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Better luck next time, love the name and yes if this keeps going and some good news on Karo we could see new highs, and THS finally come good, however it would have to get to £5 to make up for the Centamin I sold to buy t which is up 4 fold in a year.

I make basket this morning $2500 and Karo $2400. PGM’s have taken back the baton from Chromium at Tharisa and Karo is now viable. It is 17% gold, hopefully they will now get a great price selling this to a streamer

Phuket if you want a little more detail chat gtp builds on amounts I have just noted from previous reports. The good thing is the 110k oz this year which has held us back particularly with lower output becomes 50k oz next year and the year after plus our ounces mined should be higher the proportion should fall from 35% to 14% in 26 and 27 and hopefully much less by 28

📍 2023–2024 Hedging Agreements

1. 19 June 2023 – Citibank Gold Forwards

• 150,000 oz total (structured as 50,000 oz per year)

• Prices:

• 2025: US$2,117.05/oz

• 2026: US$2,166.65/oz

• 2027: US$2,205.50/oz

• These were forward contracts hedging future sales. 

2. 14 December 2023 – JP Morgan Gold Collar

• 99,999.96 oz for 2024

• Strike put: US$2,000/oz

• Strike call: US$2,252/oz

• This is a zero-cost collar combining put and call options. 

3. 14 February 2024 – JP Morgan Gold Collar

• 60,000 oz for 2025

• Strike put: US$2,000/oz

• Strike call: US$2,485/oz

• Also a zero-cost collar protecting downside while capping upside. Gold Hedging Contracts

📍 2023–2024 Hedging Agreements

1. 19 June 2023 – Citibank Gold Forwards

• 150,000 oz total (structured as 50,000 oz per year)

• Prices:

• 2025: US$2,117.05/oz

• 2026: US$2,166.65/oz

• 2027: US$2,205.50/oz

• These were forward contracts hedging future sales. 

2. 14 December 2023 – JP Morgan Gold Collar

• 99,999.96 oz for 2024

• Strike put: US$2,000/oz

• Strike call: US$2,252/oz

• This is a zero-cost collar combining put and call options. 

3. 14 February 2024 – JP Morgan Gold Collar

• 60,000 oz for 2025

• Strike put: US$2,000/oz

• Strike call: US$2,485/oz

• Also a zero-cost collar protecting downside while capping upside.

We should lose the 2025 collar on 60k oz making them $2485

We will only be left with the 50k oz hedges as follows, unless there are more I don not know about

2025 $2117

26 $2167

27 $2206

However if MR recovers this 50k hedge will only be about 14% of output. here is a good analyst report today from SIAmply Wall Street

Mara Rosa Optimization Will Drive Higher Margins And Long-Term Precious Metals Upside

Catalysts About Hochschild Mining Hochschild Mining is a precious metals producer focused on gold and silver assets in the Americas. What are the underlying business or industry changes driving this perspective?

Fair Value

UK£5.98

Last price UK£4.71 • 21.1% undervalued

Based on 24% p.a. Revenue growth for 3 years

Also worth saying that Hochschild did much better than its rivals, including Fresnillo at the start of this bull three years ago . It is up nearly 10 fold in three years. So Mara Rosa terrible news not only hit it badly but was a chance to take some big profits and for other goldminers to play catch up, my hope is that next year it is our turn again, and I never sell because over the long-term, this is so brilliant and I hate timing the markets even when there is a good reason for Hochschild to fall as I may forget to get back in and wouldn’t want to be out now

Maybe the others haven’t had a mine with output down 3/4 an AISC over $2000 and over a third of production hedged at not much over $2000. However, next year if all comes good and Gold and Silver stay up should be a stunning performer. So never liking into time markets I am staying in there but have been adding to my Tharisa for it Platinum and Palladium and with the EV revolution postponed.

I have bought another 10,000 with my Anglo Gold dividend

Thank you as ever Paul, was waiting to receive the dividend which did today. All of us should do so, Sukari is now mining over 500k oz!

Indeed Pavlar although analysts are supposed to be divided from sales and I always like to know what they say so others do please post even if your head may be bitten off. Shame we recently sold Arcata, although Pallancata could be reopened and Royrotapa looks more and more exciting. Having sold so much including all my Japan held for 20 years to double up on Hoc a couple of years ago and again a year ago, I am now up to a bonkers 50% of my savings but feel comfortable as despite the bad news which results in such big short term falls, which annoy some newbies so much when I write of them, they create enormous buying opportunities and as said I would guess one more to come. However I don’t sell through them in case wrong just add. I am not buying more now but adding to cash so can buy more Hoc again when next tumble happens but very happy with the extra £70k just over a month ago from selling Endeavour. Also hanging on to my Fres and Anglo gold ex Centamin for now but to me Hoc still has a lot of catching up to do next year once results are passed.

Then you have not been reading my posts which said buy buy after the change of regime, after the Inmaculada solution a couple of years ago when I doubled up which has been absolutely fantastic!and more recently first done on the Rosen news which turned out to be right and more recently with the announcement they are turning into rounds calling for £4 and then £5 and posting as I bought more, however I think it may be a little wait till Mara Rosa gets fully going again, With higher Cost in the meantime,and over half the hedges are off, neither of which will be fully reflected in the next report which may be a bit unfortunate; however I am holding/adding for the middle of next year when if Golden and Silver hold up should be absolutely fantastic as I keep saying. I just thought the report might be interesting even if you disagree with it as it is the first I have read that says Mara Rosa won’t be fully up again now. It may be right or Wrong, but we still be allowed to know about it. Plus, as long as it looks like recovery later next year the Share price may pick up in advance. All the best wishes to you your family and all here.

My guess remains that next result and finals won’t be great knocking back share price when they come out as so often recently. This is from ADVFN today .” UBS downgrade Hochschild mining to neutral on production concerns….Production at Mara Rosa is not expected to normalize until the second half of 2026 after plant modifications are completed, leading UBS to forecast flat GEO production in 2026 with limited improvement in unit costs, with group all-in sustaining costs (AISC) remaining above $2,000 per ounce.

Mike what about mining inflation since 2022, wouldn’t that $2140 be over $2500?

Gnome, that is scary, when the consensus says one way it usually means most are in and it goes the other, I much prefer it as a couple of years ago when most pundits said it would never move stuck below $2000, and I shifted from 50% goldies in my investments to 90%, as you say Warren Buffett would definitely not approve nor those who believe in Balanced portfolios. However I do believe there is a final exuberance to come but becoming increasingly worried by the positive press and am planning to take some off the table if not too late after the winter run up to next April if it comes as usual . Also just to others don’t worry about the Anglo pull back, pullbacks are very necessary in a rising share and it will start coming up again. Hopefully gold will break out of these very healthy doldrums and hopefully that will be upwards, but again it is healthy if it is not too fast just now.

Dark, as pointed out before, Marshall Wace are unlikely to have just naked shorts, rather I imagine it is part of a strategy. Just imagine if they had gone short Hoc long Fres 6 months ago with £100k on each. The Hoc might be worth £60k while the Fres would be £225k profit £85k v roughly and I am sure they have something much more complex than that. Or go short Hoc and long 3 times in mix gold and silver etc

Chat GPT shows these as top shareholders, HL etc are us and others mostly funds:

1

abrdn plc

37,832,532

9.65%.

2

1832 Asset Management L.P.

37,765,000

9.63%. (1832 is prominently reported in RNS/private placement notes).

3

Hargreaves Lansdown PLC

37,269,430

9.51%.

4

Dynamic Precious Metals Fund

27,764,700

7.08%. (reported by Fidelity/third-party holders).

5

Ninepoint Partners LP

12,023,500

3.07%.

6

Ninepoint Gold & Precious Minerals Fund

12,023,500

3.07%.

7

Lloyds Banking Group

11,501,424

2.93%.

8

Jarvis Securities

11,120,834

2.84%.

9

Dynamic Strategic Gold Class

11,850,300

3.02%. (Fidelity/third-party reporting).

10

HSBC Stockbroker Services

6,820,546

1.74%.

11

(Insiders / Named directors — aggregated small holdings)

~1,000,000–2,000,000 (aggregate)

collectively ~0.3–0.6% (examples: Bradley George, Louis Castro, Nick von Schirnding hold small individual stakes).

Not sure what you mean? Our silver mining is way down with closure of Arcata and Pallancata, to about 7m oz, around a third of production. What is our 22k oz holding. It would be worth only about $1m?

Dividend down over 50% since 2023 when was 6.66c,

2024 4.5c + buyback

2025 3c

yet share price up near 50% in last year, imagine a thwack?

Another curate’s egg? Revenue -14%, ebitda +5%, eps -3.6%, cash flow - 1/3rd, dividend -50% and perhaps most interesting yellow fleet on site in Karo next month. Roll on the earnings call

Most disappointing is Pan American Silver but maybe now it has started it will keep going.

I wonder where Mr Jones has gone? He put the Anglo money (up 260% in one year) into Hoc (up 90%) from memory tho as a trader I expect he’s moved it a lot since. I kept a bit over ⅔ in Anglo and put remainder into in order Pan American silver (up135%) , endeavour, (+135%)Hochschild and fresnillo (+335%)to spread risk. Should have kept all in Anglo but at least kept ⅔ and others all up. Bought more Tharisa last week for Platinum and Palladium