London, June 13, 2026, 23:04 BST
- Fresnillo finished up 4.53% at £30.02 on Friday, ahead of the FTSE 100 which added 1.63%.
- Silver’s gains this week supported sentiment, though gold remained under pressure as rate-hike bets kept traders cautious.
- The next big stock driver is Fresnillo’s 2Q26 production report coming July 22. Interim results land August 4.
Fresnillo PLC jumped 4.53% to close at £30.02 on Friday, outpacing the FTSE 100, which added 1.63% to finish at 10,471.72. Fresnillo is a leading London name for investors betting on silver and gold moves, so a bump in metals expectations can swing the stock. Even with Friday’s jump, the shares are still off 32.87% from the 52-week high of £44.72 set January 26. That gap points to ongoing volatility in the wake of this year’s sharp run higher in precious metals.
UK stocks rallied Friday, Reuters said, as hopes for an Iran-U.S. peace deal sent oil prices down and boosted risk appetite. That created a mixed but mostly positive backdrop for shares. For Fresnillo, silver offered the better signal—spot silver rose 1.2% to $68.14 an ounce and was set for a weekly gain. Spot gold added 0.3% to $4,227.17 though it was still off 2.3% for the week. Gold pays no interest, so it tends to lose ground if rate hike bets pick up, since cash and bonds look more attractive. Reuters
Fresnillo, the top primary silver miner and Mexico’s largest gold producer, is closely tied to metals prices, which can push expectations for sales and cash. The company’s latest update set off moves in the stock after first-quarter silver output dropped 8.5% from the previous quarter to 11.1 million ounces. Gold output edged up 0.7% over the quarter to 136,074 ounces but was still 12.8% lower year-on-year. “We started 2026 in line with our expectations,” said CEO Octavio Alvídrez, adding that “precious metals prices remain resilient.” Investegate
Bulls argue Fresnillo’s finances look solid thanks to strong metal prices. The miner’s 2025 results had adjusted revenue up 27.6% to US$4.65 billion and EBITDA climbing 80.7% to US$2.80 billion. (EBITDA, or earnings before interest, tax, depreciation and amortisation, is a key measure of profit before some accounting and finance costs.) Fresnillo ended 2025 with US$1.92 billion in net cash and paid out US$950 million to shareholders, or 128.92 U.S. cents per share. The cash position means Fresnillo can keep up mine spending, maintain dividends, and go ahead with Probe Gold, while more leveraged miners have less flexibility.
Some bears say the stock has already factored in a lot of positive news, but production isn’t steady. Fresnillo’s 2026 outlook is for 42 million to 46.5 million ounces of silver and 500,000 to 550,000 ounces of gold, both below its 2025 output of 48.7 million ounces of silver and 600,287 ounces of gold. The company’s first-quarter release showed lower ore grades and less processed ore at Saucito, Fresnillo and Juanicipio mines. If silver or gold prices roll over, that weaker production could show up in the numbers. Investegate
Fresnillo’s next big company event is its 2Q26 production update out July 22, then 1H26 results on August 4. Key questions: Will silver grades level out? Does Saucito see better ramp haulage now that Jarillas shaft work is done? Is Herradura seeing gains from the new leaching pad? And is Fresnillo ready to talk about restarting Noche Buena soon? These issues will matter for valuation, which hangs on the group’s ability to turn metal prices into more free cash flow after capex. Fresnillo plc
Fresnillo is trading near £30 and looks more fairly priced to risky than cheap. Silver is still strong, gold prices are high, and the balance sheet is solid. The stock is down 33% from its January top, so it has more headroom than at the highs. But the shares remain sensitive to U.S. rate moves, swings in metal prices and delivery risks. The stock’s price-to-earnings ratio is about 21.4, which measures how much investors pay for each pound of profit. New buyers are likely those who are fine with wild swings in precious metals and want to see what the July production update brings for the operating trend.
