Hochschild Mining PLC

H1 revenue was $520 million. Adjusted EBITDA was $224.5 million to $225 million, up 27% year over year, and attributable net profit was $60.1 million. Gold production was 161,000 ounces, up 6% versus 2024. All-in sustaining cash cost was $1,914 per ounce, higher than last year. Cash at June 30 was $110 million and net debt was $202 million, versus $216 million at December 2024; net debt-to-EBITDA improved to 0.43 from 0.5. The company announced an interim dividend of $5.1 million, or $0.01 per share. For 2025, revised production guidance was given as 291 to 319 ounces of gold equivalent, and Mara Rosa full-year production guidance was cut to 35,000 to 45,000 ounces. The company also said Mara Rosa would include $18 million to $20 million of incremental capex to resolve operational issues.

Eduardo Landin framed the quarter as a mix of strong core performance and active operational turnaround. He emphasized that Inmaculada is outperforming, San Jose is meeting projections, and the company sees a clear path to fixing Mara Rosa and returning to stronger production in 2026. He also highlighted brownfield growth, disciplined capital allocation, and said the company could see about a 60% increase in production in the future from the 2028-2029 projects.

Eduardo Noriega pointed to strong financial results driven by higher production and higher prices, noting gold prices were 28% higher and silver prices 25% higher than last year. He broke down the cost increase as coming from higher volumes, inflation in Argentina, higher royalties and profit-sharing, Mara Rosa’s incremental costs, and one-off items including a $30.8 million reversal of impairment of Volcan under exceptional items. He also said the balance sheet remains solid with $110 million cash, $202 million net debt, $180 million of undrawn debt capacity, and that the company rolled 21,000 ounces of hedged production from H2 2025 to 2028.

The Q&A focused heavily on Royropata, community support, dividend policy, AI, ESG, and how the Mara Rosa lessons will inform Monte do Carmo. Management was asked whether Royropata’s large resource additions and spare plant capacity could lift the original 100,000-ounce estimate, and whether the company would favor debt reduction, dividends, or reinvestment as cash flow improves. The answers were largely strategic rather than numeric: management stressed continued brownfield drilling, community engagement, ESG execution, and said Mara Rosa’s turnaround has created a clearer operating playbook for future projects.