Hochscild Mining

§ Water Consumption of 136lt/person/day (FY 2023: 163lt/person/day)

§ Domestic waste generation of 0.94kg/person/day (FY 2023: 0.93kg/person/day)

§ ECO score of 5.77 out of 6 (FY 2023: 5.76)[4]

Financial position

§ Total cash of approximately $73 million as at 31 March 2024 ($89 million as at 31 December 2023) reflects Mara Rosa investment, payment for Monte do Carmo option and temporary working capital changes

§ Net debt of approximately $282 million as at 31 March 2024 ($258 million as at 31 December 2023)

§ Current Net Debt/LTM EBITDA of approximately 0.90x as at 31 March 2024

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Director/PDMR Shareholding

Hochschild Mining PLC (HOC.LN) (OTCMKTS: $HCHDF) (the "Company") announces a change in the interests of Eduardo Landin, CEO and an Executive Director of the Company, in the Company's Ordinary Shares ("Shares").

Following the partial vesting of the award granted in 2021 under the Long-Term Incentive Plan (the "Plan"), Eduardo Landin acquired 72,500 Shares on 30 May 2024 at an average price of £1.825831 per Share.  Under the rules of the Plan, the Shares acquired are required to be held for two years.

The Company was notified of the transaction on 30 May 2024.  Following the purchase, Mr Landin has a holding of 503,200 Shares, representing 0.098% of the Company's issued share capital.

A copy of the relevant Notification of Dealing Form can be found below.  

This announcement is made in accordance with the UK Market Abuse Regulation.

Notification of transactions of persons discharging managerial responsibilities and persons closely associated with them

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The Board further notes the level of votes of the shareholders excluding Pelham (the "Independent Shareholders") against resolution 10, the re-election of Michael Rawlinson, who acts as Chair of the Remuneration Committee and Senior Independent Non-Executive Director ("SID").

As detailed in the table below, the remuneration-related items of AGM business have been passed by majorities of at least 93% of the votes cast and so, in the absence of any other concerns raised by proxy advisers and shareholders, the Company is not aware of the reasons for the level of dissent by the Independent Shareholders. The Directors wish to note that, as disclosed in the 2023 Annual Report, it is envisaged that Tracey Kerr will succeed Michael Rawlinson as SID on completion of his tenure in 2025.

Rule 9 Waiver

Finally, the Board notes the level of votes against resolution 16, the approval of the Rule 9 Waiver from the UK Takeover Panel.

The Directors note that the voting outcome reflects concerns with what has been described as "creeping control" that Eduardo Hochschild would indirectly benefit from as a result of any share buyback undertaken by the Company in which Pelham does not also tender its shares pro-rata (a "Share Buyback Excluding Pelham").

The Independent Non-Executive Directors ("INEDs") confirm that the decision to approach the UK Takeover Panel for the Rule 9 Waiver and seek Independent Shareholders' approval for it was taken at a time when the Company's share price was significantly lower than the current level, and to maintain flexibility to return value to shareholders through a Share Buyback Excluding Pelham between the 2024 AGM and the 2025 AGM, should it be considered to be in the best interests of all shareholders.

The INEDs note the approval of Resolution 16 by a majority of the Independent Shareholders and confirm that any decision to undertake a Share Buyback Excluding Pelham will be considered by the INEDs taking into account all relevant considerations, including the Company's financial position and other uses of cash.

The Board values open and transparent dialogue with all stakeholders and will discuss the above matters with the Company's significant shareholders, and will provide an update, as recommended by the UK Corporate Governance Code, within six months of the AGM.

Chair of Audit Committee

As announced on 13 March 2024, at the conclusion of the AGM, Joanna Pearson replaced Jill Gardiner as the Chair of the Audit Committee.

In accordance with Listing Rule 9.6.2R, the Company has submitted copies of the resolutions dealing with the AGM special business to the National Storage Mechanism, which will shortly be available for inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism.

Note

The number of Ordinary Shares in issue on 11 June 2024 at 6pm was 514,458,432. Shareholders are entitled to one vote per share.  A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes cast.

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2023 Report on Payments to Governments

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