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Fresnillo PLC on Wednesday said gold and silver production declined in the first quarter, but it said 2026 has started in line with expectations and it confirmed its guidance for the next three years. London- and Mexico City-based Fresnillo is a gold and silver miner in Mexico, Peru and Chile. Its shares were up 2.5% to 3,681.00 pence early Wednesday in London. It was the top gainer in the FTSE 100 index, which itself was up just 0.1%. Attributable silver production - excluding Silverstream, which ended in the fourth quarter of 2025 - was 11.1 million ounces in the first quarter, down 8.5% from 12.2 million in the fourth quarter and down 6.5% from 11.9 million a year before. Fresnillo said the lower silver output compared to the fourth quarter was due to lower ore grades and volumes at its Saucito, Fresnillo and Juanicipio mines, partly offset by increased ore throughput and a higher ore grade at the Cienega mine. Attributable gold production was 136,074 ounces, up 0.7% from 135,192 in the fourth quarter but down 13% from 156,105 a year before. The slightly higher gold output compared to the fourth quarter was thanks to higher ore grades and recovery rates at the Herradura and Fresnillo mines and higher volume of ore processed and increased grade at Cienega, the company said. Lead production was down 6.9% quarter-on-quarter but up 2.4% year-on-year. Zinc output was down 5.1% quarter-on-quarter but up 3.5% year-on-year. Fresnillo maintained it prior guidance for between 42 million and 46.5 million ounces of silver production in 2026 and 45 million to 51 million in each of 2027 and 2028. It kept gold production guidance at between 500,000 and 550,000 ounces in 2026 and 535,000 to 595,000 ounces in each of 2027 and 2028. ‘Our operational plans are progressing well,’ explained Chief Executive Officer Octavio Alvidrez. ‘In particular, commissioning of the new leaching pad at Herradura is complete and ore depositing has begun while the interconnection of the Jarillas shaft at Saucito is on track to be completed later this year.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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