London, May 13, 2026, 16:03 BST
Fresnillo PLC jumped almost 3% by late Wednesday, regaining ground among London’s top mining stocks as buyers moved into the sector during a choppy bullion session. The precious-metals miner traded at 3,748p—up 108p, or 2.97%—with prints hovering between 3,746p and 3,751p just ahead of 15:47 in London.
This shift stands out—no new operating statement accompanied it. Fresnillo’s regulatory news page showed its most recent updates were an April 28 final-dividend conversion notice and the April 22 first-quarter production report. So on Wednesday, the stock moved more on metals prices, interest rates, and positioning than on any fresh news from the mines.
Fresnillo swung from 3,698p at Monday’s close down to 3,640p on Tuesday, after dipping to 3,572p last Friday, according to data. Wednesday’s rise came right after that jagged stretch—par for the course when production worries and shifting metal prices tug on a miner’s earnings.
A broader push for UK mining deals gave the FTSE 100 an early lift Wednesday. AJ Bell/Alliance News flagged strong moves in the sector as metals prices ticked up. Antofagasta surged 5.1%. Fresnillo and Endeavour Mining, both gold players, advanced 4.5%.
Gold didn’t hold up across the board. By 1305 GMT, Reuters had spot prices down 0.6% to $4,686.99 an ounce, inflation concerns damping hopes for rate cuts. Silver dropped too, off 0.2% at $86.70 after reaching a two-month peak. “Higher rates for longer” is still the call, according to Zaner Metals’ Peter Grant, vice president and senior metals strategist, who cited persistent inflation. Reuters
Prediction markets echo the same strain. On Kalshi, odds for “exactly 0 cuts” in 2026 last landed at 61.5%. Polymarket’s Fed-rates board? It showed zero cuts at 63%, one cut trailing at 18%. That leaves gold and silver miners in a bind: inflation could keep safe-haven flows steady, but higher rates might lure cash into yield instead. Kalshi
April figures from the company remain the benchmark. Fresnillo reported first-quarter attributable silver production of 11.1 million ounces—a drop of 8.5% versus the prior quarter and 6.5% lower than the same period last year, citing weaker ore grades and less ore processed at Saucito, Fresnillo and Juanicipio. Gold came in at 136,074 ounces, showing a slight 0.7% uptick from Q4, though still down 12.8% year-on-year. The 2026 outlook holds steady: 42 million to 46.5 million ounces of silver, 500,000 to 550,000 ounces of gold. “The year started in line with our expectations,” Chief Executive Octavio Alvídrez said, adding that cost controls remain a focus for Fresnillo. Investegate
There’s a real risk here: shaky demand and mounting rate pressure could undercut metals before any turnaround on the operations front. India—second only to China as a precious-metals buyer—just hiked gold and silver import tariffs to 15% from 6%. Surendra Mehta, national secretary at the India Bullion and Jewellers Association, warned this “could affect demand” with prices already running high. Reuters
Fresnillo’s near-term challenge isn’t simply about gold or silver prices sticking. The real question: are the softer ore grades and lighter processed volumes at major silver mines from the first quarter just a blip, or is this the early sign of trouble with the company’s guidance?
That next major production update isn’t far off now. Fresnillo has its second-quarter production report penciled in for July 22 on its media calendar, though the first-half interim results remain listed as “to be confirmed.” Fresnilloplc
