REG - Hochschild MiningPLC - Production Report for 12 months to 31 Dec 2025
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260121:nRSU6791Pa&default-theme=true
RNS Number : 6791P Hochschild Mining PLC 21 January 2026
_____________________________________________________________________________________
21 January 2026
Production Report for the 12 months ended 31 December 2025
Production in line with guidance
Eduardo Landin, Chief Executive Officer commented:
"Production in 2025 was in line with our revised guidance, driven by a strong
operational performance at Inmaculada and San Jose. 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
keeping with our strategy of unlocking value from non-core assets, in Q4 we
also completed the listing of Tiernan Gold which bolstered financing for the
Volcan gold project.
The current unprecedented commodity price rises are providing a strong
financial tailwind for the business, 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. We
are confident of delivering further operational and strategic progress this
year, and our 2026 guidance reflects rising output from Mara Rosa alongside
solid contributions from Inmaculada and San Jose, while our preparatory work
at Monte do Carmo remains on track and a final investment decision will be
made later this year."
2025 Operational highlights
§ Full year attributable production in line with revised guidance(( 1
(#_ftn1) ))
o 221,444 ounces of gold (2024: 245,013 ounces)
o 7.5 million ounces of silver (2024: 8.5 million ounces)
o 311,509 gold equivalent ounces (2024: 347,374 gold equivalent ounces)
o 25.9 million silver equivalent ounces (2024: 28.8 million silver
equivalent ounces)
§ All-in sustaining cost currently expected to be at the higher end or
marginally above revised guidance of between $1,980 and $2,080 per gold
equivalent ounce
Exploration & Business Development highlights
§ 2025 Brownfield drilling programme expected to add substantial resources
across the operating units and projects
§ Monte do Carmo project progressing towards final investment decision in
2026
§ Royropata silver project
o Permitting process on track
o Substantial resource additions expected to be disclosed at Full Year
Results
§ Strong progression on monetisation of non-core assets:
o Tiernan Gold commenced trading on the TSX Venture Exchange in December
2025, generating $12 million in proceeds for Hochschild, which retains a 69.8%
shareholding (valued at $158 million as at 19/01/2026)
o Aclara Resources stake (19.5%) valued at $110 million (as at 19/01/2026)
Financial position
§ Exceptionally strong cash generation, with total cash of approximately $317
million as at 31 December 2025 ($97 million as at 31 December 2024)
§ Net debt reduced by over $200 million to approximately $23 million as at 31
December 2025 ($216 million as at 31 December 2024)
§ Current Net Debt/LTM EBITDA reduced to approximately 0.04x as at 31
December 2025
ESG highlights
§ Lost Time Injury Frequency Rate of 0.97 (FY 2024: 1.25)(( 2 (#_ftn2) ))
§ Fresh water used per tonne of ore processed: 0.26 m(3)/tonne (FY 2024: 0.31
m(3)/tonne)
§ Recycled waste of 81.4% (FY 2024: 57.3%)
§ Local workforce vs total workforce of 65.9% (FY 2024: 59.3%)
§ Women in the workforce of 10.6% (2024: 10.0%)
2026 Guidance(( 3 (#_ftn3) )) (assuming gold to silver ratio of 77x)
§ Production target:
o Total: 300,000-328,000 gold equivalent ounces
o Inmaculada: 174,000-185,000
o Mara Rosa: 67,000-80,000
o San Jose (51%): 59,000-64,000
§ All-in sustaining cost target:
o $2,157-$2,320 per gold equivalent ounce
§ Total sustaining and development capital expenditure expected to be
approximately $210-225 million
§ Brownfield exploration budget of $45 million
________________________________________________________________________________________
A conference call will be held at 1.00pm (London time) on Wednesday 21 January
2026 for analysts and investors.
Dial in details as follows:
UK Toll-Free: 0808 109 0700
International Dial in: +44 (0)330 551 0200
US Toll-Free: 866-580-3963
Canada Toll-Free: 866-378-3566
Password: Hochschild - Q4 Results
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 Q4 2025, Hochschild Mining PLC (HOC.LN) (OTCMKTS: $HCHDF) ("Hochschild" or
"the Company") delivered attributable production of 79,605 gold equivalent
ounces or 6.6 million silver equivalent ounces, 13% higher than Q3 due to
solid quarterly contributions from Inmaculada and San Jose and the continued
ramp-up at Mara Rosa, driven by improved mining configuration and performance,
and higher plant availability through enhanced maintenance reliability.
Overall, 2025 attributable production was 311,509 gold equivalent ounces or
25.9 million silver equivalent ounces.
The Company expects its all-in sustaining cost for 2025 to be at the higher
end or marginally above revised guidance of between $1,980 and $2,080 per gold
equivalent ounce.
TOTAL GROUP PRODUCTION
Q4 2025 Q3 2025 Q4 2024 12 mths 12 mths
2025
2024
Silver production (koz) 2,336 2,291 2,855 9,251 10,530
Gold production (koz) 69.41 58.01 82.83 259.16 281.14
Total silver equivalent (koz) 8,097 7,106 9,730 30,762 33,864
Total gold equivalent (koz) 97.56 85.61 117.23 370.62 408.00
Silver sold (koz) 2,458 2,068 2,842 9,145 10,643
Gold sold (koz) 71.29 53.21 82.94 255.56 281.46
Total production includes 100% of all production, including production
attributable to Hochschild's joint venture partner at San Jose.
ATTRIBUTABLE GROUP PRODUCTION
Q4 2025 Q3 2025 Q4 2024 12 mths 12 mths
2025
2024
Silver production (koz) 1,842 1,821 2,240 7,475 8,496
Gold production (koz) 57.41 48.37 71.27 221.44 245.01
Silver equivalent (koz) 6,607 5,836 8,155 25,855 28,832
Gold equivalent (koz) 79.60 70.31 98.25 311.51 347.37
Attributable production includes 100% of all production from Inmaculada, Mara
Rosa and 51% from San Jose.
Production
Inmaculada
Product Q4 2025 Q3 2025 Q4 2024 12 mths 12 mths
2025
2024
Ore production (tonnes treated) 354,306 345,774 342,014 1,372,800 1,197,965
Average grade silver (g/t) 129 137 160 143 179
Average grade gold (g/t) 3.51 3.25 3.29 3.42 3.90
Silver produced (koz) 1,326 1,331 1,589 5,618 6,368
Gold produced (koz) 37.86 33.86 33.70 142.23 143.78
Silver equivalent (koz) 4,468 4,141 4,385 17,423 18,302
Gold equivalent (koz) 53.83 49.89 52.84 209.92 220.50
Silver sold (koz) 1,323 1,327 1,583 5,601 6,342
Gold sold (koz) 38.30 34.17 33.71 143.67 143.64
Fourth quarter production at Inmaculada was 37,857 ounces of gold and 1.33
million ounces of silver, which amounts to an attributable gold equivalent
output of 53,833 ounces. Performance improved versus Q3 2025, reflecting
stronger gold grades and recoveries following the temporary grade reduction
associated with mine sequencing adjustments in the prior quarter. The Company
is focused on managing grade variability inherent to sequencing, maintaining
access to higher-grade zones, and sustaining stope inventory through continued
geomechanical discipline and flexibility in development work.
For the full year, Inmaculada delivered 142,233 ounces of gold and 5.6 million
ounces of silver which makes 209,921 attributable gold equivalent ounces.
San Jose (the Company has a 51% interest in San Jose)
Product Q4 2025 Q3 2025 Q4 2024 12 mths 12 mths
2025
2024
Ore production (tonnes treated) 186,418 184,445 160,097 705,426 581,303
Average grade silver (g/t) 197 191 275 190 253
Average grade gold (g/t) 4.68 3.90 5.26 4.02 4.55
Silver produced (koz) 1,009 959 1,256 3,625 4,150
Gold produced (koz) 24.49 19.68 23.61 76.97 73.73
Silver equivalent (koz) 3,041 2,592 3,215 10,013 10,270
Gold equivalent (koz) 36.64 31.23 38.73 120.64 123.73
Silver sold (koz) 1,134 739 1,254 3,534 4,290
Gold sold (koz) 25.92 14.69 23.27 72.31 74.37
The San Jose mine delivered a solid Q4 performance, producing 1.0 million
ounces of silver and 24,485 ounces of gold which amounts to 36,639 gold
equivalent ounces. This represents a 17% increase versus Q3 2025, driven by a
stronger gold grade profile and steady plant performance. Operational
execution remained consistent with stable throughput and improved grades. The
Company remains focused on managing dilution and grade when mining the border
zones, as well as maintaining disciplined mine plan execution and stope
selection.
For the full year, the mine delivered 76,970 ounces of gold and 3.6 million
ounces of silver which is 120,639 attributable gold equivalent ounces with
increased tonnage from the expansion of the plant capacity offset by the
scheduled grade reductions.
Mara Rosa
Product Q4 2025 Q3 2025 Q4 2024 12 mths 12 mths
2025
2024
Ore production (tonnes treated) 293,894 141,501 615,759 1,424,031 1,757,955
Average grade silver (g/t) 0.26 0.25 - 0.30 -
Average grade gold (g/t) 0.92 1.16 1.42 0.96 1.35
Silver produced (koz) 1.6 1.18 11 8.8 11
Gold produced (koz) 7.07 4.47 25.53 39.96 63.64
Silver equivalent (koz) 588 372 2,130 3,325 5,293
Gold equivalent (koz) 7.09 4.49 25.66 40.06 63.77
Silver sold (koz) 2 2 4.19 9 11
Gold sold (koz) 7.07 4.35 25.97 39.58 63.54
At Mara Rosa, the operational ramp-up continued through Q4, supported by
pushback development that improved access to higher-grade zones and by
stabilising the processing plant through stronger maintenance routines. This
resulted in increased throughput, improved operational stability and boosted
ore exposure and productivity. Key focus areas included rainy-season water
management and strengthening filtration and detox availability through better
maintenance, spares readiness, and moisture control. Mining performance was
boosted by reliable equipment availability and infrastructure reliability.
With the ramp-up progressing in line with expectations, the Company is
currently managing the rainy season, completing the installation of the new
tailings thickener and securing sustained filtration and detox availability.
Management remains focused on maintaining consistent performance through
reliable mining and plant operations as well as workforce stability.
Fourth-quarter production totalled 7,067 ounces of gold, plus minor silver
by-product, which amounts to 7,086 gold equivalent ounces, a strong
improvement on the third quarter when output remained constrained due to the
actions taken as part of the previously-announced turnaround strategy which
included a temporary plant stoppage. For the full year, Mara Rosa delivered
40,062 gold equivalent ounces.
Average realisable prices and sales
Average realisable precious metal prices in Q4 2025 (which are reported before
the deduction of commercial discounts) were $3,959/ounce for gold and
$65.3/ounce for silver (Q4 2024: $2,464/ounce for gold and $30.7/ounce for
silver).
For 2025 as a whole, average realisable precious metal prices were
$3,222/ounce for gold and $44.2/ounce for silver (2024: $2,345/ounce for gold
and $28.7/ounce for silver).
Brownfield exploration
Inmaculada
In Q4 2025, the Company performed just over 10,000m of resource drilling in
the Angela Tesoro, Dayana, Isabella, Lady, Martha, Split NS, Lu and Lirio
structures as well as just over 4,750m of potential drilling Melisa and Melisa
NE veins with the key results below:
Vein Results (resource drilling)
Angela Tesoro IMS25-318: 2.3m @ 2.3g/t Au & 185g/t Ag
IMS25-323: 0.8m @ 1.4g/t Au & 87g/t Ag
Dayana IMS25-322: 1.3m @ 1.3g/t Au & 106g/t Ag
IMS25-331: 2.2m @ 2.8g/t Au & 20g/t Ag
IMS25-335: 0.8m @ 0.7g/t Au & 53g/t Ag
IMS25-337: 1.0m @ 0.3g/t Au & 50g/t Ag
IMS25-344: 2.5m @ 0.2g/t Au & 246g/t Ag
Isabella IMS25-320: 2.8m @ 1.9g/t Au & 57g/t Ag
IMS25-326: 2.1m @ 5.2g/t Au & 101g/t Ag
IMS25-330: 1.9m @ 4.7g/t Au & 101g/t Ag
IMS25-334: 3.2m @ 2.5g/t Au & 64g/t Ag
IMS25-338: 0.9m @ 2.3g/t Au & 50g/t Ag
IMS25-341: 1.3m @ 2.8g/t Au & 36g/t Ag
IMS25-345: 4.5m @ 3.7g/t Au & 81g/t Ag
Martha IMS25-311: 1.0m @ 1.4g/t Au & 45g/t Ag
Martha techo IMS25-311: 0.8m @ 1.9g/t Au & 12g/t Ag
IMS25-325: 1.0m @ 0.3g/t Au & 21g/t Ag
Split NS IMS25-319A: 0.8m @ 1.2g/t Au & 12g/t Ag
IMS25-325: 1.0m @ 0.2g/t Au & 8g/t Ag
Vein Results (potential drilling)
Melisa IMM25-475: 0.8m @ 1.0g/t Au & 22g/t Ag
IMM25-482: 2.1m @ 106.6g/t Au & 546g/t Ag
IMS25-316: 2.0m @ 8.2g/t Au & 57g/t Ag
Melisa NE IMS25-312: 1.1m @ 0.5g/t Au & 12g/t Ag
IMS25-316: 3.5m @ 2.1g/t Au & 32g/t Ag
IMS25-328: 0.8m @ 2.7g/t Au & 47g/t Ag
IMS25-336: 1.0m @ 1.1g/t Au & 16g/t Ag
In the first quarter of 2026, the team is planning 3,600m of potential
drilling in Inmaculada Central and Southern zones.
Royropata
Exploration work continued at the Royropata project in the fourth quarter with
the team expected to add substantial resources from the overall 2025
programme. This is expected to be reported at the Full Year Results.
San Jose
At San Jose, the brownfield team carried out 3,819m of potential drilling in
the Angelica, Piso Pilar, Pilar, HVS, HVC and Escondida EW veins in the area
surrounding the mine as well as 4,450m in machine learning targets.
Vein Results (potential)
Escondida EW SJD-3071A: 0.9m @ 5.9g/t Au & 94g/t Ag
HVC SJD-3097: 1.9m @ 14.6g/t Au & 1,907g/t Ag
SJD-3112: 5.1m @ 9.0g/t Au & 885g/t Ag
Pepa SJM-738: 1.2m @ 22.6g/t Au & 1,133g/t Ag
SJM-739: 0.9m @ 13.5g/t Au & 115g/t Ag
Pierina SJD-3115: 1.8m @ 0.02g/t Au & 314g/t Ag
Piso Pilar SJM-735: 0.8m @ 53.8g/t Au & 347g/t Ag
SJM-740: 0.8m @ 4.4g/t Au & 107g/t Ag
Ramal Pilar SJM-740: 0.8m @ 5.4g/t Au & 45g/t Ag
The plan for the first quarter is to perform potential drilling in the HV-W
area and in the northern zone.
Mara Rosa
At Mara Rosa, the brownfield team carried out 2,244m of potential drilling in
the Morro Redondo and Araras-Speti areas and 3,320m of potential drilling in
the Posse-Passo and Araras structures.
Vein Results (resources/potential)
Speti 24POSP_044: 2.0m @ 0.5g/t Au
24POSP_048: 2.2m @ 0.4g/t Au
24POSP_054: 11.4m @ 0.3g/t Au
24POSP_055: 19.8m @ 0.3g/t Au
24POSP_061: 3.4m @ 0.5g/t Au
Speti HW 24POSP_056: 1.5m @ 1.4g/t Au
Passo 24POSP_063: 21.6m @ 0.4g/t Au
Posse-Passo 24POSP_041: 2.3m @ 0.3g/t Au
24POSP_048: 40.7m @ 0.3g/t Au
24POSP_050: 41.1m @ 0.3g/t Au
24POSP_051: 30.3m @ 0.9g/t Au
24POSP_052: 1.0m @ 1.0g/t Au
24POSP_054: 10.8m @ 0.5g/t Au
24POSP_058: 1.0m @ 0.9g/t Au
24POSP_059: 29.1m @ 0.3g/t Au
Posse FW 24POSP_043: 0.8m @ 1.2g/t Au
Araras 24POSP_041: 11.3m @ 0.4g/t Au
24POSP_047: 1.9m @ 0.4g/t Au
24POSP_049: 0.9m @ 3.1g/t Au
The plan for the first quarter is to continue the potential drilling in the
Passo-Araras-Speti areas and structures parallel to Posse.
Monte Do Carmo
During Q4, a total of 1,451m of potential drilling was completed in the
Boqueirao and Agua Suja targets in addition to 3,013m of resource drilling in
Sierra Alta, yielding economic results.
Vein Results (resources)
Sierra Alta 25SA_037: 3.4m @ 0.5g/t Au
25SA_037: 7.2m @ 0.5g/t Au
25SA_038: 17.9m @ 0.4g/t Au
25SA_038: 91.8m @ 0.6g/t Au
25SA_038: 7.9m @ 0.3g/t Au
25SA_038: 12.0m @ 0.4g/t Au
25SA_040: 6.0m @ 0.6g/t Au
25SA_041: 108.6m @ 0.9g/t Au
25SA_041: 8.2m @ 0.3g/t Au
25SA_041: 1.9m @ 0.5g/t Au
25SA_042: 29.3m @ 0.6g/t Au
25SA_043: 2.6m @ 0.4g/t Au
25SA_043: 24.4m @ 0.4g/t Au
25SA_044: 35.4m @ 0.6g/t Au
25SA_044: 5.9m @ 0.5g/t Au
25SA_044: 23.8m @ 1.1g/t Au
25SA_044: 12.1m @ 1.8g/t Au
25SA_044: 33.6m @ 0.5g/t Au
25SA_045: 56.4m @ 0.9g/t Au
25SA_047: 26.6m @ 0.9g/t Au
25SA_048: 67.2m @ 0.8g/t Au
25SA_049: 2.8m @ 0.5g/t Au
25SA_050: 30.0m @ 0.4g/t Au
25SA_050: 2.8m @ 1.7g/t Au
25SA_051: 7.5m @ 0.4g/t Au
25SA_052: 3.0m @ 0.6g/t Au
25SA_053: 5.6m @ 0.7g/t Au
25SA_053: 28.7m @ 0.4g/t Au
25SA_053: 1.3m @ 5.6g/t Au
25SA_054: 36.3m @ 1.2g/t Au
25SA_054: 13.5m @ 0.3g/t Au
25SA_055: 18.8m @ 0.3g/t Au
25SA_057: 2.9m @ 0.5g/t Au
25SA_058: 31.9m @ 0.4g/t Au
25SA_058: 6.2m @ 0.5g/t Au
25SA_058: 15.7m @ 1.1g/t Au
25SA_059: 13.7m @ 0.4g/t Au
Boqueirao 25BQR_013: 8.0m @ 0.3g/t Au
During Q1 2026, resource drilling will continue in Sierra Alta.
Financial position
Total cash was approximately $317 million as at 31 December 2025, resulting in
net debt of approximately $23 million. The substantial improvement in the
financial position is a result of a strong operational quarter at Inmaculada
and San Jose, rising metal prices and the completion of the Tiernan Gold
transaction. Such increases in prices are boosting cash generation but are
also impacting cost inflation due to the immediate impact on workers profit
sharing, royalties, commercial discounts and selling expenses in Argentina.
2026 Guidance
The overall attributable production target for the year is 300,000-328,000
gold equivalent ounces. 4 (#_ftn4)
2026 production split
Operation Oz Au Eq
Inmaculada 5 (#_ftn5) 174,000-185,000
Mara Rosa 67,000-80,000
San Jose (51%) 6 (#_ftn6) 59,000-64,000
Total 300,000-328,000
The all-in sustaining cost from operations in 2026 is expected to be between
$2,157 and $2,320 per gold equivalent ounce.
2026 AISC split
Operation $/oz Au Eq
Inmaculada 2,047-2,175
Mara Rosa 2,296-2,520
San Jose 2,304-2,495
Total from operations 2,157-2,320
The capital expenditure budget for 2026 is approximately $210-225 million
allocated to sustaining and development expenditure. The project capital
expenditure budget for Royropata is set at $11 million. The budget allocated
to the brownfield exploration programme for 2026 is $45 million.
2026 Capital expenditure split
Operation Sustaining & development capital expenditure ($m)
Inmaculada 149-155
Mara Rosa 26-30
San Jose (100%) 35-40
Total 210-225
____________________________________________________________________________________
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) 2025 equivalent figures calculated using the Company
gold/silver ratio of 83x. All 2026 forecasts assume the average ratio for Q4
2025 of 77x.
2 (#_ftnref2) Calculated as total number of accidents per million labour
hours
3 (#_ftnref3) Guidance assumes average 2026 gold price of $3,200 per ounce,
average silver price of $34 per ounce and net devaluation in Argentina of 10%.
4 (#_ftnref4) All forecast equivalent figures assume a gold/silver ratio of
77x.
5 (#_ftnref5) Inmaculada's approximate 2026 percentage gold:silver
production split is 70:30.
6 (#_ftnref6) San Jose's approximate 2026 percentage gold:silver production
split is 60:40.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLBCGDBCSDDGLG
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Hochschild Mining
See all newsREG - Hochschild MiningPLC - Production Report for 12 months to 31 Dec 2025
AnnouncementREG - Hochschild MiningPLC - Holding in Company
AnnouncementREG - Hochschild MiningPLC - Tiernan Gold Completes Qualifying Transaction
AnnouncementREG - Hochschild MiningPLC - Director Declaration
AnnouncementREG - Hochschild MiningPLC - Closing of Tiernan Gold Financing
Announcement