Highlights

  • One broker has issued a Buy rating on Hochschild Mining.
  • The broker’s target price of AUD 9.58 indicates a 31.43% increase from current levels.
  • The company reported 70,308 gold equivalent ounces produced in Q3 2025 and 231,905 ounces year-to-date.

Hochschild Mining PLC (LSE:HOC) has received a Buy rating from one broker, with a target price of AUD 9.58, implying a potential upside of 31.43% from existing market levels. The rating likely to follow the company’s latest operational and financial performance update for the third quarter and nine-month period ended 30 September 2025.

Operational Performance

For the third quarter of 2025, Hochschild reported attributable production of 48,367 ounces of gold and 1.8 million ounces of silver, equivalent to 70,308 gold equivalent ounces or 5.8 million silver equivalent ounces.

Cumulative production for the first nine months of 2025 stood at 164,033 ounces of gold and 5.6 million ounces of silver, translating to 231,905 gold equivalent ounces or 19.2 million silver equivalent ounces.

The company reiterated its revised 2025 production guidance of 291,000–319,000 gold equivalent ounces at an all-in sustaining cost (AISC) of USD 1,980–2,080 per ounce.

Financial Overview

Hochschild maintains a favourable balance sheet with total cash of approximately USD 92 million as of 30 September 2025, compared to USD 110 million at the end of June 2025. Net debt stood at USD 246 million, up from USD 202 million in the previous quarter, reflecting temporary working capital requirements in Argentina and the repurchase of the Monte do Carmo streaming agreement.

The company’s Net Debt to EBITDA ratio remains conservative at approximately 0.5x.

In the first half of 2025, Hochschild delivered a 33% rise in revenue to USD 520 million, with adjusted EBITDA up 27% to USD 224.5 million. Profit before tax (pre-exceptional) increased to USD 109.3 million, while post-exceptional profit reached USD 140.1 million.

Operational Developments

The Mara Rosa mine in Brazil continued ramp-up activities during the period. Processing plant operations have resumed, and mechanical filter repairs and testing with mined ore are ongoing. The company also appointed a new Chief Operating Officer, Cassio Diedrich, in September to support operational improvements across its portfolio.

At the Monte do Carmo project in Brazil, exploration and technical studies remain active, while brownfield drilling across operating units continues to expand resource potential.

Sustainability and Safety

Hochschild reported continued progress across sustainability metrics. The Lost Time Injury Frequency Rate improved to 1.08 (FY 2024: 1.25), and the company achieved an ECO score of 5.57 out of 6. Hochschild also became a signatory to the United Nations Global Compact.