Fresnillo Q1 2026 Production Report: Quick Summary 
Fresnillo plc (the world’s largest primary silver producer) released its Q1 results today. Overall, production was in line with expectations and the company confirmed its full-year 2026 guidance remains unchanged.
Fresnillo plc (the world’s largest primary silver producer) released its Q1 results today. Overall, production was in line with expectations and the company confirmed its full-year 2026 guidance remains unchanged.
- Silver: 11.1 million ounces
↓ 8.5% QoQ | ↓ 6.5% YoY
(Silverstream contribution ended in 2025) - Gold: 136.1 thousand ounces
↑ 0.7% QoQ | ↓ 12.8% YoY - Lead: 15,390 tonnes (+2.4% YoY)
- Zinc: 26,126 tonnes (+3.5% YoY)
Mine-by-mine notes:
- Saucito and Fresnillo saw lower grades and throughput → main drag on silver
- Juanicipio held up relatively well
- Herradura (gold) benefited from higher grades and recovery rates
- Positive momentum from the new Herradura leaching pad and Saucito’s Jarillas shaft project
CEO Octavio Alvídrez commented: “We have started the year as expected.”
Full-year 2026 guidance unchanged:
→ Silver: 42 – 46.5 moz
→ Gold: 500 – 550 koz
Solid start to the year despite a big QoQ dip in production.
Fresnillo remains well positioned for the rest of 2026 as development projects ramp up.
Click here for Full Q1 Production Results:
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