DisclaimerSome statements contained in this presentation or in documents referred to in it are or may be forward-looking statements. Actual results may differ from those expressed in such statements, depending on a variety of factors.Past performance of the Company or its shares cannot be relied on as a guide to future performance.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, and accordingly, actual results may vary.This presentation 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 shares in Hochschild Mining plc 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. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this document or on its 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.
1
Hochschild Mining — a snapshot• Over 40 years of underground precious metal mining &
exploration in the Americas
• 2006 IPO to fund growth strategy~115% over the next 5 years
• Listed on the London Stock Exchange (HOC LN)
• 4th largest primary silver producer (2006 11.6 moz Ag)
• Mid-sized gold producer (2006 196 koz Au)
• Significant emphasis on exploration
• Strong track record on corporate social responsibility
3
4
The 4th largest primary silverproducer…
12
13
13
13
14
14
16
17
17
22
37
40
47
Hochschild
Pan American
Volcan
Goldcorp
Coeur d'Alene
Rio Tinto
Grupo Mexico
Buenaventura
Polymetal
Kazakhmys
BHP Billiton
KGHM Polska Miedz
Industrias Peñoles
No. Company 2006 production (moz Ag) % of global¹
1 Industrias Peñoles
2 KGHM Polska Miedz
3 BHP Billiton
4 Kazakhmys
5 Polymetal
6 Buenaventura
7 Grupo Mexico
8 Rio Tinto
9 Coeur d'Alene
10 Goldcorp
11 Volcan
12 Pan American
13 Hochschild
7%
6%
6%
3%
3%
3%
3%
2%
2%
2%
2%
2%
2%12
13
14
17
Hochschild
PanAmerican
Coeur
Polymetal
Pan American
Hochschild
Coeur
Polymetal
Primary silver producers
Source: Silver Institute, CRU ¹ World excluding China
5
…and a mid-sized producer of gold
400
268
261
246
196
168
135
Randgold
Meridian
Peter Hambro
Agnico Eagle
HochschildMining
Highland Gold
High River
Select companies 2006 production (koz Au) % of global
Randgold
Meridian
Peter Hambro
Agnico Eagle
Hochschild Mining
Highland Gold
High River
0.5%
0.3%
0.3%
0.3%
0.2%
0.2%
0.2%
Source: GFMS, Company filings
Significant production growth
0
15
30
45
2006 H107 H207E 2007E 2008E 2009E 2010E 2011E
Moz
Ag E
q.
23
11
~26
>50
Doubling production in the next 5 years
6
Focusing on the Americas
x
Resource delineation
Development projects
LegendMine
ArgentinaChileMexicoPeru
Exploration Offices
USA
Six operating mines in three countries & five exploration offices
x
San Felipe (70%)Resource delineation Polymetalic deposit Production 2009
Moris (70%)Open pit mine Gold doreSince Q307
Pallancata (60%)Underground mine Silver/gold conc.Since Q307
San José (51%)Underground mineGold/silver dore Since Q207
Arcata (100%)Underground mine Silver/gold conc. Since 1964
Ares (100%)Underground minGold/silver doreSince 1998
Selene (100%)Underground mineSilver/gold doreSince2003
x
x
7
Exploiting our niche — high grade underground mining
8
Alexia Vein Mariana Vein
Ramal 2 Vein
Macarena
• Proving up R&R more expensive than open pit
• Long reserve life of mine not economically rationale
• Industry average reserve life of 4 years1
• Arcata has had average mine life of 3 years since 1990 and has been in production for over 40 years
¹ Source: JPMorgan Research
Growing our asset base
0
200
400
600
800
1,000
Dec-06 Jun-07
koz
Au
0
10
20
30
40
50
60
70
80
moz A
g
Gold (+5%)Silver (+23%)
As at 30 June 2007
Proven & Probable Reserve
Measured & Indicated Resources
Inferred
Silver (moz)
72.1
82.1
57.4
Gold (koz)
787.8
871.3
222.9
Zinc (kt)
17.1
Lead (kt)
8.2
Reserve growth (6 months)
9
• Maintain a highly motivated, technically proficient, well funded exploration team with a successful track record
• Focus on high grade, low cost deposits / targets
• Consistent & rigorous approach for measuring value creation of exploration through technical excellence
• Best international industry practices
Exploration philosophy & goals
Extending reserve life
2.8
3.74.1
0
1
2
3
4
5
At IPO End 2006 Mid 2007
Ave
rage r
ese
rve life
Stated goal: 4 year reserve life + 4 year resource tail at all mines
10
Diversification
19%
12%
69%
Peru Argentina Mexico
Resources by country
11
Resources by commodity
58%27%
11%1%2%
Silver Gold Zinc Lead Copper
12
Responsibility towards employees, the environment and local communities
Health & safety Community• TECSUP (leading technical institute
in Peru)
• Self-sustaining programs
• Healthcare campaigns
• Schools
• Alpaca Genetic Improvement Program
• Community training programs focused on developing technical skills for future employment
• Ongoing negotiations with local communities for current & future development
Environmental• Environmental Management
System certified to ISO 14001 standards
• Reforestation program Ares Mining Unit• National Safety Contest:
— 2003 – National Prize— 2005 – Third Place
Arcata Mining Unit— 2004 – Second Place
• National Safety Contest:— 1998 – Second Place— 1999 – National Prize— 2000 – Second Place— 2005 – Second Place— Trophy “JOHN T.RYAN”— 2001 – Underground Mining — 2002 – Underground Mining
Selene Mining Unit• National Safety Contest:
— 2003 – Second Place— 2004 – National Prize— 2005 – National Prize— 2006 – Second Place
• Finalizing adoption of U.S. Department of Labor OSHAS 18001 standards
Sipán today
Sipán before
Financial highlights
$ million unless stated H107 H106 FY06
Revenue $121 $101 $211
Adjusted EBITDA1 $56 $56 $108
Adjusted EBITDA1 margin 46% 56% 51%
Earnings per share2 $0.10 $0.09 $0.19
Operating cash flow $21 $34 $126
Net cash position $300 ($78) $406
Financial strength to pursue our growth strategy
¹ Adjusted EBITDA is calculated as profit from continuing operations before exceptional items, net finance costs and income tax plus depreciation, amortization and exploration costs other than personnel and other expenses
2 Earnings per share using the weighted average number of shares outstanding for the period (2006: 243 million; 2005: 230 million). Current share outstanding 307 million.
14
Main actions to achieve 2007 & 2011 production targetsInvesting heavily for growth: ~$310 million capex (2006—2009)
Ares
Arcata
Selene
San José
Pallancata
San Felipe
2007: increased capacity by 16%
Action Capex US$m
2007: increased capacity by 20%2009: increasing capacity by 25%
2007: increased capacity by 100%
Q207: commenced production2008: increasing capacity by 100%
0.3
0.226
10
96
15Moris
38
20Q307: commenced production
Mid-07: entered feasibilityQ409: scheduled commencement
2
Q307: commenced production
~ 110
Capital spend2006
20072007/2008
2007
2006/2007
2007
2007/2008
2007
20072008/2009
1515
Stock price performance…
80
90
100
110
120
130
140
Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-070
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Volume Hochschild Gold Silver
100% un-hedged exposure to gold and silver
Rebased to 100 Volume (000s)
16
…relative to our peersIPO to date HOC: 350p – 474p 2007 to date HOC: 404p – 474p
Hochschild 35.4%
(34.2)%12.9%
50.8%
32.2%23.0%
19.9%
(20.8)%21.0%
29.5%
16.8%23.1%
43.8%
17.7%12.2%
9.9%9.1%
49.7%23.3%
18.5%
Source: Datastream, 6 November 2007
UK
peers
NA
peers
Co
mm
od
-it
ies
Ind
ices
Hochschild
Highland Gold
Peter Hambro
Apex Silver
Gold
Silver
FTSE 350 Mining
TSX
Randgold
FTSE 250
S&P 500
DJ Euro Stoxx
Hecla
Pan American
Coeur D’Alene
Meridian
17.3%
27.9%
24.5%16.5%
7.4%
10.8%
26.9%
12.3%19.6%
46.4%
10.6%7.0%
5.9%1.4%
48.7%48.2%
(27.2)%23.2%
14.3%
(22.4)%
Average
Average
Average
Average
Peter Hambro
Randgold
Hecla
Silver
Gold
TSX
FTSE 350 Mining
DJ Euro Stoxx
Highland Gold
S&P 500
FTSE 250
Apex Silver
Pan American
Coeur D’Alene
Meridian
Average
Average
Average
Average
17
7.2
5.2
7.2
11.9
11.0
3.5
5.0
4.3
7.8
4.3
0
2
4
6
8
10
12
14
2003 2004 2005 2006 9 mo. 07
Au k
oz
0
2
4
6
8
10
Ag m
oz
Au (koz) Ag (Moz)
19
Arcata — Peru (100%)
0
1,000
2,000
3,000
4,000
Dec-03 Dec-04 Dec-05 Dec-06 Jun-07
Tonne (
kt)
0
2
4
6
8
10
LOM
Reserves Resources
• High grade silver resource – 586 g/t Ag & 1.5 g/t Au
• Capacity expansion completed ahead of schedule– 350 ktpa 420 ktpa in Q2 2007– Further expansion 618 ktpa in Q408
• Significant mineralized potential provides upside• 2007 Exploration budget: $4.5 million program
to expand R&R base in anticipation of expansion
Production
19
Reserves & resources
184.7
193.2
198.5
155.5
108.1
2.6 2.7 2.9
2.7
1.8
0
40
80
120
160
200
2003 2004 2005 2006 9 mo. 07
Au k
oz
0
1
2
3
4
Ag m
oz
Au (koz) Ag (Moz)
Ares — Peru (100%)
0
200
400
600
800
1,000
1,200
Dec-03 Dec-04 Dec-05 Dec-06 Jun-07
Tonne (
kt)
0
1
2
3
4
LOM
Reserves Resources
• Mature high grade gold deposit– 7.67 g/t Au & 211 g/t Ag
• 2007 exploration budget: $1.5 million directed towards extensive exploration of surrounding areas
• Decreasing mine grade but maintaining mine life with increased capacity
• Capacity expansion completed on time and budget on Q1 2007 to 325 ktpa
20* June 2007
Production
Reserves & resources
28.1
27.5
28.3
18.0
4.3
2.9
3.3
3.7
2.7
0.4
0
5
10
15
20
25
30
2003 2004 2005 2006 9 mo. 07
Au k
oz
0
1
2
3
4
Ag m
oz
Au (koz) Ag (Moz)
21
Selene — Peru (100%)
0
500
1,000
1,500
2,000
2,500
Dec-03 Dec-04 Dec-05 Dec-06 Jun-07
Tonne (
kt)
0
1
2
3
4
5
6
LOM
Reserves Resources
• Grades – 284 g/t Ag & 1.9 g/t Au
• Continue to develop the Explorador vein• 2007 Exploration budget: $2.6 million focused on
the expansion of R&R in the Explorador, Tumiri and Sofia veins
• Expanding plant capacity on schedule– Q3 2007 700 ktpa
• Expansion to accommodate Pallancata ore
Production
Reserves & resources
San José — Argentina (51%)• Mine installations and development completed
and operational
• Production commenced Q207
• 2007 Exploration budget: – HOC: $3.8 million– Minera Andes: $1.96 million– Program to expand resources in the Frea,
Kospi, Odin A&B Veins as well as test potential mineralization in other targets
• Jun 2007 R&R total (HOC 51%)– Reserves: 2.7 Mt @ 416 g/t Ag, 6.7 g/t Au– Resources*: 2.6 Mt @ 490 g/t Ag, 7.8 g/t Au– LOM (R&R): 10.3 years
• Q308 planned expansion to double capacity
• Successful entrance into a new country
• Successfully building relations with local communities
* Measured + indicated + inferred, includes reserves
22
23
Pallancata — Peru (60%)• Commenced production on schedule in Q307
• Underground development advancing according to plan
• Power line and road access to the Selene processing plant completed
• 2007 Exploration budget: $3.4 million HOC + $1.6 million IMC (JV partner) designed to expand reserves and resources in the Pallancata and Mariana veins
• Future exploration targets: The Mercedes, Virgen del Carmen and San Javier veins
• Jun 2007 R&R total (HOC 60%)– Reserves: 2.2 Mt @ 272 g/t Ag, 1.08 g/t Au– Resources*: 3.4 Mt @ 382 g/t Ag, 1.5 g/t Au– LOM (R&R): 16.5 years
• 2008 planned expansion to 350 ktpa
23
* Measured + indicated + inferred, includes reserves
24
Moris — Mexico (70%)• Commenced production on schedule in Q307 @
1 mtpa capacity open pit crush & heap leach operation
• 2007 exploration budget:– HOC: $0.8 million– EXMIN: $321,000– Program to explore La Nopalera, El Cajón
and South Crestón targets to increase resources and test district potential
• Jun 2007 R&R total ( Hoc 70%)– Reserves: 2.9 Mt @ 1.51 g/t Au– Resources*: 4.7 Mt @ 1.3 g/t Au– LOM (R&R): 2.8 years
24
* Measured + indicated + inferred, includes reserves
Exploring the region
Quevar (JV)
Tignamar
Sierra Mojina (JV)
El Pocito (JV)
Calderón
El Pino (JV)
Generative
Prospect
Existing mining operations
Resource delineation
Feasibility completed
San Felipe
Target definition
Peñon Blanco
Moctezuma Pozos
El GachiAzuca
Paraíso Puesto Chacon
Claudia
Development projects
AresArcataSelene
San JoséPallancata
Moris
Gonzalito
Manantiales
La Flora Tres Chepas Gavilanes Ccello Punta
596,470 Has. 77,600 Has. 181,425 Has. 60,888.99 Has.
Patahuasi
San Luis del Cordero
New opportunities To Divest / Drop / JV
25
Exploration offices in Peru, Argentina, Mexico, Chile and the USA
26
San Felipe — Mexico (70%) • Mexico – 70% earn in JV
• Polymetalic deposit
• High grade resources: Total Jun 2007 (HOC 70%)– 2.3 Mt @ 7.34% Zn, 3.21% Pb, 0.42% Cu
and 71 g/t Ag*
• 18,627 meters drilled, more than the half of it in 2007 in the Ventana ore-body
• Significant upside in 7 other out-cropping targets
• Commence feasibility mid-2007
• Capacity 700 ktpa late 2009 to 1,080 ktpa by late 2010
26
* Measured + indicated + inferred, includes reserves
27
El Gachi — Mexico (70%)
27
* Measured + indicated + inferred, includes reserves
• El Gachi providing additional upside to San Felipe,
• 60 km from San Felipe
• 2.5 to 8.0 m “manto” identified in the property
• Historic (no JORC) resource of ± 100 K TM @ 400 – 500 gr Ag & 15 – 20 % Pb + Zn
• Significant upside potential
28
Azuca — Peru (100%)
28
* Measured + indicated + inferred, includes reserves
• >5 km of plus metre wide veins mapped
• Encouraging results from previous Hochschild drilling programs on the Azuca 1 and Minaspata veins (eg. 0.61m @ 5.06 g/t Au and 917 g/t Ag, and 1.45 m @ 10 g/t Au and 488 g/t Ag respectively)
• +5 g/t drill intercepts published by another exploration company on an adjacent property (part of same vein district)
Delivering IPO commitments
• 100% hedge free
• Strong financial capacity– $310 milllion capex for operations
(2006 – 2009)– $500 – $750 million available for
acquisitions
• 100% long-term debt repaid
• Actively looking for acquisitions
• Dividends declared & paid
• Unit costs contained despite industry pressures
• Capacity expansions completed in Ares and Arcata, and Selene on schedule
• San José, Moris and Pallancata in production on time
• San Felipe moved to feasibility stage
• Close to 26 moz Ag eq. in 2007
• On track to produce 50 moz Ag eq. in 2011
• Reserves increased by 15% in H107
• Resources increased by 9% in H107
• Avg. LOM up from 3.7 years to 4.1 years in H107
• Strong project pipeline
Operations
Explorations
29
Finance
Corporate information
65%
25%
8% 2%UKUSCanadaRoW
31
Stock exchange listing London Stock Exchange
Ordinary shares in issue 307,350,266
Free float 29%
Institutional shareholders >3%
Blackrock
Stock information
Institutional ownership split
Trading statistics
Market cap US$2.26bn
3 mo. ADTV 529,178 shares
3 mo. ADTV $4.0m per day
52-wk high/low (p) 511 (7Nov07) / 299 (13Jun07)
Analyst coverage
70%
30%
Buy Hold Sell
Institution Tgt price Recommendation
Cazenove 423 Outperform
Goldman Sachs 423 Neutral
UBS 500 Buy
Citi 425 Buy
Canaccord Adams 450 Buy
HSBC 400 Neutral
JP Morgan 434 Overweight
32
33
Eduardo HochschildExecutive Chairman
Alberto BeeckExecutive Director, Strategy &
Corporate Development
Roberto DañinoDeputy Chairman & Executive
Director
Miguel AramburúChief Operating Officer
Jorge BenavidesChief Executive of Exploration
& Geology Officer
Ignacio RosadoChief Financial Officer
Javier DurandLegal Manager
Ignacio BustamenteGeneral Manager, Operations Peru
José Augusto PalmaSenior Adviser, Executive
Committee
Isac BursteinCorporate Exploration Manager
Raymond Jannas Corporate Exploration Manager
Executive Directors & Management