HOCHSCHILD MINING

BMO Metals & Mining Conference 28 February –2 March 2016

Achieving Transformational Growth

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 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.

Low cost growth enhancing competitive position

Operations Arcata Ares Inmaculada Pallancata Selene

Top 5 primary silver producer

HOCHSCHILD AT A GLANCE

3

Strong portfolio, operational experience, financial stability, exciting growth

Who are we?

50+ years’ operating experience in the Americas

Four underground assets in Peru & Argentina

World class Inmaculada mine now in full production

Strong brownfield potential at all operations

Peru Argentina Chile

Projects Azuca Crespo

Operations San Jose (51%)

Projects Volcan

Southern Peru Cluster

Location

STRATEGIC RESPONSE TO DOWNTURN

4

DRIVING COST

REDUCTION

STRENGTHENING FINANCIAL POSITION

DELIVERING BROWNFIELD

POTENTIAL

ACHIEVING TRANSFORMATIONAL

GROWTH

2015 MILESTONES & 2016 TARGETS

5

Completed & ramped-up low cost Inmaculada mine

Company produced 27.0m oz – exceeding target

Reduced AISC by over 20% to $13-14/oz Ag Eq

Discovered new Pablo vein at Pallancata

Completed $100m rights issue

Reduced net debt to $366m

2016 2015

Inmaculada set to produce 14m oz Ag Eq

Company target of 32m oz Ag Eq

Further reduction in AISC to $12-13/oz Ag Eq

Production at Pablo by year end

Further debt refinancing

Targeting Net debt/EBITDA of <2x by year end

MILESTONES TARGETS

PRODUCTION AND COST PROFILE

6

Moz (Ag Eq)

Att production*

$/Ag Eq oz (Main operation)

AISC

18.6

17.4

12-13

10.0

12.0

14.0

16.0

18.0

20.0

10

15

20

25

30

35

2013 2014 2015e 2016e 2017e

20.5

22.2

Silver/gold production AISC

32.0

Targeting 5 consecutive years of increasing production & lowering costs

*2015-2017e using average gold/silver ratio for 2015 of 74x to covert gold to silver equivalent. Historic ratio of 60x used for 2013-2014.

13-14

35.0

11-12

27.0

2016 SPLIT BY OPERATION

AISC forecast by mine Production forecast*

32 Moz Ag Eq

Attrib

Pallancata

3.5-4.0m

Arcata

7.0-7.5m

San Jose (51%)

7.0m

Inmaculada

14.0m

9-10

13.0 14.5 14.5

0

2

4

6

8

10

12

14

16

18

20

Pallancata Arcata San Jose Inmaculada

Spot silver

*Using average gold/silver ratio for 2015 of 74x to covert gold to silver equivalent

Cashflow underpinned by rapidly improving cost/production dynamics

Pablo

10.6

Post Argentina changes

12.5

$35m Sustaining & develop capex $30m $30m $10m

7

INMACULADA: FLAGSHIP LOW COST OPERATION

*Assuming current gold/silver ratio

8

New world class gold/silver operation

14m Ag Eq ounces to be produced in 2016

INMACULADA: FIRST QUARTILE COSTS

9

On track for LOM AISC of $759/oz

-$200

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

20

15

E A

ISC

(U

S$/o

z)

Cumulative Production

2015e Global gold AISC cost curve ($/oz Au)

Source: RBC Capital Market estimates, GFMS

Inmaculada

Spot gold

Long life 1st quartile costs

• 70% gold

• 1st quartile costs

• Smooth ramp-up achieved

• Tonnage, grades, recoveries in line with

expectations

• Strong geological potential

INMACULADA UPSIDE

10

Quellopata system

Potential upside outside current Angela resource base

6m average vein width

Selected key intercepts

1.03m@17.15 g/t Au & 1,851 g/t Ag 2.52m@4.97 g/t Au & 531 g/t Ag

10.75m@4.03 g/t Au & 188 g/t Ag

1.60m@8.54 g/t Au & 81 g/t Ag 1.23m@8.26 g/t Au & 81 g/t Ag

3.50m@ 7.12g/t Au & 369g/t Ag 1.50m@ 6.34g/t Au & 180g/t Ag

3.12m@ 31.55g/t Au & 199g/t Ag

7.70m@11.97 g/t Au & 153 g/t Ag

2.65m@5.52 g/t Au & 214 g/t Ag

Inmaculada area

SAN JOSE

11

Significant cashflow improvement expected in 2016

High grade deposit in a rapidly improving economic environment

• 2015: Record 13.9m oz production (Ag Eq)

• AISC forecast of $13.0/oz 2016; expected to fall further to $12.5/oz

• Significant exploration potential in high grade district

• Increased number of known structures open to SW

• 2016: Drilling 3,000 metres to increase potential resources

PALLANCATA

12

Brownfield programme delivering high value additions

Significant discovery of Pablo vein

• Wide, high grade vein discovered at 100% owned mine

• Impressive width of 12.6m - low cost production

• Sufficient plant capacity available ―Pablo increases throughput to 2,000-2,200 tpd

• Low capex requirements: <1km from existing developments

• Adjusted mine plan to transition to Pablo later in 2016

• $40m NAV at spot prices

• 2016: 5,500m drilling programme on Pablo/Yurika veins

Pablo key metrics

Inferred resources (kt) (unaudited) 1,251

Ag grade (g/t) 344

Au grade (g/t) 1.3

LOM production (M oz Ag Eq) 12.6

LOM AISC ($/oz Ag Eq) 10.6

NAV @5% (spot metal prices)* 40.5

*Spot prices: $15.5/oz Ag; $1,230/oz Au

Historic flagship mine renewed through successful exploration

ARCATA

• 2015: 6.8m oz (Ag Eq) produced despite capacity reductions

• Discovering new vein structures

• Continuing the extension of the Tunel 4 vein system

• Higher production grades underpinned with newly discovered higher grade resources

• Reserves: higher grade & stable tonnage

• Resources: stable grade & higher tonnage

Strong brownfield results improving margins

1.0

1.5

2.0

2.5

300

350

400

2012 2013 2014

Reserves

Grade (Ag Eq g/t) Tonnage (mt)

2.5

3.0

3.5

4.0

400

500

600

2012 2013 2014

Resources

Grade (Ag Eq g/t) Tonnage (mt)

0.0

0.5

1.0

300

400

500

600

2012 2013 2014 2015

Mined production

Grade (Ag Eq g/t)

Mined tonnage (mt)

13

REGIONAL UPSIDE: HOCHSCHILD’S “CLUSTER” ADVANTAGE

14

Low cost, low risk, high reward

• 65km mineralised belt with new veins being discovered

• Mining concession & superficial rights secured

• Targets within 20km of existing permitted plants

• Drill targets identified in 2015

• 2016: budget assigned for drilling programme

• Pablo discovery evidence of low cost, low risk, high value strategy

• Company believes there is strong potential to: ― Increase resource base at Inmaculada & Pallancata ―Discover a new mine

Substantial land package in Hochschild’s Southern Peru cluster

65km mineralised

belt

FINANCIAL POSITION: SIGNIFICANT PROGRESS MADE

Liquidity position

Debt ($m) Size Maturity Rate

(pre tax) Rate

(post tax)

Senior notes 295 2021 7.75% 5.58%

Medium term loan 50 2019 Libor +2.6% 1.87%

Short term funding 75* July-Dec 2016 0.92% 0.66%

GyM settlement 20 2017/2018 5.00% 3.60%

Debt amortisation profile

15

0

50

100

150

200

250

300

350

2016 2017 2018 2019 2020 2021

Short Term Debt Peru

GyM

Bond

$50m Credit Facility

75

35 25

295

$m

• Debt already substantially reduced

• $105m paid down by end Dec 2015

• Cash balance at $83m as at 31 Dec 2015

• Net debt of $366m as at 31 Dec 2015

Targeting Net debt/EBITDA of below 2x by end 2016

10

5.8x

2.6x <2x

Jun-15 Dec-15 Dec 2016e

Net debt/EBITDA progression**

*Does not include approximately $9m of short term debt in Argentina **Assumes analyst consensus EBITDA estimates for Dec 2015/2016

NEAR TERM CASH FLOW PRESERVATION

*Assuming current gold/silver ratio

16

• Hedging strategy approved by Board and reviewed

regularly

• 44% of 2015 and 41% of 2016 production hedged

in order to:

―Improve cash flow certainty

―Allow ongoing debt reduction

―Preserve capital from gold and silver price risks

Hedge position 2016 2015

$/oz oz $/oz oz

Silver 15.93 6.0m 17.75 6.0m

Gold 1,154 1,145

71k 29k

1,300 1,158

38k 38k

Hedge strategy

LONG EXPERIENCE IN KEY MINING JURISDICTIONS IN THE AMERICAS

Argentina: transforming cashflow potential

17

• One of the key mining jurisdictions in Americas

• Positive effects from ongoing Sol devaluation on operating costs

• Strong Peruvian government support for mining

• National elections in April – all candidates expected to be pro-business

Positive Peruvian environment

• Peso devaluation ― Approximately 40% in Dec 2015 ― 70% of operating costs incurred in pesos ― Material impact on cost position

• Port rebate ― Rebate from exports thru Patagonian ports restored Nov

2015 ― ≈ 9% FOB value of exports: ≈ $15 million p.a. for HOC

• Tax Elimination ― 10% export taxes on conc sales eliminated as of 12 Feb

≈$8-10m p.a. benefit (50% production) ― 5% export taxes on dore sales also eliminated ≈$4-5m p.a.

7

9

11

13

15

Jan 15 Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16

Peso

2.8

3

3.2

3.4

3.6

Jan 15 Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16

Sol

Significant cashflow improvement expected in 2016

2.6 3.7 5.3

7.5 10.7 10.9 11.0 14.9 15.4

30.0

0

10

20

30

HOC Fortuna Hecla Endeavour Silver Standard First Majestic Coeur Silver Wheaton Fresnillo Pan Am

(x)

EV/EBITDA (2016e)

18

Significantly undervalued

VALUATION VS SILVER PEERS

0.5 0.6 0.8 0.8

1.4 1.5 1.6 1.7 2.0

2.8

0.0

1.0

2.0

3.0

First Majestic Silver Standard HOC Coeur Fortuna Pan Am Fresnillo Silver Wheaton Hecla Endeavour

(x)

P/NPV (2016e )

Free Cashflow Yield (2016e)

-15.2 -5.2 -3.0 -3.0 -2.9 -0.2

7.3 7.6 7.9 12.5

-20.0

-10.0

0.0

10.0

20.0

Pan Am First Majestic Coeur Fresnillo Silver Standard Hecla Silver Wheaton Fortuna Endeavour HOC

(%)

Source: BMO “The Silver Pages” (Week Ended February 12, 2016). P/NPV at 5% discount using BMO forecasts assumptions

SUMMARY

19

Delivering profitable growth

• Less than 6 years from discovery to commercial production

• Targeting 60% production increase & 40% AISC reduction since 2013

• New gold/silver production balance improving cash flow stability

• Attractive brownfield potential at all operations: growth with high financial returns

• Long LOM, strong geological potential and 1st quartile AISC costs

• Aggressive process of deleveraging already initiated: targeting below 2.0x Net Debt/EBITDA by end 2016

Flagship Inmaculada asset

Margins

Stability

Debt reduction

Brownfield

23 Hanover Square, London, W1S 1JB, Tel: +44 (0) 20 3714 9040 www.hochschildmining.com

Charlie Gordon +44 (0)20 3714 9040 charles.gordon@hocplc.com