London, Jan 15, 2026, 09:12 GMT — Regular session
- Fresnillo shares dip in early London trading after silver and gold retreat from their record peaks
- Citi raises its Fresnillo price target to 4,600p and maintains a buy rating
- Probe Gold shareholders have given the green light to Fresnillo’s takeover plan; the court hearing is scheduled for Jan. 19
Fresnillo (FRES.L) shares dipped on Thursday as silver prices slipped from their record highs, weighing on the London-listed miner. By 09:12 GMT, the stock had dropped 3.8% to 3,624 pence, down from Wednesday’s close of 3,766 pence. 1
Bullion pulled back after a strong rally. Spot silver dropped 3.4% to $89.63 an ounce, after hitting a record high of $93.57 earlier on Thursday. Gold slipped to $4,608.77 following a fresh peak the day before. Silver had cracked $90 for the first time on Wednesday. “Gold is down a bit … but the larger story is not going away,” said Ilya Spivak, head of global macro at Tastylive. (Safe-haven demand is investors buying gold for protection when markets feel unsettled.) 2
Fresnillo’s story is straightforward: with its heavy silver exposure, the stock acts as a quick gauge for traders’ expectations on price direction after recent volatility. The shares have swung sharply in response to changing rate-cut bets and geopolitical events.
Despite the market’s recent volatility, analysts remain upbeat. Citi bumped Fresnillo’s price target up to 4,600 pence from 4,000 and maintained its buy rating, TheFly reported. 3
Probe Gold confirmed its shareholders have approved a plan of arrangement, a court-supervised takeover mechanism in Canada, under which Fresnillo will buy Probe for C$3.65 a share. The company is set to return to an Ontario court on Jan. 19 for a final order, with closing anticipated on or about Jan. 21. 4
In October, Fresnillo struck a deal to acquire Probe for roughly C$780 million ($556 million) in cash, Reuters reported. The move accelerates Fresnillo’s North American expansion and adds the Novador gold project in Quebec to its portfolio. Fresnillo CEO Octavio Alvídrez said Probe’s assets would “meaningfully complement” the company’s development pipeline. 5
Near-term risks hinge on metal prices. A sharper drop in silver or gold could swiftly dent earnings forecasts. Meanwhile, the Probe deal remains subject to court approval and the standard closing hurdles.
London traders are eyeing whether bullion can hold steady after recent volatility and how U.S. data will shift interest-rate expectations—a crucial factor for gold, which doesn’t pay interest.
Investors have their eyes on Fresnillo’s Q4 2025 production report, set for release on Jan. 28. This update will reveal volumes and costs as the company moves into 2026. 6
