Hochschild Mining plc

BAML Global Metals, Mining & Steel Conference

16-18 May 2017
 DISCLAIMER

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

2
 HOCHSCHILD AT A GLANCE
Operational Experience
 A leading Latin American precious metal producer
 +100yrs of history and +50yrs of mining

Strong portfolio
 Key Inmaculada flagship asset
 Low cost competitive position

Growth potential
 Brownfield potential at all operations
 Robust capital structure

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

3 Shareholder value
 LONG TERM STRATEGY MODEL

Disciplined investment
balanced with
shareholder return

Short-term priorities Long-term priorities

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

• Progress drill-ready greenfield projects • Build greenfield portfolio

EXPLORATION
• Staking opportunities • Optimising early stage projects

• Early stage • Geological upside

ACQUISITIONS • Earn-in JVs • ROIC:12-15%

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

37.0
Silver Gold
35.5
27.0
20.3 20.5 22.2

2012 2013 2014 2015 2016 2017e

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

2012 2013 2014 2015 2016 2017e

Already delivering 75% production growth and 50% cost reduction

5
*2015-2017e using gold/silver ratio of 74x to convert gold to silver equivalent. Ratio of 60x used for 2012-2014.
 2017 CORE ASSET GUIDANCE

Production* Sustaining & development capex AISC forecast by mine

6.0-7.0 25 $/oz Ag
24

6.0- 22
7.0 37m 20
oz Ag Eq $120-130m 45 20
Attrib 17.0 18 Spot silver
7.0 16 15.3-15.8
35 Growth

14.2-14.7
investment
14 12.8-13.3
Inmaculada San Jose Arcata Pallancata Inmaculada San Jose Arcata Pallancata Growth
Growth
investment 12.2-12.7
12 investment Growth

Brownfield
investment

9.5-10.0
10 Growth
investment

8
2 14.5-15.0
6 12.5-13.0 12.5-13.0 11.5-12.0
6 4 9.0-9.5
$24m** 2
8
0 HOC
Inmaculada San Jose Arcata Pallancata
Operations***
3
• Excluding investment in growth, AISC would be $11.5-12.0/oz
• Growth: brownfield investment & Pablo one-off infrastructure
Inmaculada San Jose Arcata Pallancata

AISC forecasts include investment in brownfield growth

6
*Using gold/silver ratio of 74x to convert gold to silver equivalent
**Chart split does not include expenditure on labour & other projects.
***HOC Operations AISC in Au equivalent is between $903/oz and $940/oz
 CORE ASSETS
Short-term priorities Long-term priorities
• FY production forecast: 17m oz Ag Eq; • Explore Angela vein extension,
AISC: $9-10 identify further major veins in
• Key initiatives: surrounding area to:
― Tailings dam expansion ― Deliver plant expansion
― Improving logistical access ― Extend LOM
― Activating paste backfill & detox plants
• Resume exploration
― Convert Inferred into Measured & Indicated
INMACULADA resources
― Brownfield drilling programme (subject to permits)
following detailed 2016 target delineation

• FY production forecast: 6-7m oz Ag Eq; • Fill spare plant capacity up to 3,000tpd

AISC: $14.2-14.7/oz • Extend LOM
• AISC includes ramp investment for Pablo access • Explore for additional major veins
• Secure exploration/operational permits
• Transitioning to Pablo during the year Spare
600tpd

• Goal to produce 2,400 tpd by year end

Spare plant Current

PALLANCATA
67%
capacity
• Continue drilling to grow resource base
1,000tpd
opportunity

Pablo
1,400tpd

Low cost growth options in Hochschild’s Southern Peru cluster

7
 CORE ASSETS
Short-term priorities Long-term priorities
• FY production forecast: 7m oz Ag Eq (attrib); • Extend LOM
AISC: $12.8-13.3/oz
• Control underlying costs following
export/reserve tax elimination
• Key initiatives:
― Hydraulic fill process
― Ore control
• Ongoing brownfield drilling programme
SAN JOSE outside current mine infrastructure

• FY production forecast: 6-77m oz Ag Eq; • Extend LOM

AISC: $14.5-15.0* • Control costs
• Maximizing productivity in narrower vein stopes
• Focusing on overall cost control Spare
• Exploration close to mine infrastructure
Spare
1000tpd

• Fill spare plant capacity to 2,500tpd Spare plant

40% 100%
ARCATA
capacity
opportunity

Current
1,500tpd
Ares

Consistent focus on cost control

8
 EXPLORATION: SIGNIFICANT UPSIDE AT INMACULADA

• Angela vein still open along strike

• Very little exploration beyond operational area

― Several satellite veins to main Angela oreshoot

• 2017: exploration resumed. Focus on confirming presence of

Millet vein

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

East) already started

• 50,000m resource drilling in Millet/Olinda

Known along 700m - may extend 2,000m

Strong potential to resource future expansion and LOM increase

9
 INMACULADA: PLANT EXPANSION POTENTIAL
Production uplift
• Significant production upside

• Lower AISC

• Low capex estimates for expansion

―4,200tpd ≈ $10m
―5,000tpd ≈ $50m

• Initial modular construction allows

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


170,000


avoid LOM reduction

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

Tonnes per day

Small investment required to materially increase capacity

10
 EXPLORATION IN ACTION: PABLO STILL GROWING

• Resources have now reached 40m oz Ag Eq

• Grade up by 44% (Ag Eq)

• Ongoing drilling to convert existing

resources at Pablo into reserves

• Completing geophysics on extension to

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

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

Au (g/t) 1.0 1.4 40
• Environmental permits expected Q3 2017 Ag Eq (g/t) 368 529 44
Ag Eq (m oz) 22.7 40.4 78

78% increase in resources in one year

11
 EXPLORATION:CHANGING THE PICTURE AT PALLANCATA

• 2017 potential drilling to focus on Pablo

and surrounding areas

• Looking for a new extension to Pallancata

vein

• Begin exploration at outcropping

Cochaloma vein

Opening up a new district: reinvigorating Pallancata

12
 EXPLORATION: ARCATA 2017

• 45,000m of resource &

13,000m of potential
drilling planned

• 2km of long horizontal

drilling recently started

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

Aiming to continue recent brownfield drilling success

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

Bloque Aguas
Vivas
HOCHSCHILD/
MCEWEN JV

Coeur

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

First drilling results expected in the near future

14
 FURTHER PROGRESS ACHIEVED IN DEBT REDUCTION

2015/2016
• $232m debt repaid in 2015/2016
• Net debt improved from $351m in Dec 2015 to $183m in Dec 2016
• Net Debt/EBITDA improved from 2.5x to <0.6x
2017
• Additional $25m short term debt repaid in Peru
• Only remaining major debt: $295m 2021 Bonds callable starting Jan 2018

Balance sheet progression

($m)
5.8x
Cash Gross debt Net debt/EBITDA

2.5x
1.0x
0.6x

84 540 84 434 103 369 140 328

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

Leverage ratios at investment grade level

15
 COMPELLING VALUATION

P/E (x)
50
2017 2018
38.9
27.2 31.6 34.1
28.9
19.7 19.7 19 19.6 19.1
11.7 11.7 12 11.3
7.4

Polymetal Tahoe Centamin HOC Fresnillo Pan American Hecla Yamana

EV/EBITDA (x)
2017 2018
11.4
10.2 10.1 10.3
8.6 8.5
6.1 7.1 7.9
6.0 5.4 4.2 4.2
6.0

0.6 0.4

Tahoe Centamin HOC Yamana Polymetal Hecla Pan American Fresnillo

19% Free cashflow yield (%) 18%

14% 2017 2018
12%
9%
5% 6% 6%
4% 3%
3% 1% 2%
1%

Tahoe Yamana Fresnillo Pan American Polymetal Hecla Centamin HOC

-4% -3%

16

Source: BAML North American Precious Metals Weekly, 1 May 2017

 AN ONGOING VALUE PROPOSITION

Production Efficient cost Brownfield Pablo up to Financial Dividends

track record structure programme 40m oz strength reinstated
Record in Ongoing focus Opportunity Geological Debt reduction $14m paid
2016; another on costs and for additional upside proving ahead of already
record capital low-cost to be material schedule
forecast for efficiency growth
2017

A decade of progress

17
Annual Results
Appendix
 ATTRIBUTABLE METAL RESERVES AS AT 31 DECEMBER 2016
Ore reserves and mineral resources estimates
Hochschild Mining plc reports its mineral resources and reserves estimates in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2004 edition (“the JORC Code”). This establishes
minimum standards, recommendations and guidelines for the public reporting of exploration results and mineral resources and reserves estimates. In doing so it emphasises the importance of principles of transparency, materiality and
confidence. The information on ore reserves and mineral resources were prepared by or under the supervision of Competent Persons (as defined in the JORC Code). Competent Persons are required to have sufficient relevant experience and
understanding of the style of mineralisation, types of deposits and mining methods in the area of activity for which they are qualified as a Competent Person under the JORC Code. The Competent Person must sign off their respective estimates
of the original mineral resource and ore reserve statements for the various operations and consent to the inclusion of that information in this report, as well as the form and context in which it appears.
Hochschild Mining plc employs its own Competent Person who has audited all the estimates set out in this report. Hochschild Mining Group companies are subject to a comprehensive programme of audits which aim to provide assurance in
respect of ore reserve and mineral resource estimates. These audits are conducted by Competent Persons provided by independent consultants. The frequency and depth of an audit depends on the risks and/or uncertainties associated with
that particular ore reserve and mineral resource, the overall value thereof and the time that has lapsed since the previous independent third-party audit.
The JORC Code requires the use of reasonable economic assumptions. These include long-term commodity price forecasts (which, in the 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 2016, unless otherwise stated. Mineral resources that are reported include those mineral resources that have been modified to produce ore reserves. All
tonnage and grade information has been rounded to reflect the relative uncertainty in the estimates; there may therefore be small differences. The prices used for the reserves calculation were: Au Price: US$1,200 per ounce and Ag Price:
US$16.5 per ounce.

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

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

27
ATTRIBUTABLE METAL RESOURCES AS AT 31 DECEMBER 2016

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

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

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

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

29
 EXPLORATION: PROVEN TRACK RECORD OF FINDING MINERALISATION
• Highly successful historic brownfield exploration programmes at all operations Resource ounces found since 2007
• Value of ounces discovered in less than 10 years exceeds $5 billion in revenue from Main Ag Eq Au Eq
Arcata, Pallancata & San Jose Operations (Moz) (Moz)
• New brownfield plan launched in Sept 2016 Arcata 127 2.1
• Follows long period of prospection – geophysics has proven highly useful tool to Pallancata 125 2.1
predict underground structures
• Low cost brownfield options
San Jose 225 3.8

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

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

Known veins
New veins discovered annually

Sustained brownfield exploration yields success and enhances LOM

22
 EXPLORATION: SOUTHERN PERU CLUSTER PROVIDES LONG TERM POTENTIAL

Corina

Azuca
65km
mineralised Selene
belt

Cochaloma
Pallancata Crespo

Palca
Puquiopata
Inmaculada

Arcata Ares
 CORE ASSETS: INMACULADA

• 100% owned Peru P&P Reserves M&I Resources

• Located in Southern Peru Cluster (m oz Au Eq) (m oz Au Eq)
• Started in 2015
• 20,000 ha site 1.2 1.4
• 4,400m ASL
• Underground operation Inferred Resources Production (2016)
• Conventional/mechanised (trackless) cut-and-fill (m oz Au Eq) (oz)
• Plant capacity: 3,850tpd 162,710 Au
0.5
• Product: 70% gold/30% silver dore 4.9m Ag
Unit cost (2016) AISC (2016)
($/t) ($/oz Au Eq)

64.4 644

Summary Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015

Ore production (tonnes treated) 282,959 344,199 343,247 338,630 280,530 329,925
Average grade gold (g/t) 4.33 4.26 4.09 4.42 4.05 4.57
Average grade silver (g/t) 135 134 132 142 121 118
Gold produced (koz) 41.79 41.03 42.48 45.18 34.02 45.11
Silver produced (koz) 1,239 1,220 1,318 1,396 974 1,084
Gold equivalent (koz) 58.53 57.51 60.29 64.04 45.83 59.76

Hochschild’s flagship low cost operation

24
 CORE ASSETS: ARCATA

• 100% owned Peru P&P Reserves M&I Resources

• Located in Southern Peru Cluster (m oz Ag Eq) (m oz Ag Eq)
• Started in 1964
• 47,000 ha site 17.7 48.1
• 4,600m ASL
• Underground operation Inferred Resources Production (2016)
• Conventional/mechanised cut-and-fill (m oz Ag Eq) (oz)
• Plant capacity: 2,000tpd (2017: 1,500tpd) 6.3m Ag
56.1
• Product: 80% silver/20% gold conc 22,540 Au
Unit cost (2016) AISC (2016)
($/t) ($/oz Ag Eq)

101.1 13.7

Summary Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015

Ore production (tonnes treated) 132,428 170,128 173,784 172,305 161,092 184,994
Average grade silver (g/t) 310 344 348 345 309 288
Average grade gold (g/t) 1.12 1.21 1.30 1.31 1.13 1.03
Silver produced (koz) 1,165 1,669 1,705 1,592 1,377 1,453
Gold produced (koz) 4.41 5.85 6.33 5.68 4.68 4.58
Silver equivalent (koz) 1,471 2,101 2,174 2,013 1,724 1,792

Operating for +50 years and still good potential

25
 CORE ASSETS: PALLANCATA

• 100% owned Peru P&P Reserves M&I Resources

• Located in Southern Peru Cluster (m oz Ag Eq) (m oz Ag Eq)
• Started in 2007
• 15,915 ha site 18.0 30.0
• 4,600m ASL
• Underground operation Inferred Resources Production (2016)
• Conventional/mechanised (trackless) cut-and-fill (m oz Ag Eq) (oz)
• Plant capacity: 3,000tpd (2016: 1,000tpd) 2.6m Ag
53.7
• Product: 75% silver/25% gold conc 12,370 Au
Unit cost (2016) AISC (H1)
($/t) ($/oz Ag Eq)

131.0 16.3

Summary Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015

Ore production (tonnes treated) 71,662 26,881 82,147 66,313 69,423 107,320
Average grade silver (g/t) 468 414 438 358 324 272
Average grade gold (g/t) 1.94 1.98 1.98 1.85 1.69 1.40
Silver produced (koz) 964 317 1,030 658 615 791
Gold produced (koz) 3.89 1.47 4.54 3.32 3.05 3.74
Silver equivalent (koz) 1,252 426 1,365 903 841 1,068

Transitioning to the Pablo vein during 2017

26
 CORE ASSETS: SAN JOSE

• 51% owned. McEwen Mining has 49% Argentina P&P Reserves M&I Resources
• Located in Santa Cruz, Argentina (m oz Ag Eq) (m oz Ag Eq)
• 50,491 ha site
• Started in 2007 57.6 114.7
• Underground operation
• Conventional/mechanised (trackless) cut-and-fill Inferred Resources Production (2016)
• Plant capacity: 1,650tpd (m oz Ag Eq) (oz)
• Product: 50% silver/50% gold; 50% conc/50% dore 6.7m Ag
29.2
San

95,010 Au
Jose

Unit cost (2016) AISC (2016)

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

202.4 11.5

Summary Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015

Ore production (tonnes treated) 114,956 146,892 140,366 146,829 101,937 154,642
Average grade silver (g/t) 458 418 469 428 470 453
Average grade gold (g/t) 6.50 6.32 6.44 6.09 6.27 6.63
Silver produced (koz) 1,463 1,704 1,855 1,770 1,362 1,994
Gold produced (koz) 21.15 25.95 25.57 25.21 18.28 29.44
Silver equivalent (koz) 3,029 3,624 3,747 3,635 2,715 4,172

Strong cashflow improvement in 2016/2017

27
 ADDITIONAL PROJECTS

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

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

Pipeline of projects spread across the Americas

28