Hochschild Mining Plc (LON:HOC) has announced its Production Report for the 6 months ended 30 June 2025.
Eduardo Landin, Hochschild Mining Chief Executive Officer commented:
“During the second quarter, we maintained a solid operational performance at both our Inmaculada and San Jose mines, generating robust operating cashflow benefiting from continued strength in precious‑metal markets. As previously disclosed, we initiated a thorough review of the Mara Rosa operation in Brazil which remains ongoing and includes a temporary suspension of the plant to improve processes, perform essential maintenance work and repairs to the mechanical filters. We currently expect to report a full update of our progress and revised guidance for 2025 at our interim results in late August.”
Operational highlights
| Q2 2025 attributable production[1] |
| 57,645 ounces of gold |
| 2.0 million ounces of silver |
| 81,656 gold equivalent ounces |
| 6.8 million silver equivalent ounces |
| H1 2025 attributable production |
| 115,666 ounces of gold |
| 3.8 million ounces of silver |
| 161,597 gold equivalent ounces |
| 13.4 million silver equivalent ounces |
| Mara Rosa mine review |
| Temporary plant suspension remains ongoing |
| Mechanical filter repairs currently being carried out by manufacturer |
| Mining operations continuing as planned |
| New Brazil country manager appointed |
| Full update expected at H1 2025 results |
Project & Exploration highlights
| Development work continues at the Monte Do Carmo project |
| First results from 2025 brownfield drilling campaign |
ESG highlights
| Hochschild joins the United Nations Global Compact |
| Lost Time Injury Frequency Rate of 1.08 (FY 2024: 1.25)[2] |
| Accident Severity Index of 274 (FY 2024: 365)[3] |
| Water Consumption of 135lt/person/day (FY 2024: 138lt/person/day) |
| Domestic waste generation of 0.83/person/day (FY 2024: 0.93kg/person/day) |
| ECO score of 5.57 out of 6 (FY 2024: 5.58)[4] |
Financial position
| Total cash of approximately $110 million as at 30 June 2025 ($97 million as at 31 December 2024) |
| Reduced net debt to approximately $203 million as at 30 June 2025 ($216 million as at 31 December 2024) despite payment of $10 million final dividend and buyback of $13 million of Monte do Carmo streaming agreement from Sprott |
| Current Net Debt/LTM EBITDA of approximately 0.43x as at 30 June 2025 |
A conference call will be held at 2.30pm (London time) on Wednesday 23 July 2025 for analysts and investors.
Dial in details as follows:
International Dial in: +44 330 551 0200;
US Local: +1 786 697 3501
Canada Toll Free: +1 866 378 3566
Password: Hochschild Mining Q2
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 Q2 2025, Hochschild delivered attributable production of 81,656 gold equivalent ounces or 6.8 million silver equivalent ounces with another solid performance at Inmaculada offset by the previously-announced lower production at Mara Rosa in Brazil. In the first half of 2025, Hochschild produced 161,597 gold equivalent ounces or 13.4 million silver equivalent ounces (on an attributable basis). The Company is on track to meet its 2025 attributable production targets at the Inmaculada and San Jose mines with guidance currently suspended at Mara Rosa due to the current plant stoppage.
The Company’s overall all-in sustaining cost guidance for 2025 is currently suspended due to the temporary suspension at Mara Rosa. Revised guidance is expected to be communicated at the Interim Results in late August.
TOTAL GROUP PRODUCTION
| Q2 2025 | Q1 2025 | Q2 2024 | H1 2025 | H1 2024 | |
| Silver production (koz) | 2,448 | 2,177 | 2,589 | 4,624 | 5,016 |
| Gold production (koz) | 66.78 | 64.96 | 66.37 | 131.74 | 120.16 |
| Total silver equivalent (koz) | 7,990 | 7,568 | 8,097 | 15,559 | 14,989 |
| Total gold equivalent (koz) | 96.27 | 91.18 | 97.56 | 187.45 | 180.59 |
| Silver sold (koz) | 2,442 | 2,177 | 2,669 | 4,618 | 5,114 |
| Gold sold (koz) | 70.11 | 60.95 | 66.06 | 131.06 | 118.33 |
Total production includes 100% of all production, including production attributable to Hochschild’s joint venture partner at San Jose.
ATTRIBUTABLE GROUP PRODUCTION
| Q2 2025 | Q1 2025 | Q2 2024 | H1 2025 | H1 2024 | |
| Silver production (koz) | 1,993 | 1,819 | 2,093 | 3,812 | 4,070 |
| Gold production (koz) | 57.64 | 58.02 | 57.81 | 115.67 | 103.75 |
| Silver equivalent (koz) | 6,777 | 6,635 | 6,892 | 13,413 | 12,682 |
| Gold equivalent (koz) | 81.66 | 79.94 | 83.03 | 161.60 | 152.79 |
Attributable production includes 100% of all production from Inmaculada and Mara Rosa and 51% from San Jose.
Production
Inmaculada
| Product | Q2 2025 | Q1 2025 | Q2 2024 | H1 2025 | H1 2024 |
| Ore production (tonnes treated) | 339,107 | 333,613 | 274,750 | 672,720 | 537,774 |
| Average grade silver (g/t) | 155 | 152 | 198 | 153 | 190 |
| Average grade gold (g/t) | 3.48 | 3.46 | 4.29 | 3.47 | 4.25 |
| Silver produced (koz) | 1,517 | 1,444 | 1,578 | 2,961 | 3,086 |
| Gold produced (koz) | 35.74 | 34.78 | 35.62 | 70.52 | 72.32 |
| Silver equivalent (koz) | 4,483 | 4,331 | 4,534 | 8,814 | 9,089 |
| Gold equivalent (koz) | 54.02 | 52.18 | 54.63 | 106.20 | 109.50 |
| Silver sold (koz) | 1,511 | 1,440 | 1,645 | 2,951 | 3,032 |
| Gold sold (koz) | 36.08 | 35.12 | 37.18 | 71.19 | 71.19 |
Inmaculada’s second quarter production was 35,740 ounces of gold and 1.5 million ounces of silver which amounts to a gold equivalent output of 54,017 ounces, with grades and recoveries in the period better-than-plan. Overall, in the first half of 2025, Inmaculada produced 106,197 gold equivalent ounces (H1 2024: 109,507 ounces), in line with the first half of 2024 and slightly higher than expectations due to higher tonnage.
San Jose (the Company has a 51% interest in San Jose)
| Product | Q2 2025 | Q1 2025 | Q2 2024 | H1 2025 | H1 2024 |
| Ore production (tonnes treated) | 181,612 | 152,950 | 143,333 | 334,562 | 268,853 |
| Average grade silver (g/t) | 189 | 181 | 252 | 185 | 255 |
| Average grade gold (g/t) | 3.86 | 3.53 | 4.38 | 3.71 | 4.47 |
| Silver produced (koz) | 928 | 729 | 1,011 | 1,657 | 1,929 |
| Gold produced (koz) | 18.65 | 14.16 | 17.46 | 32.80 | 33.49 |
| Silver equivalent (koz) | 2,475 | 1,904 | 2,460 | 4,380 | 4,709 |
| Gold equivalent (koz) | 29.82 | 22.95 | 29.64 | 52.77 | 56.74 |
| Silver sold (koz) | 927 | 734 | 1,022 | 1,661 | 2,079 |
| Gold sold (koz) | 17.99 | 13.71 | 17.04 | 31.71 | 35.29 |
Q2 production at San Jose was 0.9 million ounces of silver and 18,647 ounces of gold which is 2.5 million silver equivalent ounces with higher-than-forecast tonnage offset by slightly lower-than-expected grades. This brings the total for the first half of the year to 4.4 million silver equivalent ounces (H1 2024: 4.7 million ounces).
Mara Rosa
| Product | Q2 2025 | Q1 2025 | Q2 2024 | H1 2025 | H1 2024 |
| Ore production (tonnes treated) | 404,216 | 584,421 | 466,552 | 988,637 | 552,744 |
| Average grade silver (g/t) | 0.37 | – | – | 0.32 | – |
| Average grade gold (g/t) | 1.03 | 0.89 | 1.32 | 0.95 | 1.28 |
| Silver produced (koz) | 2.85 | 3 | – | 6 | – |
| Gold produced (koz) | 12.40 | 16.02 | 13.29 | 28.42 | 14.35 |
| Silver equivalent (koz) | 1,032 | 1,333 | 1,103 | 2,365 | 1,191 |
| Gold equivalent (koz) | 12.43 | 16.06 | 13.29 | 28.49 | 14.35 |
| Silver sold (koz) | 4 | 3 | – | 6 | – |
| Gold sold (koz) | 16.04 | 12.12 | 11.84 | 28.16 | 11.84 |
The Company disclosed after the first quarter that operations at Mara Rosa were adversely affected by heavier-than-usual seasonal rainfall in the first few months of the year, as well as contractor performance issues. These conditions limited access to ore, particularly the higher-grade zones within the pit, and compounded ongoing challenges with the filtering processes. As a result, efforts to recover from delays in mine waste removal carried over from the previous year were further prolonged.
To rectify these ongoing issues, the Company’s CEO, Eduardo Landin, temporarily assumed operational responsibilities and initiated a comprehensive review of all mining, processing and disposal activities at Mara Rosa to identify constraints to the mine’s output. As part of this review, a temporary suspension of the processing plant commenced on 23 June to carry out maintenance activities and mechanical filter repairs with mining operations continuing as planned.
The manufacturer, Andritz, is currently working with the Company to optimise the filtering plant, with the current expectation being a phased ramp-up in its operation during H2 2025 to achieve the required performance levels. The team is also considering installing a tailings thickener to improve the feed into the filtration plant.
Hochschild has also recently appointed Ediney Drummond as Country Manager of Hochschild Brazil. Mr Drummond brings over 20 years of experience in the mining sector and previously served as President of Lundin Mining Brazil and currently holds the position of Vice President of the Board of the Brazilian Mining Institute.
Production of gold for the half was 28,488 ounces (H1 2024: 14,354 ounces) with revised guidance for the year expected to be disclosed by the interim results on 27 August 2025.
Average realisable prices and sales
Average realisable precious metal prices in Q2 2025 (which are reported before the deduction of commercial discounts) were $2,940/ounce for gold and $34.4/ounce for silver (Q2 2024: $2,291/ounce for gold and $30.2/ounce for silver). For H1 2025, average realisable precious metal prices were $2,832/ounce for gold and $33.8/ounce for silver (H1 2024: $2,210/ounce for gold and $27.0/ounce for silver).
Advanced Project: Monte Do Carmo
Work has continued on the Monte Do Carmo project in the second quarter and included:
§ Evaluation of the use of water harvesting for the project
§ Review of proposed filtration system
§ Validation of pit engineering study
Brownfield exploration
Inmaculada
During the second quarter of the year, the team carried out a further 8,392m of potential drilling in the Anomalia 1, Anomalia 4, Martha, Mariana and San Martin structures and 2,024m of resource drilling in the Mariana vein.
| Vein | Results (potential) |
| Anomalia 1 | IMM25-422: 1.6m @ 2.2g/t Au & 94g/t Ag |
| Anomalia 4 | IMM25-422: 1.1m @ 1.5g/t Au & 210g/t Ag |
| Martha | IMM25-423A: 0.9m @ 2.3g/t Au & 53g/t Ag |
| Mariana | IMM25-282: 1.2m @ 0.9g/t Au & 100g/t Ag |
| San Martin | IMS25-281A: 0.9m @ 0.3g/t Au & 99g/t AgIMS25-290: 1.4m @ 0.5g/t Au & 15g/t Ag |
| Vein | Results (resources) |
| Mariana | IMM25-286: 1.7m @ 1.4g/t Au & 55g/t AgIMM25-288: 1.6m @ 2.2g/t Au & 113g/t AgIMM25-293: 0.9m @ 0.7g/t Au & 89g/t Ag |
During the third quarter, the Company expects to carry out 1,800m of potential drill holes and as well as 5,200m of resource drilling in the Melisa vein and drilling deeper into the Angela vein.
San Jose
During the second quarter, the team carried out 2,827m of potential drilling in the Escondida, Agostina, Isabel, Isabel 2, Isabel North, Pilar SE, Emilia, Luli, and Tonga veins
| Vein | Results (potential) |
| Escondida | SJD-2979: 1.7m @ 1.1g/t Au & 30g/t AgSJD-3003: 0.9m @ 30.5g/t Au & 153g/t Ag |
| Agostina | SJD-2469: 2.5m @ 3.8g/t Au & 182g/t Ag |
| Isabel | SJD-2969: 1.7m @ 2.1g/t Au & 181g/t AgSJD-2972: 0.5m @ 0.2g/t Au & 18g/t Ag |
| Isabel I | SJD-2970: 0.6m @ 2.1g/t Au & 112g/t AgSJD-2972: 2.4m @ 1.1g/t Au & 46g/t AgSJD-2973: 0.9m @ 0.8g/t Au & 70g/t Ag |
| Isabel II | SJD-2973: 0.6m @ 2.2g/t Au & 205g/t Ag |
| Isabel N | SJD-2972: 1.5m @ 2.5g/t Au & 109g/t AgSJD-2972: 4.2m @ 1.3g/t Au & 121g/t Ag |
During the third quarter, the Company will finish potential drilling in the Isabel and Escondida veins and start work on drilling for potential in Saavedra West and in the Betania and Florencia breccias.
Mara Rosa
Within the district, the team drilled 3,009m of potential in Pastinho North, Grid A and the Jatoba areas intercepting low grade narrow structures.
| Vein | Results (resources) |
| Posse | 25POSP_019A: 43.3m @ 0.5g/t Au25POSP_020: 40.3m @ 0.5g/t Au25POSP_022: 15.7m @ 0.4g/t Au25POSP_023: 5.8m @ 0.4g/t Au25POSP_024: 22.2m @ 0.3g/t Au |
| Posse-Passo | 25POSP_030: 40.3m @ 0.5g/t Au25POSP_030: 0.4m @ 1.9g/t Au25POSP_020: 0.6m @ 6.7g/t Au25POSP_032: 55.3m @ 0.3g/t Au25POSP_031: 46.6m @ 0.3g/t Au25POSP_033: 30.2m @ 0.3g/t Au |
During the third quarter the team at Mara Rosa will continue resource drilling in Posse and also potential drilling in Morro Redondo.
Monte Do Carmo
During the period, 3,099m of potential drilling was executed in the Dourado, Cigando, Adebaldo, Serra Alta and Gogo targets along with 1,007m of resource drilling in Serra Alta and Gogo.
| Vein | Results (potential) |
| Serra Alta | 25SAP_002: 0.8m @ 0.6g/t Au |
| Gogo | 25GO_002: 2.2m @ 1.4g/t Au25GO_002: 6.5m @ 0.3g/t Au25GO_002: 2.1m @ 5.0g/t Au25GO_002: 0.6m @ 0.9g/t Au25GO_002: 0.7m @ 0.5g/t Au |
| Dourado | 25DOU_001: 0.8m @ 10.4g/t Au |
| Cigano | 25CIG_001: 0.6m @ 0.7g/t Au25CIG_001: 0.4m @ 0.7g/t Au25CIG_001: 0.4m @ 1.2g/t Au |
| Adebaldo | 25ADE_001: 6.7m @ 0.2g/t Au25ADE_001: 3.6m @ 0.2g/t Au25ADE_001: 0.7m @ 1.2g/t Au25ADE_001: 1.1m @ 0.7g/t Au |
| Vein | Results (resources) |
| Gogo | 25GO_004: 1.9m @ 0.5g/t Au25GO_004: 1.4m @ 0.5g/t Au25GO_004: 1.0m @ 0.3g/t Au |
During Q3, the team will continue work in Serra Alta and inferred drilling in the Boqueirao target.
ESG
As part of its continued commitment to ESG, the Company is pleased to disclose that it has joined the United Nations Global Compact, the world’s largest corporate sustainability initiative. With over 24,000 companies participating in 160 countries, the United Nations Global Compact is a multi-stakeholder platform for the development, implementation, and disclosure of responsible business practices.
As a signatory, Hochschild commits to:
§ integrating the United Nations’ ten principles on human rights, labour, environment, and anti-corruption into the Company’s overall ESG approach; and
§ reporting the Company’s annual progress towards the Sustainable Development Goals.
Financial position
Total cash was approximately $110 million as at 30 June 2025 resulting in a net debt position of approximately $203 million. Net debt in Q2 was reduced through solid operating cashflow resulting from high metal prices offset by the payment of the full year dividend on 18 June 2025.
In addition, in June, Hochschild Mining exercised its option to buy back 50% of its existing streaming agreement on the Monte do Carmo project from Sprott Private Resource Streaming and Royalty Corp for $13 million.
