Strategic investments

Lake Shore Gold

Lake Shore Gold Corp. (“Lake Shore Gold”) is a rapidly growing mining company with large land positions in the Timmins Gold Camp in Ontario, Canada. In November 2009, Lake Shore Gold completed a business combination with West Timmins Mining Inc. which created the new large-scale, wholly-owned Timmins West Gold Mine Complex, an extension of the world class Timmins gold mining trend which has supplied approximately 70 million ounces of gold over the last century.

Hochschild initially invested in Lake Shore Gold in February 2008 and currently holds 37% of the company. Lake Shore Gold has a production target of 65,000 ounces of gold (3.9 million silver equivalent ounces) in 2010, building production over the following three years with the potential to produce over 300,000 ounces annually (18 million silver equivalent ounces) over the coming years.

For more information about the company, please visit www.lsgold.com.

Gold Resource Corporation (El Aguila)

Hochschild currently holds a 30% stake in Gold Resource Corporation, an underground precious metals mining company with a number of prime development projects in southern Mexico, including its flagship property, El Aguila. Gold Resource Corporation is progressing towards production and has a stated target of 70,000 ounces of gold (4.2 million silver equivalent ounces) in the first 12 months of commercial production.

For more information about the company, please visit www.goldresourcecorp.com.