# Hochschild Mining confirms progress toward 2025 targets as Mara Rosa ramp-up continues

- Link: https://www.directorstalkinterviews.com/hochschild-mining-confirms-progress-toward-2025-targets-as-mara-rosa-ramp-up-continues/4121222186
- Published: 2025-10-22T07:48:46+01:00
- Author: Amilia Stone

**Hochschild Mining Plc** (LON:HOC) has announced its 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])

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])

§ 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])

§ 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

________________________________________________________________________________________

**Overview**

In Q3 2025, Hochschild Mining PLC 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 AgIMM25-473: 3.4m @ 1.8g/t Au & 194g/t AgIMS25-304: 1.0m @ 4.5g/t Au & 334g/t AgIMM25-454: 1.1m @ 4.9g/t Au & 232g/t AgIMS25-315: 1.0m @ 3.0g/t Au & 167g/t Ag | 
| Martha Techo | IMS25-299: 1.6m @ 2.6g/t Au & 53g/t AgIMS25-302: 2.9m @ 2.9g/t Au & 154g/t AgIMS25-307: 1.1m @ 3.8g/t Au & 24g/t AgIMS25-310: 3.8m @ 3.7g/t Au & 96g/t AgIMS25-313: 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 AgIMS25-306: 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 AgIMM25-419: 0.9m @ 2.7g/t Au & 110g/t Ag | 
| Mirella | IMM25-454: 0.8m @ 7.8g/t Au & 215g/t AgIMM25-455: 0.8m @ 0.2g/t Au & 130g/t AgIMM25-471: 2.2m @ 1.1g/t Au & 551g/t Ag | 
| Liz | IMM25-454: 0.8m @ 4.4g/t Au & 393g/t AgIMM25-455: 1.1m @ 2.4g/t Au & 150g/t AgIMM25-471: 1.3m @ 2.2g/t Au & 137g/t AgIMM25-467: 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 AgIMM25-471: 0.9m @ 4.0g/t Au & 453g/t AgIMM25-473: 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 AgSJD-3012: 0.8m @ 2.7g/t Au & 71g/t AgSJM-732: 1.0m @ 1.3g/t Au & 25g/t AgSJD-3059: 0.8m @ 0.4g/t Au & 28g/t Ag | 
| Piso Pilar | SJM-729: 0.9m @ 7.5g/t Au & 714g/t AgSJM-733-A: 0.8m @ 12.7g/t Au & 114g/t AgSJM-734: 1.1m @ 5.6g/t Au & 269g/t AgSJD-3066: 0.9m @ 5.7g/t Au & 90g/t Ag | 
| Ramal Pilar | SJD-3066: 1.9m @ 3.2g/t Au & 259g/t AgSJM-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 AgSJD-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 Au25POSP_036: 5.9m @ 0.3g/t Au25POSP_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 AuI__ncl. 3.7m @ 1.8g/t Au_25SA_031: 0.9m @ 1.4g/t Au25SA_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 Au25SA_033: 3.8m @ 0.9 g/t Au25SA_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 Au25SA_028: 0.7m @ 1.6 g/t Au25SA_028: 0.3m @ 3.4 g/t Au25SA_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.

_[1]All equivalent figures assume a gold/silver ratio of 83x_

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

_[3]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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