London, Jan 24, 2026, 09:34 GMT — Market closed.
- Fresnillo ended Friday up 2.1% at 4,168p after touching 4,188p
- Precious metal miners held up better than the wider market as gold and silver surged
- Next catalyst is Fresnillo’s Q4 production report due Jan 28
Fresnillo PLC shares closed Friday up 2.1% at 4,168 pence, after briefly touching 4,188 pence — a new 52-week high, meaning the highest level in the last year. 1
With London shut for the weekend, the question now is whether the bid in precious metals stocks carries into Monday’s open, or whether traders decide the move has run ahead of itself.
Bullion has been doing most of the heavy lifting. Silver vaulted above $100 a troy ounce (the standard unit used in bullion markets) and was last around $101 on Friday, while gold hit another record near $4,988, helped by safe-haven demand and momentum buying, Reuters reported. One strategist at StoneX described the silver move as a “self-propelled frenzy”. 2
In London, an index of precious metal miners rose 2% on Friday and finished up 11.3% on the week even as the FTSE 100 slipped 0.07%, Reuters data showed. “Gold ostensibly remains the preferred portfolio hedge amid ongoing geopolitical risk,” Laura Cooper, senior macro strategist at Nuveen, said. 3
Company news has added something more concrete to the story. Fresnillo said on Thursday it completed the acquisition of Canada’s Probe Gold for about C$770 million ($555 million), funded with cash, and that it would not change its dividend policy. The miner said the deal adds a 10-million-ounce gold resource base around the Novador project in Quebec’s Val d’Or district and described Novador as capable of producing more than 200,000 ounces a year for over a decade; CEO Octavio Alvídrez pointed to a “sizeable resource base with upside optionality”. 4
The next scheduled read on operations comes soon. Fresnillo’s financial calendar shows its fourth-quarter 2025 production report is due on Jan. 28. Production reports are the company’s regular operational updates, typically covering metal output and related commentary. 5
Investors will be looking for silver and gold output, cost signals and any clues on how management is thinking about 2026 after a sharp run in both bullion prices and the share price.
But it is not a one-way trade. A quick reversal in silver and gold — or a sense that the physical-market tightness is easing — could hit miners hard, and Fresnillo also has execution risk as it starts work on its first project outside Mexico.
For the next session, traders will be watching Monday’s open in London and whether bullion holds near recent peaks. The next clear company catalyst is Fresnillo’s Q4 production report on Jan. 28.
