21st Jan 2026 11:14
(Alliance News) - Hochschild Mining PLC on Wednesday reported full-year gold and silver production in line with its previously lowered guidance.
Hochschild shares were 3.0% higher at 621.19 pence each on Wednesday morning in London. The stock has more than doubled from 229.00p over the past year, as the spot gold price has risen to new records.
London-based Hochschild is a gold and silver miner in Argentina, Brazil and Peru.
It said attributable production for 2025 was in line with its revised guidance. It expects production to total 221,444 ounces of gold, down from 245,013 ounces in 2024, and 7.5 million ounces of silver, down from 8.5 million ounces.
Hochschild said this translates into 311,509 gold equivalent ounces, down from 347,374 ounces, or 25.9 million silver equivalent ounces, down from 28.8 million.
Alongside its 2024 results, published in March last year, Hochschild had said it anticipated gold equivalent production totalling 350,000 to 378,000 ounces in 2025, up from 347,374 ounces in 2024, at an all-in sustaining cost of USD1,587 to USD1,687 per ounce.
However, when it reported its half-year results on August 27, Hochschild lowered its 2025 group production guidance to between 291,000 and 319,000 gold-equivalent ounces, with an all-in sustaining cost of USD1,980 to USD2,080 per gold-equivalent ounce.
It said this reflected an operational review and temporary suspension of the processing plant at the Mara Rosa mine in Brazil, causing it to cut guidance to 35,000 to 45,000 ounces, against the prior outlook of 94,000 to 104,000 ounces.
Hochschild, which also operates in Argentina and Peru, said on Wednesday that it expects an all-in sustaining cost "at the higher end or marginally above" the revised guidance range of USD1,980 to USD2,080 an ounce. Gold was priced about USD4,875 an ounce on Wednesday.
Hochschild highlighted its "exceptionally strong cash generation", with total cash of around USD317 million as at December 31, up from USD97 million one year prior. Hochschild reduced its net debt to approximately USD23 million, down from USD216 million.
Chief Executive Officer Eduardo Landin said that production was "driven by a strong operational performance at Inmaculada and San Jose".
He continued: "Mara Rosa delivered significant progress in the period and is performing as expected. We continue to make encouraging progress in our brownfield exploration programme and...in Q4 we also completed the listing of Tiernan Gold which bolstered financing for the Volcan gold project."
For 2026, Hochschild Mining is targeting production of 300,000 to 328,000 gold equivalent ounces, including between 67,000 and 80,000 ounces for Mara Rosa. It expects an all-in sustaining cost of between USD2,157 and USD2,320 per ounce.
"The current unprecedented commodity price rises are providing a strong financial tailwind for the business," Landin commented, "and whilst there has been also an immediate impact on royalties, profit sharing, and selling expenses, we continue to focus on cost discipline in order to underpin higher margins."
By Emma Curzon, Alliance News reporter
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