Fresnillo is the world's largest silver producer based in Mexico. Improving mine production has driven adjusted earnings higher, beating its two London listed peers by 100 percentage points in the last year. Stable ownership and growing mine development as well as a positive macro backdrop make the outlook excellent.
JP Morgan has shifted its top pick among gold miners in Europe, the Middle East and Africa, replacing Fresnillo PLC (LSE:FRES) with AngloGold Ashanti (ASX:AGG). Despite the shift, the American remains bullish on gold prices overall.
Fresnillo PLC (LSE:FRES) and Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF) were leading the FTSE 350 risers on Monday morning as silver prices hit their highest since 2011. Silver reached a 13-year high last week at $38 an ounce, and this morning has continued the climb to above $39 per oz.
Fresnillo PLC (LSE:FRES) shares climbed 1.4% on Friday afternoon as it became an undervalued proxy for precious metals amid renewed fears over US trade tariffs. Over the week, silver has risen 4%, outpacing gold, the usual haven in times of economic and political turmoil.
Fresnillo PLC (LSE:FRES) has been downgraded UBS following a strong year-to-date share price increase. The Swiss investment bank cut its rating on the Mexican precious metals miner to 'neutral' from 'buy' after the shares re-rated by over 170% in 2025, with its valuation on a 12-month forward EV/EBITDA basis rising from about 3.5x in January to roughly 7.5x.
Shares in London-listed precious metals miners took a hit on Friday afternoon, with Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) down 2.5% and Fresnillo PLC (LSE:FRES) dropping 3.2%, as gold prices extended their decline on reports of a breakthrough in US-China trade negotiations. The price of gold fell below $3,300, with analysts noting a shift in investor appetite towards riskier assets and away from traditional safe havens.
Here is how Fresnillo PLC (FNLPF) and MONDI PLC UNS (MONDY) have performed compared to their sector so far this year.
Shares in Fresnillo PLC (LSE:FRES) and Endeavour Mining slipped on Friday as the price of gold retreated further from last month's highs. Spot gold dropped 2.3% to $3,162.90 an ounce, taking its decline to 7.5% since peaking on 21 April at the height of investor anxiety over President Trump's tariff threats.
Fresnillo PLC (LSE:FRES) has sold most of its shares in MAG Silver following the company's takeover by Pan American Silver, saying the investment no longer fits its strategy. The Mexico-focused miner's 9% holding in MAG would have been reduced to less than 1% under the terms of the all-share acquisition, prompting the exit.
Shares in Fresnillo PLC (LSE:FRES) rose 2.4% on Friday after Citi raised its price target on the precious metals miner to £13, citing strong earnings and free cash flow in the first quarter alongside a constructive outlook for gold and silver prices. In a sector-wide update, the American bank said the Mexico-focused precious metals group stood out among European peers following a solid start to the year.
Fresnillo (FNLPF) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
Here is how Fresnillo PLC (FNLPF) and NioCorp Developments Ltd. (NB) have performed compared to their sector so far this year.