Fresnillo (LON: FRES) produced 10.3 million ounces of attributable silver and 135,053 ounces of gold in the three months to the 30th of September, both lower, and left its full-year guidance unchanged.
The company calls itself the world’s largest primary silver producer and Mexico’s largest gold producer, and all eight of its operating mines are in Mexico.
Silver fell 5.5% on the second quarter and 11.6% on a year earlier, a comparison that includes 195,000 ounces from Silverstream in the third quarter of 2025, a contribution that has now ended. Gold dropped 12.8% and 10.7% on the same two comparisons.
For the year to date, silver totals 32.4 million ounces, down 11.5%, and gold 425,938 ounces, down 8.4%.
Fresnillo blamed lower ore grades at Juanicipio, Saucito and San Julián, plus less ore processed at Herradura and Ciénega. Herradura gold fell 18.1% on the second quarter to 73,069 ounces after more frequent ball-mill maintenance stops, which followed a previously reported fissure. The affected shell is due for replacement in the fourth quarter, and the company says the impact is already in its forecast.
The Fresnillo mine was the bright spot, with gold up 74.9% year over year to 16,787 ounces at a higher grade. Lead rose 6.9% on the year to 16,417 tonnes, while zinc fell 10.0% on the second quarter to 24,906 tonnes.
Guidance for 2026 stands at 42.0 to 46.5 million ounces of silver, 500,000 to 550,000 ounces of gold, 54,000 to 59,000 tonnes of lead and 85,000 to 95,000 tonnes of zinc.
Expectations for 2027 and 2028 are unchanged, with a detailed metal-by-metal update promised in the fourth-quarter report. Two grade guides moved: San Julián silver is now 200 to 220 grams per tonne, and Juanicipio gold was raised to 1.2 to 1.4 grams per tonne.
On our arithmetic, hitting the silver range needs 9.6 to 14.1 million ounces in the fourth quarter, against 10.3 million in the third. Gold needs 74,100 to 124,100 ounces, against 135,053. Fresnillo expects its new Victoria area at Ciénega to lift gold grade and ore volume in the fourth quarter.
“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.”
Octavio Alvídrez, Chief Executive Officer, Fresnillo
Noche Buena produced 2,033 ounces, and preparations continue to resume operations there in 2027.