–	1,558
Short-term bank loans	4.19% to 5.55%	–	112,953	4.58% and 4.88%	–	80,210
Medium-term bank loans	4.40% to 6.60%	225,000	1,690	6.82% to 10.04%	163,333	67,481
Total		225,000	114,643		163,333	149,249

(a) Secured bank loans: Pre-shipment and other loans in Minera Santa Cruz: - As at 31 December 2025, Minera Santa Cruz has loans of US$Nil (2024: US$1,486,000) plus interests of US$Nil (2024: US$72,000, with a maturity between January and March 2025). Short-term bank loans: - As at 31 December 2025, Compañia Minera Ares has one loan with Interbank amounting to US$30,000,000 plus interests of U$618,000 (maturity in December 2026) and one loan with Banco de Credito del Peru amounting to US$60,000,000 plus interests of US$2,291,000 (maturity in January 2026). Amarillo has one loan with Citibank amounting to US$20,000,000 plus interests of US$44,000 (maturity in February 2026). - As at 31 December 2024, Compañia Minera Ares had two loans with Interbank amounting to US$45,000,000 plus interests of U$119,000 (maturity in November 2025) and one loan with BBVA amounting to US$35,000,000 plus interests of US$91,000 (maturity in February 2025). Medium-term bank loans: - In December 2019, a ﬁve-year credit agreement was signed between Minera Ares and Scotiabank Peru S.A.A., The Bank of Nova Scotia and BBVA Securities Inc, with Hochschild Mining PLC as guarantor amounting to US$200,000,000. In September 2021, the Group negotiated with the same counterpart a US$200,000,000 loan to replace the original loan, plus an additional US$100,000,000 optional loan (‘Original Credit agreement’). The Group repaid US$25,000,000 of the loan in December 2023, and repaid the remaining balance of US$275,000,000 during 2024, and the Credit Agreement was terminated. Financial covenants under the agreement were: (i) Consolidated Leverage Ratio <= 3 and (ii) Consolidated Interest Coverage Ratio ≥ 4.00. - In December 2022, a credit agreement for up to US$200,000,000 was signed between Amarillo Mineracao do Brasil Ltda. and Compania Minera Ares SAC, and The Bank of Nova Scotia and BBVA Securities Inc, with Hochschild Mining PLC as guarantor. The medium-term facility was fully withdrawn as of December 2024 (US$60,000,000 in 2023, and US$140,000,000 in 2024), and is payable in equal quarterly instalments from February 2025 through November 2027, with an interest rate of three-month SOFR plus a spread of 2.05%. The Group fully repaid the US$200,000,000 in 2025. Financial covenants under the agreement were: (i) Consolidated Leverage Ratio <= 3 and (ii) Consolidated Interest Coverage Ratio ≥ 4.00. - In October 2024, an ESG-linked credit agreement for up to US$300,000,000 was signed between Amarillo Mineracao do Brasil Ltda. and Compania Minera Ares SAC, and The Bank of Nova Scotia and BBVA Securities Inc, with Hochschild Mining PLC as guarantor (the New Credit Agreement). The medium-term facility can be withdrawn until October 2026, and is payable in equal quarterly instalments from January 2028 through October 2029, with an interest rate of three-month SOFR plus a spread of 1.95%, which may be reduced to 1.90% if certain ESG metrics are achieved. A structuring fee of US$1,950,000 was paid to the lenders and additional US$225,000 was incurred as transaction costs. In addition, a commitment fee of 0.528% are payable on quarterly instalments for any amounts remaining undrawn on the facility. During the year the Group paid $1,559,000 of commitments fees. US$30,000,000 was withdrawn in December 2024 to repay the remaining amount outstanding of the Original Credit Agreement US$300,000,000 loan, and US$90,000,000 was withdrawn in 2025. The remaining balance of US$180,000,000 was undrawn as at 31 December 2025. Financial covenants under the agreement are: (i) Consolidated Leverage Ratio <= 3 and (ii) Consolidated Interest Coverage Ratio ≥ 4.00. There have been no breaches of the ﬁnancial covenants of any interest-bearing loans and borrowing in the current period. - As at 31 December 2025, Compañia Minera Ares has one loan with Interbank amounting to US$5,000,000 plus interests of US$104,000 (maturity in January 2027). Amarillo has one loan with JP Morgan amounting to US$40,000,000 plus interests of US$104,000 (maturity in June 2027), and one loan with BBVA amounting to US$60,000,000 plus interests of US$821,000 (maturity in April 2027). (b) Capitalised borrowing costs: In 2025, interest expense of US$7,567,000 that is directly attributable to the construction of Monte do Carmo (US$6,278,000), Mara Rosa (US$376,000) and Compañía Minera Ares S.A.C. (US$913,000) has been capitalised and is included in property, plant and equipment within construction in progress and capital advances (US$1,289,000) and mining property and development costs (US$116,000), and exploration and evaluation assets (US$6,162,000). In 2024, interest expense of US$7,012,000 that is directly attributable to the construction of Mara Rosa (US$6,257,000) and Compañía Minera Ares S.A.C. (US$755,000) has been capitalised and is included in property, plant and equipment within construction in progress and capital advances (US$4,991,000) and mining property and development costs (US$1,982,000), and exploration and evaluation assets (US$39,000)). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 179

27 Borrowings continued The carrying value including accrued interest payable of the medium-term bank loans as at 31 December 2025 is US$226,690,000 (2024: US$230,814,000). The maturity of non-current borrowings is as follows:

	As at 31 December
	2025	2024
	US$000	US$000
Between 1 and 2 years	105,000	66,667
Between 2 and 5 years	120,000	96,666
Over 5 years	–	–
Total	225,000	163,333

The carrying amount of the pre-shipment, short-term and other loans approximates their fair value. The carrying amount and fair value of the medium-term bank loans are as follows:

	Carrying amount as at 31 December		Fair value as at 31 December
	2025	2024	2025	2024
	US$000	US$000	US$000	US$000
Medium-term bank loans	226,690	230,814	220,076	221,560

The movement in borrowings during the years 2025 and 2024 are as follows:

	As at 1 January 2025	Additions	Repayments	Reclassiﬁcations and others 1	As at 31 December 2025
	US$000	US$000	US$000	US$000	US$000
CURRENT
Pre-shipment and other loans in Minera Santa Cruz	1,486	–	(1,486)	–	–
Short-term bank loans	80,000	215,000	(185,000)	–	110,000
Medium-term bank loans	66,667	–	(66,667)	–	–
Accrued interest	1,096	15,635	(17,703)	5,615	4,643
	149,249	230,635	(270,856)	5,615	114,643
NON -CURRENT
Medium-term bank loans	163,333	195,000	(133,333)	–	225,000
Total current and non- current borrowings	312,582	425,635	(404,189)	5,615	339,643

1 Reclassiﬁcations and others of accrued interests includes capitalisation of interests of US$7,567,000 (27(b)), offset by transaction costs of US$1,742,000, and foreign exchange effect of US$210,000.

	As at 1 January 2024	Additions	Repayments	Reclassiﬁcations and others 1	As at 31 December 2024
	US$000	US$000	US$000	US$000	US$000
CURRENT
Pre-shipment and other loans in Minera Santa Cruz	3,870	1,607	(3,991)	–	1,486
Short-term bank loans	–	140,000	(60,000)	–	80,000
Medium-term bank loans	100,001	8,333	(275,000)	233,333	66,667
Stock market promissory note	2,000	–	(2,000)	–	–
Accrued interest	6,193	15,425	(27,074)	6,552	1,096
	112,064	165,365	(368,065)	239,885	149,249
NON-CURRENT
Medium-term bank loans	234,999	161,667	–	(233,333)	163,333
Total current and non-current borrowings	347,063	327,032	(368,065)	6,552	312,582

1 Reclassiﬁcation and others from non-current of US$233,333,000 includes transfer from non-current to current borrowings of US$233,333,000. Reclassiﬁcations and others of accrued interests includes capitalisation of interests of US$7,012,000 (28(c)), offset by transaction costs of US$364,000, and foreign exchange effect of US$96,000. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 180

28 Provisions

	Provision for mine closure 1	Long-Term Incentive Plan	Workers proﬁt sharing	Legal claims	Total
	US$000	US$000	US$000	US$000	US$000
At 1 January 2024	162,716	–	3,426	7,971	174,113
Additions	–	3,231	6,590	6,153	15,974
Accretion (note 13)	3,110	(87)	–	–	3,023
Change in discount rate	(3,727)	–	–	–	(3,727)
Change in estimates	18,805	–	–	–	18,805
Foreign exchange effect	–	–	–	(608)	(608)
Transfers to assets held for sale (note 24)	(9,652)	–	–	–	(9,652)
Transfer to other payables	–	(7,161)	–	–	(7,161)
Transfer from other reserves	–	7,954	–	–	7,954
Payments	(11,833)	–	(3,210)	(1,815)	(16,858)
At 31 December 2024	159,419	3,937	6,806	11,701	181,863
Less: current portion	(22,799)	–	(6,806)	(5,477)	(35,082)
Non-current portion	136,620	3,937	–	6,224	146,781
At 1 January 2025	159,419	3,937	6,806	11,701	181,863
Additions	–	4,157	23,447	3,476	31,080
Accretion (note 13)	3,070	107	–	–	3,177
Change in discount rate	3,713	–	–	–	3,713
Change in estimates	27,445	–	–	–	27,445
Foreign exchange effect	–	–	–	468	468
Transfer to other payables	–	(3,845)	(239)	–	(,084)
Payments	(15,829)	–	(8,845)	(1,641)	(26,315)
At 31 December 2025	177,818	4,356	21,169	14,004	217,347
Less: current portion	(28,880)	–	(21,169)	(5,406)	(55,455)
Non-current portion	148,938	4,356	–	8,598	161,892

1 Provision for mine closureThe provision represents the discounted values of the estimated cost to decommission and rehabilitate the mines at the expected date of closure of each of the mines. The present value of the provision has been calculated using a real pre-tax annual discount rate, based on a US Treasury bond of an appropriate tenure adjusted for the impact of inﬂation as at 31 December 2025 and 2024 respectively, and the cash ﬂows have been adjusted to reﬂect the risk attached to these cash ﬂows. Uncertainties on the timing for use of this provision include changes in the future that could impact the time of closing the mines, as new resources and reserves are discovered, technological changes, regulatory changes, cost increases, changes in discount rates. Those uncertainties may result in future actual expenditure differing from the amounts currently provided. The discount rate used was 1.59% (2024: 2.00%). Expected cash ﬂows will be over a period from one to 25 years (2024: over a period from one to 25 years). During the year the Company revised certain estimates related to its mine closure provision, mainly associated with the Sipan, Selene and Ares units, which are currently in the closure phase. The change primarily reﬂects updated cost assumptions and the inclusion of additional capital and operating costs related to water treatment activities. Based on the internal and external reviews of mine rehabilitation estimates, the provision for mine closure increased by US$27,445,000 due to the change in estimates and increased by US$3,713,000 due to the change in the discount rate, as follows:

	Change in estimate		Change in discount rate		Timing of expected
	31 December 2025	31 December 2024	31 December 2025	31 December 2024	outﬂows Years
Arcata	–	(1)	–	(7)	–
Ares	5,997	10,323	434	99	2026-2036
Sipan	7,405	4,242	465	25	2026-2037
Selene	8,982	144	740	(108)	2026-2033
Recognised in the consolidated income statement	22,384	14,708	1,639	9
Pallancata	(934)	(789)	(75)	(417)	2026, 2037- 2049
Matarani	–	(30)	6	(10)	2036- 2041
Azuca	–	–	–	(2)	–
Inmaculada	724	3,229	383	(2,126)	2026-2050
San Jose	3,140	419	1,434	(613)	2027-2042
Mara Rosa	2,131	1,268	326	(568)	2037-2045
Recognised in property, plant and equipment	5,061	4,097	2,074	(3,736)
Total	27,445	18,805	3,713	(3,727)

A change in any of the following key assumptions used to determine the provision would have the following impact:

As at 31 December 2025	US$000
Closure costs (increase by 10%) increase of provision	17,782
Discount rate (increase by 0.5%) (decrease of provision)	(6,631)

An element of mine closure planning can be water management, which relates to the treatment of contact water. The cost of this water processing could continue for a number of years after closure activities have been completed and is therefore, potentially, exposed to long-term climate change. Mine planning for Hochschild’s operating assets takes into account mine-closure activities. In the case of the now-closed Sipan mine, due to the speciﬁc characteristics of the closed mine components, contact water treatment is ongoing. According to our most recent approved Mine Closure Plan (July 2021), Sipan will be the subject of ongoing treatment until 2031 or until baseline water quality conditions have been met. As at the date of approval of these ﬁnancial statements, the impact of climate change on Sipan’s mine closure planning is not expected to be material. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 181

28 Provisions continued 2 Long-term incentive planCorresponds to the provision related to awards granted under the Long-Term Incentive Plan (LTIP) to designated personnel of the Group, and includes the 2024 awards, granted in March 2024, payable in March 2027 and the 2025 awards, granted in March 2025, payable in March 2028. The 2023 awards which are payable in 2026 have a value of US$3,845,000 and are included in trade and other payables. The effect has been recorded as administrative expenses. The following tables list the inputs to the last Monte Carlo model used for the LTIPs:

	As at 31 December 2025		As at 31 December 2024
	LTIP 2024	LTIP 2025	LTIP 2023	LTIP 2024
	US$000	US$000	US$000	US$000
Dividend yield (%)	0	0	0	0
Expected annual volatility (%)	44.77	44.77	47.46	47.46
Risk-free interest rate (%)	3.59	3.55	4.77	4.77
Expected life (years)	1	2	1	2
Weighted average share price (pence £)	95.99	216.77	63.9	96.51

On 22 May 2024, beneﬁciaries of LTIPs were communicated of a change in the payment mechanism resulting in a modiﬁcation of the LTIP from an equity-settled to a cash-settled transaction. This resulted in a recognition of liability based on the fair valuation of the cash-settled LTIPs as at the date of modiﬁcation and reversal of the share-based payment reserves. The effect at the date of the modiﬁcation was an additional expense of US$419,000. 3 Legal ClaimsThe non-current balance of US$8,598,000 (2024: US$6,224,000) mainly corresponds to labour lawsuits in Minera Santa Cruz of US$5,405,000 and legal claims in Compañia Minera Ares of US$2,440,000 (2024: US$Nil); the Group expect to resolve in a period of more than one year. Current contingencies mainly includes the balance of Compañia Minera Ares of US$4,611,000 (2024: US$3,002,000) related to administrative ﬁnes. 29 Equity (a) Share capital and share premium Issued share capital The issued share capital of the Company as at 31 December 2025 and 2024 is as follows:

Class of shares	Issued Number	Amount
Ordinary shares (1 pence per share)	514,458,432	£5,144,584

The movement in share capital of the Company from 1 January 2024 to 31 December 2025 is as follows:

	Number of ordinary shares	Share capital US$000
Shares issued as at 31 December 2024	514,458,432	9,068
Shares issued as at 31 December 2025	514,458,432	9,068

Rights attached to ordinary shares At general meetings of the Company, on a show of hands and on a poll, every member who is present in person or subject to the below, by proxy, has one vote for every share of which they are the holder/proxy. However, in the case of a vote on a show of hands where a proxy has been appointed by more than one member, the proxy has one vote for and one vote against if the proxy has been instructed by one or more members to vote for the resolution and by one or more members to vote against the resolution. (b) Other reserves Fair value reserve of ﬁnancial assets at fair value through OCI In accordance with IFRS 9, the Group made the decision to classify its investments in listed and unlisted companies as ﬁnancial assets at fair value through OCI. The increase/decrease in the fair value, net of the related deferred tax liability, is taken directly to this account where it will remain until disposal, when the cumulative unrealised gains and losses are recycled through retained earnings. Cumulative translation adjustment The cumulative translation adjustment account is used to record exchange differences arising from the translation of the ﬁnancial statements of subsidiaries with a functional currency different to the reporting currency of the Group. Merger reserve The merger reserve represents the difference between the value of the net assets of the Cayman Holding Companies (Ardsley, Garrison, Larchmont and Hochschild Mining (Peru)) acquired under the Share Exchange Agreement and the nominal value of the shares issued in consideration of such acquisition. In addition, a merger reserve was generated by certain share placing transactions made by the Group after the IPO. The merger reserve available for distribution is disclosed within retained earnings. Cash ﬂow hedges Changes in the fair value of derivatives designated as cash ﬂow hedges, which are held to hedge the exposure to variability in cash ﬂows of the hedged items, are recognised in other components of equity until changes in the fair value of the hedged item are recognised in proﬁt or loss. The Group uses cash ﬂow hedges for hedging the exposure to variability in gold and silver prices. Share-based payment reserve The share-based payment reserve is used to recognise the value of equity-settled share-based payment transactions provided to employees, as a part of their remuneration. In May 2024 the award changed from an equity-settled beneﬁt to a cash-settled beneﬁt, and the balance recorded in other reserves was transferred to provisions (note 28(2)). As at 31 December 2025 the balance is US$Nil (2024: US$Nil). 30 Deferred income tax The net deferred income tax assets/(liabilities) are as follows:

	Year ended 31 December
	2025	2024
	US$000	US$000
Beginning of the year	(54,827)	(66,276)
Income statement beneﬁt/(expense) (note 14)	23,955	(14,409)
Deferred tax recognised on items in other comprehensive income 1	51,971	27,620
Deferred tax recognised related to Monte do Carmo acquisition	–	2,817
Reclassiﬁcation of deferred tax to assets held for sale	–	(3,409)
Deferred tax recognised on disposal of Azuca and Arcata projects (note 24)	(1,390)	–
Deferred tax recognised on disposition of Crespo project (note 24)	–	(1,170)
End of the year	19,709	(54,827)

1 The deferred tax recovery for items that will be subsequently reclassiﬁed to proﬁt and loss is US$51,749,000 (2024: US$28,473,000). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 182

30 Deferred income tax continued Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to the same ﬁscal authority. The movement in deferred income tax assets and liabilities before offset during the year is as follows:

	PP&E	Mine development	Provisional pricing adjustment	Others	Total
	US$000	US$000	US$000	US$000	US$000
DEFERRED INCOME TAX LIABILITIES
At 1 January 2024	47,112	86,670	–	8,452	142,234
Income statement expense/(beneﬁt)	7,895	12,852	19	(2,077)	18,419
Reclassiﬁcation to assets held for sale	–	3,262	–	–	3,262
At 31 December 2024	55,007	102,514	19	6,375	163,915
Income statement expense/(beneﬁt)	(1,150)	8,975	(19)	(869)	6,937
Reclassiﬁcation to assets held for sale	–	1,390	–	–	1,390
At 31 December 2025	53,857	112,879	–	5,506	172,242

	PP&E	Provision for mine closure	Mine development	Tax losses	Others 1	Total
	US$000	US$000	US$000	US$000	US$000	US$000
DEFERRED INCOME TAX ASSETS
At 1 January 2024	17,279	34,774	146	7,402	16,357	75,958
Income statement beneﬁt/(expense)	(4,261)	(8,306)	(242)	(2,933)	18,582	2,840
Reclassiﬁcation to assets held for sale	(147)	–	–	–	–	(147)
Deferred tax recognised related to the Monte do Carmo acquisition	–	–	1,918	–	899	2,817
Deferred tax recognised on items in other comprehensive income	–	–	–	–	27,620	27,620
At 31 December 2024	12,871	26,468	1,822	4,469	63,458	109,088
Income statement beneﬁt/(expense)	6,000	6,250	(719)	6,823	12,538	30,892
Deferred tax recognised on items in other comprehensive income	–	–	–	–	51,971	51,971
At 31 December 2025	18,871	32,718	1,103	11,292	127,967	191,951

1 Credit/(charge) in the year mainly related to the balance of hedges of US$95,185,000 (2024 hedges of US$34,445,000), exchange difference credit on cash basis of US$2,752,000 (2024: credit of US$13,239,000), statutory holiday provision of US$934,000 (2024: US$875,000) and Long-Term Incentive Plan of US$2,372,000 (2024: US$2,065,000). The amounts after offset, as presented on the face of the statement of ﬁnancial position, are as follows:

	As at 31 December
	2025 US$000	2024 US$000
Deferred income tax assets	105,137	27,677
Deferred income tax liabilities	(85,428)	(82,504)
Total	19,709	(54,827)

In accordance with IAS 12, management has assessed the recoverability of the deferred tax asset with reference to projected future taxable proﬁts. Based on this assessment, a deferred tax asset of US$95,185,000 has been recognised in respect of unrealised hedge losses (2024: US$30,506,000) and US$10,384,000 in respect of tax losses (2024: US$4,469,000) in Brazil (Amarillo Mineração do Brasil). Tax losses in Brazil may be carried forward indeﬁnitely; however, their utilisation in any given period is limited to 30% of the taxable income for that period. Losses in 2025 amounted to $30,540,000 in Brazil, resulting from operational challenges at Mara Rosa. Remediation initiatives implemented during the year have strengthened operational processes and workforce stability, supporting more consistent operations. Based on future ﬁnancial and tax projections, management considers it probable that sufﬁcient taxable proﬁts will be available in the relevant periods to utilise these deductible temporary differences and unused tax losses. Tax losses expire in the following years:

	As at 31 December
	2025 US$000	2024 US$000
RECOGNISED
Expire in four years	3,077	–
Without expiration	30,540	13,145
	33,617	13,145
UNRECOGNISED
Expire in one year	766	1,040
Expire in two years	1,196	766
Expire in three years	43	1,196
Expire in four years	–	43
Expire after four years	217,114	200,155
	219,119	203,200
Total	252,736	216,345

Other unrecognised deferred income tax assets comprise (gross amounts):

	As at 31 December
	2025 US$000	2024 US$000
Provision for mine closure 1	14,399	16,633

1 This relates to provision for mine closure expenditure which is expected to be incurred in periods in which taxable proﬁts are not expected to be available to offset the expenditure. Unrecognised deferred tax liability on retained earnings At 31 December 2025 and 2024, there was no recognised deferred tax liability for taxes that would be payable on the unremitted earnings of certain of the Group’s subsidiaries as the intention is that these amounts are permanently reinvested. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 183

31 Dividends

	Year ended 31 December
	2025 US$000	2024 US$000
DIVIDENDS PAID AND PROPOSED DURING THE YEAR
Dividends on ordinary shares:
Final dividend for 2024: 1.94 US$ cents per share (2023: Nil US$ cents per share)	10,050	–
Interim dividend for 2025: 1.00 US$ cents per share (2024: Nil US$ cents per share)	5,145	–
Total dividends paid in cash	15,195	–
Proposed dividends on ordinary share
Final dividend for 2025: 5.00 US$ cents per share (2024: 1.94 US$ cents per share)	25,723	10,000
Dividends declared to non-controlling interests: 0.013 US$ per share (2024: 0.002 US$ per share)	2,246	388
Total dividends declared to non-controlling interests	2,246	388

Dividends paid in 2025 to non-controlling interests amounted to US$2,246,000 (2024: US$388,000). Dividends per share The proposed ﬁnal dividend in respect of the year ending 31 December 2025 is 5.00 US$ cents per share (2024: US$1.94). 32 Related-party balances and transactions (a) Related-party accounts receivable and payable The Group had the following related-party balances and transactions during the years ended 31 December 2025 and 2024. The related parties are companies owned or controlled by the main shareholder of the Parent company or associates.

	Accounts receivable as at 31 December		Accounts payable as at 31 December
	2025 US$000	2024 US$000	2025 US$000	2024 US$000
CURRENT RELATED PARTY BALANCES
Cementos Pacasmayo S.A.A. 1	172	73	105	60
UTEC 2	–	–	202	–
Tecsup 2	–	30	6	149
REE UNO SpA 3	–	18	–	–
Aclara Resources Inc. 3	2	–	–	–
Aclara Resources Peru 3	2	–	–	–
Total	176	121	313 209

1 The account receivable relates to reimbursement of expenses paid by the Group on behalf of Cementos Pacasmayo S.A.A, an entity controlled by Eduardo Hochschild. The account payable relates to the rentals payments. 2 Peruvian not-for-proﬁt educational institutions controlled by Eduardo Hochschild. 3 Associated companies of the Aclara Group (refer to note 19). As at 31 December 2025 and 2024, all accounts are, or were, non-interest bearing. No security has been granted or guarantees given by the Group in respect of these related party balances. Principal transactions between afﬁliates are as follows:

	Year ended 31 December
	2025 US$000	2024 US$000
EXPENSES
Expense recognised for the rental and services paid to Cementos Pacasmayo S.A.A.	(503)	(505)
Expense donation Asociacion Amanatari 1	(160)	(80)
Expense scholarship to UTEC	(94)	(371)
Expense sponsorships to UTEC	(5)	–
Expense donations to UTEC	(202)	–
Expense research project with UTEC	–	(19)
Expense technical services from Tecsup	(30)	(159)
Income from administrative services to REE UNO SpA	22	40
Income from reimbursement of security costs of Cementos Pacasmayo S.A.A.	881	676
Income from administrative services to Aclara Resources Peru	11	11
Revenue from sale of dore to Farragut Holdings Inc. 2	–	72

1 Peruvian non-for-proﬁt institution controlled by Eduardo Hochschild. 2 Cayman Island Company controlled by Eduardo Hochschild. Transactions between the Group and these companies are at an arm’s length basis. (b) Compensation of key management personnel of the Group

	Year ended 31 December
COMPENSATION OF KEY MANAGEMENT PERSONNEL (INCLUDING DIRECTORS)	2025 US$000	2024 US$000
Short-term employee beneﬁts	7,611	6,570
Long-Term Incentive Plans	1,888	1,714
Total compensation paid to key management personnel	9,499	8,284

This amount includes the remuneration paid to the Directors of the Parent Company of the Group of US$4,601,000 (2024: US$3,482,000). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 184

33 Auditor’s remuneration The auditor’s remuneration for services provided to the Group during the years ended 31 December 2025 and 2024 is as follows:

	Amounts paid to Ernst & Young in the year ended 31 December
	2025	2024
	US$000	US$000
Audit fees pursuant to legislation 1	1,661	1,561
Audit related assurance services	341	150
Other assurance services	15	24
Total	2,017	1,735

1 The total fee includes audit fees of US$635,000 in respect of local statutory audits of subsidiaries (2024: US$560,000). Audit fees might be different from those previously reported as they might include additional out of scope fees and out of pocket expenses. In 2025 and 2024, all fees are included in administrative expenses. 34 Notes to the statement of cash ﬂows

	Year ended at 31 December
	2025	2024
	US$000	US$000
Reconciliation of loss for the year to net cash generated from operating activities
Proﬁt for the year	247,402	113,749
Adjustments to reconcile Group loss to net cash inﬂows from operating activities
Depreciation (note 3(a))	174,552	158,649
Amortisation of intangibles (note 3(a))	1,940	1,579
Write-off of assets (note 16)	4,074	3,883
Provision of doubtful receivable	180	245
(Reversal of impairment)/impairment of assets (note 11)	(56,845)	13,732
Share of post-tax (gain)/losses and impairment of associates (note 19)	(20,544)	6,489
Gain on sale of property, plant and equipment (note 12)	(377)	(656)
Provision for obsolescence of supplies (notes 12 and 22)	1,745	864
Increase of provision for mine closure (note 12)	24,023	14,717
Loss on discontinuation of hedge relationship (note 38(a))	26,427	–
Finance income (note 13)	(11,826)	(13,097)
Finance costs (note 13)	41,112	26,928
Income tax expense (note 14)	125,422	63,468
Other	6,633	3,351
Increase/(decrease) of cash ﬂows from operations due to changes in assets and liabilities
Trade and other receivables	(56,257)	(79,788)
Income tax receivable	(1,456)	(2,813)
Other ﬁnancial assets and liabilities	12,477	(2,410)
Inventories	(31,767)	(21,161)
Trade and other payables	(26,090)	70,282
Provisions	13,068	7,029
Cash generated from operations	473,893	365,040

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 185

35 Commitments (a) Mining rights purchase options During the ordinary course of business, the Group enters into agreements to carry out exploration under concessions held by third parties. Generally, under the terms of these agreements, the Group has the option to acquire the concession or invest in the entity holding the concession. In order to exercise these options the Group must satisfy certain financial and other obligations during the term of the agreement. The options lapse in the event that the Group does not meet its financial obligations. At any point in time, the Group may cancel the agreements without penalty, except where specified below. These agreements are not under non-cancellable/irrevocable clauses. The Group has no commitments as at 31 December 2025 and 31 December 2024. (b) Capital commitments

	As at 31 December
	2025	2024
	US$000	US$000
Peru	7,654	26,527
Argentina	477	1,733
Brazil	9,894	–
	18,025	28,260

36 Contingencies The Group is subject to various claims which arise in the ordinary course of business. In addition, the Group is subject to various laws and regulations which, if not observed, could give rise to penalties. It is not practical to determine the amount of any potential claims or penalties or the likelihood of any unfavourable outcome arising from any future inspections that might be initiated by the regulators. No provision has been made in the ﬁnancial statements and none of these claims are currently expected to result in any material loss to the Group. (a) Taxation Fiscal periods remain open to review by the tax authorities for four years in Peru, ﬁve years in Argentina and Mexico, ten years in Brazil and three years in Chile, preceding the year of review. During this time the authorities have the right to raise additional tax assessments including penalties and interest. Under certain circumstances, reviews may cover longer periods. Because a number of ﬁscal periods remain open to review by the tax authorities, coupled with the complexity of the Group and the transactions undertaken by it, there remains a risk that signiﬁcant additional tax liabilities may arise. As at 31 December 2025, the Group had exposures totalling US$19,520,000 (2024: US$17,077,000). When the Tax authority challenges the deductibility of certain expenses the Group reassesses the case internally and externally, with the support of a third-party professional to determine the probability of success and, depending on the result, makes the decision whether or not to continue with the claim. Notwithstanding this risk, the Directors believe that management’s interpretation of the relevant legislation and assessment of taxation is appropriate and that it is probable that the Group’s tax and customs positions will be sustained in the event of a challenge by the tax authorities. Consequently, the Directors consider that no tax liability is required to be recognised in respect of these claims or risks. (b) Guarantees The Group is required to provide guarantees in Peru in respect of environmental restoration and decommissioning obligations. The Group has provided for the estimated cost of these activities (see note 28(1)). 37 Mining royalties Peru In accordance with Peruvian legislation, owners of mining concessions must pay a mining royalty for the exploitation of metallic and non-metallic resources. Mining royalties have been calculated with rates ranging from 1% to 3% of the value of mineral concentrate or equivalent sold, based on quoted market prices. In October 2011, changes came into effect for mining companies, with the following features: (a) Introduction of a Special Mining Tax (SMT), levied on mining companies at the stage of exploiting mineral resources. (b) Modiﬁcation of the mining royalty calculation, which consists of applying a progressive scale of rates ranging from 1% to 12%, of the quarterly operating proﬁt. The former royalty was calculated on the basis of monthly sales value of mineral concentrates. The SMT and modiﬁed mining royalty are accounted for as an income tax in accordance with IAS 12 Income Taxes. As at 31 December 2025, the amount payable as under the new mining royalty and the SMT amounted to US$6,125,000 (2024: US$1,717,000) and US$5,326,000 (2024: US$1,742,000) respectively. The new mining royalty and SMT are reported as ‘Income tax payable’ in the Statement of Financial Position. The amount recorded in the income statement was US$14,974,000 (2024: US$7,108,000) of new mining royalty and US$13,656,000 (2024: US$7,051,000) of SMT, both classiﬁed as income tax. Argentina In accordance with Argentinian legislation, Provinces (being the legal owners of the mineral resources) are entitled to collect royalties from mine operators. For San Jose, the mining royalty applicable to dore and concentrate is 3% of the pit-head value. As at 31 December 2025, the amount payable as mining royalties amounted to US$1,432,000 (2024: US$970,000). The amount recorded in the income statement as cost of sales was US$10,631,000 (2024: US$7,331,000). Brazil Under Brazilian law, the Government has the right to collect royalties from mine operators. For Mara Rosa, the mining royalty applicable to the dore is 1.5% on the sales made. As of 31 December 2025, the amount payable as mining royalties is US$189,000 (2024: US$500,000). The amount recorded in the income statement as cost of sales was US$2,024,000 (2024: US$2,363,000). 38 Financial risk management The Group is exposed to a variety of risks and uncertainties which may have a ﬁnancial impact on the Group and which also impact the achievement of social, economic and environmental objectives. These risks include strategic, commercial, operational and ﬁnancial risks and are further categorised into risk areas to facilitate consolidated risk reporting across the Group. The Group has made signiﬁcant developments in the management of the Group’s risk environment which seeks to identify and, where appropriate, implement the controls to mitigate the impact of the Group’s signiﬁcant risks. This effort is supported by a Risk Committee with the participation of the CEO, the Vice Presidents, and the head of the internal audit function. The Risk Committee is responsible for implementing the Group’s policy on risk management and internal control in support of the Company’s business objectives, and monitoring the effectiveness of risk management within the organisation. (a) Commodity price risk Silver and gold prices have a material impact on the Group’s results of operations. Prices are signiﬁcantly affected by changes in global economic conditions and related industry cycles. Generally, producers of silver and gold are unable to inﬂuence prices directly; therefore, the Group’s proﬁtability is ensured through the control of its cost base and the efﬁciency of its operations. Management continuously monitors silver and gold prices and reserves the right to take the necessary action, such as entering into hedging agreements, where appropriate and within Board approved parameters, to mitigate the impact of this risk. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 186

38 Financial risk management continued Derivative ﬁnancial assets – Gold forwards and zero cost collars On 12 April 2023, the Group signed agreements to hedge the sale of 27,600 ounces of gold at US$2,100 per ounce for 2024. On 19 June 2023, the Group signed agreements to hedge the sale of 150,000 ounces of gold (50,000 ounces per year) at US$2,117.05, US$2,166.65 and US$2,205.50 per ounce in 2025, 2026 and 2027 respectively. On 14 December 2023, the Group signed a gold collar agreement of 99,999.96 ounces of gold at strike put of US$2,000 and strike call of US$2,252 per ounce for 2024. On 14 February 2024, the Group signed a gold collar agreement of 60,000 ounces of gold at strike put of US$2,000 and strike call of US$2,485 per ounce for 2025. On 6 August 2025 the Group renegotiated the gold forward hedge agreement to roll forward 20,813 ounces from August to December 2025 to the ﬁrst semester of 2028, at a gold price of US$2,150 per ounce (US$2,117 per ounce in the original agreement). No cash ﬂows resulted from the renegotiation of the agreements. The forwards and zero cost collars are being used to hedge exposure to changes in cash ﬂows from gold commodity prices. There is an economic relationship between the hedged item and the hedging instruments due to a common underlying. In accordance with IFRS 9, the derivative instruments are categorised as cash ﬂow hedges at the inception of the hedging relationship and, on an ongoing basis, the Group assesses whether a hedging relationship meets the hedge effectiveness requirements. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the silver and gold forwards and zero cost collars is identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the gold and silver forwards against the changes in fair value of the hedged item attributable to the hedged risk. That said, it is observed that the effectiveness tests comply with the requirements of IFRS 9 and that the hedging strategy is highly effective. The fair values of the gold and silver forwards and zero cost collars were calculated using a discounted cash ﬂow model applying a combination of level 1 (USD quoted market commodity prices) and Level 2 inputs. The models used to value the commodity forward contracts are standard models that calculate the present value of the ﬁxed-legs (the ﬁxed gold and silver leg) and compare them with the present value of the expected cash ﬂows of the ﬂowing legs (the London metal exchange (LME) gold and silver ﬁxing). In the case of the commodity forward contracts, the models use the LME AU and AG forward curve and the SOFR swap curve for discounting. This approach results in the fair value measurement categorised in its entirety as Level 2 in the fair value hierarchy. The fair values of the gold forwards as at 31 December 2025 and 31 December 2024 are as follows:

	As at 31 December 2025	As at 31 December 2024
	US$000	US$000
Current liabilities	(111,567)	(40,276)
Non-current liabilities	(165,157)	(61,343)
	(276,724)	(101,619)

The effect recorded is as follows:

	Year ended 31 December 2025	Year ended 31 December 2024
	US$000	US$000
Income statement – revenue
- Loss on realised hedges	(86,048)	(27,903)
- Loss on discontinuation of hedge relationship 1	(26,427)	–
Income statement – ﬁnance income	1,817	866
Equity – Cash ﬂow hedges reserve
- Unrealised loss on hedges	176,860	85,560
- Loss on discontinuation of hedge relationship 1	(26,427)	–

1 In August 2025, the Group renegotiated the gold forward hedge agreement resulting in the extension of 20,813 ounces from August to December 2025 to the ﬁrst semester of 2028. At the date of the roll-forward, the fair value of these instruments amounted to a liability of US$26,427,000. In accordance with IFRS 9, the accumulated loss recognised in the cash ﬂow hedge reserve within equity, was reclassiﬁed to the income statement following the discontinuation of the original hedge relationship and the realisation of the hedged item. Given the non-recurring and non-cash nature of this hedge accounting reclassiﬁcation to the income statement, and the fact that the cash settlement will occur in 2028 once the instruments mature, the resulting charge has been presented as an exceptional item within revenue. The sensitivity of the fair value of the current hedges outstanding at 31 December 2025 to a reasonable movement in gold prices, with all other variables held constant, determined as a +/-10% change in gold prices -/+ US$50,627,000 effect on OCI. The Group has price adjustments arising from the sale of concentrate and dore which were provisionally priced at the time the sale was recorded (refer to note 5). The sensitivity of the fair value to an immediate 10% favourable or adverse change in the price of gold and silver (assuming all other variables remain constant), is as follows:

	Increase/ decrease in price of	Effect on proﬁt before tax
	ounces of:	US$000
2025	Gold +/-10%	+/-2,243
	Silver+/-10%	+/-3,310
2024	Gold +/-10%	+/-530
	Silver+/-10%	+/-302

(b) Foreign currency risk The Group produces silver and gold which are typically priced in US$ dollars. A proportion of the Group’s costs are incurred in Peruvian nuevos soles, Argentinian pesos, Brazilian reais, sterling pounds, Canadian dollars, Chilean pesos, and Mexican pesos. Accordingly, the Group’s ﬁnancial results may be affected by exchange rate ﬂuctuations between the US dollar and the local currency. The long-term relationship between commodity prices and currencies in the countries in which the Group operates provides a certain degree of natural protection. The Group does not use derivative instruments to manage its foreign currency risks. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 187

38 Financial risk management continued The following table demonstrates the sensitivity of ﬁnancial assets and liabilities, at the reporting date, denominated in their respective currencies, to a reasonably possible change in the US$ dollar exchange rate, with all other variables held constant, of the Group’s proﬁt before tax and the Group’s equity.

	Increase/ decrease in US$/other currencies’	Effect on proﬁt before tax	Effect on OCI
Year	rate	US$000	US$000
2025
Argentinian pesos	+/-10%	-/+10,135	–
Mexican pesos	+/-10%	+/-78	–
Peruvian nuevos soles	+/-10%	-/+14,703	–
Reais	+/-10%	-/+1,056	–
Pounds sterling	+/-10%	-/+104	–
Canadian dollars	+/-10%	+/-656	–
Chilean pesos	+/-10%	+/-604	–
2024
Argentinian pesos	+/-10%	-/+7,140	–
Mexican pesos	+/-10%	+/-47	–
Peruvian nuevos soles	+/-10%	-/+26,497	–
Reais	+/-10%	-/+10,035	–
Pounds sterling	+/-10%	-/+94	–
Canadian dollars	+/-10%	-/+518	+/-26
Chilean pesos	+/-10%	+/-862	–

(c) Credit risk Credit risk arises from debtors’ inability to make payment of their obligations to the Group as they become due (without taking into account the fair value of any guarantee or pledged assets). The Group is primarily exposed to credit risk as a result of commercial activities and non-compliance, by counterparties, in transactions in cash which are primarily limited to cash balances deposited in banks and accounts receivable at the statement of ﬁnancial position date. Counterparty credit exposure based on commercial activities, including trade and other receivables, embedded derivatives, hedge instruments and cash balances in banks as at 31 December 2025 and 31 December 2024:

	As at 31 December 2025	% collected as at 10 March 2026	As at 31 December 2024	% collected as at 11 March 2025
Summary commercial partners	US$000	US$000	US$000	US$000
Trade receivables	81,373	61%	37,238	66%

Other receivables include advances to suppliers and receivables from contractors for the sale of supplies. There is limited credit risk on these amounts as the Group can withhold the balances that it owes the suppliers or contractors for their services.

	As at 31 December 2025	As at 31 December 2024
Cash and cash equivalents – Credit/rating 1	US$000	US$000
A+	36,089	–
A	251,723	343
AAA	4,658	–
A-	–	19,177
AA-	17,187	–
BBB+	–	71,810
BBB-	2,490	–
Not available	4,807	5,643
Total	316,954	96,973

1 Represents the long-term credit rating as at 3 January 2026 (2023: 3 January 2025). As at 31 December 2025, the credit rating of the counterparties of the gold hedges is A+ (2024: A- and BBB+). To manage the credit risk associated with commercial activities, the Group took the following steps: – Active use of prepayment/advance clauses in sales contracts – Delaying delivery of title and/or requiring advance payments to reduce exposure timeframe (potential delay in sales recognition) – Maintaining as diversiﬁed a portfolio of clients as possible To manage credit risk associated with cash balances deposited in banks, the Group took the following steps: – Increasing banking relationships with large, established and well-capitalised institutions in order to secure access to credit and to diversify credit risk – Limiting exposure to ﬁnancial counterparties according to Board approved limits – Investing cash in short-term, highly liquid and low-risk instruments (term deposits mainly) – Increase the utilisation of UK bank accounts Receivable balances are monitored on an ongoing basis and the result of the Group’s exposure to bad debts is recognised in the consolidated income statement. The maximum exposure is the carrying amount as disclosed in notes 21, 23 and 38(e). The Group’s risk assessment procedures includes customer analysis and reviewing ﬁnancial counterparties. For further details refer to the Commentary section of the Commercial Counterparty risk in the Risk management and Viability Statement. (d) Equity risk on ﬁnancial instruments The Group acquires ﬁnancial instruments in connection with strategic alliances with third parties. The Group constantly monitors the fair value of these instruments in order to decide whether or not it is convenient to dispose of these investments. The disposal decision is also based on management’s intention to continue with the strategic alliance, the tax implications and changes in the share price of the investee. The Group is not sensitive to reasonable movements in the share price of ﬁnancial assets at fair value through OCI. (e) Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of ﬁnancial instruments by valuation technique: STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 188

38 Financial risk management continued Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a signiﬁcant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a signiﬁcant effect on the recorded fair value that are not based on observable market data. As at 31 December 2025 and 2024, the Group held the following ﬁnancial instruments measured at fair value:

	31 December 2025	Level 1	Level 2	Level 3
	US$000	US$000	US$000	US$000
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE
Equity shares (note 20)	86	86
Trade receivables (note 21)	81,373			81,373
Stream Agreements (note 25(a))	(19,332)			(19,332)
Derivative ﬁnancial liabilities 1	(289,789)		(289,789)

1 Includes US$276,724,000 related to hedging instruments, and US$13,065,000 related to the warrants issued in connection with Tiernan’s Private Placement and Railtown’s legacy options and warrants.

	31 December 2024	Level 1	Level 2	Level 3
	US$000	US$000	US$000	US$000
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE
Equity shares (note 20)	475	475
Trade receivables (note 21)	37,238			37,238
Mutual funds	5	5
Bonds in Minera Santa Cruz S.A.	2,474	2,474
Stream Agreements (note 25(a))	(25,926)			(25,926)
Derivative ﬁnancial liabilities	(101,619)		(101,619)

During the year ended 31 December 2025 and 2024, there were no transfers between these levels. The reconciliation of the trade receivables categorised as Level 3 is as follows:

	Trade receivables/ price adjustments
	US$000
Balance at 1 January 2024	29,421
Net change in trade receivables from goods sold	11,892
Changes in fair value of price adjustments (note 5)	8,209
Realised price adjustments during the year	(12,284)
Balance at 31 December 2024	37,238
Net change in trade receivables from goods sold	22,720
Changes in fair value of price adjustments (note 5)	55,528
Realised price adjustments during the year	(34,113)
Balance at 31 December 2025	81,373

The impact of the hedging instrument and hedge item on the statement of ﬁnancial position is as follows:

		Average price	Line item in the statement of ﬁnancial	Carrying amount of hedging instrument	Change in fair value of hedging instrument used for measuring ineffectiveness for the period	Change in fair value of hedged item used for measuring ineffectiveness for the period
	Ounces	US$/ounce	position	US$000	US$000	US$000
2025
Gold forward and zero cost collar contracts	120,832	From 2,117 to 2,206	Derivative ﬁnancial liabilities	(276,724)	(167,317)	(167,317)
2024
Gold forward and zero cost collar contracts	210,000	From 2,000 to 2,485	Derivative ﬁnancial liabilities	(101,619)	(68,633)	(68,633)

The hedging gain recognised in OCI before tax on gold forward hedges and gold zero cost collars is equal to the change in fair value of the hedged item attributable to the hedged risk used for measuring effectiveness. There is no ineffectiveness recognised in proﬁt or loss. Derivative ﬁnancial liabilities – Warrants and Railtown’s legacy options and warrants

	As at 31 December 2025	As at 31 December 2024
	US$000	US$000
Non-current liabilities – Warrants (note 4(a))	(11,920)	–
Non- current liabilities – Railtown’s legacy options and warrants (note 4(a)	(1,145)	–
	(13,065)	–

The effect recorded is as follows:

	Year ended 31 December 2025	Year ended 31 December 2024
	US$000	US$000
Income statement – ﬁnance cost 1	(7,831)	–

1 Represents the loss arising from changes in the fair value of warrants classiﬁed as derivative ﬁnancial liabilities of US$7,365,000 (note 4) and change in fair value of Railtown’s legacy options and warrants of US$466,000. The fair value of the warrants as at 31 December 2025 was determined using the Black-Scholes option pricing model, based on the following key assumptions: exercise price of C$6.50, expiry date of 16 December 2027, risk-free interest rate of 2.58%, country risk premium of 0.83%, expected volatility of 61.44%, dividend yield of 0%, and share price of C$7.15. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 189

38 Financial risk management continued The reconciliation of the warrants issued in Tiernan in connection with the Treasury Offering and the Secondary Offering (note 4(a)) is as follow:

	Derivative ﬁnancial liabilities
	US$000
Balance at 1 January 2025	–
Warrants issued due to the Treasury Offering and Secondary Offering	4,542
Fair value adjustment	7,365
Foreign exchange effect	13
Balance at 31 December 2025	11,920

The sensitivity of the value of the warrants is as follows:

	US$000
Annual volatility (increase by 5%)	681
Annual volatility (decrease by 5%)	(724)
Share price (increase by 5%)	1,107
Share price (decrease by 5%)	(1,107)

Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:

	Gold hedges
	US$000
Balance at 1 January 2024	(11,546)
Reclassiﬁcation adjustments for items included in the income statement on realisation:
Transfer to sales (revenue)	27,903
Revaluation arising on the year	(113,463)
Movement in deferred tax	28,473
Balance at 31 December 2024	(68,633)
Reclassiﬁcation adjustments for items included in the income statement on realisation:
Transfer to sales (revenue)	86,048
Revaluation arising on the year	(262,908)
Loss on discontinuation of hedge relationship 1	26,427
Movement in deferred tax	51,749
Balance at 31 December 2025	(167,317)

1 In August 2025, the Group renegotiated the gold forward hedge agreement resulting in the extension of 20,813 ounces from August to December 2025 to the ﬁrst semester of 2028. At the date of the roll-forward, the fair value of these instruments amounted to a liability of US$26,427,000. In accordance with IFRS 9, the accumulated loss recognised in the cash ﬂow hedge reserve within equity, was reclassiﬁed to the income statement following the discontinuation of the original hedge relationship and the realisation of the hedged item. Given the non-recurring and non-cash nature of this hedge accounting reclassiﬁcation to the income statement, and the fact that the cash settlement will occur in 2028 once the instruments mature, the resulting charge has been presented as an exceptional item within revenue. (f) Liquidity risk Liquidity risk arises from the Group’s inability to obtain the funds it requires to comply with its commitments, including the inability to sell a ﬁnancial asset quickly enough and at a price close to its fair value. Management constantly monitors the Group’s level of short- and medium-term liquidity, and their access to credit lines, in order to ensure appropriate ﬁnancing is available for its operations. The table below categorises the undiscounted cash ﬂows of Group’s ﬁnancial liabilities into relevant maturity groupings based on the remaining period as at the statement of ﬁnancial position to the contractual maturity date. Interest cash ﬂows have been calculated using the spot rate at year end.

	Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	Over 5 years	Total
	US$000	US$000	US$000	US$000	US$000
At 31 December 2025
Trade and other payables	199,826	15,016	20,000	–	234,842
Derivative ﬁnancial liabilities	112,863	115,638	51,437	–	279,938
Borrowings	127,353	114,767	126,684	–	368,804
Total	440,042	245,421	198,121	–	883,584
At 31 December 2024
Trade and other payables	189,608	17,043	5,000	–	211,651
Derivative ﬁnancial liabilities	40,276	29,155	32,188	–	101,619
Borrowings	163,558	75,865	103,307	–	342,730
Total	393,442	122,063	140,495	–	656,000

(g) Interest rate risk The Group has ﬁnancial assets and liabilities which are exposed to interest rate risk. Changes in interest rates primarily impact loans and borrowings by changing either their fair value (ﬁxed rate debt) or their future cash ﬂows (variable rate debt). The Group does not have a formal policy of determining how much of its exposure should be at ﬁxed or at variable rates. However, at the time of taking new loans or borrowings, management applies its judgement to decide whether it believes that a ﬁxed or variable rate borrowing would be more favourable to the Group over the expected period until maturity.

		As at 31 December 2025
	Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	Over 5 years	Total
	US$000	US$000	US$000	US$000	US$000
FIXED RATE
Assets	221,717 1	–	–	–	221,717
Liabilities	(90,000)	(5,000)	–	–	(95,000)
FLOATING RATE
Liabilities	(20,000)	(100,000)	(120,000)	–	(240,000)

1 The increase is explained due to higher time deposits held in Minera Santa Cruz and Compañia Minera Ares (note 23). STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 190

38 Financial risk management continued

		As at 31 December 2024
	Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	Over 5 years	Total
	US$000	US$000	US$000	US$000	US$000
FIXED RATE
Assets	2,122	–	–	–	2,122
Liabilities	(81,486)	–	–	–	(81,486)
FLOATING RATE
Liabilities	(66,667)	(66,667)	(96,666)	–	(230,000)

Interest on ﬁnancial instruments classiﬁed as ﬂoating rate is re-priced at intervals of less than one year. Interest on ﬁnancial instruments classiﬁed as ﬁxed rate is ﬁxed until the maturity of the instrument. The other ﬁnancial instruments of the Group that are not included in the above tables are non-interest bearing and are therefore not subject to interest rate risk. The sensitivity to a reasonable movement in the interest rate, with all other variables held constant, of the ﬁnancial instruments with a ﬂoating rate, determined as a +/-200bps change in interest rates has a - /+US$4,700,000 effect on proﬁt before tax (2024: -/+US$5,660,000). The Group is exposed to ﬂuctuations in market interest rates. This assumes that the amount remains unchanged from that in place at 31 December 2025 and 2024 and that the change in interest rates is effective from the beginning of the year. In reality, the ﬂoating rate will ﬂuctuate over the year and interest rates will change accordingly. (h) Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders, beneﬁts for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. Management considers as part of its capital, the ﬁnancial sources of funding from shareholders and third parties (notes 27 and 29). In 2025 the Group received proceeds from borrowings of US$410,000,000 (2024: US$311,607,000) whilst US$386,486,000 (2024: US$340,991,000) was repaid. In 2024 the Group closed a US$300,000,000 medium- term committed debt facility with Scotiabank and BBVA and used US$90,000,000 in 2025. Management also retains the right to fund operations (fully owned and with joint venture partners) with a mix of equity and joint venture partners’ debt. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 191

Parent company statement of ﬁnancial position As at 31 December 2025 As at 31 December Notes 2025 US$000 2024 US$000 ASSETS Non-current assets Investments in subsidiaries 5 2,340,713 1,786,774 Other receivables 6 573 573 2,341,286 1,787,347 Current assets Other receivables 6 504 333 Cash and cash equivalents 7 1,041 465 1,545 798 Total assets 2,342,831 1,788,145 EQUITY AND LIABILITIES Equity share capital 8 9,068 9,068 Other reserves – Retained earnings 2,259,869 1,711,763 Total equity 2,268,937 1,720,831 Non-current liabilities Other payables 9 538 648 Provisions 10 440 414 978 1,062 Current liabilities Trade and other payables 9 72,916 66,252 72,916 66,252 Total liabilities 73,894 67,314 Total equity and liabilities 2,342,831 1,788,145 As permitted by section 408 of the Companies Act 2006, the Company has not presented its own proﬁt and loss account. The proﬁt of the Company after tax amounted to US$563,301,000 (2024: US$852,774,000). The ﬁnancial statements were approved by the Board of Directors on 10 March 2026 and signed on behalf of the Company (registered number 05777693) by: Eduardo Landin Chief Executive Ofﬁcer 10 March 2026 Year ended 31 December Notes 2025 US$000 2024 US$000 Reconciliation of loss for the year to net cash used in operating activities Proﬁt for the year 563,301 852,774 Adjustments to reconcile Company proﬁt to net cash outﬂows from operating activities Reversal of impairment on investment in subsidiary 5 (553,316) (858,796) Share-based payments – 454 Finance income 13 (860) (1,519) Finance costs 15 14 Dividends received (18,000) – Others (11) 14 Decrease of cash ﬂows from operations due to changes in assets and liabilities Other receivables (171) 586 Trade and other payables 1,547 93 Provision for Long-Term Incentive Plan 10 26 414 Cash ﬂows used in operating activities (7,469) (5,966) Interest received 19 8 Net cash used in operating activities (7,450) (5,958) Cash ﬂows from investing activities Dividends received 18,000 – Cash ﬂows generated from investing activities 18,000 – Cash ﬂows from ﬁnancing activities Loans from subsidiaries 11(a) 5,200 6,150 Dividends paid 12 (15,195) – Cash ﬂows (used in)/generated from ﬁnancing activities (9,995) 6,150 Net increase in cash and cash equivalents during the year 555 192 Foreign exchange difference 21 (5) Cash and cash equivalents at beginning of year 465 278 Cash and cash equivalents at end of year 7 1,041 465 Parent company statement of cash ﬂows For the year ended 31 December 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 192

Parent company statement of changes in equity For the year ended 31 December 2025 Other reserves Notes Equity share capital US$000 Share-based payment reserve US$000 Total other reserves US$000 Retained earnings US$000 Total equity US$000 Balance at 1 January 2024 9,068 6,643 6,643 858,989 874,700 Proﬁt for the year – – – 852,774 852,774 Total comprehensive income for the year – – – 852,774 852,774 Modiﬁcation of share-based payment awards – (7,954) (7,954) – (7,954) Accrual of share-based payments – 1,311 1,311 – 1,311 Balance at 31 December 2024 9,068 – – 1,711,763 1,720,831 Proﬁt for the year – – – 563,301 563,301 Total comprehensive income for the year – – – 563,301 563,301 Dividends – – – (15,195) (15,195) Balance at 31 December 2025 9,068 – – 2,259,869 2,268,937 During the current and prior years there were no other comprehensive income. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 193

Notes to the parent company ﬁnancial statements 1 Corporate information Hochschild Mining PLC (hereinafter ‘the Company’) is a public limited company incorporated on 11 April 2006 under the Companies Act 2006 as a Limited Company and registered in England and Wales with registered number 05777693. The Company’s registered ofﬁce is located at 17 Cavendish Square, London W1G 0PH, United Kingdom. The Company was incorporated to serve as a holding company to be listed on the London Stock Exchange. The Company acquired its interest in a group of companies to constitute the Hochschild Mining Group (‘the Group’) pursuant to a share exchange agreement (‘Share Exchange Agreement’) dated 2 November 2006. The ultimate controlling party of the Company is Mr Eduardo Hochschild whose beneﬁcial interest in the Company and its subsidiaries (together ‘the Group’ or ‘Hochschild Mining Group’) is 38.27% and it is held through Pelham Investment Corporation, a Cayman Islands company. On 8 November 2006, the Company’s shares were admitted to the Ofﬁcial List of the UKLA (United Kingdom Listing Authority) and to trading on the London Stock Exchange. 2 Signiﬁcant accounting policies (a) Basis of preparation The Company’s ﬁnancial statements have been prepared in accordance with UK-adopted International Accounting Standards. The Company applies the same Group policies, unless there is an exception in its ﬁnancial statements. The ﬁnancial statements of the Company have been prepared on a historical cost basis. The ﬁnancial statements are presented in US dollars (US$) and all monetary amounts are rounded to the nearest thousand ($000) except when otherwise indicated. (b) Going concern The ﬁnancial position of the Company is set out in the Statement of Financial Position. The Company has received a support letter from its wholly owned subsidiary, Hochschild Mining Holdings Ltd (‘HM Holdings’), indicating that it will not request a repayment of the interest free loan of US$62,100,000 for the period to 31 March 2027. The ability for the Company to continue as a going concern is dependent on Compañía Minera Ares S.A.C. (‘Minera Ares’), another wholly owned subsidiary of the Company, providing additional funding to the extent that the operating inﬂows of the Company are insufﬁcient to meet future cash requirements. The Company has obtained a letter of support from Minera Ares indicating that the ﬁnancial support will continue until 31 March 2027. Considering the support available from the subsidiaries described above, the Directors have a reasonable expectation that the Company has adequate resources to meet continue in operation until 31 March 2027, being a period of at least 12 months from the approval date of these ﬁnancial statements. Accordingly, the ﬁnancial statements have been prepared on the going concern basis. (c) Exemptions The Company’s ﬁnancial statements are included in the Hochschild Mining Group consolidated ﬁnancial statements for the years ended 31 December 2025 and 31 December 2024. As permitted by section 408 of the Companies Act 2006, the Company has not presented its own proﬁt and loss account. (d) Changes in accounting policy and disclosures The accounting policies adopted in the preparation of the ﬁnancial statements are consistent with those followed in the preparation of the Company’s ﬁnancial statements for the year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025. The below amendment apply for the ﬁrst time in 2025, but does not have a signiﬁcant impact on the ﬁnancial statements of the Company. ‒ Lack of exchangeability – Amendments to IAS 21 Standards, interpretations and amendments to existing standards that are not yet effective and have not been previously adopted by the Group. Certain new standards, amendments and interpretations to existing standards have been published and are mandatory for the Group’s accounting periods beginning on or after 1 January 2026 or later periods but which the Group has not previously adopted. These have not been listed as they are not expected to have a material impact the Group ﬁnancial statements. The Group has not yet completed its assessment of IFRS 18. The analysis is expected to conclude on second quarter of 2026. (e) Signiﬁcant areas of estimation uncertainty and critical judgements Certain amounts included in the ﬁnancial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to prior experience, but actual results may differ from the amounts included in the ﬁnancial statements. Information about such judgements and estimation is contained in the accounting policies and/or the notes to the ﬁnancial statements. Signiﬁcant areas of estimation uncertainty and critical judgements made by management in preparing the consolidated ﬁnancial statements include: Signiﬁcant estimates: ‒ Impairment in subsidiaries – notes 2(f) and 5 Estimates are required to be made by management in determining the recoverable value of the investments in subsidiaries. The Company tested its investment in subsidiary determining the recoverable value using a fair value less cost of disposal (FVLCD), that was determined with reference to the market capitalisation of the Company, to which a control premium is applied. Judgement is involved in determining the control premium rate to be paid by market participants in an arm’s length transaction. Critical judgements: ‒ Income tax – note 2(n) The Company analyses the possibility of generation of proﬁt and determined the recognition of deferred tax. No deferred tax asset is being recognised by the Company as it does not expect to generate any proﬁt to settle the temporary difference. ‒ Financial guarantee – note 2(p) The Company estimates the fair value of the ﬁnancial guarantee contract as the difference between the net present value of the contractual cash ﬂows required under a debt instrument, and the net present value of the net contractual cash ﬂows that would have been required without the guarantee. The present value is calculated using a risk-free interest rate. (f) Investments in subsidiaries Subsidiaries are entities over which the Company controls operating and ﬁnancial policies, generally by owning more than 50% of voting rights. Investments in subsidiaries are recognised at acquisition cost less any provision for impairment. The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the Company makes an estimate of its recoverable amount. Where the carrying amount of an investment exceeds its recoverable amount, the investment is considered impaired and is written down to its recoverable amount. If, in subsequent periods, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed. Any subsequent reversal of an impairment loss is recognised in the proﬁt and loss account, to the extent that the carrying value of the asset does not exceed its cost at the reversal date. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 194

2 Signiﬁcant accounting policies continued (g) Dividends receivable Dividends are recognised when the Company’s right to receive payments is established. Dividends received are recorded in the income statement. Dividends distributions of non-cash assets are recognised at fair value. (h) Other receivables Other receivables are initially recognised at fair value less provision made for impairment of these receivables. Non-current receivables are stated at amortised cost. A provision for impairment of trade receivables is established using the expected credit loss impairment model according IFRS 9. The amount of the provision is the difference between the carrying amount and the recoverable amount and this difference is recognised in the income statement. (i) Currency translation The functional currency of the Company is the US dollar and is determined by the currency of the primary economic environment in which its subsidiaries operates and therefore drives their ability to pay dividends. Transactions denominated in currencies other than the functional currency of the Company are initially recorded in the functional currency using the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured at the rate of exchange ruling at the statement of ﬁnancial position date. Exchange gains and losses on settlement of foreign currency transactions which are translated at the rate prevailing at the date of the transactions, or on the translation of monetary assets and liabilities which are translated at period-end exchange rates, are taken to the income statement. Non monetary assets and liabilities denominated in foreign currencies that are stated at historical cost are translated to the functional currency at the foreign exchange rate prevailing at the date of the transaction. (j) Cash and cash equivalents Cash and cash equivalents are carried in the statement of ﬁnancial position at cost. For the purposes of the statement of ﬁnancial position, cash and cash equivalents comprise cash in hand and deposits held with banks that are readily convertible into known amounts of cash within three months or less and which are subject to insigniﬁcant risk of changes in value. For the purposes of the cash ﬂow statement, cash and cash equivalents as deﬁned above are shown net of outstanding bank overdrafts. (k) Share capital Ordinary shares are classiﬁed as equity. Any excess above the par value of shares received upon issuance of those shares is classiﬁed as share premium. The Company had the merger reserve available for distribution within retained earnings. (l) Finance income and costs Finance income and costs mainly comprise interest income on funds invested. Interest income and costs are recognised as they accrue, taking into account the effective yield on the asset. (m) Income tax Income tax for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items charged or credited directly to equity, in which case it is recognised in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted at the statement of ﬁnancial position date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for ﬁnancial reporting purposes and the amounts used for taxation purposes with the following exemptions: - Where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; and - In respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on the tax rates (and tax laws) that have been enacted or substantively enacted at the statement of ﬁnancial position date. A deferred tax asset is recognised only to the extent that it is probable that future taxable proﬁts will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax beneﬁt will be realised. (n) Financial instruments A ﬁnancial instrument is any contract that gives rise to a ﬁnancial asset of one entity and a ﬁnancial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are classiﬁed, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through proﬁt or loss. The classiﬁcation of ﬁnancial assets at initial recognition depends on the ﬁnancial asset’s contractual cash ﬂow characteristics and the Company’s business model for managing them. The Company’s business model for managing ﬁnancial assets refers to how it manages its ﬁnancial assets in order to generate cash ﬂows. The business model determines whether cash ﬂows will result from collecting contractual cash ﬂows, selling the ﬁnancial assets, or both. Subsequent measurement The Company measures ﬁnancial assets at amortised cost (debt instruments) if both of the following conditions are met: - The ﬁnancial asset is held within a business model with the objective to hold ﬁnancial assets in order to collect contractual cash ﬂows; and - The contractual terms of the ﬁnancial asset give rise on speciﬁed dates to cash ﬂows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in proﬁt or loss when the asset is derecognised, modiﬁed or impaired. The Company’s ﬁnancial assets at amortised cost includes other receivables. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 195

2 Signiﬁcant accounting policies continued Derecognition A ﬁnancial asset (or, where applicable, a part of a ﬁnancial asset or part of a group of similar ﬁnancial assets) is primarily derecognised (i.e., removed from the Company’s consolidated statement of ﬁnancial position) when: - The rights to receive cash ﬂows from the asset have expired; or - The Company has transferred its rights to receive cash ﬂows from the asset or has assumed an obligation to pay the received cash ﬂows in full without material delay to a third party under a ‘pass- through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment of ﬁnancial assets The Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through proﬁt or loss. ECLs are based on the difference between the contractual cash ﬂows due in accordance with the contract and all the cash ﬂows that the Company expects to receive, discounted at an approximation of the original effective interest rate. For other receivables, the Company applies a simpliﬁed approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Financial liabilities Initial recognition and measurement Financial liabilities are classiﬁed, at initial recognition, as ﬁnancial liabilities at fair value through proﬁt or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All ﬁnancial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company’s ﬁnancial liabilities include trade and other payables, loans including bank overdrafts, and ﬁnancial guarantee liabilities. Subsequent measurement After initial recognition, interest-bearing loans are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in proﬁt or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as ﬁnance costs in the statement of proﬁt or loss. This category generally applies to interest-bearing loans. Derecognition A ﬁnancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing ﬁnancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modiﬁed, such an exchange or modiﬁcation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of proﬁt or loss. (o) Financial guarantees Financial guarantees are initially recognised in the ﬁnancial statements at fair value at the time the guarantee is issued. The Company estimates the fair value of the ﬁnancial guarantee contract as the difference between the net present value of the contractual cash ﬂows required under a debt instrument, and the net present value of the net contractual cash ﬂows that would have been required without the guarantee. The present value is calculated using a risk-free interest rate. Subsequent to initial recognition, the Company’s liability under each guarantee is measured at the higher of the amount initially recognised less cumulative amortisation recognised in proﬁt and loss, and the amount of ECL. Financial guarantee ECL reﬂect the cash shortfalls adjusted by the risks that are speciﬁc to the cash ﬂows. If the ECL exceeds the initially recognised guarantee amount less cumulative amortisation the difference is taken to proﬁt and loss. A ﬁnancial guarantee liability is derecognised when the liability underlying the guarantee is discharged or cancelled or expires, or if the guarantee is withdrawn or cancelled. The carrying amount of the ﬁnancial guarantee is taken to the statement of proﬁt or loss. (p) Dividend distribution Dividends on the Company’s ordinary shares are recognised when they have been appropriately authorised and are no longer at the Company’s discretion. Accordingly, interim dividends are recognised when they are paid and ﬁnal dividends are recognised when they are declared following approval by shareholders at the Company’s Annual General Meeting. 3 Proﬁt and loss account The Company made a proﬁt attributable to equity shareholders of US$563,301,000 (2024: US$852,774,000). 4 Property, plant and equipment At 31 December 2025 and 2024 the Company has property, plant and equipment with cost of equipment of US$265,000 which is fully depreciated. There were no additions during 2024 and 2025. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 196

5 Investments in subsidiaries Total US$000 Cost At 1 January 2024 2,339,308 Additions 782 At 31 December 2024 2,340,090 Accumulated impairment At 1 January 2024 1,412,112 Reversal of impairment (858,796) At 31 December 2024 553,316 Net book value at 31 December 2024 1,786,774 Cost At 1 January 2025 2,340,090 Additions 623 At 31 December 2025 2,340,713 Accumulated impairment At 1 January 2025 553,316 Reversal of impairment (553,316) At 31 December 2025 – Net book value at 31 December 2025 2,340,713 In December 2025, management determined that there was an impairment reversal trigger in Company's investment in its HM Holdings Limited (HMH) subsidiary due primarily to the increase in gold and silver prices along with the improved performance and prospects of the Group’s operations. These factors have contributed to an increase in the Company’s publicly listed share price. As a result of this impairment test, the Company recognised an impairment reversal in the HMH investment of US$553,316,000 (2024: US$858,796,000). The recoverable value of the investment in HM Holdings was determined using a fair value less costs of disposal. The fair value less costs of disposal was determined with reference to the market capitalisation of the Company at 31 December 2025 translated from pounds sterling into US dollars using the year-end exchange rate (both Level 1 inputs), to which a control premium of 25% was added based on recent market transactions (a Level 2 input), and subsequently adjusted for the assets and liabilities held directly by the Company, which result in fair value measurements categorised in its entirety as Level 3 in the fair value hierarchy. A Level 1 input refers to quoted prices in active markets, while a Level 2 input corresponds to other information that can be observed directly or indirectly. A positive/adverse change of 10% of the market capitalisation would result in an additional increase/decrease to the reversal of the impairment recognised by US$nil (2024: US$172,421,000). An increase/(decrease) in the control premium would have no impact on the reversal of impairment recognised in 2025 (2024: would increase/(decrease) the reversal of impairment by US$68,968,000/US$68,968,000). The breakdown of the investments in subsidiaries is as follows: As at 31 December 2025 As at 31 December 2024 Country of incorporation Equity interest % Carrying value US$000 Country of incorporation Equity interest % Carrying value US$000 Hochschild Mining Holdings Ltd England and Wales 100% 2,340,713 England and Wales 100% 1,786,774 Total 2,340,713 1,786,774 The list of indirectly held subsidiaries of the Company is presented in note 1 (Corporate information) to the notes to the consolidated ﬁnancial statements. During 2025 the Company recorded a capital contribution of US$623,000 (2024: US$782,000) related to the ﬁnancial guarantee granted over some borrowings entered into by Amarillo Mineração do Brasil Ltd. (‘Amarillo’) and Minera Ares, both of its indirectly held subsidiaries (note 9). 6 Other receivables As at 31 December 2025 US$000 2024 US$000 Current Amounts receivable from subsidiaries (note 11(a)) 228 211 Prepayments 276 122 Receivable from Kaupthing, Singer and Friedlander 1 – – Total 504 333 Non-current Amounts receivable from subsidiaries (note 11(a)) 573 573 Total 573 573 1 Net of the impairment of receivable of US$200,000 (2024: US$183,000). The fair values of other receivables approximate their book values. Movements in the provision for impairment of receivables: Total US$000 At 1 January 2024 186 Release during the year (3) At 31 December 2024 183 Provided during the year 17 At 31 December 2025 200 As at 31 December 2025 and 2024, none of the ﬁnancial assets classiﬁed as receivables (net of impairment) were past due. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 197

7 Cash and cash equivalents As at 31 December 2025 US$000 2024 US$000 Bank current account 1 246 130 Deposits 2 795 335 Cash and cash equivalents considered for the cash ﬂow statement 1,041 465 1 Relates to bank accounts which are freely available and bear interest. 2 These deposits have an average maturity of Nil days (2024: Nil days). 8 Equity (a) Share capital and share premium Issued share capital The issued share capital of the Company as at 31 December 2025 and 31 December 2024 is as follows: Issued Class of shares Number Amount Ordinary shares (1 pence per share) 514,458,432 £5,144,584 At 31 December 2025 and 2024, all issued shares with a par value of 1 pence each were fully paid (2025: weighted average of US$0.018 per share, 2024: weighted average of US$0.018). The movement in share capital of the Company from 1 January 2024 to 31 December 2025 is as follows: Number of ordinary shares Share capital US$000 Shares issued as at 1 January 2024 514,458,432 9,068 Shares issued as at 31 December 2024 514,458,432 9,068 Shares issued as at 31 December 2025 514,458,432 9,068 Rights attached to ordinary shares At general meetings of the Company, on a show of hands and on a poll, every member who is present in person or subject to the below by proxy, has one vote for every share of which they are the holder/proxy. However, in the case of a vote on a show of hands where a proxy has been appointed by more than one member, the proxy has one vote for and one vote against if the proxy has been instructed by one or more members to vote for the resolution and by one or more members to vote against the resolution. (b) Other reserves Share-based payment reserve Share-based payment reserve is used to recognise the value of equity-settled share-based payment transactions provided to employees, as a part of their remuneration. In May 2024 the award changed from an equity-settled beneﬁt to a cash-settled beneﬁt, and the balance recorded in other reserves was transferred to provisions (note 10). 9 Trade and other payables As at 31 December 2025 2024 Non-current US$000 Current US$000 Non-current US$000 Current US$000 Trade payables – 1,823 – 1,123 Payables to subsidiaries (note 11(a)) – 69,740 – 63,813 Remuneration payable 1 – 842 – 759 Taxes and contributions – 316 – 264 Financial guarantees 2 538 195 648 293 Others – – – – Total 538 72,916 648 66,252 1 Mainly relates to LTIP payable. 2 The Company provided ﬁnancial guarantee to the banks loan entered into by its subsidiary Minera Ares and Amarillo. The ﬁnancial guarantee was recognised at its fair value at initial recognition. This fair value was determined through the use of certain Level 3 estimates, the most signiﬁcant of which being the estimated rate of interest Minera Ares and Amarillo would have been charged were it not for the guarantee provided by the Company. Trade payables mainly relate to the purchase of third-party services. These payables do not accrue interest and no guarantees have been granted in relation to these payables. The fair value of trade and other payables approximate their book values. 10 Provisions As at 31 December 2025 US$000 2024 US$000 Beginning balance 414 – Increase in provision, net 26 414 At 31 December 440 414 Less: current portion – – Non-current portion 440 414 Corresponds to the provision related to awards granted under the Long-Term Incentive Plan (LTIP) to designated personnel of the Company. Includes the 2024 awards, granted in March 2024, payable in March 2027 and the 2025 awards, granted in March 2025, payable in March 2028. The effect has been recorded as administrative expenses. On 22 May 2024, beneﬁciaries of LTIPs were communicated of a change in the payment mechanism resulting in a modiﬁcation of the LTIP from an equity-settled to a cash-settled transaction. This resulted in a recognition of liability based on the fair valuation of the cash-settled LTIPs as at the date of modiﬁcation and reversal of the share-based payment reserves. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 198

11 Related-party balances and transactions (a) Related-party accounts receivable and payable The Company had the following related-party balances and transactions during the years ended 31 December 2025 and 31 December 2024. As at 31 December 2025 As at 31 December 2024 Accounts receivable US$000 Accounts payable US$000 Accounts receivable US$000 Accounts payable US$000 Subsidiaries Compañía Minera Ares S.A.C. 1 – 7,618 – 6,890 Hochschild Mining Holdings Ltd 2 – 62,100 – 56,900 Minera Santa Cruz S.A .3 662 20 662 20 Other subsidiaries 139 2 122 3 Total 801 69,740 784 63,813 1 The account payable mainly relates to the services performed by Minera Ares to the Company, which during 2025 amounts to US$728,000 (2024: US$717,000). The Company provided certain ﬁnancial guarantees on behalf of Minera Ares and Amarillo (note 9). 2 Relates to loans payable to HM Holdings. The loan payable is repayable on demand and is free of interest. During the year the Company received cash proceeds from loans of US$5,200,000 (2024: US$6,150,000). In March 2025, the Company received a support letter from HM Holdings indicating that it will not request a repayment of the interest free loan of US$62,100,000 for the period to 31 March 2027. 3 The account receivable mainly relates to the LTIP 2020. The account payable mainly relates to the services performed in previous years by Minera Santa Cruz to the Company. The fair values of the receivables and payables approximate their book values. Transactions between the Company and these companies are on an arm’s length basis. (b) Compensation of key management personnel of the Company Key management personnel include certain Directors who receive remuneration. The amount of this remuneration totals US$1,183,000 (2024: US$1,117,000). The remuneration of the other Directors is paid by a subsidiary undertaking of the Company. Total remuneration paid to Directors of the Company is disclosed in the Directors Remuneration Report. 12 Dividends paid and proposed Year ended 31 December 2025 US$000 2024 US$000 DIVIDENDS PAID AND PROPOSED DURING THE YEAR Dividends on ordinary shares: Final dividend for 2024:1.94 US$ cents per share (2023: Nil US$ cents per share) 10,050 – Interim dividend for 2025: 1.00 US$ cents per share (2024: Nil US$ cents per share) 5,145 – Total dividends paid in cash 15,195 – Proposed dividends on ordinary share Final dividend for 2025: 5.00 US$ cents per share (2024: 1.94 US$ cents per share) 25,723 10,000 Dividends per share The proposed ﬁnal dividend in respect of the year ending 31 December 2025 is 5.00 US$ cents per share (2024: US$1.94). 13 Finance income Year ended 31 December 2025 US$000 2024 US$000 Dividends from subsidiary undertaking 18,000 – Interests on deposits 19 8 Income from guarantee 831 1,502 Others 10 9 Total 18,860 1,519 14 Financial risk management The Company is exposed to a variety of risks and uncertainties which may have an impact on the achievement of ﬁnancial and economic objectives. These risks include strategic, operational and ﬁnancial risk and are further categorised into risk areas to facilitate risk assessment. The Company is not exposed to signiﬁcant sources of commodity price, equity or interest rate risk. (a) Foreign currency risk Due to the operations of the Company, it has cash and cash equivalents and trade payables denominated in pounds sterling. Accordingly, the ﬁnancial results of the Company may be affected by exchange rate ﬂuctuations. The Company does not use derivative instruments to manage its foreign currency risks. The foreign exchange effect is not material. (b) Credit risk The Company is primarily exposed to credit risk in transactions in cash which are primarily limited to cash balances deposited in banks and accounts receivable at the statement of ﬁnancial position date. The Company has evaluated and introduced efforts to try to mitigate credit risk exposure. To manage credit risk associated with cash balances deposited in banks, the Company took the following steps: - Increasing banking relationships with large, established and well-capitalised institutions in order to secure access to credit and to diversify credit risk - Limiting exposure to ﬁnancial counterparties according to Board approved limits - Investing cash in short term, highly liquid and low-risk instruments (term deposits mainly) - Increased the utilisation of UK bank accounts. Credit risk concentrations exist when changes in economic, industrial or geographic factors take place, affecting in the same manner the Company’s counterparties whose added risk exposure is signiﬁcant to the Company’s total credit exposure. Receivable balances are monitored on an ongoing basis with the result that the Company’s exposure to bad debts is not signiﬁcant. The maximum exposure is the carrying amounts as disclosed in notes 6 and 7. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 199

14 Financial risk management continued (c) Liquidity risk Liquidity risk arises from the Company’s inability to obtain the funds it requires to comply with its commitments. Management constantly monitors the Company’s level of short- and medium-term liquidity in order to ensure appropriate ﬁnancing is available for its operations. The Company is funded by HM Holdings through loans in order to meet its obligations. Liquidity is supported by the balance of cash and cash equivalent held by the Company of US$1,041,000 (2024: US$465,000) and the ﬁnancial support provided by Minera Ares (see note 2(b)). The Company also serves as principal funding conduit for the Group’s capital raising activities such as equity issuances. The table below analyses the Company’s ﬁnancial liabilities into relevant maturity groupings based on the remaining period to the contractual maturity date: Less than 1 year US$000 Between 1 and 2 years US$000 Between 2 and 5 years US$000 Over 5 years US$000 Total US$000 At 31 December 2025 Trade and other payables 72,405 – – – 72,405 At 31 December 2024 Trade and other payables 65,695 – – – 65,695 The table below analyses the maximum amounts payable under ﬁnancial guarantees provided to Minera Ares and Amarillo (note 9), considering that if the guarantees were to be called, the guaranteed amounts would be due immediately: Less than 1 year US$000 Between 1 and 2 years US$000 Between 2 and 5 years US$000 Over 5 years US$000 Total US$000 At 31 December 2025 Financial guarantees 1 120,000,000 – – – 120,000,000 At 31 December 2024 Financial guarantees 1 230,000,000 – – – 230,000,000 1 Not including any accumulated interest that may be payable at the call date. (d) Capital risk management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and beneﬁts for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. Management considers as part of its capital the ﬁnancial sources of funding from shareholders and other parties (notes 8 and 9). In order to ensure an appropriate return for shareholders’ capital invested in the Company, management monitors capital thoroughly and evaluates all material projects and potential acquisitions before submission to the Board for ultimate approval, where applicable. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 200

→ Profit by operation → Reserves and resources → Shareholder information → Forward-looking statements & non-IFRS measures Further information STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 201

Proﬁt by operation 1 (SEGMENT REPORT RECONCILIATION) AS AT 31 DECEMBER 2025 Group (US$000) Inmaculada San Jose Mara Rosa Consolidation adjustment and others Total/HOC Revenue 667,913 436,522 77,562 151 1,182,148 Cost of sales (pre-consolidation) (312,697) (252,238) (108,189) (4,815) (677,939) Consolidation adjustment 2,545 (106) (7,254) 4,815 – Cost of sales (post-consolidation) (310,152) (252,344) (115,443) – (677,939) Production cost excluding depreciation and amortisation (199,360) (206,007) (102,657) – (508,024) Depreciation in production cost (103,575) (50,569) (19,433) – (173,577) Workers proﬁt sharing (15,512) – – – (15,512) Other items – – (16,312) – (16,312) Change in inventories 8,295 4,232 22,959 – 35,486 Gross proﬁt/(loss) 355,216 184,284 (30,627) (4,664) 504,209 Administrative expenses – – – (55,604) (55,604) Exploration expenses – – – (28,695) (28,695) Selling expenses (657) (20,225) (1,040) - (21,922) Other expenses, net – – – (65,238) (65,238) Operating proﬁt/(loss) before impairment 354,559 164,059 (31,667) (154,201) 332,750 Impairment reversal of non-current assets, net – – – 52,771 52,771 Share of post-tax losses from associate – – – 20,544 20,544 Finance income – 11,826 11,826 Finance costs – – – (41,112) (41,112) Foreign exchange loss – – – (3,955) (3,955) Proﬁt/(loss) from operations before income tax 354,559 164,059 (31,667) (114,127) 372,824 Income tax expense – – – (125,422) (125,422) Proﬁt/(loss) for the year from operations 354,559 164,059 (31,667) (239,549) 247,402 1 On a post-exceptional basis. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 202

Reserves and resources 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 2012 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 on 86 to 88 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 internally employs a Competent Person who has audited reserves and mineral resource estimates as at 31 December 2025 for the operating mines as shown in this report. The 2024 estimates were conducted by Competent Persons provided by independent consultants, P&E Consulting. 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 Group’s 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 2025. 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$2,250 per ounce and Ag Price: US$27.0 per ounce for Inmaculada and Mara Rosa; Au Price: US$2,750 per ounce and Ag Price: US$31.0 per ounce for San Jose. The prices used for resources calculation were: Au: $2,900/oz and Ag: $32.0/oz and Ag/Au ratio of 83x. ATTRIBUTABLE METAL RESERVES AS AT 31 DECEMBER 2025 Resource category Proved and probable (t) Ag (g/t) Au (g/t) Ag (moz) Au (koz) Ag Eq (moz) Au Eq (koz) OPERATIONS 1 Inmaculada Proved 2,356,147 90 2.30 6.8 174.5 21.3 256 Probable 3,136,223 92 2.11 9.3 213.1 27.0 325 Total 5,492,370 91 2.19 16.1 387.5 48.3 581 San Jose Proved 513,932 199 3.72 3.3 61.5 8.4 101 Probable 372,956 175 3.69 2.1 44.3 5.8 70 Total 886,888 189 3.71 5.4 105.7 14.2 171 Mara Rosa Proved 5,009,170 – 1.06 – 170.5 14.1 170 Probable 24,446,843 – 0.95 – 746.9 62.0 747 Total 29,456,013 – 0.97 – 917.4 76.1 917 GROWTH PROJECTS Monte do Carmo Proved 2,015,000 – 1.68 – 109.0 9.0 109 Probable 14,780,000 – 1.66 – 787.0 65.3 787 Total 16,795,000 – 1.66 – 896.0 74.4 896 GRAND TOTAL Proved 9,894,249 32 1.62 10.1 515.4 52.9 637 Probable 42,736,022 8 1.30 11.4 1,791.2 160.1 1,928 Total 52,630,270 13 1.36 21.5 2,306.6 212.9 2,565 Note: Where reserves are attributable to a joint venture partner, reserve ﬁgures reﬂect the Company’s ownership only. Includes discounts for ore loss and dilution. 1 The prices used for Monte do Carmo reserves calculation were from 2024 Reserve statement assumptions: Au: $1,750/oz STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 203

CHANGE IN ATTRIBUTABLE RESERVES AND RESOURCES Ag equivalent content (million ounces) Category Percentage attributable December 2025 December 2024 Att. 1 December 2025 Att. 1 Net difference % change Inmaculada Resource 100% 271.6 292.0 20.4 7.5% Reserve 47.1 48.3 1.1 2.4% Pallancata Resource 100% 191.8 274.2 82.4 43.0% Reserve – – – – San Jose Resource 51% 69.8 58.2 (11.7) (16.7%) Reserve 13.1 14.2 1.0 7.9% Mara Rosa Resource 100% 105.9 108.2 2.3 2.2% Reserve 71.8 76.1 4.4 6.1% Monte do Carmo Resource 100% 89.5 89.5 – – Reserve 74.4 74.4 – – Volcan Resource 69.8% 917.2 917.2 – – Reserve – – – – Total Resource 1,645.7 1,739.2 93.5 5.7% Reserve 206.4 212.9 6.6 3.2% 1 Attributable reserves and resources based on the Group’s percentage ownership of its joint venture projects. 2024 silver equivalent ﬁgures have been re-presented using a Ag/Au ratio of 83x (previously calculated at Ag/Au ratio of 75x). RESERVES AND RESOURCES CONTINUED ATTRIBUTABLE METAL RESOURCES AS AT 31 DECEMBER 2025 1 Resource category Tonnes (t) Ag (g/t) Au (g/t) Ag Eq (g/t) Ag (moz) Au (koz) Ag Eq (moz) Au Eq (koz) OPERATIONS Inmaculada Measured 4,984,000 98 2.46 302 15.7 394.3 48.5 584 Indicated 6,151,000 100 2.29 290 19.8 452.4 57.3 691 Total 11,135,000 99 2.37 296 35.5 846.7 105.8 1,275 Inferred 19,868,000 93 2.39 292 59.6 1,525.4 186.2 2,244 Pallancata Measured 1,052,000 293 1.26 397 9.9 42.6 13.4 162 Indicated 2,858,000 466 1.53 593 42.8 140.4 54.5 657 Total 3,910,000 420 1.46 540 52.7 183.0 67.9 819 Inferred 11,898,000 409 1.57 539 156.3 601.8 206.2 2,485 San Jose Measured 868,530 341 5.73 817 9.5 160.1 22.8 275 Indicated 595,170 242 4.55 619 4.6 87.1 11.8 143 Total 1,463,700 301 5.25 737 14.2 247.2 34.7 418 Inferred 1,359,660 222 3.81 538 9.7 166.7 23.5 283 Mara Rosa Measured 5,965,000 – 0.98 81 – 187.9 15.6 188 Indicated 31,993,000 – 0.87 72 – 898.1 74.5 898 Total 37,958,000 – 0.89 74 – 1,086.0 90.1 1,086 Inferred 9,353,000 – 0.72 60 – 217.1 18.0 217 GROWTH PROJECTS Monte do Carmo 2 Measured 2,056,000 – 1.73 144 – 115.0 9.5 115 Indicated 16,302,000 – 1.71 142 – 897.0 74.5 897 Total 18,358,000 – 1.72 143 – 1,012.0 84.0 1,012 Inferred 1,053,000 – 1.95 162 – 66.0 5.5 66 Volcan Measured 123,979,000 – 0.700 53 – 2,792.0 209.4 2,792 Indicated 339,274,000 – 0.643 48 – 7,013.0 526.0 7,013 Total 463,253,000 – 0.658 49 – 9,804.0 735.3 9,804 Inferred 75,018,000 – 0.516 39 – 1,246.0 93.5 1,246 Resource category Tonnes (t) Ag (g/t) Au (g/t) Ag Eq (g/t) Ag (moz) Au (koz) Ag Eq (moz) Au Eq (koz) GRAND TOTAL Measured 138,904,530 8 0.83 76 35.2 3,692.0 341.6 4,116 Indicated 397,173,170 5 0.74 67 67.3 9,487.9 854.8 10,298 Total 536,077,700 6 0.76 69 102.4 13,178.9 1,196.3 14,413 Inferred 118,549,660 59 1.00 142 225.6 3,823.0 542.9 6,541 1 Tables represents 100% of the Mineral Resources. Resources are inclusive of Reserves. 2 The prices used for Monte do Carmo resources calculation were from 2024 Resource statement assumptions: Au: $2,100/oz. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 204

Shareholder information COMPANY WEBSITE Hochschild Mining PLC Interim and Annual Reports and results announcements are available on our website at www.hochschildmining.com. Shareholders can also access the latest information about the Company and other announcements as they are released, together with details of future events and how to obtain further information. REGISTRARS The Registrars, MUFG Corporate Markets, can be contacted as follows for information about the AGM, shareholdings, dividends and to report changes in personal details: BY POST MUFG Corporate Markets, Central Square, 29 Wellington Street, Leeds LS1 4DL BY EMAIL shareholderenquiries@cm.mpms.mufg.com BY TELEPHONE +44 (0) 371 664 0300 (Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 9am – 5:30pm, Monday to Friday excluding public holidays in England and Wales.) CURRENCY OPTION AND DIVIDEND MANDATE Shareholders wishing to receive their dividend in US dollars should contact the Company’s registrars to request a currency election form. This form should be completed and returned to the registrars by 26 May 2026 in respect of the 2025 ﬁnal dividend. The Company’s registrars can also arrange for the dividend to be paid directly into a shareholder’s UK bank account. This arrangement is only available in respect of dividends paid in UK pounds sterling. To take advantage of this facility in respect of the 2025 ﬁnal dividend, a dividend mandate form, also available from the Company’s registrars, should be completed and returned to the registrars by 26 May 2026. Alternatively, you can register your bank details via Investor Centre, a secure online site where you can manage your shareholding quickly and easily. To register for Investor Centre visit uk.investorcentre.mpms.mufg.com or use the Investor Centre app. You will need your investor code, which can be found on your share certiﬁcate or a previous dividend conﬁrmation voucher. Shareholders who have already completed one or both of these forms need take no further action. Financial calendar Ex-dividend date 7 May 2026 Record date 8 May 2026 Deadline for return of currency election forms 26 May 2026 Payment date 16 June 2026 LONDON OFFICE 21 Gloucester Place London W1U 8HR United Kingdom Tel: +44 (0)20 3709 3260 Email: info@hocplc.com STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 205

Forward-looking statements & non-IFRS measures FORWARD-LOOKING STATEMENTS This Annual Report contains certain forward-looking statements, including such statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In particular, such forward-looking statements may relate to matters such as the business, strategy, investments, production, major projects and their contribution to expected production and other plans of Hochschild Mining PLC and its current goals, assumptions and expectations relating to its future ﬁnancial condition, performance and results. Forward-looking statements include, without limitation, statements typically containing words such as ‘intends’, ‘expects’, ‘anticipates’, ‘targets’, ‘plans’, ‘estimates’ and words of similar import. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results, performance or achievements of Hochschild Mining PLC may be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause or contribute to differences between the actual results, performance or achievements of Hochschild Mining PLC and current expectations include, but are not limited to, legislative, ﬁscal and regulatory developments, competitive conditions, technological developments, exchange rate ﬂuctuations and general economic conditions. Past performance is no guide to future performance and persons needing advice should consult an independent ﬁnancial adviser. The forward-looking statements reﬂect knowledge and information available at the date of preparation of this Annual Report. Except as required by the Listing Rules and applicable law, Hochschild Mining PLC does not undertake any obligation to update or change any forward-looking statements to reﬂect events occurring after the date of this Annual Report. Nothing in this Annual Report should be construed as a proﬁt forecast. NON-IFRS FINANCIAL PERFORMANCE MEASURES The Company has included certain non- IFRS measures in this report. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardised meaning prescribed under IFRS, and therefore may not be comparable to other issuers. These are detailed as follows. Adjusted EBITDA Adjusted EBITDA is a useful approximation of the operating cash ﬂow generation of the business by eliminating depreciation and amortisation. Adjusted EBITDA is not a direct measure of liquidity which is shown by the cash ﬂow statement. AISC The Company believes the AISC measure provides further transparency into costs associated with the production of gold and silver and will assist investors, analysts and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash ﬂow from current operations and its overall value. Pre-exceptional EPS Pre-exceptional earnings per share represents the Group’s underlying operating performance from core activities, excluding the impact of one-off transactions outside the normal course of business of the Group. Net debt Net debt is a measure of the Group’s ﬁnancial position. The Group uses net debt to monitor the sources and uses of ﬁnancial resources, the availability of capital to invest or return to shareholders, and the resilience of the balance sheet. Gross Revenue Gross revenue represents the revenue generated from the Group’s core business, excluding the impact of commercial discounts, and non-cash hedged items. Unit cost per tonne Unit cost per tonne represents the direct cash cost including direct cash support costs in producing one tonne of saleable product. This is a standard industry measure applied by most major mining companies and therefore, comparable for the users of the Financial Statements. Cash costs Cash costs are a measure of the cost of operating production expressed in terms of dollars per ounce of gold and this is a standard industry measure applied by most major mining companies which reﬂects the direct costs involved in producing each ounce of metal. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 206

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HOCHSCHILD MINING PLC 21 Gloucester Place London W1U 8HR United Kingdom +44 (0) 203 709 3260 info@hocplc.com