The Mexican mining group Fresnillo, listed on the London Stock Exchange, published its operating results for the second quarter of 2026 yesterday, highlighting a still weak trend in production on an annual basis but signs of improvement compared to the first three months of the year, especially on the gold frontThe company, which is a world leader in the production of primary silver, in fact produced 154.800 ounces of gold in the period April-June, up 13,8% compared to 136.200 ounces in the first quarter of 2026. The figure, however, remains slightly lower than the same period last year, with a decrease of 1,9% on an annual basis.
Quarterly growth confirms the operational improvement expected by management, driven primarily by increased ore availability and a recovery in mining grades at some of the group's key assets. In the first six months of the year, overall gold production reached 291.000 ounces, down 7,3% from the same period in 2025The half-year figure therefore reflects the weak start to the year, but the improvement seen in the second quarter indicates a possible trend reversal in the second half of the year. Investors appreciated: yesterday the Fresnillo title, which in the calendar year 2025 It was the best of the Ftse 100 with +416%, was a star on the London Stock Exchange with a gain of 3,55%.
Silver under pressure: production down 13%
The picture is different for the group's symbolic metal. Fresnillo recorded a second quarter Silver production of 10,9 million ounces, down 13% from the second quarter of 2025The sequential comparison shows a more modest decline, equal to 1,7% compared to the first quarter of 2026. The company explained that the decline is mainly linked to a reduction in mining grades and changes in the composition of the ore processed at some mines. In the first half of 2026, attributable silver production stood at approximately 21,9 million ounces, a decrease compared to the same period of the previous year.
Lead and zinc prices are growing, and the production mix is improving.
Quarterly data also show positive signs from secondary metals. Lead production increased by 15,1% compared to the second quarter of 2025 and 13,3% compared to the previous quarter, benefiting from more favorable operating conditions. Zinc also recorded a sequential improvement, with a growth of 5,9% compared to the first quarter of 2026, while the year-on-year comparison remains weaker. The evolution of the production mix is an important element for Fresnillo, as it allows the group to partially offset the volatility of silver and gold production.
2026 guidance confirmed by management
Despite the slowdown recorded in the first half of the year, Fresnillo confirmed its production targets for 2026. The company expects an annual production of 500.000-550.000 ounces of gold e 42,0-46,5 million ounces of silverThe market viewed the guidance confirmation as a sign of strength, especially considering that the second quarter showed an improvement in gold prices compared to the beginning of the year. Management is indeed targeting a second half of 2026 characterized by greater operational efficiency and a more significant contribution from key production assets.
