The company generated 250,000 oz of gold and 8 million oz of silver in 2025 with all-in sustaining costs of approximately $1,850/oz for gold and $24/oz for silver. Hochschild has multiple expansion projects in development, including Royropata (Peru) starting 2028 with 100,000 oz gold equivalent and the Volcan project (Chile) with potential 330K oz/year production commencing 2028-2030.
Cyborg Score Rationale
Strong production profile with low AISC costs and multiple high-margin growth projects under development. Strategic portfolio diversification across Latin America with family ownership providing stability. Commodity price exposure presents upside and downside volatility risks.
Top Insights
Strong cash generation at current metal prices with $350M debt and $89M cash; additional $200M credit facility available
Significant production growth potential: adding 400K oz gold and 10M oz silver from pipeline projects by 2028-2030
Volcan project in Chile (9M oz gold resource) could be transformational if capex ($900M) approved; optional upside or sale option
50% family ownership with dividend priority and growth focus suggests shareholder alignment and unlikely M&A
Named Competitors
Fresnillo PLC — Large-cap silver and gold producer in Mexico
Fortuna Silver Mines — Latin American precious metals miner
Pan American Silver — Diversified precious metals producer with Latin American operations
Recent Developments
H2 2025 Production issues in Brazil prompted sharp downward forecast revisions affecting share price
2024 Mara Rosa mine in Brazil commenced operations, adding 100,000 oz to annual production
2024 High gold prices above $3,100/oz supported strong cash generation despite silver production declines
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