**Summary of Hochschild Mining PLCs Interim Results for H1 2025**
Hochschild Mining PLC reported strong interim results for the first half of 2025, with significant growth in revenue, adjusted EBITDA, and profit before income tax compared to the same period in 2024. Key financial highlights include
**Revenue**Increased by 33% to $520.0 million, driven by higher precious metal prices and increased gold production.
**Adjusted EBITDA**Rose by 27% to $224.5 million, reflecting higher revenues and production levels, partially offset by increased costs.
**Profit Before Income Tax**Pre-exceptional profit before income tax was $109.3 million, up from $83.1 million in H1 2024. Post-exceptional profit before income tax was $140.1 million, significantly higher than $69.4 million in the previous year.
**Earnings Per Share**Basic earnings per share increased to $0.18 post-exceptional, compared to $0.08 in H1 2024.
**Cash and Net Debt**Cash and cash equivalents stood at $109.8 million, with net debt reduced to $202.3 million from $215.6 million at the end of 2024.
**Interim Dividend**An interim dividend of $1.0 cent per share was declared, totaling $5.1 million.
**Operational Highlights**
**Production**Attributable production increased to 161,597 gold equivalent ounces, up from 152,792 ounces in H1 2024.
**All-in Sustaining Costs (AISC)**AISC per gold equivalent ounce rose to $1,914, compared to $1,432 in the previous year, primarily due to issues at the Mara Rosa mine and higher costs in Argentina.
**Mara Rosa Mine**The mine faced challenges due to heavy rainfall and contractor performance issues, leading to a revised production target of 35,000-45,000 ounces for 2025, down from the previous 94,000-104,000 ounces.
**Project and Exploration Updates**
**Brownfield Drilling**The 2025 brownfield drilling program commenced with encouraging results from Inmaculada and Mara Rosa.
**Monte Do Carmo Project**Development work continues, with detailed engineering studies underway and an installation license secured. Construction decision is expected in the first half of 2026.
**Sustainability Performance**
**ESG KPIs**Achieved an 87% improvement in ESG KPIs, with highlights including a 66% local workforce representation, 32% local procurement, and an 89% waste recycling rate.
**UN Global Compact**Hochschild joined the United Nations Global Compact, reinforcing its commitment to sustainability.
**Revised 2025 Guidance**
**Production**Revised attributable production target to 291,000-319,000 gold equivalent ounces, down from 350,000-378,000 ounces, primarily due to the reduced forecast for Mara Rosa.
**AISC**Updated AISC guidance to $1,980-$2,080 per gold equivalent ounce, reflecting higher costs and reduced production at Mara Rosa, as well as inflationary pressures in Argentina.
**CEO Statement**
CEO Eduardo Landin emphasized the companys strategic focus on brownfield exploration, operational efficiency, ESG leadership, and disciplined capital allocation. Despite challenges at Mara Rosa, the company remains confident in its ability to drive a turnaround and achieve sustainable growth.
**Financial Review**
**Revenue Growth**Driven by higher gold and silver prices and increased gold production, particularly from Mara Rosa.
**Cost Management**Higher costs were attributed to inflation in Argentina, increased royalties, and workers profit sharing in Peru.
**Cash Flow and Balance Sheet**Strong cash generation from Inmaculada and higher precious metal prices contributed to a robust financial position, with net debt to EBITDA improving to 0.43x.
**Outlook**
Hochschild Mining remains focused on stabilizing operations, managing challenges at Mara Rosa, and advancing key projects like Monte Do Carmo. The company is committed to maintaining its strategic pillars and delivering long-term value to stakeholders.