Hochschild Mining plcLSE:HOC 株式レポート

Hochschild Mining – Overview Location : South America Production (2025) : Gold: 250,000 oz Silver: 8 million oz (excluding Pallancata C&M) AISC (Break-even) : Gold: ~$1,850/oz Silver: ~$24/oz Cash Flow Margin at $4,000 gold / $100 silver : Strong Debt : $350M $100M due in 2024 $89M cash on hand $200M additional credit available New & Future Projects Mara Rosa (Brazil) : 80,000 oz/year (low cost) Started in 2024 Royropata (Peru) : 100,000 oz AUEQ (3M oz silver/year) Starts in 2028 Monte Do Carmo (Brazil) : 90,000 oz gold Permitting stage – expected 2028 Volcan (Chile) : 9 million oz gold (.7 gpt) Potential 330K oz/year AISC: ~$1,000 Capex: $900M Production could begin 2028–2030 Not included in cash flow estimate (optional upside or sale) Ownership 50% owned by one family Dividends are a priority Unlikely to sell – growth focus Valuation at $4,000 Gold / $100 Silver Assume production from 2028 with 400K oz gold & 10M oz silver: Gold FCF : 400,000 oz × ($4,000 – $1,850) = $860M Silver FCF : 10,000,000 oz × ($100 – $24) = $760M Total Annual FCF ≈ $1.62B Valuation at 10x FCF = $16.2B Conclusion If Hochschild Mining executes on new projects and gold reaches $4,000/oz, silver hits $100/oz, the company could be worth over $16 billion. However, high debt, permitting risks, and political red flags (Argentina, Peru, Chile) may keep valuation multiples conservative.

Key Takeaways Operational improvements, exploration success, and project pipeline diversification are set to boost output, extend mine life, and reduce risk. Strong gold and silver demand and strengthened ESG credentials support higher revenues, valuation, and investor appeal.

Catalysts About Hochschild Mining Hochschild Mining is a precious metals producer with underground and open pit operations in Peru, Argentina and Brazil, focused on gold and silver. What are the underlying business or industry changes driving this perspective?

Catalysts About Hochschild Mining Hochschild Mining is a precious metals producer focused on gold and silver assets in the Americas. What are the underlying business or industry changes driving this perspective?