Fresnillo (LSE:FRES) recorded attributable silver production of 11.1 million ounces in the three months to 31 March, an 8.5% fall versus 4Q25 and 6.5% down year-on-year, driven by lower grades and reduced ore processed at Saucito, Fresnillo and Juanicipio. Attributable gold rose 0.7% quarter-on-quarter to 136.1 thousand ounces but is 12.8% below 1Q25.
"We have started 2026 in line with our expectations, with production across our operations consistent with the guidance set at the beginning of the year," Octavio Alvídrez, Chief Executive Officer, said.
Operational detail underlines the contrast: Herradura completed commissioning of a new leaching pad and has begun ore depositing, supporting higher gold grades and recovery; Saucito suffered dilution and a mid‑March stoppage to interconnect the Jarillas shaft, with normalised ramp haulage expected in 2Q and shaft interconnection due in 4Q. Ciénega benefitted from higher throughput and grades; Juanicipio saw deeper, lower-grade ore reduce silver output but lift gold.
Fresnillo left 2026 guidance unchanged: attributable silver 42-46.5 moz and gold 500-550 koz. Management noted ongoing cost vigilance amid volatile markets and reiterated safety as a priority.
