Hochschild Mining PLC (LON:HOC) has announced its interim results for the six months ended 30 June 2026.
Financial Highlights[1]
| Revenue up 62% at $844.4 million (H1 2025: $520.0 million)[2] |
| Adjusted EBITDA up 119% at $491.5 million (H1 2025: $224.5 million)[3] |
| Profit before income tax of $365.8 million (H1 2025: $109.3 million) |
| Basic earnings per share of $0.37 (H1 2025: $0.12) |
| Cash and cash equivalents and short-term investments balance of $308.7 million as at 30 June 2026 (31 December 2025: $319.6 million) |
| Net cash of $51.1 million as at 30 June 2026 (31 December 2025: net debt of $20.0 million)2 |
| Final 2025 dividend of $25.7 million to Hochschild shareholders and dividend to San Jose joint venture partner of $58.3 million both paid in H1 2026 |
| Interim dividend of $4.0 cents per share ($20.6 million), representing a significant increase (H1 2025: $1.0 cent per share) |
Operational & Exploration Highlights[4]
| H1 2026 attributable production of 151,830 gold equivalent ounces or 11.7 million silver equivalent ounces (H1 2025: 165,176 gold equivalent ounces or 12.7 million silver equivalent ounces) |
| Attributable all-in sustaining costs (AISC)2 from operations of $2,448 per gold equivalent ounce (H1 2025: $1,873) or $31.8 per silver equivalent ounce (H1 2025: $24.3) |
| Turnaround plan at Mara Rosa progressing in-line with expectations: |
| o Encouraging performance by new mining contractoro Focus on accessing higher-grade areas, improving haulage constraints, tailings thickener ramp-up combined with filtration and water management processes |
| Development work continues at Monte Do Carmo – investment decision expected by year-end |
| Royropata Modified Environmental Impact Assessment (MEIA) recently submitted to the Peruvian government in line with project development schedule |
| Promising first results from 2026 brownfield drilling campaign |
ESG
| Fatality at Inmaculada in June, prompting an extensive investigation (FY 2025: zero fatalities) |
| Lost Time Injury Frequency Rate of 0.85 (FY 2025: 0.97)[5] |
| Fresh water used per tonne of ore processed: 0.21 m3/tonne (FY 2025: 0.26 m3/tonne) |
| Recycled waste of 82.4% (FY 2025: 81.4%) |
| Local workforce vs total workforce of 67.1% (FY 2025: 65.9%) |
| Women in the workforce of 11.0% (FY 2025: 10.6%) |
2026 Full year guidance
| Attributable production target reiterated: |
| o 300,000- 328,000 gold equivalent ounces |
| Revised operations attributable all-in sustaining costs target: |
| o $2,380-$2,500 per gold equivalent ounce (previously $2,157-$2,320 per gold equivalent ounce)o Impact of higher prices on royalties, workers profit sharing & selling expenseso Stronger-than-expected local currencies in all three countrieso Continued net cost inflation in Argentina |
| Sustaining and development capital expenditure reiterated at approximately $210-$225 million |
