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Fresnillo reports mixed Q1 output, FY26 outlook unchanged
By Iain Gilbert
Date: Wednesday 22 Apr 2026
(Sharecast News) - Precious metals miner Fresnillo reported lower silver output in the first quarter, a broadly steady performance in gold, and mixed movements across by‑products, reflecting grade variability and changes in ore throughput across several of its mines.
Fresnillo said on Wednesday that attributable silver production fell 8.5% quarter‑on‑quarter to 11.1m ounces, mainly due to lower grades and reduced volumes processed at Saucito, Fresnillo and Juanicipio, partly offset by higher throughput and grades at Ciénega. Silver output was down 6.5% year‑on‑year.
Attributable gold production rose 0.7% quarter-on-quarter to 136,100 ounces, supported by higher grades and recovery rates at Herradura and, to a lesser extent, Fresnillo, as well as increased volumes and grades at Ciénega. Output was 12.8% lower year‑on‑year, reflecting reduced ore processed and lower grades and recoveries at Herradura.
By‑product lead production declined 6.9% quarter‑on‑quarter, driven by lower grades and throughput at Saucito and Fresnillo, though higher grades at Juanicipio provided some offset, while zinc production fell 5.1% from the fourth quarter, mainly due to lower grades at Fresnillo and reduced ore processed at Saucito. Lead output was 2.4% higher year‑on‑year, helped by stronger grades at Juanicipio, and zinc output rose 3.5% year‑on‑year, supported by higher grades at Juanicipio and Fresnillo, though this was partly offset by lower grades and throughput at Saucito and the end of zinc concentrate production at Ciénega from the third quarter.
Looking ahead, the FTSE 100-listed firm said its FY26 outlook remained in line with previous guidance of 42-46.5m ounces of attributable silver production, 500,000-550,000 ounces of attributable gold production, 54,000-59,000 tonnes of attributable lead production, and 85,000-95,000 tonnes of attributable zinc production
Chief executive Octavio Alvídrez said: "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.
"With ongoing global volatility, we continue to monitor costs closely and note that precious metals prices remain resilient."
As of 0900 BST, Fresnillo shares were up 1.53% at 3,646p.
Reporting by Iain Gilbert at Sharecast.com
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