What Happened to Hochschild Mining PLC Shares on 13 November 2026?

Hochschild Mining PLC (LSE:HOC) shares eased 1.82% to 442.0p on 13 November 2026. The precious metals miner was in focus following its interim results for the six months ended 30 June 2026, published on 26 August 2026.

The results reported sharply higher Revenue and Earnings supported by higher gold and silver prices.

Key Highlights

Revenue rose 62% to $844m, adjusted EBITDA rose 119% to $492m and Earnings Per Share rose 208% to $0.37. Average realised gold and silver prices rose 47% and 130% respectively.

Attributable production was 151,830 gold equivalent ounces, in line with expectations, and the company reiterated its full-year production target of 300,000 to 328,000 gold equivalent ounces.

About Hochschild Mining PLC

Hochschild Mining is a precious metals producer operating underground epithermal vein mines in Peru and Argentina and an open-pit mine in Brazil. Eduardo Landin is Chief Executive.

Its operations include Inmaculada in Peru, San Jose in Argentina, where it holds 51%, and Mara Rosa in Brazil.

Interim Financial Performance

Management described the half as the best half-year financial result in the company's history. The board increased its dividend, and the company said its policy targets distributions of 20% to 30% of attributable free cash flow, applied annually.

Net cash to last-twelve-months EBITDA stood at about 0.06 times.

Operations

Inmaculada and San Jose delivered production in line with expectations. San Jose achieved half-on-half production growth and is on track for its full-year guidance.

At Mara Rosa, management expects the operation to run at a rate of at least 7,000 tonnes per day for the rest of the year.

Monte Do Carmo

Monte Do Carmo in Brazil is the company's most advanced greenfield development, and management said it could significantly increase production capacity. An Investment decision is expected by the end of 2026.

Development work continues to advance towards that decision.

Exploration and Capital Expenditure

The 2026 brownfield exploration campaign delivered encouraging early results, including drilling at Inmaculada and Mara Rosa. The company kept its full-year Capital Expenditure guidance at $210m to $225m.

The brownfield exploration budget for the year is $45m.

Understanding Gold Equivalent Ounces and AISC

Gold equivalent ounces convert silver production into the gold-equivalent amount using a gold to silver ratio, which was 77 to 1 in the period. This allows one production figure for both metals.

All-in sustaining cost measures the cost of producing and sustaining output per ounce.

Why the Update Matters for the Sector

Precious metals producers are followed for how production, metal prices and costs combine to generate cash. Hochschild's results show how silver and gold both contribute to earnings.

Its operations across three countries illustrate geographic diversification.

Putting the Update in Context

Reserves and resources describe the quantity of material that has been estimated at a mine or project, with reserves reflecting what can be extracted economically under stated assumptions. Exploration results can extend these estimates and support the long-term outlook of an operation.

Safety, community relations and environmental performance are standard parts of mining company reporting. Readers often review these alongside production and cost metrics to understand how an operation is managed day to day.

Mining companies are commonly followed for production volumes, unit costs, reserves and the way capital is allocated between existing operations and new projects. Updates usually describe output per period, the grade of ore processed and progress against guidance for the year.

Key Growth Catalysts

Higher metal prices, steady operations and the Monte Do Carmo development are the main supports. Cash generation supports its Dividend policy.

Exploration results may add to the resource base.

Factors to Monitor

Metal prices, costs in Argentina and Peru, grades and currency movements influence results. Production can vary between periods as mining sequences change.

Project decisions depend on permitting and approvals.

What Investors Should Watch Next

Investors may wish to follow third-quarter production, full-year guidance delivery, the Monte Do Carmo investment decision and the dividend.

Conclusion

Hochschild Mining PLC (LSE:HOC) eased 1.82% to 442.0p on 13 November 2026. Hochschild reported 62% higher revenue, 119% higher adjusted EBITDA and a higher dividend. Full-year production delivery and the Monte Do Carmo decision are the next points of reference.