London, April 24, 2026, 16:08 BST
- Fresnillo churned out 11.1 million ounces of silver in the first quarter, an 8.5% drop from the previous three months.
- The miner left its 2026 silver and gold production guidance as is.
- The stock slipped roughly 0.5% late Friday and finished the week in the red.
Fresnillo PLC is sticking with its 2026 production guidance, even after a dip in first-quarter silver output. The company’s attributable silver production landed at 11.1 million ounces for the quarter, down on the back of weaker ore grades and slimmer volumes at Saucito, Fresnillo, and Juanicipio. Still, the London-listed miner, whose main assets sit in Mexico, is leaning on mine plans and a lift in precious-metals prices to keep the year on track. Fresnillo plc
Investors are zeroed in on whether Fresnillo can actually convert these lofty gold and silver prices into real cash flow—without stumbling through another year of missed targets. The stock changed hands at 3,408 pence on Cboe Europe as of 11:08 a.m. EDT, ticking 0.5% lower for the session and off close to 10% over the past five days. MarketScreener
It’s complicated out there. Gold edged up on Friday but is still heading for its first weekly drop in five weeks, hit by those oil-fueled inflation jitters, a firmer dollar, and rising yields. Spot silver added 0.3% to $75.65 an ounce, according to Reuters. UBS’s Giovanni Staunovo pinned the gold pullback on oil, saying the metal’s drop this week came down to rising rate expectations, yields, and the dollar. Reuters
Fresnillo reported a 0.7% uptick in gold output from the previous quarter, reaching 136,074 ounces, with Herradura and Fresnillo mines posting improved grades and recoveries. But year-on-year, production dropped 12.8%—Herradura processed less ore and quality slipped after a robust first quarter in 2025. Fresnillo plc
Chief Executive Octavio Alvídrez said 2026 got underway “in line with our expectations,” with operational plans on track. Alvídrez added that Fresnillo is still “monitoring costs closely” as precious-metals prices hold up. Fresnillo plc
The company stuck to its 2026 outlook: silver still pegged between 42 million and 46.5 million ounces, gold unchanged at 500,000 to 550,000 ounces. Longer-term targets? No revisions there either—silver remains set at 45 million to 51 million ounces for both 2027 and 2028, gold running from 535,000 up to 595,000 ounces for those years. Fresnillo plc
Some of the drag came down to the mines themselves. Silver production at the Fresnillo mine slipped 12.5% from Q4. Saucito turned in a 13.2% drop, with softer grades, less ore processed, and shaft work at Jarillas all weighing on volumes. Juanicipio’s share of silver declined 6.7% from the previous quarter as mining moved deeper and encountered poorer grades. Fresnillo plc
Herradura managed to lift the quarter a bit. Gold production climbed 9.9% from the previous three months, reaching 78,308 ounces, thanks to higher grades and improved selectivity. Still, that figure was down 22.8% year-over-year. According to Fresnillo, phase XV of Herradura’s leaching pads is now online, with ore now being deposited for processing.
Noche Buena could present an upside. Fresnillo reported 2,869 ounces of gold recovered from leaching pads during the quarter, marking a decline versus previous periods. However, a recent review of the remaining ore turned up positive, and the company plans more work in the second quarter to gauge whether a near-term restart is feasible.
The outlook doesn’t allow much slack if grades stay weak or project timelines go off track. Fresnillo flagged that ramp haulage at Saucito should return to normal during the second quarter. Over at the Jarillas shaft, connecting the two sections is still on track for the fourth quarter, but any holdup—along with rising fuel or contractor bills—could pile on pressure in the back half. Fresnillo plc
Peers provide a clear example: execution is what matters for the market now, not just soaring metal prices. Newmont, the top global gold producer, topped first-quarter profit forecasts this week—record gold prices made up for weaker output. Still, the company flagged a dip in second-quarter production and warned of rising costs. Fresnillo faces the same dilemma: strong prices are a plus, but only if mines keep delivering. Reuters
Fresnillo still holds its spot as the top primary silver producer globally and leads Mexico in gold output, running eight active mines across the country and trading in both London and Mexico. The company insists the first-quarter slump is under control. Investors, judging by the share price, aren’t entirely convinced yet.
