London, May 13, 2026, 16:03 BST
Fresnillo PLC shares rose nearly 3% on Wednesday afternoon, putting the London-listed precious-metals miner back among stronger resource names as investors bought miners into a volatile bullion market. The stock was quoted at 3,748p, up 108p or 2.97%, with trades around 3,746p-3,751p shortly before 15:47 London time.
The move matters because it came without a new operating statement. A regulatory news page for Fresnillo listed the latest items as an April 28 final-dividend conversion notice and the April 22 first-quarter production report, leaving Wednesday’s move tied more to metals, rates and positioning than fresh mine data.
Wednesday’s gain followed a choppy run: data showed Fresnillo closed at 3,698p on Monday, fell to 3,640p on Tuesday, and had been as low as 3,572p on Friday. That is the kind of swing investors expect when a miner’s earnings story is being pulled by both metal prices and production risk.
A wider UK mining bid helped. AJ Bell/Alliance News said the FTSE 100 was supported early Wednesday by a rally in miners as metals prices rose; Antofagasta climbed 5.1%, while Fresnillo and fellow gold miner Endeavour Mining were both up 4.5%.
The bullion backdrop was not all one-way. Reuters reported spot gold down 0.6% at $4,686.99 an ounce by 1305 GMT as inflation worries cut rate-cut expectations, while spot silver slipped 0.2% to $86.70 after hitting a two-month high; Peter Grant, vice president and senior metals strategist at Zaner Metals, said sticky inflation had reinforced the view of “higher rates for longer.” Reuters
Prediction markets point to the same pressure. Kalshi priced “exactly 0 cuts” in 2026 at 61.5%, while Polymarket’s Fed-rates page showed zero cuts at 63% and one cut at 18%; for gold and silver miners, that can cut both ways because inflation may keep haven demand alive, but high rates can pull money toward interest-bearing assets. Kalshi
The company’s own April numbers are still the anchor. Fresnillo said first-quarter attributable silver output fell to 11.1 million ounces, down 8.5% from the previous quarter and 6.5% from a year earlier, mainly on lower ore grades and reduced processed volumes at Saucito, Fresnillo and Juanicipio. Gold output was 136,074 ounces, up 0.7% quarter-on-quarter but down 12.8% year-on-year; the company kept 2026 guidance at 42 million to 46.5 million ounces of silver and 500,000 to 550,000 ounces of gold. Chief Executive Octavio Alvídrez said the year had started “in line with our expectations” and that Fresnillo continued “to monitor costs closely.” Investegate
The risk is that demand and rate pressure spoil the metals trade before the operational story improves. India, the world’s second-largest precious-metals consumer, raised import tariffs on gold and silver to 15% from 6%, and Surendra Mehta, national secretary at the India Bullion and Jewellers Association, said the move “could affect demand” because prices were already high. Reuters
For Fresnillo, the immediate test is not just whether gold or silver hold their levels. It is whether lower ore grades and reduced processed volumes at key silver mines prove to be a first-quarter wobble, not the start of a guidance problem.
The next hard production check is close enough to matter. Fresnillo’s media calendar lists the second-quarter production report for July 22, while its first-half interim results are still marked as to be confirmed.
