Fresnillo Holds Silver Guidance Despite 8.5% Q1 Production Drop

Fresnillo confirmed an 8.5% quarter-on-quarter decline in Q1 2026 silver production to 11.1 million ounces, citing lower ore grades and reduced volumes at Saucito, Fresnillo, and Juanicipio mines. Despite the slip, the company maintained its full-year guidance at 42.0-46.5 million ounces, noting year-to-date output remains on track. Management flagged rising fossil-fuel costs from Strait of Hormuz disruptions and vowed close cost monitoring. Initial reports highlighted production pressures balanced by steady guidance, while the latest update emphasizes limited near-term market impact but ongoing focus on supply expectations and margins.