London, Feb 16, 2026, 09:50 GMT — Regular session
- Fresnillo slipped roughly 1.2% at the open in London, following bullion prices lower.
- Gold and silver slipped, with thinner holiday trading sapping liquidity and the dollar showing some muscle.
- Investors are making moves ahead of Fresnillo’s March 3 results and new guidance.
Fresnillo slipped 1.2% to 3,811 pence as of 0950 GMT, after touching a session low of 3,782 pence earlier. 1
Fresnillo stands out in London as a straightforward play on silver and gold, and lately bullion’s been whipsawed by changing rates and investors’ shifting hunger for risk. That puts the spotlight on the miner’s moves.
Gold dropped over 1%, while silver lost ground as well, both moving lower in sparse trading. U.S. markets were closed for Presidents’ Day, and China’s exchanges paused for the Lunar New Year. “Gold has given back some of Friday’s post-CPI gains” amid thin liquidity and a lack of new drivers, said Tim Waterer, chief analyst at KCM. 2
Fresnillo pulls silver and gold out of Mexican ground, claiming the top spot in global silver output; gold is its secondary source of revenue. 3
Fresnillo’s next big update isn’t far off. The miner will release its FY25 preliminary numbers March 3, followed by a production report coming April 22, per its posted financial calendar. 4
Investors are still processing the January production update, which saw the miner cut its 2026 silver and gold output targets. The upcoming report drops on top of that. 5
Near-term, traders are watching spot gold and silver, the dollar, and whatever rate signals might tilt demand for non-yielding metals. Those shifts flow right through to miners’ margin and cash flow outlooks.
The dynamic can just as easily work against investors. Should silver keep falling or costs prove steeper than forecasts, both guidance and dividend expectations might take a hit. Fresnillo’s sharp exposure to bullion, a boon on the way up, can become a liability on the way down.
