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Highlights

  • FRES posted FY24 revenue of USD 3,496.4 million and profit before tax of USD 743.9 million.
  • FRES reported lower Q1FY24 silver output QoQ, but gold rose 10.8% YoY on Herradura’s strength.
  • FRES expects stable 2025 profitability and is advancing exploration in Mexico, Chile, and Peru.

Fresnillo PLC (LSE: FRES) is an FTSE 100 precious metals producer operating major silver and gold mines across Mexico, including the historic Fresnillo and Saucito mines in Zacatecas and the Herradura open-pit gold mine in Sonora.

In the financial year 2024 (FY24), the company’s total revenue increased by 29.3% YoY to USD 3,496.40 million, driven by consistent silver sales volumes, higher gold sales volumes, and elevated metal prices. Gross profit surged by 147.7% YoY to USD 1,246.30 million, mainly due to efficiency gains and a slightly favourable peso-dollar exchange rate. Profit before income tax grew by 552.5% YoY to USD 743.90 million, supported by higher revenue and improved operational efficiency.

In the first quarter of the financial year 2024 (Q1FY24), the company’s silver production declined by 9.7% QoQ and 8.4% YoY due to lower grades at Saucito and the closure of San Julián, partially offset by improved grades at Fresnillo. Gold output fell 23.5% QoQ but increased by 10.8% YoY, driven by strong performance at Herradura. Lead and zinc production decreased sequentially, although this was mitigated by higher grades at Juanicipio and Saucito, with overall results in line with expectations.

Company Outlook

Fresnillo anticipates potential operational impacts from ongoing geopolitical tensions and rising protectionism but remains agile, with a more supportive business environment in Mexico expected by late 2025. Operational efficiencies and stable silver and gold prices are expected to sustain profitability through the year.

Looking ahead, exploration projects in Mexico, Chile, and Peru may strengthen the development pipeline over the next 2–3 years. Backed by strong stakeholder support and skilled teams, the company remains committed to sustainable mining and navigating future challenges and growth opportunities.

Top 10 Shareholders

The top 10 shareholders collectively hold approximately 82.21% of the company’s shares, with the largest stakes held by Industrias Peñoles SAB de CV at around 74.99% and First Eagle Investment Management, L.L.C. at roughly 1.22%.

Stock Information

The stock has increased by approximately 4.19% over the past month and 117.73% over the past six months. As of 22 July 2025, the stock closed at GBX 1,466, trading above the average of the 52-week low of GBX 487.38 and the average of the 52-week high of GBX 1,566.

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 22 July 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.