Fresnillo keeps 2026 guidance despite lower third-quarter silver and gold output - Proactive financial news

AI desk brief

Fresnillo held 2026 guidance even as Q3 silver output fell 12% YoY to 10.0m oz and gold production dropped 11% YoY to 135,000 oz, reflecting lower ore grades and reduced processing volumes across several mines. Year-to-date silver production is down 12% to 32m oz and gold output is down 8% to 426,000 oz, though management said the group remains on track for full-year targets.

Mine-specific weakness was centered on Juanicipio, Saucito, San Julián and Herradura, while Fresnillo mine gold rose 75% YoY to almost 17,000 oz on better grades and recoveries. The company still guides for 42m-47m oz silver and 500,000-550,000 oz gold in 2026, so the near-term read-through is modestly supportive for metals via tighter mine supply, but not a major market shock.