Jefferies raises Hochschild Mining target to 700p on rising asset value

Hochschild Mining PLC's shares rose 7% after reporting a 119% increase in adjusted EBITDA to $491.5M and a 62% revenue rise to $844.4M for H1. The company quadrupled its interim dividend to 4 cents per share. Peel Hunt maintained a Buy rating and 745p price target, citing strong performance from San Jose. Hochschild raised its all-in sustaining cost guidance but kept production and capex guidance unchanged.

Hochschild Mining reported H1 free cash flow of $156M, with Inmaculada generating $288M and San José $149M. All-in sustaining costs varied by mine, ranging from $1,953 to $3,551 per gold-equivalent ounce. The company reduced debt by $80M and paid $84M in dividends. Hochschild maintained full-year capex guidance of $210M-$225M and discussed progress on Mara Rosa turnaround and exploration projects.

Hochschild Mining PLC shares rose 7% after reporting a 119% increase in adjusted EBITDA to $491.5M and a 62% revenue increase to $844.4M for the first half. The company quadrupled its interim dividend. Peel Hunt maintained a 'Buy' rating and 745p price target, citing strong performance and growth potential.

Hochschild Mining's stock rose 6.4% to 665.5p after reporting strong interim results. Revenue increased 62% to $844.4M, adjusted EBITDA doubled to $491.5M, and profit before tax jumped to $365.8M. The company also raised its dividend fourfold. However, production fell and costs rose. Gold prices near multi-month highs supported the gains.

Hochschild Mining PLC reported a more than doubling of adjusted earnings in H1 2026, driven by higher gold and silver prices. Adjusted EBITDA rose 119% to $491.5M, revenue increased 62% to $844.4M, and profit before tax climbed to $365.8M. The company increased its interim dividend to 4.0 US cents per share. Production declined but was offset by stronger precious metals prices, with gold up 47% and silver up 130%.

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