there are numerous high cost gold miners out there.. it isn't uncommon.. i get the market was not happy that guidance was reaffirmed in Q3 only for it to ratcheted up
i am personally not fussed if guidance merits an uplift on AISC if Gold is trading $3k+ throughout 2025
ultimately it's all about FCF and quality of the portfolio |
If you had told me a year ago, Hoc would have the 20yr Immaculata permit; gold was trading at $2840; silver was trading at $32. I would have presumed hoc would have been trading at over £1.5b.
and that's without knowing we purchased monto whilst gold was 20% lower |
 The reasons given for the cost increase.
1. The argentine peso (san jose is only a small portion of operations, also the expectation would have been throughout the year not specifically the last Q)
2. Slow contractor at Mara Rosa (mara rosa was operating at and above expected full capacity in q4, this only excuses prior months but cost projections remained the same)
3. Local community social investments at Immaculata (also worth noting that ore production was up q4 from q3 and grades down which would explain some cost increase)
Of the 3 the first 2 don't explain the sudden cost hike. So is reason 3 mostly to blame? I'd have like to think such investments in the local communities would be well planned out ahead of time and not large and all of a sudden. As of 2023 Peru was ranked 121st out of 180 on corruption, altho you'd think they wouldn't have much leverage on Hoc considering 20yrs permit granted and hoc being a well paying large employer in a very poor region.
Will be interesting to compare aisc in the annual report vrs prior guidance, wonder how much of it comes from Inmaculada.
On the call they did seem very happy with brownfield drilling that they are still auditing, this could potentially be why they only gave guidance for 2025. You would imagine they would otherwise be eager to remove the uncertainty and give longer term guidance.
I hope we will be getting lower longer term guidance in the annual report or during the Miami conference. The word "conservative" was used half a dozen times during the Q4 call. |
Gold consolidating this rise to $2800.
24 hrs now holding above $2800 with a high of $2824.
This price will fluctuate but we have established a new higher high cf $2790 at the end of October.
This move could take us to $3000?
Miners skeptical for now but with a lot of catching up to do .... |
worth a listen to this. BTC is a trillion $ asset now and rising....DYOR |
We love a bit of crypto. Pullbacks, dips and pumps are all part of the bigger game. Play it or don't it's no different to every other asset. Worthless or worth a fortune at any given time with the greater fool theory always in mind. |
Wouldn’t touch crypto!
Sounds a big Ponzi scheme to me.
Great for money laundering i suspect! |
Not so clever after all ....
BREAKING: In the past 24 hours , $2.17 billion was liquidated from the crypto market, with 728,658 traders liquidated.
It's sort of like the fulfillment of the reverse (MSNBC) Cramer. He recently said to buy crypto. |
Fieldhouse. Yes, gold and silver the ultimate safe haven!
HOC will definitely be back! There are plenty of silver miners and explorers listed in North America but only 2 producers I know of listed on LSE incl HOC. Silver is in the background atm with gold making headlines and a new ath. Both HOC and FRES are in a back water although they are both major gold producers as well.
Just a couple of weeks ago HOC share price was riding high but the AISC shock has soured sentiment for now and it may take a while to recover and move higher. My investment here is as an 'anchor' stock but with smaller gold miners that are more nimble and even more under valued! eg AAZ, THX, ALTN.
A minimum of doubling of PM miners is due in the next 12 months if they produce huge cash flow increases and profitability as expected and PM's perform as we expect. |
We live in interesting times!,
Gold and silver the ultimate safe haven!
Thanks Steve for your research and updates |
Traders load US-bound planes with gold and silver in tariff bet.
Bloomberg News | January 31, 2025
JPMorgan Chase & Co., the world’s top bullion dealer, will deliver gold bullion valued at more than $4 billion against futures contracts traded on CME Group’s Comex that will expire in February. The delivery notices, which total 30 million troy ounces of gold, were the second largest ever in bourse data going back to 1994.
“The bottom line is there’s a huge arbitrage,” said Robert Gottlieb, a former precious metals trader and managing director at JPMorgan Chase & Co., the world’s top bullion dealer. “The markets are still dislocated. There are opportunities, but there are also exposures.” |
The Secret Reason USA Wants Its Gold Back! It’s Not Tariffs.
By Vince Lanci. January 31, 2025
The question as raised by ZeroHedge is: What has spooked the world’s savviest investors to suddenly park as much as gold in vaults some 100 feet below Manhattan all of a sudden?
The answer offered is: Just as Gold and Silver were expatriated stateside during Covid it is again being bought. The price of gold futures in the US remaining much higher than in London just might have little to do with Trump tariffs and more to do with the US needing its metal supply chain reshored.
In a word, Repatriation is part of the implied answer. Repatriation to what ends is the final question we all hope to have the answer to soon.
www.scottsdalemint.com/articles/2025/the-secret-reason-usa-wants-its-gold-back-its-not-tariffs/ |
Silver $31.32.
Not a spectacular move so far, but its on its way back up. Gold has hit a new ath at $2820 this week before falling back late on Friday.
Graddhy: I have been stating that gold $3000–$3300 and silver $40-$45 is next. Silver is today breaking out on daily chart. $42 level should be next.
Silver is going to smash through the $50 all-time high and eventually trade well over $100. Use any weakness in price to continue accumulating physical silver. The mining shares are also headed to all-time highs, even though it will be a ride that is full of volatility. Focus on silver and the high-quality mining and exploration shares since they are radically undervalued vs gold. |
Gold future December 2025 =$2950 oz
What to do ? |
Gramshaw. Lavras = Amarillo Gold. The NSR does not apply to the main pit at Mara Rosa that is being mined.
Lavras Gold owns a 2% net smelter return (NSR) revenue-based royalty that applies to 65,000 hectares of exploration ground around Hochschild’s Mara Rosa mine in Goiás State in central Brazil.
This royalty was created as part of the arrangement agreement between Amarillo Gold Corporation and Hochschild Mining PLC that resulted in the sale of Amarillo and the creation of Lavras Gold. |
Don't know if this has been mentioned before but reference to HOC in current lavras gold presentation
hxxps://wp-lavrasgold-2023.s3.ca-central-1.amazonaws.com/media/2025/01/Lavras_Investor-Presentation-07January2025-for-website-no-Mara-Rosa-Timeline.pdf |
Houston we have lift off. Gold to the moon and will drag HOC with it kicking and screaming. This is so worth the misery of the last week. |
Buffet:
“The stock market is a device to transfer money from the impatient to the patient”
end. |
If I was confident what the future costs roughly where id agree the valuation is bonkers. Altho if mr market wasnt quite frequently bonkers, folks like mr buffet wouldn't be able to grow so wealthy. Valuations can stay bonkers for years. |
I really do not understand the market!
The Share price is bonkers !
$10000 + margin over costs and if gold continues this rise !
Costs will be scrutinised and will,I am sure will be contained .
Mara Rosa overrun was a one off !
Cheap as chips! |
In the last 5 years, there has been a widening gap in the supply - demand for silver.China is looking to stimulate economic growth, which would act as a catalyst for increasing demand for industrial metal like silver. |
Silver has again gone thru 31 dollars resistance and holding well for the next 32-33 bull run. |
Fair enough |
TheOO, maybe but it is not often that that "conspiracy" hits front page of the FT |
Register to chat with like-minded investors on our interactive forums.
Hot Features
Premium
