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Hochschild Mining (HOC) investor relations material
Hochschild Mining Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Operational performance and production guidance
Q3 2025 attributable production reached 70,308 gold equivalent ounces and 5.8 million silver equivalent ounces, with year-to-date totals at 231,905 gold equivalent ounces and 19.2 million silver equivalent ounces; Mara Rosa output was minimal due to a four-week plant stoppage in July, but mining rates increased from 44,000 to over 70,000 tons per day and production is expected to rise in Q4.
Inmaculada produced nearly 50,000 ounces in Q3, totaling 156,000 ounces YTD, and is on track for the annual forecast of 199,000–209,000 ounces; geomechanical issues were resolved with no expected impact on guidance.
San Jose output reached 31,000 ounces in Q3, totaling 84,000 ounces for the first nine months, supporting annual guidance and maintaining stable output.
Revised 2025 guidance reaffirmed: 291,000–319,000 gold equivalent ounces at all-in sustaining costs of $1,980–$2,080 per ounce.
Average realised prices in Q3 2025 were $3,195/oz for gold and $42.4/oz for silver, significantly higher year-on-year.
Financial position and working capital
Ended Q3 with $92 million in cash, net debt of $246 million, and a net debt-to-EBITDA ratio of 0.4x–0.5x.
Working capital increased by $40 million, mainly in Argentina, to protect the balance sheet ahead of elections; $13 million was spent on a streaming agreement repurchase and $5 million on an interim dividend.
Inventory build in Argentina was a strategic move to avoid currency conversion losses; most inventory has now shipped, and working capital is expected to normalize in H2.
Net debt and working capital will improve in Q4 as inventory is sold at higher prices, benefiting revenues and profits.
Strategic initiatives, project updates, and management
Brownfield exploration and drilling programs added resources at all operating units, with significant intersections at Inmaculada, San Jose, Mara Rosa, and Monte do Carmo.
Monte do Carmo project in Brazil advanced with resource drilling yielding economic results.
Volcan project is progressing toward financing, with 11 million ounces in resources and estimated construction CapEx of $1 billion plus $300 million sustaining CapEx; water rights secured, with desalination as a backup.
Volcan's profitability is robust at long-term gold prices of $2,700/oz, and additional costs from water solutions are expected to be manageable.
Management team strengthened with a new COO and local leadership appointments.
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