Hochschild’s Mara Rosa Output Rises 16% After Contractor Ramp-Up

Hochschild Mining’s recovery effort at the Mara Rosa gold mine in Brazil showed a clearer operational improvement in the third quarter, as output increased 16% from the preceding quarter following the ramp-up of a new mining contractor.

Mara Rosa produced 17,001 gold-equivalent ounces in the three months to September 30, compared with 14,610 ounces in Q2. The company said the contractor reached planned full capacity during the quarter and is now accessing higher-grade areas. September production of 8,019 gold-equivalent ounces was the mine’s strongest monthly result so far in 2026, accounting for almost half of the quarter’s output. 12

The result matters because Mara Rosa had been the principal operational weak point in Hochschild’s first Brazilian mine portfolio. Management described the turnaround as nearing completion, attributing the third-quarter improvement to the positive effect of the contractor change. The September run-rate offers evidence that the mine can perform materially better than its Q2 average, when output worked out at about 4,870 gold-equivalent ounces per month. But one strong month is not yet equivalent to a sustained mine-level recovery.

Hochschild has retained its 2026 attributable production guidance of 300,000 to 328,000 gold-equivalent ounces and its revised all-in sustaining cost guidance of $2,380 to $2,500 per gold-equivalent ounce. Across the group, third-quarter attributable production was 74,004 gold-equivalent ounces, below 76,230 ounces in Q2, although above the 72,020 ounces reported a year earlier. Nine-month output reached 225,835 gold-equivalent ounces, down from 237,190 ounces in the comparable period of 2025. 2

On the reported nine-month total, Hochschild would need between 74,165 and 102,165 gold-equivalent ounces in the fourth quarter to finish within its stated annual production range. That makes a robust final quarter important across the portfolio, even as Mara Rosa’s improvement reduces one source of execution risk. The company said Inmaculada in Peru performed in line with expectations, while San Jose in Argentina was temporarily affected by extreme winter weather. 12

For Mara Rosa specifically, the significance of the contractor ramp-up extends beyond the quarter’s 2,391-ounce production increase. Reaching full capacity and gaining access to higher-grade areas indicate that the operational changes are becoming embedded in the mining sequence rather than depending solely on short-term processing or stockpile effects. The test is whether the operation can translate that access into repeatable monthly production through the final quarter while controlling costs.

Management’s outlook remains constructive. Chief executive Eduardo Landin said the mine’s turnaround was nearing completion and that Hochschild expected to deliver a robust Q4. The company also said the progress at Mara Rosa improves its position to advance Monte Do Carmo, its next Brazilian growth opportunity, where a final investment decision is expected by year-end. 1

That linkage raises the stakes for the current mine. A sustained Mara Rosa recovery would strengthen confidence in Hochschild’s ability to operate and expand in Brazil. Conversely, if September proves difficult to repeat, the mine’s contribution to group guidance and the operational case for a second Brazilian development would come under greater scrutiny. The third-quarter data establish a meaningful improvement; the fourth quarter will determine whether it becomes a durable turnaround.