Member Info for TheOracleofOmaha

I think hoc as a business has a good run infront of it. I can only speculate on gold in short-term (my guess would be a weak couple of summer months then picking up again for end of year). As for long term i believe the lion share of pm rise is behind us and future % increases will obviously be a lot more modest (eventually when world settles down even negative). Thankfully hoc doesnt need precious metals to perform well from these levels to be hugely profitable and able to comfortable devlop monte and royra. Royra is a major asset on our books.

I dont follow hoc as relentlessly as my possition is no longer large, i would imagine that is same for a couple other prior posters. Currently positioned in energy (kos,wds and a handfull of other smaller positions), the numbers are frankly scary if things dont get resolved in next couple of months.

I wouldnt be surprised if gold acts like said in the 1973 oil crisis down on liquidity then eventually up on a struggling global economy and a challenged superpower.

Congrats to those still holding ARA

Reopened a small position today around £5.40.

Another great year of royropata additions, looking like its on track to overtake Inmac as Hoc's flagship mine. (especially with their decision to mine low grades at inmac this year, perhaps over next few years to)

Mr Market is expecting Oil prices to fall back down to the $70s by end of year, I think that is very optimistic. BRENT & LNG has potential to rise even more (whoop whoop $$$). Thankfully as fuel makes up a larger portion of open pit mining costs than underground mining, HOC (being majority underground), gains a slight advantage on most competitors (not that gold supply has too much impact on gold price, more so with silver).

Looking forward to FID on monte, hopefully we dont have to wait much longer on that front. $60m was a steal :D

With PMs so high (and with it all pm miners having healthy margins) along with HOC clearing its modest net debt in 2025, I suspect the days in which Mr Market offers us great deals on HOC shares are behind us. On the other hand HOC is largely de-risked now and once Royropata permit is granted it seems hard to argue as to why HOC may trade significantly below its intrinsic.

Tiernan gold up 87% since trading opened on 19.12.25, up 11% today.

https://www.youtube.com/channel/UChNrEgCHcTG0gzyO7rNzdLg

congrats to those that got in early! Hoc's stake currently worth over £160m. Happy days :)

Hoc's volatility is a god send at this sort of valuation, right in the sweet spot of being investable for me (i only feel comfortable holding a meaningful position in an asset that is x% below intrinsic). Whereas in the past where I have only sold and brought back, at most, 60% of tranches once (in an albeit short 8yr investment career) . Now with Hoc I've been able to sell and buy back almost all of my tranches and I suspect there is a decent chance I will be buying back a big chunk of the tranches for the second time this month.

I only ever claim "entitlement" to get a risk/position-adjusted return on price vrs intrinsic. So I had an idea of the sort of net worth i would have by the time i exited the position entirely. But with the volatility my net worth is significantly higher than what I believed i was entitled to 2.5-3 years ago.

I believe the volatility will continue, since im expecting PM volatility to continue. I can't predict with any confidence on the short term direction of the volatility, but boy do i hope it's down. As I think we should have some great updates come march/april (more certainty on royro and monte, along with hopefully another great year of resource expansion) and would love to have a big chunk of shares by then.

Tough day for silver, worth noting the all time high for silver was $80 only a month ago. (Would love to hear the board took out hedges in the $90-$120 range but i doubt it).

3million Epstein documents just released. On a completely unrelated note (/s) I wonder if orange man will order a series of military strikes on Iran tonight???

Should be a good day tomorrow :D

Lovely stuff

I hope your right, measuring from my peak share count I very sold not that far from 50% of my position, since results last Wednesday. If Hoc trades up at £8 by end of week, no doubt in that case I would have sold more. The distance from my intrinsic value is narrowing to the point i cant justify holding such a large portion of my wealth here (i require a big discount on intrinsic). That said I'm expecting volatility and if the price does fall a decent amount in Feb then I may well end up with a decent position, for what seems like an exciting year-end presentation by march/april.

I'm hoping the share price drops meaningfully as I think silver will fall significantly in Feb. (but a drop in silver may well not force sp down much as with gold anywhere near $5k hoc is incredibly profitable.)

Yup up 100% in 2months is insane. Even at $50 roropayta is highly profitably. Would love to have 50% of production locked in at $100 an ounces of silver for first 2-3 years of royro :D

"no bad surprises"

*2026 production split

Operation Oz Au Eq

Inmaculada5

174,000-185,000

Total 300,000-328,000

2026 AISC split

Operation $/oz Au Eq

Inmaculada 2,047-2,175

Total from operations 2,157-2,320

2026 guidance down 14.5% on flagship mine (atleast as far as we have been told it's decision based and not the mine failing us)

Sold a big old chunk this afternoon, long may this volatility continues.

I think we should be getting some good news come end of year presentation in march (with 2025 resource additions; monte timeline and royropata updated production expectations.) the share price may well swing all other the place in the meantime (not unlike silver), atleast i hope it does ;)

Np

2 mines need constructing over next 1-3years. Albeit not much capex needed for the big one as infrastructure &plant already there. Dividend policy is avaliable on their website.

D_K I definitely wouldn't bet against it trading at £7 in a week. Its just funny (and i guess quite reassuring) how a bad report can be meet with a SP increase. Just another anecdotal nod to the idea that the competency and rationality of Mr Market will give you plenty of opportunity to grow wealthy over time.

Brilliant coverage from analyst as always (/S) . Two questions asked. Entire call last about 15minutes.

MR thickener engineering work done, installation for end of q1.

Monte timeline - they want a % of engineering work done before decision made (to begin construction) expected end of may/june. Construction [likely] to begin end of H1 !!!!!!

AISC will likely be on the higher end of the AISC range if gold price stays at current level (aisc was calculated on a lower gold price cant remember what number was said on call but you'll might be able to find on the production report) due to higher royalties, etc.

In opening remarks Landin said about higher gold prices meaning its now economical to mine the lower grades to increase life of mine. No questions asked about this unfortunately. Life of mine is already large based on reserves & grades, and on top of that the trend of massive resource discovers. Speaking of which he said something along the lines of "resources added to all mines , including royropata and monte to be reported in end of year report/presentation in March". Disappointed no questions were asked about Inmac forecast, the choice to target lower grades seems to me a very poor one and its annoying this point wasn't queried with them.

For a business on the FTSE 250 with a market cap of £3.25b is pretty poor form that there was only two questions and seemingly only two analysts on the call.

Oh and in closing remarks Landin said something along the lines of "documentation to be presented July this year" in relation to Royro. I couldn't make out if he was suggesting they aimed for the full permit submission to be filled by July or parts of it. If so, then there's a chance we can start construction on royropata as early as summer 2027. Then I'm hoping the existing plant & infrastructure along with the low development cost would suggest construction time wont be too long from there. Royro has MASSIVE potential and development costs should be low

Apologies if any of what I have added is slightly off/inaccurate. My memory is only so good and the phone line wasn't great so it was hard to catch every word.

Also wished they asked about any plans to hedge "lock in" $95 silver. two bloody questions :\

Truth be told im surprised is up and not down 5-10%. Not complaining ;)

(Im guessing mr market was expecting the dumb analyst concensus of net debt to be right. Net debt seems in line with the numbers we have been give as far as i can tell. I had it a little higher as i had gold ounces 2k lower and an average realised silver price lower than what they achieved).

Looking forward to the call. Would love to hear inmac 2026 forecast is based on a low grade strategy that they are only going to impliment for 2026. If its reflective of long term production its quite disappointing. However in the grand scheme of things (with two very significant mines coming online, a smaller inmac isnt too material)

Good q4 production number. Bad inmac 2026 guidance

and for the millionth time sotolo showcases he lack of understanding of hedges.

mfw sotolo say he has an ebita number haha. he wouldnt know were to start on the last 3 letters, total clown. ive told you many times those are not the 2025 hedges and any hedge beyond 2025 is valued market-to-market and has no place in an ebitda number. anyway as munger and buffett say "ebitda is bull**** earnings" so no wonder this clown would be interesting in claiming he has calculated it.

Its an issue with their financial calendar page, it comes up on the search result below but doesn't load on the actual page.

Hochschild Mining

https://www.hochschildmining.com › investors › financia...

Financial Calendar. Next Event: 21/01/2026 at 15:00 - 16:00 (UTC+00:00). Q4 2025 PRODUCTION RESULTS. Loading... Download all upcoming events. Click to download ...Read more

Congrats Feisty