Hochschild Delivers 2025 Output in Line With Guidance as Strong Metal Prices Slash Net Debt

Hochschild Mining ( (GB:HOC) ) has provided an update.

Hochschild Mining reported 2025 attributable production of 311,509 gold equivalent ounces, in line with revised guidance, supported by robust performances at Inmaculada and San Jose and the ramp-up of Mara Rosa, although volumes and grades were lower than in 2024 and all-in sustaining costs are expected at the top end or slightly above guidance. Strong precious metal prices, coupled with disciplined cost management, drove a sharp improvement in the balance sheet, with cash rising to about $317m, net debt falling to roughly $23m and leverage dropping to 0.04x EBITDA, while the company advanced brownfield exploration, progressed permitting and resource growth at Royropata, moved Monte do Carmo towards a 2026 investment decision, and crystallised value from non-core assets via the Tiernan Gold spin-out. For 2026, Hochschild is guiding to higher group output of 300,000–328,000 gold equivalent ounces, led by rising production at Mara Rosa and solid contributions from Inmaculada and San Jose, albeit with higher forecast all-in sustaining costs of $2,157–$2,320 per ounce and capex of $210m–$225m, and continues to highlight improvements in safety, water efficiency, waste recycling and local employment metrics.

The most recent analyst rating on (GB:HOC) stock is a Hold with a £670.00 price target. To see the full list of analyst forecasts on Hochschild Mining stock, see the GB:HOC Stock Forecast page.

Spark’s Take on GB:HOC Stock

According to Spark, TipRanks’ AI Analyst, GB:HOC is a Neutral.

The score is driven primarily by strengthening financial performance (growth and margin improvement, better cash flow) and a strong uptrend in the technical setup. These positives are tempered by an arguably full valuation (P/E 23.47), mixed earnings-call takeaways (cost pressures and weaker domestic sales), and overbought technical signals that increase near-term risk.

To see Spark’s full report on GB:HOC stock, click here.

More about Hochschild Mining

Hochschild Mining is a precious metals producer focused on underground gold and silver operations, with core assets including the Inmaculada and San Jose mines and the Mara Rosa project. The company also advances development projects such as Monte do Carmo and Royropata and is actively monetising non-core assets, retaining strategic stakes in listed spin-offs like Tiernan Gold and Aclara Resources.

Average Trading Volume: 2,385,149

Technical Sentiment Signal: Buy

Current Market Cap: £2.98B

For a thorough assessment of HOC stock, go to TipRanks’ Stock Analysis page.