What Fresnillo does

Fresnillo plc is a UK-headquartered precious-metals mining company listed on the London Stock Exchange (ticker FRES; OTCMKTS FNLPF) and recognized as the world's largest primary silver producer and Mexico's largest gold producer. The company operates seven producing mines in Mexico, with 2025 attributable production of 600.3 thousand ounces of gold and 48.7 million ounces of silver, drawn from a reserve base of roughly 530 million ounces of silver equivalent. Its origins trace to 1900, and its modern corporate entity was formed via the 2008 spin-out from Industrias Peñoles, with which it maintains a related-party industrial relationship and shared Mexican infrastructure. The company employs between 5,001 and 10,000 people and is led by CEO Octavio Alvídrez, CFO Mario Arreguín, and COO André Sougarret.

The business model is direct extraction and sale of silver and gold: Fresnillo mines, processes, and sells doré and concentrates into globally liquid bullion and concentrate markets, with realized prices set by LBMA benchmarks rather than by individual buyer contracts. Revenue is therefore commodity-price leveraged — 2025 average silver prices rose over 50% and gold over 44% versus prior year, driving revenue to approximately $4.5–4.6B, EBITDA to $2.80B (+80.7% YoY), and pre-tax profit to roughly $2.08B (nearly triple the prior $743.9M). The capital structure ended the period with approximately $1.9B in net cash and a market capitalization of roughly £24.8–26.9B.

In 2026 Fresnillo executed its first major geographic diversification, acquiring Canadian gold developer Probe Gold for approximately C$780M (~$558.5M) to add roughly 10 million ounces of gold resources outside Mexico. Concurrent moves included a $110M, 5% stake in Sinda Ltd ahead of its planned June 2026 NYSE IPO, and the divestiture of the 61.21% Coneto Silver-Gold Project interest to Silver Viper for ~US$15M. Taken together, the strategy is to recycle commodity-cycle windfall cash into resource growth and disciplined portfolio focus rather than into unprofitable expansion.

Name

Fresnillo

Legal name

Fresnillo plc

Website

https://fresnilloplc.com

Company type

Public

Founded year

1900

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Fresnillo plc is the world's largest primary silver producer and Mexico's largest gold miner, operating seven Mexican mines that produced 48.7 moz silver and 600.3 koz gold in 2025 and selling bullion and concentrates into global commodity markets.

Ownership category

akta.pro rank

Product category

Precious Metals Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

akta.pro secondary industries

Gold Mining (IMAKAEAA), Precious Metals Smelting & Refining (IMAKAEAE)

Keywords

• Silver mining production
• Gold extraction operations
• Precious metals mining
• Underground mining operations
• Mineral processing services

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Silver and Gold Production Sales: Fresnillo generates the vast majority of its revenue from the extraction and sale of silver and gold bullion. The company is the world's largest primary silver producer and Mexico's largest gold producer. Revenue is directly tied to commodity prices; in 2025, its average silver price rose more than 50% and gold prices jumped 44%, driving revenue of approximately $4.5-4.6 billion and EBITDA of $2.80 billion (80.7% surge). Production in 2025 included 600.3koz gold and 48.7moz silver.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Fresnillo extracts and produces silver and gold bullion from seven operating mines in Mexico, with recent expansion into Canada via the Probe Gold acquisition. It sells refined silver and gold into global commodity markets and through offtake agreements to refiners, bullion banks, jewellery manufacturers, industrial users, and investment product issuers. The company does not sell a software or consumer product; its core offering is physical precious metal output from hard-rock mining and metallurgical processing.

Product overview

Fresnillo is a Mexican mining company and the world's largest primary silver producer and Mexico's largest gold producer. The company operates seven mines across Mexico, including the flagship Fresnillo and Saucito silver operations in Zacatecas and the Herradura gold mine in Sonora. The company produces precious metals (silver and gold) through traditional mining operations without a software product portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Silver and Gold Bullion Production Refined silver and gold bullion extracted, processed and sold from Fresnillo's Mexican mine portfolio into global commodity markets for resale by refiners, bullion banks, jewellery manufacturers, industrial users and investment product issuers.
• Fresnillo Mine (Zacatecas, Mexico) Flagship underground silver mine in Zacatecas, Mexico, contributing the bulk of Fresnillo's silver reserves and a significant share of annual silver output.
• Saucito Mine (Zacatecas, Mexico) Underground silver mine in Zacatecas, Mexico, operated as one of Fresnillo's two flagship silver operations.
• Herradura Mine (Sonora, Mexico) Open-pit gold mine in Sonora, Mexico; Fresnillo's flagship gold operation supporting its position as Mexico's largest gold producer.
• Novador Gold Project (Quebec, Canada) Canadian gold project in Quebec acquired via the January 2026 takeover of Probe Gold, holding 10 million ounces of gold resources and expanding Fresnillo's precious-metals portfolio beyond Mexico.

Quantifiable outcome

• Revenue of approximately $4.5-4.6 billion in 2025, up 30.5% year-over-year
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• Silver Viper Minerals Corp.minorStrategic or Co-development Partner · 13 March 2026Fresnillo sold its 61.21% stake in the Coneto Silver-Gold Project in Durango, Mexico, to Silver Viper Minerals Corp. through an all-share transaction valued at approximately US$15 million (CAD$20.4 million). The transaction included Fresnillo transferring its majority interest alongside Orex Minerals (38.79%). Upon closing, Luca Mining Director Ruben Alvidrez was appointed to Silver Viper's board, and Fresnillo was estimated to receive approximately 12% post-closing ownership in Silver Viper.
• Probe Gold Inc.coreStrategic or Co-development Partner · 31 October 2025Fresnillo signed an agreement to acquire Probe Gold Inc. for approximately C$780 million ($558.51 million), expanding its precious metals portfolio beyond Mexico into Canada. The acquisition, which closed in January 2026, added the Novador Gold Project in Quebec with 10 million ounces of gold resources. LaFleur Minerals subsequently acquired the adjacent McKenzie East Gold Project, citing proximity to Fresnillo's McKenzie Break Gold Deposit acquired through this deal.

Scale indicators8 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Coeur Mining: A precious metals miner producing silver and gold from operations in the U.S., Mexico, and Canada. Comparable on its silver-gold product mix, North American operating geography, and similar leverage to silver and gold commodity prices.
• First Majestic Silver: A primary silver producer focused on Mexican operations, with producing mines in Jalisco and Durango. Highly comparable to Fresnillo on geography (Mexico), product mix (silver-led with gold by-product), and direct operational adjacency in the same mining districts.
• Barrick Gold: The world's largest gold mining company with significant silver by-product credits from copper-gold operations. Comparable in scale, multi-jurisdictional footprint, and exposure to precious metals price leverage that drives EBITDA margins for both companies.
• Pan American Silver: A leading primary silver producer with operations across the Americas (Mexico, Peru, Bolivia, Argentina, Canada). Most directly comparable to Fresnillo as a pure-play silver miner with Latin American mine base and overlapping exposure to silver price cycles.
• Newmont Corporation: One of the world's largest gold and silver producers with global operations across the Americas, Australia, and Africa. Comparable as a major precious metals miner with diversified production, similar mine economics exposure to gold/silver prices, and a focus on long-life assets.
• Hecla Mining: The largest silver producer in the U.S. with operating mines in Alaska, Idaho, and Quebec, plus silver and gold production in Mexico and Bolivia. Comparable as a silver-focused operator with North American assets and similar sensitivity to silver price movements.

Broad incumbents

• Wheaton Precious Metals: The world's largest precious metals streaming company with silver and gold streaming agreements tied to third-party mines globally. Comparable as a pure precious metals exposure vehicle benefiting from the same silver and gold price environment, but operates as a financier rather than a miner.
• Agnico Eagle Mines: A senior Canadian gold producer with significant silver by-product credits from operations in Canada, Mexico, Finland, and Australia. Comparable through its Mexican mine presence and gold-led production model, though gold-dominant rather than silver-led.
• Kinross Gold: A senior gold mining company with operations across the Americas and West Africa. Comparable as a mid-to-large cap gold producer but with a gold-dominant production mix rather than Fresnillo's silver-led profile.

Emerging players

• MAG Silver: A silver-focused development and exploration company advancing the Juanicipio project in Zacatecas, Mexico in joint venture with Fresnillo. Comparable as a pure-play silver exposure and a direct operational partner in the same Zacatecas district as Fresnillo's flagship mines.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/fresnillouk

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fresnillo