London, February 3, 2026, 09:02 GMT — Regular session.
Fresnillo PLC shares (FRES.L) jumped 4.5% to 3,832 pence in early Tuesday trading, bouncing back after a rough start to the week for precious-metal miners. The stock gained 164 pence from Monday’s close at 3,668, hitting a range between 3,784 and 3,888 during the session.
The bounce is significant as gold and silver prices continue to swing wildly, with miners acting as a stand-in for the metals themselves. Fresnillo’s shares are particularly reactive, thanks to its recent production forecast.
Spot gold jumped 5.8% to $4,935.56 an ounce by 0818 GMT, while silver surged 10% to $87.40, bouncing back after steep losses in recent sessions, Reuters reported. Kyle Rodda of Capital.com called the rebound “somewhere around fair value,” noting the earlier moves had been “fairly irrational.” Reuters also said CME Group has boosted margin requirements—the cash traders must post to maintain futures positions—fueling a forced unwind in precious metals trades. Reuters
In London on Monday, the precious metal miners’ index dropped 1.8%, with Endeavour Mining sliding about 2.6% and Fresnillo down 0.9%, even as the FTSE 100 hit a new high. Ipek Ozkardeskaya from Swissquote Bank noted that “improving global risk sentiment” trumped the wider commodities selloff. Reuters
Fresnillo lowered its 2026 outlook in its fourth-quarter production report last week, cutting attributable production — the portion of output from mines it fully owns or holds through joint ventures. The company now expects attributable silver between 42 and 46.5 million ounces for 2026, down from the prior 45 to 51 million range. Gold guidance dropped to 500,000 to 550,000 ounces from 515,000 to 565,000. The revisions stem from mine-plan changes at Fresnillo, reduced ore throughput at Ciénega, and delays in connecting the Jarillas shaft at Saucito. CEO Octavio Alvídrez also highlighted that gold production is set to surpass the top end of 2025’s guidance. Ore grade — metal content per tonne of rock — remains a key variable since it impacts recovery rates and unit costs.
In this environment, the share price stays closely linked to bullion’s next move rather than daily shifts in risk appetite. When silver moves, the stock tends to follow—often with amplified swings.
The whipsaw can swing either way. A new round of margin-driven selling in futures or another drop in metals prices would hit miners hard — especially since a reduced production target leaves little margin for error.
Fresnillo is set to release its preliminary FY25 results on March 3, offering the first look at its financial performance and updated guidance.
