Fresnillo reaffirms outlook despite slide in gold, silver production

21st Oct 2026 09:55

(Sharecast News) - Blue chip miner Fresnillo reaffirmed its full-year outlook on Wednesday, despite seeing a sharp slide in quarterly gold and silver production.

The company, which owns eight gold and silver mines in Mexico, said attributable silver production in the three months to 30 September sank 11.6% year-on-year to 10.3m oz. The decline was attributed to lower ore grade at the Juanicipio, San Julian Veins and Saucito projects alongside the end of the contribution from the Silverstream.

Gold production fell 10.7%, hit by lower ore grade at Herradura and a smaller contribution from Noche Buena, though that was partially offset by the higher ore grade and improved recovery rate at Fresnillo.

Both gold and silver production were also lower quarter-on-quarter.

However, looking to the full year, and chief executive Octavio Alvidrez said the declines were line with expectations and that the company remained on track to meet full-year guidance.

He continued: "Our core assets continue to deliver reliably, highlighted by strong gold performance at Fresnillo.

"Our focus for the final quarter remains on maintaining operational discipline, continuous efficiency improvements and safety across all our mines. We are well positioned to achieve our full-year gargets while advancing our strong long-term growth pipeline."

As at 0945 BST, the stock was trading down 2% at 2,634p. Gold prices were also lower on Wednesday, further weighing on the shares.

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