Fresnillo plc (LON:FRES) has announced its fourth quarter production report for the three months ended 31 December 2025.
Octavio Alvídrez, Chief Executive Officer, said:
“I am pleased to report another year of solid operational performance, with gold production exceeding the upper end of our full-year guidance range and silver production delivered in line with guidance. These results demonstrate the resilience of our asset base and the consistent execution of our operations throughout the year. As we look ahead, we remain focused on our priorities of safety, operational discipline and efficiency to maximise value in a supportive metals price environment.”
HIGHLIGHTS
Silver
· Quarterly attributable silver production of 12.2 moz, increased 5.9% vs. 3Q25 mainly due to the higher ore grades at Fresnillo, Saucito and San Julián Veins.
· Quarterly attributable silver production decreased 8.0% vs. 4Q24, mainly due to: i) a lower ore grade, decrease in volume of ore processed, and lower recovery rate at Ciénega, Saucito and San Julián Veins; ii) the cessation of mining activities at San Julián DOB; and iii) the end of the contribution from the Silverstream in 4Q25.
· Full year attributable silver production of 48.7 moz in line with guidance (including Silverstream) decreased 13.5% vs. FY24, mainly due to: i) the cessation of mining activities at San Julián DOB; ii) the lower ore grade, decrease in volume of ore processed, and lower recovery rate at Ciénega; and iii) and the lower contribution from the Silverstream.
Gold
· Quarterly attributable gold production of 135.3 koz, decreased 10.6% vs. 3Q25, primarily due to: i) a lower ore grade, decrease in the volume of ore processed and lower recovery rate at Herradura; and, to a lesser extent, ii) the lower ore grade at Ciénega. This was partly mitigated by the higher ore grade at Fresnillo and San Julián Veins.
· Quarterly attributable gold production decreased 33.7% vs. 4Q24 mainly due to the lower ore grades and decreased volumes of ore processed at Herradura, Saucito and Fresnillo.
· Full year attributable gold production of 600.3 koz exceeding guidance, decreased 5.0% vs. FY24 primarily due to the lower ore grades and decreased volumes of ore processed at Saucito, Fresnillo and Herradura, and the lower contribution from Noche Buena.
By-Products
· Quarterly attributable by-product lead production increased 7.7% vs. 3Q25, mainly driven by the higher ore grade at Fresnillo and Saucito.
· Quarterly attributable by-product zinc production increased 11.3% vs. 3Q25 primarily due to the higher ore grade at Fresnillo.
· Quarterly attributable by-product lead production decreased 1.9% vs. 4Q24, mainly driven by the lower ore grade and decreased ore throughput at Fresnillo and Ciénega, partly mitigated by the increased volume of ore processed and higher ore grade at Juanicipio.
· Quarterly attributable by-product zinc production decreased 4.9% vs. 4Q24, primarily driven by the cessation of mining activities at San Julián DOB and the decision to discontinue the production of zinc concentrates at Ciénega, following an economic assessment in 1H25.
· Full year attributable by-product lead and zinc production decreased vs. FY24, mainly due to: i) the lower ore grade and decreased volumes of ore processed at Fresnillo; ii) the cessation of mining activities at San Julián DOB; and iii) the discontinuation of zinc production at Ciénega from August 2025 onwards. This was partly mitigated by the higher ore grade at Saucito and higher ore grade and increase in ore throughput at Juanicipio.
| Attributable Production | 4Q25 | 3Q25 | % Change | 4Q24 | % Change | FY25 | FY24 | % Change |
| Silver (koz) | 12,160 | 11,486 | 5.9 | 13,219 | (8.0) | 47,589 | 54,260 | (12.3) |
| Silverstream (koz) | 0 | 195 | (100.0) | 481 | (100.0) | 1,134 | 2,047 | (44.6) |
| Total Silver (koz) | 12,160 | 11,681 | 4.1 | 13,700 | (11.2) | 48,723 | 56,307 | (13.5) |
| Gold (oz) | 135,192 | 151,256 | (10.6) | 203,942 | (33.7) | 600,287 | 631,573 | (5.0) |
| Lead (t) | 16,535 | 15,359 | 7.7 | 16,863 | (1.9) | 62,076 | 66,400 | (6.5) |
| Zinc (t) | 27,528 | 24,735 | 11.3 | 28,951 | (4.9) | 105,915 | 116,646 | (9.2) |
SAFETY PERFORMANCE
The safety of our people is our absolute priority. We remain committed to instilling a true culture of safety across our business and to our Zero Fatalities target. We continue to work on preventive measures, focusing on training and maintaining stringent adherence to our safety policies to provide a safer environment for our workforce.
OUTLOOK
| Previously indicated 2026 | GUIDANCE 2026 | EXPECTED 2027 | EXPECTED 2028 | |
| Attributable silver production (moz) | 45 to 51 | 42 to 46.5 | 45 to 51 | 45 to 51 |
| Attributable gold production (koz) | 515 to 565 | 500 to 550 | 535 to 595 | 535 to 595 |
| Attributable lead production (kt) | 54 to 59 | 54 to 59 | 51 to 57 | 56 to 62 |
| Attributable zinc production (kt) | 85 to 95 | 85 to 95 | 93 to 103 | 100 to 112 |
| Silver eq. (moz)1 | 86 to 96 | 82 to 91 | 88 to 99 | 88 to 99 |
We publish our 2026 production guidance and update the previously indicated expected production levels, as outlined below:
Silver: i) changes to the mine plan at the Fresnillo mine, which are expected to reduce ore throughput and overall ore grade as a higher proportion of ore will be extracted from western areas of the mine with narrower veins along with a more conservative expectation of grades, ii) a decrease in the ore throughput at Ciénega, in line with the evolution of the operation towards narrow but high gold grade areas, together with lower silver grades and recovery rates that are more consistent with those achieved from the oxide ore processed in recent months, and iii) lower volumes at Saucito as the connection of the Jarillas shaft was pushed back from 2025 to 2026 along with the need for additional ground support required in certain areas of the mine to secure stability.
Gold: lower production at Herradura primarily as a result of the stronger than anticipated production during 2025 due to optimisation of the mine sequencing, with some production having been brought forward from 2026 to 2025.
Indicative silver production for 2027 remains unchanged and is expected to increase compared to 2026 as additional high-grade areas are developed and mined from the eastern areas at Fresnillo, and higher ore grade and increased ore throughput extracted from the Natalias West area at Saucito and the deepening of the Jarillas shaft is completed.
Indicative gold production for 2027 also remains unchanged as the Valles brownfield project at the Herradura District becomes operational.
