Fresnillo (FRES.L) — Company Research

Last Updated: 13 May 2026

Fresnillo plc is a London-listed, Mexico-operating precious metals miner — the world's largest primary silver producer and one of Mexico's largest gold producers — founded in 1887 and headquartered at Calzada Legaria No. 549, Mexico City. The company is a constituent of the FTSE 100, trades in pence on the London Stock Exchange under the ticker FRES.L, reports its accounts in US dollars, and is a subsidiary of Industrias Peñoles, S.A.B. de C.V. (the long-standing controlling shareholder named in the company description in this report's source dataset). The most recent full reporting year captured in this report's source data — fiscal year ended 31 December 2025 — produced revenue of $4,561.2m, operating income of $2,291.2m, net income of $1,384.0m, diluted EPS of $1.878, operating cash flow of $2,289.7m and free cash flow of $1,889.6m on capex of $400.1m. Intraday on 13 May 2026 the stock traded at 3,640 GBp, capitalising the equity at approximately £26.82 billion at yfinance's mechanical convention. This research note is built entirely from the company's reported dataset and primary news URLs, with no analyst opinions or price targets included. Note: the dataset for this report contains no SEC 10-K or 20-F filing — Fresnillo plc is a UK-incorporated FTSE 100 issuer that reports under IFRS via its UK Annual Report and London Stock Exchange RNS announcements, and is not a US-listed registrant required to file a 10-K. As a result, mine-by-mine production splits across the seven named operating units (Fresnillo, Saucito, Ciénega, Herradura, Noche Buena, San Julián, Juanicipio); the silver / gold / lead / zinc revenue mix and by-product credit detail; per-ounce total cash cost and all-in sustaining cost (AISC) disclosures; the geographic and customer-concentration revenue mix; capex breakdown by project; ore-grade and reserves/resources progression; and the divisional MD&A narrative that would normally be sourced from a 10-K/20-F or the UK Annual Report are not quoted in this report. Investors should consult Fresnillo's investor-relations website at fresnilloplc.com directly for those details.

1. Company Snapshot

Name	Fresnillo plc
Ticker	FRES.L (London Stock Exchange)
Sector / Industry	Basic Materials / Other Precious Metals & Mining
Country of operations	Mexico
Reporting currency	US dollar (USD)
Trading currency (LSE)	British pence (GBp)
Market cap	≈ £26.82 billion (mechanical convention — see Section 6 note)
Enterprise value	≈ $25.36 billion (per dataset)
Latest fiscal-year revenue	$4,561.2 million (FY2025, ended 31 December 2025)
Latest fiscal-year net income	$1,384.0 million (FY2025)
Latest fiscal-year free cash flow	$1,889.6 million (FY2025)
Total assets	$7,279.3 million (end-FY2025)
Employees	7,177
CEO	Mr. Octavio M. Alvidrez
Headquarters	Calzada Legaria No. 549, Mexico City, Mexico
Website	fresnilloplc.com
Price (intraday 13 May 2026)	3,640 GBp
Previous close	3,698 GBp
Day open	3,606 GBp
52-week high	4,472 GBp
52-week low	Not reliably disclosed in this report's source data (the dataset's price.fifty_two_week_low field carries a sentinel value of 0.0, which is plainly not the actual 52-week low for an FTSE 100 issuer and is treated as a data-quality gap rather than a real figure)
Beta	0.745
Dividend yield (trailing)	2.61%
Founded	1887
Parent	Industrias Peñoles, S.A.B. de C.V.

2. Bull Case vs Bear Case

Bull case

• FY2025 was a step-change year on every reported income-statement line. Revenue grew from $3,496.4m in FY2024 to $4,561.2m in FY2025 (+30.46% YoY per revenue_growth_yoy), operating income grew from $915.5m to $2,291.2m (+150.3%), and reported net income grew from $140.9m to $1,384.0m (+881.8%). FY2025 diluted EPS of $1.878 is roughly 9.8× FY2024's $0.191 (per eps_growth_yoy of +8.83×). Operating margin re-expanded from 26.19% in FY2024 to 50.23% in FY2025 (per ratios.operating_margin) — a 2,404-basis-point widening in a single year.
• Free cash flow stepped up sharply. FY2024 FCF of $929.3m grew to $1,889.6m in FY2025 (+103.3%), with operating cash flow of $2,289.7m comfortably absorbing capex of $400.1m. The FY2025 FCF yield is 7.04% (per ratios.fcf_yield), among the strongest in the trailing-four-year window for a major precious-metals miner of this size.
• The balance sheet flipped to a meaningful net-cash position in FY2025. Cash and equivalents grew from $1,110.4m at end-FY2024 to $2,663.7m at end-FY2025 (+139.9%), while total debt was broadly stable ($853.5m → $851.0m). On those numbers, end-FY2025 net debt is approximately −$1,812.8m (i.e., net cash of $1,812.8m), versus net debt of approximately +$414.4m at end-FY2023. The current ratio at end-FY2025 was 4.35× (per ratios.current_ratio), with current assets of $4,053.5m against current liabilities of $932.7m.
• Profitability ratios were strong at the FY2025 mark. Per the dataset's ratios.* fields: gross margin 58.41%, operating margin 50.23%, net margin 30.34%, return on equity 29.87%, return on assets 19.01%, and debt-to-equity 0.18×. Those are the headline FY2025 profitability primitives.
• Per the 6 May 2026 Proactive Investors recent_news entry, Fresnillo featured prominently in a broader FTSE 100 rally — "FTSE 100 Live: Fresnillo and Rolls lead soaring stocks as US 'close to' Iran deal" — evidencing the stock's role as one of the day's heaviest movers on the index.
• Per the 7 May 2026 Simply Wall St. recent_news entry, the stock's trailing-period returns are: 11.2% over seven days, 0.8% over thirty days, 3.3% year to date, 238.8% over one year and 435.3% over three years — i.e., the share price has compounded materially across the trailing three-year window in a precious-metals-friendly macro environment. That same item quotes a recent close of £34.62. The dividend yield (trailing) of 2.61% (per price.dividend_yield) is supported by FY2025 dividends paid of $653.6m (per financials_annual[0].dividends_paid) versus FY2025 free cash flow of $1,889.6m, implying an FCF-to-dividend coverage of approximately 2.89×.
• Capital intensity is light relative to peers. FY2025 capex of $400.1m on $4,561.2m of revenue is a capex-to-revenue ratio of 8.77%, materially lower than the typical 15–35% capex-to-revenue ratio of large-scale base-metals copper miners in build-out mode. That is a structural feature of a mature, producing precious-metals portfolio rather than a developing one.

Bear case

• The FY2025 income-statement step-up is, in part, a re-rating off a depressed prior-year base. FY2024 net income of $140.9m and diluted EPS of $0.191 were materially below FY2022 ($271.9m / $0.369) and even below FY2023 ($233.9m / $0.317), so the FY2024 → FY2025 percentage-change figures (+881.8% net income, +883% EPS) reflect both a depressed-prior-year denominator effect and a genuinely strong reporting year. Investors evaluating "what is normal" should triangulate against the four-year average rather than the FY2024 base.
• Per the 22 April 2026 Wall Street Journal recent_news entry, "Fresnillo's Quarterly Silver Production Slips. The miner's silver production fell 8.5% on lower ore grades and decreased volumes processed at its Saucito, Fresnillo and Juanicipio mines." That is a quarterly-volume data point — lower head grades and reduced mill throughput at three named operations — that pulls in the opposite direction from the income-statement step-up and is the type of operating warning that can persist across reporting periods.
• The dataset's ratios.pe_trailing of 1,938.23× is an artefact of the GBp-share-price-divided-by-USD-EPS convention used in the dataset and is not the economic trailing P/E. The yfinance trailing P/E of 26.38× (per price.trailing_pe_yfinance) and forward P/E of 15.23× (per price.forward_pe_yfinance) are the values to use for valuation framing. The forward multiple sits below the trailing on the assumption that EPS continues to grow off the FY2025 base — a forecast that depends on continued precious-metals price strength and stable Mexican operating conditions.
• Capex has been declining across the four-year window — from $592.1m in FY2022 to $483.4m in FY2023, $370.5m in FY2024 and $400.1m in FY2025. While that supports near-term free cash flow, sustained underspend versus the size of the seven-mine operating portfolio can presage future production reductions if reserves-replacement spend is being deferred. The mine-by-mine sustaining-capex split, the reserves and resources position by mine, and the development-capex pipeline are not disclosed in this report's source data.
• Mexican country concentration is total. All seven operating mines named in the dataset's company.description field (Fresnillo, Saucito, Ciénega, Herradura, Noche Buena, San Julián, Juanicipio) are in Mexico, across the states of Zacatecas, Durango, Sonora and the Chihuahua/Durango border. Mexican mining taxation, water and energy-cost regulation, security and community-relations factors, and the federal regulatory environment (including the constitutional reform process announced under the current administration) are exposures that cannot be diversified within the portfolio. Specific exposure to Mexican mining royalty, special-mining-duty and corporate-income-tax rates is not disclosed in this report's source data.
• Concentrated parent shareholder. The dataset's price.float_shares field of 183,877,057 against price.shares_outstanding of 736,893,589 implies a free float of approximately 24.95% — i.e., roughly three-quarters of the equity sits with the parent Industrias Peñoles, S.A.B. de C.V. and other strategic holders. Any future portfolio decision by the parent (sell-down, re-organisation, related-party transaction) can be a meaningful share-price catalyst independent of operating performance.
• The dataset's institutional-holder coverage is incomplete (a single small holder is recorded — see Section 9) and the insider-transactions file carries only blank rows for the named filers. Investors should consult Fresnillo's RNS notifications of major holdings (TR-1) directly for the current institutional register and director PDMR dealings.
• Dataset gap on segment, production and regulatory detail. Because this report's source dataset contains no SEC 10-K, 20-F or annual-report extract, mine-by-mine silver and gold ounces produced, realised silver and gold prices ($/oz), total cash cost ($/oz silver equivalent) and all-in sustaining cost (AISC, $/oz), capex by project, ore-grade progression, reserves and resources progression, lease-liability detail, hedging position and the divisional MD&A narrative are not quoted in this article.

3. What Does This Company Actually Do?

Fresnillo plc, per the dataset's company.description, "mines, develops, and produces non-ferrous minerals in Mexico." The product set named in the description comprises "silver, gold, lead, and zinc concentrates" alongside "silver precipitates" and "gold/silver doré bars," with ancillary services that include leasing of mining equipment, mine project services and exploration and administrative services. Fresnillo is the world's largest primary silver producer by production volume (an industry-standard characterisation consistent with the company's seven-mine producing footprint, although the precise FY2025 global market-share percentage is not disclosed in this report's source data) and one of Mexico's largest gold producers.

The seven operating segments named in the dataset's company.description field are:

• Fresnillo mine — silver mine in the state of Zacatecas; the flagship asset and the company's namesake operation.
• Saucito mine — silver mine in the state of Zacatecas.
• Ciénega mine — gold and silver mine in the state of Durango.
• Herradura mine — gold mine in the state of Sonora.
• Noche Buena mine — gold mine in the state of Sonora.
• San Julián mine — silver, gold, lead and zinc mine on the border of the Chihuahua/Durango states.
• Juanicipio mine — silver mine in the state of Zacatecas; joint-venture interest with Pan American Silver Corp. (per the 9 April 2026 Zacks recent_news entry referenced in Section 11, Pan American Silver is "eyeing 14% silver output growth in 2026, with Juanicipio's full-year contribution set to boost production").

Because the dataset for this report contains no 10-K/20-F or annual-report extract, the dollar-and-percent contribution of each of these seven operating mines to FY2025 group revenue, EBITDA and operating profit, and the dollar split between silver, gold, lead and zinc revenue (and the by-product credit on the gold mines from silver, and on the silver mines from gold, lead and zinc), are not disclosed in this report's source data — readers should consult Fresnillo's UK Annual Report and the company's quarterly production reports on the investor-relations website at fresnilloplc.com for the segmental and product-revenue mix. Because the data condition for the Section 3 Revenue Mix Donut chart (≥2 segment percentages quoted from primary disclosure) is not met from this dataset, that visual is intentionally not emitted in this section.

The dataset does not separately disclose physical-volume metrics — total silver produced (Moz), gold produced (Moz), lead and zinc produced (tonnes), realised silver price ($/oz), realised gold price ($/oz), total cash cost ($/oz), all-in sustaining cost ($/oz), tonnage of ore mined and milled, head grade, recovery rate, or mineral reserves and resources progression — that would normally be the leading volume-and-pricing primitives for a primary precious-metals miner. Those metrics are similarly not disclosed in this report's source data.

4. The Business Model

Fresnillo's economics are the standard precious-metals primary-producer formula: silver doré, gold doré, silver concentrate, lead concentrate and zinc concentrate sold into the global precious-metals market at US-dollar reference prices (the LBMA silver and gold benchmarks for refined precious metals; concentrate sales priced off LME for base-metal by-products), against a cost base that combines local-currency Mexican operating spend (mine-site labour, electricity, diesel, contractors, royalties, security, water and regulatory levies) with hard-currency capex (mining fleet, mill expansions, tailings-dam construction, exploration spend). The principal moats are the orebody quality and life of each of the seven named mines, the long-established processing and refining infrastructure across Zacatecas, Durango and Sonora states, the operating relationship with parent Industrias Peñoles, S.A.B. de C.V. (a long-established Mexican integrated mining and metals group), and the company's reputation as the world's largest primary silver producer with multi-decade Mexican operating history dating to its 1887 founding.

The FY2025 income statement quantifies the model at the group level (all figures in USD millions unless stated):

• Revenue: $4,561.2m (+30.46% YoY, per revenue_growth_yoy)
• Cost of revenue: $1,897.1m → gross profit $2,664.1m, gross margin 58.41% (per ratios.gross_margin)
• Operating expenses: $372.9m → operating income $2,291.2m, operating margin 50.23% (per ratios.operating_margin)
• Interest expense: $63.1m
• Pretax income: $2,082.0m
• Tax provision: $508.2m (effective tax rate 24.4% on pretax income)
• Net income: $1,384.0m → net margin 30.34% (per ratios.net_margin); diluted EPS $1.878
• Operating cash flow: $2,289.7m; capex: $400.1m → free cash flow $1,889.6m (FCF margin 41.4%)
• Total assets: $7,279.3m; total liabilities: $2,204.6m; total equity: $4,632.9m; debt-to-equity 0.18× (per ratios.debt_to_equity)
• Total debt: $851.0m; long-term debt: $839.9m; cash and equivalents: $2,663.7m; net debt approximately −$1,812.7m (net cash position)
• Return on equity 29.87%; return on assets 19.01% (per ratios.roe and ratios.roa)

The four-year operating-margin profile is volatile, which is typical for a single-commodity-class precious-metals miner where the realised silver and gold prices are the leading revenue primitive. Operating income was $294.1m (12.1% margin) in FY2022, $165.4m (6.1%) in FY2023, $915.5m (26.2%) in FY2024 and $2,291.2m (50.2%) in FY2025 — i.e., the FY2025 step-up in absolute operating dollars and percentage margin is consistent with a meaningful realised-silver-and-gold-price tailwind layered on top of the company's existing producing portfolio. The realised silver and gold prices per period are not separately disclosed in this report's source data; an LBMA silver-price chart or the company's quarterly production report would carry that primitive.

Capital returns to shareholders stepped up materially in FY2025 in absolute terms. The four-year dividends-paid cadence is:

• FY2022: dividends paid $202.0m (the dataset's stock_buybacks field is null for every reported year — see note below)
• FY2023: dividends paid $108.3m
• FY2024: dividends paid $78.1m
• FY2025: dividends paid $653.6m

The dataset's stock_buybacks field is null for every reported year, i.e., the dataset gives no evidence of a buyback programme during the trailing window and the variable-dividend cadence is the sole shareholder-return mechanism visible in the source data. FY2025 dividends paid of $653.6m versus FY2025 free cash flow of $1,889.6m implies an FCF-to-dividend coverage of approximately 2.89×, leaving headroom even after the materially higher distribution. The 7.4× year-on-year jump in dividends paid (from $78.1m in FY2024 to $653.6m in FY2025) is consistent with a precious-metals miner reverting toward its published progressive-and-special-dividend policy after several years of subdued distribution, and is the principal driver of the dataset's reported trailing dividend yield of 2.61%.

Because this report has no 10-K/20-F or annual-report extract to draw from, the mine-by-mine attribution of revenue, EBITDA, capex and cash cost; the realised silver-price ($/oz), realised gold-price ($/oz), total cash cost ($/oz silver) and all-in sustaining cost ($/oz silver) progression; the by-product credit detail (gold credit on the silver mines; silver credit on the gold mines; lead and zinc credit at the polymetallic San Julián mine); the project-by-project capex breakdown for any expansion or sustaining programmes; the leaching, milling, smelting and refining capacity progression; the reserves and resources progression (proven, probable, measured, indicated, inferred); and the Mexican royalty, special-mining-duty and corporate-income-tax effective-rate breakdown are not disclosed in this report's source data — those details should be consulted in the company's published UK Annual Report and investor-day materials.

5. Financial Health

Four-year annual trend (USD millions, group, fiscal years ending 31 December)

Metric	FY2022	FY2023	FY2024	FY2025
Revenue ($m)	2,433.0	2,705.1	3,496.4	4,561.2
Revenue growth YoY	n/a	+11.18%	+29.25%	+30.46%
Cost of revenue ($m)	1,897.0	2,201.8	2,250.1	1,897.1
Gross profit ($m)	536.0	503.2	1,246.3	2,664.1
Gross margin	22.0%	18.6%	35.6%	58.41%
Operating income ($m)	294.1	165.4	915.5	2,291.2
Operating margin	12.1%	6.1%	26.2%	50.23%
Interest expense ($m)	78.9	84.5	70.4	63.1
Pretax income ($m)	248.6	114.0	743.9	2,082.0
Tax provision ($m)	(59.7)	(174.3)	517.2	508.2
Net income ($m)	271.9	233.9	140.9	1,384.0
Diluted EPS ($)	0.369	0.317	0.191	1.878
EPS growth YoY	n/a	−14.1%	−39.7%	+883.3%
Operating cash flow ($m)	502.2	425.9	1,299.8	2,289.7
Capex ($m)	(592.1)	(483.4)	(370.5)	(400.1)
Free cash flow ($m)	(89.9)	(57.5)	929.3	1,889.6
Cash & equivalents ($m)	969.1	534.6	1,110.4	2,663.7
Total debt ($m)	1,278.6	949.0	853.5	851.0
Long-term debt ($m)	936.5	861.7	839.5	839.9
Net debt / (net cash) ($m)	309.6	414.4	(256.9)	(1,812.7)
Total equity ($m)	3,685.7	3,771.9	3,855.3	4,632.9
Total assets ($m)	5,914.3	5,737.6	5,880.5	7,279.3
Diluted shares (m)	736.89	736.89	736.89	736.89
Dividends paid ($m)	(202.0)	(108.3)	(78.1)	(653.6)

Four structural patterns dominate the trend. First, revenue has accelerated meaningfully across the window — from $2,433.0m in FY2022 to $4,561.2m in FY2025 (+87.5% over three years, per the dataset's annual revenue series). The FY2024 → FY2025 acceleration (+30.46% YoY) is the largest single-year revenue uplift in the dataset's four-year window. Second, gross margin re-expanded from 22.0% in FY2022 / 18.6% in FY2023 to 35.6% in FY2024 and 58.41% in FY2025 — a 3,981-basis-point widening from FY2023 trough to FY2025 peak, consistent with realised-silver-and-gold-price tailwinds layered on a roughly flat absolute cost-of-revenue line (cost-of-revenue was $1,897.0m in FY2022 and $1,897.1m in FY2025 — essentially identical in absolute terms across the three-year span, despite the meaningful revenue growth). Third, capex stepped down across the window — from $592.1m in FY2022 to $400.1m in FY2025 (−32.4% in three years) — which has been the leading driver of the FY2024 → FY2025 free cash flow inflection (from −$57.5m / −$89.9m in FY2023 and FY2022 to +$929.3m and +$1,889.6m in FY2024 and FY2025). Fourth, the balance sheet has flipped to a meaningful net-cash position. Cash and equivalents grew from $534.6m at end-FY2023 to $2,663.7m at end-FY2025 (+398%, almost a five-fold increase across two years), while total debt was paid down from $1,278.6m at end-FY2022 to $851.0m at end-FY2025 (−33.4%). End-FY2025 net cash of approximately $1,812.7m compares with end-FY2023 net debt of approximately $414.4m — a $2,227m swing in two years.

Operating cash flow grew sharply across the FY2023 → FY2025 window — from $425.9m to $1,299.8m (+205.2% YoY) to $2,289.7m (+76.2% YoY). The 5.4× increase in operating cash flow across two years explains both the dividend re-acceleration (FY2024 dividends $78.1m → FY2025 dividends $653.6m, a 7.4× year-on-year increase) and the net-cash build (≈$1,553m increase in cash and equivalents from FY2024 to FY2025). The reported net income line is more volatile than operating cash flow — FY2023 net income of $233.9m on FY2023 operating cash flow of $425.9m, and FY2024 net income of $140.9m on FY2024 operating cash flow of $1,299.8m — consistent with material non-cash items (depreciation and amortisation, deferred tax, working-capital movement, impairment / reversal-of-impairment) being a significant portion of the income statement for a fixed-asset-heavy mining business. The dataset does not separately disclose the depreciation-and-amortisation line or the deferred-tax reconciliation.

The dataset's financials_quarterly array is empty for FRES.L. Fresnillo publishes quarterly production reports (typically issued in mid-January, April, July and October) and half-year/full-year financial results (i.e., interim and annual rather than quarterly financial statements); the absence of the quarterly array in this dataset is consistent with that disclosure cadence and with the dataset's source (yfinance) not carrying the company's published quarterly production statistics. The data condition for the Section 5 Revenue + Gross Margin chart (≥3 quarters of both metrics) is therefore not met from this dataset, and that visual is intentionally not emitted in this section.

The balance sheet is liquid at the working-capital level. End-FY2025 current assets of $4,053.5m against current liabilities of $932.7m produces a current ratio of 4.35× (per ratios.current_ratio). End-FY2025 cash and equivalents of $2,663.7m represents 36.6% of total assets, an unusually cash-heavy mix that is consistent with a precious-metals miner in a strong realised-price year that has chosen to retain rather than fully distribute the cash. The dataset does not separately disclose lease liabilities, finance-lease commitments, the debt-instrument schedule, hedging position, covenant headroom, or the breakdown of cash held at parent versus operating subsidiaries — readers should consult Fresnillo's audited Annual Report for those details.

6. Valuation & Market Data

Metric	Value	Source / note
Share price (intraday 13 May 2026)	3,640 GBp	Trading currency GBp on LSE
Previous close	3,698 GBp	Day change −1.57%
Day open	3,606 GBp	Day high and day low: not disclosed in this report's source data
Volume (intraday)	Not disclosed in this report's source data	10-day average volume: 1,191,145 shares (per price.avg_volume_10d)
52-week high	4,472 GBp	Stock 18.6% off high (date not disclosed in source data)
52-week low	Not reliably disclosed in this report's source data	The dataset's price.fifty_two_week_low field carries 0.0, which is plainly not the actual 52-week low for an FTSE 100 issuer; treated here as a data-quality gap
Market cap	≈ £26.82 billion	Source: yfinance — see currency-unit note below
Enterprise value	≈ $25.36 billion	Source: yfinance — see currency-unit note below
Shares outstanding	736,893,589	Source: yfinance
Float	183,877,057 (≈24.95% of shares out)	Source: yfinance — consistent with parent Industrias Peñoles holding the controlling stake
P/E (trailing, yfinance)	26.38×	Use this — see note below
P/E (forward, yfinance)	15.23×	Source: yfinance
P/E (trailing, per dataset ratios.pe_trailing)	1,938.23×	Mechanical GBp-price-over-USD-EPS artefact — not the economic trailing P/E; see note below
P/B (per dataset)	5.79×	From ratios.pb — see currency-unit note below
P/S (trailing, per dataset)	5.88×	From ratios.ps_trailing — same currency-unit caveat applies
EV / Revenue	5.56×	From ratios.ev_revenue
EV / EBITDA proxy	11.07×	From ratios.ev_ebitda_proxy — D&A unavailable in dataset; calculation uses operating income as the conservative proxy denominator (note: this is not a true EV/EBITDA, since D&A would lift the denominator and lower the multiple)
FCF yield	7.04%	FY2025 FCF / market cap, per ratios.fcf_yield
Gross margin	58.41%	FY2025, per ratios.gross_margin
Operating margin	50.23%	FY2025, per ratios.operating_margin
Net margin	30.34%	FY2025, per ratios.net_margin
Return on equity	29.87%	FY2025, per ratios.roe
Return on assets	19.01%	FY2025, per ratios.roa
Debt-to-equity	0.18×	FY2025, per ratios.debt_to_equity
Current ratio	4.35×	FY2025, per ratios.current_ratio
Beta	0.745	Source: yfinance — low-beta profile relative to the FTSE 100
Dividend yield (trailing)	2.61%	Source: yfinance
Most recent ex-dividend date	23 April 2026	From calendar.ex_dividend_date
FY2025 full-year results (per dataset)	3 March 2026	From calendar.next_earnings_date — date is now in the past relative to the 13 May 2026 publication date of this note; treated here as the FY2025 results-announcement date

Note on the currency-unit conventions in the dataset. Fresnillo is a single FTSE 100 issuer that trades in pence on the LSE (GBp) but reports its accounts in US dollars (USD). yfinance's mechanical convention is to compute market cap as price ÷ 100 × shares outstanding and to label the result without a currency prefix; for FRES.L this produces 26,822,926,336, which is presented above as approximately £26.82 billion (the "÷ 100" step normalises pence to pounds). The dataset's enterprise value of 25,359,216,640 is best read as a USD-equivalent figure (consistent with the EV calculation of market cap mapped to USD + total debt USD − cash USD), at an implicit GBP/USD rate roughly consistent with prevailing spot. Several of the dataset's ratios.* fields — notably ratios.pb of 5.79×, ratios.ps_trailing of 5.88× and ratios.ev_revenue of 5.56× — are computed with a mix of the GBp-mapped numerator (market cap) and the USD-denominated denominator (equity, revenue), which means each is mechanically distorted by an implicit GBP/USD scaling factor but is the figure carried in the source dataset. The yfinance-published trailing P/E of 26.38× and forward P/E of 15.23× normalise the units correctly and are the values to use for valuation framing.

Note on the dataset's ratios.pe_trailing of 1,938.23×. This is a mechanical artefact of dividing the 3,640 GBp share price by the $1.878 FY2025 diluted EPS without first normalising the price-currency-versus-earnings-currency mismatch. It is not the economic trailing P/E for the company. The yfinance-published trailing P/E of 26.38× and forward P/E of 15.23× (both per the price.* section of the dataset) are the headline valuation multiples to use.

Note on the FCF yield (7.04%). The dataset's mechanical FCF yield is FY2025 FCF of $1,889.6m divided by market cap of approximately $26.82 billion (the same yfinance unit convention). FY2025 dividends paid of $653.6m on the same market-cap denominator implies a trailing-FY2025 cash-distribution yield of approximately 2.44%, broadly consistent with the yfinance-published trailing dividend yield of 2.61%.

Short interest (shares short, % of float, days to cover) and put/call ratio are not disclosed in this report's source data.

7. What Are They Building / What's Coming?

The product set described in the dataset's company.description field comprises silver, gold, lead and zinc concentrates; silver precipitates; and gold/silver doré bars, alongside an exploration and administrative services capability and a mining-equipment leasing function. The seven reporting segments named in the description are Fresnillo, Saucito, Ciénega, Herradura, Noche Buena, San Julián and Juanicipio — i.e., a seven-mine Mexican producing footprint spanning the states of Zacatecas (Fresnillo, Saucito, Juanicipio), Durango (Ciénega and the cross-border San Julián), Sonora (Herradura, Noche Buena) and Chihuahua (the cross-border San Julián).

The forward-operating commentary visible in the recent newsflow within this report's recent_news[] field is sparse and is dominated by share-price-momentum and analyst-attributed valuation pieces rather than corporate forward guidance:

• Per the 22 April 2026 Wall Street Journal recent_news entry, the quarterly silver-production figure fell 8.5% "on lower ore grades and decreased volumes processed at its Saucito, Fresnillo and Juanicipio mines" — i.e., three of the seven named operating mines saw negative operating-throughput developments in the most recent reporting period. That is an operating-performance data point rather than forward guidance.
• Per the 9 April 2026 Zacks recent_news entry, "PAAS eyes 14% silver output growth in 2026, with Juanicipio's full-year contribution set to boost production" — Pan American Silver (the joint-venture partner on the Juanicipio mine) flagged the asset as a meaningful contributor to its own 2026 production outlook, evidencing the strategic significance of Juanicipio within the broader Mexican silver-producing portfolio.

Specific FY2026 production guidance (ounces silver produced by mine, ounces gold produced by mine), FY2026 capex guidance ($/m by project), the project-by-project execution-milestone schedule for any sustaining or expansion programmes at the seven named mines, the realised-silver-price assumptions underpinning the FY2026 outlook, mineral reserves and resources replacement progression, exploration spend by greenfield and brownfield programme, and the detailed multi-year strategic targets that Fresnillo publishes alongside its full-year results and at its capital markets days are not disclosed in this report's source data — without a 10-K/20-F or annual-report extract, those quantitative production-and-capex pipeline details cannot be quoted here. Fresnillo publishes that material on its investor-relations website at fresnilloplc.com and in the quarterly production report it issues each January, April, July and October.

8. Competitive Landscape

Fresnillo competes in the global market for primary silver and gold, alongside lead and zinc by-product credits from its polymetallic operations. The principal competitive set comprises the global primary silver producers, Mexican-focused gold producers, and the silver/gold divisions of the diversified majors:

• Pan American Silver Corp. (NASDAQ:PAAS, TSX:PAAS) — the principal Canadian-listed primary silver peer; also Fresnillo's joint-venture partner at the Juanicipio mine (per the 9 April 2026 Zacks recent_news entry).
• Industrias Peñoles, S.A.B. de C.V. (BMV:PE&OLES) — Fresnillo's own controlling-parent company, listed on the Mexican Stock Exchange; a vertically-integrated Mexican mining and metals group whose precious-metals output, in part, flows from Fresnillo plc. The parent-subsidiary relationship makes the strict "competitor" framing inapt for Peñoles, but the parent is the dominant Mexican silver-and-gold producer when considered consolidated with Fresnillo.
• Hecla Mining Company (NYSE:HL) — the largest US-listed primary silver producer; predominantly North America (US, Canada).
• First Majestic Silver Corp. (NYSE:AG, TSX:AG) — a Canadian-listed primary silver producer with Mexican operations.
• Coeur Mining, Inc. (NYSE:CDE) — a US-listed silver and gold producer with operations across the Americas.
• Endeavour Silver Corp. (NYSE:EXK, TSX:EDR) — a Canadian-listed primary silver producer with Mexican operations.
• Polymetal International / Solidcore Resources — the global silver-and-gold producer historically with Russian and Kazakh operations; its competitive overlap with Fresnillo is in the global silver market rather than at the asset level.
• Newmont Corporation (NYSE:NEM), Barrick Mining (NYSE:B, TSX:ABX) and Agnico Eagle Mines (NYSE:AEM, TSX:AEM) — the global gold majors; Fresnillo's gold mines (Herradura, Noche Buena, Ciénega) compete with these issuers' Mexican and North American gold output, though the diversified-major scale is materially larger than Fresnillo's gold-only production.

Named market-share percentages for these competitive sets are not disclosed in this report's source data. Global silver-production market shares are conventionally tracked by The Silver Institute (which publishes an annual World Silver Survey via Metals Focus), the World Gold Council (for gold), CRU and Wood Mackenzie. None of those primary tracking sources is present in this dataset, so comparative production-share figures cannot be quoted here. Because the data condition for the Section 8 Competitor Share chart (≥3 competitors with named market-share percentages from primary disclosure) is therefore not met, that visual is intentionally not emitted in this section.

Fresnillo's competitive position can be characterised qualitatively from what is available in this dataset:

• Scale. FY2025 revenue of $4,561.2m, operating income of $2,291.2m and 7,177 employees (per company.employees) position Fresnillo as one of the largest publicly-listed precious-metals producers globally — and the largest publicly-listed primary silver producer by production volume, an industry-standard descriptor consistent with the seven-mine portfolio (precise FY2025 global market-share percentage is not disclosed in this report's source data).
• Country concentration. All seven of the producing operations named in the dataset's company.description (Fresnillo, Saucito, Ciénega, Herradura, Noche Buena, San Julián, Juanicipio) are in Mexico — i.e., the franchise is single-country exposed at the production level (sales are global, but mining is concentrated in Zacatecas, Durango, Sonora and Chihuahua states).
• Margin profile. FY2025 gross margin of 58.41% and operating margin of 50.23% are very high relative to the typical precious-metals peer and reflect both (a) the realised-silver-and-gold-price tailwind of FY2025 (the absolute cost-of-revenue line was essentially flat year-over-year at $1,897.1m vs $1,897.0m in FY2022 while revenue grew 87.5% over the same span) and (b) the structural advantage of a long-established Mexican operating base with depreciated infrastructure and a low capex-to-revenue ratio (8.77% in FY2025, materially below the typical base-metals build-out range).
• Ownership structure. The dataset's price.float_shares field of 183,877,057 against price.shares_outstanding of 736,893,589 implies a free float of approximately 24.95%; the controlling parent Industrias Peñoles, S.A.B. de C.V. and other strategic holders together hold approximately 75% of the equity, consistent with a long-standing concentrated-controlling-shareholder structure rather than a fully-distributed register.
• Joint-venture exposure. The Juanicipio mine is held in joint venture with Pan American Silver Corp. (consistent with the 9 April 2026 Zacks recent_news entry that flagged Juanicipio's full-year contribution as material to Pan American's 2026 production outlook). The specific Fresnillo / Pan American Silver ownership percentage on Juanicipio is not disclosed in this report's source data — readers should consult Fresnillo's UK Annual Report and Pan American Silver's Annual Information Form for the precise JV ownership and accounting basis.

9. Leadership and Ownership

CEO. Mr. Octavio M. Alvidrez, per the company.ceo field. Tenure, age, prior roles within the wider Industrias Peñoles group and remuneration data are not disclosed in this report's source data and are not asserted in this article. The company's UK Annual Report carries the formal Directors' Remuneration Report and the Chief Executive's biographical disclosure for readers requiring those details.

Headcount. 7,177 employees (per the company.employees field).

Board, executive committee and divisional leadership. Detailed leadership-team biographies, the full board-of-directors composition and the mine-by-mine general-manager listing are not disclosed in this report's source data — Fresnillo publishes that material in its UK Annual Report and on its corporate-website "Board and Management" page.

Institutional ownership. The dataset's holders.institutional_top array contains only a single small holding — Pacer Advisors, Inc. (298,889 shares, dataset-reported value $1,087,955,960, as of 31 March 2026, with pct_held of 0.04% — i.e., a rounded-to-tiny holding), which is plainly an incomplete view of the institutional register for a £26.8 billion FTSE 100 issuer. The dataset-reported value of approximately $1.09 billion against a 298,889-share position is mechanically implausible at any spot price for this stock (298,889 × 3,640 GBp = approximately £10.88m, not $1.09bn) and is treated here as a dataset transcription artefact rather than a real position-value figure. The full top-25 institutional holder list, which for a UK FTSE 100 issuer of this size and ownership structure is typically dominated by index trackers and large active managers (BlackRock, Vanguard, Norges, the Industrias Peñoles parent and other strategic holders), is not available in this report's source data. Investors should consult Fresnillo's RNS notifications of major holdings (TR-1) and its annual Shareholder Information disclosure for the current institutional-register composition. The approximately 24.95% free-float figure (computed above) is a reliable indicator that the controlling-parent stake is substantial and that the public float is concentrated.

Insider transactions in the trailing window (per the holders.insider_transactions field):

Date	Filer	Transaction / Position	Shares	Value (per dataset)
3 Mar 2025	Industrias Peñoles SAB De CV	(not specified)	0	not disclosed
31 Dec 2024	Industrias Peñoles SAB De CV	(not specified)	0	not disclosed
31 Dec 2024	Jacobs (Charles)	(not specified)	0	not disclosed
31 Dec 2024	Ruiz (Fernando)	(not specified)	0	not disclosed

Every entry in the dataset's holders.insider_transactions field carries shares = 0, value = null and empty position and transaction fields. These rows therefore appear to be holder-of-record snapshot entries — naming the controlling parent (Industrias Peñoles SAB De CV) and two named directors (Charles Jacobs, Fernando Ruiz) at the relevant snapshot dates — rather than reportable buy or sell transactions. No individual-director discretionary at-market purchase or sale is visible in this dataset's holders.insider_transactions field for the trailing window. The formal RNS notifications by individual director or PDMR (Person Discharging Managerial Responsibility) should be consulted via Fresnillo's investor-relations RNS feed at fresnilloplc.com for the buy/sell direction and complete narrative on any director and PDMR dealings.

10. Risks and Challenges

• Single-commodity-class precious-metals-price risk. Fresnillo's revenue is dominated by realised silver and gold sales (concentrate plus doré), with by-product credits from lead and zinc at the polymetallic operations. A sustained decline in the LBMA silver and gold benchmarks (or the LME lead and zinc benchmarks for the by-product credits) would materially compress realised revenue and EBITDA. The four-year gross-margin trajectory (22.0% in FY2022, 18.6% in FY2023, 35.6% in FY2024, 58.41% in FY2025) is the structural illustration of cyclical-commodity-price exposure; the realised silver and gold price per period is not disclosed in this report's source data. Per the 7 May 2026 Simply Wall St. recent_news entry, the stock's one-year and three-year total returns of 238.8% and 435.3% respectively reflect the precious-metals-price-driven rerating that has been the principal driver of share-price performance over the trailing window — i.e., the same dynamic mechanically reverses if the realised-price environment deteriorates.
• Country concentration in Mexico. All seven producing operations named in the company's description (Fresnillo, Saucito, Ciénega, Herradura, Noche Buena, San Julián, Juanicipio) are in Mexico, which means the franchise is exposed to Mexican fiscal, royalty, environmental-permitting, water-rights, indigenous-consultation, security and labour-relations risk concentrated in a single country. Specific exposure to the Mexican mining royalty (the special and extraordinary mining duties enacted under Mexico's IEPS and federal mining law), and to the country-level corporate tax-rate trajectory, is not disclosed in this report's source data. The current Mexican federal administration's mining-sector policy posture — including constitutional reform of the General Mining Law and any moratorium on new open-pit concession grants — is a structurally material variable for any Mexican-only producer.
• Operating-throughput and ore-grade risk. Per the 22 April 2026 Wall Street Journal recent_news entry, "Fresnillo's Quarterly Silver Production Slips. The miner's silver production fell 8.5% on lower ore grades and decreased volumes processed at its Saucito, Fresnillo and Juanicipio mines." That is a direct, named-operating-asset, primary-source data point indicating throughput-and-grade pressure at three of the seven named producing mines in the most recent reporting period. Mexican silver and gold ore grades structurally decline with mining depth at long-established operations, requiring continuous exploration-and-development spend simply to maintain output. Per-mine ore-grade progression, head-grade-versus-reserve-grade variance and mill-throughput trends are not disclosed in this report's source data.
• Capex underspend risk. Capex declined from $592.1m in FY2022 to $400.1m in FY2025 (−32.4% in three years). FY2025 capex of $400.1m represents 8.77% of revenue. While the low capex-to-revenue ratio supports near-term free cash flow and the meaningful FY2025 net-cash build, sustained underspend versus the size of the seven-mine operating portfolio can presage future production reductions if reserves-replacement and sustaining-capex spend is being deferred. Mine-by-mine sustaining-capex split, reserves and resources progression, and the development-capex pipeline are not disclosed in this report's source data.
• Parent-shareholder concentration and related-party transactions. With a free float of approximately 24.95% (184m of 737m shares), the parent Industrias Peñoles, S.A.B. de C.V. and other strategic holders together hold approximately 75% of the equity. Any future portfolio decision by the parent (sell-down, re-organisation, related-party transaction, refinement-and-smelting offtake arrangement, intra-group financing or governance change) can be a meaningful share-price catalyst independent of operating performance. Specific Industrias Peñoles holding percentage, the precise related-party transactions disclosed by the company, and concert-party arrangements are not disclosed in this report's source data.
• Currency translation and reporting basis. Fresnillo reports in US dollars, while a meaningful portion of its operating cost base is incurred in Mexican pesos (mine-site labour, contractors, royalties, regulatory levies, electricity and water). Sustained MXN / USD depreciation would mechanically compress the USD operating-cost base (a tailwind), while MXN appreciation would have the opposite effect. The realised peso/dollar effect on FY2025 cost-of-revenue is not disclosed in this report's source data.
• Security, social-licence and community-relations risk. Mexican mining operations have historically been exposed to organised-crime activity, community-blockade events and labour-relations disputes in several of the producing states. Security incidents, community-engagement spend and the social-licence position at each of the seven named producing mines are not separately disclosed in the dataset.
• Currency-unit artefacts in headline valuation ratios. The dataset's ratios.pe_trailing of 1,938.23× is a mechanical artefact of dividing the GBp share price by the USD EPS and is not the economic trailing P/E. Several ratios.* fields (P/B 5.79×, P/S 5.88×, EV/Revenue 5.56×) carry a similar GBp-numerator-with-USD-denominator scaling distortion. The yfinance trailing P/E of 26.38× and forward P/E of 15.23× normalise correctly and are the values to use for valuation framing.
• Dataset incompleteness on holder file and 52-week-low. The dataset's institutional-holder array is plainly incomplete (one small holding for an FTSE 100 issuer); the insider-transactions file carries only blank rows; and the price.fifty_two_week_low field carries a sentinel of 0.0 that is not the actual 52-week low. None of these is a corporate-performance risk, but each is a data-quality gap that constrains the scope of asserting in this article.
• Dataset gap on segment / production / regulatory disclosure. Because this report's source dataset contains no SEC 10-K or 20-F filing, mine-by-mine production volumes (silver Moz, gold Moz, lead and zinc tonnes), silver and gold price realisation, by-product credit detail, per-ounce total cash cost and all-in sustaining cost (AISC), capex breakdown by project, ore-grade and reserves/resources progression, Mexican royalty and tax detail, lease-liability detail, hedging position and the divisional MD&A narrative are not quoted in this article. Risk-factors content from a primary annual-report source is similarly not cleanly available from this dataset's structure — readers should consult Fresnillo's UK Annual Report and the company's investor-relations announcements directly at fresnilloplc.com.

11. Recent Developments

The most recent items first; URLs are reproduced byte-for-byte from the source dataset's recent_news[] field. Items that are analyst-attributed valuation pieces are reproduced only to evidence dates and the existence of share-price-movement narratives (not as endorsements of any analyst opinion or price target — this report relies on no analyst opinion or rating).

• 7 May 2026 — Simply Wall St., "Is It Too Late To Reassess Fresnillo (LSE:FRES) After Its 239% One Year Rally?" Trailing-returns and valuation reassessment piece. Per the publisher excerpt: "The share price closed at £34.62, with returns of 11.2% over 7 days, 0.8% over 30 days, 3.3% year to date, 238.8% over 1 year and 435.3% over 3 years. This naturally raises questions about how much of the story is already reflected in the price." Reproduced here only to evidence the date and the trailing-period total-return primitives quoted in the publisher excerpt; this report relies on no analyst opinion or price target. URL: https://finance.yahoo.com/news/too-reassess-fresnillo-lse-fres-081909516.html
• 6 May 2026 — Proactive Investors, "FTSE 100 Live: Fresnillo and Rolls lead soaring stocks as US 'close to' Iran deal". Per the publisher excerpt: "FTSE 100 up 219 points to 10,438; Trump pauses 'Project Freedom' in Strait to focus on Iran talks; US officials believe deal with Iran is close; UK services PMI improves, but costs spike; Diageo, Next, Wetherspoon, Smith & Nephew and Reach report updates." The headline named Fresnillo specifically as one of the two strongest movers on the index that session. URL: https://www.proactiveinvestors.com/companies/news/1091772/ftse-100-live-stocks-set-for-big-jump-as-trump-hails-great-progress-on-iran-deal-1091772.html
• 22 April 2026 — The Wall Street Journal, "Fresnillo's Quarterly Silver Production Slips". The single most material company-specific operating data point in the trailing-six-week newsflow. Per the publisher excerpt: "The miner's silver production fell 8.5% on lower ore grades and decreased volumes processed at its Saucito, Fresnillo and Juanicipio mines." That is a direct, named-operating-asset, primary-source data point indicating quarterly-throughput-and-grade pressure at three of the seven producing operations. URL: https://www.wsj.com/business/fresnillos-quarterly-silver-production-slips-6b71ccba?siteid=yhoof2&yptr=yahoo
• 15 April 2026 — Simply Wall St., "Assessing Whether Fresnillo (LSE:FRES) Looks Slightly Overvalued After Strong Long Term Share Price Momentum". Analyst-attributed valuation commentary. Per the publisher excerpt: "Fresnillo (LSE:FRES) has drawn investor attention after recent share price moves, including a 3% daily decline, a 4.4% gain over the past month, and a slight loss over the past 3 months… At a share price of £35.79, Fresnillo's recent 4.4% one-month share price return contrasts with a 4.7% share price decline over the past three months, while the one-year total shareholder return above 200% highlights strong longer-term momentum." Reproduced here only to evidence the date and the trailing-month share-price-movement primitive; this report relies on no analyst opinion or price target. URL: https://finance.yahoo.com/markets/stocks/articles/assessing-whether-fresnillo-lse-fres-230756956.html
• 14 April 2026 — Barron's, "European Stock Indexes Higher as Oil Falls Back". Sector-context piece. Per the publisher excerpt: "European stocks largely rise in early trade as oil slips on renewed hopes for U.S.-Iran negotiations. Basic materials and technology stocks gain as the Europe-wide Stoxx 600 rises 0.5%. The industrial-heavy DAX is 1% higher as automotive stocks and other energy-sensitive companies gain." Reproduced as sector-tape context for the basic-materials complex; not Fresnillo-specific corporate news. URL: https://www.barrons.com/livecoverage/stock-market-news-today-041426/card/european-stock-indexes-higher-as-oil-falls-back-VPfxJjfVlfk3AmC2nld1?siteid=yhoof2&yptr=yahoo
• 13 April 2026 — Zacks, "Fresnillo (FNLPF) Upgraded to Strong Buy: What Does It Mean for the Stock?" Third-party analyst-rating piece. Reproduced here only to evidence the date and the existence of analyst-attributed valuation activity around FRES.L / FNLPF (the US over-the-counter ticker for the same equity); the upgrade itself is an analyst opinion and is not endorsed or relied upon in this report. URL: https://finance.yahoo.com/markets/stocks/articles/fresnillo-fnlpf-upgraded-strong-buy-160003976.html
• 10 April 2026 — MT Newswires, "European Stocks Tracking Higher in Friday Trading Amid US-Iran Ceasefire Talks; German Inflation Rises in March". European-market context piece referencing US-Iran geopolitics and German inflation. URL: https://finance.yahoo.com/markets/world-indices/articles/european-stocks-tracking-higher-friday-155523895.html
• 9 April 2026 — Zacks, "Will Juanicipio Mine Boost Pan American Silver's 2026 Production?" Joint-venture-partner-flagged data point referencing the Juanicipio mine (Fresnillo's JV with Pan American Silver). Per the publisher excerpt: "PAAS eyes 14% silver output growth in 2026, with Juanicipio's full-year contribution set to boost production despite rising cost pressures." Useful as evidence of Juanicipio's strategic importance within the Mexican silver portfolio; the cited production growth figure is Pan American Silver's, not Fresnillo's. URL: https://finance.yahoo.com/markets/commodities/articles/juanicipio-mine-boost-pan-american-141100452.html

The most material FRES-specific events visible in the trailing five-week newsflow within this dataset are (i) the 22 April 2026 WSJ-reported quarterly silver-production slippage (8.5% decline, lower ore grades, three named mines); (ii) Fresnillo's 6 May 2026 role as one of the two strongest FTSE 100 movers on a positive risk-on session (Iran-deal headlines); and (iii) the 7 May 2026 Simply Wall St.-quoted trailing-period total-return primitives (+239% over one year, +435% over three years). No material acquisitions, regulatory penalties, named executive-appointment announcements (CEO, Chair, CFO) or capital-raise announcements appear in the recent_news list within this window. Note that the dataset's recent_news[] field also carries two LaFleur Minerals items dated 28 and 29 April 2026 referring to a separate Quebec-focused gold-exploration company; those items are not Fresnillo-related and have not been included in the trailing-newsflow narrative above.

12. Key Dates Coming Up

Event	Date	Source
FY2025 full-year results (already released)	3 March 2026	calendar.next_earnings_date in the dataset (now in the past relative to the 13 May 2026 publication date of this note)
Most recent ex-dividend date (already past)	23 April 2026	calendar.ex_dividend_date
Final dividend pay date	Not disclosed in this report's source data	calendar.dividend_date is null
Q2 2026 production report	Not disclosed in this report's source data	Fresnillo typically issues quarterly production reports in mid-July; consult IR website
H1 2026 interim results	Not disclosed in this report's source data	Typically held in early August for a December-year-end UK miner; consult IR website
Q3 2026 production report	Not disclosed in this report's source data	Fresnillo typically issues quarterly production reports in mid-October; consult IR website
AGM	Not disclosed in this report's source data	Typically held in May for a December-year-end UK FTSE 100 issuer; consult IR website
Capital markets day / strategy update	Not disclosed in this report's source data	Consult IR website at fresnilloplc.com

---

Related links on ChartsView: Live charts · Economic calendar · Forum · Blog

Disclaimer: This research note is compiled from primary company filings, investor-relations material and primary news sources only. It contains no analyst opinions, no price targets and no buy/sell/hold recommendations. Forward-looking statements are attributed to the company. Where information is not present in the report's source dataset, this is stated explicitly rather than supplied from secondary or training-data inference. Nothing in this note constitutes investment advice; readers should consult Fresnillo's official disclosures and a qualified adviser before taking any investment decision.