Fresnillo 2025 Gold & Silver Production Within Target Despite Decline

---

Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

---

Summary

Fresnillo's 2025 production was down from 2024, but silver volumes remained in line with guidance and gold surpassed it. The company attributes this to lower grades at some of its assets.

---

Lower Grades Mean Lower Output

Mexico's Fresnillo plc, which says it is the world's largest silver producer, recorded lower silver and gold volumes in 2025 due to lower grades at several mines. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can view detailed profiles of the Cienaga, Saucito and San Julián mines, all in Mexico.

Silver production in the fourth quarter was 12.16 million ounces, about 8% less than in the same period in 2024. Annual 2025 production totalled 47.58 million ounces, a 12.3% year-on-year decline, but still within guidance.

The drop in volumes reflects a decrease in grades from the Cienaga, Saucito, and San Julián Veins mines. At the same time, the end of life of the San Julian Disseminated Ore Body (DOB) and the sale of Silverstream to Peñoles last year also contributed to the drop.

For 2026, the company reduced its production forecast to 42 million to 46.5 million ounces. For 2027, however, the company expects to increase its silver production to 45-51 million ounces.

During the fourth quarter, Fresnillo produced 135,192 ounces of gold, down 33.7% year on year. Total 2025 production was 600,287 ounces, 5% below 2024's output but above last year's guidance.

The decline in gold output stemmed from lower ore grades and processed volumes at the Herradura, Saucito and Fresnillo mines in Mexico.

For this year, gold production guidance has been down-adjusted to 500,000 to 550,000 ounces, while for 2027, volumes are expected to be between 535,000 and 595,000 ounces.

"I am pleased to report another year of solid operational performance, with gold production exceeding the upper end of our full-year guidance range and silver production delivered in line with guidance. These results demonstrate the resilience of our asset base and the consistent execution of our operations throughout the year," said Fresnillo Chief Executive Officer Octavio Alvidrez.

Mexico is one of the top 10 gold producers and the world's largest silver producer, according to the United States Geological Survey (USGS), with Fresnillo playing a key role in domestic production. Between January and November, Mexican gold production totalled 65,835 kilograms (kg) compared with 61,663 kg during the same period in 2024.

During the same period, silver production reached 3.71 million kg in 2025, compared with 3.73 million kg in 2024.

Gold and Silver Prices

Gold and silver prices reached record highs in January, with gold over US$5,000 per ounce and silver above US$90 per ounce. Prices have increased as commodities are seen as safe investments amid a weaker U.S. dollar, geopolitical tensions and strong demand.

In recent days, prices have dropped as reports suggest that Kevin Warsh could become the new U.S. Federal Reserve chairman, dissipating some concerns about the world's largest economy.

Key Takeaways

• Fresnillo's silver output in 2025 was 47.38 million ounces, down from 2024 but meeting guidance.
• Gold production reached 600,287 ounces in 2025, surpassing guidance for the year.
• Mexico remains a leading global producer of gold and silver.

---

About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).