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THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

ANY VOTING DECISION BY SHAREHOLDERS IN CONNECTION WITH THE ACQUISITION SHOULD BE MADE ON THE BASIS OF THE INFORMATION CONTAINED IN THE CIRCULAR.

PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.

4 March 2022

Publication of Circular and Notice of Extraordinary General Meeting

Proposed acquisition of Amarillo Gold Corporation ("Amarillo")

Further to the announcement made by Hochschild Mining PLC ("Hochschild" or the "Company") on 30 November 2021, in which Hochschild announced that it had entered into a definitive agreement with Amarillo to acquire all of the issued and outstanding shares of Amarillo (the "Acquisition"), Hochschild announces that a shareholder circular relating to the Acquisition (the "Circular") has been approved by the Financial Conduct Authority (the "FCA").

Completion of the Acquisition remains conditional on, amongst other things, the approval of Hochschild shareholders and, accordingly, the Circular contains a notice of extraordinary general meeting ("EGM") of the Company's shareholders to be convened at 2 p.m. on 22 March 2022 at the offices of Linklaters LLP, One Silk Street, London EC2Y 8HQ. The procedures and timings for the appointment of a proxy are set out in the notes to the notice of the EGM at the back of the Circular. Copies of the Circular in relation to the EGM will be posted to Hochschild shareholders shortly.

The Circular will be submitted to the National Storage Mechanism, where it will shortly be available for inspection at www.morningstar.co.uk/uk/nsm. In addition, the Circular is also available to view on the Company's website (www.hochschildmining.com/en/investors/shareholder_information/share_price/Amarillo_acquisition) and will be available for inspection at the Company's registered office at 17 Cavendish Square, London, W1G 0PH, United Kingdom.

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Enquiries:

Hochschild Mining PLC

Raj Bhasin                                                                        +44 (0)7825 533495

Company Secretary

Hudson Sandler

Charlie Jack                                                                   +44 (0)20 7796 4133

Public Relations

RBC Capital Markets (Financial Adviser, Sole Sponsor and Corporate Broker)

Marcus Jackson

Ryan Latinovich

Hugh Samson

Scott Redwood                                                               +44 (0)20 7653 4000

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About Hochschild Mining PLC

Hochschild Mining PLC is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) and crosstrades on the OTCQX Best Market in the U.S. (HCHDF), with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over fifty years' experience in the mining of precious metal epithermal vein deposits and currently operates three underground epithermal vein mines, two located in southern Peru and one in southern Argentina. Hochschild also has numerous long-term projects throughout the Americas.

LEI: 549300JK10TVQ3CCJQ89

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About Amarillo Gold Corporation

Amarillo is advancing two gold projects located near excellent infrastructure in mining-friendly states in Brazil. The development stage Posse gold project is on the Amarillo's Mara Rosa property in Goiás State. It has a positive definitive feasibility study that shows it can be built into a profitable operation with low costs and a strong financial return. Mara Rosa also shows the potential for discovering additional near-surface deposits that will extend Posse's mine life beyond its initial ten years. Amarillo trades on the TSX Venture Exchange under the symbol AGC and on the OTCQB under the symbol AGCBF.

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IMPORTANT NOTICES

RBC Europe Limited ("RBC"), which is authorised in the UK by the Prudential Regulation Authority and regulated in the UK by the Financial Conduct Authority, is acting exclusively for the Company and no one else in connection with the Acquisition. RBC will not regard any other person as a client in relation to the Acquisition and will not be responsible to any person other than the Company for providing the protections afforded to clients of RBC, nor for providing advice in connection with the Acquisition or any other matter, transaction or arrangement referred to in this announcement.

This announcement is not intended to, and does not constitute or form part of, and should not be construed as, any offer, invitation, solicitation or recommendation of an offer to purchase, sell, subscribe for or otherwise dispose of or acquire any securities or the solicitation of any vote or approval in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. No shares are being offered to the public by means of this announcement. This announcement does not constitute either advice or a recommendation regarding any securities, or purport to contain all of the information that may be required to evaluate any investment in the Company or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

The distribution of this announcement in or from certain jurisdictions may be restricted or prohibited by the laws of any jurisdiction other than the UK. Recipients are required to inform themselves of, and comply with, all restrictions or prohibitions in such other jurisdictions. Any failure to comply with applicable requirements may constitute a violation of the laws and/or regulations of other such jurisdiction.

This announcement has been prepared for the purposes of complying with the applicable law and regulation of the UK (including the Listing Rules and the Disclosure Guidance and Transparency Rules) and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the UK.

Nothing in this announcement should be construed as a profit forecast.

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