Hochschild Mining shares soared after reporting higher first-half 2026 earnings driven by rising gold and silver prices. Shares rose 8.15% to 6.76 pounds, leading the Europe-wide Stoxx 600 and trading at a three-month high after a more than 40% gain over the last month. Average gold prices increased 47% and silver prices rose 130% in the period.

Group revenue jumped 62% year-on-year to $844.4 million, while adjusted EBITDA more than doubled to $491.5 million. Turnaround efforts at the Mara Rosa open-pit gold mine in Brazil, acquired in 2022, are progressing as expected after prior setbacks from heavy rains. Development at the Peruvian Royropata silver project and the Monte do Carmo gold project in Brazil is advancing, with engineering works nearing completion.

Together, these projects could add over $700 million to group EBITDA, according to Peel Hunt analysts. Hochschild reiterated full-year production guidance of 300,000 to 328,000 gold-equivalent ounces and raised its gold production cost forecast by around 10% to $2,380–$2,500 per ounce. Half-year production was 151,830 gold-equivalent ounces (11.7 million silver-equivalent ounces), down from 165,176 (12.7 million) a year earlier.

Production costs rose to $2,448 per gold-equivalent ounce ($31.80 per silver-equivalent ounce) from $1,873 ($24.30) year-on-year, largely due to royalties and stronger local currencies, which analysts said investors may overlook. Hochschild continues to trade at a discount to peers, a valuation Jefferies analysts expect to close as operational confidence grows.