\n \n \n | \n | \n | \n Equity interest at 31 December | \n
\n \n | Company | \n Principal activity | \n Country of incorporation | \n 2024 % | \n 2023 % | \n
\n \n | Hochschild Mining (Argentina) Corporation S.A. 1 | \n Holding company | \n Argentina | \n 100 | \n 100 | \n
\n \n | MH Argentina S.A. 2 | \n Exploration of\ufb01ce | \n Argentina | \n 100 | \n 100 | \n
\n \n | Minera Santa Cruz S.A.1 and 13 | \n Production of gold and silver | \n Argentina | \n 51 | \n 51 | \n
\n \n | Minera Hochschild Chile S.C.M. 3 | \n Exploration | \n Chile | \n 100 | \n 100 | \n
\n \n | Andina Minerals Chile SpA (formerly Andina Minerals Chile Ltd.) 3 | \n Exploration | \n Chile | \n 100 | \n 100 | \n
\n \n | Southwest Minerals (Yunnan) Inc. 4 | \n Exploration | \n China | \n 100 | \n 100 | \n
\n \n | Hochschild Mining Holdings Limited 5 | \n Holding company | \n England and Wales | \n 100 | \n 100 | \n
\n \n | Hochschild Mining Ares (UK) Limited 5 | \n Administrative of\ufb01ce | \n England and Wales | \n 100 | \n 100 | \n
\n \n | Hochschild Mining Brazil Holdings Corp. (formerly 1334940 BC) 5 | \n Holding company | \n England and Wales | \n 100 | \n 100 | \n
\n \n | Southwest Mining Inc. 4 | \n Exploration | \n Mauritius | \n 100 | \n 100 | \n
\n \n | Southwest Minerals Inc. 4 | \n Exploration | \n Mauritius | \n 100 | \n 100 | \n
\n \n | Minera Hochschild Mexico, S.A. de C.V. 6 | \n Exploration | \n Mexico | \n 100 | \n 100 | \n
\n \n | Hochschild Mining (Peru) S.A. 4 | \n Holding company | \n Peru | \n 100 | \n 100 | \n
\n \n | Compa\u00f1\u00eda Minera Ares S.A.C. 4 | \n Production of gold and silver | \n Peru | \n 100 | \n 100 | \n
\n \n | Compa\u00f1\u00eda Minera Arcata S.A. 4 | \n Production of gold and silver | \n Peru | \n 99.1 | \n 99.1 | \n
\n \n | Empresa de Transmisi\u00f3n Aymaraes S.A.C. 4 | \n Power transmission | \n Peru | \n 100 | \n 100 | \n
\n \n | Compa\u00f1\u00eda Minera Crespo S.A.C.4 and 10 | \n Exploration | \n Peru | \n \u2013 | \n 100 | \n
\n \n | C\u00faspide Copper S.A.C.4 and 11 | \n Exploration | \n Peru | \n 100 | \n \u2013 | \n
\n \n | 4 and 12 Compa\u00f1\u00eda Minera Cerro Salto S.A.C. | \n Exploration | \n Peru | \n 100 | \n \u2013 | \n
\n \n | Hochschild Mining (US) Inc. 7 | \n Holding company | \n USA | \n 100 | \n 100 | \n
\n \n | Hochschild Mining Canada Corp 8 | \n Exploration | \n Canada | \n 100 | \n 100 | \n
\n \n | Tiernan Gold Corp. 8 | \n Holding company | \n Canada | \n 100 | \n 100 | \n
\n \n | Amarillo Mineracao do Brasil Ltda. 9 | \n Production of gold and silver | \n Brazil | \n 100 | \n 100 | \n
\n \n | Serra Alta Mineracao Ltda.9 and note 4 | \n Exploration | \n Brazil | \n 100 | \n \u2013 | \n
\n \n | Serra Alta Participacoes Inmobiliarias S.A.9 and note 4 | \n Exploration | \n Brazil | \n 100 | \n \u2013 | \n
\n \n
\n \n \n \n | \n | \n | \n Equity interest at 31 December | \n
\n \n | Company | \n Principal activity | \n Country of incorporation | \n 2024 % | \n 2023 % | \n
\n \n | Hochschild Mining (Argentina) Corporation S.A. 1 | \n Holding company | \n Argentina | \n 100 | \n 100 | \n
\n \n | MH Argentina S.A. 2 | \n Exploration of\ufb01ce | \n Argentina | \n 100 | \n 100 | \n
\n \n | Minera Santa Cruz S.A.1 and 13 | \n Production of gold and silver | \n Argentina | \n 51 | \n 51 | \n
\n \n | Minera Hochschild Chile S.C.M. 3 | \n Exploration | \n Chile | \n 100 | \n 100 | \n
\n \n | Andina Minerals Chile SpA (formerly Andina Minerals Chile Ltd.) 3 | \n Exploration | \n Chile | \n 100 | \n 100 | \n
\n \n | Southwest Minerals (Yunnan) Inc. 4 | \n Exploration | \n China | \n 100 | \n 100 | \n
\n \n | Hochschild Mining Holdings Limited 5 | \n Holding company | \n England and Wales | \n 100 | \n 100 | \n
\n \n | Hochschild Mining Ares (UK) Limited 5 | \n Administrative of\ufb01ce | \n England and Wales | \n 100 | \n 100 | \n
\n \n | Hochschild Mining Brazil Holdings Corp. (formerly 1334940 BC) 5 | \n Holding company | \n England and Wales | \n 100 | \n 100 | \n
\n \n | Southwest Mining Inc. 4 | \n Exploration | \n Mauritius | \n 100 | \n 100 | \n
\n \n | Southwest Minerals Inc. 4 | \n Exploration | \n Mauritius | \n 100 | \n 100 | \n
\n \n | Minera Hochschild Mexico, S.A. de C.V. 6 | \n Exploration | \n Mexico | \n 100 | \n 100 | \n
\n \n | Hochschild Mining (Peru) S.A. 4 | \n Holding company | \n Peru | \n 100 | \n 100 | \n
\n \n | Compa\u00f1\u00eda Minera Ares S.A.C. 4 | \n Production of gold and silver | \n Peru | \n 100 | \n 100 | \n
\n \n | Compa\u00f1\u00eda Minera Arcata S.A. 4 | \n Production of gold and silver | \n Peru | \n 99.1 | \n 99.1 | \n
\n \n | Empresa de Transmisi\u00f3n Aymaraes S.A.C. 4 | \n Power transmission | \n Peru | \n 100 | \n 100 | \n
\n \n | Compa\u00f1\u00eda Minera Crespo S.A.C.4 and 10 | \n Exploration | \n Peru | \n \u2013 | \n 100 | \n
\n \n | C\u00faspide Copper S.A.C.4 and 11 | \n Exploration | \n Peru | \n 100 | \n \u2013 | \n
\n \n | 4 and 12 Compa\u00f1\u00eda Minera Cerro Salto S.A.C. | \n Exploration | \n Peru | \n 100 | \n \u2013 | \n
\n \n | Hochschild Mining (US) Inc. 7 | \n Holding company | \n USA | \n 100 | \n 100 | \n
\n \n | Hochschild Mining Canada Corp 8 | \n Exploration | \n Canada | \n 100 | \n 100 | \n
\n \n | Tiernan Gold Corp. 8 | \n Holding company | \n Canada | \n 100 | \n 100 | \n
\n \n | Amarillo Mineracao do Brasil Ltda. 9 | \n Production of gold and silver | \n Brazil | \n 100 | \n 100 | \n
\n \n | Serra Alta Mineracao Ltda.9 and note 4 | \n Exploration | \n Brazil | \n 100 | \n \u2013 | \n
\n \n | Serra Alta Participacoes Inmobiliarias S.A.9 and note 4 | \n Exploration | \n Brazil | \n 100 | \n \u2013 | \n
\n \n
\n \n \n \n | \n US$000 | \n
\n \n | Cash and cash equivalents | \n 8 | \n
\n \n | Other receivables | \n 10 | \n
\n \n | Evaluation and exploration assets (note 17) | \n 82,725 | \n
\n \n | Property, plant and equipment (note 16) | \n 3,988 | \n
\n \n | Deferred income tax asset | \n 1,918 | \n
\n \n | Total assets | \n 88,649 | \n
\n \n | Accounts payable and other liabilities | \n (2,093) | \n
\n \n | Total liabilities | \n (2,093) | \n
\n \n | Net assets acquired | \n 86,556 | \n
\n \n | Consideration for the acquisition of Serra Alta Mineracao Ltda shares | \n | \n
\n \n | Cash consideration | \n 45,000 | \n
\n \n | Deferred consideration | \n 13,365 | \n
\n \n | Secured note and stream contracts transferred to Amarillo, net of deferred tax asset | \n 25,260 | \n
\n \n | Expenditure assumed by Amarillo | \n 1,180 | \n
\n \n | Transaction costs | \n 1,751 | \n
\n \n | Total consideration | \n 86,556 | \n
\n \n | Cash paid | \n 47,931 | \n
\n \n | Less cash acquired with the subsidiary | \n (8) | \n
\n \n | Net cash \ufb02ow on acquisition | \n 47,923 | \n
\n \n
\n \n \n \n | \n Year ended 31 December 2024 | \n Year ended 31 December 2023 | \n
\n \n | \n Before exceptional items | \n Before exceptional items | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | OTHER INCOME | \n | \n | \n
\n \n | Gain on sale of property, plant and equipment | \n 656 | \n 142 | \n
\n \n | Logistic services | \n 1,704 | \n 1,704 | \n
\n \n | Income on recovery of expenses | \n \u2013 | \n 2,064 | \n
\n \n | Sale of mine concessions | \n \u2013 | \n 1,150 | \n
\n \n | Tax bene\ufb01t in Canada 1 | \n 548 | \n 3,190 | \n
\n \n | Income from export programme in Argentina 2 | \n 15,996 | \n 21,164 | \n
\n \n | Other 3 | \n 2,051 | \n 847 | \n
\n \n | Total | \n 20,955 | \n 30,261 | \n
\n \n | OTHER EXPENSES | \n | \n | \n
\n \n | Increase in provision for mine closure (note 29(1)) | \n (14,717) | \n (28,365) | \n
\n \n | Provision of obsolescence of supplies (note 23) | \n (864) | \n (1,586) | \n
\n \n | Write-off of value added tax | \n (113) | \n (184) | \n
\n \n | Corporate social responsibility contribution in Argentina 4 | \n (4,396) | \n (3,637) | \n
\n \n | Care and maintenance expenses of Pallancata mine unit | \n (8,320) | \n (2,463) | \n
\n \n | Care and maintenance expenses of Arcata mine unit | \n (3,033) | \n (3,178) | \n
\n \n | Care and maintenance expenses of Ares mine unit | \n (2,365) | \n (2,788) | \n
\n \n | Care and maintenance expenses of Selene mine unit | \n (350) | \n (202) | \n
\n \n | Termination bene\ufb01ts in Minera Santa Cruz | \n (2,704) | \n \u2013 | \n
\n \n | Contingencies 5 | \n (1,332) | \n (817) | \n
\n \n | Depreciation right-of-use assets | \n (315) | \n (192) | \n
\n \n | Other 6 | \n (4,736) | \n (4,141) | \n
\n \n | Total | \n (43,245) | \n (47,553) | \n
\n \n
\n \n \n \n | \n Year ended 31 December 2024 | \n Year ended 31 December 2023 | \n
\n \n | \n Before exceptional items | \n Before exceptional items | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | OTHER INCOME | \n | \n | \n
\n \n | Gain on sale of property, plant and equipment | \n 656 | \n 142 | \n
\n \n | Logistic services | \n 1,704 | \n 1,704 | \n
\n \n | Income on recovery of expenses | \n \u2013 | \n 2,064 | \n
\n \n | Sale of mine concessions | \n \u2013 | \n 1,150 | \n
\n \n | Tax bene\ufb01t in Canada 1 | \n 548 | \n 3,190 | \n
\n \n | Income from export programme in Argentina 2 | \n 15,996 | \n 21,164 | \n
\n \n | Other 3 | \n 2,051 | \n 847 | \n
\n \n | Total | \n 20,955 | \n 30,261 | \n
\n \n | OTHER EXPENSES | \n | \n | \n
\n \n | Increase in provision for mine closure (note 29(1)) | \n (14,717) | \n (28,365) | \n
\n \n | Provision of obsolescence of supplies (note 23) | \n (864) | \n (1,586) | \n
\n \n | Write-off of value added tax | \n (113) | \n (184) | \n
\n \n | Corporate social responsibility contribution in Argentina 4 | \n (4,396) | \n (3,637) | \n
\n \n | Care and maintenance expenses of Pallancata mine unit | \n (8,320) | \n (2,463) | \n
\n \n | Care and maintenance expenses of Arcata mine unit | \n (3,033) | \n (3,178) | \n
\n \n | Care and maintenance expenses of Ares mine unit | \n (2,365) | \n (2,788) | \n
\n \n | Care and maintenance expenses of Selene mine unit | \n (350) | \n (202) | \n
\n \n | Termination bene\ufb01ts in Minera Santa Cruz | \n (2,704) | \n \u2013 | \n
\n \n | Contingencies 5 | \n (1,332) | \n (817) | \n
\n \n | Depreciation right-of-use assets | \n (315) | \n (192) | \n
\n \n | Other 6 | \n (4,736) | \n (4,141) | \n
\n \n | Total | \n (43,245) | \n (47,553) | \n
\n \n
\n \n \n \n | \n Year ended 31 December 2024 | \n Year ended 31 December 2023 | \n
\n \n | \n Before exceptional items | \n Before exceptional items | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | OTHER INCOME | \n | \n | \n
\n \n | Gain on sale of property, plant and equipment | \n 656 | \n 142 | \n
\n \n | Logistic services | \n 1,704 | \n 1,704 | \n
\n \n | Income on recovery of expenses | \n \u2013 | \n 2,064 | \n
\n \n | Sale of mine concessions | \n \u2013 | \n 1,150 | \n
\n \n | Tax bene\ufb01t in Canada 1 | \n 548 | \n 3,190 | \n
\n \n | Income from export programme in Argentina 2 | \n 15,996 | \n 21,164 | \n
\n \n | Other 3 | \n 2,051 | \n 847 | \n
\n \n | Total | \n 20,955 | \n 30,261 | \n
\n \n | OTHER EXPENSES | \n | \n | \n
\n \n | Increase in provision for mine closure (note 29(1)) | \n (14,717) | \n (28,365) | \n
\n \n | Provision of obsolescence of supplies (note 23) | \n (864) | \n (1,586) | \n
\n \n | Write-off of value added tax | \n (113) | \n (184) | \n
\n \n | Corporate social responsibility contribution in Argentina 4 | \n (4,396) | \n (3,637) | \n
\n \n | Care and maintenance expenses of Pallancata mine unit | \n (8,320) | \n (2,463) | \n
\n \n | Care and maintenance expenses of Arcata mine unit | \n (3,033) | \n (3,178) | \n
\n \n | Care and maintenance expenses of Ares mine unit | \n (2,365) | \n (2,788) | \n
\n \n | Care and maintenance expenses of Selene mine unit | \n (350) | \n (202) | \n
\n \n | Termination bene\ufb01ts in Minera Santa Cruz | \n (2,704) | \n \u2013 | \n
\n \n | Contingencies 5 | \n (1,332) | \n (817) | \n
\n \n | Depreciation right-of-use assets | \n (315) | \n (192) | \n
\n \n | Other 6 | \n (4,736) | \n (4,141) | \n
\n \n | Total | \n (43,245) | \n (47,553) | \n
\n \n
\n \n \n \n | \n Year ended 31 December 2024 | \n Year ended 31 December 2023 | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | FINANCE INCOME | \n | \n | \n
\n \n | Interest on deposits and liquidity funds 1 | \n 2,382 | \n 4,580 | \n
\n \n | Interest on loans | \n 590 | \n 312 | \n
\n \n | Total interest income | \n 2,972 | \n 4,892 | \n
\n \n | Changes in the fair value of \ufb01nancial instruments through pro\ufb01t or loss 2 | \n 6,887 | \n 1,541 | \n
\n \n | Debit valuation adjustment (DVA) of hedges | \n 866 | \n 593 | \n
\n \n | Unrealised change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 26(a)) | \n 233 | \n \u2013 | \n
\n \n | Other 3 | \n 2,139 | \n 447 | \n
\n \n | Total | \n 13,097 | \n 7,473 | \n
\n \n | FINANCE COSTS | \n | \n | \n
\n \n | Interest on secured bank loans (note 28) | \n (15,425) | \n (9,520) | \n
\n \n | Other interest | \n (3,123) | \n (2,701) | \n
\n \n | Total interest expense | \n (18,548) | \n (12,221) | \n
\n \n | Loss on discount of other receivables 4 | \n \u2013 | \n (893) | \n
\n \n | Loss from changes in the fair value of \ufb01nancial instruments 5 | \n (2,973) | \n (1,821) | \n
\n \n | Unwinding of discount on mine rehabilitation (note 29) | \n (3,110) | \n (1,703) | \n
\n \n | Other | \n (2,297) | \n (1,561) | \n
\n \n | Total | \n (26,928) | \n (18,199) | \n
\n \n | Foreign exchange loss, net | \n | \n | \n
\n \n | Argentina | \n (9,133) | \n (16,020) | \n
\n \n | Peru | \n 187 | \n 81 | \n
\n \n | Brazil 6 | \n (2,272) | \n \u2013 | \n
\n \n | Others | \n 802 | \n 319 | \n
\n \n | Total | \n (10,416) | \n (15,620) | \n
\n \n
\n \n \n \n | \n Year ended 31 December 2024 | \n Year ended 31 December 2023 | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | FINANCE INCOME | \n | \n | \n
\n \n | Interest on deposits and liquidity funds 1 | \n 2,382 | \n 4,580 | \n
\n \n | Interest on loans | \n 590 | \n 312 | \n
\n \n | Total interest income | \n 2,972 | \n 4,892 | \n
\n \n | Changes in the fair value of \ufb01nancial instruments through pro\ufb01t or loss 2 | \n 6,887 | \n 1,541 | \n
\n \n | Debit valuation adjustment (DVA) of hedges | \n 866 | \n 593 | \n
\n \n | Unrealised change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 26(a)) | \n 233 | \n \u2013 | \n
\n \n | Other 3 | \n 2,139 | \n 447 | \n
\n \n | Total | \n 13,097 | \n 7,473 | \n
\n \n | FINANCE COSTS | \n | \n | \n
\n \n | Interest on secured bank loans (note 28) | \n (15,425) | \n (9,520) | \n
\n \n | Other interest | \n (3,123) | \n (2,701) | \n
\n \n | Total interest expense | \n (18,548) | \n (12,221) | \n
\n \n | Loss on discount of other receivables 4 | \n \u2013 | \n (893) | \n
\n \n | Loss from changes in the fair value of \ufb01nancial instruments 5 | \n (2,973) | \n (1,821) | \n
\n \n | Unwinding of discount on mine rehabilitation (note 29) | \n (3,110) | \n (1,703) | \n
\n \n | Other | \n (2,297) | \n (1,561) | \n
\n \n | Total | \n (26,928) | \n (18,199) | \n
\n \n | Foreign exchange loss, net | \n | \n | \n
\n \n | Argentina | \n (9,133) | \n (16,020) | \n
\n \n | Peru | \n 187 | \n 81 | \n
\n \n | Brazil 6 | \n (2,272) | \n \u2013 | \n
\n \n | Others | \n 802 | \n 319 | \n
\n \n | Total | \n (10,416) | \n (15,620) | \n
\n \n
\n \n \n \n | \n Year ended 31 December 2024 | \n Year ended 31 December 2023 | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | FINANCE INCOME | \n | \n | \n
\n \n | Interest on deposits and liquidity funds 1 | \n 2,382 | \n 4,580 | \n
\n \n | Interest on loans | \n 590 | \n 312 | \n
\n \n | Total interest income | \n 2,972 | \n 4,892 | \n
\n \n | Changes in the fair value of \ufb01nancial instruments through pro\ufb01t or loss 2 | \n 6,887 | \n 1,541 | \n
\n \n | Debit valuation adjustment (DVA) of hedges | \n 866 | \n 593 | \n
\n \n | Unrealised change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 26(a)) | \n 233 | \n \u2013 | \n
\n \n | Other 3 | \n 2,139 | \n 447 | \n
\n \n | Total | \n 13,097 | \n 7,473 | \n
\n \n | FINANCE COSTS | \n | \n | \n
\n \n | Interest on secured bank loans (note 28) | \n (15,425) | \n (9,520) | \n
\n \n | Other interest | \n (3,123) | \n (2,701) | \n
\n \n | Total interest expense | \n (18,548) | \n (12,221) | \n
\n \n | Loss on discount of other receivables 4 | \n \u2013 | \n (893) | \n
\n \n | Loss from changes in the fair value of \ufb01nancial instruments 5 | \n (2,973) | \n (1,821) | \n
\n \n | Unwinding of discount on mine rehabilitation (note 29) | \n (3,110) | \n (1,703) | \n
\n \n | Other | \n (2,297) | \n (1,561) | \n
\n \n | Total | \n (26,928) | \n (18,199) | \n
\n \n | Foreign exchange loss, net | \n | \n | \n
\n \n | Argentina | \n (9,133) | \n (16,020) | \n
\n \n | Peru | \n 187 | \n 81 | \n
\n \n | Brazil 6 | \n (2,272) | \n \u2013 | \n
\n \n | Others | \n 802 | \n 319 | \n
\n \n | Total | \n (10,416) | \n (15,620) | \n
\n \n
\n \n \n \n | \n Year ended 31 December 2024 | \n Year ended 31 December 2023 | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | FINANCE INCOME | \n | \n | \n
\n \n | Interest on deposits and liquidity funds 1 | \n 2,382 | \n 4,580 | \n
\n \n | Interest on loans | \n 590 | \n 312 | \n
\n \n | Total interest income | \n 2,972 | \n 4,892 | \n
\n \n | Changes in the fair value of \ufb01nancial instruments through pro\ufb01t or loss 2 | \n 6,887 | \n 1,541 | \n
\n \n | Debit valuation adjustment (DVA) of hedges | \n 866 | \n 593 | \n
\n \n | Unrealised change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 26(a)) | \n 233 | \n \u2013 | \n
\n \n | Other 3 | \n 2,139 | \n 447 | \n
\n \n | Total | \n 13,097 | \n 7,473 | \n
\n \n | FINANCE COSTS | \n | \n | \n
\n \n | Interest on secured bank loans (note 28) | \n (15,425) | \n (9,520) | \n
\n \n | Other interest | \n (3,123) | \n (2,701) | \n
\n \n | Total interest expense | \n (18,548) | \n (12,221) | \n
\n \n | Loss on discount of other receivables 4 | \n \u2013 | \n (893) | \n
\n \n | Loss from changes in the fair value of \ufb01nancial instruments 5 | \n (2,973) | \n (1,821) | \n
\n \n | Unwinding of discount on mine rehabilitation (note 29) | \n (3,110) | \n (1,703) | \n
\n \n | Other | \n (2,297) | \n (1,561) | \n
\n \n | Total | \n (26,928) | \n (18,199) | \n
\n \n | Foreign exchange loss, net | \n | \n | \n
\n \n | Argentina | \n (9,133) | \n (16,020) | \n
\n \n | Peru | \n 187 | \n 81 | \n
\n \n | Brazil 6 | \n (2,272) | \n \u2013 | \n
\n \n | Others | \n 802 | \n 319 | \n
\n \n | Total | \n (10,416) | \n (15,620) | \n
\n \n
\n \n \n \n | \n Year ended 31 December 2024 | \n Year ended 31 December 2023 | \n
\n \n | \n Before exceptional items | \n Exceptional items | \n Total | \n Before exceptional items | \n Exceptional items | \n Total | \n
\n \n | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n
\n \n | Current corporate income tax | \n | \n | \n | \n | \n | \n | \n
\n \n | Corporate income tax expense | \n 35,735 | \n \u2013 | \n 35,735 | \n 16,319 | \n (2,643) | \n 13,676 | \n
\n \n | Withholding tax | \n (835) | \n \u2013 | \n (835) | \n 609 | \n \u2013 | \n 609 | \n
\n \n | \n 34,900 | \n \u2013 | \n 34,900 | \n 16,928 | \n (2,643) | \n 14,285 | \n
\n \n | Deferred taxation | \n | \n | \n | \n | \n | \n | \n
\n \n | Origination and reversal of temporary differences (note 31) | \n 16,497 | \n (2,088) | \n 14,409 | \n 20,245 | \n (24,805) | \n (4,560) | \n
\n \n | Corporate income tax | \n 51,397 | \n (2,088) | \n 49,309 | \n 37,173 | \n (27,448) | \n 9,725 | \n
\n \n | Current mining royalties | \n | \n | \n | \n | \n | \n | \n
\n \n | Mining royalty charge (note 38) | \n 7,108 | \n \u2013 | \n 7,108 | \n 4,520 | \n \u2013 | \n 4,520 | \n
\n \n | Special mining tax charge (note 38) | \n 7,051 | \n \u2013 | \n 7,051 | \n 2,307 | \n \u2013 | \n 2,307 | \n
\n \n | Total current mining royalties | \n 14,159 | \n \u2013 | \n 14,159 | \n 6,827 | \n \u2013 | \n 6,827 | \n
\n \n | Total taxation expense/(bene\ufb01t) in the income statement | \n 65,556 | \n (2,088) | \n 63,468 | \n 44,000 | \n (27,448) | \n 16,552 | \n
\n \n
\n \n \n \n | \n Year ended 31 December | \n
\n \n | \n 2024 | \n 2023 | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | Pro\ufb01t/(loss) from operations before income tax | \n 177,217 | \n (43,481) | \n
\n \n | At average statutory income tax rate of 33.1% (2023: 27.2%) | \n 58,618 | \n (11,818) | \n
\n \n | Expenses not deductible for tax purposes | \n 1,888 | \n 2,987 | \n
\n \n | Taxable income on local currency (pesos) related to AL41 Bond Argentina | \n \u2013 | \n 961 | \n
\n \n | Permanent differences arising on special investment regime 1 | \n (3,669) | \n (1,567) | \n
\n \n | Movement in previously unrecognised deferred tax 2 | \n 10,666 | \n 10,249 | \n
\n \n | Special mining tax and mining royalty deductible for corporate income tax | \n (4,177) | \n (2,014) | \n
\n \n | Other | \n (2,353) | \n 1,252 | \n
\n \n | Corporate income tax at average effective income tax rate of 34.4% (2023: -0.1%) before foreign exchange effect and withholding tax | \n 60,973 | \n 50 | \n
\n \n | Foreign exchange rate effect 3 | \n (10,829) | \n 9,066 | \n
\n \n | Corporate income tax at average effective income tax rate of 28.3% (2023: -21.0%) before withholding tax | \n 50,144 | \n 9,116 | \n
\n \n | Special mining tax and mining royalty 4 | \n 14,159 | \n 6,827 | \n
\n \n | Corporate income tax and mining royalties at average effective income tax rate of 36.3% (2023: -36.7%) before withholding tax | \n 64,303 | \n 15,943 | \n
\n \n | Withholding tax | \n (835) | \n 609 | \n
\n \n | Total taxation charge in the income statement at average effective tax rate 35.8% (2023: -38.1%) from operations | \n 63,468 | \n 16,552 | \n
\n \n
\n \n \n \n | \n PP&E | \n Provision for mine closure | \n Mine development | \n Tax losses | \n Others 1 | \n Total | \n
\n \n | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n
\n \n | DEFERRED INCOME TAX ASSETS | \n | \n | \n | \n | \n | \n | \n
\n \n | At 1 January 2023 | \n 14,544 | \n 31,514 | \n 721 | \n 4,338 | \n 14,920 | \n 66,037 | \n
\n \n | Income statement bene\ufb01t/(expense) | \n 8,045 | \n 3,260 | \n (8,818) | \n 3,064 | \n (5,977) | \n (426) | \n
\n \n | Reclassi\ufb01cation to assets held for sale | \n (5,310) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (5,310) | \n
\n \n | Deferred tax recognised on items in other | \n | \n | \n | \n | \n | \n | \n
\n \n | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n 7,414 | \n 7,414 | \n
\n \n | comprehensive income | \n | \n | \n | \n | \n | \n | \n
\n \n | At 31 December 2023 | \n 17,279 | \n 34,774 | \n (8,097) | \n 7,402 | \n 16,357 | \n 67,715 | \n
\n \n | Income statement bene\ufb01t/(expense) | \n (4,261) | \n (8,306) | \n 1,973 | \n (2,933) | \n 18,582 | \n 5,055 | \n
\n \n | Reclassi\ufb01cation to assets held for sale | \n (147) | \n \u2013 | \n (3,262) | \n \u2013 | \n \u2013 | \n (3,409) | \n
\n \n | Deferred tax recognised related to the Monte do | \n | \n | \n | \n | \n | \n | \n
\n \n | \n \u2013 | \n \u2013 | \n 1,918 | \n \u2013 | \n 899 | \n 2,817 | \n
\n \n | Carmo acquisition | \n | \n | \n | \n | \n | \n | \n
\n \n | Deferred tax recognised on items in other | \n | \n | \n | \n | \n | \n | \n
\n \n | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n 27,620 | \n 27,620 | \n
\n \n | comprehensive income | \n | \n | \n | \n | \n | \n | \n
\n \n | At 31 December 2024 | \n 12,871 | \n 26,468 | \n (7,468) | \n 4,469 | \n 63,458 | \n 99,798 | \n
\n \n
\n \n \n \n | \n Year ended 31 December 2024 | \n Year ended 31 December 2023 | \n
\n \n | \n Before exceptional items | \n Exceptional items | \n Total | \n Before exceptional items | \n Exceptional items | \n Total | \n
\n \n | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n
\n \n | Current corporate income tax | \n | \n | \n | \n | \n | \n | \n
\n \n | Corporate income tax expense | \n 35,735 | \n \u2013 | \n 35,735 | \n 16,319 | \n (2,643) | \n 13,676 | \n
\n \n | Withholding tax | \n (835) | \n \u2013 | \n (835) | \n 609 | \n \u2013 | \n 609 | \n
\n \n | \n 34,900 | \n \u2013 | \n 34,900 | \n 16,928 | \n (2,643) | \n 14,285 | \n
\n \n | Deferred taxation | \n | \n | \n | \n | \n | \n | \n
\n \n | Origination and reversal of temporary differences (note 31) | \n 16,497 | \n (2,088) | \n 14,409 | \n 20,245 | \n (24,805) | \n (4,560) | \n
\n \n | Corporate income tax | \n 51,397 | \n (2,088) | \n 49,309 | \n 37,173 | \n (27,448) | \n 9,725 | \n
\n \n | Current mining royalties | \n | \n | \n | \n | \n | \n | \n
\n \n | Mining royalty charge (note 38) | \n 7,108 | \n \u2013 | \n 7,108 | \n 4,520 | \n \u2013 | \n 4,520 | \n
\n \n | Special mining tax charge (note 38) | \n 7,051 | \n \u2013 | \n 7,051 | \n 2,307 | \n \u2013 | \n 2,307 | \n
\n \n | Total current mining royalties | \n 14,159 | \n \u2013 | \n 14,159 | \n 6,827 | \n \u2013 | \n 6,827 | \n
\n \n | Total taxation expense/(bene\ufb01t) in the income statement | \n 65,556 | \n (2,088) | \n 63,468 | \n 44,000 | \n (27,448) | \n 16,552 | \n
\n \n
\n \n \n \n | \n Year ended 31 December | \n
\n \n | \n 2024 | \n 2023 | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | Pro\ufb01t/(loss) from operations before income tax | \n 177,217 | \n (43,481) | \n
\n \n | At average statutory income tax rate of 33.1% (2023: 27.2%) | \n 58,618 | \n (11,818) | \n
\n \n | Expenses not deductible for tax purposes | \n 1,888 | \n 2,987 | \n
\n \n | Taxable income on local currency (pesos) related to AL41 Bond Argentina | \n \u2013 | \n 961 | \n
\n \n | Permanent differences arising on special investment regime 1 | \n (3,669) | \n (1,567) | \n
\n \n | Movement in previously unrecognised deferred tax 2 | \n 10,666 | \n 10,249 | \n
\n \n | Special mining tax and mining royalty deductible for corporate income tax | \n (4,177) | \n (2,014) | \n
\n \n | Other | \n (2,353) | \n 1,252 | \n
\n \n | Corporate income tax at average effective income tax rate of 34.4% (2023: -0.1%) before foreign exchange effect and withholding tax | \n 60,973 | \n 50 | \n
\n \n | Foreign exchange rate effect 3 | \n (10,829) | \n 9,066 | \n
\n \n | Corporate income tax at average effective income tax rate of 28.3% (2023: -21.0%) before withholding tax | \n 50,144 | \n 9,116 | \n
\n \n | Special mining tax and mining royalty 4 | \n 14,159 | \n 6,827 | \n
\n \n | Corporate income tax and mining royalties at average effective income tax rate of 36.3% (2023: -36.7%) before withholding tax | \n 64,303 | \n 15,943 | \n
\n \n | Withholding tax | \n (835) | \n 609 | \n
\n \n | Total taxation charge in the income statement at average effective tax rate 35.8% (2023: -38.1%) from operations | \n 63,468 | \n 16,552 | \n
\n \n
\n \n \n \n | \n Mining properties and development costs 1 | \n Land and buildings | \n Plant and equipment 2, 3 | \n Vehicles 4 | \n Mine closure asset | \n Construction in progress and capital advances 1, 5 | \n Total | \n
\n \n | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n
\n \n | YEAR ENDED 31 DECEMBER 2024 | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Cost | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | At 1 January 2024 | \n 1,935,106 | \n 560,135 | \n 646,582 | \n 12,240 | \n 116,887 | \n 167,295 | \n 3,438,245 | \n
\n \n | Additions | \n 132,126 | \n 620 | \n 24,065 | \n 7,068 | \n \u2013 | \n 68,931 | \n 232,810 | \n
\n \n | Acquisition of assets (note 4) | \n \u2013 | \n 3,927 | \n 34 | \n 27 | \n \u2013 | \n \u2013 | \n 3,988 | \n
\n \n | Change in discount rate (note 29(1)) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (3,736) | \n \u2013 | \n (3,736) | \n
\n \n | Change in mine closure estimate (note 29(1)) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n 4,097 | \n \u2013 | \n 4,097 | \n
\n \n | Return of disposal | \n \u2013 | \n \u2013 | \n 845 | \n \u2013 | \n \u2013 | \n 90 | \n 935 | \n
\n \n | Disposals | \n \u2013 | \n \u2013 | \n (968) | \n \u2013 | \n \u2013 | \n \u2013 | \n (968) | \n
\n \n | Write-offs 6 | \n \u2013 | \n \u2013 | \n (5,546) | \n (507) | \n \u2013 | \n (3,037) | \n (9,090) | \n
\n \n | Foreign exchange effect | \n (9,518) | \n (628) | \n (271) | \n (9) | \n (528) | \n (9,101) | \n (20,055) | \n
\n \n | Transfer to assets held for sale | \n (251,992) | \n (31,556) | \n (52,702) | \n (341) | \n (15,792) | \n \u2013 | \n (352,383) | \n
\n \n | Transfers and other movements 7 | \n 13,793 | \n 49,740 | \n 149,133 | \n 311 | \n \u2013 | \n (210,865) | \n 2,112 | \n
\n \n | At 31 December 2024 | \n 1,819,515 | \n 582,238 | \n 761,172 | \n 18,789 | \n 100,928 | \n 13,313 | \n 3,295,955 | \n
\n \n | Accumulated depreciation and impairment | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | At 1 January 2024 | \n 1,454,537 | \n 416,785 | \n 455,040 | \n 9,307 | \n 83,703 | \n 20 | \n 2,419,392 | \n
\n \n | Depreciation for the year | \n 95,136 | \n 23,865 | \n 33,825 | \n 3,512 | \n 3,403 | \n \u2013 | \n 159,741 | \n
\n \n | Disposals | \n \u2013 | \n \u2013 | \n (865) | \n \u2013 | \n \u2013 | \n \u2013 | \n (865) | \n
\n \n | Write-offs 6 | \n \u2013 | \n \u2013 | \n (4,728) | \n (479) | \n \u2013 | \n \u2013 | \n (5,207) | \n
\n \n | Foreign exchange effect | \n \u2013 | \n (3) | \n (101) | \n (1) | \n \u2013 | \n \u2013 | \n (105) | \n
\n \n | Transfer to assets held for sale | \n (251,992) | \n (31,375) | \n (49,212) | \n (330) | \n (15,306) | \n \u2013 | \n (348,215) | \n
\n \n | Transfers and other movements 7 | \n 443 | \n 21 | \n (4) | \n 16 | \n \u2013 | \n (20) | \n 456 | \n
\n \n | At 31 December 2024 | \n 1,298,124 | \n 409,293 | \n 433,955 | \n 12,025 | \n 71,800 | \n \u2013 | \n 2,225,197 | \n
\n \n | Net book value at 31 December 2024 | \n 521,391 | \n 172,945 | \n 327,217 | \n 6,764 | \n 29,128 | \n 13,313 | \n 1,070,758 | \n
\n \n
\n \n \n \n | \n Mining properties and development costs | \n Land and buildings | \n Plant and equipment | \n Vehicles 4 | \n Mine closure asset | \n Construction in progress and capital advances | \n Total | \n
\n \n | \n US$000 3 | \n US$000 | \n US$000 1, 7 | \n US$000 | \n US$000 | \n US$000 3, 5 | \n US$000 | \n
\n \n | YEAR ENDED 31 DECEMBER 2023 | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Cost | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | At 1 January 2023 | \n 1,823,207 | \n 563,782 | \n 651,098 | \n 12,302 | \n 104,860 | \n 76,854 | \n 3,232,103 | \n
\n \n | Additions | \n 162,569 | \n 962 | \n 16,422 | \n (330) | \n \u2013 | \n 106,122 | \n 285,745 | \n
\n \n | Change in discount rate (note 29(1)) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (1,535) | \n \u2013 | \n (1,535) | \n
\n \n | Change in mine closure estimate (note 29(1)) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n 13,931 | \n \u2013 | \n 13,931 | \n
\n \n | Disposals | \n (91) | \n \u2013 | \n (1,218) | \n (302) | \n \u2013 | \n \u2013 | \n (1,611) | \n
\n \n | Write-offs6 | \n (518) | \n \u2013 | \n (14,849) | \n (131) | \n \u2013 | \n (958) | \n (16,456) | \n
\n \n | Foreign exchange effect | \n 9,273 | \n 498 | \n 125 | \n 8 | \n 323 | \n 4,672 | \n 14,899 | \n
\n \n | Transfer to assets held for sale (note 25) | \n (61,996) | \n (7,151) | \n (7,423) | \n \u2013 | \n (692) | \n (2,463) | \n (79,725) | \n
\n \n | Transfers and other movements2 | \n 2,662 | \n 2,044 | \n 2,427 | \n 693 | \n | \n (16,932) | \n (9,106) | \n
\n \n | At 31 December 2023 | \n 1,935,106 | \n 560,135 | \n 646,582 | \n 12,240 | \n 116,887 | \n 167,295 | \n 3,438,245 | \n
\n \n | Accumulated depreciation and impairment | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | At 1 January 2023 | \n 1,383,600 | \n 397,531 | \n 433,720 | \n 7,460 | \n 81,722 | \n 1,157 | \n 2,305,190 | \n
\n \n | Depreciation for the year | \n 97,821 | \n 22,594 | \n 28,032 | \n 2,038 | \n 2,233 | \n \u2013 | \n 152,718 | \n
\n \n | Disposals | \n \u2013 | \n \u2013 | \n (128) | \n (321) | \n \u2013 | \n \u2013 | \n (449) | \n
\n \n | Write-offs 6 | \n \u2013 | \n \u2013 | \n (13,673) | \n (52) | \n \u2013 | \n \u2013 | \n (13,725) | \n
\n \n | Impairment/(reversal of impairment) net | \n 28,119 | \n 3,669 | \n 12,941 | \n 129 | \n 258 | \n 775 | \n 45,891 | \n
\n \n | Foreign exchange effect | \n \u2013 | \n 8 | \n (4) | \n 1 | \n \u2013 | \n \u2013 | \n 5 | \n
\n \n | Transfer to assets held for sale (note 25) | \n (55,075) | \n (7,017) | \n (5,796) | \n \u2013 | \n (510) | \n (1,912) | \n (70,310) | \n
\n \n | Transfers and other movements2 | \n 72 | \n \u2013 | \n (52) | \n 52 | \n \u2013 | \n \u2013 | \n 72 | \n
\n \n | At 31 December 2023 | \n 1,454,537 | \n 416,785 | \n 455,040 | \n 9,307 | \n 83,703 | \n 20 | \n 2,419,392 | \n
\n \n | Net book value at 31 December 2023 | \n 480,569 | \n 143,350 | \n 191,542 | \n 2,933 | \n 33,184 | \n 167,275 | \n 1,018,853 | \n
\n \n
\n \n \n \n | US$000 | \n San Jose | \n
\n \n | Gold and silver prices (decrease by 10% and 15%, respectively) | \n (100,684) | \n
\n \n | Gold and silver prices (increase by 10% and 15%, respectively) 1 | \n 28,631 | \n
\n \n | Production costs (increase by 10%) | \n (55,827) | \n
\n \n | Production costs (decrease by 10%) 1 | \n 28,631 | \n
\n \n | Production volume (decrease by 10%) | \n (74,178) | \n
\n \n | Production volume (increase by 10%) 1 | \n 28,631 | \n
\n \n | Post-tax discount rate (increase by 3%) | \n (3,084) | \n
\n \n | Post-tax discount rate (decrease by 3%) | \n 3,193 | \n
\n \n | Capital expenditure (increase by 10%) | \n (10,746) | \n
\n \n | Capital expenditure (decrease by 10%) | \n 10,746 | \n
\n \n
\n \n \n \n | \n Mining properties and development costs 1 | \n Land and buildings | \n Plant and equipment 2, 3 | \n Vehicles 4 | \n Mine closure asset | \n Construction in progress and capital advances 1, 5 | \n Total | \n
\n \n | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n
\n \n | YEAR ENDED 31 DECEMBER 2024 | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Cost | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | At 1 January 2024 | \n 1,935,106 | \n 560,135 | \n 646,582 | \n 12,240 | \n 116,887 | \n 167,295 | \n 3,438,245 | \n
\n \n | Additions | \n 132,126 | \n 620 | \n 24,065 | \n 7,068 | \n \u2013 | \n 68,931 | \n 232,810 | \n
\n \n | Acquisition of assets (note 4) | \n \u2013 | \n 3,927 | \n 34 | \n 27 | \n \u2013 | \n \u2013 | \n 3,988 | \n
\n \n | Change in discount rate (note 29(1)) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (3,736) | \n \u2013 | \n (3,736) | \n
\n \n | Change in mine closure estimate (note 29(1)) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n 4,097 | \n \u2013 | \n 4,097 | \n
\n \n | Return of disposal | \n \u2013 | \n \u2013 | \n 845 | \n \u2013 | \n \u2013 | \n 90 | \n 935 | \n
\n \n | Disposals | \n \u2013 | \n \u2013 | \n (968) | \n \u2013 | \n \u2013 | \n \u2013 | \n (968) | \n
\n \n | Write-offs 6 | \n \u2013 | \n \u2013 | \n (5,546) | \n (507) | \n \u2013 | \n (3,037) | \n (9,090) | \n
\n \n | Foreign exchange effect | \n (9,518) | \n (628) | \n (271) | \n (9) | \n (528) | \n (9,101) | \n (20,055) | \n
\n \n | Transfer to assets held for sale | \n (251,992) | \n (31,556) | \n (52,702) | \n (341) | \n (15,792) | \n \u2013 | \n (352,383) | \n
\n \n | Transfers and other movements 7 | \n 13,793 | \n 49,740 | \n 149,133 | \n 311 | \n \u2013 | \n (210,865) | \n 2,112 | \n
\n \n | At 31 December 2024 | \n 1,819,515 | \n 582,238 | \n 761,172 | \n 18,789 | \n 100,928 | \n 13,313 | \n 3,295,955 | \n
\n \n | Accumulated depreciation and impairment | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | At 1 January 2024 | \n 1,454,537 | \n 416,785 | \n 455,040 | \n 9,307 | \n 83,703 | \n 20 | \n 2,419,392 | \n
\n \n | Depreciation for the year | \n 95,136 | \n 23,865 | \n 33,825 | \n 3,512 | \n 3,403 | \n \u2013 | \n 159,741 | \n
\n \n | Disposals | \n \u2013 | \n \u2013 | \n (865) | \n \u2013 | \n \u2013 | \n \u2013 | \n (865) | \n
\n \n | Write-offs 6 | \n \u2013 | \n \u2013 | \n (4,728) | \n (479) | \n \u2013 | \n \u2013 | \n (5,207) | \n
\n \n | Foreign exchange effect | \n \u2013 | \n (3) | \n (101) | \n (1) | \n \u2013 | \n \u2013 | \n (105) | \n
\n \n | Transfer to assets held for sale | \n (251,992) | \n (31,375) | \n (49,212) | \n (330) | \n (15,306) | \n \u2013 | \n (348,215) | \n
\n \n | Transfers and other movements 7 | \n 443 | \n 21 | \n (4) | \n 16 | \n \u2013 | \n (20) | \n 456 | \n
\n \n | At 31 December 2024 | \n 1,298,124 | \n 409,293 | \n 433,955 | \n 12,025 | \n 71,800 | \n \u2013 | \n 2,225,197 | \n
\n \n | Net book value at 31 December 2024 | \n 521,391 | \n 172,945 | \n 327,217 | \n 6,764 | \n 29,128 | \n 13,313 | \n 1,070,758 | \n
\n \n
\n \n \n \n | \n Mining properties and development costs | \n Land and buildings | \n Plant and equipment | \n Vehicles 4 | \n Mine closure asset | \n Construction in progress and capital advances | \n Total | \n
\n \n | \n US$000 3 | \n US$000 | \n US$000 1, 7 | \n US$000 | \n US$000 | \n US$000 3, 5 | \n US$000 | \n
\n \n | YEAR ENDED 31 DECEMBER 2023 | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Cost | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | At 1 January 2023 | \n 1,823,207 | \n 563,782 | \n 651,098 | \n 12,302 | \n 104,860 | \n 76,854 | \n 3,232,103 | \n
\n \n | Additions | \n 162,569 | \n 962 | \n 16,422 | \n (330) | \n \u2013 | \n 106,122 | \n 285,745 | \n
\n \n | Change in discount rate (note 29(1)) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (1,535) | \n \u2013 | \n (1,535) | \n
\n \n | Change in mine closure estimate (note 29(1)) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n 13,931 | \n \u2013 | \n 13,931 | \n
\n \n | Disposals | \n (91) | \n \u2013 | \n (1,218) | \n (302) | \n \u2013 | \n \u2013 | \n (1,611) | \n
\n \n | Write-offs6 | \n (518) | \n \u2013 | \n (14,849) | \n (131) | \n \u2013 | \n (958) | \n (16,456) | \n
\n \n | Foreign exchange effect | \n 9,273 | \n 498 | \n 125 | \n 8 | \n 323 | \n 4,672 | \n 14,899 | \n
\n \n | Transfer to assets held for sale (note 25) | \n (61,996) | \n (7,151) | \n (7,423) | \n \u2013 | \n (692) | \n (2,463) | \n (79,725) | \n
\n \n | Transfers and other movements2 | \n 2,662 | \n 2,044 | \n 2,427 | \n 693 | \n | \n (16,932) | \n (9,106) | \n
\n \n | At 31 December 2023 | \n 1,935,106 | \n 560,135 | \n 646,582 | \n 12,240 | \n 116,887 | \n 167,295 | \n 3,438,245 | \n
\n \n | Accumulated depreciation and impairment | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | At 1 January 2023 | \n 1,383,600 | \n 397,531 | \n 433,720 | \n 7,460 | \n 81,722 | \n 1,157 | \n 2,305,190 | \n
\n \n | Depreciation for the year | \n 97,821 | \n 22,594 | \n 28,032 | \n 2,038 | \n 2,233 | \n \u2013 | \n 152,718 | \n
\n \n | Disposals | \n \u2013 | \n \u2013 | \n (128) | \n (321) | \n \u2013 | \n \u2013 | \n (449) | \n
\n \n | Write-offs 6 | \n \u2013 | \n \u2013 | \n (13,673) | \n (52) | \n \u2013 | \n \u2013 | \n (13,725) | \n
\n \n | Impairment/(reversal of impairment) net | \n 28,119 | \n 3,669 | \n 12,941 | \n 129 | \n 258 | \n 775 | \n 45,891 | \n
\n \n | Foreign exchange effect | \n \u2013 | \n 8 | \n (4) | \n 1 | \n \u2013 | \n \u2013 | \n 5 | \n
\n \n | Transfer to assets held for sale (note 25) | \n (55,075) | \n (7,017) | \n (5,796) | \n \u2013 | \n (510) | \n (1,912) | \n (70,310) | \n
\n \n | Transfers and other movements2 | \n 72 | \n \u2013 | \n (52) | \n 52 | \n \u2013 | \n \u2013 | \n 72 | \n
\n \n | At 31 December 2023 | \n 1,454,537 | \n 416,785 | \n 455,040 | \n 9,307 | \n 83,703 | \n 20 | \n 2,419,392 | \n
\n \n | Net book value at 31 December 2023 | \n 480,569 | \n 143,350 | \n 191,542 | \n 2,933 | \n 33,184 | \n 167,275 | \n 1,018,853 | \n
\n \n
\n \n \n \n | US$000 | \n San Jose | \n
\n \n | Gold and silver prices (decrease by 10% and 15%, respectively) | \n (100,684) | \n
\n \n | Gold and silver prices (increase by 10% and 15%, respectively) 1 | \n 28,631 | \n
\n \n | Production costs (increase by 10%) | \n (55,827) | \n
\n \n | Production costs (decrease by 10%) 1 | \n 28,631 | \n
\n \n | Production volume (decrease by 10%) | \n (74,178) | \n
\n \n | Production volume (increase by 10%) 1 | \n 28,631 | \n
\n \n | Post-tax discount rate (increase by 3%) | \n (3,084) | \n
\n \n | Post-tax discount rate (decrease by 3%) | \n 3,193 | \n
\n \n | Capital expenditure (increase by 10%) | \n (10,746) | \n
\n \n | Capital expenditure (decrease by 10%) | \n 10,746 | \n
\n \n
\n \n \n \n | \n Azuca | \n Crespo | \n Mara Rosa | \n Monte do Carmo | \n Volcan | \n Other | \n Total | \n
\n \n | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n
\n \n | COST | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Balance at 1 January 2023 | \n 84,350 | \n 32,433 | \n 779 | \n \u2013 | \n 81,866 | \n 25,478 | \n 224,906 | \n
\n \n | Additions | \n 367 | \n 594 | \n 566 | \n \u2013 | \n 996 | \n \u2013 | \n 2,523 | \n
\n \n | Foreign exchange effect | \n \u2013 | \n \u2013 | \n 77 | \n \u2013 | \n (2,043) | \n \u2013 | \n (1,966) | \n
\n \n | Transfers to property, plant and equipment (note 16) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (2,571) | \n (2,571) | \n
\n \n | Transfers to asset held for sale (note 25) | \n \u2013 | \n (33,027) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (33,027) | \n
\n \n | Other transfers and adjustments 1 | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (15,000) | \n \u2013 | \n (15,000) | \n
\n \n | Balance at 31 December 2023 | \n 84,717 | \n \u2013 | \n 1,422 | \n \u2013 | \n 65,819 | \n 22,907 | \n 174,865 | \n
\n \n | Additions 2 | \n 366 | \n \u2013 | \n 1,351 | \n 2,891 | \n 1,073 | \n 3,344 | \n 9,025 | \n
\n \n | Acquisition of assets 2 | \n \u2013 | \n \u2013 | \n | \n 82,725 | \n \u2013 | \n \u2013 | \n 82,725 | \n
\n \n | Foreign exchange effect | \n \u2013 | \n \u2013 | \n (83) | \n (2,362) | \n (8,054) | \n \u2013 | \n (10,499) | \n
\n \n | Transfers to property, plant and equipment (note 16) | \n \u2013 | \n \u2013 | \n (1,280) | \n \u2013 | \n \u2013 | \n (832) | \n (2,112) | \n
\n \n | Transfers to asset held for sale (note 25) | \n (85,083) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (4,011) | \n (89,094) | \n
\n \n | Balance at 31 December 2024 | \n \u2013 | \n \u2013 | \n 1,410 | \n 83,254 | \n 58,838 | \n 21,408 | \n 164,910 | \n
\n \n | ACCUMULATED IMPAIRMENT | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Balance at 1 January 2023 | \n 50,075 | \n 9,878 | \n \u2013 | \n \u2013 | \n 36,392 | \n 5,099 | \n 101,444 | \n
\n \n | Impairment/(reversal of impairment) net | \n 16,554 | \n 17,584 | \n \u2013 | \n \u2013 | \n \u2013 | \n 376 | \n 34,514 | \n
\n \n | Foreign exchange effect | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (881) | \n \u2013 | \n (881) | \n
\n \n | Transfers to property, plant and equipment (note 16) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (72) | \n (72) | \n
\n \n | Transfers to assets held for sale (note 25) | \n \u2013 | \n (27,462) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (27,462) | \n
\n \n | Balance at 31 December 2023 | \n 66,629 | \n \u2013 | \n \u2013 | \n \u2013 | \n 35,511 | \n 5,403 | \n 107,543 | \n
\n \n | Impairment (note 25) | \n 13,732 | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n 13,732 | \n
\n \n | Foreign exchange effect | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n (4,253) | \n \u2013 | \n (4,253) | \n
\n \n | Amortisation | \n \u2013 | \n \u2013 | \n 413 | \n \u2013 | \n \u2013 | \n \u2013 | \n 413 | \n
\n \n | Transfers to property, plant and equipment (note 16) | \n | \n \u2013 | \n (413) | \n | \n | \n (43) | \n (456) | \n
\n \n | Transfers to assets held for sale (note 25) | \n (80,361) | \n | \n | \n | \n | \n (4,011) | \n (84,372) | \n
\n \n | Balance at 31 December 2024 | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n 31,258 | \n 1,349 | \n 32,607 | \n
\n \n | Net book value as at 31 December 2023 | \n 18,088 | \n \u2013 | \n 1,422 | \n | \n 30,308 | \n 17,504 | \n 67,322 | \n
\n \n | Net book value as at 31 December 2024 | \n \u2013 | \n \u2013 | \n 1,410 | \n 83,254 | \n 27,580 | \n 20,059 | \n 132,303 | \n
\n \n
\n \n \n \n | \n Transmission line 1 | \n Water permits 2 | \n Software licences | \n Legal rights 3 | \n Royalty intangible assets | \n Total | \n
\n \n | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n US$000 | \n
\n \n | COST | \n | \n | \n | \n | \n | \n | \n
\n \n | Balance at 1 January 2023 | \n 22,157 | \n 21,795 | \n 2,248 | \n 10,578 | \n \u2013 | \n 56,778 | \n
\n \n | Foreign exchange effect | \n 984 | \n (528) | \n \u2013 | \n 156 | \n \u2013 | \n 612 | \n
\n \n | Additions | \n 124 | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n 124 | \n
\n \n | Transfers | \n 10,907 | \n \u2013 | \n \u2013 | \n (5,507) 5 | \n \u2013 | \n 5,400 | \n
\n \n | Balance at 31 December 2023 | \n 34,172 | \n 21,267 | \n 2,248 | \n 5,227 | \n \u2013 | \n 62,914 | \n
\n \n | Foreign exchange effect | \n (798) | \n (2,547) | \n \u2013 | \n (144) | \n \u2013 | \n (3,489) | \n
\n \n | Additions | \n \u2013 | \n \u2013 | \n \u2013 | \n 19,534 | \n \u2013 | \n 19,534 | \n
\n \n | Addition of royalty intangible asset (note 25) | \n \u2013 | \n \u2013 | \n \u2013 | \n \u2013 | \n 3,967 | \n 3,967 | \n
\n \n | Balance at 31 December 2024 | \n 33,374 | \n 18,720 | \n 2,248 | \n 24,617 | \n 3,967 | \n 82,926 | \n
\n \n | Accumulated amortisation and impairment | \n | \n | \n | \n | \n | \n | \n
\n \n | Balance at 1 January 2023 | \n 18,270 | \n 10,402 | \n 2,046 | \n 6,732 | \n \u2013 | \n 37,450 | \n
\n \n | Amortisation for the year 4 | \n 584 | \n \u2013 | \n 109 | \n 109 | \n \u2013 | \n 802 | \n
\n \n | Transfers | \n \u2013 | \n \u2013 | \n \u2013 | \n (5,507) 5 | \n \u2013 | \n (5,507) | \n
\n \n | Impairment | \n 434 | \n \u2013 | \n \u2013 | \n 4 | \n \u2013 | \n 438 | \n
\n \n | Foreign exchange effect | \n \u2013 | \n (252) | \n \u2013 | \n \u2013 | \n \u2013 | \n (252) | \n
\n \n | Balance at 31 December 2023 | \n 19,288 | \n 10,150 | \n 2,155 | \n 1,338 | \n \u2013 | \n 32,931 | \n
\n \n | Amortisation for the year 4 | \n 1,175 | \n \u2013 | \n 12 | \n 392 | \n \u2013 | \n 1,579 | \n
\n \n | Foreign exchange effect | \n \u2013 | \n (1,216) | \n \u2013 | \n \u2013 | \n \u2013 | \n (1,216) | \n
\n \n | Balance at 31 December 2024 | \n 20,463 | \n 8,934 | \n 2,167 | \n 1,730 | \n \u2013 | \n 33,294 | \n
\n \n | Net book value as at 31 December 2023 | \n 14,884 | \n 11,117 | \n 93 | \n 3,889 | \n \u2013 | \n 29,983 | \n
\n \n | Net book value as at 31 December 2024 | \n 12,911 | \n 9,786 | \n 81 | \n 22,887 | \n 3,967 | \n 49,632 | \n
\n \n
\n \n \n \n | \n As at | \n As at | \n
\n \n | \n 31 December | \n 31 December | \n
\n \n | \n 2024 | \n 2023 | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | Current assets | \n 29,821 | \n 34,945 | \n
\n \n | Non-current assets | \n 123,980 | \n 112,064 | \n
\n \n | Current liabilities | \n (6,231) | \n (6,048) | \n
\n \n | Non-current liabilities | \n (1,415) | \n (2,600) | \n
\n \n | Equity | \n 146,155 | \n 138,361 | \n
\n \n | Non-controlling interest 1 | \n 18,603 | \n \u2013 | \n
\n \n | Equity attributable to shareholders | \n 127,552 | \n 138,361 | \n
\n \n | Group\u2019s share in equity 19.5% (2023: 20%) | \n 24,873 | \n 27,672 | \n
\n \n | Fair value adjustment on initial recognition and accumulated adjustments for non-attributable changes to equity 2 | \n 13,125 | \n 12,361 | \n
\n \n | Accumulated impairment | \n (22,187) | \n (17,106) | \n
\n \n | Group\u2019s carrying amount of the investment 19.5% (2023: 20%) | \n 15,811 | \n 22,927 | \n
\n \n | Summarised consolidated statement of pro\ufb01t and loss | \n | \n | \n
\n \n | Revenue | \n | \n \u2013 | \n
\n \n | Administrative expenses | \n (8,239) | \n (6,815) | \n
\n \n | Exploration expenses | \n (459) | \n (6,991) | \n
\n \n | Other income | \n \u2013 | \n 59 | \n
\n \n | Share of loss of joint venture | \n (115) | \n \u2013 | \n
\n \n | Finance income | \n 1,657 | \n 2,338 | \n
\n \n | Finance cost | \n (64) | \n (59) | \n
\n \n | Foreign exchange gain/(loss) | \n (193) | \n 85 | \n
\n \n | Loss from operations for the year | \n (7,413) | \n (11,383) | \n
\n \n | Loss from continuing operations attributable to shareholders | \n (7,223) | \n (2,277) | \n
\n \n | Group\u2019s share of loss for the year | \n (1,408) | \n (2,277) | \n
\n \n | Other comprehensive pro\ufb01t that may be reclassi\ufb01ed to pro\ufb01t or loss in subsequent periods, net of tax | \n | \n | \n
\n \n | Exchange differences on translating foreign operations | \n (12,780) | \n (4,273) | \n
\n \n | Total comprehensive loss for the year | \n (12,780) | \n (4,273) | \n
\n \n | Group\u2019s share of comprehensive pro\ufb01t/(loss) for the year | \n (2,492) | \n (855) | \n
\n \n
\n \n \n \n | \n Year ended 31 December | \n
\n \n | \n 2024 | \n 2023 | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | Depreciation expense for right-of-use assets (included in cost of sales, administrative, exploration and other expenses) | \n (4,514) | \n (2,199) | \n
\n \n | Interest expense on lease liabilities (included in \ufb01nance expenses) | \n (582) | \n (62) | \n
\n \n | Expense relating to short-term leases (included in cost of sales, administrative, exploration and other expenses) | \n (959) | \n (866) | \n
\n \n | Expense relating to leases of low-value assets (included in cost of sales, administrative, exploration and other expenses) | \n (769) | \n (743) | \n
\n \n | Variable lease payments (included in cost of sales and exploration expenses) | \n (18,942) | \n (11,422) | \n
\n \n | Total amount recognised in pro\ufb01t or loss | \n (25,766) | \n (15,292) | \n
\n \n
\n \n \n \n | \n Year ended 31 December | \n
\n \n | \n 2024 | \n 2023 | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | EXPENSES | \n | \n | \n
\n \n | Expense recognised for the rental and services paid to Cementos Pacasmayo S.A.A. | \n (505) | \n (473)1 | \n
\n \n | Expense donation to UTEC scholarships | \n (371) | \n (931)1 | \n
\n \n | Expense research project with UTEC 2 | \n (19) | \n \u2013 | \n
\n \n | Expense donation Asociacion Amanatari 3 | \n (80) | \n \u2013 | \n
\n \n | Expense technical services from Tecsup | \n (159) | \n (365)1 | \n
\n \n | Income from reimbursement of security costs of Cementos Pacasmayo S.A.A. | \n 676 | \n 541 | \n
\n \n | Income from administrative services to REE UNO SpA | \n 40 | \n 42 | \n
\n \n | Income from administrative services to Aclara Resources Peru | \n 11 | \n 14 1 | \n
\n \n | Revenue from sale of dore to Farragut Holdings Inc. | \n 72 | \n \u2013 | \n
\n \n
\n \n \n \n | \n As at 31 December | \n
\n \n | \n 2024 | \n 2023 | \n
\n \n | \n US$000 | \n US$000 | \n
\n \n | Reconciliation of loss for the year to net cash generated from operating activities | \n | \n | \n
\n \n | Pro\ufb01t/(loss) for the year | \n 113,749 | \n (60,033) | \n
\n \n | Adjustments to reconcile Group loss to net cash in\ufb02ows from operating activities | \n | \n | \n
\n \n | Depreciation (note 3(a)) | \n 158,649 | \n 146,137 | \n
\n \n | Amortisation of intangibles (note 18) | \n 1,579 | \n 802 | \n
\n \n | Write-off of assets (note 16) | \n 3,883 | \n 2,731 | \n
\n \n | Provision of doubtful receivable | \n 245 | \n 3 | \n
\n \n | Impairment of assets (note 11) | \n 13,732 | \n 80,843 | \n
\n \n | Loss from changes in the fair value of \ufb01nancial assets at fair value through pro\ufb01t and loss (note 21) | \n \u2013 | \n 292 | \n
\n \n | Share of post-tax losses and impairment of associates (note 19) | \n 6,489 | \n 9,460 | \n
\n \n | Gain on sale of property, plant and equipment (note 12) | \n (656) | \n (142) | \n
\n \n | Provision for obsolescence of supplies (notes 12 and 23) | \n 864 | \n 1,586 | \n
\n \n | Increase of provision for mine closure (note 12) | \n 14,717 | \n 28,365 | \n
\n \n | Finance income (note 13) | \n (13,097) | \n (7,473) | \n
\n \n | Finance costs (note 13) | \n 26,928 | \n 18,199 | \n
\n \n | Income tax expense (note 14) | \n 63,468 | \n 16,552 | \n
\n \n | Other | \n 3,351 | \n (3,342) | \n
\n \n | Increase/(decrease) of cash \ufb02ows from operations due to changes in assets and liabilities | \n | \n | \n
\n \n | Trade and other receivables | \n (79,788) | \n (8,520) | \n
\n \n | Income tax receivable | \n (2,813) | \n 2,624 | \n
\n \n | Other \ufb01nancial assets and liabilities | \n (2,410) | \n (2,856) | \n
\n \n | Inventories | \n (21,161) | \n (8,091) | \n
\n \n | Trade and other payables | \n 70,282 | \n 1,877 | \n
\n \n | Provisions | \n 7,029 | \n (1,998) | \n
\n \n | Cash generated from operations | \n 365,040 | \n 217,016 | \n
\n \n
\n ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300JK10TVQ3CCJQ89",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Fxbrl_20250409134335261": {
"value": "\n \n \n \n \n | \n Trade receivables/ price adjustments | \n
\n \n | \n US$000 | \n
\n \n | Balance at 1 January 2023 | \n 42,364 | \n
\n \n | Net change in trade receivables from goods sold | \n (8,644) | \n
\n \n | Changes in fair value of price adjustments (note 5) | \n 1,174 | \n
\n \n | Realised price adjustments during the year | \n (5,473) | \n
\n \n | Balance at 31 December 2023 | \n 29,421 | \n
\n \n | Net change in trade receivables from goods sold | \n 11,892 | \n
\n \n | Changes in fair value of price adjustments (note 5) | \n 8,209 | \n
\n \n | Realised price adjustments during the year | \n (12,284) | \n
\n \n | Balance at 31 December 2024 | \n 37,238 | \n
\n \n
\n \n \n \n | \n ounces | \n Average price US$/ounce | \n Line item in the statement of \ufb01nancial position | \n Carrying amount of hedging instrument US$000 | \n Change in fair value of hedging instrument used for measuring ineffectiveness for the ineffectiveness for the period US$000 | \n Change in fair value of hedged item used for measuring period US$000 | \n
\n \n | 2024 | \n | \n | \n | \n | \n | \n | \n
\n \n | Gold forward and zero cost collar contracts | \n 210,000 | \n From 2,000 to 2,485 | \n Derivative \ufb01nancial liabilities | \n (101,619) | \n (68,633) | \n (68,633) | \n
\n \n | 2023 | \n | \n | \n | \n | \n | \n | \n
\n \n | Gold forward and zero cost collar contracts | \n 277,599.96 | \n From 2,100 to 2,252 | \n Derivative \ufb01nancial assets and liabilities | \n (16,925) | \n (11,546) | \n (11,546) | \n
\n \n
\n \n \n \n | \n Gold hedges | \n Silver hedges | \n Total | \n
\n \n | \n US$000 | \n US$000 | \n US$000 | \n
\n \n | Balance at 1 January 2023 | \n \u2013 | \n 1,541 | \n 1,541 | \n
\n \n | Reclassi\ufb01cation adjustments for items included in the income statement on realisation: | \n | \n | \n | \n
\n \n | Transfer to sales (revenue) | \n (2,522) | \n (5,324) | \n (7,846) | \n
\n \n | Revaluation arising on the year | \n (14,996) | \n 3,138 | \n (11,858) | \n
\n \n | Movement in deferred tax | \n 5,972 | \n 645 | \n 6,617 | \n
\n \n | Balance at 31 December 2023 | \n (11,546) | \n \u2013 | \n (11,546) | \n
\n \n | Reclassi\ufb01cation adjustments for items included in the income statement on realisation: | \n | \n | \n | \n
\n \n | Transfer to sales (revenue) | \n 27,903 | \n \u2013 | \n 27,903 | \n
\n \n | Revaluation arising on the year | \n (113,463) | \n \u2013 | \n (113,463) | \n
\n \n | Movement in deferred tax | \n 28,473 | \n \u2013 | \n 28,473 | \n
\n \n | Balance at 31 December 2024 | \n (68,633) | \n \u2013 | \n (68,633) | \n
\n \n
\n\n \n