Interim Results

Hochschild Mining PLC

06 September 2023

6 September 2023

Hochschild Mining PLC

Interim Results

Six months ended 30 June 2023

Hochschild Mining PLC ("Hochschild" or the "Company") (LSE: HOC) (OTCQX: HCHDF) is pleased to announce Interim Results for the six months ended 30 June 2023.

Financial Highlights

§ Revenue of $314.0 million (H1 2022: $347.8 million)^{^[1]}

§ Adjusted EBITDA of $99.5 million (H1 2022: $130.5 million)^{^[2]}

§ Profit before income tax (pre-exceptional) of $0.8 million (H1 2022: $15.3 million)

§ Loss before income tax (post-exceptional) of $66.1 million (H1 2022: profit of $5.4 million)

§ Basic loss per share (pre-exceptional) of $0.004 (H1 2022: earning per share of $0.01)

§ Basic loss per share (post-exceptional) of $0.09 (H1 2022: $0.01)

§ Cash and cash equivalent balance of $93.6 million as at 30 June 2023 (31 December 2022: $143.8 million)

§ Net debt of $227.1 million as at 30 June 2023 (31 December 2022: $175.1 million)

Operational Highlights[3]

§ Inmaculada's Modified Environmental Impact Assessment approved on 1 August 2023 for an additional 20 years

§ All-in sustaining costs (AISC) from operations of $1,572 per gold equivalent ounce (H1 2022: $1,466) or $18.9 per silver equivalent ounce (H1 2022: $17.7)[4]

§ H1 2023 attributable production of 136,878 gold equivalent ounces or 11.4 million silver equivalent ounces (H1 2022: 157,380 gold equivalent ounces or 13.1 million silver equivalent ounces)

Project & Exploration Highlights

§ Mara Rosa project in Brazil advancing on schedule and on budget - total project progress at 92% with first production on track for H1 2024

§ Brownfield programme commenced in the surrounding areas of all three mines

ESG highlights

§ Continued improvement across all key metrics

§ Lost Time Injury Frequency Rate of 0.84 (FY 2022: 1.37)^{^[5]}

§ Accident Severity Index of 32 (FY 2022: 93)^{^[6]}

§ Water Consumption of 168lt/person/day (FY 2022: 171lt/person/day)

§ Domestic waste generation of 0.95 kg/person/day (FY 2022: 1.05kg/person/day)

§ ECO score of 5.89 out of 6 (FY 2022: 5.27)^{^[7]}

2023 Full year outlook

§ Revised guidance mainly reflects the impact of MEIA delays on Inmaculada and accelerated mine development costs at San Jose

§ Revised production target:

o 289,000-303,0000 gold equivalent ounces (24.0-25.0 million silver equivalent ounces)

§ Revised All-in sustaining costs target:

o $1,490-$1,580 per gold equivalent ounce ($18.0-$19.0 per silver equivalent ounce)

§ Total sustaining and development capital expenditure expected to be approximately $130-140 million

§ Additional $60 million drawn down in early August 2023 from $200 million debt facility signed in December 2022

Capital Markets Event

§ Capital Markets Event to be held on 22 November 2023 in London where the Company will set out its long-term strategy

$000 unless stated	Six months to 30 June 2023	Six months to 30 June 2022	% change
Attributable silver production (koz)	4,442	5,065	(12)
Attributable gold production (koz)	83	96	(14)
Revenue	314,023	347,781	(10)
Adjusted EBITDA	99,497	130,525	(24)
Profit/(loss) from continuing operations (pre-exceptional)	(4,357)	9,503	(146)
Profit/(loss) from continuing operations (post-exceptional)	(52,685)	(420)	12,444
Basic earnings/(loss) per share (pre-exceptional) $	(0.004)	0.01	(140)
Basic earnings/(loss) per share (post-exceptional) $	(0.09)	(0.01)	800

_______________________________________________________________________________________

A live conference call and audio webcast will be held at 9.30am (London time) on Wednesday 6 September 2023 for analysts and investors.

For a live webcast of the presentation please click on the link below:

https://brrmedia.news/HOC_IR23

Conference call dial in details:

UK: +44 (0)330 551 0200

UK Toll Free: 0808 109 0700

US/Canada Toll Free: 866 580 3963

Pin: Hochschild - Interim Results

_______________________________________________________________________________________

Enquiries:

Hochschild Mining PLC

Charles Gordon +44 (0)20 3709 3264

Head of Investor Relations

Hudson Sandler

Charlie Jack +44 (0)207 796 4133

Public Relations

_______________________________________________________________________________________

Non-IFRS Financial Performance Measures

The Company has included certain non-IFRS measures in this news release. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors 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.

About Hochschild Mining PLC:

Hochschild Mining PLC is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) and crosstrades on the OTCQX Best Market in the U.S. (HCHDF), with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over fifty years' experience in the mining of precious metal epithermal vein deposits and currently operates three underground epithermal vein mines, two located in southern Peru and one in southern Argentina. Hochschild also owns the Mara Rosa Advanced Project in Brazil as well as numerous long-term projects throughout the Americas

EDUARDO LANDIN, CHIEF EXECUTIVE OFFICER SAID:

I am honoured to lead Hochschild Mining PLC and believe in a relationship with shareholders based on trust and a thorough appreciation of our key strengths.

We are dedicated to transparency and responsible business practices. Our core competencies drive success, with a proven track record of finding new resources, looking for new value accretive opportunities, delivering projects on time and on budget and operating efficiently. These are underpinned by a focus on consistent ESG performance and the capacity to continually learn from experience.

I look forward to working with colleagues across the business to ensure that we continue improving our strong safety, environmental, operational and financial record, while progressing our growth strategy. Together with the executive team, we are fully committed to unleashing Hochschild's full potential. We believe that safe, efficient operations, a clear strategic direction, great people and capital discipline will enable our Company to generate superior returns for shareholders and make a broader positive contribution to society.

The first half of the year was challenging for the Company as we reached the final stages of the process in securing Inmaculada's Modified Environmental Impact Assessment ("MEIA") which, regrettably, impacted in the short-term our operational and exploration strategy. However, following the recent welcome approval of the MEIA by the Peruvian government, the Company is now in an excellent position to optimise the Inmaculada mine and unlock its impressive geological potential, complete construction of our new Mara Rosa operation in Brazil and advance the new Royropata discovery at Pallancata.

I would like to thank the teams involved in four years of hard work on the permitting project and am delighted that Inmaculada will remain a key part of Hochschild's portfolio for many years to come. The extension reaffirms our commitment to our stakeholders in the Ayacucho region and its communities as well as to Peru overall.

ESG

We continued with our focus on safety and are proud that, in H1 2023, our key performance indicators highlighted our strongest performance to date in this area with both the accident frequency rate and accident severity indices at unprecedented low levels of 0.84 and 32, respectively. We are particularly pleased to report that during the construction phase at Mara Rosa, we performed over three million hours without any lost time accidents and that at both our Pallancata and San Jose operations we have surpassed two million hours without lost time accidents.

Our safety performance is matched by our environmental management during this first half with our ECO Score ending the period at 5.89 (out of 6), its most robust level since the implementation of this internally-designed KPI. This demonstrates not only proactivity and sound operational credentials but also a positive outcome of internal audits and regulatory inspections.

We are always looking for ways to improve our engagement with our local communities and so, to achieve this, during the first half we have reviewed, and are in the process of implementing, a reorganised social relations team with a continued focus on support and collaboration. In addition, in the first half, we held training sessions as part of our focus on promoting economic development through the Impulso Productivo ('Boosting Productivity') and "Orgullo Pecuario ('Pride in our Livestock') programmes for local farmers and livestock keepers. Additionally, we have been supporting local farmers in their sales by partnering with Sodexo.

Finally, in the area of education, we launched courses in our five Digital Centres in Peru in conjunction with local educational institutions under the Conexion Futuro programme ('Future Connection'). Workshops and motivational talks were also conducted for secondary school students in our communities, thanks to the Aprender para Triunfar programme ('Learn to Succeed').

Operations

Hochschild's production in the first half was, as expected, impacted by the delay in securing the approval of the MEIA, which had a knock-on effect on development at the mine. Overall attributable production was 136,878 gold equivalent ounces (11.4 million silver equivalent ounces), which was lower than the first half of 2022 due to the permit delay, as well as the expected lower production at Pallancata. Production in the period was at an all-in sustaining cost ("AISC") of $1,572 per gold equivalent ounce ($18.9 per silver equivalent ounce). Inmaculada otherwise had a solid half with production of 92,856 gold equivalent ounces (H1 2022: 106,584 ounces) and AISC at $1,272 per gold equivalent ounce (H1 2022: $1,074 per ounce).

Pallancata's current mining area is almost depleted, and grades and tonnage, as expected, continued to decline in the first half of the year. Output was 1.2 million silver equivalent ounces (H1 2022: 1.6 million ounces) with the mine's AISC unsurprisingly high at $31.7 per silver equivalent ounce (H1 2022: $32.3 per ounce). The Company's plan is to place Pallancata on care and maintenance in Q4 2023.

In Argentina, mine sequencing and the annual holidays impacted the first quarter but the second quarter was much stronger, leading to production of 4.9 million silver equivalent ounces in the first half (H1 2022: 5.1 million ounces). AISC was $21.5 per silver equivalent ounce (H1 2022: $21.2 per ounce).

Overall, I am proud of our team's fantastic work, which has delivered operational efficiencies and cost savings to mitigate the impact of the MEIA delay.

Projects

At the Mara Rosa project in the state of Goias in Brazil, we have made excellent progress in the first half of the year and are now at 92% total completion with all key equipment in place and all civil works complete and mechanical assembly advanced to 70% completion. We have also made good progress with pre-stripping and preparations for the operational permit. I am pleased to say that we remain on track for first production in the first half of next year and will provide regular progress updates over the final few months of construction.

Exploration

Our brownfield exploration programme for 2023 was also affected by the MEIA delay and has only recently re-started in Peru. Plans are underway to drill 10,000 metres at Inmaculada to identify additional high-grade resources in the Eduardo and San Salvador belts. With respect to our exciting Royropata discovery in Pallancata, where over 50 million ounces of high-grade silver were discovered in 2022 in veins with average widths of 5 metres, we have applied for the requisite permit to drill for additional resources. In Argentina, the team is targeting further potential resource drilling in the area surrounding our operations.

Financial results

Financial results reflect the difficult operating environment experienced in H1 2023, which we expect to improve in H2. Both silver and gold production were lower, as guided, versus H1 2022 and therefore, despite a 4% rise in the average gold price achieved, revenue decreased by 10% to $314.0 million (H1 2022: $347.8 million). AISC was $1,572 per gold equivalent ounce (H2 2022: $1,466 per ounce) with the rise reflecting the impact of the MEIA delay at Inmaculada, expected lower production at Pallancata and lower grades at San Jose. Adjusted EBITDA of $99.5 million (H1 2022: $130.5 million) mostly reflects the decreased production levels and increased costs whilst pre-exceptional loss per share was $0.004 (H1 2022: $0.01 earnings per share). Post-exceptional loss per share was $0.09 (H1 2022: $0.01).

Financial position

Following receipt of the MEIA, the Company is in a good position to fund the remaining capital expenditure at Mara Rosa which we expect to amount to $54 million in H2. Cash and cash equivalents was $93.6 million at the end of June (31 December 2022: $143.8 million) and net debt was $227.1 million (31 December 2022: $175.1 million). In December 2022, Hochschild closed a $200 million committed medium-term loan facility, which will provide funding to complete the construction of Mara Rosa and amortise our existing debt facilities, as well as for other corporate uses. We have also taken additional steps to ensure future cashflow certainty from the low-cost Mara Rosa project and have hedged additional ounces in Brazil for the next few years at highly competitive gold prices. This gives us financial flexibility to repay debt and continue to invest in our growth strategy.

Outlook

The MEIA delay has, as expected, impacted several of our 2023 operational and investment plans. We have therefore modified our production and cost guidance for the year at Inmaculada and at San Jose, where we have taken the decision to accelerate some 2024 mine development plans. The second half will also feature the final stages of investment in Mara Rosa as well as the restarting of our brownfield exploration programme in Peru, which will continue into 2024.

As we enter this new exciting phase for the Company, we look forward to presenting our long-term strategic plans and showcasing our future exploration opportunities at a Capital Markets Event on 22 November 2023.

I would like to express my gratitude to all stakeholders for their ongoing support in what has been a prolonged period of uncertainty for the Company. We are, however, entering a new phase with renewed impetus, and we are looking forward to a busy second half of construction and exploration while maintaining the very highest levels of safety, ethics and community support as we work to deliver on our commitments to all stakeholders.

OPERATING REVIEW

OPERATIONS

Note: All 2023 and 2022 silver/gold equivalent production figures assume a gold/silver ratio of 83:1.

Production

In H1 2023, Hochschild delivered attributable production of 136,878 gold equivalent ounces or 11.4 million silver equivalent ounces (on an attributable basis), with the decrease versus the same period of 2022 resulting from mine development of Inmaculada being temporarily impacted by the delay in the approval of the MEIA, as well as expected planned lower production at Inmaculada and Pallancata.

Total group production

	Six months to 30 June 2023	Six months to 30 June 2022
Silver production (koz)	5,393	6,105
Gold production (koz)	100.55	113.94
Total silver equivalent (koz)	13,739	15,562
Total gold equivalent (koz)	165.53	187.50
Silver sold (koz)	5,425	6,045
Gold sold (koz)	99.79	112.70

Total production includes 100% of all production, including production attributable to Hochschild's minority shareholder at San Jose.

Attributable group production

	Six months to 30 June 2023	Six months to 30 June 2022
Silver production (koz)	4,442	5,065
Gold production (koz)	83.36	96.36
Silver equivalent (koz)	11,361	13,063
Gold equivalent (koz)	136.88	157.38

Attributable production includes 100% of all production from Inmaculada and Pallancata and 51% from San Jose.

The delay in the approval of the Inmaculada MEIA has, as expected, temporarily impacted the mine plan for 2023 at the operation and resulted in a modification to the production and cost forecasts for 2023. In addition, the Company has taken the decision to accelerate some 2024 mine development plans at San Jose into the second half of 2023 and therefore this has temporarily increased capital expenditure at the operation. The revised guidance for 2023 is as follows:

Revised attributable 2023 Production forecast split

Operation	Oz Au Eq	Moz Ag Eq
Inmaculada	192,000-200,000	16.0-16.5
Pallancata	24,000-27,000	2.0-2.2
San Jose	73,000-76,000	6.0-6.3
Total	289,000-303,000	24.0-25.0

Costs

AISC from operations in H1 2023 was $1,572 per gold equivalent ounce or $18.9 per silver equivalent ounce (H1 2022: $1,466 per gold equivalent ounce or $17.7 per silver equivalent ounce), higher than H1 2022 mainly due to lower tonnage at Inmaculada and lower grades at San Jose, partially offset by higher grades at Inmaculada.

The all-in sustaining cost from operations for 2023 is revised to between $1,490 and $1,580 per gold equivalent ounce (or $18.0 and $19.0 per silver equivalent ounce). This incorporates an additional provision of $4.1 million for brownfield exploration at Inmaculada and San Jose.

Revised 2023 AISC forecast split

Operation	$/oz Au Eq	$/oz Ag Eq
Inmaculada	1,330-1,380	16.0-16.6
Pallancata	2,175-2,390	26.2-28.8
San Jose	1,610-1,690	19.4-20.4
Total from operations	1,490-1,580	18.0-19.0

Inmaculada

The 100% owned Inmaculada gold/silver underground operation is located in the Region of Ayacucho in southern Peru. It commenced operations in 2015.

Inmaculada summary	Six months to 30 June 2023	Six months to 30 June 2022	% change
Ore production (tonnes)	535,905	657,202	(18)
Average silver grade (g/t)	178	145	23
Average gold grade (g/t)	3.85	3.61	7
Silver produced (koz)	2,573	2,815	(9)
Gold produced (koz)	61.85	72.67	(15)
Silver equivalent produced (koz)	7,707	8,846	(13)
Gold equivalent produced (koz)	92.86	106.58	(13)
Silver sold (koz)	2,561	2,805	(9)
Gold sold (koz)	61.39	72.72	(16)
Unit cost ($/t)	140.5	111.8	26
Total cash cost ($/oz Au co-product)	808	679	19
All-in sustaining cost ($/oz Au Eq)	1,272	1,074	18

Production

Inmaculada's first half production was 61,852 ounces of gold and 2.6 million ounces of silver, which amounts to a gold equivalent output of 92,856 ounces (H1 2022: 106,584 ounces),with the reduction versus H1 2022, as expected, due to the ongoing delays in the decision on the MEIA impacting mine development although this was partially offset by higher grades.

Costs

AISC was $1,272 per gold equivalent ounce (H1 2022: $1,074 per ounce). The increase versus the same period of 2022 is mainly due to deferred mine development resulting from the MEIA delay, which caused decreased tonnage although this was partially offset by higher grades. The result was better than originally budgeted for the period due to temporary lower capex.

Pallancata

The 100% owned Pallancata silver/gold property is located in the Region of Ayacucho in southern Peru. Pallancata commenced production in 2007. Ore from Pallancata is transported 22km to the Selene plant for processing.

Pallancata summary	Six months to 30 June 2023	Six months to 30 June 2022	% change
Ore production (tonnes)	239,624	259,058	(8)
Average silver grade (g/t)	137	159	(14)
Average gold grade (g/t)	0.55	0.72	(24)
Silver produced (koz)	879	1,167	(25)
Gold produced (koz)	3.61	5.39	(33)
Silver equivalent produced (koz)	1,179	1,615	(27)
Gold equivalent produced (koz)	14.20	19.46	(27)
Silver sold (koz)	923	1,161	(20)
Gold sold (koz)	3.75	5.36	(30)
Unit cost ($/t)	133.8	137.4	(3)
Total cash cost ($/oz Ag co-product)	28.9	24.0	20
All-in sustaining cost ($/oz Ag Eq)	31.7	32.3	(2)

Production

In H1 2023, Pallancata's output was 1.2 million silver equivalent ounces (H1 2022: 1.6 million ounces) with reduced tonnage and grades versus H1 2022 in line with the current declining production profile.

Costs

AISC was $31.7 per silver equivalent ounce (H1 2022: $32.3 per ounce). Costs were slightly lower than H1 2022 as lower tonnage and lower grades were offset by substantially lower exploration capex versus the same period of last year.

San Jose

The San Jose silver/gold mine is located in Argentina, in the province of Santa Cruz, 1,750km southwest of Buenos Aires. San Jose commenced production in 2007. Hochschild holds a controlling interest of 51% in the mine and is the mine operator. The remaining 49% interest is owned by McEwen Mining Inc.

San Jose summary	Six months to 30 June 2023	Six months to 30 June 2022	% change
Ore production (tonnes)	272,063	205,359	32
Average silver grade (g/t)	254	365	(30)
Average gold grade (g/t)	4.68	6.19	(24)
Silver produced (koz)	1,941	2,123	(9)
Gold produced (koz)	35.09	35.88	(2)
Silver equivalent produced (koz)	4,854	5,101	(5)
Gold equivalent produced (koz)	58.48	61.46	(5)
Silver sold (koz)	1,941	2,080	(7)
Gold sold (koz)	34.66	34.62	-
Unit cost ($/t)	270.1	309.6	(13)
Total cash cost ($/oz Ag co-product)	15.9	13.7	16
All-in sustaining cost ($/oz Au Eq)	21.5	21.2	1

Production

The first half at San Jose in Argentina is traditionally a shorter operational period due to the scheduled hourly workers' holiday, which occurs in the first quarter. Mine sequencing also affected production earlier on in the year but the operation delivered a stronger second quarter with improved grades resulting in the H1 total of 4.9 million silver equivalent ounces (H1 2022: 5.1 million ounces).

Costs

AISC was $21.5 per silver equivalent ounce (H1 2022: $21.2 per ounce), in line with the same period of 2022. The effect of lower grades was offset by higher tonnage, lower capex and local currency devaluation.

ADVANCED PROJECT: MARA ROSA

The Mara Rosa project is progressing according to schedule and budget with total project progress now standing at 92% and with the Company continuing to expect first production in H1 2024.

Procurement

Currently purchase orders have been issued for 99% of the project. Deliveries are on schedule with key equipment received including the crusher, belt conveyors, the secondary substation, electrocentres, filters, HDPE piping, aluminium cables for the transmission lines, hydrocyclones, agitators, wastewater treatment station, thickeners and the ball mills. In addition, the drilling service contract was signed during the period and the contractor is already mobilised.

Mine and Pre-Stripping:

The pre-stripping contractor has begun blasting work and 365kt of ore has already moved according to schedule. The target is to guarantee a stockpile for use during the plant ramp-up period. Construction of the waste dumps and ore stockpiles is also underway.

Civil works

Civil works in the processing plant area is completed. Assembly work is advancing on schedule; total advance is 70%.

Infrastructure assembly

The Electromechanical assembly contractor has been mobilised, and the work is advancing in line with schedule at 70% progress. The commissioning of the dry circuit, including crushing, screening and belt conveyor areas is expected towards the end of Q3. Power supply for the mine is being provided by the building of a 67km, 138kv transmission line from the Porangatu substation with work currently 99% advanced and expected to be completed very shortly.

Earthworks

The water reservoir is fully operational and already at 95% of storage capacity with water from the pit area whilst dry stacking construction started during the quarter and is expected to finish in the fourth quarter.

Permitting

Operations licences for the 138kv powerline, main substation, and dry and wet circuits were submmited to local authorities. The company received the operation permit for the Powerline and expects to receive the operaitons license of the dry circuit in the third quarter.

Sustainability

Environmental controls to monitor construction work have been implemented to ensure compliance with applicable permits. ESG programmes are advancing as expected with almost 900 people having visited the "knowledge trail" as of June 2023. On 5 June, the trail received the "Goiás Sustainability Award" in the Innovation, Science and Education category.

During May, the project hosted over 70 stakeholders including local mayors, politicians and community members, who inspected the site progress and gave some very positive feedback. Also in May, the team helped to promote "Traffic Week" involving 2,600 people from schools in Mara Rosa as well as on the main street in Mara Rosa itself. Monthly newsletters covering project progress and sustainability initiatives are continuing to be distributed to local communities.

Health and Safety

Hochschild's health and safety corporate standards have been implemented at the project, including the introduction of the Company's Seguscore safety indicator. The project has recently surpassed three million injury-free working hours and year-to-date Frequency and Severity Indexes are currently at zero.

DEVELOPMENT PROJECT: VOLCAN

On 10 August, Hochschild issued an update on the Volcan Gold Project ("Volcan") which detailed a number of key milestones that have been achieved at the 100%-owned project (the "Project") located in the Maricunga Region of Chile:

§ Created a new Canadian Company, Tiernan Gold Corp ("Tiernan"), as a subsidiary of Hochschild Mine Holdings UK

§ Restructured the Project to be owned by Tiernan

§ Completed an updated Mineral Resource Estimate to Canadian NI 43-101 standards, which outlined:

o 463.3 Mt of Measured and Indicated Resources at 0.66 g/t gold for 9.8 million ounces of gold contained

o 75.0 Mt of Inferred Resources at 0.516 g/t gold for and additional 1.2 million ounces of gold contained

§ Completed a positive Preliminary Economic Assessment to Canadian NI 43-101 standards, which highlighted:

o 22mtpa open-pit, heap leach operation with a 14 year mine life

o Average of 332,000 ounces per year of gold production for first 10 years of operations with 3.8 million ounces produced over the estimated mine life

o Initial capital cost of $900 million, with life of mine sustaining capital an additional $276 million

o Cash costs of $921/oz and All-in-Sustaining-Costs of $1,002/oz, life of mine

o NPV (5%) = $826 million and IRR = 21% at $1,800/oz gold price, after-tax

§ Executed an agreement for a $15 million financing with the sale of a new 1.5% NSR royalty on the Project to Franco-Nevada

§ Engaged Canaccord Genuity to evaluate strategic alternatives for Tiernan

Further details can be found in the separate press release on the Company's website at hochschildmining.com

BROWNFIELD EXPLORATION

Following the approval of the Inmaculada's MEIA, the brownfield team is planning to drill 10,000m at the deposit to target high-grade structures in the Eduardo and San Salvador belts. Resources are expected to be added by the end of the first quarter of 2024.

At Pallancata, geological mapping is being completed on the western side west of the new Royropata belt with the team also close to completing a geological model for the Bolsa target in the same area. Permitting for the next drilling campaign is expected in the second quarter of 2024.

Finally, 5,000m of drilling is planned close to operations at San Jose with completion again expected towards the end of the first quarter of 2024.

FINANCIAL REVIEW

The reporting currency of Hochschild Mining PLC is U.S. 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, 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 to facilitate comparison with prior periods.

Revenue

Gross revenue[8]

Gross revenue from continuing operations decreased by 9% to $321.9 million in H1 2023 (H1 2022: $355.0 million) due to lower silver and gold production. Output was mainly impacted by the delay in the approval of the MEIA at Inmaculada and scheduled lower production at Inmaculada and Pallancata. This was partially offset by higher average realised gold prices.

On 10 November 2021, the Group hedged 3.3 million ounces of 2023 silver production at US$25 per ounce, and on 20 April 2023 the Group hedged 29,250 ounces of 2023 gold production at US$2,047 per ounce. As of June 2023, 1.65 million silver ounces (H1 2022: 2.0 million) were priced at US$25 per ounce (H1 2022: US$27), and 9,750 gold ounces (H1 2022: nil) were priced at US$2,047 per ounce, boosting the realised price.

On 12 April 2023, the Group hedged 27,600 ounces of 2024 gold production at US$2,100 per ounce and on 19 June 2023, the Group hedged 150,000 ounces of 2025, 2026 and 2027 gold production at US$2,117, US$2,167 and US$2,206 per ounce, respectively.

Gold

Gross revenue from gold in H1 2023 decreased to $195.3 million (H1 2022: $211.3 million) due to lower gold produced across all operations. This was partially offset by a 4% increase in the average realised gold price.

Silver

Gross revenue decreased in H1 2023 to $126.3 million (H1 2022: $143.4 million) due to lower silver produced across all operations and a 2% decrease in the average realised silver price.

Gross average realised sales prices

The following table provides figures for average realised prices (before the deduction of commercial discounts) and ounces sold for H1 2023 and H1 2022:

Average realised prices	Six months to 30 June 2023	Six months to 30 June 2022
Gold ounces sold (koz)	99.79	112.70
Avg. realized gold price ($/oz)	1,957	1,875
Silver ounces sold (koz)	5,425	6,045
Avg. realized silver price ($/oz)	23.3	23.7

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 H1 2023, the Group recorded commercial discounts of $7.8 million (H1 2022: $7.2 million). The ratio of commercial discounts to gross revenue in H1 2023 was 2.4% (H1 2022: 2.0%).

Net revenue

Net revenue was $314.0 million (H1 2022: $347.8 million), comprising net gold revenue of $192.1 million (H1 2022: $208.7 million) and net silver revenue of $121.6 million (H1 2022: $138.8 million). In H1 2023, gold accounted for 61% and silver for 39% of the Company's consolidated net revenue (H1 2022: gold 60% and silver 40%).

Reconciliation of gross revenue by mine to Group net revenue

$000	Six months to 30 June 2023	Six months to 30 June 2022	% change
Gold revenue
Inmaculada	118,764	135,893	(13)
Pallancata	7,488	10,084	(26)
San Jose	69,031	65,343	6
Commercial discounts from concentrates	(3,159)	(2,655)	19
Net gold revenue	192,124	208,665	(8)
Silver revenue
Inmaculada	60,047	68,303	(12)
Pallancata	21,650	28,920	(25)
San Jose	44,621	46,154	(3)
Commercial discounts from concentrates	(4,684)	(4,561)	3
Net silver revenue	121,634	138,816	(12)
Other revenue	265	300	12
Net revenue	314,023	347,781	(10)

Costs

Total cost of sales before exceptional items was $250.9 million in H1 2023 (H1 2022: $240.5 million). The direct production cost excluding depreciation was lower at $170.1 million (H1 2022: $174.0 million) mainly due to lower production in Inmaculada and Pallancata, partially offset by a scheduled higher proportion of conventional mining methods across all mining units, and inflation. Depreciation in production cost increased to $71.9 million (H1 2022: $68.8 million) mainly due to the impact of the reversal in impairment loss at Pallancata of $15.5 million as at 31 December 2022, partially offset by lower depreciation in Inmaculada due to lower production. Fixed costs incurred during total or partial production stoppages were $3.0 million in H1 2023 (H1 2022: $3.9 million). Decrease in inventories was $4.7 million in H1 2023 (H1 2022: increase in inventories of $8.2 million) due to higher consumption of products in process across all operations.

$000	Six months to 30 June 2023	Six months to 30 June 2022	% change
Direct production cost excluding depreciation	170,072	174,001	(2)
Depreciation in production cost	71,904	68,801	5
Other items and workers profit sharing	1,173	2,046	(43)
Fixed costs during operational stoppages and reduced capacity	3,005	3,870	(22)
Change in inventories	4,716	(8,202)	(157)
Cost of sales	250,870	240,516	4

Fixed costs during operational stoppages and reduced capacity:

$000	Six months to 30 June 2023	Six months to 30 June 2022	% change
Personnel	2,410	2,292	5
Third party services	1,030	1,495	(31)
Supplies	34	5	580
Depreciation and amortisation	-	2	-
Others	(469)	76	(717)
Cost of sales	3,005	3,870	(22)

Unit cost per tonne

The Company reported unit cost per tonne at its operations of $170.6 per tonne in H1 2023, a 9% increase versus H1 2022 ($156.6 per tonne). This was due to the effect of: higher costs resulting from lower treated tonnage in Inmaculada and Pallancata, a scheduled higher proportion of conventional mining methods across all mining units, and inflation.

Unit cost per tonne by operation (including royalties)[9]:

Operating unit ($/tonne)	Six months to 30 June 2023	Six months to 30 June 2022	% change
Peru	138.3	119.4	16
Inmaculada	140.5	111.8	26
Pallancata	133.8	137.4	(3)
Argentina
San Jose	270.1	309.6	(13)
Total	170.6	156.6	9

Cash costs

Cash costs include cost of sales, commercial deductions and selling expenses before exceptional items, less depreciation included in cost of sales.

Cash cost reconciliation[10]

Six months to 30 June 2023

$000 unless otherwise indicated	Inmaculada	Pallancata	San Jose	Total
Group cash cost	74,717	36,160	79,893	190,770
(+) Cost of sales[11]	110,688	45,374	91,047	247,109
(-) Depreciation and amortisation in cost of sales	(37,677)	(11,588)	(23,440)	(72,705)
(+) Selling expenses	230	249	6,415	6,894
(+) Commercial deductions[12]	1,476	2,125	5,871	9,472
Gold	994	406	2,846	4,246
Silver	482	1,719	3,025	5,226
Revenue	178,811	27,013	107,934	313,758
Gold	118,764	7,082	66,278	192,124
Silver	60,047	19,931	41,656	121,634
Ounces sold
Gold	61.4	3.7	34.7	99.8
Silver	2,561.1	923.2	1,940.7	5,425.0
Group cash cost ($/oz)
Co product Au	808	2,531	1,416	1,171
Co product Ag	9.8	28.9	15.89	13.63
By product Au	231	3,874	1,016	640
By product Ag	(17.59)	31.06	5.55	(1.03)

Six months to 30 June 2022

$000 unless otherwise indicated	Inmaculada	Pallancata	San Jose	Total
Group cash cost	74,152	37,802	70,021	181,975
(+) Cost of sales[13]	112,680	43,848	77,710	234,238
(-) Depreciation and amortisation in cost of sales	(40,193)	(8,754)	(18,786)	(67,733)
(+) Selling expenses	322	242	6,163	6,727
(+) Commercial deductions[14]	1,343	2,466	4,934	8,743
Gold	1,007	490	2,272	3,769
Silver	336	1,976	2,662	4,974
Revenue	204,196	36,538	106,747	347,781
Gold	135,893	9,594	63,178	208,665
Silver	68,303	26,944	43,569	138,816
Others	-	-	-	300
Ounces sold
Gold	72.7	5.4	34.6	112.7
Silver	2,805	1,160	2,080	6,045
Group cash cost ($/oz)
Co product Au	679	1,853	1,197	970
Co product Ag	8.8	24.0	13.7	12.0
By product Au	76	1,658	687	395
By product Ag	(22.4)	23.9	2.2	(5)

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[15]

All-in sustaining cash costs per silver equivalent ounce

Six months to 30 June 2023

$000 unless otherwise indicated	Inmaculada	Pallancata	San Jose	Main operations	Corporate & others	Total
(+) Direct production cost excluding depreciation	73,869	31,163	65,040	170,072	-	170,072
(+) Other items and workers profit sharing in cost of sales	732	441	-	1,173	-	1,173
(+) Operating and exploration capex for units	37,642	2,384	20,197	60,223	61	60,284
(+) Brownfield exploration expenses	368	591	4,213	5,172	1,446	6,618
(+) Administrative expenses (excl. depreciation)	1,950	291	2,744	4,985	14,981	19,966
(+) Royalties and special mining tax[16]	1,850	280	-	2,130	618	2,748
Sub-total	116,411	35,150	92,194	243,755	17,106	260,861
Au ounces produced	61,852	3,607	35,095	100,554	-	100,554
Ag ounces produced (000s)	2,573	879	1,941	5,393	-	5,393
Ounces produced (Ag Eq 000s oz)	7,707	1,179	4,854	13,740	-	13,740
Sub-total ($/oz Ag Eq)	15.1	29.8	19.0	17.7	1.2	18.9
(+) Commercial deductions	1,476	2,125	5,871	9,472	-	9,472
(+) Selling expenses	230	249	6,415	6,894	-	6,894
Sub-total	1,706	2,374	12,286	16,366	-	16,366
Au ounces sold	61,389	3,746	34,656	99,791	-	99,791
Ag ounces sold (000s)	2,561	923	1,941	5,425	-	5,425
Ounces sold (Ag Eq 000s oz)	7,656	1,234	4,817	13,707	-	13,707
Sub-total ($/oz Ag Eq)	0.2	1.9	2.5	1.2	-	1.2
All-in sustaining costs ($/oz Ag Eq)	15.3	31.7	21.5	18.9	1.2	20.1
All-in sustaining costs ($/oz Au Eq)[17]	1,272	2,635	1,788	1,572	103	1,675

Six months to 30 June 2022

$000 unless otherwise indicated	Inmaculada	Pallancata	San Jose	Main operations	Corporate & others	Total
(+) Direct production cost excluding depreciation[18]	71,851	35,846	66,304	174,001	-	174,001
(+) Other items and workers profit sharing in cost of sales	1,095	951	-	2,046	-	2,046
(+) Operating and exploration capex for units	34,013	8,236	23,324	65,573	356	65,929
(+) Brownfield exploration expenses	1,618	3,714	4,324	9,656	1,794	11,450
(+) Administrative expenses (excl. depreciation)	2,151	385	3,012	5,548	18,501	24,049
(+) Royalties and special mining tax[19]	2,099	376	-	2,475	1,532	4,007
Sub-total	112,827	49,508	96,964	259,299	22,183	281,482
Au ounces produced	72,666	5,394	35,883	113,943	-	113,943
Ag ounces produced (000s)	2,815	1,167	2,123	6,105	-	6,105
Ounces produced (Ag Eq 000s oz)	8,846	1,615	5,101	15,562	-	15,562
Sub-total ($/oz Ag Eq)	12.8	30.7	19.0	16.7	1.4	18.1
(+) Commercial deductions	1,343	2,466	4,934	8,743	-	8,743
(+) Selling expenses	322	242	6,163	6,727	-	6,727
Sub-total	1,665	2,708	11,097	15,470	-	15,470
Au ounces sold	72,718	5,357	34,622	112,696	-	112,696
Ag ounces sold (000s)	2,805	1,161	2,080	6,046	-	6,046
Ounces sold (Ag Eq 000s oz)	8,840	1,605	4,953	15,398	-	15,398
Sub-total ($/oz Ag Eq)	0.1	1.6	2.2	1.0	-	1.0
All-in sustaining costs ($/oz Ag Eq)	12.9	32.3	21.2	17.7	1.4	19.1
All-in sustaining costs ($/oz Au Eq)[20]	1,074	2,685	1,764	1,466	119	1,585

Administrative expenses

Administrative expenses were down by 16% to $20.9 million (H1 2022: $24.9 million) mainly due to lower bonus provision and professional fees.

Exploration expenses

In H1 2023, exploration expenses decreased to $11.5 million (H1 2022: $23.8 million) mainly due lower exploration expenses at the Snip project of $2.3 million (H1 2022: $6.9 million), lower exploration expenses at Pallancata of $0.6 million (H1 2022: $3.7 million), lower personnel expenses of $2.5 million (H1 2022: $3.7 million), and lower exploration expenses at Inmaculada of $0.4 million (H1 2022: $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 H1 2023, the Company capitalized $0.4 million relating to brownfield exploration (H1 2022: $0.2 million), bringing the total investment in exploration for H1 2022 to $11.9 million (H1 2022: $24.0 million).

Selling expenses

Selling expenses slightly increased to $6.9 million (H1 2022: $6.7 million) mainly due to higher gold prices.

Other income/expenses

Other income was $4.9 million (H1 2022: $2.6 million) with the increase mainly due to an insurance reimbursement received in H1 2023 in connection with damage to Inmaculada's machine belt in 2022.

Other expenses before exceptional items were $12.8 million (H1 2022: $22.9 million) with the decrease mainly due to: lower additions to the provision for mine closure of $1.3 million (H1 2022: $10.8 million), a decrease in care and maintenance costs of $3.2 million (H1 2022: $4.2 million), expenses from a voluntary redundancy programme in Argentina incurred in H1 2022 of $0.9 million, and lower labour contingencies in Argentina of $1.0 million (2022: $1.7 million). These were partially offset by a provision for obsolescence of supplies of $1.7 million (H1 2022: $nil).

Adjusted EBITDA

Adjusted EBITDA decreased by 24% to $99.5 million (H1 2022: $130.5 million) mainly due to the fall in revenue resulting from lower silver and gold production.

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	Six months to 30 June 2023	Six months to 30 June 2022	% change
Profit from continuing operations before exceptional items, net finance income/(cost), foreign exchange loss and income tax	14,222	29,413	(52)
Depreciation and amortisation in cost of sales	72,705	67,735	7
Depreciation and amortisation in administrative and other expenses	978	915	7
Exploration expenses	11,515	23,826	(52)
Personnel and other exploration related fixed expenses	(2,922)	(4,227)	(31)
Other non-cash income, net [21]	2,999	12,863	(77)
Adjusted EBITDA	99,497	130,525	(24)
Adjusted EBITDA margin	32%	38%	(16)

Finance income

Finance income was $2.6 million (H1 2022: $2.2 million), mainly due to higher interest on deposits of $2.3 million (H1 2022: $0.6 million) resulting from the rise in interest rates, partially offset by the gain on the unwinding of discount of the mine closure provision of $1.1 million in H1 2022.

Finance costs

Finance costs decreased from $13.1 million in H1 2022 to $11.0 million in H1 2023, principally due to foreign exchange transaction costs to acquire dollars in Argentina in H1 2022 of $2.8 million, a loss on the sale of C3 Metals Inc. shares of $0.3 million in H1 2023 (H1 2022: recorded a loss on the fair value of C3 Metals Inc. shares of $2.3 million), partially offset by higher interest expenses, which totalled $8.6 million in H1 2023 (H1 2022: $6.3 million), mainly explained by higher interest rates,

Foreign exchange losses

The Group recognized a foreign exchange loss of $4.3 million (H1 2022: $2.6 million) as a result of exposures in currencies other than the functional currency, mainly in Argentina of $3.8 million (H1 2022: $0.1 million), and Peru of $0.5 million (H1 2022: $3.0 million).

Income tax

The Company's pre-exceptional income tax charge was $5.1 million (H1 2022: $5.8 million) and includes royalties and special mining tax of $2.7 million (H1 2022: $4.0 million), and the foreign exchange effect on deferred income tax of $1.9 million (H1 2022: credit of $5.6 million).

Exceptional items

Exceptional items in H1 2023 totalled a $48.3 million loss after tax (H1 2022: $9.9 million loss after tax) related to impairment losses at: the Azuca and Crespo projects of $42.3 million; the San Jose mining unit of $17.4 million; and the investment in Aclara Resources Inc. of $7.2 million.

The tax effect of the exceptional items was a tax gain of $18.6 million (H1 2022: $nil). The total effective tax rate was 20.3% (2022: 107.8%).

Cash flow and balance sheet review

Cash flow

$000	Six months to 30 June 2023	Six months to 30 June 2022	Change
Net cash generated from operating activities	86,374	18,658	363
Net cash used in investing activities	(134,448)	(199,172)	(32)
Cash flows generated (used in)/from financing activities	(178)	306	(158)
Foreign exchange adjustment	(2,014)	(2,257)	(11)
Net increase/(decrease) in cash and cash equivalents during the period	(50,266)	(182,465)	(72)

Net cash generated from operating activities increased from $18.7 million in H1 2022 to $86.4 million in H1 2023 mainly due to higher cash inflows from working capital changes and lower taxes paid; partially offset by lower Adjusted EBITDA.

Net cash used in investing activities decreased to $134.4 million in H1 2023 from $199.2 million in H1 2022 mainly due to the consideration paid for the acquisition of Amarillo Gold on 1 April 2022 of $123.4 million, partially offset by higher construction capex in Mara Rosa of $64.6 million (H1 2022: $10.1 million).

Cash generated (used in)/from financing activities changed to an outflow of $0.2 million from an inflow of $0.3 million in H1 2022 mainly due to the net effect of: (i) repayment of pre-shipment loans of $11.7 million (H1 2022: $nil), (ii) pre-shipment loans raised of $12.6 million (H1 2022: $13.4 million), and (iii) payment of $12.0 million in dividends to shareholders in H1 2022.

Working capital

$000	As at 30 June 2023	As at 31 December 2022
Trade and other receivables	79,583	85,408
Inventories	51,000	61,440
Derivative financial assets/(liabilities)	5,679	2,186
Income tax payable, net	4,410	7,100
Trade and other payables	(136,407)	(144,102)
Provisions	(20,098)	(24,177)
Working capital	(15,833)	(12,145)

The Group's working capital position in H1 2023 decreased by $3.7 million from $(12.1) million to $(15.8) million. The key drivers of the decrease were lower inventories of $10.4 million partially offset by lower trade and other payables of $7.7 million.

Net cash/ (debt)

$000 unless otherwise indicated	As at 30 June 2023	As at 31 December 2022
Cash and cash equivalents	93,578	143,844
Non-current borrowings	(224,999)	(275,000)
Current borrowings[22]	(95,633)	(43,989)
Net cash/(debt)	(227,054)	(175,145)

The Group's reported net debt position was $227.1 million as at 30 June 2023 (31 December 2022: net debt position of $175.1 million). The decrease in cash and cash equivalents in H1 2023 is mainly explained by capital expenditure at Mara Rosa of $64.6 million.

Capital expenditure^{^[23]}

$000	Six months to# 30 June 2023	Six months to 30 June 2022
Inmaculada	37,642	34,013
Pallancata	3,108	8,236
San Jose	21,487	24,551
Operations	62,237	66,800
Mara Rosa	64,591	133,516
Aclara	-	-
Other	1,646	2,134
Total	128,474	202,450

H1 2023 capital expenditure decreased from $202.5 million in H1 2022 to $128.5 million in H1 2023 mainly to the consideration paid for the acquisition of Amarillo Gold on 1 April 2022 of $123.4 million, partially offset by higher construction capex in Mara Rosa of $64.6 million (H1 2022: $10.1 million).

Non-IFRS Financial Performance Measures

Forward looking statements

This announcement 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. The Company cautions against undue reliance on any forward looking statement or guidance, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by Covid-19. 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 announcement. 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 announcement. Nothing in this announcement should be construed as a profit forecast.

RISKS

The principal risks and uncertainties facing the Company in respect of the year ended 31 December 2022 are set out in detail in the Risk Management section of the 2022 Annual Report and in Note 38 to the 2022 Consolidated Financial Statements.

The key risks disclosed in the 2022 Annual Report (available at www.hochschildmining.com) are categorised as:

§ Financial risks comprising commodity price risk, commercial counterparty risk and liquidity risk;

§ Operational risks including the risks associated with operational performance, business interruption/supply chain, information security and cybersecurity, exploration & reserve and resource replacement, personnel and project development;

§ Macro-economic risks which include political, legal and regulatory risks; and

§ Sustainability risks including risks associated with health and safety, environmental, climate change and community relations.

With the exception of liquidity risk, which has been mitigated by the approval of the Inmaculada MEIA, the risks referred to above continue to apply to the Company in respect of the remaining six months of the financial year.

RELATED PARTY TRANSACTIONS

Related party transactions are disclosed in Note 23 to the interim condensed consolidated financial statements.

GOING CONCERN

After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the duration of the Going Concern Period until 30 September 2024. Accordingly, they continue to adopt the going concern basis in preparing the interim condensed set of financial statements. For further detail, refer to the Going concern disclosure in Note 2 "Significant Accounting Policies" of the interim condensed consolidated financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors confirm that, to the best of their knowledge, the interim condensed consolidated financial statements have been prepared in accordance with UK adopted International Accounting Standard 34 "Interim Financial Reporting" and that the interim management report includes a fair review of the information required by Disclosure Guidance and Transparency Rules 4.2.7R and 4.2.8R.

A list of current Directors and their functions is maintained on the Company's website.

For and on behalf of the Board

Eduardo Landin
Chief Executive Officer

5 September 2023

INDEPENDENT REVIEW REPORT TO HOCHSCHILD MINING PLC

Conclusion

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2023, which comprises the interim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of financial position, the interim condensed consolidated statement of cash flows, the interim condensed consolidated statement of changes in equity and the related notes 1 to 25. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2023 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Basis for Conclusion

We conducted our review in accordance with International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

Conclusions Relating to Going Concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis of Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of the directors

The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

In preparing the half-yearly financial report, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.

Ernst & Young LLP

London

5 September 2023

Interim condensed consolidated income statement

		Six months ended 30 June 2023 (Unaudited)				Six months ended 30 June 2022 (Unaudited)
	Notes	Before exceptional items US$000	Exceptional items (Note 10) US$000	Total US$000			Before exceptional items US$000	Exceptional items (Note 10) US$000	Total US$000
Continuing operations
Revenue	5	314,023	-	314,023			347,781	-	347,781
Cost of sales	6	(250,870)	-	(250,870)			(240,516)	-	(240,516)
Gross profit		63,153	-	63,153			107,265	-	107,265
Administrative expenses		(20,884)	-	(20,884)			(24,913)	-	(24,913)
Exploration expenses	7	(11,515)	-	(11,515)			(23,826)	-	(23,826)
Selling expenses	8	(6,894)	-	(6,894)			(6,727)	-	(6,727)
Other income	9	4,863	-	4,863			2,580	-	2,580
Other expenses	9	(12,817)	-	(12,817)			(22,902)	-	(22,902)
Impairment and write-off of non-financial assets	13	(1,684)	(59,719)	(61,403)			(2,064)	-	(2,064)
(Loss)/profit from continuing operations before net finance cost, foreign exchange loss and income tax		14,222	(59,719)	(45,497)			29,413	-	29,413
Share of loss of an associate	15	(785)	(7,183)	(7,968)			(551)	(9,923)	(10,474)
Finance income	11	2,628	-	2,628			2,163	-	2,163
Finance costs	11	(11,010)	-	(11,010)			(13,083)	-	(13,083)
Foreign exchange loss		(4,268)	-	(4,268)			(2,649)	-	(2,649)
(Loss)/profit from continuing operations before income tax		787	(66,902)	(66,115)			15,293	(9,923)	5,370
Income tax (expense)/benefit	12	(5,144)	18,574	13,430			(5,790)	-	(5,790)
(Loss)/profit for the period from continuing operations		(4,357)	(48,328)	(52,685)			9,503	(9,923)	(420)
Attributable to:
Equity shareholders of the parent		(1,927)	(42,787)	(44,714	)		7,156	(9,923)	(2,767
Non-controlling interests		(2,430)	(5,541)	(7,971)			2,347	-	2,347
		(4,357)	(48,328)	(52,685)			9,503	(9,923)	(420)
Basic (loss)/earnings per ordinary share from continuing operations for the period (expressed in U.S. dollars per share)		(0.004)	(0.083)	(0.087)			0.01	(0.02)	(0.01)
Diluted (loss)/earnings per ordinary share from continuing operations for the period (expressed in U.S. dollars per share)		(0.004)	(0.081)	(0.085)			0.01	(0.02)	(0.01)

Interim condensed consolidated statement of comprehensive income

		Six months ended 30 June
	Notes	2023 (Unaudited) US$000	2022 (Unaudited) US$000
Loss for the period		(52,685)	(420)
Other comprehensive income that might be reclassified to profit or loss in subsequent periods; net of tax:
Net gain on cash flow hedges	16	4,113	6,734
Deferred tax charge on cash flow hedges		(1,269)	(1,987)
Exchange differences on translating foreign operations¹		22,554	(18,883)
Share of other comprehensive gain/(loss) of an associate	15	1,058	(1,541)
		26,456	(15,677)
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods; net of tax:
Net loss on equity instruments at fair value through other comprehensive income ("OCI")		(106)	(159)
		(106)	(159)
Other comprehensive income/(loss) for the period, net of tax		26,350	(15,836)
Total comprehensive loss for the period		(26,335)	(16,256)
Total comprehensive loss attributable to:
Equity shareholders of the parent		(18,364)	(18,603)
Non-controlling interests		(7,971)	2,347
		(26,335)	(16,256)

1 Foreign exchange effect generated in the Group´s companies when the functional currency is the local currency, mainly generated by the decrease of the US$ exchange rate in Brazil.

Interim condensed consolidated statement of financial position

	Notes	As at 30 June 2023 (Unaudited) US$000	As at 31 December 2022 US$000
ASSETS
Non-current assets
Property, plant and equipment	13	965,708	926,913
Evaluation and exploration assets	14	101,654	123,462
Intangible assets		19,540	19,328
Investment in an associate	15	26,332	33,242
Financial assets at fair value through OCI	16	403	509
Financial assets at fair value through profit and loss	16	-	1,015
Trade and other receivables		13,147	6,498
Derivative financial assets	16	1,574	-
Deferred income tax assets	17	1,029	4,213
		1,129,387	1,115,180
Current assets
Inventories		51,000	61,440
Trade and other receivables		79,583	85,408
Derivative financial assets	16	5,679	2,186
Income tax receivable		5,856	9,226
Cash and cash equivalents	18	93,578	143,844
		235,696	302,104
Total assets		1,365,083	1,417,284
EQUITY AND LIABILITIES
Capital and reserves attributable to shareholders of the Parent
Equity share capital	21	9,068	9,061
Other reserves		(213,400)	(238,800)
Retained earnings		844,523	886,980
		640,191	657,241
Non-controlling interests		57,178	65,475
Total equity		697,369	722,716
Non-current liabilities
Trade and other payables		2,849	1,623
Derivative financial liabilities	16	954	-
Borrowings	19	224,999	275,000
Provisions	20	131,420	123,506
Deferred income tax liabilities	17	53,908	80,045
		414,130	480,174
Current liabilities
Trade and other payables		136,407	144,102
Borrowings	19	95,633	43,989
Provisions	20	20,098	24,177
Income tax payable		1,446	2,126
		253,584	214,394
Total liabilities		667,714	694,568
Total equity and liabilities		1,365,083	1,417,284

Interim condensed consolidated statement of cash flows

		Six months ended 30 June
	Notes	2023 (Unaudited) US$000	2022 (Unaudited) US$000
Cash flows from operating activities
Cash generated from operations	24	99,810	41,208
Interest received		2,333	1,069
Interest paid	19	(11,139)	(3,814)
Payment of mine closure costs		(3,046)	(3,789)
Income tax paid		(1,584)	(16,016)
Net cash generated from operating activities		86,374	18,658
Cash flows from investing activities
Purchase of property, plant and equipment		(133,817)	(82,590)
Purchase of evaluation and exploration assets		(1,828)	(113,625)
Purchase of intangibles		(123)	(354)
Purchase of Argentinian bonds	11(2)	-	(6,091)
Proceeds from sale of Argentinian bonds	11(2)	-	3,289
Proceeds from sale of financial assets at fair value though profit and loss		723	-
Proceeds from sale of property, plant and equipment	13	597	199
Net cash used in investing activities		(134,448)	(199,172)
Cash flows from financing activities
Proceeds from borrowings	19	12,560	13,411
Repayment of borrowings	19	(11,682)	-
Payment of lease liabilities		(730)	(821)
Dividends paid to shareholders	22	-	(11,998)
Dividends paid to non-controlling interests	22	(326)	(286)
Cash flows (used in)/generated from financing activities		(178)	306
Net decrease in cash and cash equivalents during the period		(48,252)	(180,208)
Impact of foreign exchange		(2,014)	(2,257)
Cash and cash equivalents at beginning of period	18	143,844	386,789
Cash and cash equivalents at end of period	18	93,578	204,324

Interim condensed consolidated statement of changes in equity

				Other reserves
	Notes	Equity share capital US$000	Share premium US$000	Dividends expired US$000	Unrealised gain/ (loss) on hedges US$000	Share of other compre- hensive loss of an associate US$000	Fair value reserve of financial assets at fair value through OCI US$000	Cumulative translation adjustment US$000		Merger reserve US$000		Share-based payment reserve US$000		Total other reserves US$000		Retained earnings US$000		Capital and reserves attributable to shareholders of the Parent US$000		Non-controlling interests US$000		Total equity US$000
Balance at 1 January 2023		9061	-	99	1,541	1,274	(78)		(37,902)		(210,046)		6,312		(238,800)		886,980		657,241		65,475		722,716
Other comprehensive income/(loss)		-	-	-	2,844	1,058	(106)		22,554		-		-		26,350		-		26,350		-		26,350
Loss for the period		-	-	-	-	-	-		-		-		-		-		(44,714)		(44,714)		(7,971)		(52,685)
Total comprehensive income/(loss) for the period		-	-	-	2,844	1,058	(106)		22,554		-		-		26,350		(44,714)		(18,364)		(7,971)		(26,335)
Dividends paid to non-controlling interest	22	-	-	-	-	-	-		-		-		-		-		-		-		(326)		(326)
Cancellation of dividends expired		-	-	(99)	-	-	-		-		-		-		(99)		152		53		-		53
Exercise of share based payments		7	-	-	-	-	-		-		-		(584)		(584)		577		-		-		-
Accrual of share-based payments		-	-	-	-	-	-		-		-		1,261		1,261		-		1,261		-		1,261
Forfeiture of share options		-	-	-	-	-	-		-		-		(1,528)		(1,528)		1,528		-		-		-
Balance at 30 June 2023 (unaudited)		9,068	-	-	4,385	2,332	(184)		(15,348)		(210,046)		5,461		(213,400)		844,523		640,191		57,178		697,369

Balance at 1 January 2022		226,506	438,041	99	13,476	(9)	74		(25,163)		(210,046)		3,912		(217,657)		248,664		695,554		63,890		759,444
Other comprehensive income/(loss)		-	-	-	4,747	(1,541)	(159)		(18,883)		-		-		(15,836)		-		(15,836)		-		(15,836)
Loss for the period		-	-	-	-	-	-		-		-		-		-		(2,767)		(2,767)		2,347		(420)
Total comprehensive income/(loss) for the period		-	-	-	4,747	(1,541)	(159)		(18,883)		-		-		(15,836)		(2,767)		(18,603)		2,347		(16,256)
Dividends	22	-	-	-	-	-	-		-		-		-		-		(11,998)		(11,998)		-		(11,998)
Dividends paid to non-controlling interest	22	-	-	-	-	-	-		-		-		-		-		-		-		(286)		(286)
Issuance of deferred bonus shares	21	303,268	-	-	-	-	-		-		-		-		-		(303,268)		-		-		-
Cancelation of deferred bonus shares	21	(303,268)	-	-	-	-	-		-		-		-		-		303,268		-		-		-
Cancelation of share premium account	21	-	(438,041)	-	-	-	-		-		-		-		-		438,041		-		-		-
Nominal value reduction	21	(217,445)	-	-	-	-	-		-		-		-		-		217,445		-		-		-
Accrual of share-based payments		-	-	-	-	-	-		-		-		1,187		1,187		-		1,187		-		1,187
Forfeiture of share options		-	-	-	-	-	-		-		-		(1,886)		(1,886)		1,886		-		-		-
Balance at 30 June 2022 (unaudited)		9,061	-	99	18,223	(1,550)	(85)		(44,046)		(210,046)		3,213		(234,192)		891,271		666,140		65,951		732,091

Notes to the interim condensed consolidated financial statements

1 Corporate Information

Hochschild Mining PLC (hereinafter the "Company" and together with its subsidiaries, the "Group") is a public limited company incorporated on 11 April 2006 under the Companies Act 1985 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. Its ordinary shares are traded on the London Stock Exchange.

The Group's principal business is the mining, processing and sale of gold and silver. The Group has two operating mines (Pallancata and Inmaculada) located in southern Peru, and one operating mine (San Jose) located in Argentina. The Group also has a portfolio of projects located across Peru, Argentina, Mexico, Brazil and Chile at various stages of development.

These interim condensed consolidated financial statements were approved for issue on behalf of the Board of Directors on 5 September 2023.

2 Significant Accounting Policies

Basis of preparation

These interim condensed consolidated financial statements set out the Group's financial position as at 30 June 2023 and 31 December 2022 and its financial performance and cash flows for the six months ended 30 June 2023 and 30 June 2022.

They have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and UK adopted International Accounting Standard 34, "Interim Financial Reporting". Accordingly, the interim condensed consolidated financial statements do not include all the information required for full annual financial statements and therefore, should be read in conjunction with the Group's 2022 annual consolidated financial statements as published in the 2022 Annual Report. The annual financial statements of the Group will be prepared in accordance with UK adopted IFRS.

The interim condensed consolidated financial statements do not constitute statutory accounts as defined in the Companies Act 2006. The financial information for the full year is based on the statutory accounts for the financial year ended 31 December 2022. A copy of the statutory accounts for that year, which were prepared in accordance with UK adopted International Accounting Standards has been delivered to the Registrar of Companies. The auditor's report under section 495 of the Companies Act 2006 in relation to those accounts was unmodified and did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under s498(2) or s498(3) of the Companies Act 2006.

The impact of the seasonality or cyclicality of operations is not regarded as significant on the interim condensed consolidated financial statements.

The interim condensed consolidated financial statements are presented in US dollars ($) and all monetary amounts are rounded to the nearest thousand ($000) except when otherwise indicated.

Critical accounting estimates and judgements

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.

The significant accounting judgements, estimates and assumptions remain consistent with those disclosed in the consolidated financial statements for the year ended 31 December 2022. The most significant are:

Critical judgements:

· Assessment of impairment indicators for the Group's GCUs - note 13

· Acquiring a subsidiary or a group of assets - note 4.

In identifying a business combination or acquisition of assets 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 1 April 2022 the Group acquired the control of Amarillo Gold Group (note 4). The transaction was accounted as a purchase of assets as no significant systems, processes or outputs were acquired, with the main asset acquired being the Posse gold project.

As at 30 June 2023, the valuation of certain of the Group's assets and liabilities reflect the changes to certain assumptions used in the determination of their value, such as future gold and silver prices, discount rates, exchange rates, and interest rates (note 16).

Significant estimates:

· Mine closure estimates - note 20

· Recoverable values of mining assets - note 13

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, assessed using discounted cash flow models. The Group uses two approaches to estimate the fair value less costs of disposal, depending on the circumstances: (i) the traditional approach, which uses a single cash flow projection, and (ii) the expected cash flow approach, which uses multiple, probability-weighted cash flow projections. As at 31 December 2022, the impairment reviews for the Group´s operating assets were performed using a traditional approach, with the exception of Inmaculada where the Group used an expected cash flow approach. To determine the fair value less costs of disposal of exploration assets the Group uses the value-in-situ methodology. This methodology applies a realisable 'enterprise value' to unprocessed mineral resources per ounce of resources.

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 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 in Peru and Argentina, as applicable. Judgement is also required in determining the risk factor that will be applied by market participants to take into account the water restrictions imposed by the Chilean government over the Volcan cash-generating unit. Changes in these assumptions will affect the recoverable amount of the property, plant and equipment, evaluation and exploration assets, and intangibles.

Changes in accounting policies and disclosures

The accounting policies adopted in the preparation of the interim condensed 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 2022, except for the adoption of new standards effective as of 1 January 2023. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments apply for the first time in 2023, but do not have an impact on the interim condensed consolidated financial statements of the Group.

Definition of Accounting Estimates - Amendments to IAS 8

The amendments to IAS 8 clarify the distinction between changes in accounting estimates, and changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on the Group's interim condensed consolidated financial statements.

Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12

The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. The amendments had no impact on the Group's interim condensed consolidated financial statements.

Going concern

The Directors have reviewed Group liquidity and covenant forecasts to assess whether the Group is able to continue in operation for the period to 30 September 2024 (the "Going Concern Period") which is at least 12 months from the date of these financial statements. The Directors also considered the impact of a reasonable downside scenario on the Group's future cash flows and liquidity position as well as debt covenant compliance.

Having secured government approval of the Inmaculada MEIA in early August 2023, the material uncertainties disclosed in the 2022 Annual Report with respect to the Group's ability to continue as a going concern no longer exist.

For purposes of the review, the base case scenario assumed forecast production for 2023, life-of-mine plans for Inmaculada, Pallancata, San Jose and Mara Rosa, and precious metal prices of $1,876.6/oz for gold and $24.2/oz for silver (the "Assumed Prices"), based on analysts' consensus prices as of June 2023. The Directors also considered a reasonable downside scenario, taking into account, a four-week suspension of all operations, community relations-related cost increases, and precious metal prices which are 10% lower than the Assumed Prices. In both of these scenarios, it has been assumed that the US$200 million medium-term loan is fully drawn down.

Under both scenarios, the cash balance remained more than adequate for the Group's forecast expenditure with sufficient headroom maintained to comply with debt covenants.

The results of reverse stress tests were also considered.

After their thorough review, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence during the Going Concern Period. Accordingly, they continue to adopt the going concern basis in preparing the condensed set of financial statements.

3 Segment reporting

The following tables present revenue and profit/(loss) information for the Group's operating segments for the six months ended 30 June 2023 and 30 June 2022 and asset information as at 30 June 2023 and 31 December 2022, respectively:

Six months ended 30 June 2023 (Unaudited)	Pallancata US$000	San Jose US$000	Inmaculada US$000	Exploration US$000	Other US$000	Adjustments and eliminations US$000	Total US$000
Revenue from external customers	27,223	107,964	178,772	-	265	-	314,224
Inter segment revenue	-	-	-	-	4,669	(4,669)	-
Total revenue from customers	27,223	107,964	178,772	-	4,934	(4,669)	314,224
Provisional pricing adjustments	(210)	(30)	39	-	-	-	(201)
Total revenue	27,013	107,934	178,811	-	4,934	(4,669)	314,023
Segment profit/(loss)	(19,501)	9,297	62,447	(11,593)	4,016	78	44,744
Others⁽¹⁾							(110,859)
Profit from continuing operations before income tax							(66,115)

As at 30 June 2023 (Unaudited)
Assets
Capital expenditure	3,108	21,487	37,642	66,159	78	-	128,474

Current assets	6,350	49,686	17,698	2	4,422	-	78,158
Other non-current assets	12,289	140,652	508,960	386,424	38,577	-	1,086,902
Total segment assets	18,639	190,338	526,658	386,426	42,999	-	1,165,060
Not reportable assets⁽²⁾	-	-	-	-	200,023	-	200,023
Total assets	18,639	190,338	526,658	386,426	243,022	-	1,365,083

1 Comprised of administrative expenses of US$20,884,000, other income of US$4,863,000, other expenses of US$12,817,000, impairment and write off of non-financial assets of US$61,403,000, share of losses of an associate of US$7,968,000, finance income of US$2,628,000, finance costs of US$11,010,000 and foreign exchange loss of US$4,268,000.

2 Not reportable assets are comprised of financial assets at fair value through OCI of US$403,000, financial assets at fair value through profit and loss of US$nil, other receivables of US$65,572,000, income tax receivable of US$5,856,000, deferred income tax asset of US$1,029,000, investment in associates US$26,332,000, derivative financial assets of US$7,253,000 and cash and cash equivalents of US$93,578,000.

Six months ended 30 June 2022 (Unaudited)	Pallancata US$000	San Jose US$000	Inmaculada US$000	Exploration US$000	Other US$000	Adjustments and eliminations US$000	Total US$000
Revenue from external customers	39,084	110,804	204,262	-	300	-	354,450
Inter segment revenue	-	-	-	-	4,834	(4,834)	-
Total revenue from customers	39,084	110,804	204,262	-	5,134	(4,834)	354,450
Provisional pricing adjustments	(2,546)	(4,057)	(66)	-	-	-	(6,669)
Total revenue	36,538	106,747	204,196	-	5,134	(4,834)	347,781
Segment profit/(loss)	(8,614)	18,436	86,617	(24,286)	4,098	461	76,712
Others⁽¹⁾							(71,342)
Profit from continuing operations before income tax							5,370

As at 31 December 2022
Assets
Capital expenditure	13,518	50,112	78,176	196,792	1,268	-	339,866

Current assets	16,965	62,796	19,872	-	4,171	-	103,804
Other non-current assets	21,345	159,617	508,768	337,654	42,319	-	1,069,703
Total segment assets	38,310	222,413	528,640	337,654	46,490	-	1,173,507
Not reportable assets⁽²⁾	-	-	-	-	243,777	-	243,777
Total assets	38,310	222,413	528,640	337,654	290,267	-	1,417,284

1 Comprised of administrative expenses of US$24,913,000, other income of US$2,580,000, other expenses of US$22,902,000, impairment and write off of non-financial assets of US$2,064,000, share of losses of an associate of US$10,474,000, finance income of US$2,163,000, finance costs of US$13,083,000 and foreign exchange loss of US$2,649,000.

2 Not reportable assets are comprised of financial assets at fair value through OCI of US$509,000, financial assets at fair value through profit and loss of US$1,015,000, other receivables of US$49,542,000, income tax receivable of US$9,226,000, deferred income tax asset of US$4,213,000, investment in associates US$33,242,000, derivative financial assets of US$2,186,000 and cash and cash equivalents of US$143,844,000.

4 Acquisition of assets

Amarillo Gold Group ("Amarillo")

On 1 April 2022, the Group acquired a 100% interest in Amarillo Gold Corporation (Amarillo) flagship Mara Rosa ("Mara Rosa") project located in Goiás State, Brazil, which included the construction stage Posse gold project as well as certain early-stage exploration targets.

The Group applied its judgement to weigh the characteristics of Amarillo´s acquisition and concluded whether it constituted the acquisition of a business or a set of assets and activities. Since there were no outputs acquired, the Group based its conclusion on the fact that the processes acquired were not critical to the ability to develop or convert the actual inputs into outputs. In this context, and in application of IFRS 3, the Group concluded that the acquisition of Amarillo did not constitute the acquisition of a business but the acquisition of a set of assets.

The consideration paid for the transaction amounted to CAD$154,429,478 (US$123,420,039), and transaction costs amounted to US$4,830,000. In addition, a 2 per cent net smelter revenue royalty on certain exploration properties owned by Amarillo that were separate from Posse was granted.

Amarillo consolidated its financial information with the Group from 1 April 2022, being the date on which the Group obtained control.

The fair value of assets acquired and liabilities assumed as at 1 April 2022 comprised the following:

		US$000
Cash and cash equivalents		4,246
Other receivables		968
Intangibles		21
Evaluation and exploration assets		107,362
Property, plant and equipment		15,078
Deferred income tax asset		3,775
Income tax receivable		36
Total assets		131,486
Accounts payable and other liabilities		(3,236)
Total liabilities		(3,236)
Net assets acquired		128,250

Consideration for the acquisition of Amarillo Gold Canada shares		123,420
Transaction costs		4,830
Total consideration		128,250

Cash paid		128,250
Less cash acquired with the subsidiary		(4,246)
Net cash flow on acquisition		124,004

The Group recognised 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; and

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.

5 Revenue

	Period ended 30 June 2023 (unaudited)					Period ended 30 June 2022 (unaudited)
	Revenue from customers					Revenue from customers
	Goods/ services sold US$000	Shipping services US$000	Total US$000	Provisional pricing US$000	Total US$000	Goods/ services sold US$000	Shipping services US$000	Total US$000	Provisional pricing US$000	Total US$000
Gold (from dore bars)	142,854	321	143,175	21	143,196	164,011	458	164,469	(34)	164,435
Silver (from dore bars)	77,055	226	77,281	(3)	77,278	87,531	312	87,843	(74)	87,769
Gold (from concentrate)	46,796	1,871	48,667	261	48,928	44,215	1,277	45,492	(1,262)	44,230
Silver (from concentrate)	43,293	1,543	44,836	(480)	44,356	54,822	1,524	56,346	(5,299)	51,047
Services	265	-	265	-	265	300	-	300	-	300
Total	310,263	3,961	314,224	(201)	314,023	350,879	3,571	354,450	(6,669)	347,781

6 Cost of sales before exceptional items

Included in cost of sales are:

	Six months ended 30 June
	2023 (Unaudited) US$000	2022 (Unaudited) US$000
Depreciation and amortisation in cost of sales1	72,705	67,733
Personnel expenses2	58,905	58,052
Mining royalty	2,844	3,020
Change in products in process and finished goods³	4,716	(8,202)
Fixed costs at the operations during stoppages, reduced capacity and excess absenteeism⁴	3,005	3,870

1 The depreciation and amortisation in production cost is US$71,903,000 (2022: US$68,801,000).

2 Includes workers' profit sharing of US$1,174,000 (2022: US$2,046,000).

3 Corresponds to the difference between the beginning and ending balance of the finished products and products in process included in the production cost during the period.

4 Corresponds to the fixed cost at the operations during stoppages of US$905,000, net of the income for the insurance of US$486,000, and the incremental idle capacity costs of US$2,586,000 (2022: Corresponds to the unallocated fixed costs accumulated during operation below planned operating capacity and excess absenteeism due to Covid-19 pandemic of US$2,081,000, and the unallocated fixed cost accumulated during operations below planning operating capacity due to the fire in San Jose of US$1,789,000).

7 Exploration expenses

	Six months ended 30 June
	2023 (Unaudited) US$000	2022 (Unaudited) US$000
Mine site exploration1
Arcata	40	43
Ares	13	159
Inmaculada	368	1,618
Pallancata	591	3,714
San Jose	4,213	4,324
	5,225	9,858
Prospects2
Canada	2,308	6,903
Peru	114	204
USA	-	1,353
Chile	(24)	(20)
	2,398	8,440
Generative3
Peru	(206)	928
Mexico	7	270
USA	1	-
Brasil	1,120	-
	922	1,198
Personnel	2,502	3,682
Depreciation right-of-use	48	102
Others	420	546
Total	11,515	23,826

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.

8 Selling expenses

	Six months ended 30 June
	2023 (Unaudited) US$000	2022 (Unaudited) US$000
Personnel expenses	78	159
Warehouse services	743	511
Taxes1	5,143	5,219
Other	930	838
Total	6,894	6,727

1 Corresponds to the export duties in Argentina calculated as a fixed amount in pesos per US$ of export.

9 Other income and expenses before exceptional items	Six months ended 30 June
	2023 (Unaudited) US$000	2022 (Unaudited) US$000
Other income
Logistic services	712	-
Gain on recovery of expenses1	2,414	213
Recovery of previously written off account receivable	-	543
Others2	1,737	1,824
Total	4,863	2,580
Other expenses
Increase in provision for mine closure	(1,315)	(10,799)
Depreciation right-of-use assets	(54)	(52)
Corporate social responsibility contribution in Argentina	(1,696)	(1,615)
Care and maintenance expenses of Ares mine unit	(1,355)	(1,921)
Care and maintenance expenses of Arcata mine unit	(1,808)	(2,271)
Voluntary retirement program in Argentina3	-	(938)
Damage Inmaculada machine belt	-	(1,831)
Provision of obsolescence of supplies4	(1,730)	-
Others⁵	(4,859)	(3,475)
Total	(12,817)	(22,902)

1 This is primarily the insurance collected in 2023 due to the damage of the Inmaculada machine belt in 2022 of US$2,620,000, net of the loss on recovery of expenses of US$206,000.

2 This mainly includes the sale of mine concessions in Chile of US$1,150,000 (2022: US$nil), export credits in Argentina of US$nil (2022: US$345,000), gain on sale of property, plant and equipment of US$nil (2022: US$199,000), gain on sale of supplies US$204,000 (2022: US$281,000) and the recovery of a receivable in Canada of US$nil (2022: US$543,000).

3 This represents the voluntary retirement programme implemented at Minera Santa Cruz as a result of the need to comply with the Provincial Employment Law that requires at least 70% of the workforce to have resided in the province of Santa Cruz for three years.

4 Mainly includes the provision for obsolescence of supplies related to the ore sorting project amounting to US$1,713,000.

5 This is primarily the tax penalties of US$2,069,000 (2022: US$657,000), loss on sale of property, plant and equipment of US$409,000 (2022: US$nil), the contingencies of US$956,000 mainly explained by labor claims in Argentina (2022: US$1,670,000), the remuneration of the employees included in the voluntary retirement program of US$nil (June 2022 US$463,000), since Minera Santa Cruz has to pay them until the employment relationship is terminated even though they are prevented from attending the mining unit, and the termination benefits of the Pallancata mine unit of US$400,000 (2022: US$nil).

10 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. Unless stated, exceptional items do not correspond to a reporting segment of the Group.

	Six months ended 30 June
	2023 (Unaudited) US$000	2022 (Unaudited) US$000
Share of loss on an associate
Impairment of Aclara Resources Inc. ^{1 and refer note 15}	(7,183)	(9,923)
Total	(7,183)	(9,923)
Impairment and write-off of non-financial assets
Impairment of non-current assets ²	(59,719)	-
Total	(59,719)	-
Income tax expense
Income tax credit	18,574	-
Total	18,574	-

The exceptional items for the period ended 30 June 2023 and 2022 correspond to:

1 Corresponds to the impairment charge of US$7,183,000 (2022: US$9,923,000) based on the updated valuation of the investment in Aclara Resources Inc. as at 30 June 2023.

2 Corresponds to the impairment charge related to San Jose (US$17,398,000) and Azuca and Crespo (US$42,321,000) projects.

11 Finance income and finance cost before exceptional items

The Group recognised the following finance income and finance costs before exceptional items:

	Six months ended 30 June
	2023 (Unaudited) US$000	2022 (Unaudited) US$000
Finance income:
Interest on deposits and liquidity funds	2,313	562
Interest on loans	126	104
Unwind of discount on mine rehabilitation	-	1,098
Others	189	399
Total finance income	2,628	2,163
Finance cost:
Interest on bank loans	(5,468)	(5,303)
Other interest	(3,125)	(1,045)
Total interest expense	(8,593)	(6,348)
Loss on discount of other receivables¹	(349)	(957)
Loss from changes in the fair value of financial instruments²	-	(2,802)
Loss from changes in the fair value of financial assets at fair value through profit and loss	-	(2,282)
Loss on sale of financial assets at fair value through profit and loss	(292)	-
Unwind of discount on mine rehabilitation	(791)	-
Others	(985)	(694)
Total finance costs	(11,010)	(13,083)

1 Mainly corresponds to the gain/(loss) on discount of tax credits in Argentina.

2 Represents the foreign exchange transaction costs to acquire US$3,289,000 dollars through the sale of bonds in Argentina.

12 Income tax expense

	Six months ended 30 June
	2023 (Unaudited) US$000	2022 (Unaudited) US$000
Current tax
Current income tax expense	7,405	9,386
Withholding tax	297	-
Current mining royalty charge	2,130	2,475
Current special mining tax charge	618	1,533
Total	10,450	13,394
Deferred tax
Origination and reversal of temporary differences	(23,880)	(7,604)
Total	(13,430)	(7,604)
Total taxation (credit)/charge in the income statement	(13,430)	5,790

The pre-exceptional tax charge for the period was US$5,144,000 (2022: US$5,790,000).

The weighted average statutory income tax rate was 31.5% for 2023 and 35.0% for 2022. This is calculated as the average of the statutory tax rates applicable in the countries in which the Group operates, weighted by the profit or loss before tax of the Group companies in their respective countries as included in the consolidated financial statements. The interim income tax rate calculation is based on the estimate average annual effective tax rate of the Group.

The change in the weighted average statutory income tax rate is due to a change in the weighting of profit or loss before tax in the various jurisdictions in which the Group operates.

The profit before income tax (pre-exceptional) excluding the exchange difference of US$ 4,268,000 was US$ 5,055,000. The weighted average effective annual income tax rate expected for the full financial year was 47.5% generating an income tax expense of US$ 2,401,000. The higher tax in H1 2023 versus US$ 2,401,000 is due to the one-time effect occurred in the half year related to the local currency revaluation of US$ 1,906,000 and the non-deductible loss on the sale of C3 Metals Inc. shares of US$ 837,000.

The UK Government increased the rate of Corporation Tax to 25% on profits over £250,000, approximately US$318,000, from April 2023. There is no impact on the deferred tax calculation of the Group.

13 Property, plant and equipment

During the six months ended 30 June 2023, the Group acquired and developed assets with a cost of US$126,523,000 (2022: US$88,471,000). The additions for the six months ended 30 June 2023 relate to:

	Mining properties and development (Unaudited) US$000	Other property plant and equipment (Unaudited) US$000	Total additions of property plant and equipment (Unaudited) US$000
San Jose	16,086	5,401	21,487
Pallancata	3,065	43	3,108
Inmaculada	34,748	2,894	37,642
Mara Rosa	16,423	47,593	64,016
Others	192	78	270
Total	70,514	56,009	126,523

Assets with a net book value of US$1,006,000 were disposed of by the Group during the six month period ended 30 June 2023 (30 June 2022: US$nil) resulting in a net loss on disposal of US$409,000 (30 June 2022: gain of US$199,000).

For the six months ended 30 June 2023, the depreciation charge on property, plant and equipment was US$74,429,000 (2022: US$70,020,000).

There were borrowing costs capitalised in property, plant and equipment amounting to US$6,807,000 (31 December 2022: US$1,974,000).

30 June 2023

In 2023, management determined that there was a trigger of impairment in the San Jose mine unit due to the increase in the discount rate from 19.8% to 21.7% mainly explained by the rise in country risk premium in Argentina, and higher costs than expected due to local inflation. The impairment test performed over the San Jose CGU resulted in an impairment recognised as at 30 June 2023 of US$17,398,000 (US$16,588,000 in property, plant and equipment, US$376,000 in evaluation and exploration assets and US$434,000 in intangibles).

The Group is conducting a sales process for its Azuca and Crespo projects. This decision to evaluate the sale of these assets is part of the Group´s strategy to focus its capital on larger-scale projects. Management is currently negotiating with interested parties and has not entered into a definitive agreement for the sale of these assets. As at 30 June 2023, Azuca and Crespo do not meet the conditions to be classified as an asset held-for sale under IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations".

Based on preliminary discussions with interested parties on the investment and costs required for these projects, given their operational capabilities, management determined that there were triggers of impairment in both the Azuca and Crespo projects. An impairment test was carried out, adjusting the key inputs used to determine the projects recoverable value, resulting in an impairment charge of US$42,321,000 (US$15,898,000 in property, plant and equipment, US$26,420,000 in evaluation and exploration assets and US$3,000 in intangibles) for Azuca, and Crespo.

No indicators of impairment or reversal of impairment were identified in the other CGUs, which includes other exploration projects.

The recoverable value of the San Jose, CGU, and the Crespo and Azuca assets was determined using a fair value less costs of disposal (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 and Crespo assets are gold and silver prices, future capital requirements, production costs, reserves and resources volumes (reflected in the production volume), and the discount rate.

Real prices US$ per oz.	2024	2025	2026	2027	Long-term
Gold	1,850	1,735	1,582	1,557	1,600
Silver	24.3	22.6	21.4	21.8	22.0

		San Jose	Crespo
Discount rate (post-tax)		21.7%	6.0%

The period of 7 years and 9 years was used to prepare the cash flow projections of San Jose mine unit and Crespo, respectively, which were in line with their life of mine.

With respect to Azuca, given its early stage, the Group applied a value-in-situ methodology, which applies a realisable ´enterprise value´ to unprocessed mineral resources. The methodology is used to determine the fair value less costs of disposal of the Azuca assets. The enterprise value used in the calculation performed as at 30 June 2023 was $0.095 per silver equivalent ounce of resources. The enterprise value figure is based on observable external market information.

The estimated recoverable values of the Group's CGUs are equal to, or not materially different than, their carrying values.

Sensitivity analysis

Other than as disclosed below, management believes that no reasonably possible change in any of the key assumptions above would cause the carrying value of any of its cash generating units to exceed its recoverable amount.

A change in any of the key assumptions would have the following impact:

	US$000
	San Jose	Crespo
Gold and silver prices (decrease by 10%)	(45,400)	(25,800)
Gold and silver prices (increase by 10%)	45,600	25,000
Production costs (increase by 10%)	(31,100)	(11,300)
Production costs (decrease by 10%)	30,300	11,100
Production volume (decrease by 10%)	(28,600)	(13,800)
Production volume (increase by 10%)	28,600	13,600
Post tax discount rate (increase by 3%)¹	(6,100)	(17,800)
Post tax discount rate (decrease by 3%)¹	6,900	22,400
Capital expenditure (increase by 10%)	(8,900)	(10,700)
Capital expenditure (decrease by 10%)	8,900	10,600

1 Management believed that a 3% change was a reasonably possible change in the post-tax discount rate in Argentina. However, changes in the perception of Argentina arising from political, social and financial disruption may give rise to significant movement in the discount rate used in the assessment of the San Jose CGU.

2022

The delay on the government decision on Inmaculada MEIA constituted a trigger for impairment as at 31 December 2022. The MEIA was approved on 1 August 2023.

The company used an expected cash flow approach, assigning probabilities to the following possible scenarios regarding the government decision on Inmaculada´s MEIA: (i) MEIA was approved, (ii) MEIA was denied, reapplication was needed and consequently Inmaculada was placed in care and maintenance by end of 2023, resuming operations in H2 2026. Management considered scenario (i) as the most likely one, and scenario (ii) to have a probability of less than 25% of occurrence. The valuation test performed over Inmaculada CGU, using a probability-weighted approach, resulted in no impairment. If the probability of occurrence of scenario (ii) was higher than 25%, an impairment charge would be required for Inmaculada.

The recoverable value of the Inmaculada CGU was determined using a fair value less costs of disposal (FVLCD) methodology. FVLCD was determined using a combination of level 2 and level 3 inputs, which result in fair value measurements categorised in its entirety as level 3 in the fair value hierarchy, to construct a discounted cash flow model to estimate the amount that would be paid by a willing third party in an arm's length transaction.

Real prices US$ per oz.	2023	2024	2025	2026	2027	2028-2038
Gold	1,716	1,711	1,603	1,545	1,466	1,561
Silver	20.3	20.7	19.6	20.6	23.3	20.8

		Inmaculada
Discount rate (post-tax)		5.2%

31 December 2022 (US$000)		Inmaculada
Current carrying value of CGU, net of deferred tax		443,447

Sensitivity analysis

A change in any of the key assumptions would have the following impact:


	Inmaculada	San Jose
Gold and silver prices (decrease by 10%)	(175,100)	(53,800)
Gold and silver prices (increase by 10%)	171,800	54,600
Production costs (increase by 10%)	(96,700)	(49,800)
Production costs (decrease by 10%)	94,700	49,800
Production volume (decrease by 10%)	(73,300)	(78,900)
Production volume (increase by 10%)	73,100	78,900
Post tax discount rate (increase by 3%)	(69,000)	(7,800)
Post tax discount rate (decrease by 3%)	91,700	8,800
Capital expenditure (increase by 10%)	(35,600)	(11,600)
Capital expenditure (decrease by 10%)	35,600	11,600

As at 31 December 2022, management determined that the newly discovered area Royropata, west of current operations at Pallancata, was a trigger for reversal of impairment. The new area is estimated to contain 51.2 million silver equivalent ("Ag Eq") ounces. These new resources constitute a significant change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised as at 31 December 2021.

The valuation test performed over the Pallancata CGU resulted in a reversal of impairment recognised as at December 31, 2022 of US$15,145,000 in property, plant and equipment, and US$417,000 in evaluation and exploration assets).

The recoverable value of the Pallancata CGU was determined using a fair value less costs of disposal (FVLCD) methodology. FVLCD was determined using a combination of level 2 and level 3 inputs, which result in fair value measurements categorised in its entirety as level 3 in the fair value hierarchy, to construct a discounted cash flow model to estimate the amount that would be paid by a willing third party in an arm's length transaction.

Real prices US$ per oz.	2026	2027	2028
Gold	1,545	1,466	1,561
Silver	20.6	23.3	20.8

		Pallancata
Discount rate (post-tax)		5.1%

31 December 2022 (US$000)		Pallancata
Current carrying value of CGU, net of deferred tax		21,345

Sensitivity analysis

Given that Pallancata´s recoverable value is significantly higher than the reversal of impairment amount recognised, there is no reasonably possible change in any of the key assumptions that would decrease the reversal of impairment amount recognised.

14 Evaluation and exploration assets

During the six months ended 30 June 2023, the Group capitalised evaluation and exploration costs of US$1,828,000 (2022: US$113,625,000). The additions correspond to the following mine units:

			Unaudited US$000
Mara Rosa			452
Azuca			367
Crespo			314
Volcan			695
Total			1,828

There were no transfers from evaluation and exploration assets to property, plant and equipment during the period (30 June 2022: US$nil, 31 December 2022: US$102,119,000).

At 30 June 2023, the Group recorded an impairment with respect to evaluation and exploration assets of the San Jose mine unit of US$376,000, and the Azuca and Crespo projects of US$26,420,000. The calculation of the recoverable values is detailed in note 13.

At 31 December 2022, the Group recorded a reversal of impairment with respect to evaluation and exploration assets of the Pallancata mine unit of US$417,000 and an impairment of the Azuca project of US$4,199,000. The calculation of the recoverable values of the Pallancata mine unit is detailed in note 13.

There were borrowing costs capitalised in evaluation and exploration assets of US$38,000 (31 December 2022: US$1,087,000).

15 Investment in an associate

The Group retains a 20.0% interest in Aclara Resources Inc. ("Aclara"), a listed company involved in the exploration of, rare-earth metals in Chile. The company was incorporated under the laws of British Columbia, Canada, where the principal executive offices are located. The operations are conducted through one wholly owned subsidiary named REE UNO SpA, located in Chile.

Upon Aclara´s Initial Public Offering ('IPO') on 10 December 2021, 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.

The following table summarises the financial information of the Group's investment in Aclara Resources Inc:

	As at 30 June 2023 (Unaudited) US$000	As at 31 December 2022 US$000
Current assets	52,658	67,291
Non-current assets	105,236	90,271
Current liabilities	(2,328)	(3,674)
Non-current liabilities	-	(1)
Equity	155,566	153,887
Group's share in equity (20%)	31,113	30,777
Fair value adjustment allocated to the evaluation and exploration assets on initial recognition¹	12,325	12,388
Impairment of non-current assets²	(17,106)	(9,923)
Group´s carrying amount of the investment 20%	26,332	33,242
Summarised consolidated statement of profit and loss
Revenue	-	-
Administrative expenses	(2,914)	(5,261)
Exploration expenses	(2,580)	(3,642)
Other income	33	-
Finance income	1,460	648
Finance cost	(13)	(18)
Foreign exchange gain/(loss)	87	(111)
Loss from continuing operations for the period	(3,927)	(8,384)
Loss from continuing operation for the period	(3,927)	(8,384)
Group's share of loss for the period	(785)	(1,677)
Other comprehensive profit that may be reclassified to profit or loss in subsequent periods, net of tax
Exchange differences on translating foreign operations	5,292	6,417
Total comprehensive profit for the period	5,292	6,417
Total comprehensive profit	5,292	6,417
Group´s share of comprehensive profit/(loss) for the period	1,058	1,283

1. This represents the 20% of the fair value adjustment, estimated by the Group, to Aclara's exploration and evaluation assets on initial recognition, representing US$12,010,000 (2022:US$61,940,000).

2. This represents the 20% share in the total impairment, estimated by the Group, of Aclara´s exploration and evaluation assets of US$85,530,000 (2022: US$49,615,000)

The movement of investment in associate is as follows:

	Period ended 31 December
	30 June 2023 US$000	31 December 2022 US$000
Beginning balance	33,242	43,559
Initial recognition	-	-
Impairment of non-current assets	(7,183)	(9,923)
Share of loss for the period	(785)	(1,677)
Share of comprehensive profit for the period	1,058	1,283
Ending balance	26,332	33,242

At the moment of the acquisition of the associate the loss of the period was US$483,000 and the comprehensive loss for the period was US$4,480,000.

On July 4th, 2023, Aclara announced the receipt of a notice from the Environmental Service Assessment in Chile of its decision to terminate the review of Aclara´s application for an environmental impact assessment of the Penco Module due to the finding of trees considered as ´vulnerable species´ in the area of the project. Aclara is currently working to refile a revised application.

Aclara´s recent announcement and the impact that it could have in the first production date of Penco project, were considered as indicators of impairment. Therefore, in compliance with IAS 36, the Group has performed a valuation on Aclara, and determined an impairment charge of US$7,183,000.

The recoverable value of Aclara was determined using a value-in-use methodology. The key assumptions on which management has based its valuation of Aclara´s shares are the independent technical report of Penco module issued in September 2021, adjusted by: a 3-year delay in the first production date, local inflation and additional risk impacting costs; latest forecast prices; and a discount rate of 9.6%.

Sensitivity analysis

An increase of 1% in the discount rate and a delay of one additional year in the first production date would have the following impact in the Group´s investment in Aclara:

	US$000
Discount rate (increase by 1%)	(3,578)
Delay in first production date (1 additional year)	(2,551)

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 30 June 2023, after recognising the changes in the Group´s share of net assets of the associate and the impairment charge is US$26,332,000 (31 December 2022: US$33,242,559,000).

Aclara´s fair value based on share price as of 30 June 2023 was US$14,810,000 (31 December 2022: US$7,679,000 ).

No dividends were received from the associate during 2023 and 2022.

The associate had no contingent liabilities or capital commitments as at 30 June 2023 and 31 December 2022.

16 Financial instruments

Fair value hierarchy

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

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.

At 30 June 2023 and 31 December 2022, the Group held the following financial instruments measured at fair value:

	As at 30 June 2023 (Unaudited) US$000	Level 1 US$000	Level 2 US$000	Level 3 US$000
Assets measured at fair value
Equity shares¹	403	403	-	-
Derivative financial assets²	7,253	-	7,253	-
Trade receivables	27,158	-	-	27,158
Liabilities measured at fair value
Derivative financial liabilities³	(954)		(954)
	33,860	403	6,299	27,158

1 These investments were classified as financial assets at fair value through OCI. The C3 Metals Inc. shares, classified as financial assets at fair value through profit and loss, were sold during 2023.

2 Derivative financial assets - Silver forward and Gold forward.

3 Derivative financial liabilities - Gold forward.

On 8 February 2021, the Group signed agreements with JP Morgan to hedge the sale of 4,000,000 ounces of silver at US$27.10 per ounce for 2021 and a further 4,000,000 ounces of silver at US$26.86 per ounce for 2022.

On 10 November 2021, the Group signed agreements with JP Morgan to hedge the sale of 3,300,000 ounces of silver at US$25.0 per ounce for 2023.

On 12 April 2023, the Group signed agreements with Citibank to hedge the sale of 27,600 ounces of gold at US$2,100 per ounce for 2024.

On 20 April 2023, the Group signed agreements with JP Morgan to hedge the sale of 29,250 ounces of gold at US$2,047 per ounce for 2023.

On 19 June 2023, the Group signed agreements with Citibank to hedge the sale of 150,000 ounces of gold at US$2,117.05, US$2,166.65 and US$2,205.50 per ounce in 2025, 2026 and 2027 respectively.

The gold and silver forwards are being used to hedge exposure to changes in cash flows from gold and silver 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 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 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 US LIBOR 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 and silver forwards as at 30 June 2023 are as follows:

	US$000
Current assets	5,679
Non-current assets	1,574
Non-current liabilities	(954)
	6,299

The effect recorded is as follows:

	US$000
Income statement - revenue	3,362
Equity - Unrealised gain on hedges	4,113

The sensitivity to a reasonable movement in the commodity prices, with all other variables held constant, determined as a +/-10% change in prices -US$31,778,000 / US$42,288,000 effect on OCI.

	As at December 2022 (Unaudited) US$000	Level 1 US$000	Level 2 US$000	Level 3 US$000
Assets measured at fair value
Equity shares¹	1,524	1,524	-	-
Derivative financial assets	2,186		2,186	-
Trade receivables	42,364			42,364
	46,074	1,524	2,186	42,364

1 These investments were classified as financial assets at fair value through OCI (US$509,000) and financial assets at fair value through profit and loss (US$ 1,015,000).

During the six months ended 30 June 2023 and the year, ended 31 December 2022 there were no transfers between these levels.

The reconciliation of the financial instruments categorised as Level 3 is as follows:

			Trade receivables subject to price adjustments US$000
Balance at 1 January 2022			27,773
Net change in trade receivables from goods sold			8,063
Changes in fair value of price adjustments			(1,323)
Realised price adjustments during the year			7,851
Balance at 31 December 2022			42,364
Net change in trade receivables from goods sold			(6,704)
Changes in fair value of price adjustments			(201)
Realised price adjustments during the period			(8,301)
Balance at 30 June 2023 (Unaudited)			27,158

The Group has price adjustments arising from the sale of concentrate and dore which were provisionally priced at the time the sale was recorded. 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:

Period

Increase/
decrease in price of
ounces of:

Effect on
profit before tax
US$000

30 June 2023

Gold +/-10%
Silver+/-10%

+/-28

+/-51

31 December 2022

Gold +/-10%
Silver+/-10%

+/-165

+/-138

17 Deferred income tax assets and liabilities

The changes in the net deferred income tax assets/(liabilities) are as follows:

	As at 30 June 2023 (Unaudited) US$000	As at 31 December 2022 US$000
Beginning of the period	(75,832)	(86,744)
Income statement credit	23,880	2,687
Equity (charge)/credit	(927)	8,167
Deferred tax recognised for payment	-	58
End of the period	(52,879)	(75,832)

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 amounts after offset, as presented on the face of the Consolidated statement of financial position, are as follows:

	As at 30 June 2023 (Unaudited) US$000	As at 31 December 2022 US$000
Deferred income tax assets¹	1,029	4,213
Deferred income tax liabilities	(53,908)	(80,045)
Net deferred income tax liabilities	(52,879)	(75,832)

1 The decrease is driven principally by the recognition of the impairment charge of the period (US$18,574,000).

18 Cash and cash equivalents

	As at 30 June 2023 (Unaudited) US$000	As at 31 December 2022 US$000
Cash in hand	986	922
Current demand deposit accounts¹	64,960	53,697
Time deposits²	27,632	89,225
Cash and cash equivalents	93,578	143,844

1 Relates to bank accounts, which are readily accessible to the Group and bear interest.

2 These deposits have an average maturity of 9 days (as at 31 December 2022: 18 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.

19 Borrowings

	As at 30 June 2023 (Unaudited)			As at 31 December 2022
	Effective interest rate	Non-current US$000	Current US$000	Effective interest rate	Non-current US$000	Current US$000
Secured bank loans
· Pre-shipment and short-term loans in Minera Santa Cruz	13.00% to 95.00%	-	5,407	47.25% and 48.00%	-	2,161
· Mid-term loans in Minera Ares	8.74%	224,999	78,726	7.74%	275,000	27,328
· Stock market promissory notes in Minera Santa Cruz	-	-	11,500	-	-	14,500
Total		224,999	95,633		275,000	43,989

The movement in borrowings during the six-month period to 30 June 2023 is as follows:

	As at 31 December 2022 US$000	Additions US$000	Repayments US$000	Reclassifications US$000	As at 30 June 2023 (Unaudited) US$000
Current
Bank loans¹	26,693	8,653	(4,775)	49,464	80,035
Stock market promissory notes²	14,500	3,907	(6,907)	-	11,500
Accrued interest	2,796	5,468	(11,139)	6,973	4,098
	43,989	18,028	(22,821)	56,437	95,633
Non-current
Bank loans¹	275,000	-	-	(50,001)	224,999
	275,000	-	-	(50,001)	224,999

1 Relates to pre-shipment loans for a total amount of US$2,589,000 (31 December 2022: US$2,161,000) which are credit lines given by banks to meet payment obligations arising from the exports of the Group and other short-term loans of US$2,818,000. In addition, the balance at 30 June 2023 and 31 December 2022 includes a five-year credit agreement 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. The US$200,000,000 medium term loan was payable on equal quarterly instalments from the second anniversary of the loan with an interest rate of Libor three months plus 1.15% payable quarterly until maturity on 13 December 2024. 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. US $ 200,000,000 was withdrawn on 21 September 2021, and the optional US $ 100,000,000 loan was withdrawn on 1 December 2021. The maturity was extended until September 2026, and the interest rate increased to 3-month USD Libor plus a spread of 1.65%. The carrying value including accrued interests at 30 June 2023 is US$303,725,000 (31 December 2022: US$302,328,000).

2 Corresponds to 11 Stock market promissory notes signed from August 2022 to June 2023 by Minera Santa Cruz with Max Capital, a finance advisory company located in Argentina, amounting to US$11,500,000. The expiration date of the notes is from July 2023 to August 2024. During the period 2023 the Group repaid US$6,907,000. The balance as at 30 June 2023 is US$11,500,000 (31 December 2022: US$14,500,000).

As at 30 June 2023, the Group has US$200,000,000 of undrawn medium-term debt facility that is available due to the receipt of the Inmaculada MEIA approval.

The carrying amount of the pre-shipment and short-term loans approximates their fair value. The carrying amount and fair value of the mid-term loan are as follows:

	Carrying amount		Fair value
	As at 30 June 2023 (Unaudited) US$000	As at 31 December 2022 US$000	As at 30 June 2023 (Unaudited) US$000	As at 31 December 2022 US$000
Bank loans	303,725	302,328	291,766	283,677
Total	303,725	302,328	291,766	283,677

20 Provisions

	As at 30 June 2023 (Unaudited)		As at 31 December 2022
	Non-current US$000	Current US$000	Non-current US$000	Current US$000
Provision for mine closure1	124,618	14,711	119,332	17,668
Workers' profit sharing2	-	1,989	-	4,947
Provision for contingencies³	6,802	3,398	4,174	1,562
Total	131,420	20,098	123,506	24,177

1 The 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 30 June 2023 and 31 December 2022 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. The pre-tax real discount rate used was 1.25% (2022: 0.95%). Movement in the provision relates to an increase due to change in estimate of US$5,939,000 (mainly in the mine unit Mara Rosa US$4,173,000), net of payments of US$4,787,000, and the increase related to change in discount rate of US$386,000 and related unwind of discount on mine rehabilitation of US$791,000.

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

	US$000
Closure costs (increase by 10%) increase of provision	13,933
Discount rate (increase by 0.5%) (decrease of provision)	(8,082)

2 Corresponds to worker's profit sharing in Compania Minera Ares.

3 Mainly corresponds to the increase due to an income tax contingency in Compañía Minera Ares of US$2,213,000.

21 Equity

Share capital and share premium

The movement in share capital of the Company from 31 December 2022 to 30 June 2023 is as follows:

	Number of ordinary shares	Share capital US$000	Share premium US$000
Shares issued as at 31 December 2021	513,875,563	226,506	438,041
Deferred bonus shares issued on 20 June 2022	513,875,563	303,268	-
Cancelation of deferred bonus shares on 22 June 2022	(513,875,563)	(303,268)	-
Cancelation of share premium account on 24 June 2022	-	-	(438,041)
Reduction of nominal value to 1 pence on 24 June 2022	-	(217,445)	-
Shares issued as at 31 December 2022	513,875,563	9,061	-
Issuance of shares for bonus payment on 12 May 2023	582,869	7	-
Shares issued as at 30 June 2023	514,458,432	9,068	-

Following the passing of certain special resolutions at an Extraordinary General Meeting of shareholders held on 26th May 2022, the Company capitalised the Company's merger reserve by applying its balance to the issuance of 513,875,563 bonus shares with a nominal value of US$0.59 each (the "Bonus Shares").

Subsequently, the Company obtained, on 21 June 2022, the approval of the High Courts of Justice of England and Wales (the Companies Court (Ch D) of the Business and Property Courts) to:

i. the cancellation of the Bonus Shares with the sum arising on the cancellation being credited to the Company's retained earnings reserve;

ii. the reduction of the Company's share premium account to nil and crediting the corresponding amount to the Company's retained earnings reserve; and

iii. the reduction in the nominal value of the Ordinary Shares from 25 pence per Ordinary Share to 1 pence per Ordinary Share,

(both (ii) and (iii) above collectively referred to as "the Reductions").

The Reductions were effective on registration of the relevant court order by the Registrar of Companies, which took place on 24th June 2022.

22 Dividends paid and declared

Dividends declared and paid to non-controlling interests in the six months ended 30 June 2023 were US$326,000 (2022: US$286,000).

There was no final dividend in respect of the year 2022 (final dividend for 2021: US$11,998,000). An interim dividend in respect of the six months ended 30 June 2023 amounting to US$nil (2022: US$10,019,000) has been declared by the Directors. Dividends paid to shareholders of the parent in the six months ended 30 June 2023 were US$nil (2022: US$11,998,000).

23 Related party transactions

There were no significant transactions with related parties during the six months period ended 30 June 2023.

24 Notes to the statement of cash flows

	Six months ended 30 June
	2023 (Unaudited) US$000	2022 (Unaudited) US$000
Reconciliation of profit for the period to net cash generated from operating activities
Loss for the period	(52,685)	(420)
Adjustments to reconcile Group profit to net cash inflows from operating activities
Depreciation	72,513	69,444
Amortisation of intangibles	416	384
Impairment of non-financial assets	59,719	1,741
Write-off of non-financial assets, net	1,684	323
Impairment of an associate	7,183	9,923
Share of loss of an associate	785	551
Loss/(gain) on sale of property, plant and equipment	409	(199)
Increase of provision for mine closure	1,315	10,799
Loss from changes in the fair value of financial assets at fair value through profit and loss	292	2,282
Finance income	(2,628)	(2,163)
Finance costs	11,010	13,083
Income tax expense	(13,430)	5,790
Other	12,924	3,639
Increase/(decrease) of cash flows from operations due to changes in assets and liabilities
Trade and other receivables	(4,177)	(39,469)
Income tax receivable	(1,174)	(2,725)
Other financial assets and liabilities	-	2,802
Inventories	7,347	(9,240)
Trade and other payables	(1,457)	(19,345)
Provisions	(236)	(5,992)
Cash generated from operations	99,810	41,208

25 Subsequent events

(a) Volcan

On 6 July 2023, the Group signed a royalty agreement with Minera Global Copper Chile S.A. Pursuant to the contract, the Group undertakes to pay a royalty of 1.5% of the net smelter returns of the ore from the Volcan project located in Chile, for a consideration of US$15,000,000 which to date is pending payment.

(b) Loan facility

- On 28 June 2023 the Group signed a short-term credit facility agreement up to US$80,000,000 with the Banco Santander S.A. Based on the agreement, the Group drew down US$60,000,000 on 3 July 2023. This was repaid on 11 August 2023 amounting to US$60,525,541 including interests and commissions.

- On 9 August 2023 the Group drew down US$60,000,000 from the US$200,000,000 medium-term debt facility signed in 2022 with the Bank of Nova Scotia and BBVA Securities Inc. These funds were used to repay other outstanding debts.

On 1 August 2023 the Group received the approval of the Inmaculada MEIA "Modification of the Environmental Impact Study", extending the permit for an additional 20 years.

Profit by operation¹

(Segment report reconciliation) as at 30 June 2023:

Group (US$000)	Pallancata	San Jose	Inmaculada	Consolidation adjustment and others	Total/HOC
Revenue	27,013	107,934	178,811	265	314,023
Cost of sales (pre consolidation)	(46,265)	(92,222)	(116,134)	3,751	(250,870)
Consolidation adjustment	224	-	3,527	(3,751)	-
Cost of sales (post consolidation)	(46,041)	(92,222)	(112,607)	-	(250,870)
Production cost excluding depreciation	(31,163)	(65,040)	(73,869)	-	(170,072)
Depreciation in production cost	(12,714)	(22,435)	(36,754)	-	(71,903)
Workers profit sharing	(441)	-	(733)	-	(1,174)
Other items	(667)	(419)	(1,919)	-	(3,005)
Change in inventories	(1,056)	(4,328)	668	-	(4,716)
Gross profit	(19,252)	15,712	62,677	4,016	63,153
Administrative expenses	-	-	-	(20,884)	(20,884)
Exploration expenses	-	-	-	(11,515)	(11,515)
Selling expenses	(249)	(6,415)	(230)	-	(6,894)
Other expenses, net	-	-	-	(7,954)	(7,954)
Operating profit/(loss) before impairment	(19,501)	9,297	62,447	(36,337)	15,906
Impairment and write-off of non-financial assets, net	-	-	-	(61,403)	(61,403)
Share of post-tax losses from associate	-	-	-	(7,968)	(7,968)
Finance income	-			2,628	2,628
Finance costs	-	-	-	(11,010)	(11,010)
Foreign exchange loss	-	-	-	(4,268)	(4,268)
Profit/(loss) from continuing operations before income tax	(19,501)	9,297	62,447	(118,358)	(66,115)
Income tax	-	-	-	13,430	13,430
Profit/(loss) for the period from continuing operations	(19,501)	9,297	62,447	(104,928)	(52,685)

1 On a post-exceptional basis.

SHAREHOLDER INFORMATION

Company website

Hochschild Mining PLC Interim and Annual Reports and results announcements are available via the internet on our website at www.hochschildmining.com. Shareholders can also access the latest information about the Company and press announcements as they are released, together with details of future events and how to obtain further information.

Registrars

The Registrars can be contacted as follows for information about the AGM, shareholdings, dividends and to report changes in personal details:

BY EMAIL

shareholderenquiries@linkgroup.co.uk

POST

Link Group, 10^th Floor, Central Square, 29 Wellington Street, Leeds LS1 4DL

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)

17 Cavendish Square

London

W1G 0PH

Registered in England and Wales with Company Number 5777693

[1]Revenue presented in the financial statements is disclosed as net revenue and is calculated as gross revenue less commercial discounts plus services revenue

²Please see the Financial Review on page 14 for a definition of Adjusted EBITDA

[3]All equivalent figures calculated using the Company's 2022 average gold/silver ratio of 83:1.

4All-in sustaining cost per (AISC) silver equivalent ounce: Calculated before exceptional items and includes production cost excluding depreciation, other items and workers profit sharing in cost of sales, administrative expenses (excl. depreciation), brownfield exploration, operating and exploration capex and royalties and special mining tax (presented with income tax) divided by silver or gold equivalent ounces produced, plus commercial deductions and selling expenses divided by silver or gold equivalent ounces sold using a gold/silver ratio of 83:1. H1 2022 Excludes non-recurrent COVID-19 expenses of $2.4 million..

[5]Calculated as total number of accidents per million labour hours

^{^[6]}Calculated as total number of days lost per million labour hours.

[7]The ECO Score is an internally designed Key Performance Indicator measuring environmental performance in one number and encompassing numerous fronts including management of waste water, outcome of regulatory inspections and sound environmental practices relating to water consumption and the recycling of materials.

[8]Includes revenue from services

[9]Unit cost per tonne is calculated by dividing mine and treatment production costs (excluding depreciation) by extracted and treated tonnage respectively

[10]Cash costs are calculated to include cost of sales, commercial discounts and selling expenses items less depreciation included in cost of sales

^{^[11]}Does not include unallocated fixed costs accumulated during operation below planned operating capacity

[12]Includes commercial discounts from the sales of concentrate and commercial discounts from the sale of dore

^{^[13]}Does not include non-recurrent COVID-19 expenses of $2.4 million, unallocated fixed costs accumulated during operation below planned operating capacity and excess absenteeism in Argentina due to the Covid-19 pandemic of $2.0 million, and unallocated fixed cost accumulated during operations below planning operating capacity due to the fire in San Jose of $1.7 million

[14]Includes commercial discounts (from the sales of concentrate) and commercial discounts from the sale of dore

[15] Calculated using a gold/silver ratio of 83:1.

[16]Royalties arising from revised royalty tax schemes introduced in 2011 and included in income tax line

[17]Calculated using a gold silver ratio of 83:1

[18]Excludes non-recurrent COVID expenses of $2.4 million

[19]Royalties arising from revised royalty tax schemes introduced in 2011 and included in income tax line

[20]Calculated using a gold silver ratio of 83:1

[21]Adjusted EBITDA has been presented before the effect of significant non-cash (income)/expenses related to changes in mine closure provisions and the write-off of property, plant and equipment

[22]Includes pre-shipment loans and short term interest payables

[23]Includes additions in property, plant and equipment and evaluation and exploration assets (confirmation of resources) and excludes increases in the expected closure costs of mine asset

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