LONDON, July 2, 2026, 15:06 BST
- Fresnillo plc (LON:FRES) was up 2.79% to 2,872p as of 15:06 BST, close to its session high of 2,876p.
- Silver gained 4.7% to $61.86 an ounce, though it’s still off almost 15% for the month.
- Fresnillo’s silver output for the first quarter is tracking around the middle of its 2026 outlook range, while gold is running near the upper end.
Fresnillo plc (LON:FRES) traded higher again Thursday, building on the prior day’s jump as silver rallied after U.S. jobs data pushed traders away from a fresh Fed rate hike. Shares were up 78p at 2,872p at 15:06 BST, after closing up 1.93% at £27.94 Wednesday. The FTSE 100 index (INDEXFTSE:UKX) was down 0.18%.
| Asset / stock | Latest level cited | Move |
|---|---|---|
| Fresnillo (LON:FRES) | 2,872p | up 2.79% |
| FTSE 100 (INDEXFTSE:UKX) | 10,532.93 at 1153 GMT | up 0.5% |
| Silver | $61.86/oz | up 4.71% |
| Gold | $4,136.54/oz | up 2.61% |
| Antofagasta plc (LON:ANTO) | 3,860p | up 2.17% |
| Hochschild Mining Plc (LON:HOC) | 483.60p | up 0.67% |
| Glencore PLC (LON:GLEN) | 511.37p | down 0.18% |
Fresnillo’s stock outperformed the wider London market but still lagged silver itself. That matters for investors. Fresnillo claims to be the top silver producer globally and a major Mexican gold miner, so shares often act like a leveraged bet on silver when production risks aren’t rising.
The shares traded at 2,872p, down 36% from the 52-week high of 4,472p. Volume was 2.11 million, nearly double the 1.09 million average reported by Google Finance.
| Production metric | Q1 2026 | Annualised Q1 run-rate | 2026 guidance | Read-through |
|---|---|---|---|---|
| Attributable silver | 11.121 mln oz | 44.5 mln oz | 42.0-46.5 mln oz | Tracking near midpoint |
| Attributable gold | 136.1k oz | 544.4k oz | 500k-550k oz | Close to top of range |
The run-rate tells more than just the daily stock move. Fresnillo’s first-quarter silver output times four lands close to the 44.25 million-ounce mid-point of its 2026 outlook. Gold production, using that math, comes in only about 6,000 ounces below the top of the range. It’s not an official forecast, but it helps explain why investors are looking at bullion prices as the key driver right now.
CEO Octavio Alvídrez said in the first-quarter update that output met forecasts and “precious metals prices remain resilient.” He added the new leaching pad at Herradura is now online and the Jarillas shaft interconnection project at Saucito should finish later this year. Investegate
Fresnillo is projecting a lower bar for 2026. The miner cut its silver guidance to 42.0 million-46.5 million ounces, down from the previous 45 million-51 million. Gold guidance also dropped to 500,000-550,000 ounces from 515,000-565,000. By mid-point, that’s a 7.8% trim for silver and 2.8% for gold.
Jobs data out of the U.S. missed forecasts, with nonfarm payrolls up just 57,000 in June versus the 110,000 economists expected in a Reuters poll. The dollar slipped, and yields on Treasuries moved lower after the numbers. “The report takes the pressure off the Fed in the short term,” Adam Sarhan, CEO at 50 Park Investments, told Reuters. Reuters
Fresnillo still splits analysts after its fall from January highs. Two months ago, Citigroup NYSE:C stuck with Buy and bumped its target to 5,000p. Morgan Stanley NYSE:MS trimmed its target to 2,400p, holding Underweight. JPMorgan Chase & Co NYSE:JPM was at 5,400p and Overweight three months ago, while Berenberg had Hold at 3,400p.
Fresnillo’s most recent development in the news came on June 22, when the company said it would buy up to 5% of Sinda Ltd via a private placement linked to Sinda’s planned U.S. IPO. Sinda’s project sits next to Fresnillo’s exploration work in Mexico’s Guanajuato silver belt. The deal won’t close unless the IPO goes ahead.
