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Highlights

  • In FY24, Fresnillo achieved a 21.9% YoY revenue growth, reaching USD 3,496.4 million, driven by higher silver and gold prices
  • EBITDA surged by 136.0% YoY to USD 1,547.3 million, reflecting higher metal prices and increased sales volumes
  • The company declared a record dividend distribution of USD 547.5 million on March 4, 2025, the highest in its history
  • Fresnillo's 2025 production guidance targets 49–56 million ounces of silver and 525–580 thousand ounces of gold

 Fresnillo PLC (LSE:FRES) is an FTSE-100 index-listed silver and gold producer. The company is engaged in mining minerals like silver, gold, lead, and zinc.

In the financial year 2024 (FY24), Fresnillo achieved a 21.9% year-on-year revenue growth, reaching USD 3,496.4 million, driven by a 21.7% increase in silver prices and a 25.3% rise in gold prices. EBITDA surged by 136.0% to USD 1,547.3 million, reflecting higher metal prices, increased sales volumes, and cost efficiencies. Additionally, a favorable MXN/USD exchange rate helped reduce adjusted production costs by 2.6%.

In addition, the company had a higher EBITDA margin of 44.2% and higher current ratio of 6.63x in FY24 compared to the industry median of 11% and 1.35x, respectively.

Recent Business Update

On March 4, 2025, Fresnillo declared a record dividend distribution of USD 547.5 million, aligning with its dividend policy. The company announced an ordinary dividend of USD 239.5 million (32.5 cents per share) and a one-off special dividend of USD 308.0 million (41.8 cents per share), marking the highest total distribution in its history.

Company Outlook

Fresnillo's 2025 production guidance targets 49–56 million ounces of silver and 525–580 thousand ounces of gold, maintaining stability despite ongoing transitions at the San Julián DOB mine.

The company plans USD 530 million in capital expenditures and approximately USD 190 million in exploration spending, demonstrating its commitment to sustaining and expanding operations.

In 2024, an additional USD 40 million in cost savings were achieved, with further efficiencies anticipated from the full shaft commissioning at San Carlos and upcoming haulage projects. Progress continues at Tajitos, Rodeo, and Guanajuato, with Guanajuato expected to make a significant contribution to long-term silver output by 2030.

Top 10 Shareholders

The top 10 shareholders of Fresnillo collectively hold approximately 88.27% of the company's total shares. Industrias Peñoles SAB de CV is the largest shareholder with around 74.99% stake, followed by T. Rowe Price Associates, Inc. with approximately 3.65% stake, as shown in the chart below.

Stock Information

The stock has experienced a notable increase of approximately 33.64% over the last three months and a 39.25% rise over the past six months. It has a 52-week low of GBX 502.00 and a 52-week high of GBX 960.50, with the stock currently trading above the average of these 52-week high and low values.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is April 09,  2025. The reference data in this report has been partly sourced from EODHD/Others.
 Technical Indicators Defined
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.