Fresnillo Updates Production Forecasts Amidst Rising Gold and Silver Prices

Fresnillo, the prominent Mexican miner, has revised its production forecasts for gold and silver for the coming year. Despite exceeding its expectations for gold output in 2025, the company announced it anticipates lower production numbers moving forward.

In 2025, Fresnillo produced 600,300 ounces of gold, which represented a 5 per cent decline from 2024. This decrease was attributed to lower ore grades and reduced volumes, yet it surpassed the upper end of the company’s guidance range, which was set at 590,000 ounces. The fourth quarter alone yielded 135,300 ounces, showing a solid operational performance.

However, silver production fell to 48.7 million ounces, down 13.5 per cent year on year, burdened by a mine closure and diminished ore grades. This figure remained within the guidance range issued by the company. Looking ahead, Fresnillo has lowered its production forecast for 2026 to between 500,000 and 550,000 ounces of gold, a correction from its earlier projection of 515,000 to 565,000 ounces.

The company cited production issues at its Herradura mine, particularly due to stronger than anticipated output in 2025, which resulted in certain production being advanced to the previous year. Additionally, silver production expectations have been adjusted to between 42 million and 46.5 million ounces, down from a previous forecast of 45 million to 51 million ounces, primarily as a result of planned changes at the Fresnillo mine.

Operational delays at the Saucito mine have also impacted production forecasts. The connection of the Jarillas mine shaft at Saucito has been pushed back to 2026, necessitating additional ground support for stability. This delay is expected to affect overall ore throughput and grades.

Despite the downward revisions, Fresnillo remains optimistic about future performance. The company intends to focus on developing higher-grade areas and bringing the Jarillas shaft project to completion. The miners’ strong operational history fuels confidence in their ability to navigate the challenges presented in the current market environment.