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Fresnillo PLC on Wednesday said its annual production met or beat guidance last year, though it lowered output forecasts for 2026. Shares in the gold and silver miner in Mexico, which also has exploration assets in Peru and Chile, rose 0.9% to 4,176.00 pence each in London on Wednesday morning. The stock has surged more than six-fold over the past 12 months, coinciding with a period of record precious metal prices. Gold and silver have surpassed to $5,000 and $100 an ounce marks respectively in recent days. Fresnillo said silver output in the fourth quarter of the year fell 8.0% annually to 12.2 million ounces. It was up 5.9% on-quarter, however, due to higher ore grades at the Fresnillo, Saucito and San Julian Veins assets. Total silver output, factoring in silverstream pacts, was also 12.2 million in the final quarter, up 4.1% from the third quarter but down 11% on-year. Gold production amounted to 135,192 ounces, weakening 11% on-quarter and 34% year-on-year. Fresnillo noted a lower ore grade, a decrease in the of ore processed and a lower recovery rate at Herradura hurt the on-quarter comparison. Fresnillo also pointed to a weaker ore grade at Cienega. Compared to a year prior, there were lower ore grades and decreased volumes of ore processed at Herradura, Saucito and Fresnillo. For the whole of 2025, silver output fell 12% to 47.6 million ounces, or down 14% to 48.7 million when including silverstream. This was towards the lower end of its 47.5 million to 54.5 million outlook range. Gold production fell 5.0% to 600,287 ounces but beat a forecast of 550,000 to 590,000 ounces range. Output of by-products lead and zinc fell 6.5% to 62,076 tonnes and 9.2% to 105,915 tonnes. ‘I am pleased to report another year of solid operational performance, with gold production exceeding the upper end of our full-year guidance range and silver production delivered in line with guidance. These results demonstrate the resilience of our asset base and the consistent execution of our operations throughout the year,’ Chief Executive Officer Octavio Alvidrez said. Looking to 2026, it now expects silver production of 42 million to 46.5 million ounces, its forecast cut from 45 million to 51 million. Gold production between 500,000 and 550,000 is now predicted, against prior guidance of 515,000 to 565,000. The will be changes to the plan for the Fresnillo mine, ‘which are expected to reduce ore throughput and overall ore grade’, hurting silver output. For gold, it expects lower production at Herradura as some output was brought forward to 2025. Looking to 2027 and 2028, silver output of 45 million to 51 million ounces is expected for both years. Gold production of 535,000 to 595,000 is expected for each of 2027 and 2028. CEO Alvidrez said: ‘As we look ahead, we remain focused on our priorities of safety, operational discipline and efficiency to maximise value in a supportive metals price environment.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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