Hochschild Mining plc

Hochschild Mining reported record first-half results, with revenue rising 62% year over year to $844 million, adjusted EBITDA up 119% to $492 million, and EPS climbing 208% to $0.37. The company generated approximately $156 million in free cash flow and ended the period with $51 million in net cash, compared with a net debt position of $20 million at the end of 2025. Costs rose alongside metal prices, with first-half attributable all-in sustaining costs at $2,448 per gold-equivalent ounce, prompting the company to raise its full-year cost guidance to $2,380–$2,500 while maintaining production guidance. Higher royalties, profit sharing, foreign-exchange effects, and Argentine inflation contributed to the revision. At Mara Rosa in Brazil, operational improvements are nearing nameplate capacity, with 2026 production still guided at 67,000–80,000 ounces and potential output of about 80,000 ounces in 2027. Hochschild also advanced permitting for Royropata in Peru and engineering work at Monte do Carmo in Brazil, with both projects targeted to begin production by 2028.