London, Feb 1, 2026, 08:52 GMT — Market has closed.
- Fresnillo ended Friday at 3,702 pence, dropping 5.1%.
- The miner lowered its silver and gold output forecasts for 2026 in its Q4 production update.
- Gold and silver pulled back from recent peaks on Friday, dragging down UK-listed mining stocks.
Fresnillo PLC (FRES.L) dropped 5.1% to 3,702 pence on Friday at the London Stock Exchange, while the FTSE 100 climbed 0.5%. Volume surged to roughly twice its 50-day average. The stock now sits around 17% below its 52-week high set this Monday, according to MarketWatch data.
The pullback follows a sharp reversal in bullion that’s now weighing on miners. Gold, silver, and copper all fell Friday after hitting record highs earlier in the week, with investors taking profits as the dollar strengthened on news that Donald Trump had chosen former Kevin Warsh to head the Federal Reserve. “Both gold and silver were ripe for a correction,” said Ole Hansen of Saxo Bank. Ross Norman added, “Precious metals have discovered gravity.” Reuters
Fresnillo’s situation looks tighter than the share price implies. In its fourth-quarter production update, the Mexico-focused miner lowered its 2026 attributable output forecast to 42.0-46.5 million ounces of silver and 500,000-550,000 ounces of gold. The company cited changes in the mine plan at Fresnillo, reduced throughput at Ciénega, and a delay in connecting the Jarillas shaft at Saucito. Gold output at Herradura also took a hit, with some production pushed into 2025. CEO Octavio Alvídrez commented, “These results demonstrate the resilience of our asset base.” Research Tree
Sell-side desks are now treating the update as more of a numbers issue than just a shift in sentiment. Morgan Stanley analysts flagged the production report as signaling 5%-9% downside risk to 2026 consensus volume estimates, dragging earnings before interest, tax, depreciation, and amortisation lower. The firm stuck with an underweight rating and a 2,210-pence target price.
Miners took a hit across the board on Friday. Endeavour Mining dropped 6.6%, Antofagasta shed 3.7%, and Anglo American slipped 2.6%, according to a London market close report. Hochschild Mining tumbled 6.4%. Gold closed down 4.8%, silver plunged 17%. Traders are now focused on next week’s rate decisions from the Reserve Bank of Australia, European Central Bank, and Bank of England, along with U.S. jobs data, for clues on the dollar and bullion.
The stock is caught between two rapidly shifting factors: a metal price re-rating and a 2026 production profile reset. That balance might hold on calm days. But calm rarely lasts.
The downside scenario is clear. A further drop in gold or silver prices would quickly put support to the test. Meanwhile, any hiccups in grades or delays in development could trigger another wave of estimate reductions.
London trading kicks off Monday, with bullion and the dollar expected to steer miners early on. Fre
snillo’s upcoming catalyst is its FY25 preliminary results, set for March 3.
