REG - Hochschild MiningPLC - Q3 2025 Production Report

Hochschild MiningAnnouncement

22/10/2025 07:00

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RNS Number : 2871E  Hochschild Mining PLC  22 October 2025

 

 

 

 

 

_____________________________________________________________________________________

22 October 2025

 

Production Report for Q3 and the 9 months ended 30 September 2025

 

Eduardo Landin, Chief Executive Officer said:

"We remain on track to achieve our revised 2025 production targets. At Mara
Rosa, the optimisation process is progressing well, with improvements to the
tailings filter processes and mining activities meeting expectations and
setting a solid foundation for 2026. We have also recently welcomed Cassio
Diedrich as our new COO and made a number of other appointments to strengthen
our local leadership team. We anticipate cash flow to increase in Q4 as output
from Mara Rosa gradually ramps up, supported by strong metal prices and a
robust period expected at the Inmaculada and San Jose mines."

 

Operational highlights

§ Q3 2025 attributable production(( 1  (#_ftn1) ))

o  48,367 ounces of gold

o  1.8 million ounces of silver

o  70,308 gold equivalent ounces

o  5.8 million silver equivalent ounces

§ 9-month operational performance

o  164,033 ounces of gold

o  5.6 million ounces of silver

o  231,905 gold equivalent ounces

o  19.2 million silver equivalent ounces

§ Reiterating 2025 revised guidance:

o  Production of 291,000 - 319,000 gold equivalent ounces

o  All-in sustaining costs of $1,980-$2,080 per gold equivalent ounce

§ New COO, Cassio Diedrich, joined management team in September

Project & Exploration highlights

§ 2025 Brownfield drilling programme adding resources at all operating units

§ Exploration and technical work ongoing at Monte do Carmo project in
Tocantins, Brazil

Strong financial position

§ Total cash of approximately $92 million as at 30 September 2025 ($110
million as at 30 June 2025)

§ Net debt of approximately $246 million as at 30 September 2025 ($202
million as at 30 June 2025) includes:

o  Temporary working capital increase mainly in Argentina ahead of mid-term
elections ($40 million)

o  Repurchase of Monte do Carmo streaming agreement from Sprott ($13 million)

o  Interim dividend payment ($5 million)

o  Lower production rates at Mara Rosa and expenditure related to turnaround
plan

§ Current Net Debt/LTM EBITDA of approximately 0.5x as at 30 September 2025

ESG highlights

§ Lost Time Injury Frequency Rate of 1.19 (FY 2024: 1.25)(( 2  (#_ftn2) ))

§ Fresh water used per tonne of ore processed: 0.28 m(3)/tonne (FY 2024: 0.31
m(3)/tonne)

§ Recycled waste of 85.9% (FY 2024: 57.3%)

§ Local workforce vs total workforce of 65.8% (FY 2024: 59.3%)

§ ECO score of 5.61 out of 6 (FY 2024: 5.58)(( 3  (#_ftn3) ))

§ Solar power now supplying 100% energy requirements at Mara Rosa

§ Transition to 100% renewable energy completed at San Jose

 

________________________________________________________________________________________

 

A conference call will be held at 2.30pm (London time) on Wednesday 22 October
2025 for analysts and investors.

Dial in details as follows:

UK Toll-Free Number: 0808 109 0700

International Dial in: +44 (0)330 551 0200

US Toll-Free Number: 866-580-3963

Canada Toll-Free Number: 866-378-3566

Pin: 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 (http://www.hochschildmining.com)

________________________________________________________________________________________

 

Overview

In Q3 2025, Hochschild Mining PLC (HOC.LN) (OTCMKTS: $HCHDF) ("Hochschild" or
"the Company") delivered attributable production of 70,308 gold equivalent
ounces or 5.8 million silver equivalent ounces. The reduction versus the
second quarter of 2025 was almost entirely due to the previously announced
ramp-up of Mara Rosa after the four-week suspension of the processing and
filtering plants, as well as temporary lower grades from mine sequencing at
Inmaculada. Overall year-to-date attributable production is 231,905 gold
equivalent ounces or 19.2 million silver equivalent ounces.

 

The Company reaffirms that it remains on track to meet its revised 2025
guidance, including an overall attributable production target of 291,000 to
319,000 gold equivalent ounces and an all-in sustaining cost range of $1,980
to $2,080 per gold equivalent ounce. This progress is being achieved despite
the impact of higher metal prices on cut-off grades, which is expected to
create opportunities over the coming quarters to process lower-grade material
with high profit margins at all mines.

 

TOTAL GROUP PRODUCTION

                                Q3 2025  Q2 2025  Q3 2024  YTD 2025  YTD 2024
 Silver production (koz)        2,291    2,448    2,658    6,915     7,674
 Gold production (koz)          58.01    66.78    78.15    189.75    198.31
 Total silver equivalent (koz)  7,106    7,990    9,145    22,664    24,134
 Total gold equivalent (koz)    85.61    96.27    110.18   273.06    290.77
 Silver sold (koz)              2,068    2,442    2,688    6,687     7,802
 Gold sold (koz)                53.21    70.11    80.27    184.27    198.52

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

 

ATTRIBUTABLE GROUP PRODUCTION

                          Q3 2025  Q2 2025  Q3 2024  YTD 2025  YTD 2024
 Silver production (koz)  1,821    1,993    2,185    5,633     6,256
 Gold production (koz)    48.37    57.64    70.00    164.03    173.75
 Silver equivalent (koz)  5,836    6,777    7,995    19,248    20,677
 Gold equivalent (koz)    70.31    81.66    96.33    231.90    249.12

Attributable production includes 100% of all production from Inmaculada,
Pallancata and 51% from San Jose.

 

Production

Inmaculada

 Product                          Q3 2025                       Q2 2025                        Q3 2024                 YTD 2025   YTD 2024
 Ore production (tonnes treated)      345,774                          339,107                 318,178                 1,018,494  855,952
 Average grade silver (g/t)                    137                        155                  181                     148        187
 Average grade gold (g/t)                    3.25                            3.48              3.95                    3.39       4.14
 Silver produced (koz)                      1,331                       1,517                  1,693                   4,292      4,780
 Gold produced (koz)                      33.86                             35.74                       37.76          104.38     110.08
 Silver equivalent (koz)                    4,141               4,483                                   4,827          12,955     13,916
 Gold equivalent (koz)                    49.89                 54.02                                   58.16          156.09     167.66
 Silver sold (koz)                1,327                         1,511                          1,726                   4,278      4,758
 Gold sold (koz)                  34.17                         36.08                          38.74                   105.37     109.93

 

Third quarter production at Inmaculada was 33,856 ounces of gold and 1.3
million ounces of silver which amounts to a gold equivalent output of 49,892
ounces. Although tonnage during the period was higher than expected,
September's production was impacted by lower grades resulting from mine
sequencing adjustments made to address one-off geomechanical challenges that
temporarily restricted access to a higher-grade zone. Year-to-date,
Inmaculada's output is 156,088 gold equivalent ounces (Q3 YTD 2024: 167,664
gold equivalent ounces), with the mine in line to deliver its full year
guidance of between 199,000 and 209,000 gold equivalent ounces.

 

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

 Product                          Q3 2025  Q2 2025                       Q3 2024  YTD 2025  YTD 2024
 Ore production (tonnes treated)  184,445  181,612                       152,352  519,007   421,205
 Average grade silver (g/t)       191      189                           227      188       244
 Average grade gold (g/t)         3.90     3.86                          3.94     3.78      4.28
 Silver produced (koz)            959      928                           965      2,616     2,895
 Gold produced (koz)              19.68    18.65                         16.63    52.48     50.12
 Silver equivalent (koz)          2,592                2,475             2,346    6,972     7,055
 Gold equivalent (koz)            31.23               29.82              28.26    84.00     85.00
 Silver sold (koz)                739      927                           957      2,400     3,036
 Gold sold (koz)                  14.69    17.99                         15.81    46.39     51.10

 

The San Jose mine delivered a solid performance with production slightly above
the previous quarter although grades were a little lower than expected from
mining the border zones. Output in the period was 1.0 million ounces of silver
and 19,681 ounces of gold which represents 2.6 million silver equivalent
ounces. This amounts to a nine-month total of 7.0 million silver equivalent
ounces (Q3 2024 YTD: 7.1 million ounces).

 

Mara Rosa

 Product                          Q3 2025                       Q2 2025                       Q3 2024                 YTD 2025   YTD 2024
 Ore production (tonnes treated)  141,501                       404,216                       589,452                 1,130,138  552,744
 Average grade silver (g/t)       0.25                          0.37                          -                       0.31       -
 Average grade gold (g/t)         1.16                          1.03                          1.34                    0.97       1.28
 Silver produced (koz)            1.18                          2.85                          -                       7          -
 Gold produced (koz)              4.47                          12.40                                  23.75          32.89      14.35
 Silver equivalent (koz)                       372                          1,032             1,971                   2,737      1,191
 Gold equivalent (koz)                       4.49                           12.43             23.75                   32.98      14.35
 Silver sold (koz)                2                             4                             -                       8          -
 Gold sold (koz)                  4.35                          16.04                         25.73                   32.51      37.57

 

As reported in August, production resumed at Mara Rosa in July using two of
the four tailings filters, with the remaining two subsequently coming online
in mid-September and mid-October respectively. Operational performance
continues to show steady improvement, with mining movement rising from 44,000
tonnes per day in August to 66,000 tonnes per day in September. The October
run-rate has been exceeding 70,000 tonnes per day and includes a record daily
peak of approximately 89,000 tonnes per day. This consistent progress
demonstrates greater fleet efficiency and improved haulage conditions.

 

The Company has also largely completed a full reorganisation of the Brazil
operations, including the previously announced appointment of the new Brazil
General Manager, Ediney Drummond as well as a new Operations Manager,
alongside the implementation of a revamped management structure.

 

Gold production for Q3 2025 totalled 4,474 ounces (Q3 2024: 23,752 ounces),
with the year-on-year decrease due to the implementation of the ongoing Mara
Rosa turnaround plan which included a four-week suspension of the processing
plant.

 

Average realisable prices and sales

Average realisable precious metal prices in Q3 2025 (which are reported before
the deduction of commercial discounts) were $3,195/ounce for gold and
$42.4/ounce for silver (Q3 2024: $2,422/ounce for gold and $29.8/ounce for
silver). For the first nine months of 2025, average realisable precious metal
prices were $2,937/ounce for gold and $36.5/ounce for silver (Q3 YTD 2024:
$2,296/ounce for gold and $28.0/ounce for silver).

 

Brownfield exploration

Inmaculada

During Q3, a total of 9,139m of resource drilling was completed in the Angela,
Martha Techo, Dayana, Melisa NE, and Lady veins. Drilling also intersected the
Angela Sur, Mirella, Liz, Lady Sur, Ann, Gera, and Ramal Y veins yielding
economic results that will add new resources.

 

 Vein          Results (resources)
 Angela        IMM25-455: 3.6m @ 2.4g/t Au & 231g/t Ag

               IMM25-471: 2.6m @ 0.9g/t Au & 227g/t Ag

               IMM25-473: 3.4m @ 1.8g/t Au & 194g/t Ag

               IMS25-304: 1.0m @ 4.5g/t Au & 334g/t Ag

               IMM25-454: 1.1m @ 4.9g/t Au & 232g/t Ag

               IMS25-315: 1.0m @ 3.0g/t Au & 167g/t Ag
 Martha Techo  IMS25-299: 1.6m @ 2.6g/t Au & 53g/t Ag

               IMS25-302: 2.9m @ 2.9g/t Au & 154g/t Ag

               IMS25-307: 1.1m @ 3.8g/t Au & 24g/t Ag

               IMS25-310: 3.8m @ 3.7g/t Au & 96g/t Ag

               IMS25-313: 1.1m @ 8.1g/t Au & 121g/t Ag
 Dayona        IMM24-385: 2.4m @ 5.0g/t Au & 21g/t Ag
 Lady          IMS25-306: 2.6m @ 3.6g/t Au & 26g/t Ag

               IMS25-306: 0.9m @ 2.9g/t Au & 46g/t Ag
 Melisa N.E.   IMS25-314: 1.2m @ 3.4g/t Au & 17g/t Ag
 Angela Sur    IMM25-418: 0.9m @ 6.2g/t Au & 189g/t Ag

               IMM25-419: 0.9m @ 2.7g/t Au & 110g/t Ag
 Mirella       IMM25-454: 0.8m @ 7.8g/t Au & 215g/t Ag

               IMM25-455: 0.8m @ 0.2g/t Au & 130g/t Ag

               IMM25-471: 2.2m @ 1.1g/t Au & 551g/t Ag
 Liz           IMM25-454: 0.8m @ 4.4g/t Au & 393g/t Ag

               IMM25-455: 1.1m @ 2.4g/t Au & 150g/t Ag

               IMM25-471: 1.3m @ 2.2g/t Au & 137g/t Ag

               IMM25-467: 1.1m @ 1.6g/t Au & 42g/t Ag
 Ann           IMM25-427: 0.8m @ 0.9g/t Au & 147g/t Ag
 Gera          IMS25-314: 0.9m @ 3.0g/t Au & 46g/t Ag
 Ramal Y       IMM25-476: 0.8m @ 10.1g/t Au & 132g/t Ag

               IMM25-471: 0.9m @ 4.0g/t Au & 453g/t Ag

               IMM25-473: 0.8m @ 3.5g/t Au & 151g/t Ag

 

During Q4 2025, a total of 6,200m of resource drilling will be carried out in
the Martha Techo, Melisa NE, Lady, and Lu veins, and 1,400m of potential
drilling in the quartz monzonite target, Lili.

 

Royropata

Exploration continued at the Royropata project with the objective to
incorporate additional resources by the year end.

 

San Jose

During Q3, a total of 4,812m of potential drilling was completed in the
Escondida EW, Angélica, Piso Pilar, Pilar, Betania, and Piso Betania veins,
yielding positive results.

 

 Vein          Results (potential)
 Angelica      SJD-3069: 1.7m @ 9.0g/t Au & 783g/t Ag

               SJD-3003: 0.9m @ 30.5g/t Au & 153g/t Ag

               SJD-3012: 0.8m @ 2.7g/t Au & 71g/t Ag

               SJM-732: 1.0m @ 1.3g/t Au & 25g/t Ag

               SJD-3059: 0.8m @ 0.4g/t Au & 28g/t Ag
 Piso Pilar    SJM-729: 0.9m @ 7.5g/t Au & 714g/t Ag

               SJM-733-A: 0.8m @ 12.7g/t Au & 114g/t Ag

               SJM-734: 1.1m @ 5.6g/t Au & 269g/t Ag

               SJD-3066: 0.9m @ 5.7g/t Au & 90g/t Ag
 Ramal Pilar   SJD-3066: 1.9m @ 3.2g/t Au & 259g/t Ag

               SJM-733-A: 1.0m @ 3.1g/t Au & 54g/t Ag
 Betania       SJD-3017: 2.4m @ 7.9g/t Au & 15g/t Ag
 Piso Betania  SJD-3026: 1.7m @ 16.0g/t Au & 26g/t Ag

               SJD-3017: 2.0m @ 5.0g/t Au & 12g/t Ag
 Micaela N.E.  SJD-3066: 1.2m @ 0.8g/t Au & 441g/t Ag
 Pilar         SJM-729-A: 1.2m @ 3.7g/t Au & 296g/t Ag

 

During Q4, resource drilling will be carried out in the Piso Pilar, Ramal
Pilar, and HVC-S veins, and potential drilling in the Salvadora vein. Drilling
will also begin on the machine learning targets.

 

Mara Rosa

During Q3, a total of 4,583m of resource drilling was completed in the Posse
Passo and Araras structures and 552m of potential drilling in the Morro
Redondo target, with results pending.

 

 Vein         Results (potential)
 Posse Passo  25POSP_035A: 24.3m @ 0.1g/t Au

              25POSP_036: 40.2m @ 0.1g/t Au

              25POSP_036: 5.9m @ 0.3g/t Au

              25POSP_038: 21.0m @ 0.5g/t Au

              Incl. 11.6m @ 0.8g/t Au

              Incl. 5.8m @ 1.5g/t Au

              25POSP_039A: 15.7m @ 0.3g/t Au
 Araras       25POSP_036: 39.2m @ 0.9g/t Au

              Incl. 16.2m @ 1.3g/t Au

              25POSP_038: 29.1m @ 0.4g/t Au

              Incl. 1.0m @ 10.9g/t Au

              25POSP_039A: 6.9m @ 0.3g/t Au
 Speti        25POSP_038: 3.9m @ 0.2g/t Au

 

During Q4, resource drilling will continue in the Posse Passo and Araras
structures.

 

Monte Do Carmo

During Q3, a total of 2,859m of resource drilling was completed in Sierra
Alta, yielding economic results.

 

 Vein         Results (resources)
 Sierra Alta  25SA_031: 55.1m @ 1.6g/t Au

              Incl. 8.9m @ 6.5g/t Au

              Incl. 5.6m @ 2.7g/t Au

              Incl. 3.7m @ 1.8g/t Au

              25SA_031: 0.9m @ 1.4g/t Au

              25SA_032: 5.0m @ g/t Au

              Incl. 0.8m @ 1.3g/t Au

              25SA_032: 32.9m @ 0.4g/t Au

              Incl. 8.7m @ 1.0g/t Au

              25SA_033: 18.4m @ 0.6 g/t Au

              Incl. 2.9m @ 1.3g/t Au

              Incl. 7.6m @ 0.9g/t Au

              25SA_033: 10.8m @ 0.4 g/t Au

              25SA_033: 3.8m @ 0.9 g/t Au

              25SA_034: 11.1m @ 0.7 g/t Au

              Incl. 3.1m @ 1.9g/t Au

              25SA_035: 4.6m @ 0.4 g/t Au

              Incl. 1.0m @ 1.5g/t Au

              25SA_035: 9.8m @ 0.4 g/t Au

              Incl. 5.9m @ 105g/t Au

              25SA_035: 0.9m @ 9.0 g/t Au

              25SA_028: 0.7m @ 1.6 g/t Au

              25SA_028: 0.3m @ 3.4 g/t Au

              25SA_030: 4.5m @ 0.4 g/t Au
 El Dorado    25ELD_002: 1.0m @ 0.9g/t Au

 

During Q4, resource drilling will continue in Sierra Alta.

 

Financial position

Total cash was approximately $92 million as at 30 September 2025. Net debt
increased from $202 million to $246 million in Q3, primarily due to a
temporary accumulation of end-product inventory and receivables in Argentina
to protect the balance sheet from a potential devaluation after the upcoming
mid-term elections ($40 million), the repurchase of the Monte do Carmo
streaming agreement from Sprott ($13 million) and the payment of the interim
dividend to shareholders ($5 million). Also contributing were the
significantly lower production rate at Mara Rosa during the quarter and the
expenditure related to the operation's ongoing turnaround plan.

 

ESG update

ESG performance continued to strengthen in Q3, with an 87% improvement in key
indicators compared to 2024, following a 56% increase between 2023 and 2024.
Record results were achieved in local workforce representation (65.8%),
domestic waste landfilled (0.79 kg/person/day), and potable water consumption
(120 litres/person/day), reflecting continued progress in integrating
sustainable practices across our operations.

 

Environmental performance remained strong, achieving an ECO Score of 5.61 out
of 6, surpassing the "excellent" threshold of 5.50. Safety performance was
also robust, with a Lost Time Injury Frequency Rate (LTIFR) of 1.19-below the
target of 1.40-and zero fatalities or work-related illnesses reported.

 

External recognition continued to improve, with Sustainalytics upgrading the
Company's ESG Risk Rating from 28.4 to 26.8, outperforming the precious metals
sector average of 30.2. This marks the second upgrade in 2025, following
MSCI's move from BB to BBB, further reinforcing the Company's standing as a
responsible operator.

 

Progress toward climate commitments also advanced. The Mara Rosa solar power
initiative is now fully operational and supplying 45MWh to the mine and
meeting its lifetime energy requirements. At San Jose, the final transition to
renewable energy was completed, replacing the remaining 1.6MWh of fossil fuel
contracts with wind power. From 1 November 2025, the mine will operate
entirely on renewable energy.

 

_____________________________________________________________________________________

 

Enquiries:

 

Hochschild Mining PLC

Charles Gordon
 
 
                             +44 (0)20 3709 3264

Head of Investor Relations

 

Hudson Sandler

Charlie Jack
 
 
                                 +44 (0)207 796 4133

Public Relations

_____________________________________________________________________________________

 

 

 

About Hochschild Mining PLC

Hochschild Mining PLC is a leading precious metals company listed on the
London Stock Exchange (HOCM.L / HOC LN) and crosstrades 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.

 

This announcement contains information which prior to its release could be
considered inside information.

 

LEI: 549300JK10TVQ3CCJQ89

 

 

- ends -

 1  (#_ftnref1) All equivalent figures assume a gold/silver ratio of 83x

 2  (#_ftnref2) Calculated as total number of accidents per million labour
hours

 3  (#_ftnref3) The ECO Score is an internally designed Key Performance
Indicator measuring environmental performance in one number and encompassing
numerous fronts including management of waste water, outcome of regulatory
inspections and sound environmental practices relating to water consumption
and the recycling of materials.

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