sustainable growth in the americas final.pdf · bmo metals & mining conference / 25-28 february...

SUSTAINABLE GROWTH IN THE AMERICASBMO METALS & MINING CONFERENCE / 25-28 FEBRUARY 2018

DISCLAIMER

2

Some statements contained in this presentation or in documents referred to in it are or may be forward-looking statements.Any forward-looking information contained in this presentation has been prepared on the basis of a number of assumptionswhich may prove to be incorrect. Accordingly, actual results may vary or differ from those expressed in such statements,depending on a variety of factors. Forward-looking statements speak only as of the date on which they are made.Hochschild Mining plc undertakes no obligation to update or revise any forward-looking statement, whether as a result ofnew information, future events or otherwise.

Past performance of the Company or its shares cannot be relied on as a guide to future performance. Nothing in thispresentation is to be construed as a profit forecast.

This presentation has been prepared solely for informational purposes and does not constitute, or form part of or containany invitation or offer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any securities issued byHochschild Mining plc (or any subsidiary thereof) or advise persons to do so in any jurisdiction, nor shall it, or any part of it,form the basis of or be relied on in any connection with or act as an inducement to enter into any contract or commitmenttherefore. The information herein is only a summary, does not purport to be complete and has not been independentlyverified. No representation or warranty, either express or implied, is made as to, and no reliance may be placed for anypurpose whatsoever on the information or opinions contained in this document or on its accuracy or completeness and noliability whatsoever is accepted for any loss howsoever arising from any use of this document or its contents otherwise inconnection therewith.

This presentation has been prepared in compliance with English law and English courts will have exclusive jurisdiction overany disputes arising from or connected with this presentation.

Strong portfolio + operational experience + financial stability + growth potential=

Shareholder value

Brownfield potential at all operations

Developing greenfield portfolio

HOCHSCHILD AT A GLANCE

3

A leading Latin American precious metal producer

+100yrs of history and +50yrs of mining

Operational Experience

Key Inmaculada flagship asset

Low cost competitive position

Strong portfolio

Growth potential

Peru Argentina Chile

Southern Peru Cluster

ArcataInmaculadaPallancata

San Jose

Volcan

Inmaculada

4

Final dividend increased by 43%

• Revenue of $722m (2016: $688m)• EBITDA of $301m (2016: $329m)• EPS of $0.08 (2016: $0.11)• AISC of $12.3/oz (2016: $11.2/oz)• Cash balance of $257 million (31 Dec 2016: $140m)• Net debt of $103 million (31 Dec 2016: $187m)• Net debt/EBITDA of 0.34x (as at 31 Dec 2017)• Bonds repaid - remaining debt refinanced at significantly lower rates• Brownfield exploration programme starting to show positive results• Recommended final dividend of 1.965 cents per share ($10m)

FULL YEAR RESULTS HIGHLIGHTS

2018 GUIDANCE

5

OPERATION PRODUCTIONAISC

(operations)

SUSTAINING & DEVELOPMENT CAPEX

EXPLORATION

Inmaculada160,000oz Au

5.6moz Ag$700-750/oz Au Eq $40-45m $8m

Pallancata27,000oz Au

7.5moz Ag$13.0-13.5/oz Ag Eq $35m $2m

San Jose51,000oz Au (51%)

3.3moz Ag (51%)

$14.5-15.0/oz Ag Eq $43-48m $2m

Arcata10,000oz Au

3.3moz Ag$18.0-18.5/oz Ag Eq $7m $4m

TOTAL514,000oz Au Eq

38.0moz Ag Eq

$960-990/oz Au Eq

$13.0-13.4/oz Ag Eq$125-135m $17m*

*In addition there is $10m of budgeted greenfield expenditure for 2018

Delivering 87% production growth and 40% cost reduction

CORE ASSETS: FIVE YEARS OF TRANSFORMATION

6

2012 2013 2014 2015 2016 2017 2018e

Silver Gold

35.5

27.0

Attributable production (m oz Ag Eq*)

All-in sustaining costs($/oz Ag Eq)

20.5 22.220.3

*2015-2018e using gold/silver ratio of 74x to convert gold to silver equivalent. Ratio of 60x used for 2012-2014.

38.0

21.7 18.6 17.4

12.9 11.2 12.2-12.7 13.0-13.4

2012 2013 2014 2015 2016 2017 2018e

38.0

1

GROWTH STRATEGY

Focus on exploration-led growth

BROWNFIELD PROGRAMME

GREENFIELD

JOINT VENTURES

• Progressing drill-ready projects• Staking opportunities• Optimising early stage projects

• Early-stage• Earn-in JVs• Geological upside• ROIC:12-15%

• Spare capacity available• LOM increases• Capacity expansions

2

3

7

SOUTHERN PERU CLUSTER: COMPETITIVE ADVANTAGE

8

Hochschild invests in districts

Peru

65KM MINERALISED BELT

EXPLORATION: PROVING INMACULADA’S GEOLOGICAL UPSIDE

9

Additional resources and strong potential for future expansion and LOM increase

• First results from surface drilling confirming strong potential at Inmaculada

• 11 new veins discovered close to existing mine infrastructure

• Mine development added 10m Ag Eq resources in 2017

• Angela vein still open along strike

• Current campaign to continue throughout 2018 – potential & infill drilling/resource conversion

Potential resources

Inferred resources

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

INMACULADA: PLANT EXPANSION POTENTIAL

• Significant production upside

• Lower AISC

• Low capex estimates for expansion

― 4,200tpd ≈ $10m

― 5,000tpd ≈ $50m

• Initial modular construction allows relatively

simple capacity increases

• Additional resources will be required to avoid

LOM reduction

10

Production uplift

Current

Small investment required to materially increase capacity

Tonnes per day

EXPLORATION: CHANGING THE PICTURE AT PALLANCATA

11

• Pablo & Pablo Pisos discovered in 2015/2016

• Drilling for potential resources at Marco-Farallon in 2018

• Permits in progress for Cochaloma/Esperanza, East of Pallancata

• Mapping at Pablo South

• Geophysics and mapping of Palcacompleted. Permit in progress for 2019 drilling

Opening up a new district: reinterpreting & reinvigorating Pallancata

Palca Zone

Potential resources

Inferred resources

EXPLORATION: ARCATA 2017/18

• Goldspot Discoveries Inc. hired to help identify new targets using machine learning tools

• 17 different targets being drilled (15,000m) for potential resources during 2018 including Goldspot

• Looking to add resources from Ruby vein (8,900m drilling)

• Aiming for exploration-led recovery in 2019

Aiming to improve resource quality and lower long-term cost position

12

0

3,000

6,000

9,000

12,000

1990 1995 2000 2005 2010 2015

Arcata’s historic production has been volatile but brownfield discoveries have

often reinvigorated the mine

(k oz Ag Eq)

Potential resources

Inferred resources

EXPLORATION: SAN JOSE 2017/2018

13

• Further drilling at Aguas Vivas and other targets carried out in H2 2017 - drilling continuing in H1 2018

• 4 vein structures identified at Aguas Vivas - potential polymetallic sulphide deposit with lead/zinc

• Next steps: complete potential drilling programme and carry out geometallurgical analysis

• Incorporation of resources scheduled for 2018 in existing operating areas

Testing initial results at Aguas Vivas

Aguas Vivas

GoldcorpCerro Negro>7moz Au Eq

Acquired 2010C$3.6bn

Potential resources

Inferred resources

Aiming to drill prospective geology in good geography

GREENFIELD PROGRAMME

14

Generating and advancing new greenfield opportunities

Deposit type

• Targeting skarns, epithermal veins and porphyries

Peru

• Portfolio reshuffled with promising targets generated• Five prospects selected: Fresia , Alto Ruri, Corina, Casma,

Cueva Blanca

Outside Peru

• Earn-in JVs/options from juniors with:― known districts― clear evidence of mineralisation― straightforward targets

• Jurisdictions with geological potential, political & regulatory stability, e.g. Chile, US, Canada, Mexico

Two deals announced

• Loro (Chile)― 4km of veins similar to nearby El Penon outcrop on discovery― Evidence of emerging epithermal vein system

• Cobalt Silver District (Canada)― Alliance established with Cobalt Power Group ― Historic production of silver/cobalt in Ontario

Peru

Fresia

Alto Ruri

Corina

Casma

Cueva Blanca

Loro (Chile)

Cobalt Silver District (Ontario, Canada)

VOLCAN LONG-TERM OPTIONALITY

15

A next major gold region in Northern Chile?

Cerro Maricunga(Atacama Pacific)

Maricunga(Kinross)

Volcan

Cerro Casale(Barrick/Goldcorp)

Caspiche(Barrick/Goldcorp)

Lobo Marte (Kinross)

La Coipa (Kinross)

Relincho(Goldcorp/Teck)

El Morro(Goldcorp/Teck)

Chile

Argentina

Caserones(Pan Pacific Copper, Mitsui)

Mantoverde(Audley Capital, Orion Resource)

Candelaria(Lundin Mining, Sumitomo)

Copiapo

Gold deposit

Copper deposit

20km

• Large gold deposit in the Maricunga region in Northern Chile

• Water rights secured

• Acquired as future strategic resource

• 9.5moz of gold resources

• Stable mining jurisdiction

• Goldcorp/Barrick/Teck advancing Nueva Union and Norte Abierto JVs

DEBT REDUCTION PROGRAMME ON TRACK

16

• Net debt improved from $351m as at 31 Dec 2015 to $103m

as at 31 Dec 2017

• Net Debt/LTM EBITDA has improved from 5.8x to 0.34x

• 2021 7.75% bonds redeemed 23 Jan 2018 ($295m)

• Financed through cash and new borrowing facilities at lower

rates:

84 84 103140 145

257

540

434

369328 309

360

Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

Cash

Gross debt

Net debt/EBITDA

Balance sheet progression($m)

Bond repaid and remaining debt refinanced at significantly lower rates

5.8x

2.5x

1.0x

0.57x 0.54x

Interest payment reduction*($m)

3028

25

74

Dec-15 Dec-16 Dec-17 Dec 18e Dec 19e

*P&L pre-exceptional interest payments. Dec 2017 interest payment estimate calculated using H1 2017 annualised. Dec 2018 estimate calculated assuming Jan 2018 repayment and refinancing of $295m senior notes at current available market rates.

Principal Bank Term Interest Rate

$100m BBVA/Scotiabank 1yr1.75% (BBVA) Libor+0.32% (Scotiabank)

$100m Citibank/Bank of Nova Scotia 2yr (1yr grace) Libor+0.7%

0.34x

AN ONGOING VALUE PROPOSITION

17

• Record in 2016 & 2017Production track record

• Ongoing focus on costs and capital efficiencyEfficient cost structure

• Encouraging first results from Inmaculada Brownfield growth

• Ramping up to full production in H1 2018Pablo ramp up

• Debt reduction ahead of schedule• $31m of dividends since H1 2016Financial strength

• Generating and advancing new opportunitiesGrowth programme

Sustainable growth in the Americas

SUSTAINABLE GROWTH IN THE AMERICASAPPENDIX

19

P&L

Revenue 722.6 688.2 34.4

Cost of sales (549.0) (487.7) (61.3)

Gross profit 173.5 200.5 (27.0)

Administrative exp. (51.3) (48.0) (3.3)

Selling exp. (11.0) (14.2) 3.2

Exploration exp. (17.2) (9.2) (8.2)

Others net (1.8) 19.0 (20.8)

Operating income 92.1 148.2 (56.1)

Finance net (20.2) (29.4) 9.2

FX loss (5.3) (1.8) (3.5)

PBT 66.6 116.9 (50.3)

Tax (12.2) (47.6) 35.4

Net profit 54.5 69.3 (14.8)

Attrib. net profit 41.6 53.2 (11.6)

EPS 0.08 0.11 (0.03)

Adjusted EBITDA 300.8 329.0 (28.2)

• Revenue increased by 5% due to record production and

higher gold price

• Increased costs in line with guidance

• Patagonian port benefit elimination in Q4 2016 explains

reduction in other income

• Falling interest costs reflecting debt reduction

• FX loss increased due to fall in Argentinian peso in Dec 2017

• Recommended final dividend of $10m

Gold 300.2 299.0 -

Silver 22,295 21,088 6

Gold 1,270 1,215 5

Silver 17.0 16.9 1

$m (pre-exceptional) 2017 2016 variation

Sales (k oz) 2017 2016 % change

Avg received price ($/oz) 2017 2016 % change

20

BALANCE SHEET ANALYSIS – EVOLUTION OF 2017 CASH BALANCE

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

140

131

57

50

(2)(19)

(50)

32

(22)(14)

(13)

(31) (2) 257

Dec-16 Inmaculadageneration

San Josegeneration

Pallancatageneration

Arcatageneration

Brownfield &greenfield

exploration

Admin Debt Interest Dividends toShare

Holders

Dividends toMcEwen

Taxes Workingcapital &

others

Dec-17

$m

21

COSTS

Key drivers:

• Investment in brownfield growth programme

• Backfill/detox plants at Inmaculada – now fully

operational

• Narrow veins/less available stopes at Arcata

• High countrywide inflation in Argentina vs low

currency devaluation

• Patagonian port benefit cancellation in Q4 2016

Offset by…

• Better than expected grades/tonnage from

Pallancata

• Lower development costs at Pallancata (delayed to

2018)

AISC of operations at $12.3/oz - at lower end of $12.2-$12.7 guidance range

644721

Inmaculada

16.3

10.7

Pallancata

11.514.0

San Jose

13.7

18.4

Arcata

2016 2017

11.2 12.3

HOC operations

AISC split

($/oz Au Eq ) ($/oz Ag Eq )

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

($/oz Ag Eq )

2016 2017

2016 2017

2016 2017 2016 2017

22

CAPITAL EXPENDITURE & EXPLORATION

54

2116

35

126

53

18 19

36

126

Inmaculada Arcata Pallancata San Jose Total

2016 2017

2017 capex in line with 2016

Exploration split ($m)

2016 2017

Brownfield

Arcata 1.3 5.2

Pallancata 0.7 1.3

Inmaculada 0.2 1.3

San Jose 2.8 3.4

Total 5.0 11.2

Greenfield 2.0 3.7

Personnel & other 3.5 4.6

TOTAL 10.5 19.5

Sustaining & development capex split (operations) ($m)

Unit cost ($/t)

Production(oz)

Peru

CORE ASSETS: INMACULADA

Hochschild’s flagship low cost operation

23

Summary Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016

Ore production (tonnes treated) 337,358 343,990 330,393 282,959 344,199 343,247

Average grade gold (g/t) 4.29 4.19 3.80 4.33 4.26 4.09

Average grade silver (g/t) 146 149 148 135 134 132

Gold produced (koz) 41.53 43.72 38.03 41.79 41.03 42.48

Silver produced (koz) 1,363 1,499 1,405 1,239 1,220 1,318

Gold equivalent (koz) 59.95 63.98 57.01 58.53 57.51 60.29

P&P Reserves(m oz Au Eq)

1.0

0.5

1.2

165,070 Au5.5m Ag

85.4

721

• 100% owned• Located in Southern Peru Cluster• Started in 2015• 20,000 ha site• 4,400m ASL• Underground operation• Conventional/mechanised (trackless) cut-and-fill• Plant capacity: 3,850tpd• Product: 70% gold/30% silver dore`

` ``

`

M&I Resources(m oz Au Eq)

Inferred Resources (m oz Au Eq)

AISC ($/oz Au Eq)

Unit cost ($/t)

Production(oz)

Peru

CORE ASSETS: PALLANCATA

Pablo vein ramping up during H1 2018

24

Summary Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016


Average grade gold (g/t) 408 471 424 468 414 438

Average grade silver (g/t) 1.70 1.80 1.75 1.94 1.98 1.98

Gold produced (koz) 1,459 2,058 1,475 964 317 1,030

Silver produced (koz) 6.03 7.65 5.90 3.89 1.47 4.54

Silver equivalent (koz) 1,905 2,624 1,912 1,252 426 1,365

P&P Reserves(m oz Ag Eq)

18.4

42.2

32.9

23,470 Au6.0m Ag

101.5

10.7

• 100% owned• Located in Southern Peru Cluster• Started in 2007• 15,915 ha site• 4,600m ASL• Underground operation• Conventional/mechanised (trackless) cut-and-fill• Plant capacity: 3,000tpd• Product: 75% silver/25% gold conc`

` ``

`

M&I Resources(m oz Ag Eq)

Inferred Resources (m oz Ag Eq)

AISC ($/oz Ag Eq)

Unit cost ($/t)

Production(oz)

Argentina

CORE ASSETS: SAN JOSE

Strong cashflow improvement in 2017

25

Summary Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016




Gold produced (koz) 1,877 1,526 1,581 1,463 1,704 1,855


Silver equivalent (koz) 4,071 3,318 3,465 3,029 3,624 3,747


43.9

24.1

110.4

100,470 Au6.4m Ag

240.1

14.0

• 51% owned. McEwen Mining has 49%• Located in Santa Cruz, Argentina• 50,491 ha site• Started in 2007• Underground operation• Conventional/mechanised (trackless) cut-and-fill• Plant capacity: 1,650tpd• Product: 50% silver/50% gold; 50% conc/50% dore

`

` ``

`



AISC ($/oz Ag Eq)

Unit cost ($/t)

Production(oz)

Peru

CORE ASSETS: ARCATA

Operating for +50 years and still good geological potential

26

Summary Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016




Gold produced (koz) 1,085 1,003 1,138 1,165 1,669 1,705


Silver equivalent (koz) 1,350 1,264 1,427 1,471 2,101 2,174


12.1

56.5

48.6

15,150 Au4.4m Ag

124.8

18.4

• 100% owned• Located in Southern Peru Cluster• Started in 1964• 47,000 ha site• 4,600m ASL• Underground operation• Conventional/mechanised cut-and-fill• Plant capacity: 2,000tpd (2017: 1,500tpd)• Product: 80% silver/20% gold conc`

` ``

`



AISC ($/oz Ag Eq)

ATTRIBUTABLE METAL RESERVES AS AT 31 DECEMBER 2017

Reserve category1 Proved and

Probable (t)

Ag (g/t)

Au (g/t)

Ag (moz)

Au (koz)

Ag Eq(moz)

Arcata Proved 318,092 395 1.2 4.0 11.8 4.9Probable 539,625 335 1.1 5.8 18.4 7.2

Total 857,717 357 1.1 9.8 30.2 12.1InmaculadaProved 3,124,529 147 4.1 14.8 412.0 45.3

Probable 1,564,684 214 5.0 10.8 249.5 29.2

Total 4,689,213 169 4.4 25.6 661.5 74.5Pallancata

Proved 934,208 360 1.4 10.8 41.8 13.9

Probable 368,996 289 1.2 3.4 14.4 4.5

Total 1,303,204 340 1.3 14.3 56.3 18.4

San Jose Proved 495,980 490 7.0 7.8 111.5 16.1

Probable 221,327 384 6.7 2.7 48.0 6.3

Total 717,306 457 6.9 10.5 159.5 22.4

Proved 4,872,809 239 3.7 37.5 577.2 80.2Probable 2,694,631 262 3.8 22.7 330.3 47.2

TOTAL 7,567,440 247 3.7 60.2 907.5 127.4

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

27

Ore reserves and mineral resources estimates

Hochschild Mining plc reports its mineral resources and reserves estimates in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2004 edition (“the JORC Code”). This establishes

minimum standards, recommendations and guidelines for the public reporting of exploration results and mineral resources and reserves estimates. In doing so it emphasises the importance of principles of transparency, materiality and

confidence. The information on ore reserves and mineral resources were prepared by or under the supervision of Competent Persons (as defined in the JORC Code). Competent Persons are required to have sufficient relevant experience and

understanding of the style of mineralisation, types of deposits and mining methods in the area of activity for which they are qualified as a Competent Person under the JORC Code. The Competent Person must sign off their respective estimates

of the original mineral resource and ore reserve statements for the various operations and consent to the inclusion of that information in this report, as well as the form and context in which it appears.

Hochschild Mining plc employs its own Competent Person who has audited all the estimates set out in this report. Hochschild Mining Group companies are subject to a comprehensive programme of audits which aim to provide assurance in

respect of ore reserve and mineral resource estimates. These audits are conducted by Competent Persons provided by independent consultants. The frequency and depth of an audit depends on the risks and/or uncertainties associated with

that particular ore reserve and mineral resource, the overall value thereof and the time that has lapsed since the previous independent third-party audit. The JORC Code requires the use of reasonable economic assumptions. These include long-

term commodity price forecasts (which, in the Group’s case, are prepared by ex-house specialists largely using estimates of future supply and demand and long-term economic outlooks).

Ore reserve estimates are dynamic and are influenced by changing economic conditions, technical issues, environmental regulations and any other relevant new information and therefore these can vary from year-to-year. Mineral resource

estimates can also change and tend to be influenced mostly by new information pertaining to the understanding of the deposit and secondly the conversion to ore reserves. The estimates of ore reserves and mineral resources are shown as at

31 December 2017, unless otherwise stated. Mineral resources that are reported include those mineral resources that have been modified to produce ore reserves. All tonnage and grade information has been rounded to reflect the relative

uncertainty in the estimates; there may therefore be small differences. The prices used for the reserves calculation were: Au Price: US$1,200 per ounce and Ag Price: US$16.5 per ounce.

ATTRIBUTABLE METAL RESOURCES AS AT 31 DECEMBER 2017 (continued)

Resource category Tonnes(t)

Ag (g/t)

Au(g/t)

Ag Eq(g/t)

Ag (moz)

Au (koz)

Ag Eq(moz)

ArcataMeasured 1,168,941 416 1.26 509 15.6 47.3 19.1Indicated 1,933,181 381 1.25 473 23.7 77.5 29.4Total 3,102,122 394 1.25 487 39.3 124.8 48.6Inferred 4,129,459 334 1.24 426 44.3 164.7 56.5InmaculadaMeasured 3,023,358 178 4.93 542 17.3 479.1 52.7Indicated 1,797,660 253 5.55 664 14.6 321.0 38.4Total 4,821,017 206 5.16 588 31.9 800.2 91.1Inferred 2,964,567 128 3.28 370 12.2 312.5 35.3PallancataMeasured 1,331,079 426 1.73 554 18.2 74.0 23.7Indicated 693,617 311 1.37 412 6.9 30.6 9.2Total 2,024,696 387 1.61 506 25.2 104.7 32.9Inferred 3,095,641 327 1.31 424 32.5 130.3 42.2San JoseMeasured 805,579 583 8.37 1,202 15.1 216.7 31.1Indicated 844,078 427 6.76 927 11.6 183.5 25.2Total 1,649,657 503 7.55 1,061 26.7 400.2 56.3Inferred 446,885 360 6.68 854 5.2 96.0 12.3

28

Resource category Tonnes (t)Ag

(g/t)Au

(g/t)Zn (%)

Pb(%)

Cu (%)

Ag Eq(g/t)

Ag (moz)

Au(koz)

Ag Eq(moz)

Zn (kt)

Pb(kt)

Cu (kt)

Crespo

Measured 5,211,058 47 47 - - - 82 7.9 78.6 13.7 - - -

Indicated 17,298,228 38 38 - - - 67 21.0 222.5 37.4 - - -

Total 22,509,286 40 40 - - - 71 28.8 301.0 51.1 - - -

Inferred 775,429 46 46 - - - 88 1.1 14.2 2.2 - - -

Azuca

Measured 190,602 244 244 - - - 301 1.5 4.7 1.8 - - -

Indicated 6,858,594 187 187 - - - 243 41.2 168.8 53.7 - - -

Total 7,049,197 188 188 - - - 245 42.7 173.5 55.5 - - -

Inferred 6,946,341 170 170 - - - 236 37.9 199.5 52.7 - - -

Volcan

Measured 105,918,000 - - - - - 55 - 2,513.1 186.0 - - -

Indicated 283,763,000 - - - - - 52 - 6,368.0 471.2 - - -

Total 389,681,000 - - - - - 52 - 8,882.7 657.3 - - -

Inferred 41,553,000 - - - - - 37 - 670.7 49.6 - - -

Other Projects1

Measured 1,393,716 69 69 7.12 3.10 0.39 315 3.1 0.9 14.1 99.3 43.1 5.5

Indicated 1,354,261 82 82 6.14 2.73 0.31 295 3.6 2.4 12.9 83.2 37.0 4.2

Total 2,747,977 76 76 6.64 2.92 0.35 305 6.7 3.3 27.0 182.4 80.1 9.7

Inferred 13,445,001 8 8 0.58 0.21 1.22 160 3.4 128.6 69.0 77.8 28.5 163.6

GRAND TOTAL

Measured 119,042,333 20 21 0.08 0.04 0.00 89 78.7 3,414.5 342.3 99.3 43.1 5.5

Indicated 314,542,619 13 12 0.03 0.01 0.00 67 122.6 7,374.3 677.4 83.2 37.0 4.2

Total 433,584,952 15 14 0.04 0.02 0.00 73 201.3 10,790.4 1,019.8 182.4 80.1 9.7Inferred 73,356,322 62 58 0.10 0.04 0.22 136 136.7 1,716.4 319.8 77.8 28.5 163.6

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

ATTRIBUTABLE METAL RESOURCES AS AT 31 DECEMBER 2017 (continued)

29

17 Cavendish Square, London, W1G 0PH,Tel: +44 (0) 20 3709 3260

www.hochschildmining.com

Charlie Gordon+44 (0)20 3709 3264

[email protected]

sustainable growth in the americas final.pdf · bmo metals & mining conference / 25-28 february...

Documents