Proactive Investors
21 Oct 2026, 06:52 UTC · 1h ago
Fresnillo keeps 2026 guidance despite lower third-quarter silver and gold output
Impact · against what's priced in
Fresnillo's maintenance of full-year guidance is offset by a significant production slump in Q3, leaving the company with a steep climb in Q4 to meet its targets. The substantial declines in silver (12% YoY) and gold (11% YoY) output due to lower grades and volumes create execution risk for the year-end goals.
- FRES−0.30
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- In context
Third-quarter silver and gold output fell 12% and 11% year-on-year respectively, meaning the company must now produce 10-15M oz of silver in Q4 to hit the bottom of its full-year guide.
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