Hochscild Mining
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Production Report for the 3 months ended 31 March 2024
Eduardo Landin, Chief Executive Officer said:
"We have delivered a good start to 2024 with production and costs at Inmaculada and San Jose on track to meet guidance for the year. The Mara Rosa mine started operations during the quarter, on time and on budget, and we are currently completing the final phase of the ramp-up process with the start of commercial production expected very soon.
Hochschild's balance sheet remains strong and, with rising precious metal prices and full production in Brazil, we expect to generate robust free cashflow during the remainder of the year. "
Operational highlights
§ Q1 2024 attributable production[1]
o 45,937 ounces of gold
o 2.0 million ounces of silver
o 69,758 gold equivalent ounces
o 5.8 million silver equivalent ounces
§ 2024 guidance on track:
o Production of 343,000-360,000 gold equivalent ounces
o All-in sustaining costs of $1,510-1,550 per gold equivalent ounce
Project & Exploration highlights
§ Mara Rosa mine commercial production expected in new few weeks
§ 2024 brownfield drilling campaign at Inmaculada delivering strong results to date
§ Option secured to acquire Monte do Carmo project, Brazil
§ Drilling also commenced at San Jose, Pallancata and Monte do Carmo
§ Sale of Crespo project completed for cash consideration of $15 million and a 1.5% NSR
ESG highlights
§ Lost Time Injury Frequency Rate of 1.34 (FY 2023: 0.99)[2]
§ Accident Severity Index of 47 (FY 2023: 37)[3]
§ Water Consumption of 136lt/person/day (FY 2023: 163lt/person/day)
§ Domestic waste generation of 0.94kg/person/day (FY 2023: 0.93kg/person/day)
§ ECO score of 5.77 out of 6 (FY 2023: 5.76)[4]
Financial position
§ Total cash of approximately $73 million as at 31 March 2024 ($89 million as at 31 December 2023) reflects Mara Rosa investment, payment for Monte do Carmo option and temporary working capital changes
§ Net debt of approximately $282 million as at 31 March 2024 ($258 million as at 31 December 2023)
§ Current Net Debt/LTM EBITDA of approximately 0.90x as at 31 March 2024
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https://tools.eurolandir.com/tools/Pressreleases/...uk-hoc&v=2022