It has been a brutal market since 2011, esp. for junior exploration companies and esp. those in primary silver production.
The better companies have been consolidating along the way, improving operations, lowering costs, etc.
Hochschild has actually been profitable even recently, improving its balance sheet via major debt reduction and increase in cash balance. They appear to be well run. From their Aug 2018 presentation:
It will be a disappointment if they take a pass on the LDM.
This next leg down in prices in silver and the base metals since mid-summer is putting renewed pressure on all these companies. You can observe the results in the Q3 numbers of many companies and you will see more in the Q4 numbers. I’m sure H. is wanting to be very cautious in their expenditures as will everyone as they wonder how long $14.25 silver / $1220 gold is going to be around. Recent commodity pricing is not very cheery. On the other hand, the recent plunge in oil prices will help with fuel expenditures in 2019 if it continues.