3Q26 Production Report

Summary by AI BETAClose X

Fresnillo plc reported third quarter 2026 production figures showing a decrease in silver production to 10.3 million ounces, down 5.5% from the previous quarter and 11.6% year-on-year, primarily due to lower ore grades at several mines. Gold production also declined by 12.8% quarter-on-quarter to 135.1 thousand ounces, and by 10.7% year-on-year, attributed to reduced ore processed and lower grades at Herradura and other sites. Despite these decreases, the company remains on track to meet its full-year guidance for silver and gold production, which is projected to be between 42.0-46.5 million ounces and 500.0-550.0 thousand ounces, respectively.

Disclaimer*

Fresnillo PLC
21 October 2026
 

 


                                                                                                            Fresnillo plc

21 Upper Brook Street

London W1K 7PY

United Kingdom

www.fresnilloplc.com

 

21 October 2026

 

 

 

THIRD QUARTER PRODUCTION REPORT

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2026

 

Octavio Alvídrez, Chief Executive Officer, said:

 

“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. Our core assets continue to deliver reliably, highlighted by strong gold performance at Fresnillo, while lower production volumes overall reflect lower ore grades at Juanicipio, Saucito, and San Julián, along with reduced volume of ore processed at Herradura and Ciénega. Our focus for the final quarter remains on maintaining operational discipline, continuous efficiency improvements, and safety across all our mines. We are well positioned to achieve our full-year targets while advancing our strong long-term growth pipeline."  

 

HIGHLIGHTS

 

Silver

 

  • Quarterly attributable silver production of 10.3 moz, decreased 5.5% vs. 2Q26, mainly due to the lower ore grade at Juanicipio and San Julián Veins, and a decrease in the volume of ore processed and lower ore grade at Ciénega.

 

  • Quarterly attributable silver production down 11.6% vs. 3Q25, primarily due to the lower ore grade at Juanicipio, Saucito and San Julián Veins, and the end of the contribution from the Silverstream.

 

  • Year-to-date attributable silver production of 32.4 moz, decreased 11.5% vs. YTD25, mainly due to the end of the contribution from the Silverstream, the lower ore grade at the underground mines, and to a lesser extent, the lower recovery rate at Ciénega, and a lower volume of ore processed at Fresnillo and Ciénega.

 

Gold

 

  • Quarterly attributable gold production of 135.1 koz, down 12.8% vs. 2Q26, mainly driven by the decreased volume of ore processed, and lower ore grade at Herradura, and, to a lesser extent, the decreased contribution from Noche Buena, lower ore grade at San Julián Veins and a decrease in the volume of ore processed at Ciénega.

 

  • Quarterly attributable gold production decreased 10.7% vs. 3Q25, primarily due to the decrease in volume of ore processed and lower ore grade at Herradura, the lower contribution from Noche Buena, and the lower ore grade at Saucito, San Julián Veins, and Ciénega. This was mitigated by the higher ore grade and improved recovery rate at Fresnillo.

 

  • Year-to-date attributable gold production of 425.9 koz, decreased 8.4% vs. YTD25, mainly due to the decrease in volume of ore processed and lower ore grade at Herradura, the lower ore grade at San Julián Veins and Saucito, and the lower contribution from Noche Buena. This was mitigated by the higher ore grades at Fresnillo and Juanicipio.

 

By-Products

 

  • Quarterly attributable by-product lead and zinc production decreased 5.9% and 10.0% vs. 2Q26, respectively, mainly driven by the lower ore grades at Fresnillo and Juanicipio.

 

  • Quarterly attributable by-product lead production increased 6.9% vs. 3Q25, due to the higher ore grade at Fresnillo, partly offset by the lower ore grade at Saucito and Juanicipio.

 

  • Year-to-date attributable by-product lead production increased 8.1% vs. YTD25, due to the higher ore grade at Fresnillo and Juanicipio, partly offset by the lower ore grade at Saucito.

 

 

 

3Q26

2Q26

% Change

3Q25

% Change

YTD26

YTD25

% Change

Silver (koz)

10,322

10,928

-5.5

11,486

-10.1

32,371

35,429

-8.6

Silverstream (koz)

0

0

N/A

195

-100.0

0

1,134

-100.0

Total Silver (koz)

10,322

10,928

-5.5

11,681

-11.6

32,371

36,563

-11.5

Gold (oz)

135,053

154,812

-12.8

151,256

-10.7

425,938

465,096

-8.4

Lead (t)

16,417

17,438

-5.9

15,359

6.9

49,245

45,541

8.1

Zinc (t)

24,906

27,672

-10.0

24,735

0.7

78,704

78,387

0.4

 

SAFETY PERFORMANCE

 

The health, safety and wellbeing of our workforce are our foremost priorities. We are dedicated to strengthening a lasting safety culture throughout our operations, with the goal of achieving zero fatalities. By investing in ongoing training, upholding stringent safety standards and proactively identifying and mitigating risks, we aim to ensure a safe and healthy working environment for all employees and contractors.

                                      

2026 OUTLOOK

 

Our 2026 outlook remains in line with previous guidance:

Attributable silver production expected to be in the range of 42.0 to 46.5 moz.

Attributable gold production expected to be in the range of 500.0 to 550.0 koz.

Attributable lead production expected to be in the range of 54.0 to 59.0 kt.

Attributable zinc production expected to be in the range of 85.0 to 95.0 kt.

 

Expressed in silver equivalent ounces[1], total production is expected to be 82 -91 million ounces.

 

Expected production for 2027 and 2028 remains unchanged. As set out at the interims, a more detailed update regarding individual metal production expectations for 2027 and 2028 will be issued in the Q4 production report.

 

 

For further information, please visit our website www.fresnilloplc.com or contact:

 

FRESNILLO PLC 

London Office   

Juan Pablo Rojas, Head of Investor Relations

Mark Mochalski

 

Tel: +44 (0)20 7399 2470

Mexico City Office

Ana Belem Zárate

Tel: +52 55 52 79 3206

 

SODALI

Peter Ogden

 

 

Tel: +44 (0)7793 858 211

 

 

 

MINING OPERATIONS

 

FRESNILLO MINE PRODUCTION

 

3Q26

2Q26

% Change

3Q25

% Change

YTD26

YTD25

% Change

Ore Processed (t)

517,519

528,185

-2.0

533,515

-3.0

1,556,127

1,574,340

-1.2

 

 

 

 

 

 

 

 

 

Production

 

 

 

 

 

 

 

 

Silver (koz)

2,539

2,485

2.2

2,416

5.1

7,393

7,567

-2.3

Gold (oz)

16,787

17,081

-1.7

9,597

74.9

46,061

29,427

56.5

Lead (t)

6,683

7,675

-12.9

5,085

31.4

19,796

15,549

27.3

Zinc (t)

11,190

13,794

-18.9

9,734

15.0

36,360

31,947

13.8

 

 

 

 

 

 

 

 

 

Ore Grades

 

 

 

 

 

 

 

 

Silver (g/t)

169

162

4.3

156

8.3

164

165

-0.6

Gold (g/t)

1.26

1.28

-1.6

0.77

63.6

1.18

0.79

49.4

Lead (%)

1.49

1.71

-12.9

1.12

33.0

1.49

1.17

27.4

Zinc (%)

2.93

3.60

-18.6

2.46

19.1

3.17

2.72

16.5

 

 

 

 

 

 

 

 

 

Pyrite Concentrates Processed (t)

20,313

18,432

10.2

23,279

-12.7

62,840

61,885

1.5

 

 

 

 

 

 

 

 

 

Production

 

 

 

 

 

 

 

 

Silver (koz)

401

404

-0.7

399

0.5

1,183

1,153

2.6

Gold (oz)

458

460

-0.4

592

-22.6

1,515

1,549

-2.2

 

 

 

 

 

 

 

 

 

Ore Grades

 

 

 

 

 

 

 

 

Silver (g/t)

826

935

-11.7

721

14.6

823

789

4.3

Gold (g/t)

2.41

2.61

-7.7

2.25

7.1

2.50

2.53

-1.2

 

Quarterly silver production increased 2.2% and 5.1% vs. 2Q26 and 3Q25, respectively, mainly due to the higher ore grade at the San Alberto, San Carlos and San Mateo long hole stopes.  

 

Year-to-date silver production decreased 2.3% vs. YTD25 driven by the decreased volume of ore processed and the slightly lower ore grade.

 

Mine development rates decreased marginally to an average of 3,251m per month in 3Q26 (3,356m per month in 2Q26) due to reduced equipment availability and the requirement for additional ground control and ventilation to access some areas.

 

Quarterly gold production slightly decreased 1.7% vs. 2Q26 driven by the decrease in volume of ore processed and lower ore grade. However, quarterly and year-to-date gold production increased 74.9% and 56.5% vs. 3Q25 and YTD25 driven by the higher ore grade due to the positive reconciliation with the geological model, and the improved recovery rate.

 

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 0.80 to 1.00 g/t.

 

 

SAUCITO MINE PRODUCTION

 

3Q26

2Q26

% Change

3Q25

% Change

YTD26

YTD25

% Change

Ore Processed (t)

577,201

578,465

-0.2

559,767

3.1

1,705,772

1,710,943

-0.3

 

 

 

 

 

 

 

 

 

Production

 

 

 

 

 

 

 

 

Silver (koz)

3,026

3,041

-0.5

3,387

-10.7

9,254

10,121

-8.6

Gold (oz)

16,307

16,175

0.8

18,789

-13.2

46,255

50,226

-7.9

Lead (t)

6,269

5,526

13.4

6,487

-3.4

17,629

20,102

-12.3

Zinc (t)

8,790

7,550

16.4

9,649

-8.9

25,099

31,060

-19.2

 

 

 

 

 

 

 

 

 

Ore Grades

 

 

 

 

 

 

 

 

Silver (g/t)

189

188

0.5

213

-11.3

195

208

-6.3

Gold (g/t)

1.15

1.13

1.8

1.35

-14.8

1.10

1.19

-7.6

Lead (%)

1.27

1.12

13.4

1.35

-5.9

1.21

1.37

-11.7

Zinc (%)

1.97

1.71

15.2

2.22

-11.3

1.91

2.33

-18.0

 

 

 

 

 

 

 

 

 

Pyrite Concentrates Processed (t)

21,593

21,703

-0.5

17,479

23.5

60,221

52,359

15.0

 

 

 

 

 

 

 

 

 

Production

 

 

 

 

 

 

 

 

Silver (koz)

128

122

4.9

128

0.0

354

390

-9.2

Gold (oz)

326

390

-16.4

444

-26.6

1,000

982

1.8

 

 

 

 

 

 

 

 

 

Ore Grades

 

 

 

 

 

 

 

 

Silver (g/t)

250

243

2.9

314

-20.4

258

320

-19.4

Gold (g/t)

1.61

1.82

-11.5

2.25

-28.4

1.71

1.94

-11.9

 

Quarterly silver production decreased 10.7% vs. 3Q25, primarily due to the lower silver ore grade at depth, and a change to the mine plan in the western area driven by poor rock quality and structural conditions. This was mitigated by the increased volume of ore processed due to higher availability of material from cut and fill stopes, and development areas.

 

Year-to-date silver production decreased 8.6% vs. YTD25 mainly due to lower ore grade, in line with the expected lower silver ore grade at depth, and the updated geological models that confirmed narrower veins and a steeper decline in silver ore grade. To a lesser extent, the decrease was also driven by a lower recovery rate.

 

Quarterly and year-to-date gold production decreased 13.2% and 7.9% vs. 3Q25 and YTD25, respectively, mainly due to the lower ore grade at the Jarillas and Roble veins, in line with the geological models, which reflect a decline in gold ore grade in these areas over the life of mine.

 

Mine development rates remained stable at 2,745m per month in 3Q26 (2Q26: 2,736m per month).

 

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

 

 

3Q26

2Q26

% Change

3Q25

% Change

YTD26

YTD25

% Change

Ore Processed (t)

193,242

191,305

1.0

194,241

-0.5

575,040

574,779

0.0

 

 

 

 

 

 

 

 

 

Production

 

 

 

 

 

 

 

 

Silver (koz)

1,801

2,111

-14.7

2,426

-25.8

6,015

7,285

-17.4

Gold (oz)

6,432

6,642

-3.2

6,599

-2.5

18,982

17,893

6.1

Lead (t)

3,268

4,042

-19.1

3,534

-7.5

11,191

9,153

22.3

Zinc (t)

4,927

6,328

-22.1

5,352

-7.9

17,245

14,852

16.1

 

 

 

 

 

 

 

 

 

Ore Grades

 

 

 

 

 

 

 

 

Silver (g/t)

330

391

-15.6

426

-22.5

370

424

-12.7

Gold (g/t)

1.48

1.47

0.7

1.37

8.0

1.44

1.27

13.4

Lead (%)

1.91

2.34

-18.4

2.03

-5.9

2.15

1.78

20.8

Zinc (%)

3.25

4.15

-21.7

3.42

-5.0

3.77

3.22

17.1

 

 

 

 

 

 

 

 

 

Pyrite Concentrates Processed* (t)

6,997

6,774

3.3

6,281

11.4

11,022

10,276

7.3

 

 

 

 

 

 

 

 

 

Production

 

 

 

 

 

 

 

 

Silver (koz)

103

108

-4.6

79

30.4

329

133

147.4

Gold (oz)

558

425

31.3

126

342.9

1,486

199

646.7

 

 

 

 

 

 

 

 

 

Ore Grades

 

 

 

 

 

 

 

 

Silver (g/t)

456

498

-8.4

556

-17.9

474

572

-17.1

Gold (g/t)

2.48

1.95

27.2

1.89

31.0

2.25

2.00

12.5

Quarterly and year-to-date attributable silver production decreased compared with all comparative periods, mainly due to the expected decline in ore grade, and to a lesser extent, adjustments to the mine plan to enhance ventilation in certain areas and strengthen ground support.

Quarterly attributable gold production decreased 3.2% and 2.5% vs. 2Q26 and 3Q25, mainly due to the lower recovery rate, mitigated by the higher ore grade. However, year-to-date attributable gold production increased 6.1% vs. YTD25, driven by the processing of stockpiled ore with higher grades.

 

The silver ore grade in 2026 is expected to be in the range of 320-370 g/t, while the estimated gold grade has increased to be between 1.2-1.4 g/t.

 

 

CIÉNEGA MINE PRODUCTION

 

3Q26

2Q26

% Change

3Q25

% Change

YTD26

YTD25

% Change

Ore Processed (t)

213,326

239,941

-11.1

210,162

1.5

680,669

692,761

-1.7

 

 

 

 

 

 

 

 

 

Production

 

 

 

 

 

 

 

 

Gold (oz)

9,533

10,376

-8.1

11,170

-14.7

29,912

28,848

3.7

Silver (koz)

445

544

-18.2

536

-17.0

1,663

2,189

-24.0

Lead (t)

198

195

1.5

253

-21.7

630

737

-14.5

Zinc (t)

0

0

N/A

0

N/A

0

527

-100.0

 

 

 

 

 

 

 

 

 

Ore Grades

 

 

 

 

 

 

 

 

Gold (g/t)

1.51

1.45

4.1

1.76

-14.2

1.47

1.40

5.0

Silver (g/t)

97

104

-6.7

111

-12.6

111

126

-11.9

Lead (%)

0.28

0.25

12.0

0.27

3.7

0.26

0.23

13.0

Zinc (%)

0.33

0.30

10.0

0.33

0.0

0.31

0.31

0.0

Quarterly gold production decreased 8.1% vs. 2Q26, mainly due to the lower volume of ore processed, driven by the slower mining cycles as a result of lower equipment availability, and a change in the mining method that required additional waste material to be hauled to reinforce ground conditions. This was mitigated by the higher gold ore grade at the Victoria complex.

Quarterly gold production decreased 14.7% vs. 3Q25 due to the lower average ore grade. This was partly offset by the higher volume of ore processed.

Year-to-date gold production increased 3.7% vs. YTD25, mainly due to the higher ore grade at the Victoria and Virginia stopes. This was partly offset by the lower ore throughput due to power outages, the aforementioned lower equipment availability and additional groundworks.

The increased contribution from the new Victoria area is expected to improve gold ore grade and increase the volume of ore available for processing in 4Q26.

Quarterly silver production decreased 18.2% vs. 2Q26 mainly due to the decrease in volume of ore processed as a result of the previously mentioned factors, and the lower ore grade.

Quarterly and year-to-date silver production decreased 17.0% and 24.0% vs. 3Q25 and YTD25 respectively, mainly due to the lower ore grade and decreased recovery rate driven by the higher portion of oxides processed at the flotation plant following the depletion of sulphides from Taspana.

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

 

3Q26

2Q26

% Change

3Q25

% Change

YTD26

YTD25

% Change

Ore Processed Veins (t)

320,645

320,577

0.0

326,037

-1.7

959,620

942,095

1.9

 

 

 

 

 

 

 

 

 

Production Veins

 

 

 

 

 

 

 

 

Gold (oz)

9,550

10,560

-9.6

11,622

-17.8

31,745

37,540

-15.4

Silver (koz)

1,780

1,955

-9.0

1,974

-9.8

5,752

6,193

-7.1

 

 

 

 

 

 

 

 

 

Ore Grades Veins

 

 

 

 

 

 

 

 

Gold (g/t)

0.96

1.07

-10.3

1.16

-17.2

1.08

1.30

-16.9

Silver (g/t)

190

210

-9.5

207

-8.2

206

225

-8.4


Quarterly and year-to-date gold and silver production decreased vs. all comparative periods, mainly due to lower ore grades resulting from changes in the mine plan to reinforce ground conditions. The team is working to improve equipment availability to accelerate mining cycles and resume operations in the stopes in line with the mine plan.

The expected silver ore grade in 2026 has been revised to 200-220g/t while the expected gold ore grade remains at 0.9-1.1 g/t, respectively.

 

HERRADURA TOTAL MINE PRODUCTION

 

3Q26

2Q26

% Change

3Q25

% Change

YTD26

YTD25

% Change

Ore Processed (t)

4,995,587

5,357,604

-6.8

5,155,222

-3.1

14,853,677

15,280,447

-2.8

Total Volume Hauled (t)

23,451,658

23,499,288

-0.2

23,306,056

0.6

69,266,272

71,957,824

-3.7

 

 

 

 

 

 

 

 

 

Production

 

 

 

 

 

 

 

 

Gold (oz)

73,069

89,251

-18.1

87,389

-16.4

240,628

284,820

-15.5

Silver (koz)

100

156

-35.9

140

-28.6

427

395

8.1

 

 

 

 

 

 

 

 

 

Ore Grades

 

 

 

 

 

 

 

 

Gold (g/t)

0.57

0.58

-1.7

0.69

-17.4

0.62

0.70

-11.4

Silver (g/t)

1.13

1.29

-12.4

1.37

-17.5

1.36

1.27

7.1

 

Quarterly gold production decreased 18.1% vs. 2Q26, primarily due to a lower volume of ore processed at the dynamic leaching plant 1, resulting from more frequent preventive maintenance stops at the ball mill following the previously reported fissure. The affected ball mill shell is scheduled for replacement in 4Q26, and the impact of the extended maintenance stoppage has already been incorporated into the production forecast.

Quarterly gold production decreased 16.4% vs. 3Q25, primarily due to the lower ore grade driven by the higher portion of sulphide ore, and a decrease in the volume of ore processed as a result of the aforementioned factors.

Year-to-date gold production decreased 15.5% vs. YTD25 due to the lower ore grade as a result of the: i) higher portion of sulphide ore, which impacted the recovery rate at the leaching pads, and ii) the decreased volumes of high-grade ore processed at the Dynamic Leaching Plant 1, driven by the aforementioned ball mill works. In addition, the minor delay in the commissioning of the leaching pad XV, phase II, also impacted the volumes of ore processed.

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

 

NOCHE BUENA

2,033 ounces of gold were recovered from the leaching pads at Noche Buena in 3Q26, a 41.1% decrease when compared to 2Q26, and a 58.7% decrease when compared with 3Q25. Year-to-date gold production totalled 8,354 ounces, a 38.6% decrease when compared with YTD25. Preparatory activities continued during 3Q26 to resume operations at Noche Buena in 2027, including personnel recruitment, facility rehabilitation and engineering studies. 

 

 

 

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-Dipolos1, 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, Chile and Canada.

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.

 

1Operations 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.

 

 

 

 

 


[1] Silver eq. ounces are calculated converting only gold into silver ounces with an Au:Ag ratio of 80:1. Lead and zinc production is not included in silver eq. ounces.

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Companies

Fresnillo (FRES)
UK 100

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