Hochschild Mining PLC

Latest Results (20.01.2026):

Hochschild Mining PLC — interim results for the six months ended 30 June 2025 (H1 2025). The group reported strong top-line gains driven by higher metal prices and increased gold output: revenue rose 33% to $520.0m and adjusted EBITDA increased 27% to $224.5m. Profit before tax was $109.3m pre-exceptional and $140.1m post-exceptional; basic EPS was $0.12 pre-exceptional and $0.18 post-exceptional. Attributable production was 161,597 gold-equivalent ounces, but costs and guidance were materially affected by operational issues at Mara Rosa, prompting a downward revision to full‑year production and higher AISC guidance.

Key financials

Revenue $520.0m (+33% YoY); Adjusted EBITDA $224.5m (+27% YoY); pre‑exceptional profit before tax $109.3m and post‑exceptional $140.1m. Basic EPS pre/post exceptional $0.12/$0.18. Cash and cash equivalents $109.8m; net debt $202.3m (30 June 2025). Adjusted EBITDA margin ~43% and net debt/EBITDA ~0.43x. Interim dividend declared: $0.01 per share (~$5.1m).

Production and unit costs

Attributable H1 2025 production 161,597 Au‑eq oz (13.4m Ag‑eq oz). Attributable gold 115.7 koz, silver 3,812 koz. Attributable AISC from operations rose to $1,914/Gold‑eq oz (H1 2024: $1,432) — increase largely due to Mara Rosa operational disruption, inflationary pressures in Argentina, higher royalties and workers’ profit sharing driven by stronger metal prices.

Mara Rosa operational update

Mara Rosa experienced heavy seasonal rainfall, contractor and filtration issues; the processing plant was suspended for maintenance and restarted and is ramping up with ongoing filter repairs and testing. H1 2025 gold production at Mara Rosa was 28,416 oz. FY 2025 Mara Rosa production guidance revised to 35,000–45,000 oz (previously 94,000–104,000), with ~$29–30m sustaining & development capex anticipated (including ~$18m remedial costs).

Revised group guidance

Group attributable production guidance for FY 2025 revised to 291,000–319,000 Au‑eq oz (previously 350,000–378,000). Attributable AISC guidance revised to $1,980–$2,080/oz Au‑eq, reflecting Mara Rosa issues, Argentine inflation and lower grades at San Jose.

Cash flow, capital and balance sheet

Net cash from operations H1 $153.8m. H1 capex $107.0m (operations $90.5m, Monte Do Carmo $7.9m). Company repurchased a stream on Monte Do Carmo for $13m (reducing future encumbrance) and executed a $13m buy‑down option. Net debt improved to $202.3m from $215.6m at 31 Dec 2024.

Sustainability & safety

Hochschild reported continued ESG progress: LTIFR 1.08 (improved from 1.25), water consumption 132 L/person/day, domestic waste 0.83 kg/person/day, ECO score 5.57/6. Joined the UN Global Compact, MSCI ESG rating BBB and inclusion in FTSE4Good.

Exploration & projects

Brownfield drilling programmes commenced with encouraging early results at Inmaculada and Mara Rosa. Monte Do Carmo detailed engineering progressed, installation licence awarded and permitting pathway de-risked; the Company is preparing for a potential construction decision in H1 2026. Royropata advancement in Peru continues toward a 2026 Modified EIA submission.