London, May 2, 2026, 23:06 BST
Fresnillo PLC ended the day in London at 3,255p, gaining 0.62%. The Mexican precious-metals miner saw a choppy session, with shares swinging from 3,113p to as high as 3,282p, according to market data.
The timing stood out: London’s FTSE 100 dipped 0.1% in light volumes before a UK public holiday, just as Reuters flagged spot silver climbing 3% and gold reversing earlier declines. That uptick in metals gave Fresnillo investors a new angle, shifting focus away from last month’s production shortfall at the silver miner.
It’s not all smooth sailing on the operations front. Fresnillo reported on April 22 that attributable silver production for the first quarter slid 8.5% from the previous quarter, coming in at 11.1 million ounces—also a 6.5% decline from the same period last year. Gold production ticked up 0.7% over the quarter to 136,074 ounces, but that figure marked a 12.8% drop compared with a year earlier. Guidance for 2026 remains unchanged.
Friday’s uptick wasn’t enough to claw back the week’s losses. Shares remained under the April 24 finish at 3,370p, after slipping on Monday through Wednesday, surging Thursday, then adding a smaller gain on Friday.
The numbers spelled out the trouble spots. Fresnillo pointed to declining ore grades—meaning each tonne of rock held less metal—and less material processed at Saucito, Fresnillo, and Juanicipio as reasons for the softer silver production. Also dragging output: lower recovery rates, or how much metal the plant manages to pull from the ore.
Fresnillo’s Chief Executive Octavio Alvídrez said the miner kicked off 2026 “in line with our expectations.” “Precious metals prices remain resilient,” he noted, and the company is watching costs carefully. Investors face a familiar equation: lighter mine production, guidance that holds steady, and a metals market that’s still supporting high prices.
Chris Gaffney, president of world markets at EverBank, pointed to “positive news regarding negotiations to end the war with Iran” as a boost for gold, speaking with Reuters. Silver, meanwhile, appears to have support over the long haul, Saxo Bank’s Ole Hansen noted, citing a sixth consecutive annual deficit, falling inventories, and demand from both the solar sector and private investors. Reuters
Fresnillo stands out among UK-listed miners. According to a company filing, it leads the world in primary silver production and tops Mexico’s gold output, running eight mines across the country. So, its profile lines up more with precious-metals players—think Hochschild Mining or Pan American Silver—than with the bigger, diversified names on the London market. That means silver price swings hit sentiment here harder.
The risk stands out. Higher prices for silver and gold won’t solve low grades, recovery snags, or mounting costs. Should silver reverse Friday’s gains—or if energy and other expenses refuse to budge while production stays patchy—that steady guidance may suddenly feel a lot less secure.
Fresnillo’s next big governance date lands on May 19, when the annual general meeting takes place in London. The AGM notice and 2025 annual report dropped in April. As for the shares, Friday’s trading tells the story: investors still like the silver, but scrutiny around the mine plan has definitely tightened.
