Hochschild Mining (LSE:HOC) delivered attributable production of 311,509 gold equivalent ounces in 2025, in line with its revised guidance. Performance was underpinned by solid contributions from Inmaculada and San Jose, alongside the continued ramp-up of Mara Rosa. While overall volumes and grades were lower than in 2024, the company indicated that all-in sustaining costs are expected to come in at the top end, or slightly above, its guided range.
The group’s financial position strengthened materially over the year, supported by strong precious metal prices and disciplined cost control. Cash increased to around $317m, net debt was reduced to approximately $23m, and leverage fell to just 0.04x EBITDA, marking a significant improvement in balance sheet resilience.
Operationally, Hochschild continued to advance its growth pipeline. Brownfield exploration progressed across the portfolio, permitting and resource expansion moved forward at Royropata, and Monte do Carmo was advanced towards a potential investment decision in 2026. The company also crystallised value from non-core assets through the Tiernan Gold spin-out, while retaining strategic exposure.
Looking ahead, Hochschild has guided to higher group production in 2026 of between 300,000 and 328,000 gold equivalent ounces, driven by increasing output from Mara Rosa and steady contributions from Inmaculada and San Jose. This growth is expected to be accompanied by higher all-in sustaining costs of $2,157–$2,320 per ounce and capital expenditure of $210m–$225m. Alongside financial and operational targets, the group continues to highlight progress in safety performance, water efficiency, waste recycling and local employment.
Overall, the outlook is supported by improving cash generation and a strong technical trend in the shares. These positives are balanced by cost pressures, mixed earnings-call signals and valuation metrics that suggest more limited near-term upside following recent share price strength.
More about Hochschild Mining
Hochschild Mining is a precious metals company focused on underground gold and silver mining. Its core assets include the Inmaculada and San Jose mines and the Mara Rosa project, alongside development projects such as Monte do Carmo and Royropata. The group is also actively monetising non-core assets, while retaining strategic stakes in listed spin-outs including Tiernan Gold and Aclara Resources.
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