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Highlights

  • HOC’s revenue surged 32.7% YoY in H1FY25 to USD 520.01bn, driven by higher gold prices and volumes.
  • Adjusted EBITDA climbed 335.1% YoY to USD 224.47 bn despite rising production costs.
  • FY25 production guidance lowered to 291–319koz GEOs, with AISC revised upward to USD 1,980–2,080/oz.

Hochschild Mining PLC (LSE:HOC) is a precious metals producer based in the UK. It is listed on the FTSE 250 index. The company is involved in the exploration, mining, processing, and sale of gold and silver. Its current operations include the Inmaculada mine in southern Peru, the San Jose mine in Argentina, and the Mara Rosa mine in Brazil.

In H1FY25, the company reported revenue of USD 520,010 million, up 32.7% from USD 391,740 million in H1FY24, supported by higher realised gold prices (+28% to USD 2,832/oz) and increased sales volumes (131.1koz vs. 118.3koz). Adjusted EBITDA grew sharply by 335.1% to USD 224,472 million, compared to USD 51,586 million a year earlier, reflecting stronger contributions from precious metal prices and production, albeit with higher costs. Profit from continuing operations (post-exceptional) rose 88.9% to USD 97,274 million, versus USD 51,486 million in the prior year, aided by a USD 30.8 million impairment reversal at Volcan along with improved underlying operating performance.

Business Update

On 16 September 2025, HOC announced the appointment of Cassio Diedrich as Chief Operating Officer, effective 15 September 2025. Diedrich, a Mining Engineer, brings extensive leadership experience, having spent 15 years at Vale, including serving as Global Head of Mining & Technical Services for its Base Metals division.      

Outlook

HOC has revised its group attributable production forecast for FY25 to 291–319koz GEOs, down from the previous range of 350–378koz, primarily due to lower output expectations at Mara Rosa (35–45koz versus 94–104koz previously). The attributable all-in sustaining cost (AISC) is now projected at $1,980–2,080 per ounce GEO, up from $1,587–1,687 per ounce, reflecting lower production at Mara Rosa, inflationary pressures in Argentina, and higher royalties associated with increased gold and silver prices. Capital expenditure for FY25 is guided at approximately $107 million, with H1 spend at $107 million compared with $129 million in H1 FY24, driven by reduced outlays at Mara Rosa and Monte Do Carmo. Development work continues at Monte Do Carmo, with a construction decision expected in H1 2026.

Top 10 Shareholders

The top 10 shareholders of HOC collectively hold approximately 62.79% of the total shareholding. Among them, Hochschild Beeck (Eduardo) is the largest shareholder with a stake of around 38.27%, followed by BlackRock Investment Management (UK) Ltd., holding approximately 5.11% of the company.

Stock Information

As of the closing price of 23 September 2025 (GBX 346.4), the stock has gained approximately 42.08% over the past three months, and over the six months, 32.21%. The stock has a 52-week low of GBX 166.00 and a 52-week high of GBX 350.69 and is currently trading below the average of this range.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 23 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.