Fresnillo, the London-listed silver and gold miner, confirmed on Wednesday that it will not alter its full-year guidance after reporting a drop in quarterly silver production.
For the first quarter of 2026 the company recorded silver output of 11.1 million ounces. That level represents an 8.5% decrease relative to the immediately preceding quarter. Fresnillo attributed the decline to two operational factors: lower ore grades and a fall in the volumes of ore processed.
The company identified three operations where the reduced grades and processing volumes contributed to the weaker quarter-on-quarter performance - Saucito, Fresnillo and Juanicipio. Together these operations accounted for the production shortfall reported for the three-month period.
Despite the quarterly setback, Fresnillo said that production so far this year remains aligned with the company's expectations for the period. Management reiterated its full-year guidance, signaling confidence that the year-to-date position does not require an adjustment to previously issued targets.
Fresnillo also noted that it is keeping a close watch on costs against a backdrop of global instability. The company said it continues to monitor cost trends and pressures, implying active oversight of operational and financial metrics as conditions evolve.
Operational context - drawn from the company statement - is straightforward: a measurable quarterly fall in silver output, specific attribution to lower ore grades and lower processed volumes at named mines, and an unchanged full-year outlook supported by management's assessment that year-to-date production aligns with expectations. In addition, ongoing attention to cost control was emphasized due to uncertain international conditions.
The information provided by the company did not include changes to guidance figures, updated cost projections, or additional quantitative detail beyond the reported production volume and the stated quarter-on-quarter percentage decline.