Hochschild Mining plc
Hochschild Mining plc is a London-listed precious metals producer whose leading metal is gold: gold made up 67% of its 2025 net revenue and silver 33%, and 64% against 36% in the first half of 2026. It operates the Inmaculada gold-silver mine in Peru, the San Jose gold-silver mine in Argentina (51%) and the Mara Rosa gold mine in Brazil; the Pallancata silver mine in Peru has been on care and maintenance since 2023. Its development projects are Monte do Carmo in Brazil and Volcan in Chile (69.8%). As at 31 December 2025 its attributable Measured and Indicated resources, inclusive of reserves, contain 12,996,900 oz of gold, counting gold where it is a main metal, and 102.4 Moz of silver. First-half 2026 attributable production was 151,830 gold-equivalent ounces, on track for the full-year target of 300,000-328,000.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Sep 2013 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Jun 2015 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not yet determined: grid power.
Jurisdiction (40%)6/10
London-listed but operationally concentrated in Peru (Inmaculada, flagship), with additional exposure to Argentina (San Jose JV) and Brazil (Mara Rosa). Peru carries moderate social-license, permitting, and community-relations risk relative to Tier-1 jurisdictions, partially offset by Hochschild's decades of operating history there.
Infrastructure (40%)8.6/10
A confirmed mill, confirmed road access, and a confirmed tailings facility at Inmaculada Mine; grid power not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Alpacay (Minera Yanaquihua S.A.C.), 99 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:3.4/10
Nearest producing mine: Alpacay (Minera Yanaquihua S.A.C.), 99 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Peru: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer of Hochschild Mining plc since Aug 2023, an entirely internal Hochschild progression from General Manager of Argentinian operations (joined Jan 2008), to General Manager of Projects (2011, responsible for the Inmaculada and Crespo Advanced Projects), to Chief Operating Officer (Mar 2013), to CEO. Before Hochschild, Corporate Development Manager at Cementos Pacasmayo SAA (2006-2007), and earlier roles at Peru's Ministry of Energy and Mines and at Repsol S.A. Also currently CEO of Hochschild subsidiary Compania Minera Ares SAC, a Director of Tiernan Gold Corp., and a Non-Independent Director of Aclara Resources Inc.
Chief Financial Officer of Hochschild Mining plc since Dec 2021, an internal Hochschild progression from Head of Group Finance (responsible for financial planning and controls, treasury, corporate finance, tax and accounting) -- joined the company Mar 2007. Actively involved in defining and executing Hochschild's growth strategy, leading several financing and M&A transactions. Before Hochschild, various finance roles at Dell Inc., Union de Cervecerias Peruanas Backus y Johnston, and Del Mar Fishing Company. BA Business Administration, Universidad del Pacifico; MBA, University of Texas.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
The disclosed institutional register is almost entirely passive sector ETFs and index funds -- led by BlackRock at 5.11% -- with only a tiny stake from the specialist Franklin Gold and Precious Metals Fund. Two insiders bought stock on the open market in the past year, though larger insider selling in the same window offsets that buying.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Hochschild publishes its resources in its Annual Report and Accounts. As at 31 December 2025, attributable Measured and Indicated resources inclusive of reserves contain 13,178.9 koz of gold and 102.4 Moz of silver. The gold figure shown, 12,996,900 oz (Measured 3,649,300 oz, Indicated 9,347,600 oz; Inferred 3,221,200 oz), counts gold at Inmaculada, San Jose, Mara Rosa, Monte do Carmo and Volcan and leaves out Pallancata, where gold is a by-product of a silver deposit (about 24% of its value at the resource prices). Volcan, a development project in Chile held at 69.8%, accounts for 9,804 koz of the attributable gold. No company-level economic study (NPV or IRR) is published: the producing mines run on annual reserve statements and production guidance.