Fresnillo (LSE:FRES) reported second-quarter attributable silver production of 10.9 million ounces, down 1.7% against the first quarter and 12.6% lower than a year earlier.
The London-listed silver and gold miner, which operates a portfolio of Mexican mines, said first-half silver output fell 11.4% to 22.0 million ounces, driven primarily by the planned end of the Silverstream agreement and lower ore grades at Saucito and Juanicipio.
Gold told a different story: quarterly attributable production rose 13.8% sequentially to 154.8koz, though first-half output still dropped 7.3% year-on-year to 290.9koz on lower grades at Herradura.
"We have delivered a solid operational performance in the second quarter, driven by consistent execution across our asset portfolio," said chief executive Octavio Alvídrez, adding the company remains on track to meet full-year guidance.
Fresnillo held its 2026 outlook unchanged: attributable silver production of 42.0 to 46.5 million ounces and gold of 500.0 to 550koz.
By-product lead production rose 8.8% in the first half against the prior year, while zinc output stayed broadly flat.
The company also confirmed an executive change, with Tomás Iturriaga stepping down as Chief Operating Officer for the Central Region after more than five years, replaced on a temporary basis by longtime Vice President Gabriel Durán.
Fresnillo will publish its 2026 interim results on 4 August.
News Intelligence what this means for the company
Fresnillo held its 2026 full-year guidance steady at 42.0–46.5 million ounces of silver and 500–550koz of gold despite first-half silver output falling 11.4% year-on-year to 22.0 million ounces, driven by the planned end of the Silverstream agreement and lower ore grades at Saucito and Herradura. The company's ability to reaffirm annual targets despite a sharp H1 decline signals confidence in H2 recovery, but the grade headwinds at key mines and the structural loss of Silverstream revenue remain material headwinds to near-term production.
The reaffirmed 2026 guidance implies Fresnillo expects H2 production to accelerate materially from H1 levels—a bet on grade recovery and operational execution at its Mexican portfolio. Investors will monitor the 4 August interim results for evidence of that recovery trajectory and any revision risk to the full-year outlook.
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