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Fresnillo Plc

www: www.fresnilloplc.com   email: ir@fresnilloplc.com
Category: Major
Rating:
Upside Downside Quality
3.5 3.5 A-
Risk: Some View History

Rating History

Date Category Rating Risk
Upside Downside Quality
04/11/2026 Major 3.0 3.0A-Some
Current Major 3.5 3.5A-Some
Profile
Notes
Forum
Your Data



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Price Data

Symbol Traded Checked Price
LON:FRES 10/05/2026 10/05/2026 GBX 2,719.00
OTCMKTS:FNLPF 10/02/2026 10/05/2026 USD 35.9000

Performance

+/-
since 		1 Day Last Friday 4 Weeks
0.18% 0.18% 0.18%
3 Months 6 Months 1 Year
0.18% 0.18% 16.84%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
10 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 04/11/2026)

Fresnillo is a major with an FD market cap of $35 billion and is perhaps the largest silver producer at 50 million oz per year (plus 600,000 oz of gold). They have high costs, but it is still a very profitable company. FCF is currently over $2B at current gold/silver prices. They have huge resources, with 2 billion oz of silver and 44 million oz of gold.

It pays about a 2% dividend, which I expect to increase. One shareholder owns 75% of the shares and would like to be paid dividends. All operations are currently in Mexico, with exploration also in Chile and Peru. They paid out $950M in dividends in 2025 and still have $2.7B in cash.

They do have $850 million in debt, which isn't due until 2050. They seem content on paying off laster. They also have about $2.7 billion in cash, plus high free cash flow. One red flag for this stock is that it trades on the OTC pink sheets in the US (London is its main exchange). Why doesn't it trade as an ADR or at least on the OTCQX? I think this hurts their valuation and keeps many investors out of the stock, who won’t buy it in London, or in the pinks.

I would like to see them pay off their debt, buy back shares, and increase the dividend. If they do that, then their FCF multiple will expand. It's currently trading at a 9 FCF multiple. It could easily double to 18.

They acquired Probe Gold in Canada in 2025, a large gold development project. They might decide to grow via acquisitions.


DD

General Details

Financial 04/11/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $35,694.18M $26,493.69M 04/11/2026 $-9,200.49M
MCap (OS): $35,694.18M $26,493.69M 04/11/2026 $-9,200.49M
Total Assets: $7,300.00M $7,300.00M 04/11/2026 $0.00M
Total Liabilities: $2,200.00M $2,200.00M 04/11/2026 $0.00M
Current Assets: $2,700.00M $2,700.00M 04/11/2026 $0.00M
Current Liabilities: $350.00M $350.00M 04/11/2026 $0.00M
Total Debt: $853.00M $853.00M 04/11/2026 $0.00M
Cash: $2,701.00M $2,701.00M 04/11/2026 $0.00M
Debt (Net): $-1,848.00M $-1,848.00M $0.00M
Enterprise Value: $33,846.18M $24,645.69M $-9,200.49M
Cash Flow: $3,707.95M $2,271.58M never $-1,436.37M
Cash Flow Multiple: 9.63 11.66 never 2.04
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: No No 04/11/2026 n/a
Misc 04/11/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 736,893,589 736,893,589 04/11/2026 0
Shares (FD): 736,893,589 736,893,589 04/11/2026 0
Insider Ownership: 75% 75% 10/03/2026 n/a
Dividend (Annual): 0% n/a 10/03/2026 n/a
Company Type: Mostly Silver Mostly Silver never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 04/11/2026 n/a
Production (Gold Eq Oz.): (guess) 
1,400,084		 (guess) 
1,173,413		 08/04/2026 -226,672
Production (Silver Eq Oz.): (guess) 
87,496,052		 (guess) 
79,625,468		 08/04/2026 -7,870,584
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 04/11/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 30
Producer: Elite Quality
 30
Producer: Elite Quality
 04/11/2026 0
Cash Flow Multiple: 20 22 08/04/2026 2.00

Resource Data

GOLD 04/11/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 8.00M 8.00M 04/11/2026 0.00M
Measured & Indicated: 34.00M 34.00M 04/11/2026 0.00M
Inferred: 10.00M 10.00M 04/11/2026 0.00M
Reserves & Resources: 44.00M 44.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 6.80M 6.80M 04/11/2026 0.00M
Measured & Indicated: 24.48M 24.48M 04/11/2026 0.00M
Inferred: 4.25M 4.25M 04/11/2026 0.00M
Reserves & Resources: 28.73M 28.73M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
600,000oz.		 (guess) 
525,000oz.		 08/04/2026 -75,000oz.
Cash Cost: $1,500 $1,500 04/11/2026 $0.00
Extra Operating Cost: $900 $900 04/11/2026 $0.00
Total: $2,400 $2,400 04/11/2026 $0.00
Margin (Free Cash Flow): $2,348 (49%) $1,735 (42%) $-613.66
MCap / Production (AuEq): $25,494.31 $22,578.32 $-2,915.98
EV / Production (AuEq): $24,174.39 $21,003.43 $-3,170.96
G
R
A
D
E		 Underground (Avg): n/a n/a 04/11/2026 n/a
Open Pit (Avg): n/a 1.00 g/t 04/11/2026 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 10/03/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 30.00M 30.00M 04/11/2026 0.00M
Annual Production: 550,000oz. 550,000oz. 04/11/2026 0oz.
Cash Cost: $1,600 $1,600 04/11/2026 $0
Extra Operating Cost: $900 $900 04/11/2026 $0
SILVER 04/11/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 362.00M 362.00M 04/11/2026 0.00M
Measured & Indicated: 1,000.00M 1,000.00M 04/11/2026 0.00M
Inferred: 1,000.00M 1,000.00M 04/11/2026 0.00M
Reserves & Resources: 2,000.00M 2,000.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 307.70M 307.70M 04/11/2026 0.00M
Measured & Indicated: 741.54M 741.54M 04/11/2026 0.00M
Inferred: 425.00M 425.00M 04/11/2026 0.00M
Reserves & Resources: 1,166.54M 1,166.54M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
50,000,000oz.		 (guess) 
44,000,000oz.		 08/04/2026 -6,000,000oz.
Cash Cost: $18.00 $18.00 04/11/2026 $0.00
Extra Operating Cost: $12.00 $12.00 04/11/2026 $0.00
Total: $30.00 $30.00 04/11/2026 $0.00
Margin (Free Cash Flow): $45.98 (60.52%) $30.93 (50.76%) $-15.05
MCap / Production (AgEq): $407.95 $332.73 $-75.22
EV / Production (AgEq): $386.83 $309.52 $-77.31
G
R
A
D
E		 Underground (Avg): 300.00 g/t 300.00 g/t 04/11/2026 n/a
Open Pit (Avg): n/a n/a 04/11/2026 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 10/03/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 1,000.00M 1,000.00M 04/11/2026 0.00M
Annual Production: 52,000,000oz. 48,000,000oz. 08/04/2026 -4,000,000oz.
Cash Cost: $20.00 $20.00 04/11/2026 $0.00
Extra Operating Cost: $12.00 $12.00 04/11/2026 $0.00

Property

Last Analysis Data  (04/11/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp 1 - Val D' Or East
100 1500.00 50.00 550.00 show
5 million oz project. Growing in size.

Production in 2027 or 2028

Size: 60,000 ha
Exp Beaufor West and North
100 n/a
Exp Bell-Vezza
100 n/a
Exp Casagosic
100 n/a
Exp Casgrain
100 n/a
Exp Dalguier
100 n/a
Exp Detour Quebec
50 show
50% JV with Soquem.

Size: 29,000 ha
Exp Dubuisson
30 show
JV with Agnico Eagle.

Size: 750 ha
Exp Lapaska
100 n/a
Exp Massicotte
100 n/a
Exp Meunier-144
50 show
JV with Tahoe Resources.
Exp Pascalis-Colombiere
100 n/a
Exp Senore
100 n/a
Exp Sicotte
100 n/a
Exp Sinclair-Bruneau
100 n/a
Prod Cienega
100 show
FY22 Production: 37,466 Oz Gold 7,709 Koz Silver 3,518 Tons Lead 5,387 Tons Zinc

Mine Life: 4.2
Prod Fresnillo
100 show
6 producing mines. 9 projects heading to production by 2018.

FY22 Production: 13,609Koz Silver 34,432 Oz Gold 21,756 Tons Lead 43,343 Tons Zinc

Mine Life: 4.8 at 7,350 tpd
Prod Herradura
100 show
FY22 Production: 349,715 Oz Gold 776 Koz Silver

Mine Life: 10.9
Prod Juanicipio
56 n/a
Prod Noche Buena
100 show
FY22 Production: 79,669 Gold 20 Koz Silver

Mine Life: 0.8
Prod San Julian
100 show
FY22 Production: 46,727 Oz Gold 14,252 Koz Silver

Mine Life: 4.8 Veins 2.8 Disseminated Ore Body
Prod Saucito
100 show
FY22 Production: 11,877 Koz Silver 73,497 Oz Gold 17,816 Tons Lead 28,415 Tons Zinc

Mine Life: 6.6
Dev Soledad and Dipolos
100 show
Operations at Soledad-Dipolos remain suspended as a result of the court ruling to vacate the area at the site of the mine.
Exp Parrena
100 n/a
Exp Penmont
100 n/a
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp 1 - Val D' Or East
100 1500.00 50.00 550.00 show
5 million oz project. Growing in size.

Production in 2027 or 2028

Size: 60,000 ha
Exp Beaufor West and North
100 n/a
Exp Bell-Vezza
100 n/a
Exp Casagosic
100 n/a
Exp Casgrain
100 n/a
Exp Dalguier
100 n/a
Exp Detour Quebec
50 show
50% JV with Soquem.

Size: 29,000 ha
Exp Dubuisson
30 show
JV with Agnico Eagle.

Size: 750 ha
Exp Lapaska
100 n/a
Exp Massicotte
100 n/a
Exp Meunier-144
50 show
JV with Tahoe Resources.
Exp Pascalis-Colombiere
100 n/a
Exp Senore
100 n/a
Exp Sicotte
100 n/a
Exp Sinclair-Bruneau
100 n/a
Prod Cienega
100 show
FY22 Production: 37,466 Oz Gold 7,709 Koz Silver 3,518 Tons Lead 5,387 Tons Zinc

Mine Life: 4.2
Prod Fresnillo
100 show
6 producing mines. 9 projects heading to production by 2018.

FY22 Production: 13,609Koz Silver 34,432 Oz Gold 21,756 Tons Lead 43,343 Tons Zinc

Mine Life: 4.8 at 7,350 tpd
Prod Herradura
100 show
FY22 Production: 349,715 Oz Gold 776 Koz Silver

Mine Life: 10.9
Prod Juanicipio
56 n/a
Prod Noche Buena
100 show
FY22 Production: 79,669 Gold 20 Koz Silver

Mine Life: 0.8
Prod San Julian
100 show
FY22 Production: 46,727 Oz Gold 14,252 Koz Silver

Mine Life: 4.8 Veins 2.8 Disseminated Ore Body
Prod Saucito
100 show
FY22 Production: 11,877 Koz Silver 73,497 Oz Gold 17,816 Tons Lead 28,415 Tons Zinc

Mine Life: 6.6
Dev Soledad and Dipolos
100 show
Operations at Soledad-Dipolos remain suspended as a result of the court ruling to vacate the area at the site of the mine.
Exp Parrena
100 n/a
Exp Penmont
100 n/a

Profitability (by resource)

Proven &
Probable		 04/11/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 58.00% 59.99% n/a 1.99%
Percentage Silver: 42.00% 40.01% n/a -1.99%
Total (Gold Eq. Oz.): 13.79M 13.33M n/a -0.46M
Total (Silver Eq. Oz.): 861.95M 904.86M n/a 42.92M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 11.72M 11.33M n/a -0.39M
Silver Eq. Oz.: 732.66M 769.13M n/a 36.48M
Maximum Profit (Gold): $15,968.10M $11,795.21M n/a $-4,172.89M
Maximum Profit (Silver): $14,148.05M $9,517.16M n/a $-4,630.89M
Total Maximum Profit: $30,116.15M $21,312.37M n/a $-8,803.77M
Max Profit / Current MCap: 0.844 0.804 n/a -0.039
Max Profit Per Share (Gold): $21.67 $16.01 n/a $-5.66
Max Profit Per Share (Silver): $19.20 $12.92 n/a $-6.28
Total Max Profit Per Share: $40.87 $28.92 n/a $-11.95
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $3,044.61 $2,337.44 n/a $-707.17
FD MCap / Silver Eq.: $48.72 $34.45 n/a $-14.27
FD MCap / Per Metal
as % Spot Price:		 64.12% 56.53% n/a -7.59%
EV / Gold Eq.: $2,886.98 $2,174.40 n/a $-712.58
EV / Silver Eq.: $46.20 $32.04 n/a $-14.15
EV / Per Metal
as % Spot Price:		 60.80% 52.59% n/a -8.21%
Measured &
Indicated		 04/11/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 68.00% 69.76% n/a 1.76%
Percentage Silver: 32.00% 30.24% n/a -1.76%
Total (Gold Eq. Oz.): 50.00M 48.74M n/a -1.27M
Total (Silver Eq. Oz.): 3,124.78M 3,307.17M n/a 182.40M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 36.35M 35.41M n/a -0.94M
Silver Eq. Oz.: 2,271.38M 2,402.70M n/a 131.33M
Maximum Profit (Gold): $57,485.16M $42,462.76M n/a $-15,022.40M
Maximum Profit (Silver): $34,096.01M $22,935.83M n/a $-11,160.18M
Total Maximum Profit: $91,581.17M $65,398.60M n/a $-26,182.57M
Max Profit / Current MCap: 2.566 2.468 n/a -0.097
Max Profit Per Share (Gold): $78.01 $57.62 n/a $-20.39
Max Profit Per Share (Silver): $46.27 $31.13 n/a $-15.14
Total Max Profit Per Share: $124.28 $88.75 n/a $-35.53
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $982.07 $748.24 n/a $-233.83
FD MCap / Silver Eq.: $15.71 $11.03 n/a $-4.69
FD MCap / Per Metal
as % Spot Price:		 20.68% 18.10% n/a -2.59%
EV / Gold Eq.: $931.22 $696.05 n/a $-235.17
EV / Silver Eq.: $14.90 $10.26 n/a $-4.64
EV / Per Metal
as % Spot Price:		 19.61% 16.83% n/a -2.78%

Reserves &
Resources		 04/11/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 57.89% 59.89% n/a 2.00%
Percentage Silver: 42.11% 40.11% n/a -2.00%
Total (Gold Eq. Oz.): 76.00M 73.47M n/a -2.53M
Total (Silver Eq. Oz.): 4,749.71M 4,985.75M n/a 236.04M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 47.40M 45.92M n/a -1.48M
Silver Eq. Oz.: 2,961.98M 3,116.10M n/a 154.13M
Maximum Profit (Gold): $67,465.22M $49,834.77M n/a $-17,630.45M
Maximum Profit (Silver): $53,637.51M $36,081.08M n/a $-17,556.43M
Total Maximum Profit: $121,102.73M $85,915.85M n/a $-35,186.88M
Max Profit / Current MCap: 3.393 3.243 n/a -0.150
Max Profit Per Share (Gold): $91.55 $67.63 n/a $-23.93
Max Profit Per Share (Silver): $72.79 $48.96 n/a $-23.82
Total Max Profit Per Share: $164.34 $116.59 n/a $-47.75
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $753.10 $576.94 n/a $-176.15
FD MCap / Silver Eq.: $12.05 $8.50 n/a $-3.55
FD MCap / Per Metal
as % Spot Price:		 15.86% 13.95% n/a -1.91%
EV / Gold Eq.: $714.11 $536.70 n/a $-177.41
EV / Silver Eq.: $11.43 $7.91 n/a $-3.52
EV / Per Metal
as % Spot Price:		 15.04% 12.98% n/a -2.06%

Future Valuation (Cash Flow & Totals)

Totals 04/11/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
C
U
R
R
E
N
T		 R & R Valuation: $67,515.28M $56,959.22M n/a $-10,556.06M
FD MCap: $35,694.18M $26,493.69M n/a $-9,200.49M
Annual Gold Production: (guess) 
600,000oz.		 (guess) 
525,000oz.		 08/04/2026 -75,000oz.
Annual Silver Production: (guess) 
50,000,000oz.		 (guess) 
44,000,000oz.		 08/04/2026 -6,000,000oz.
F

U

T

U

R

E		 FD MCap (Resources): $123,000.00M $123,000.00M n/a $0M
FD MCap Growth (Resources): 245% 364% n/a 120%
FD MCap (Cash Flow): $224,220.00M $231,858M n/a 7,638.00M
FD MCap Growth (Cash Flow): 528% 775% n/a 247%
Estimated
Price		 USD: $304.28 $314.64 n/a 10.37
GBX: 22,645.52 23,795.17 n/a 1,149.66
Ratio FD MCap (Resources : Cash Flow): 0.55 0.53 n/a -0.02
Annual
Production		 Gold: 550,000 oz. 550,000 oz. n/a 0 oz.
Silver: 52,000,000 oz. 48,000,000 oz. n/a -4,000,000 oz.
Current
FD MCap / 		Gold Eq. Reserves: 609.41 452.33 n/a -157.08
Silver Eq. Reserves: 17.41 12.92 n/a -4.49
Gold Eq. Production: 17,533.98 13,788.54 n/a -3,745.44
Silver Eq. Production: 500.97 393.96 n/a -107.01
P&P
Reserves
(oz.)		 Gold: 30.00M 30.00M 04/11/2026 n/a
Silver: 1,000.00M 1,000.00M 04/11/2026 n/a
Gold Eq.: 58.57M 58.57M 04/11/2026 n/a
Silver Eq.: 2,050.00M 2,050.00M 04/11/2026 n/a
P&P Reserves
per FD
Share (oz.)		 Gold: 0.041 0.041 n/a n/a
Silver: 1.357 1.357 n/a n/a
Gold Eq.: 0.079 0.079 n/a n/a
Silver Eq.: 2.782 2.782 n/a n/a
Free Cash Flow 04/11/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Current: $3,707.95M $2,271.58M n/a $-1,436.37M
Current Multiple: 9.63 11.66 n/a 2.04
Current FCF/MCap Ratio: 10.39% 8.57% n/a -1.81%
Current FCF/Share: $5.03 $3.08 n/a $-1.95
F
U
T
U
R
E		 @ current pm prices: $3,523.50M $2,287.66M n/a $-1,235.83M
Multiple @ current pm prices: 10.13 11.58 n/a 1.45
Growth @ current pm prices: -4.97% 0.71% n/a 0.06
@ future prices: $11,211.00M $10,539.00M n/a $-672.00M
Multiple @ future prices: 3.18 2.51 n/a -0.67
Growth @ future prices: 363.95% 363.95% n/a 1.62

Defaults