HOCHSCHILD MINING

BAML Global Metals, Mining & Steel Conference10-12 May 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 assumptionswhich may prove to be incorrect. Accordingly, actual results may vary or differ from those expressed in suchstatements, depending on a variety of factors. Forward-looking statements speak only as of the date on which they aremade. Hochschild Mining plc undertakes no obligation to update or revise any forward-looking statement, whether as aresult 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 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 ofit, form the basis of or be relied on in any connection with or act as an inducement to enter into any contract orcommitment therefore. The information herein is only a summary, does not purport to be complete and has not beenindependently verified. No representation or warranty, either express or implied, is made as to, and no reliance may beplaced for any purpose whatsoever on the information or opinions contained in this document or on its accuracy orcompleteness and no liability whatsoever is accepted for any loss howsoever arising from any use of this document or itscontents otherwise in connection therewith.

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Low cost growth enhancing competitive position

OperationsArcataAresInmaculadaPallancata/Selene

A leading Latin American precious metal 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

ProjectsAzucaCrespo

OperationsSan Jose (51%)

ProjectsVolcan

Southern Peru Cluster

Location

PRODUCTION AND COST PROFILE

4

Moz (Ag Eq)

Att production*

$/Ag Eq oz (Main operation)

AISC

21.7

18.6

12.9

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

0

5

10

15

20

25

30

35

40

2012 2013 2014 2015 2016e 2017e

20.522.2

Silver/gold production AISC

32.0

Delivering 70% production growth & 50% cost reduction

*2015-2017e using average gold/silver ratio for 2015 of 74x to covert gold to silver equivalent. Historic ratio of 60x used for 2012-2014.

35.0

12.0-12.5

27.0

17.4

11-12

20.3

2016 SPLIT BY OPERATION

AISC forecast by mineProduction forecast*

32Moz Ag Eq

Attrib

Pallancata3.5-4.0m

Arcata7.0-7.5m

San Jose (51%)7.0m

Inmaculada14.0m

9-10

13.014.5 14.5

0

2

4

6

8

10

12

14

16

18

20

PallancataArcataSan JoseInmaculada

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 (2017)

12.3

Post Argentina changes

11.5

$35mSustaining &

develop capex(included in AISC)

$30m $25m $10m

5

Production profile guidance

Q1

20%

Q2

25% 30%25%

Q3 Q4

7.4m oz

achieved

THE HOCHSCHILD STRATEGY

6

Driving Further Cost Reduction Strengthening Financial Position Prioritising organic growth

World class Inmaculada mine

changing cost profile

Focus on further

productivity/cost savings

Targeting AISC of $11-12/oz in

2017

Net debt/EBITDA <1x at spot

prices by year end 2016

Argentina turnaround further

improving cashflow

Capacity increase opportunity

at Inmaculada

Strong geological potential at

all operations

Currently 3,700tpd of spare

plant capacity in Peru

Delivering shareholder value

Arcata (700tpd)

Selene (2,000tpd)

Ares (1,000tpd)

INMACULADA: FIRST QUARTILE COSTS

7

AISC of $9-10/oz in 2016

-$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%

2015

E A

ISC

(US$

/oz)

Cumulative Production

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

Source: RBC Capital Market estimates, GFMS

Inmaculada

Spot gold

• Underground mine in Southern Peru cluster

• 70% Gold: 30% Silver

• 14m oz Ag Eq target for 2016 (200,000 oz Au Eq)

• 2016: AISC target of $9-10/oz Ag Eq

• Strong growth potential: LOM or expansion

INMACULADA UPSIDE

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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 Ag2.52m@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 Ag1.23m@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

PALLANCATA

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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

• 2,000 tpd of spare 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

• $64m NAV at spot prices

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

Pablo key metrics

Inferred resources (kt) (audited) 1,918

Ag grade (g/t) 291

Au grade (g/t) 1.04

LOM production (M oz Ag Eq) 14.5

LOM AISC ($/oz Ag Eq) 12.3

NAV @5% (spot metal prices)* 63.8

*Spot prices: $17.3/oz Ag; $1,280/oz Au

REGIONAL UPSIDE: HOCHSCHILD’S “CLUSTER” ADVANTAGE

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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

• 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

Historic flagship mine renewed through successful exploration

ARCATA

• 7.0-7.5m oz production in 2016 despite capacity reductions

• AISC of $14.5/oz expected in 2016

• 700 tpd spare plant capacity – 1,000tpd also available at nearby Ares

• Discovering new vein structures

• Higher production grades underpinned with newly discovered higher grade resources

• Significant geological potential to continue mine plans in the medium term

Strong brownfield results improving margins11

Baja SE

Tunel 4 vein

Tunel 2 veinTunel 3 vein

Exploration: 2016

Potential drilling

SAN JOSE

12

Significant cashflow improvement expected in 2016

High grade deposit in a rapidly improving economic environment

• Consistent production of almost 14m oz expected in 2016

• Original AISC forecast of $13.0/oz for 2016; now expected to fall further to $11.5/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

MEDIUM TO LONG TERM GROWTH POTENTIAL

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Pipeline of projects spread across the Americas

Chile: Volcan (100% owned)

• Acquired as future strategic resource

• Large Chilean gold deposit

• Water rights secured

• 9.6m oz of gold resources

• Open pit project in S.PeruCluster

• Expected 2.7m Ag Eq p.a.

• Construction permit approved

• Remaining capex of $80m

Peru: Crespo (100% owned)

• Several veins delineated

• Over 100m oz of silver Eqresources

• Geological potential in district

• Large overall land package

Peru: Azuca (100% owned)

FINANCIAL POSITION: SIGNIFICANT PROGRESS MADE

Liquidity position

Debt ($m) Size MaturityRate

(pre tax)Rate

(post tax)

Bond 295 2021 7.75% 5.58%

Medium term loan 50 2019 Libor +2.6% 1.87%

Short term debt Peru 75 July-Dec 2016 0.92% 0.66%

GyM 20 2017/2018 5.00% 3.60%

Debt amortisation profile

14

0

50

100

150

200

250

300

350

2016 2017 2018 2019 2020 2021

Short Term Debt Peru

GyM

Bond

Medium term loan

7535 25

295

$m

• Debt already substantially reduced

• $105m paid down by end Dec 2015

• Cash balance at $105m as at 15 April 2016

• Net debt of $345m as at 15 April 2016

• Current Net debt/LTM EBITDA: 1.8x

Targeting Net debt/EBITDA of below 1x by end 2016 at spot prices

10

5.8x

2.5x1.8x <1x

Jun-15 Dec-15 Apr-16 Dec 2016e

Net debt/EBITDA progression **

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

LONG EXPERIENCE IN KEY MINING JURISDICTIONS IN THE AMERICAS

Argentina: transforming cashflow potential

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• One of the key mining jurisdictions in Americas

• Competitive advantage from Hochschild’s Southern Peru Cluster

• Positive effects from ongoing Sol devaluation on operating costs

• Strong Peruvian government support for mining

• National election presidential run-off due in June 2016 – both 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. ― Regional 1% tax on reserves eliminated

Peso Sol

Significant cashflow improvement expected in 2016

7

9

11

13

15

17

Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16

2.6

2.8

3

3.2

3.4

3.6

Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16

Election

3.8 3.94.2 7.1 9.6 11.5 14.0

19.6

26.2

0

10

20

30

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

(x)

EV/EBITDA (2016e)

16

Still significantly undervalued

VALUATION VS SILVER PEERS

0.9 1.6 1.8 1.8 2.0 2.3 2.43.3

7.0

0.0

2.0

4.0

6.0

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

(x)

P/NPV (2016e )

Free Cashflow Yield (2016e)

-1.5 -0.6 -0.6

1.0 1.52.7

5.1 5.5 6.6

-5.0

5.0

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

(%)

Source: BMO “The Silver Pages” (Week Ended 2 May 2016). P/NPV at 5% discount using BMO forecasts assumptions

ACHIEVING TRANSFORMATIONAL GROWTH

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Key

Cata

lyst

s

Potential low cost capacity increases

San Jose set to deliver material cashflow increase

Portfolio provides opportunities throughout Americas

Arcata, Selene, Ares ready to generate swift value uplift

Spot prices =<1x Net Debt/EBITDA by end 2016

Inmaculada

Excess plant capacity

Strong potential to deliver further grade/tonnage increases Brownfield programme

Argentina changes

Debt reduction

Medium term growth

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

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