Fresnillo plc (LON:FRES) has announced its third quarter production report for the three months ended 30 September 2026
Octavio Alvídrez, Chief Executive Officer, said:
“Production of gold and silver was in line with expectations in the third quarter and we remain on track to meet our full- year guidance. Our core assets continue to deliver reliably, highlighted by strong gold performance at Fresnillo, while lower production volumes overall reflect lower ore grades at Juanicipio, Saucito, and San Julián, along with reduced volume of ore processed at Herradura and Ciénega. Our focus for the final quarter remains on maintaining operational discipline, continuous efficiency improvements, and safety across all our mines. We are well positioned to achieve our full-year targets while advancing our strong long-term growth pipeline.”
HIGHLIGHTS
Silver
- Quarterly attributable silver production of 10.3 moz, decreased 5.5% vs. 2Q26, mainly due to the lower ore grade at Juanicipio and San Julián Veins, and a decrease in the volume of ore processed and lower ore grade at Ciénega.
- Quarterly attributable silver production down 11.6% vs. 3Q25, primarily due to the lower ore grade at Juanicipio, Saucito and San Julián Veins, and the end of the contribution from the Silverstream.
- Year-to-date attributable silver production of 32.4 moz, decreased 11.5% vs. YTD25, mainly due to the end of the contribution from the Silverstream, the lower ore grade at the underground mines, and to a lesser extent, the lower recovery rate at Ciénega, and a lower volume of ore processed at Fresnillo and Ciénega.
Gold
- Quarterly attributable gold production of 135.1 koz, down 12.8% vs. 2Q26, mainly driven by the decreased volume of ore processed, and lower ore grade at Herradura, and, to a lesser extent, the decreased contribution from Noche Buena, lower ore grade at San Julián Veins and a decrease in the volume of ore processed at Ciénega.
- Quarterly attributable gold production decreased 10.7% vs. 3Q25, primarily due to the decrease in volume of ore processed and lower ore grade at Herradura, the lower contribution from Noche Buena, and the lower ore grade at Saucito, San Julián Veins, and Ciénega. This was mitigated by the higher ore grade and improved recovery rate at Fresnillo.
- Year-to-date attributable gold production of 425.9 koz, decreased 8.4% vs. YTD25, mainly due to the decrease in volume of ore processed and lower ore grade at Herradura, the lower ore grade at San Julián Veins and Saucito, and the lower contribution from Noche Buena. This was mitigated by the higher ore grades at Fresnillo and Juanicipio.
By-Products
- Quarterly attributable by-product lead and zinc production decreased 5.9% and 10.0% vs. 2Q26, respectively, mainly driven by the lower ore grades at Fresnillo and Juanicipio.
- Quarterly attributable by-product lead production increased 6.9% vs. 3Q25, due to the higher ore grade at Fresnillo, partly offset by the lower ore grade at Saucito and Juanicipio.
- Year-to-date attributable by-product lead production increased 8.1% vs. YTD25, due to the higher ore grade at Fresnillo and Juanicipio, partly offset by the lower ore grade at Saucito.
| 3Q26 | 2Q26 | % Change | 3Q25 | % Change | YTD26 | YTD25 | % Change | |
| Silver (koz) | 10,322 | 10,928 | -5.5 | 11,486 | -10.1 | 32,371 | 35,429 | -8.6 |
| Silverstream (koz) | 0 | 0 | N/A | 195 | -100.0 | 0 | 1,134 | -100.0 |
| Total Silver (koz) | 10,322 | 10,928 | -5.5 | 11,681 | -11.6 | 32,371 | 36,563 | -11.5 |
| Gold (oz) | 135,053 | 154,812 | -12.8 | 151,256 | -10.7 | 425,938 | 465,096 | -8.4 |
| Lead (t) | 16,417 | 17,438 | -5.9 | 15,359 | 6.9 | 49,245 | 45,541 | 8.1 |
| Zinc (t) | 24,906 | 27,672 | -10.0 | 24,735 | 0.7 | 78,704 | 78,387 | 0.4 |
SAFETY PERFORMANCE
The health, safety and wellbeing of our workforce are our foremost priorities. We are dedicated to strengthening a lasting safety culture throughout our operations, with the goal of achieving zero fatalities. By investing in ongoing training, upholding stringent safety standards and proactively identifying and mitigating risks, we aim to ensure a safe and healthy working environment for all employees and contractors.
2026 OUTLOOK
Our 2026 outlook remains in line with previous guidance:
Attributable silver production expected to be in the range of 42.0 to 46.5 moz.
Attributable gold production expected to be in the range of 500.0 to 550.0 koz.
Attributable lead production expected to be in the range of 54.0 to 59.0 kt.
Attributable zinc production expected to be in the range of 85.0 to 95.0 kt.
Expressed in silver equivalent ounces[1], total production is expected to be 82 -91 million ounces.
Expected production for 2027 and 2028 remains unchanged. As set out at the interims, a more detailed update regarding individual metal production expectations for 2027 and 2028 will be issued in the Q4 production report.
[1] Silver eq. ounces are calculated converting only gold into silver ounces with an Au:Ag ratio of 80:1. Lead and zinc production is not included in silver eq. ounces.
