Fresnillo plc (LON:FRES) has announced its third quarter production report for the three months ended 360 Setpember 2025.
Octavio Alvídrez, Fresnillo Chief Executive Officer, said:
“Production performance is in line with our expectations, and we are on track to meet our full year guidance, with gold trending towards the upper end of the range. Silver production was lower as expected, mainly due to the cessation of mining activities at San Julián DOB, with gold production up year to date driven primarily by the continued strong performance at Herradura. We remain focused on achieving our priorities in the last quarter of the year. The safety of our people is key, while our continued focus on running our operations as efficiently as possible will enable us to further capitalise on the consistently strong precious metals prices.”
HIGHLIGHTS
Silver
· Quarterly attributable silver production of 11.7 moz (including Silverstream) decreased 6.6% vs. 2Q25 mainly due to: i) the lower ore grade at San Julián Veins in accordance with the mine plan; ii) a decrease in volume of ore processed, lower ore grade and decreased recovery rate at Ciénega, mainly driven by the higher portion of oxides; and iii) a lower volume of ore processed at Saucito, which resulted from slower mining cycles due to the need for additional ventilation in high temperature areas, and reduced availability of in mine equipment.
· Quarterly attributable silver production (including Silverstream) down 19.1% vs. 3Q24, mainly due to: i) the cessation of mining activities at San Julián DOB; ii) a lower ore grade, decrease in volume of ore processed, and lower recovery rate at Ciénega and Saucito; and iii) a lower ore grade in accordance with the mine plan at Juanicipio.
· Year to date attributable silver production of 36.6 moz (including Silverstream) decreased 14.2% vs. YTD24, 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) lower ore grade at Juanicipio.
Gold
· Quarterly attributable gold production of 151.3 koz, decreased 4.1% vs. 2Q25, primarily due to a lower ore grade and a decrease in the recovery rate in accordance with the mine plan at Herradura; and the lower ore grade at San Julián Veins. This was partly mitigated by the higher ore grade at Ciénega, Saucito, and Juanicipio.
· Quarterly attributable gold production decreased 3.5% vs. 3Q24 due to the lower ore grade and a decrease in the volume of ore processed at Fresnillo and Herradura, and a decrease in the volume of ore processed at Saucito. This was partly mitigated by the higher ore grade and recovery rate at Ciénega.
· Year to date attributable gold production of 465.1 koz, increased 8.8% vs. YTD24 primarily due to higher selectivity, which led to the higher ore grade at Herradura; partly offset by the lower ore grade and a decrease in volume of ore processed at Fresnillo and Saucito.
By-Products
· Quarterly attributable by-product lead production increased by 1.4% vs. 2Q25, mainly driven by the higher ore grade at Juanicipio.
· Quarterly attributable by-product zinc production decreased 12.9% vs. 2Q25 due to the lower volume of ore processed and ore grade at Saucito, and a lower ore grade and decrease in recovery rate at Fresnillo.
· Quarterly and year to date attributable by-product lead and zinc production decreased vs. 3Q24 and YTD24, mainly due to the lower ore grade and volumes of ore processed at Fresnillo and the cessation of mining activities at San Julián DOB. This was partly mitigated by higher ore grade at Saucito.
| Attributable Production | 3Q25 | 2Q25 | % Change | 3Q24 | % Change | YTD25 | YTD24 | % Change |
| Silver (koz) | 11,486 | 12,054 | (4.7) | 13,886 | (17.3) | 35,429 | 41,041 | (13.7) |
| Silverstream (koz) | 195 | 452 | (56.9) | 552 | (64.7) | 1,134 | 1,566 | (27.6) |
| Total Silver (koz) | 11,681 | 12,506 | (6.6) | 14,439 | (19.1) | 36,563 | 42,607 | (14.2) |
| Gold (oz) | 151,256 | 157,735 | (4.1) | 156,759 | (3.5) | 465,096 | 427,631 | 8.8 |
| Lead (t) | 15,359 | 15,152 | 1.4 | 17,707 | (13.3) | 45,541 | 49,536 | (8.1) |
| Zinc (t) | 24,735 | 28,403 | (12.9) | 32,297 | (23.4) | 78,387 | 87,695 | (10.6) |
SAFETY PERFORMANCE
The safety of our people is our absolute priority. Fresnillo 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.
2025 OUTLOOK
Our 2025 outlook remains in line with the previous guidance announced in the Interim Results:
Attributable silver production expected to be in the range of 47.5 to 54.5 moz (including Silverstream).
Attributable gold production expected to be in the range of 550 to 590 koz.
Attributable lead production expected to be in the range of 56 to 62 kt.
Attributable zinc production expected to be in the range of 93 to 103 kt.
Expressed in silver equivalent ounces[1], total production is expected to be 91-102 million ounces.
2026 and 2027 expected production is unchanged.
MINING OPERATIONS
FRESNILLO MINE PRODUCTION
| 3Q25 | 2Q25 | % Change | 3Q24 | % Change | YTD25 | YTD24 | % Change | |
| Ore Processed (t) | 533,515 | 522,352 | 2.1 | 578,523 | (7.8) | 1,574,340 | 1,790,515 | (12.1) |
| Production | ||||||||
| Silver (koz) | 2,416 | 2,418 | (0.1) | 2,590 | (6.7) | 7,567 | 7,849 | (3.6) |
| Gold (oz) | 9,597 | 9,145 | 4.9 | 14,396 | (33.3) | 29,427 | 37,551 | (21.6) |
| Lead (t) | 5,085 | 4,766 | 6.7 | 7,526 | (32.4) | 15,549 | 20,150 | (22.8) |
| Zinc (t) | 9,734 | 11,118 | (12.4) | 14,365 | (32.2) | 31,947 | 37,293 | (14.3) |
| Ore Grades | ||||||||
| Silver (g/t) | 156 | 159 | (1.9) | 155 | 0.6 | 165 | 152 | 8.6 |
| Gold (g/t) | 0.77 | 0.74 | 4.1 | 1.04 | (26.0) | 0.79 | 0.88 | (10.2) |
| Lead (%) | 1.12 | 1.10 | 1.8 | 1.50 | (25.3) | 1.17 | 1.31 | (10.7) |
| Zinc (%) | 2.46 | 2.78 | (11.5) | 3.32 | (25.9) | 2.72 | 2.83 | (3.9) |
| Pyrite Concentrates Processed (t) | 23,279 | 21,669 | 7.4 | 15,524 | 50.0 | 61,885 | 46,912 | 31.9 |
| Production | ||||||||
| Silver (koz) | 399 | 408 | (2.2) | 372 | 7.3 | 1,153 | 985 | 17.1 |
| Gold (oz) | 592 | 525 | 12.8 | 392 | 51.0 | 1,549 | 1,063 | 45.7 |
| Ore Grades | ||||||||
| Silver (g/t) | 721 | 800 | (9.9) | 1,019 | (29.2) | 789 | 974 | (19.0) |
| Gold (g/t) | 2.25 | 2.65 | (15.1) | 2.72 | (17.3) | 2.53 | 2.77 | (8.7) |
Quarterly silver production remained flat vs 2Q25, and decreased 6.7% vs 3Q24, driven by the decrease in volume of ore processed due to the lower contribution from San Carlos, Candelaria, Santa Elena, East, and San Alberto.
Year to date silver production decreased 3.6% vs YTD24 due to the lower volume of ore processed, partly mitigated by the higher ore grade.
Mine development rates increased to an average of 3,449m per month in 3Q25 (3,150m per month in 2Q25) due to higher equipment availability and increased efficiency through a better distribution of contractors by area of the mine.
Quarterly gold production increased 4.9% vs. 2Q25, driven by the higher ore grade and increased volume of ore processed.
Quarterly and year to date gold production decreased 33.3% and 21.6% vs. 3Q24 and YTD24 due to the lower ore grade and decreased volume of ore processed.
The silver ore grade in 2025 is expected to be in the range of 160 to 180 g/t, while the gold ore grade is estimated to be between 0.60 to 0.70 g/t.
SAUCITO MINE PRODUCTION
| 3Q25 | 2Q25 | % Change | 3Q24 | % Change | YTD25 | YTD24 | % Change | |
| Ore Processed (t) | 559,767 | 588,108 | (4.8) | 590,362 | (5.2) | 1,710,943 | 1,764,932 | (3.1) |
| Production | ||||||||
| Silver (koz) | 3,387 | 3,549 | (4.6) | 3,697 | (8.4) | 10,121 | 10,507 | (3.7) |
| Gold (oz) | 18,789 | 17,683 | 6.3 | 19,856 | (5.4) | 50,226 | 57,513 | (12.7) |
| Lead (t) | 6,487 | 7,247 | (10.5) | 5,738 | 13.1 | 20,102 | 16,304 | 23.3 |
| Zinc (t) | 9,649 | 11,962 | (19.3) | 9,280 | 4.0 | 31,060 | 24,884 | 24.8 |
| Ore Grades | ||||||||
| Silver (g/t) | 213 | 213 | 0.0 | 219 | (2.7) | 208 | 208 | 0.0 |
| Gold (g/t) | 1.35 | 1.22 | 10.7 | 1.35 | 0.0 | 1.19 | 1.31 | (9.2) |
| Lead (%) | 1.35 | 1.45 | (6.9) | 1.13 | 19.5 | 1.37 | 1.08 | 26.9 |
| Zinc (%) | 2.22 | 2.61 | (14.9) | 1.99 | 11.6 | 2.33 | 1.81 | 28.7 |
| Pyrite Concentrates Processed (t) | 17,479 | 16,542 | 5.7 | 24,321 | (28.1) | 52,359 | 69,354 | (24.5) |
| Production | ||||||||
| Silver (koz) | 128 | 134 | (4.5) | 155 | (17.4) | 390 | 388 | 0.5 |
| Gold (oz) | 444 | 296 | 50.0 | 398 | 11.6 | 982 | 1,065 | (7.8) |
| Ore Grades | ||||||||
| Silver (g/t) | 314 | 350 | (10.3) | 273 | 15.0 | 320 | 258 | 24.0 |
| Gold (g/t) | 2.25 | 2.00 | 12.5 | 1.76 | 27.8 | 1.94 | 1.77 | 9.6 |
Silver production decreased against all comparative periods mainly driven by the lower volume of ore processed, which resulted from slower mining cycles due to the need for additional ventilation in high temperature areas, and reduced availability of in mine equipment.
Quarterly by-product gold production increased 6.3% vs. 2Q25, mainly due to higher ore grade.
Quarterly and year to date by-product gold production decreased vs. 3Q24, mainly due to the decreased volume of ore processed as explained above.
Year to date by product gold production decreased vs YTD24, driven by the lower ore grade and the decreased volume of ore processed.
Mine development rates increased to 2,520m per month in 3Q25 (2Q25: 2,486m per month) primarily due to increased availability of contractors’ bolting equipment relative to the previous quarter.
The silver ore grade for 2025 is expected to be in the range of 200-220 g/t, while the gold grade is estimated to be between 0.90-1.10 g/t.
JUANICIPIO – ATTRIBUTABLE
| 3Q25 | 2Q25 | % Change | 3Q24 | % Change | YTD25 | YTD24 | % Change | |
| Ore Processed (t) | 194,241 | 191,808 | 1.3 | 186,082 | 4.4 | 574,779 | 556,957 | 3.2 |
| Production | ||||||||
| Silver (koz) | 2,426 | 2,356 | 3.0 | 2,736 | (11.3) | 7,285 | 8,016 | (9.1) |
| Gold (oz) | 6,599 | 5,583 | 18.2 | 6,049 | 9.1 | 17,893 | 16,793 | 6.6 |
| Lead (t) | 3,534 | 2,933 | 20.5 | 2,707 | 30.6 | 9,153 | 7,447 | 22.9 |
| Zinc (t) | 5,352 | 5,209 | 2.7 | 4,257 | 25.7 | 14,852 | 12,767 | 16.3 |
| Ore Grades | ||||||||
| Silver (g/t) | 426 | 417 | 2.2 | 481 | (11.4) | 424 | 485 | (12.6) |
| Gold (g/t) | 1.37 | 1.21 | 13.2 | 1.32 | 3.8 | 1.27 | 1.28 | (0.8) |
| Lead (%) | 2.03 | 1.71 | 18.7 | 1.58 | 28.5 | 1.78 | 1.50 | 18.7 |
| Zinc (%) | 3.42 | 3.34 | 2.4 | 2.83 | 20.8 | 3.22 | 2.77 | 16.2 |
| Pyrite Concentrates Processed* (t) | 6,281 | 3,995 | 57.2 | 0 | N/A | 10,276 | 0 | N/A |
| Production | ||||||||
| Silver (koz) | 79 | 54 | 46.3 | 0 | N/A | 133 | 0 | N/A |
| Gold (oz) | 126 | 74 | 70.3 | 0 | N/A | 199 | 0 | N/A |
| Ore Grades | ||||||||
| Silver (g/t) | 556 | 598 | (7.0) | 0 | N/A | 572 | 0 | N/A |
| Gold (g/t) | 1.89 | 2.16 | (12.5) | 0 | N/A | 2.00 | 0 | N/A |
* During Q2, Juanicipio began selling its pyrite concentrate to the nearby Saucito operation for processing at Saucito’s pyrite plant. Production from pyrite above includes further downstream processes and associated production losses.
Attributable quarterly silver production increased 3.0% vs 2Q25, mainly due to the higher silver ore grade and increased volume of ore processed.
Attributable quarterly and year to date silver production decreased vs 3Q24 and YTD24, mainly due to the lower ore grade in accordance with the mine plan, partly mitigated by the higher volume of ore processed.
Attributable quarterly gold production increased vs 2Q25 and 3Q24 due to the higher ore grade, improved recovery rate, and increased volume of ore processed. Attributable year to date gold production was benefited by the higher recovery rate and increase in volume of ore processed.
The silver ore grade in 2025 is expected to be in the range of 380-430 g/t, while the gold grade is estimated to be between 1.2-1.4 g/t.
CIÉNEGA MINE PRODUCTION
| 3Q25 | 2Q25 | % Change | 3Q24 | % Change | YTD25 | YTD24 | % Change | |
| Ore Processed (t) | 210,162 | 252,952 | (16.9) | 272,133 | (22.8) | 692,761 | 791,676 | (12.5) |
| Production | ||||||||
| Gold (oz) | 11,170 | 9,535 | 17.1 | 8,887 | 25.7 | 28,848 | 29,556 | (2.4) |
| Silver (koz) | 536 | 764 | (29.8) | 1,218 | (56.0) | 2,189 | 3,799 | (42.4) |
| Lead (t) | 253 | 207 | 22.2 | 669 | (62.2) | 737 | 2,303 | (68.0) |
| Zinc (t) | 0 | 115 | (100.0) | 632 | (100.0) | 527 | 2,275 | (76.8) |
| Ore Grades | ||||||||
| Gold (g/t) | 1.76 | 1.28 | 37.5 | 1.14 | 54.4 | 1.40 | 1.27 | 10.2 |
| Silver (g/t) | 111 | 127 | (12.6) | 163 | (31.9) | 126 | 174 | (27.6) |
| Lead (%) | 0.27 | 0.20 | 35.0 | 0.39 | (30.8) | 0.23 | 0.45 | (48.9) |
| Zinc (%) | 0.33 | 0.24 | 37.5 | 0.44 | (25.0) | 0.31 | 0.54 | (42.6) |
Quarterly and year to date gold production increased vs. all comparative periods, mainly due to the contribution from the Victoria complex with higher ore grade and, to a lesser extent, the higher concentration of cyanide to improve recovery rates in the leaching process. This was partly offset by the lower volume of ore extracted from the Jessica Transversal and Vetas Angostas areas and the depletion of Taspana.
Quarterly and year to date silver production decreased vs all comparative periods, driven by the lower ore grade, and decreased recovery rate due to the higher portion of oxides processed at the flotation plant following the depletion of sulphides from Taspana, and the lower volume of ore processed as explained above.
An economic analysis of the milling and flotation process was conducted in 1H25 as part of the initiatives to optimise operations and increase profitability. The analysis concluded that the contribution from the zinc concentrate to the mine’s profitability was marginal. As a result, it was decided that production of zinc concentrate would cease from 3Q25 with no further contribution expected thereafter.
The gold and silver ore grades for 2025 are estimated to be in the ranges of 1.1-1.3 g/t and 130-150 g/t, respectively.
SAN JULIÁN MINE VEINS
| 3Q25 | 2Q25 | % Change | 3Q24 | % Change | YTD25 | YTD24 | % Change | |
| Ore Processed Veins (t) | 326,037 | 323,484 | 0.8 | 314,786 | 3.6 | 942,095 | 907,432 | 3.8 |
| Production Veins | ||||||||
| Gold (oz) | 11,622 | 13,831 | (16.0) | 11,914 | (2.5) | 37,540 | 36,240 | 3.6 |
| Silver (koz) | 1,974 | 2,239 | (11.8) | 2,095 | (5.8) | 6,193 | 6,156 | 0.6 |
| Ore Grades Veins | ||||||||
| Gold (g/t) | 1.16 | 1.39 | (16.5) | 1.24 | (6.5) | 1.30 | 1.31 | (0.8) |
| Silver (g/t) | 207 | 236 | (12.3) | 226 | (8.4) | 225 | 231 | (2.6) |
Quarterly gold and silver production decreased vs 2Q25 and 3Q24, mainly due to lower ore grades in accordance with the mine plan.
Year to date gold production increased vs YTD24 driven by the increased volume of ore processed due to the ongoing optimisation of the maintenance programme.
Silver and gold ore grades in 2025 are expected to be in the ranges of 210-230 g/t and 1.10-1.30 g/t, respectively.
HERRADURA TOTAL MINE PRODUCTION
| 3Q25 | 2Q25 | % Change | 3Q24 | % Change | YTD25 | YTD24 | % Change | |
| Ore Processed (t) | 5,155,222 | 5,028,868 | 2.5 | 6,257,754 | (17.6) | 15,280,447 | 16,709,393 | (8.6) |
| Total Volume Hauled (t) | 23,306,056 | 24,059,274 | (3.1) | 26,148,467 | (10.9) | 71,957,824 | 75,382,829 | (4.5) |
| Production | ||||||||
| Gold (oz) | 87,389 | 96,007 | (9.0) | 89,030 | (1.8) | 284,820 | 230,716 | 23.5 |
| Silver (koz) | 140 | 131 | 6.9 | 119 | 17.6 | 395 | 338 | 16.9 |
| Ore Grades | ||||||||
| Gold (g/t) | 0.69 | 0.65 | 6.2 | 0.70 | (1.4) | 0.70 | 0.65 | 7.7 |
| Silver (g/t) | 1.37 | 1.29 | 6.2 | 1.10 | 24.5 | 1.27 | 1.15 | 10.4 |
Quarterly gold production decreased vs 2Q25 due to the additional gold contents recovered in 1H25 from the oxidised high grade ore deposited on the leaching pads at the end of 2024.
Quarterly gold production decreased slightly vs 3Q24, driven by the lower volumes of ore processed as a result of the strategy to be more selective, mitigated by the additional gold content recovered from the leaching pads.
Year to date gold production increased 23.5% vs YTD24 driven by the optimisation of mine operation standards for higher selectivity, which led to higher gold ore grade but lower volumes of ore processed.
The average gold ore grade in 2025 is expected to be in the range of 0.50-0.70 g/t.
NOCHE BUENA
4,929 ounces of gold were recovered from the leaching pads at Noche Buena in 3Q25, a 2.5% decrease vs 2Q25 and a 7.7% decrease compared to 3Q24. Year to date gold production totalled 13,610 ounces, a 12.4% decrease vs YTD24. As previously announced, mining activities concluded in May 2023, and the closure plan continues as expected.
1 Operations at Soledad-Dipolos are currently suspended.
