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Fresnillo profit nearly triples as gold and silver prices rise

First-half revenue rose 74.7% to $3.38 billion, while the miner increased its interim dividend to $0.43 a share despite lower gold and silver production.

Reported · Written up by our desk · Precious Metals

Mexico-focused precious metals miner Fresnillo (LON: FRES) posted nearly a threefold jump in first-half profit, driven by higher gold and silver prices that more than offset lower production. The company said revenue climbed 74.7% to $3.38 billion, supported by stronger realized prices.

Fresnillo also raised its interim dividend to $0.43 a share, attributing its improved earnings to price strength. The miner said its financial position enabled it to fund the acquisition of Probe Gold, completed in January, and continue capital spending and exploration.

Operationally, Fresnillo reported attributable silver production fell 11.4% year over year to 22 million oz, citing the end of Silverstream’s contribution, lower ore grades at several assets, and reduced ore processed. Attributable gold output declined 7.3% to 290,900 oz due to lower grades and issues including equipment problems, delays, and adverse weather.

Fresnillo forecast 2026 silver production of 42.0 million to 46.5 million oz and gold output of 500,000 to 550,000 oz. It also revised 2026 capital spending to $500 million to $550 million and expects exploration spending of about $260 million, while shares were up 3.6% in early trading.

Latest closeGold $4,133.60 ▲2.5%|Silver $59.77 ▲3.7%

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