Monte do Carmo

Monte do Carmo is a Feasibility-stage gold project in Tocantins state, Brazil.

Acquired for a total cost of $60 million, the project has strong exploration upside, is substantially permitted and benefits from excellent infrastructure.

HIGHLIGHTS

$60m

Acquisition cost from Cerrado Gold

82k hectares

Mineral concessions

1,012koz

Measured & Indicated resource

Monte do Carmo in Tocantins State, Brazil

 

Strategic Rationale

  • High quality project: Adds a low-cost, long-life asset located in a mining-friendly jurisdiction of Brazil, within close proximity to the Mara Rosa mine
  • Significant exploration upside: Offers compelling near-mine exploration opportunities underpinned by a large land package which remains relatively underexplored
  • De-risked permitting: Project permitting significantly advanced with the Installation License expected to be obtained in the near future
  • Leverages Hochschild's expertise and presence in Brazil: Aligned with Hochschild's core strengths and long-term strategy of acquiring and optimising development stage projects in Latin America, specifically in Brazil, a country where the Company has robust management and technical teams
  • Enhances Hochschild's portfolio: Provides the next leg of growth for Hochschild following the recent completion of the Mara Rosa mine

The Project 

The Project benefits from significant existing site infrastructure including year-round access via a paved highway and close proximity to the Isamu Ikeda hydropower plant. Permitting is substantially advanced, with the Environmental Impact Assessment approved and the Preliminary Licence granted by the Tocantins state environmental agency in May 2023.

Since March 2024, the Company has executed a 1,704m twin hole drilling programme which has validated the deposit's mineral resource estimate. In addition, the Company has conducted a 4,806m resource drilling campaign across five prospective mineralisation zones. The campaign has already incorporated additional gold resources which confirm the strong geological potential of the Project.

Work continued on the Monte Do Carmo project in 2025 and included:

  • Project Manager recruitment
  • Engineering studies ongoing (Ausenco) and including GAP analysis from Mara Rosa experience
  • Review of process optimisation options underway, including potential for 100% Carbon-in-Leach configuration, utilisation of a
  • SAG mill and plant and mine capacity expansion opportunities
    Completion of metallurgical testwork
  • Meeting with Tocantins state agency to discuss workforce development plans
  • Award of the installation licence
  • Signing of contract for transmission line and power distribution network to support water intake and construction infrastructure
  • Evaluation of the use of water harvesting for the project
  • Review of proposed filtration system
  • Validation of pit engineering study
  • Geotechnical studies almost complete

The Company currently expects updated economics and a final investment decision in mid-2026.