Hochschild MiningPLC - Q3 and 9 month Production Report

Hochschild Mining

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RNS Number : 7706Z
  
Hochschild Mining PLC
  
21 October 2026
  
 



 



  


 


 


 


________________________________________________________________________________________


 


21 October 2026 


 


Production Report for Q3 and 9 months ended 30 September 2026


 


 


Mara Rosa turnaround strategy delivering improved performance; maintaining FY 2026 guidance


 


 


Eduardo Landin, Chief Executive Officer commented:


“We have delivered a strong operational performance during Q3 and remain on track to meet our full-year production and cost forecasts. At Mara Rosa, the operational turnaround is now nearing completion, with the mine benefiting from the positive impact of our new mining contractor. This contributed to a strong September, during which the mine produced just over 8,000 ounces of gold. We are encouraged by this progress and look forward to delivering a robust Q4.


 


During the quarter, we also made significant progress across our growth pipeline. In August, we submitted the revised Environmental Impact Assessment for our Royropata project in Peru, an important milestone in advancing this high-quality project. We are also encouraged by the arrival of a new, pro-business government in Peru, which has expressed its commitment to attracting investment and supporting growth in the mining sector. In Brazil, the progress achieved at Mara Rosa puts us in an ideal position to advance our next growth opportunity, Monte Do Carmo, where we are on track to present a final investment decision by the end of the year.”


 


Production overview 




Q3 2026 attributable production[1]






54,732 ounces of gold






1.5 million ounces of silver






74,004 gold equivalent ounces






5.7 million silver equivalent ounces 






    9-month operational performance (attributable)






166,160 ounces of gold






4.6 million ounces of silver






225,835 gold equivalent ounces






17.4 million silver equivalent ounces




 


Operational & exploration highlights




Inmaculada performing in line with expectations: on track to meet full-year guidance


Mara Rosa production increased in Q3 vs Q2 benefiting from successful operational turnaround






September production at 8,019 gold equivalent ounces


Mining contractor ramped up to full capacity during Q3 and currently accessing higher grade areas






San Jose temporarily impacted by extreme winter weather conditions


Development work continues at the Monte Do Carmo project - investment decision expected by year-end






Additional encouraging results from 2026 brownfield drilling campaign 




 


ESG 




Lost Time Injury Frequency Rate of 0.84 (FY 2025: 0.97)[2]






Fresh water used per tonne of ore processed: 0.17 m3/tonne (FY 2025: 0.27 m3/tonne)






Recycled waste of 76.1% (FY 2025: 81.6%)






Local workforce vs total workforce of 68.2% (FY 2025: 65.9%)






Women in the workforce of 11.2% (FY 2025: 10.6%)




 


Financial position 




Continued strong cash generation with total cash & cash equivalents & short-term investments of approximately $349 million as at 30 September 2026 of ($309 million as at 30 June 2026) 






Net cash of approximately $91 million as at 30 September 2026 ($51 million as at 30 June 2026)






Current Net Cash/LTM EBITDA of approximately 0.10x as at 30 September 2026 




________________________________________________________________________________________


 


A conference call will be held at 2.30pm (London time) on Wednesday 21 October 2026 for analysts and investors. 


Dial in details as follows:


International Dial in: +44 330 551 0200; 


US Local: +1 786 697 3501


Password: Hochschild Q3 Results


 


Please dial into the call approximately ten minutes before the 2.30pm start time.


A recording of the conference call will be available on demand on the Company’s website: www.hochschildmining.com


________________________________________________________________________________________


 


Overview


In Q3 2026, Hochschild delivered attributable production of 74,004 gold equivalent ounces or 5.7 million silver equivalent ounces, supported by a strong performance at Inmaculada and increased production at the Mara Rosa mine in Brazil, which produced over 8,000 ounces of gold in September alone. This brought attributable production for the first nine months of 2026 to 225,835 gold equivalent ounces or 17.4 million silver equivalent ounces.


 


The Company confirms that it remains on track to meet its 2026 production guidance of 300,000 to 328,000 gold equivalent ounces, as well as its revised all-in sustaining cost guidance of $2,380-$2,500 per gold equivalent ounce. This is despite continued cost pressures in Argentina, reflecting the impact of domestic inflation.


 


TOTAL GROUP PRODUCTION



 




Q3 2026




Q2 2026




Q3 2025




YTD 2026




YTD 2025




Silver production (koz) 




1,753




1,962




2,291




5,627




6,915




Gold production (koz) 




62.56




66.33




58.01




192.89




189.75




Total silver equivalent (koz)




6,570




7,070




6,758




20,480




21,526




Total gold equivalent (koz) 




85.33




91.82




87.76




265.97




279.56




Silver sold (koz)




1,701




1,971




2,068




5,651




6,687




Gold sold (koz)




61.46




66.05




53.21




193.91




184.27



Total production includes 100% of all production, including production attributable to Hochschild’s joint venture partner at San Jose. 


 


ATTRIBUTABLE GROUP PRODUCTION


 



 




Q3 2026




Q2 2026




Q3 2025




YTD 2026




YTD 2025




Silver production (koz) 




1,484




1,541




1,821




4,595




5,633




Gold production (koz) 




54.73




56.22




48.37




166.16




164.03




Silver equivalent (koz)




5,698




5,870




5,545




17,389




18,264




Gold equivalent (koz)




74.00




76.23




72.02




225.83




237.19



Attributable production includes 100% of all production from Inmaculada and Mara Rosa and 51% from San Jose. 


 


Production


Inmaculada



Product




Q3 2026




Q2 2026




Q3 2025




YTD 2026




YTD 2025




Ore production (tonnes treated)




    364,134 




     358,667 




    345,774 




1,062,859




1,018,494




Average grade silver (g/t)




              115 




              108 




             137 




115




148




Average grade gold (g/t)




           2.70 




             2.89 




           3.25 




2.91




3.39




Silver produced (koz)




1,201




1,100




          1,331 




3,511




4,292




Gold produced (koz) 




         29.57 




             31.11 




        33.86 




93.25




104.38




Silver equivalent (koz)




         3,478 




3,496




3,938




10,691




12,329




Gold equivalent (koz)




         45.16 




45.40




51.14




138.85




160.12




Silver sold (koz)




1,199




1,098




1,327




3,499




4,278




Gold sold (koz)




30.06




31.34




34.17




94.48




105.37



 


Third quarter production at Inmaculada was 29,571 ounces of gold and 1.2 million ounces of silver which amounts to a gold equivalent output of 45,163 ounces. Tonnage during the period was slightly higher than expected although this was offset by lower gold grades. Year-to-date, Inmaculada’s output is 138,848 gold equivalent ounces (Q3 YTD 2025: 160,118 gold equivalent ounces), with the mine in line to deliver its full-year guidance of between 174,000 and 185,000 gold equivalent ounces.


 


San Jose (the Company has a 51% interest in San Jose)



Product




Q3 2026




Q2 2026




Q3 2025




YTD 2026




YTD 2025




Ore production (tonnes treated) 




168,863




186,307




184,445




535,776




519,007




Average grade silver (g/t)




123




171




191




146




188




Average grade gold (g/t)




3.43




4.00




3.90




3.68




3.78




Silver produced (koz) 




549




859




959




2,107




2,616




Gold produced (koz) 




15.98




20.65




19.68




54.55




52.48




Silver equivalent (koz)




          1,779 




         2,449 




2,474




6,307




6,657




Gold equivalent (koz)




          23.11 




            31.81 




32.13




81.91




86.46




Silver sold (koz)




499




870




739




2,144




2,400




Gold sold (koz) 




14.53




20.18




14.69




54.53




46.39



 


Production at San Jose was lower than in the previous quarter as a result of extreme seasonal weather conditions at the operation in addition to volatility resulting from current mining operations being concentrated in the border areas of the veins. Output during the period totalled 0.5 million ounces of silver and 15,980 ounces of gold, equivalent to 1.8 million silver equivalent ounces. This brought production for the first nine months of the year to 6.3 million silver equivalent ounces (Q3 2025 YTD: 6.7 million ounces). The Company expects grades to recover in the fourth quarter.


 


Mara Rosa



Product




Q3 2026




Q2 2026




Q3 2025




YTD 2026




YTD 2025




Ore production (tonnes treated)




558,911




447,886




141,501




1,443,370




1,130,138




Average grade silver (g/t)




0.25




0.31




0.25




0.27




0.31




Average grade gold (g/t)




1.08




1.08




1.16




1.07




0.97




Silver produced (koz)




3




3




1




9




7




Gold produced (koz) 




17.01




14.57




4.47




45.10




32.89




Silver equivalent (koz)




          1,313 




            1,125 




346




3,481




2,540




Gold equivalent (koz)




         17.06 




            14.61 




4.49




45.21




32.98




Silver sold (koz)




3




3




2




9




8




Gold sold (koz)




16.87




14.54




4.35




44.90




32.51



 


At Mara Rosa, Q3 production improved further compared with Q2, reaching 17,001 gold equivalent ounces, with September marking the strongest month of the year to date at 8,019 ounces.


 


The transition to the new mining contractor was completed during the quarter, with the operation reaching planned mining capacity and material movement increasing to nameplate levels towards the end of the period. This progress was complemented by improved operating conditions, more productive pushback activities and better haulage roads and access routes. Ongoing pushback development is expected to provide continued access to higher-grade areas during the fourth quarter, building on the progressive improvement in grades achieved in September.


 


With respect to the plant, the thickener has stabilised following commissioning and is performing above expectations, reducing filtration cycle times to planned levels and restoring continuity in tailings disposal. This has also resolved the water management constraints reported in H1. Plant reliability and throughput rates improved steadily during the quarter, with metallurgical recoveries returning to planned levels, supported by operational and maintenance initiatives outlined in the Q2 statement. 


 


Production for the first nine months of 2026 totalled 45,213 gold equivalent ounces (Q3 2025 YTD: 32,983 ounces) with full-year guidance of between 67,000 and 80,000 gold equivalent ounces maintained.


 


Average realisable prices and sales


Average realisable precious metal prices in Q3 2026 (which are reported before the deduction of commercial discounts) were $3,840/ounce for gold and $61.8/ounce for silver (Q3 2025: $3,195/ounce for gold and $42.4/ounce for silver). For the first nine months of 2026, average realisable precious metal prices were $4,063/ounce for gold and $73.0/ounce for silver (Q3 YTD 2025: $2,937/ounce for gold and $36.5/ounce for silver).


 


Advanced Project: Monte Do Carmo


Work on Monte Do Carmo continued to advance across all key areas during Q3. Studies and engineering progressed on schedule, including updates to the mine plan, while procurement activities were accelerated through early commitments for critical long-lead items. On site, preparation and early infrastructure works continued to progress, alongside permitting activities, which remained on track to support a Final Investment Decision in December 2026.


 


Brownfield exploration 


Inmaculada


During the third quarter of the year, the team carried out a further 5,598m of resource drilling in the Melisa, Lili, Veta NE and Vein 320 structures.


 



Vein 




Results (resource)




Melisa




IMS26-380: 2.0m @ 3.1g/t Au & 149g/t Ag


IMS26-388: 1.5m @ 3.4g/t Au & 71g/t Ag


IMS26-395: 1.7m @ 4.0g/t Au & 39g/t Ag


IMS26-396: 1.5m @ 3.6g/t Au & 59g/t Ag


IMS26-398: 1.3m @ 0.9g/t Au & 110g/t Ag


IMS26-403: 2.3m @ 1.9g/t Au & 54g/t Ag


IMS26-404: 2.8m @ 2.6g/t Au & 161g/t Ag


IMS26-405: 1.8m @ 4.0g/t Au & 45g/t Ag


IMS26-406: 0.8m @ 1.1g/t Au & 75g/t Ag


IMS26-407: 4.0m @ 3.4g/t Au & 116g/t Ag


IMS26-408: 6.2m @ 2.9g/t Au & 129g/t Ag


IMS26-411: 1.8m @ 4.0g/t Au & 77g/t Ag




Lili




IMS26-380: 1.4m @ 2.4g/t Au & 20g/t Ag


IMS26-388: 1.4m @ 4.1g/t Au & 23g/t Ag




Vein NE




IMS26-407: 4.8m @ 2.9g/t Au & 54g/t Ag


IMS26-408: 1.0m @ 1.4g/t Au & 42g/t Ag




Vein 320




IMS26-554: 1.4m @ 10.6g/t Au & 358g/t Ag



 


During Q4, 3,500 meters of resource drilling will target resources in the Melisa and Lili veins and test the potential of the Monzonita target.


 


San Jose


A total of 1,900m was drilled in the Suspiro, Lau, R 10 and Norka structures. A further 4,082m of resource drilling was carried out in the San Jose area, in the Marí, HVC, Norka, Lau and India veins.


 



Vein 




Results (resource & potential)




Mari




SJD-3305: 2.1m @ 2.5g/t Au & 53g/t Ag 


SJD-3308: 2.0m @ 5.1g/t Au & 360g/t Ag 


SJD-3310: 1.9m @ 2.6g/t Au & 84g/t Ag 


SJD-3314: 0.8m @ 0.9g/t Au & 99g/t Ag 


SJD-3325: 0.8m @ 4.2g/t Au & 242g/t Ag 




Lau




SJD-3323: 0.8m @ 5.0g/t Au & 474g/t Ag




Norka




SJD-3330: 1.6m @ 3.7g/t Au & 417g/t Ag


SJM-779: 0.8m @ 3.8g/t Au & 113g/t Ag




HVC




SJD-3334: 2.8m @ 10.9g/t Au & 840g/t Ag




India




SJD-3334: 1.2m @ 5.1g/t Au & 297g/t Ag




R10




SJM-779: 0.8m @ 1.2g/t Au & 154g/t Ag




Suspiro




SJM-779: 0.9m @ 1.2g/t Au & 154g/t Ag



 


During Q4 2026, drilling to test the potential at Frea E will continue as well as exploration work on the Maura and Franco veins.


 


Mara Rosa


During Q3, 1,161m of potential drilling was executed in the Pastinho, Cajazeiras, and Carana structures, and 4,390m of resource drilling at the Araras and Posse targets. The highlights are as follows:


 



Vein 




Results (resources)




Pastinho




26PTN_068: 6.0m @ 0.3g/t Au
26PTN_068: 10.4m @ 0.2g/t Au
    incl. 0.8m @ 1.0g/t Au
26PTN_068: 0.8m @ 1.2g/t Au
26PTN_069: 9.6m @ 0.8g/t Au
    incl. 1.7m @ 3.5g/t Au




Araras




24POSP_017: 9.7m @ 0.5g/t Au
    incl. 2.4m @ 0.9g/t Au
26POS_078: 0.7m @ 1.5g/t Au
26POS_078: 4.7m @ 0.2g/t Au
26POS_078: 4.5m @ 0.2g/t Au
26POS_078: 8.7m @ 0.4g/t Au
    incl. 0.4m @ 4.0g/t Au
26POS_081: 6.4m @ 0.2g/t Au
26POS_081: 10.8m @ 0.7g/t Au
    incl. 0.3m @ 18.8g/t Au
26POS_081: 1.9m @ 0.3g/t Au
26POS_082: 11.9m @ 0.5g/t Au
    incl. 1.0m @ 4.9g/t Au
26POS_082: 9.2m @ 0.9g/t Au
    incl. 4.0m @ 2.0g/t Au
26POS_082: 13.2m @ 0.2g/t Au
    incl. 2.3m @ 0.5g/t Au
26POS_083: 4.8m @ 0.3g/t Au
    incl. 0.6m @ 1.5g/t Au
26POS_083: 1.1m @ 0.3g/t Au
26POS_083: 0.9m @ 2.7g/t Au
26POS_084: 0.7m @ 0.3g/t Au
26POS_085: 3.6m @ 1.3g/t Au
    incl. 0.7m @ 5.0g/t Au
    incl. 0.3m @ 1.6g/t Au
26POS_086: 8.1m @ 0.4g/t Au
    incl. 0.7m @ 1.0g/t Au
    incl. 0.6m @ 1.3g/t Au
26POS_086: 15.3m @ 0.1g/t Au
26POS_087A: 1.0m @ 1.1g/t Au
26POS_087A: 8.4m @ 0.5g/t Au
    incl. 3.2m @ 1.1g/t Au
26POS_089: 3.4m @ 1.1g/t Au
    incl. 0.6m @ 1.1g/t Au
    incl. 0.6m @ 5.0g/t Au
26POS_089: 5.0m @ 0.6g/t Au
    incl. 1.2m @ 1.3g/t Au
26POS_090: 12.3m @ 0.4g/t Au
    incl. 1.0m @ 4.2g/t Au
26POS_090: 12.9m @ 0.1g/t Au
26POS_091: 3.4m @ 1.0g/t Au
    incl. 0.8m @ 2.9g/t Au




Posse




25POSP_022: 4.3m @ 0.3g/t Au
26POS_083: 1.8m @ 0.3g/t Au
26POS_087A: 7.6m @ 0.8g/t Au
    incl. 4.5m @ 1.2g/t Au
26POS_093: 7.4m @ 0.6g/t Au
    incl. 2.1m @ 0.9g/t Au



 


During Q4 2026, resource drilling will continue on the Araras structure.


 


Monte Do Carmo


During Q3, 647m of potential drilling was carried out at the Fartura and Adebaldo structures and 302m of resource drilling at the Fartura target.


 



Vein 




Results (resources)




Fartura




26FAR_013: 9.6m @ 0.8g/t Au
incl. 5.5m @ 1.2g/t Au
26FAR_013: 10.6m @ 0.5g/t Au
incl. 2.2m @ 1.1g/t Au
26FAR_013: 1.8m @ 0.4g/t Au
26FAR_013: 1.1m @ 0.6g/t Au
incl. 0.6m @ 1.1g/t Au
26FAR_014: 1.0m @ 0.3g/t Au



 


Financial position


Total cash and cash equivalents and short-term investments were approximately $349 million as at 30 September 2026, resulting in a net cash position of approximately $91 million. 


 


________________________________________________________________________________________


 


Enquiries:


 



Hochschild Mining PLC


Charles Gordon, Head of Investor Relations


 




+44 (0)20 3709 3264




Hudson Sandler (Public Relations)


Charlie Jack/Harry Griffiths 


 




Hochschild@hudsonsandler.com


+44 (0)20 7796 4133



       


________________________________________________________________________________________


 


About Hochschild Mining PLC


Hochschild Mining PLC is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) and cross trades on the OTCQX Best Market in the U.S. (HCHDF), with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over fifty years' experience in the mining of precious metal epithermal vein deposits and operates two underground epithermal vein mines: Inmaculada, located in southern Peru; and San Jose in southern Argentina, and an open-pit gold mine, Mara Rosa, located in the state of Goiás, Brazil. Hochschild also has numerous long-term projects throughout the Americas.


________________________________________________________________________________________


 


Forward looking statements


This announcement may contain forward looking statements. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results, performance or achievements of Hochschild Mining PLC may, for various reasons, be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. 


 


The forward looking statements reflect knowledge and information available at the date of preparation of this announcement. Except as required by the Listing Rules and applicable law, the Board of Hochschild Mining PLC does not undertake any obligation to update or change any forward looking statements to reflect events occurring after the date of this announcement. Nothing in this announcement should be construed as a profit forecast.


 


Note


The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (Regulation (EU) No.596/2014). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.


 


LEI: 549300JK10TVQ3CCJQ89


 


- ends -





[1]All equivalent figures assume a gold/silver ratio of 77x.




[2]Calculated as total number of accidents per million labour hours







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