Producer · Senior · Gold · Silver · Mexico
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Fresnillo plc - Group Portfolio
Portfolio
Project information
As at 31 December 2024
Description
As at 31 December 2024
Fresnillo plc is the world's largest primary silver producer and one of Mexico's largest gold producers, listed on the London Stock Exchange (LSE: FRES) and the Mexican Stock Exchange (BMV: FRES) and headquartered in Mexico City. The Group operates seven producing mines and a portfolio of development and exploration projects across the Mexican states of Zacatecas, Durango, Chihuahua, Sonora, and Guanajuato, plus the Silverstream contract over the Sabinas mine (operated by Industrias Peñoles). Producing assets include the Fresnillo mine, Saucito, Juanicipio (56% JV with MAG Silver), Ciénega complex, San Julián complex (Veins + DOB), Herradura, and Noche Buena (closing). Major development pipeline includes Orisyvo, Rodeo, Guanajuato, Candameña, Lucerito, Pilarica and the new district exploration around Juanicipio. 2024 Group attributable production: 56.3 Moz silver (including Silverstream) and 631.6 koz gold. 2025 guidance: 49-56 Moz silver and 525-580 koz gold. Total attributable reserves at 30 June 2024: 331.3 Moz silver, 7.2 Moz gold. 2024 EBITDA was US$1,547.3 million versus US$655.7 million in 2023, with profit for the year of US$187.2 million. The Group secured US$40.0 million in cost-reduction initiatives in 2024.
Portfolio Aggregate
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 30 June 2024
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Operating · 7 projects
Fresnillo
Asset
Project information
As at 30 June 2024
Description
As at 30 June 2024
100%-owned underground silver-primary mine (Fresnillo/Proaño deposit) in Zacatecas, Mexico. One of the world's largest primary silver mines, operating since 1554. Mine life ~5.9 years. Reserves audited by SRK Consulting (US). Reserves at metal price assumptions Au $1,750/oz, Ag $23/oz, Pb $0.95/lb, Zn $1.15/lb. 2024: 2.33 Mt ore processed @ 152.1 g/t Ag, 0.92 g/t Au, 1.35% Pb, 2.93% Zn. Silver-equivalent production 14.4 Moz AgEq.
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 30 June 2024
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Herradura
Asset
Project information
As at 30 June 2024
Description
As at 30 June 2024
100%-owned open-pit gold mine (Penmont) in Sonora, Mexico, operating since 1997. Mine life ~9.4 years. Reserves audited by AMC. 2024: 22.7 Mt processed @ 1.2 g/t Ag and 0.71 g/t Au; produced 360.6 koz Au. Heap-leach + mill processing; cut-off NSR varies by material type. Reserves at US$1,750/oz Au, exchange rate 18 MXP:1 USD. Includes the Centauro Profundo underground sub-project beneath the open pit.
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 30 June 2024
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Saucito
Asset
Project information
As at 30 June 2024
Description
As at 30 June 2024
100%-owned underground silver-primary mine in Zacatecas, Mexico, operating since 2011. Includes the Saucito Pyrites sub-stream. Mine life ~6.2 years. Reserves audited by SRK Consulting (US). 2024 processed 2.36 Mt @ 214.0 g/t Ag, 1.40 g/t Au, 1.85% Zn, 1.12% Pb. Saucito silver-equivalent production 21.1 Moz AgEq.
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 30 June 2024
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Juanicipio
Asset · Ownership 56%
Project information
As at 30 June 2024
Description
As at 30 June 2024
Underground silver-primary mine in Zacatecas, Mexico. Operated by Fresnillo plc (56%) JV with MAG Silver (44%, subsequently acquired by Pan American Silver in September 2025). On-site 4,000 tpd beneficiation plant. Production commenced 2022; first full year of plant operation in 2024. Mine life ~7.8 years. Reserves audited by AMC. Reserves and Resources reported on 100% basis.
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 30 June 2024
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Noche Buena
Asset
Project information
As at 30 June 2024
Description
As at 30 June 2024
100%-owned open-pit gold (heap leach) operation in Sonora, Mexico, operating since 2012. Open-pit mining ceased in May 2023; heap-leach recovery continued in 2024. Closure plan implementation underway in 2025. 2024 gold production 20.9 koz. Resources audited by Red Pennant. Resources reported at 0.19 g/t Au cut-off (heap leach).
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 30 June 2024
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Ciénega
District
Project information
As at 30 June 2024
Description
As at 30 June 2024
100%-owned underground gold/silver mine complex in Durango, Mexico, operating since 1992. Mine life ~2.8 years. Reserves audited by SRK Consulting (US). 2024 processed 1.06 Mt @ 165.5 g/t Ag, 1.27 g/t Au, 0.43% Pb, 0.55% Zn. 2024 production 8.0 Moz AgEq.
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 30 June 2024
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San Julián
District
Project information
As at 30 June 2024
Description
As at 30 June 2024
100%-owned underground silver-primary mine in Chihuahua, Mexico, operating since 2016. Includes Veins and Disseminated Ore Body (DOB) zones; San Julián DOB is approaching end of life with closure plan implementation underway. Mine life ~2.8 years. 2024: 15.9 Moz AgEq produced. Reserves audited by SRK Consulting (US).
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 30 June 2024
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Exploration · 6 projects
Orisyvo
Asset · Pre-feasibility
Project information
As at 31 December 2024
Description
As at 31 December 2024
Advanced disseminated-gold exploration project in Chihuahua, Mexico. Reported within a conceptual pit shell using a US$1,400/oz Au price. Cut-off 0.34 g/t Au. Resources audited by SRK (Canada). One of Fresnillo's premier development pipeline assets.
Mining metrics
As at 31 December 2024 · exclusive
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Reserves & resources — detail
As at 31 December 2024
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Lucerito
Asset · Pre-feasibility
Project information
As at 31 December 2024
Description
As at 31 December 2024
Breccia/mantos style polymetallic exploration project. Resources reported at 0.56 AuEq g/t cut-off. Significant Indicated tonnage with carrier of Au-Ag-Pb-Zn credits.
Mining metrics
As at 31 December 2024 · exclusive
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Reserves & resources — detail
As at 31 December 2024
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Candameña
Asset · Pre-feasibility
Project information
As at 31 December 2024
Description
As at 31 December 2024
Disseminated-gold exploration project in Chihuahua, Mexico. Resources reported within conceptual pit shell at US$1,950/oz Au. Cut-off 0.27 AuEq g/t (Indicated) and 0.16 AuEq g/t (Inferred). Mineral Resource Statement prepared independently by SRK (Canada).
Mining metrics
As at 31 December 2024 · exclusive
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Reserves & resources — detail
As at 31 December 2024
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Pilarica
Asset · Pre-feasibility
Project information
As at 31 December 2024
Description
As at 31 December 2024
Mantos exploration project with Indicated and Inferred Ag-Pb-Zn-Au resources. Indicated reported at US$11.00/t cut-off and Inferred at US$26.27/t cut-off.
Mining metrics
As at 31 December 2024 · exclusive
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Reserves & resources — detail
As at 31 December 2024
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Rodeo
Asset · Pre-feasibility
Project information
As at 31 December 2024
Description
As at 31 December 2024
Advanced disseminated-gold exploration project. Resources reported within conceptual pit shell at US$1,950/oz Au; cut-off 0.17 AuEq g/t. Indicated 6,603 kt @ 0.49 g/t Au plus Inferred 102,248 kt @ 0.40 g/t Au; total ~15.3 Moz Ag, 1,414 koz Au in the headline.
Mining metrics
As at 31 December 2024 · exclusive
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Reserves & resources — detail
As at 31 December 2024
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Guanajuato
District · Pre-feasibility
Project information
As at 31 December 2024
Description
As at 31 December 2024
Advanced vein-style Ag/Au exploration project (Guanajuato District) covering Guanajuato Centro, Guanajuato Sur, Manzanillas, San Juan and Opulencia vein deposits. Resources at variable AuEq cut-offs $1,750/oz Au, $23/oz Ag. Headline 370.9 Moz Ag, 3,249 koz Au.
Mining metrics
As at 31 December 2024 · exclusive
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Reserves & resources — detail
As at 31 December 2024
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Suspended · 1 project
Soledad-Dipolos
Asset · Suspended
Project information
As at 30 June 2024
Description
As at 30 June 2024
100%-owned open-pit gold mine in Sonora, Mexico, currently suspended due to surface-access legal actions. Ore Reserves excluded in 2024 reserves statement; Mineral Resources retained subject to assumption of favourable legal resolution and resumption of mining. Resources reported at 0.20 g/t Au cut-off (heap leach).
Mining metrics
As at 30 June 2024 · inclusive
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Reserves & resources — detail
As at 30 June 2024
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Stream Operating · 1 project
Silverstream (Sabinas)
Asset · Stream
Project information
As at 31 December 2024
Description
As at 31 December 2024
Silverstream contract over silver production from the Sabinas mine in Zacatecas, Mexico, operated by Industrias Peñoles. Fresnillo receives silver deliveries under the agreement; Silverstream-accrued ounces are included in attributable silver production totals shown alongside Fresnillo's own-mine production. The Silverstream contract is accounted for as a derivative financial instrument on Fresnillo's balance sheet (Note 14 / Note 30 to the financial statements). The 2024 revaluation booked $182.3m unrealised gain to the income statement (vs ($7.7m) in 2023). The contract represents a long-term derivative asset whose valuation is reviewed quarterly by EY (Key Audit Matter). The contract contains no formal 'change of control' provisions.
Stream interests
Multiple effective dates
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Precious Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Precious metals
- Resources vs Reserves. Resources are geological estimates that could one day be mined; Reserves are the subset with a feasibility study and plausible positive economics. Measured → Indicated → Inferred describe increasing geological uncertainty; Proven → Probable are reserve labels from Measured/Indicated. Inferred resources are not convertible to reserves under most codes.
- Grade (g/t) is the headline number on gold/silver pages. High-grade is often above 5 g/t; >10 g/t is bonanza territory; below 1 g/t is bulk low-grade. Open-pit cut-offs are typically lower than underground.
- AISC (All-In Sustaining Cost) is direct cash costs + sustaining capex + royalties + corporate overhead + reclamation, per ounce produced. C1 strips sustaining capex and corporate overhead. Both are non-GAAP and defined differently across issuers.
- By-product credits. Polymetallic deposits credit by-product value against the main metal cost; negative AISC after credits does not mean the main metal is sold below cash cost.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Gold
Silver
Zinc
Lead
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
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