Hochschild Mining (LSE:HOC) delivered first-quarter 2026 attributable production of 75,599 gold equivalent ounces, broadly meeting expectations. Performance was supported by strong output from the Inmaculada mine in Peru and increasing contributions from the Mara Rosa operation in Brazil, partially offset by slightly lower production at the San Jose mine in Argentina. The company maintained its full-year guidance of 300,000 to 328,000 gold equivalent ounces, alongside all-in sustaining cost expectations of $2,157 to $2,320 per ounce, supported by favourable metal prices.
Financially, the group continued to generate solid cash flow, ending March with approximately $412 million in cash and short-term investments and moving into a net cash position of around $95 million. This marks a notable improvement in its balance sheet and overall leverage. Operational progress at Mara Rosa remains a key focus, with improved plant stability and the phased introduction of a new mining contractor supporting the site’s turnaround. Elsewhere, development work continues at the Monte do Carmo gold project, while permitting advances at the Royropata silver project highlight the company’s longer-term growth pipeline. ESG performance also showed improvement during the period.
Hochschild’s outlook is underpinned by a strong financial recovery over 2024–2025 and an attractive valuation profile, including a low P/E ratio and a high dividend yield. However, this is balanced by mixed technical indicators, with the share price trading below its 50-day moving average and a negative MACD suggesting some caution in the near term.
More about Hochschild Mining
Hochschild Mining is a precious metals producer focused on underground gold and silver operations across Latin America, with key assets in Peru, Argentina, and Brazil. The company produces both gold and silver and is expanding its portfolio through new gold developments in Brazil and a silver project in Peru, supported by a strengthened balance sheet and ongoing operational improvements.
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