London · Delayed Price · Currency is GBP · Price in GBX Hochschild Mining Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 production was strong, supporting full-year guidance and a robust cash position. Key projects Monte do Carmo and Royropata are advancing, with Monte do Carmo targeting board approval in Q3 and initial production by Q3 2028. Ongoing efficiency measures are offsetting inflationary pressures.
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Q4 production rose 13% sequentially, with full-year output meeting revised guidance and strong cash flow generation. 2026 guidance targets 300,000–328,000 gold equivalent ounces at higher costs, with major project milestones expected at Mara Rosa and Monte do Carmo.
Fiscal Year 2025
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Record 2025 results with revenue up 28% and EBITDA up 39% year-over-year, driven by strong metal prices and operational improvements. Major progress on growth projects, robust cash generation, and disciplined capital allocation position the company for further expansion.
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Q3 production and cost guidance remain on track, with operational improvements at Mara Rosa and Inmaculada. Working capital and net debt are set to improve in Q4 as inventory is sold at higher prices. Volcan project advances, and management expects a strong outlook for 2026.
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H1 2025 saw higher production, revenues, and EBITDA, with a strong cash position and improved net debt/EBITDA. Mara Rosa's turnaround is progressing, ESG performance remains robust, and brownfield exploration and disciplined capital allocation underpin future growth.
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H1 2025 saw 6% higher gold production and 27% EBITDA growth, with strong cash flow and a $5.1M interim dividend. Mara Rosa's turnaround is progressing, Immaculada outperformed, and cost pressures were offset by higher metal prices and efficiency gains.
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Q2 saw strong production at Immaculada and San Jose, while Mara Rosa faced filtering plant issues requiring a new thickener, delaying full ramp-up until H1 2026. Financials remain robust, dividend policy is unchanged, and guidance will be updated at H1 results.
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Q1 production was impacted by heavy rains and holidays, but operational improvements and increased waste removal capacity are expected to drive a strong H2 recovery. Annual production and cost guidance remain unchanged, with stable financials and ongoing cost efficiency initiatives.
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Q4 marked the strongest production in five years, with full-year output within guidance, but 2024 costs are expected to exceed prior estimates due to inflation and ramp-up delays. 2025 guidance anticipates higher costs and CAPEX, with efficiency and exploration initiatives underway.
Fiscal Year 2024
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Delivered record results with revenue near $1B, EBITDA up 54%, and net profit of $117M. Production guidance for 2025 is 350,000–378,000 oz, with Mara Rosa ramping up and Royropata advancing. Dividend policy reinstated, and cost-saving initiatives underway.
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Q3 2024 saw record production, driven by Mara Rosa's ramp-up and strong performance at Inmaculada. Cost guidance is maintained, net debt is falling, and key projects like Monte do Carmo and San Jose expansion are progressing. Resource growth and operational efficiency remain strategic priorities.
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Revenue rose 25% to $392M and adjusted EBITDA jumped 79% in H1 2024, driven by strong production, higher prices, and cost control. Mara Rosa ramped up on time, Inmaculada outperformed, and net debt/EBITDA improved to 0.8x. Capital returns are under review for 2025.
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Q2 production rose 19% from Q1, led by Mara Rosa's ramp-up, and Inmaculada output improved 18% year-on-year. 2024 guidance is reiterated, with strong H2 and cash flow expected. San Jose plant expansion and Monte do Carmo option progress continue.