REG - Fresnillo PLC - 4Q25 Production Report

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RNS Number : 6241Q  Fresnillo PLC  28 January 2026

 

 
 
        Fresnillo plc

21 Upper Brook Street

London W1K 7PY

United Kingdom

www.fresnilloplc.com (http://www.fresnilloplc.com)

 

28 January 2026

 

 

 

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.

 

 

 

For further information, please visit our website www.fresnilloplc.com
(http://www.fresnilloplc.com) or contact:

 FRESNILLO PLC                                                            Tel: +44 (0)20 7399 2470

 London Office

 Gabriela Mayor, Head of Investor Relations

 Mark Mochalski
 Mexico City Office                                                       Tel: +52 55 52 79 3206

 Ana Belem Zárate

 SODALI                                                                   Tel: +44 (0)7793 858 211

 Peter Ogden

 

MINING OPERATIONS

 

FRESNILLO MINE PRODUCTION

 

                                    4Q25     3Q25     % Change  4Q24     % Change  FY25       FY24       % Change
 Ore Processed (t)                  524,563  533,515  (1.7)     543,457  (3.5)     2,098,904  2,333,973  (10.1)

 Production
 Silver (koz)                       2,706    2,416    12.0      2,393    13.1      10,273     10,242     0.3
 Gold (oz)                          11,326   9,597    18.0      13,922   (18.6)    40,753     51,473     (20.8)
 Lead (t)                           5,883    5,085    15.7      6,938    (15.2)    21,432     27,088     (20.9)
 Zinc (t)                           12,775   9,734    31.2      13,409   (4.7)     44,721     50,702     (11.8)

 Ore Grades
 Silver (g/t)                       178      156      14.1      151      17.9      168        152        10.5
 Gold (g/t)                         0.91     0.77     18.2      1.06     (14.2)    0.82       0.92       (10.9)
 Lead (%)                           1.32     1.12     17.9      1.49     (11.4)    1.21       1.35       (10.4)
 Zinc (%)                           3.25     2.46     32.1      3.25     0.0       2.85       2.93       (2.7)

 Pyrite Concentrates Processed (t)  24,022   23,279   3.2       18,959   26.7      85,907     65,871     30.4

 Production
 Silver (koz)                       415      399      4.0       419      (1.0)     1,569      1,404      11.8
 Gold (oz)                          740      592      25.0      576      28.5      2,289      1,639      39.7

 Ore Grades
 Silver (g/t)                       740      721      2.6       943      (21.5)    775        965        (19.7)
 Gold (g/t)                         2.45     2.25     8.9       3.24     (24.4)    2.51       2.90       (13.4)

 

Quarterly silver production increased 12.0% and 13.1% vs 3Q25 and 4Q24,
respectively, driven by the higher silver ore grades from the San Alberto and
Candelaria areas and better dilution control. This was partly offset by the
decrease in volume of ore processed due to the lower contribution from the San
Ricardo area in the west section of the mine and unexpected maintenance
shutdown time at the flotation plant.

 

Full year silver production remained broadly stable vs FY24 as the higher ore
grade was offset by the decreased ore throughput as explained above.

 

Mine development rates increased to an average of 3,565m per month in 4Q25
(3,449m per month in 3Q25) due to increased equipment availability and greater
efficiency resulting from improved distribution of contractors throughout the
mine.

 

Quarterly gold production increased 18.0% vs. 3Q25, driven by the higher ore
grade, partly mitigated by the lower volume of ore processed.

 

Quarterly and full year gold production decreased 18.6% and 20.8% vs. 4Q24 and
FY24 mainly due to the lower gold ore grades from the San Alberto area, and
decreased volume of ore processed.

 

The silver ore grade in 2026 is expected to be in the range of 160 to 180 g/t,
while the gold ore grade is estimated to be between 0.55 to 0.65 g/t.

 

 

SAUCITO MINE PRODUCTION

 

 

                                    4Q25     3Q25     % Change  4Q24     % Change  FY25       FY24       % Change
 Ore Processed (t)                  567,341  559,767  1.4       599,028  (5.3)     2,278,284  2,363,960  (3.6)

 Production
 Silver (koz)                       3,670    3,387    8.4       3,967    (7.5)     13,791     14,474     (4.7)
 Gold (oz)                          19,162   18,789   2.0       25,205   (24.0)    69,388     82,718     (16.1)
 Lead (t)                           7,056    6,487    8.8       6,425    9.8       27,158     22,729     19.5
 Zinc (t)                           9,247    9,649    (4.2)     9,213    0.4       40,307     34,097     18.2

 Ore Grades
 Silver (g/t)                       226      213      6.1       231      (2.2)     213        214        (0.5)
 Gold (g/t)                         1.37     1.35     1.5       1.67     (18.0)    1.24       1.40       (11.4)
 Lead (%)                           1.43     1.35     5.9       1.25     14.4      1.39       1.12       24.1
 Zinc (%)                           2.05     2.22     (7.7)     1.96     4.6       2.26       1.85       22.2

 Pyrite Concentrates Processed (t)  19,211   17,479   9.9       21,958   (12.5)    71,570     91,313     (21.6)

 Production
 Silver (koz)                       125      128      (2.3)     147      (15.0)    515        536        (3.9)
 Gold (oz)                          477      444      7.4       449      6.2       1,459      1,514      (3.6)

 Ore Grades
 Silver (g/t)                       285      314      (9.2)     285      0.0       311        265        17.4
 Gold (g/t)                         1.99     2.25     (11.6)    2.19     (9.1)     1.95       1.87       4.3

 

Quarterly silver production increased 8.4% vs 3Q25, mainly due to higher ore
grade as a result of the contribution of Roble, Mezquite and West-West areas
with higher silver ore grade and, to a lesser extent, higher ore processed due
to wider veins.

 

Quarterly and full year silver production decreased 7.5% and 4.7% vs 4Q24 and
FY24, respectively, primarily due to lower ore throughput resulting from
reduced availability of equipment, increased corrective maintenance, and
slower mining cycles caused by the need for additional ventilation in high
temperature areas and increased shotcreting due to poor rock quality.

 

Quarterly by-product gold production increased 2.0% vs 3Q25, due to higher ore
grade and increased ore throughput.

 

Quarterly and full year by-product gold production decreased 24.0% and 16.1%
vs. 4Q24 and FY24, respectively, due to lower gold ore grade from the Roble,
Mezquite and West-West areas in 2025, whereas a higher ore grade was extracted
from the Jarillas West area in 2024. The decrease in volume of ore processed,
as explained above, and lower recovery also impacted gold production.

 

Mine development rates decreased slightly to 2,493m per month in 4Q25 (3Q25:
2,520m per month) primarily due to decreased availability of equipment
relative to the previous quarter.

 

The silver ore grade for 2026 is expected to be in the range of 200-220 g/t,
while the gold grade is estimated to be between 0.95-1.15 g/t.

 

 

JUANICIPIO - ATTRIBUTABLE

 

                                     4Q25     3Q25     % Change  4Q24     % Change  FY25     FY24     % Change
 Ore Processed (t)                   193,918  194,241  (0.2)     186,823  3.8       768,697  743,780  3.4

 Production
 Silver (koz)                        2,358    2,426    (2.8)     2,384    (1.1)     9,643    10,400   (7.3)
 Gold (oz)                           5,961    6,599    (9.7)     5,063    17.7      23,854   21,856   9.1
 Lead (t)                            3,385    3,534    (4.2)     2,510    34.9      12,538   9,957    25.9
 Zinc (t)                            5,506    5,352    2.9       3,971    38.7      20,359   16,737   21.6

 Ore Grades
 Silver (g/t)                        420      426      (1.4)     417      0.7       423      468      (9.6)
 Gold (g/t)                          1.27     1.37     (7.3)     1.15     10.4      1.27     1.25     1.6
 Lead (%)                            1.94     2.03     (4.4)     1.49     30.2      1.82     1.50     21.3
 Zinc (%)                            3.51     3.42     2.6       2.79     25.8      3.30     2.78     18.7

 Pyrite Concentrates Processed* (t)  6,800    6,281    8.3       0        N/A       17,076   0        N/A

 Production
 Silver (koz)                        79       79       0.0       0        N/A       212      0        N/A
 Gold (oz)                           149      126      18.3      0        N/A       348      0        N/A

 Ore Grades
 Silver (g/t)                        519      556      (6.7)     0        N/A       551      0        N/A
 Gold (g/t)                          1.74     1.89     (7.9)     0        N/A       1.89     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 and gold production decreased 2.8% and 9.7% vs
3Q25, mainly due to the decrease in ore grade in accordance with the mine
plan, and lower recovery rates.

Attributable quarterly silver production decreased 1.1% vs 4Q24 as a result of
lower recovery, partly mitigated by the higher volume of ore processed.

Attributable full year silver production decreased vs FY24, mainly due to the
lower ore grade in accordance with the mine plan, partly mitigated by the
higher volume of ore processed driven by optimisation of the maintenance
programme.

Attributable quarterly gold production increased 17.7% vs 4Q24 due to the
higher ore grade and increased volume of ore processed.

Attributable full year gold production increased 9.1% vs FY24 due to the
increase in volume of ore processed as explained above, and the higher
recovery rate.

 

The silver ore grade in 2026 is expected to be in the range of 320-370 g/t,
while the gold grade is estimated to be between 1.1-1.3 g/t.

 

 

CIÉNEGA MINE PRODUCTION

 

                    4Q25     3Q25     % Change  4Q24     % Change  FY25     FY24       % Change
 Ore Processed (t)  207,317  210,162  (1.4)     267,103  (22.4)    900,078  1,058,778  (15.0)

 Production
 Gold (oz)          8,561    11,170   (23.4)    9,866    (13.2)    37,410   39,422     (5.1)
 Silver (koz)       586      536      9.3       1,035    (43.4)    2,775    4,834      (42.6)
 Lead (t)           211      253      (16.6)    618      (65.9)    948      2,922      (67.6)
 Zinc (t)           0        0        0.0       892      (100.0)   527      3,168      (83.4)

 Ore Grades
 Gold (g/t)         1.37     1.76     (22.2)    1.25     9.6       1.39     1.27       9.4
 Silver (g/t)       121      111      9.0       141      (14.2)    125      166        (24.7)
 Lead (%)           0.25     0.27     (7.4)     0.39     (35.9)    0.24     0.43       (44.2)
 Zinc (%)           0.31     0.33     (6.1)     0.59     (47.5)    0.31     0.55       (43.6)

Quarterly gold production decreased 23.4% vs 3Q25, primarily due to the lower
ore grade, reflecting the increased contribution from the Victoria complex in
3Q25, which has higher gold ore grades but lower silver ore grades, and lower
ore throughput.

Quarterly and full year gold production decreased 13.2% and 5.1% vs. 4Q24 and
FY24, respectively, mainly due to the lower volume of ore extracted from the
Jessica Transversal and Vetas Angostas areas and the depletion of Taspana.
This was partly mitigated by 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.

Quarterly silver production increased 9.3% vs 3Q25, mainly due to the higher
ore grade driven by the higher contribution from the Rosario Transversal vein
and STW Veta Nueva, partly offset by the lower volume of ore processed.

Quarterly and full year silver production decreased 43.4% and 42.6% vs 4Q24
and FY24, respectively, driven by the lower ore grade, the lower volume of ore
processed as explained above and decreased recovery rate due to the higher
portion of oxides processed at the flotation plant following the depletion of
sulphides from Taspana.

As reported before, an economic analysis of the milling and flotation process
was conducted in 1H25 as part of the series of 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 2026 are estimated to be in the ranges of
1.4-1.6 g/t and 110-130 g/t, respectively.

 

SAN JULIÁN MINE VEINS

 

                          4Q25     3Q25     % Change  4Q24     % Change  FY25       FY24       % Change
 Ore Processed Veins (t)  319,066  326,037  (2.1)     329,250  (3.1)     1,261,161  1,236,682  2.0

 Production Veins
 Gold (oz)                13,033   11,622   12.1      13,394   (2.7)     50,573     49,633     1.9
 Silver (koz)             2,100    1,974    6.4       2,287    (8.2)     8,293      8,443      (1.8)

 Ore Grades Veins
 Gold (g/t)               1.33     1.16     14.7      1.31     1.5       1.31       1.31       0.0
 Silver (g/t)             226      207      9.2       234      (3.4)     225        232        (3.0)

Quarterly gold and silver production increased vs 3Q25, due the high ore
grades in the at San Antonio vein, partly offset by the lower ore throughput.

Quarterly gold production decreased 2.7% vs 4Q24 mainly due to the decrease in
volume of ore processed in accordance with the mine plan, partly mitigated by
the higher ore grade.

Quarterly silver production decreased 8.2% vs 4Q24, mainly due to lower ore
grades and decreased ore throughput, both in accordance with the mine plan.

Full year gold production increased 1.9% vs FY24 driven by the increased
volume of ore processed due to the ongoing optimisation of the maintenance
programme.

Full year silver production decreased 1.8% vs FY24 due to the lower ore grade,
partly mitigated by the higher ore throughput.

Silver and gold ore grades in 2026 are expected to be in the ranges of 210-230
g/t and 0.9-1.1 g/t, respectively.

 

HERRADURA TOTAL MINE PRODUCTION

 

                          4Q25        3Q25        % Change  4Q24        % Change  FY25        FY24        % Change
 Ore Processed (t)        4,754,900   5,155,222   (7.8)     6,032,903   (21.2)    20,035,347  22,742,296  (11.9)
 Total Volume Hauled (t)  23,687,175  23,306,056  1.6       22,309,345  6.2       95,644,999  97,692,174  (2.1)

 Production
 Gold (oz)                71,277      87,389      (18.4)    129,882     (45.1)    356,097     360,598     (1.2)
 Silver (koz)             120         140         (14.3)    187         (35.8)    516         524         (1.5)

 Ore Grades
 Gold (g/t)               0.63        0.69        (8.7)     0.85        (25.9)    0.69        0.71        (2.8)
 Silver (g/t)             1.25        1.37        (8.8)     1.37        (8.8)     1.27        1.20        5.8

 

Quarterly gold production decreased 18.4% and 45.1% vs 3Q25 and 4Q24,
respectively, mainly due to the lower ore grade and decrease in volumes of ore
processed resulting from a minor delay in the commissioning of phase XV of the
leaching pads as well as an extended maintenance stoppage to replace the mill
liners at the dynamic leaching plant.

Full year gold production decreased 1.2% vs FY24 driven by the lower volumes
of ore processed resulting from the higher selectivity and a minor delay in
the commissioning of phase XV of the leaching pad, and the lower ore grade.
This was mitigated by the higher recovery rate resulting from the increase in
the portion of oxides deposited on the pads.

The average gold ore grade in 2026 is anticipated to be in the range of
0.50-0.70 g/t.

 

NOCHE BUENA

 

4,507 ounces of gold were recovered from the leaching pads at Noche Buena in
4Q25, an 8.6% decrease vs 3Q25 and a 16.6% decrease compared to 4Q24. Full
year gold production totalled 18,116 ounces, a 13.5% decrease vs FY24. As
previously announced, mining activities concluded in May 2023, and the closure
plan continues as expected.

 

 

 

ABOUT FRESNILLO PLC

Fresnillo plc is the world's largest primary silver producer and Mexico's
largest gold producer, listed on the London and Mexican Stock Exchanges under
the symbol FRES.

Fresnillo plc has eight operating mines, all of them in Mexico - Fresnillo,
Saucito, Juanicipio, Ciénega, Herradura, Soledad-Dipolos(1), Noche Buena and
San Julián Veins and five advanced exploration projects - Orisyvo, Rodeo,
Guanajuato, Tajitos and Novador as well as a number of other long term
exploration prospects.

Fresnillo plc has mining concessions and exploration projects in Mexico, Peru
and Chile.

Fresnillo plc's goal is to maintain the Group's position as the world's
largest primary silver company and Mexico's largest gold producer.

( )

(1) Operations at Soledad-Dipolos are currently suspended.

 

FORWARD-LOOKING STATEMENTS

Information contained in this announcement may include 'forward-looking
statements'. All statements other than statements of historical facts included
herein, including, without limitation, those regarding the Fresnillo Group's
intentions, beliefs or current expectations concerning, amongst other things,
the Fresnillo Group's results of operations, financial position, liquidity,
prospects, growth, strategies and the silver and gold industries are
forward-looking statements. Such forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances.
Forward-looking statements are not guarantees of future performance and the
actual results of the Fresnillo Group's operations, financial position and
liquidity, and the development of the markets and the industry in which the
Fresnillo Group operates, may differ materially from those described in, or
suggested by, the forward-looking statements contained in this document. In
addition, even if the results of operations, financial position and liquidity,
and the development of the markets and the industry in which the Fresnillo
Group operates are consistent with the forward-looking statements contained in
this document, those results or developments may not be indicative of results
or developments in subsequent periods. A number of factors could cause results
and developments to differ materially from those expressed or implied by the
forward-looking statements including, without limitation, general economic and
business conditions, industry trends, competition, commodity prices, changes
in regulation, currency fluctuations (including the US dollar and Mexican Peso
exchanges rates), the Fresnillo Group's ability to recover its reserves or
develop new reserves, including its ability to convert its resources into
reserves and its mineral potential into resources or reserves, changes in its
business strategy and political and economic uncertainty.

 

 

 

 

 

 

 

 

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