London, January 28, 2026, 09:18 GMT — Regular session
Fresnillo (FRES.L) shares climbed 2.1% to 4,226 pence in early London trading Wednesday. The precious metals miner released its Q4 production numbers along with a downgraded output forecast for 2026. 1
The figures arrive as gold steals the spotlight. On Wednesday, the price surged past $5,200 an ounce, hitting a new record and drawing renewed focus on miners heavily tied to bullion. 2
Silver has been volatile, which usually impacts Fresnillo’s shares. Spot silver surged 7.7% to $111.84 an ounce on Tuesday, following a record high of $117.69 on Monday, according to Reuters. Still, Bank of America strategist Michael Widmer warned of “risks of sharp pullbacks” despite ongoing price support. 3
Fresnillo reported 12.16 million ounces of attributable silver and 135,192 ounces of gold produced in the quarter ending Dec. 31. For the full year 2025, attributable gold output reached 600,287 ounces, while total silver production, including its Silverstream stake, hit 48.723 million ounces. The term “attributable” denotes the group’s share from joint ventures. CEO Octavio Alvídrez commented he was “pleased to report another year of solid operational performance.” 4
The company lowered its 2026 forecast for attributable silver to 42.0 million to 46.5 million ounces, down from the previous 45.0 million to 51.0 million range. Gold guidance was also reduced, now 500,000 to 550,000 ounces, compared with 515,000 to 565,000 earlier. Fresnillo cited adjustments to the mine plan at its Fresnillo operation, a softer throughput outlook at Ciénega, and reduced output at Saucito due to the timing of the Jarillas shaft connection. The gold forecast drop reflects some Herradura production being shifted into 2025. 5
Fresnillo’s shares showed sharp swings this week. After hitting a 52-week high on Monday, the stock plunged 6.92% Tuesday to finish at 41.40 pounds, MarketWatch reports. 6
Fresnillo calls itself the world’s top silver producer and ranks among Mexico’s biggest gold miners. Its earnings swing sharply with metal prices and even slight shifts in ore grades and throughput. 7
Broader macro trends continue to drive the mood. Gold’s recent surge links closely to a softer dollar and a flight to safety, as investors await the Federal Reserve’s policy announcement later Wednesday. 8
Guidance cuts have lowered the volume targets for 2026, which could become a problem fast if bullion prices drop or operations falter. Silver’s decline would especially reveal how much Fresnillo’s recent gains rely on prices rather than actual output.
