London, June 12, 2026, 15:04 (BST)
- Fresnillo gained over 3% on Friday, beating the broader FTSE 100, which was also up.
- Silver futures gained, but spot gold was still heading for its second weekly loss.
- The next big company catalyst for investors is the 2Q26 production report, set for July.
Fresnillo PLC was up Friday as buyers returned to the London-listed miner. The move tracked gains for UK markets and more swings in gold and silver. Hargreaves Lansdown’s late quote put Fresnillo at 2,960p to sell and 2,964p to buy, a rise of 94p, or 3.27%. The FTSE 100 was ahead 1.06%. Fresnillo opened at 3,014p. It last closed at 2,872p. Market cap was about £21.86 billion, according to Hargreaves.
Fresnillo’s shares often track precious-metal prices, so the stock’s June 12 range of 2,930p to 3,031.9p matched up with a 4.33% jump in silver futures and 2.46% gain for gold futures, based on Investing.com data. There wasn’t much follow-through in the spot market—Reuters said spot gold Friday was flat at $4,207.30 an ounce, down more than 2% for the week, and spot silver fell 0.7% to $66.90. Mining names typically benefit from rising metal prices, but lower prices hit revenue forecasts and can drag profits fast. Investing
London stocks also gave a lift. Reuters said Britain’s main indexes rose over 1% on bets for a possible U.S.-Iran peace deal. The FTSE 100 gained 1.1% to 10,414.02 as of 10:59 GMT. Fresnillo feels the pressure both ways: de-escalating tensions may push down energy costs for miners but can also weigh on safe-haven demand for gold. Safe-haven demand means investors turn to assets seen as reliable during uncertain times.
No new company news has come out in the past day to explain the share move. Fidelity’s Fresnillo page still had the same latest announcements: the May 19 AGM statement, the April 28 note on the dividend conversion rate, the April 17 annual results, and the March 3 prelims. Friday’s move looks more tied to the market and metals prices than anything operational.
Fresnillo is still seen as a play on rising silver and gold prices. The miner posted record results for 2025, with adjusted revenue climbing 27.6% to $4.6 billion and EBITDA up 80.7% to $2.8 billion. EBITDA, or earnings before interest, tax, depreciation and amortisation, is a key cash metric. CEO Octavio Alvídrez in March said the company gained from “a high precious metals price environment.” Net cash stood at $1.92 billion, so Fresnillo has flexibility to invest and pay out to shareholders. Investegate
Production quality and volumes are the main risk for Fresnillo, according to the bear case. The company’s first-quarter update showed attributable silver output dropped to 11.1 million ounces, down 8.5% from the previous quarter and 6.5% from a year earlier. That was driven by lower ore grades and lower processed volumes at Saucito, Fresnillo and Juanicipio. Gold production ticked up 0.7% from the prior quarter at 136,074 ounces, but was down 12.8% year on year, mostly on weaker throughput and grades at Herradura. Fresnillo kept its 2026 targets at 42 million to 46.5 million ounces of silver and 500,000 to 550,000 ounces of gold.
The 2Q26 production report, set for July 22 on Fresnillo’s financial calendar, is the next big check for investors watching if the miner can stick to guidance after a weaker first quarter for silver. The market will look for signs in the update that dilution control, ore grades, Herradura’s leaching pad, and work on the Jarillas shaft at Saucito are moving in the right direction to help the company hit its full-year goals.
Fresnillo is trading at what looks like a fair value for the risk at today’s price, not clearly cheap. The stock is still up 107% over the past year, based on Trading Economics data. Hargreaves Lansdown put its price-to-earnings ratio at 20.30, with a dividend yield of 3.21%. The price-to-earnings ratio shows how much investors pay per pound of yearly profit; a higher number means paying more for earnings. This kind of multiple can make sense if silver and gold hold up and output doesn’t wobble, but it gives little cushion if metals drop, costs push higher, or if the July production report comes in soft. Trading Economics
