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FRESNILLO ( (GB:FRES) ) just unveiled an announcement.
Fresnillo reported first-quarter 2026 production broadly in line with full-year guidance, though headline volumes were mixed across metals. Attributable silver output fell 8.5% quarter-on-quarter and 6.5% year-on-year to 11.1 million ounces, hit by lower grades and reduced processing at key mines after the end of a legacy Silverstream contribution, while zinc and lead were slightly up year-on-year but down versus the prior quarter.
Gold production was steady against the previous quarter at 136,074 ounces but declined 12.8% from a strong first quarter of 2025, reflecting weaker grades and lower throughput at the flagship Herradura mine after prior inventory releases. Management highlighted progress on key growth and efficiency projects, including commissioning of a new leaching pad at Herradura and the ongoing interconnection of the Jarillas shaft at Saucito, and reaffirmed unchanged production guidance for 2026–2028, signalling operational stability despite cost pressures and market volatility.
The most recent analyst rating on (GB:FRES) stock is a Hold with a £37.75 price target. To see the full list of analyst forecasts on FRESNILLO stock, see the GB:FRES Stock Forecast page.
Spark’s Take on FRES Stock
According to Spark, TipRanks’ AI Analyst, FRES is a Outperform.
The score is driven primarily by strong financial performance (sharp 2025 profitability and cash-flow rebound with low leverage) and a generally positive earnings outlook with a credible project pipeline. This is moderated by weaker near-term technical momentum (trading below the 20/50-day averages) and a valuation that is not especially cheap (P/E ~23.4), alongside 2026 transition-year and higher CapEx/tax cash-headwind risks highlighted on the call.
To see Spark’s full report on FRES stock, click here.
More about FRESNILLO
Fresnillo plc is a London-listed precious metals miner focused on silver and gold production, primarily operating underground and open-pit mines in Mexico. The company is one of the world’s largest primary silver producers, with additional by‑product output of gold, lead and zinc, and its performance is closely tied to global precious metal prices.
Average Trading Volume: 1,238,721
Technical Sentiment Signal: Buy
Current Market Cap: £26.99B
For detailed information about FRES stock, go to TipRanks’ Stock Analysis page.