Hochschild Mining (LON: HOC), the London-listed gold and silver producer, has held its full-year production guidance after third-quarter output of 74,004 gold equivalent ounces.
Gold equivalent restates silver as the amount of gold it would match. That is below the 76.23 koz in the second quarter and above the 72.02 koz of a year earlier.
Output attributable to the company over nine months reached 225,835 ounces, against 237.19 koz a year earlier. The report was published today.
The turnaround at Mara Rosa in Brazil is the brightest part of it. The mine produced 17.06 koz in the quarter, up from 14.61 koz in the second quarter and 4.49 koz in the third quarter of 2025. September’s 8,019 ounces was its strongest month of the year.
A new mining contractor completed its transition during the quarter and reached planned mining capacity. A thickener that had caused water management problems in the first half has stabilised, and recoveries are back at planned levels.
Elsewhere was softer. San Jose in Argentina, in which Hochschild holds 51%, produced 23.11 koz on a 100% basis, against 31.81 koz in the second quarter, due to extreme seasonal weather and mining concentrated in the border areas of the veins. The company expects grades to recover in the fourth quarter.
At Inmaculada in Peru, output of 45,163 ounces trailed the 51.14 koz of a year earlier, as the gold grade fell to 2.70 grams per tonne from 3.25.
Chief executive Eduardo Landin said the quarter showed the group is on course.
We have delivered a strong operational performance during Q3 and remain on track to meet our full-year production and cost forecasts.
Eduardo Landin, chief executive, Hochschild Mining
Guidance stays at 300,000 to 328,000 gold equivalent ounces for 2026. Revised all-in sustaining cost guidance, which captures the full cost of producing an ounce, is $2,380 to $2,500, despite inflation in Argentina.
The realisable gold price averaged $3,840 an ounce in the quarter, against $3,195 a year earlier. Cash and short-term investments rose to about $349m at the end of September from about $309m on the 30th of June, and net cash to about $91m from $51m.
The company is targeting a final investment decision on its Monte Do Carmo project in Brazil in December. A conference call is due at 2.30pm today.