HOCHSCHILD MINING PLC BofA Merrill Lynch Global Metals, Mining & Steel Conference

12-14 May 2015

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.

INCREASING PRODUCTION, REDUCING COSTS, OPTIMISING OPERATIONS

Key Highlights

3

Delivering profitable growth

New Inmaculada mine poised to double free cash flows: 12m oz @ $11-12/oz (Ag Eq)

Aggressive cash optimisation plan: $300m of savings

Delivering consistent production increases: from 20m to 29m oz (Ag Eq)

AISC reduced from $21.7/oz to $15-16/oz (Ag Eq)

Secure financial position: growth fully financed

PRESERVING CAPITAL, OPTIMISING CASHFLOW, DELIVERING LOW COST GROWTH

4

Long term strategy model

$300m of savings achieved; focus on Inmaculada development

*vs initial 2013 guidance

• Targeting value creation from discovering economic resources

• Current focus on brownfield exploration

• Exploration costs reduced by $58m*

• Early stage • Geological potential • Highly accretive • Control

• Strong current focus on core asset optimisation

• Cashflow optimisation programme: $300m+ savings delivered

• Low cost Inmaculada project almost complete

INMACULADA

5

• World class gold/silver project close to completion

• Located in Hochschild’s Southern Peru Cluster

• Set to deliver 11-12m oz in 2016

• First production end Q2 2015

• Expected to be Hochschild’s lowest cost operation @$11.8/oz AISC (Ag Eq)

• Strong geological potential

6

Plant commissioning set for end Q2 2015

GFMS/UBS Global gold AISC curve (Jan 2015)*

INMACULADA: AISC OF $711/OZ

Initial resource Life-of-Mine 11.3 yrs

Average annual production (Au Eq) 189k oz

Average annual production (Ag Eq) 11.3m oz

Production Data

Pre production capex $420m

AISC (Au Eq) 711/oz

AISC (Ag Eq) 11.8/oz

Updated Operating Summary

*Source: GFMS/UBS Global I/O®: Miner’s Price Review (15 Jan 2015)

Inmaculada (e) Costs and Capex

GFMS/UBS Global gold AISC curve (Jan 2015)*

94%

61%

94%

100%

100%

100%

100%

100%

100%

90%

6%

39%

6%

10%

Overall progress

Paste backfill

Plant construction

Contracts & Procurement

EIS approval

Permitting

Engineering

Mine development

Electricity transmission line

Infrastructure & Access

Completed Remaining

7

7

Full plant commissioning expected in late May

Overall project progress

INMACULADA PROGRESS

On track to produce 6-7m oz in 2015

Approx. 250kt of mineral already stockpiled

Processing plant - building housing grinding mills Processing plant – completed grinding mill

Processing plant – pre-thickener Processing plant – lixiviation tanks

Primary crusher completed Ramp entrance

Main camp Processing plant: CCD tanks

HOCHSCHILD MINING: INMACULADA

8

Hochschild’s new mine set to deliver 11-12m oz in 2016

INMACULADA UPSIDE

9

Quellopata system

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

REGIONAL UPSIDE

10

Consolidating a major mining district

• Mining concession & superficial rights secured

• 60km mineralised belt with new veins discovered

• Geochemical results show Au/Ag presence at surface

• Mapping over the whole district to be completed in 2015

• Corina: 100% earn-in with Lara Exploration Ltd.

― 4 km vein with Au values at surface - 20 km from Selene

• Strong potential to:

― Increase resource base at Inmaculada & Pallancata

― Discover a new mine

Substantial land package in Hochschild’s Southern Peru cluster

• Substantial areas of the deposit still to be explored • Continuing the extension of the Tunnel 4 vein system • New Lucero vein discovery:

― Potentially two veins with known 400m strike ― Very high Ag values (>1,000 g/t Ag)

• Pamela Sur veins: Up to 3 km of inferred strike length. Testing for continuity in 2015

PERUVIAN BROWNFIELD EXPLORATION

11

Peruvian assets remain highly prospective

Strong exploration potential remains at Arcata

DDH764 LM-14 (4337) • Vein width: up to 1.43m • Au: up to 4.94 g/t • Ag: up to 2,102 g/t DDH742 LM-14 (4339) • Vein width: up to 0.97m • Au: up to 11.12 g/t • Ag: up to 1,437 g/t

Lucero veins

DDH742 LM-14 (4335) • Vein width: up to 1.11m • Au: up to 1.55 g/t • Ag: up to 329 g/t

Pamela Sur Veins

Baja SW Baja

Tunel 4

Marion

Marion NWPamela NS

PamelaPamela W

Lucero4333

4335

43374339

784000

784000

792000

792000

834

000

0

834

000

0

834

800

0

834

800

0

LEGEND

Samples

Mine

Vein

Arcata

Arcata

5Km

DDH742 LM-14 (4335) • Vein width: up to 0.9m • Au: up to 1.75 g/t • Ag: up to 661 g/t

Pallancata exploration programme recommenced

BenefitPlant

Yanacochita

Bolsa

Farallón

Royropata

Pallancata

Mercedes

Rina

Charo

LuisaYurika Virgen del

Carmen

San

CayetanoFalla NS

Alizze

Pacapausa

Pallancata

695000

695000

700000

700000

83

70

00

0

83

70

00

0

83

75

00

0

83

75

00

0

2Km

LEGEND

Resources potential areas

Veins

Observed vein

Pallancata vein

Infered vein

Mine

Project

Claims

• 2014 brownfield exploration programme delayed due to surface rights permission – now secured

• Exploring & drilling new targets in the Yurika – Luisa area • 19,100m programme in 2015 to focus on inferred resource

exploration • Additional geological mapping of west and south side for new

target definition

18.6

17.4

15-16

5.0

10.0

15.0

20.0

0

10

20

30

40

2013 2014 2015e 2016e

PRODUCTION & COST IMPACT

Production uplift

12

3 years of production growth, 3 years of cost reduction

20.5 22.2

M Ag eq oz

24.0

29.0

Inmaculada Ageing operations Core operations

Attributable production

$/Ag eq oz

AISC

Costs falling

MEDIUM TO LONG TERM GROWTH POTENTIAL

13

Pipeline of projects spread across the Americas

Strong portfolio optionality

• Brownfield potential at all current

operations

• Portfolio of growth options spread across

the Americas

• 2015 greenfield activity focused on most

promising options including:

―Riverside JV in Mexico

―Corina & Ibel projects in Peru

Volcan

• Acquired as future strategic resource

• Large Chilean gold deposit

• Water rights acquired

• 9.6m oz of gold resources

• Open pit project in S.Peru Cluster

• Expected 2.7m Ag Eq p.a.

• Construction permit approved

• Remaining capex of $80m

Crespo

• Several veins delineated

• Over 100m oz of silver Eq resources

• Geological potential in district

• Large overall land package

Azuca

Peru

Chile 100% owned

Peru 100% owned

Peru 100% owned

14

Growth strategy financed

FINANCIAL POSITION

Liquidity position

• Cash position: $131m*

• Low cost Inmaculada project fully funded

• Remaining construction capex: $41m

• Forward sale of: ―6moz Ag @$17.75/oz for 2015 ―38,000oz Au @$1,300/oz for 2015

Debt Commitment

size Maturity

Rate (pre tax)

Rate (post tax)

Senior notes 350 2021 7.75% 5.58%

Medium term loan 100 2019 Libor +2.6% 2.06%

Short term funding 75 Feb 2016 1.56% 1.12%

*As at 31 March 2015 **Cash generation is calculated as EBITDA less operational capex & exploration capex

Evolution of cash balance

286

116 131

3 27

14 3

(33)

4

(187)

75

(31) (29)

Cash Balance (31/12/2013)

Arcata Generation**

Pallancata Generation

San José Generation

Ares Generation Corporate & Exploration

Others Inmaculada capex & opex

Cash Balance (31/12/2014)

Short term funding

Inmaculada capex

Working capital Cash Balance (31/03/2015)

$m

2014 2015

Operations showing positive cash generation

MARKET NOT RECOGNISING INMACULADA VALUE

15

Valuation gap exists versus other primary silver producers

3.8

5.9

10.7

12.4

11.1

16.4

2.5

4.1

8.3 7.9 7.7

14.1

First Majestic Hochschild Tahoe Fresnillo Hecla Pan American

2015e 2016e

*Source: BAML European Metals & Mining Weekly/ North American Precious Metal Weekly

34 42

52

151

134

180

30

44 42

146

127

145

Hochschild Pan American First Majestic Tahoe Hecla Fresnillo

2015e 2016e

BAML EV/EBITDA forecasts vs

primary silver peers

BAML adjusted market cap per oz production vs

primary silver peers

SUMMARY

16

Delivering profitable growth

2015 AISC: $15-16/oz

Key value catalyst

Growth fully financed

Cost Competitiveness • Company savings targets exceeded • All operations cashflow positive

Project Execution • Close to Inmaculada completion • Production set to increase by over 30%

Financial Efficiency • Flexible balance sheet strategy • Cashflow set to double

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

CORE ASSETS OPTIMISED

• Located in Southern Peru Cluster - 4,600 MASL

•Underground operation - commenced in 1964

• Conventional & mechanised cut-and-fill mining

• 2014 All-in sustaining costs: $17.7/oz

• Current plant capacity: 1,500 t/day

Arcata

18

100% owned Pallancata 100% owned

• Located in Southern Peru Cluster

•Underground operation – commenced in 2007

•Mined using cut and fill

• 2014 All-in sustaining costs: $16.7/oz

• Current plant capacity:1,800 t/day

San Jose 51% owned

• Located in Argentina, in Santa Cruz province

•Underground operation – commenced in 2007

• Low sulphidation with quartz sulphide veins

• 2014 All-in sustaining costs: $17.8/oz

• Current plant capacity: 1,650 t/day

2014 2013

Ore production (tonnes) 701,947 900,861

Average silver grade (g/t) 286 217

Average gold grade (g/t) 0.85 0.74

Silver produced (koz) 5,827 4,984

Gold produced (koz) 16.89 16.83

Silver equivalent produced (koz) 6,841 5,994

Unit cost ($/t) 89.1 81.3

Total cash cost ($/oz Ag co-product) 12.6 12.7

All-in sustaining cost ($/oz) 17.7 20.9

2014 2013

Ore production (tonnes) 1,051,068 1,088,712

Average silver grade (g/t) 238 264

Average gold grade (g/t) 1.03 1.13

Silver produced (koz) 6,527 7,628

Gold produced (koz) 24.34 27.83

Silver equivalent produced (koz) 7,988 9,298

Unit cost ($/t) 69.3 68.3

Total cash cost ($/oz Ag co-product) 11.0 10.3

All-in sustaining cost ($/oz) 16.7 16.7

2014 2013

Ore production (tonnes) 571,017 536,937

Average silver grade (g/t) 404 425

Average gold grade (g/t) 5.77 6.42

Silver produced (koz) 6,469 6,357

Gold produced (koz) 94.16 98.83

Silver equivalent produced (koz) 12,119 12,286

Unit cost ($/t) 197.8 210.0

Total cash cost ($/oz Ag co-product) 12.1 13.4

All-in sustaining cost ($/oz) 17.8 19.0

19

Spot ratio comparison

SILVER/GOLD RATIO

Category 2014 2015 guidance Inmaculada

LOM 60:1 Current 60:1 Current 60:1 Current

Production (m oz Ag Eq)

22.2 23.7 24.0 26.5 11.3 13.1

AISC ($/oz Ag Eq)

17.4 16.3 15-16 13-14 11.8 10.3

50

55

60

65

70

75

80

85

90

Nov Dec Jan Feb Mar Apr May

6 month average: 73.4x

Hochschild current assumption

Gold / Silver ratio (x)

20

0

400

800

1200

1600

2000

Bol Koni Mansur

Pascua Lama

Navidad La Pitarrilla Deep Glogow

Oroyek Metates Toromocho Cordero Mehdiabad Cumo Corani

Resources Reserves

Largest silver development projects

Source: BMO, Company Reports

Silver m oz • High correlation to gold price • Store of value

― Physical silver demand has risen by 24% in last 5 years due to strong investor interest

• Supply constraints ― Total silver supply rose 6% to 1,062m oz in 2014 ― Mine production struggling to rise (2014:+5%); grades falling ― Several projects significantly delayed

• Small market ― Annual total supply approx 15% of gold availability by value ― Majority of supply is consumed in traditional demand sources

e.g. industrial, medical, jewellery

• Varied industrial applications taking large amount of supply ― One of the best conductors of heat/electricity ― 2nd best reflector of light

• Used in majority of consumer electronics e.g. mobiles

• Widespread use in medical applications – silver is a biocide

Mine production

83%

Secondary supply 17%

2014 Silver Supply

Other industrial

uses 47%

Jewellery & silverware

26%

Coins & Bars 18%

Photography 4%

2014 Silver Demand

A versatile metal

THE SILVER MARKET

Source: CPM Group, Silver Institute

Awaiting finance

Delayed Delayed

Under evaluation Conceptual

stage

Pre-feasibility Resource

stage Conceptual

stage Pre-

feasibility

Awaiting finance