Fresnillo, the world's largest primary silver producer and Mexico's biggest gold miner, has reported lower production in the third quarter but said it remains on course to meet its full-year guidance.
Attributable silver production fell 11.6% year on year to 10.3 million ounces in the three months to 30 September 2026, hit by lower ore grades at Juanicipio, Saucito and San Julián.
The end of production from the Silverstream royalty agreement also weighed on silver output compared with the same period last year.
Attributable gold production declined 10.7% year on year to 135,051 ounces, with Herradura the main drag following reduced ore volumes and lower grades caused by equipment maintenance issues at its ball mill.
The affected ball mill shell is scheduled for replacement in the fourth quarter, with the impact already factored into Fresnillo's full-year production forecast.
Despite the quarterly decline, the Fresnillo mine itself delivered a strong year-on-year gold performance, with production up 74.9% against the third quarter of 2025, driven by higher ore grades and improved recovery rates.
Year to date, attributable silver production stands at 32.4 million ounces, down 11.5% on the same period last year, while gold output of 425,938 ounces is 8.4% lower year on year.
Full-year guidance remains unchanged, with attributable silver production expected in the range of 42 million to 46.5 million ounces and gold in the range of 500,000 to 550,000 ounces.
Chief executive Octavio Alvídrez said the group's core assets continued to deliver reliably and that operational discipline and efficiency improvements remained the focus for the final quarter.
"We are well positioned to achieve our full-year targets while advancing our strong long-term growth pipeline," he said.
