# Hochschild Mining 2025 Annual Results

Source Brief: https://evesgoldminers.com/research/source-briefs/hochschild-mining-2026-03-10-hochschild-mining-2025-annual-results-26a686ad
Original source: https://www.hochschildmining.com/media/g15je1zy/1i_annual-results_-final-better-pdf.pdf
Original published: 2026-03-10
EGM generated: 2026-09-04
Company: Hochschild Mining plc (HOC)

## Use Note

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## Extracted Document Text

# Hochschild Mining 2025 Annual Results

Source: https://www.hochschildmining.com/media/g15je1zy/1i_annual-results_-final-better-pdf.pdf
Published: 2026-03-10T00:00:00+00:00
Fetched: 2026-05-06T15:09:23.898+00:00
Source artifact: 26a686ad-6c97-4469-a59c-3ebdbdefb690
Normalizer input: text

## Content

# Hochschild Mining 2025 Annual Results
Source: https://www.hochschildmining.com/media/g15je1zy/1i_annual-results_-final-better-pdf.pdf
Published: 2026-03-10
11 March 202 6
Hochschild Mining PLC
Preliminary Results
Year ended 31 December 202 5
Record financial performance, key strategic progress across the portfolio and production in - line
with revised guidance
Eduardo Landin, Chief Executive Officer of Hochschild, commented:
“This year marks a key moment for Hochschild, delivering our s trongest ever financial performance, driven by disciplined
execution at Inmaculada and precious metal price tailwinds . We added 1. 7 million ounces to our resource base, advanced our
two exciting growth projects in Peru and Brazil, and significantly increased the dividend, reflecting the strength of our bal ance
sheet. At Mara Rosa, we are close to completing our turnaround plan, positi oning the operation for a stronger and more
sustainable future.”
202 5 Strong financial performance
▪ R evenue up 25% at $1, 182.1million (2024: $947.7 million) 1
▪ R evenue (pre - exceptional) up 28% at $ 1,208.6 million (202 4 : $947 .7 million) 2
▪ Adjusted EBITDA up 39 % at $ 58 3.7 million (202 4 : $421.4 million) 3
▪ Profit before income tax (pre - exceptional) up 66 % at $ 330 .4 million (202 4 : $199.1 million)
▪ Profit before income tax (post - exceptional) up 110% at $ 372.8 million (202 4 : $177.2 million)
▪ Basic earnings per share (pre - exceptional) at $0. 31 (202 4 : $0. 23)
▪ Basic earnings per share (post - exceptional) at $0. 39 (202 4 : $0.19 )
▪ Cash and cash equivalent s balance of $ 317.0 million as at 31 December 202 5 (202 4 : $97.0 million)
▪ Net debt 2 of $ 22.7 million as at 31 December 202 5 (202 4 : $215.6 million)
▪ Recommended final dividend of 5.00 US cents per share ($ 25.7 million) 4
5
202 5 Operational P erformance
▪ Strong 2025 safety performance
▪ Full year attributable production of 3 11,509 gold equivalent ounces (2024: 347,374 ounces)
▪ Attributable a ll- in sustaining costs (AISC) 2
from operations of $ 2,138 per gold equivalent ounce (202 4 : $1,558 )
▪ Strong performance at Inmaculada producing 209,921 gold equivalent ounces
▪ T urnaround plan at Mara Rosa progressing in - line with expectations, positioning the asset for stronger and sustainable
long - term production
▪ San Jose performance in line with expectations producing 120,639 gold equivalent ounces
▪ Senior management team strengthened with key appointments including Cassio Diedrich as Chief Operating Officer
202 5 Exploration and Project Highlights
▪ Total r esource additions of 1.7 million gold equivalent ounces
▪ Monte d o Carmo project progressing towards u pdated economics and a final investment decision by mid - 2026
▪ Royropata silver project p ermitting process on track
▪ Strong progression on monetisation of non - core assets: Tiernan Gold Corp now trading on the TS X Venture Exchange
6
202 5 ESG KPIs
▪ Lost Time Injury Frequency Rate of 0.97 (2024: 1.25) 7
▪ Fresh water used per tonne of ore processed: 0.2 6 m 3 /tonne (2024: 0.31 m 3
/tonne)
▪ Recycled waste of 81.4% (2024: 57.3%)
▪ Local workforce vs total workforce of 65.9% (2024: 59.3%)
▪ Women in the workforce of 10.6% (2024: 10.0%)
▪ ECO score of 5. 61 out of 6 (202 4 : 5.58 ) 8
1
R evenue is reported in the financial statements net of commercial discounts , plus revenue from the sale of aggregates and services revenu e
2
Revenue (pre - exceptional) is reported in the financial statements net of commercial discounts, plus revenue from the sale of aggregates an d services revenue, and excludes the non - cash recycling of
$26.4 million of accumulated losses related to the roll - for ward of gold hedges .
3
Adjusted EBITDA, net debt and AISC are non - IFRS measures. Please see the Financial Review pages 20 - 23 for a definition and calculation of Adjusted EBITDA, net debt and Attributable AISC . The Company
has calculated its all - in sustaining cost on an attributable basis and excludes Peruvian royalties which are recognised in the income tax line. Mana gement believes that the updated methodology better
aligns with prevailing industry practices and enhances comparability with peers. All previous periods have been re - presented to reflect this change
4
Please see the Financial Review page 23 for the calculation of the final proposed dividend
5
202 5 and 202 4 equivalent figures calculated using the gold/silver ratio of 83 x
6
FY 2024 environmental KPIs exclude Mara Rosa due to construction and commissioning activities which occurred prior to May 202 4. 2025 environmental KPIs include Mara Rosa
7
Calculated as total number of accidents per million labour hours
8
The ECO Score is an internally designed Key Performance Indicator measuring environmental performance in one number and encompassing numerous f actors including management of waste water ,
outcome of regulatory inspections and sound environmental practices relating to water consumption and the recycling of materi als
2
9
202 6 Outlook
▪ Overall attributable production target: 300,000 - 328,000 gold equivalent ounces
▪ Attributable a ll- in sustaining cost target: $2,157- $2,320 per gold equivalent ounce
▪ Total sustaining capital expenditure at operating mines expected to be approximately $ 210- 225 million
▪ Brownfield exploration budget of $ 45 million
Year ended Year ended
$000 unless stated % change
31 Dec 202 5 31 Dec 202 4
Attributable silver production (koz) 7,475 8,496 (12)
Attributable gold production (koz) 221 245 (10)
Revenue 1,182,148 947,696 25
Adjusted EBITDA 58 3,729 421,354 39
Profit from continuing operations (pre - exceptional) 200 ,727 133,511 50
Profit from continuing operations (post - exceptional) 247 ,402 113,749 117
Basic earnings per share (pre - exceptional) $ 0. 31 0.23 35
Basic earnings per share (post - exceptional) $ 0. 39 0.19 105
________________________________________________________________________________________
A presentation will be held for analysts and investors at 9.30am (UK time) on Wednesday 1 1 March 202 6 at the offices of Hudson Sandler,
25 Charterhouse Square, London, EC1M 6AE
The presentation and a link to the live audio webcast of the presentation can be found at the Hochschild website:
www.hochschildmining.com
or:
https://brrmedia.news/HOC_FY_2 5
To join the event via conference call, please see dial in details below:
International Dial in: +44 (0)330 551 0200
US Toll - Free Number: 866 580 3963
Canada Toll Free: 1 866 378 3566
Password : Hochschild Mining FY2 5
________________________________________________________________________________________
Enquiries:
Hochschild Mining PLC
Charles Gordon +44 (0)20 3709 3264
Head of Investor Relations
Hudson Sandler
Charlie Jack +44
(0)20 7796 4133
Public Relations
________________________________________________________________________________________
Non - IFRS Financial Performance Measures
The Company has included certain non - IFRS measures in this news release. The Company believes that these measures, in addition to
conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying perf ormance of the
Company. The non - IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. These measures do not have any standardis ed meaning prescribed under IFRS, and
therefore may not be comparable to other issuers.
These are detailed as follows.
Adjusted EBITDA
Adjusted EBITDA is a useful approximation of the operating cash flow generation of the business by eliminating depreciation a nd amortisation.
Adjusted EBITDA is not a direct measure of liquidity which is shown by the cash flow statement.
AISC
The Company believes the AISC measure provides further transparency into costs associated with the production of gold and sil ver and will assist
investors, analysts and other stakeholders of the Company in assessing its operating performance, its ability t o generate free cash flow from
current operations and its overall value.
Basic earnings per share (p re - exceptional )
Basic earnings per share (p re - exceptional ) represents the Group’s underlying operating performance from core activities, excluding the impact
of one - off transactions outside the normal course of business of the Group.
9
2026 equivalent figures calculated using the gold/silver ratio of 77 x
3
Net debt
Net debt is a measure of the Group’s financial position. The Group uses net debt to monitor the sources and uses of financial resources, the
availability of capital to invest or return to shareholders, and the resilience of the balance sheet.
Gross Revenue
Gross revenue represents the revenue generated from the Group’s core business, excluding the impact of commercial discounts, and non - cash
hedged items.
Unit cost per tonne
Unit cost per tonne represents the direct cash cost including direct cash support costs in producing one tonne of saleable pr oduct. This is a
standard industry measure applied by most major mining companies and therefore, comparable for the users of the Fi nancial Statements.
Cash costs
Cash costs are a measure of the cost of operating production expressed in terms of dollars per ounce of gold and this is a st andard industry
measure applied by most major mining companies which reflects the direct costs involved in producing each ounce of metal.
About Hochschild Mining PLC
Hochschild Mining PLC is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) and crosstra des on the
OTCQX Best Market in the U.S. (HCHDF), with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has
over fifty years' experience in the mining of precious metal epithermal vein deposits and operates two underground epithermal vein mines:
Inma culada, located in southern Peru; and San Jose in southern Argentina, and an open pit gold mine, Mara Rosa, located in the state of Goiás,
Brazil. Hochschild also has numerous long - term projects throughout the Americas.
Forward looking statements
This announcement may contain forward looking statements. By their nature, forward looking statements involve risks and uncer tainties because they relate to events
and depend on circumstances that will or may occur in the future. Actual results, performanc e or achievements of Hochschild Mining PLC may, for various reasons, be
materially different from any future results, performance or achievements expressed or implied by such forward looking statem ents.
The forward - looking statements reflect knowledge and information available at the date of preparation of this announcement. Except as req uired by the Listing Rules
and applicable law, the Board of Hochschild Mining PLC does not undertake any obligation to update or change any forward - looking statements to reflect events
occurring after the date of this announcement. Nothing in this announcement should be construed as a profit forecast.
Note
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated un der the Market Abuse Regulation
(Regulation (EU) No.596/2014). Upon the publication of this announcement via a Regulatory Informati on Service, this inside information is now considered to be in the
public domain.
LEI: 549300JK10TVQ3CCJQ89
4
C HAIR’S STATEMENT
2025 was a year that provided a number of challenges, but also one that clearly demonstrated the strength of our business and
our people. Record precious metal prices towards the end of the year provided a powerful tailwind,

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