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Fresnillo
Fresnillo (FRES) investor relations material
Fresnillo Status update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status update summary28 Jan, 2026
Operational performance
Gold production for the year exceeded the upper end of guidance, while silver production was in line with expectations, reflecting strong operational execution and asset resilience.
Quarterly silver production rose 5.9% vs. 3Q25 due to higher ore grades at key mines, but fell 8.0% year-on-year, mainly from lower grades and the cessation of certain mining activities.
Full-year silver output dropped 13.5% vs. FY24, primarily due to mine closures and lower grades, while gold output, though down 5.0% year-on-year, surpassed guidance.
By-product lead and zinc production increased quarter-on-quarter but declined year-on-year, impacted by lower grades, mine closures, and the discontinuation of zinc production at Ciénega.
Production guidance and outlook
2026 guidance: silver 45–51 moz, gold 515–565 koz, lead 54–59 kt, zinc 85–95 kt; similar ranges expected for 2027–2028, with some fluctuations.
Silver production in 2026 is expected to be lower due to changes in mine plans, reduced ore throughput, and delayed shaft connections.
Gold production in 2026 will be lower as some output was brought forward to 2025; 2027 guidance remains unchanged, with increases expected as new areas are developed.
Mine-specific performance
Fresnillo mine saw a 12.0% quarterly increase in silver production due to higher grades, but full-year gold output fell 20.8% year-on-year.
Saucito mine's quarterly silver output rose 8.4% on higher grades, but annual production declined due to equipment and operational challenges.
Juanicipio's annual gold production increased 9.1% year-on-year, while silver output fell 7.3% due to lower grades, partially offset by higher processed volumes.
Ciénega experienced a sharp drop in annual silver and gold production, driven by lower grades, reduced throughput, and the end of zinc concentrate production.
San Julián Veins saw a modest annual gold increase and a slight silver decrease, with 2026 grades expected to remain stable.
Herradura's gold output dropped 1.2% year-on-year, mainly from lower grades and processing delays, while Noche Buena continued its closure plan.
Impact of Jarillas shaft delay on 2026 silver
Ciénega zinc concentrate production cessation rationale
Herradura 2027 gold production recovery drivers
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Next Fresnillo earnings date
H2 20253 Mar, 2026
Fresnillo
Next Fresnillo earnings date
H2 20253 Mar, 2026
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Frequently asked questions
Fresnillo plc engages in the mining, development, and production of non-ferrous minerals. It operates through the following segments: Mexico, Latin America and Europe. The Mexico segment includes Fresnillo, Saucito, Ciénega, Herradura, Soledad-Dipolos I and II, San Julián, Noche Buena; and sub-horizontal Mining Methods. The Latin America segment involves Pyrites plants and San Ramón plant. The Europe segment covers recycling operations. Fresnillo plc was founded in 1887 is headquartered in London, the United Kingdom
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