Shares of London-listed Hochschild Mining rose 6.4% on Thursday after the company reported a sharp improvement in first-half 2026 financial results, driven by higher gold prices and cost efficiencies.
The miner posted revenue of $844.4 million for the six months ended June 30, up 62% from $521.2 million in the same period of 2025. Adjusted EBITDA more than doubled to $491.5 million, while profit before income tax surged to $365.8 million from $109.3 million a year earlier. Basic earnings per share increased to $0.37 from $0.12.
Hochschild’s balance sheet strengthened materially, transitioning from a net debt position of $20 million at the end of 2025 to a net cash position of $51.1 million as of June 30. The company also quadrupled its interim dividend to $0.04 per share.
Production fell to 151,830 gold equivalent ounces from 165,176 ounces in H1 2025, reflecting operational challenges at mines in Peru, Argentina, and Brazil. Management raised full-year 2026 cost guidance in response to elevated operating expenses at these sites.
The results follow a 13.5% rise in the spot gold price during August, which reached near multi-month highs of around $4,630 per ounce. Hochschild’s peers, including Fresnillo and Endeavour Mining, also benefited from the broader rally in precious metals, though the FTSE 100 remained flat on the day.
