10:07 AM EDT, 04/24/2026 (MT Newswires) -- Berenberg updated its model for Fresnillo (FRES.L) as it took note of the mining company's "very in line"first-quarter production report.

"We update our Fresnillo model for its Q1 production report, released on 22 April, which was in line with our expectations for gold and silver, although base metals volumes came in slightly better than our expectations. Silver volumes came in at 11.1moz versus our 11moz estimate; gold volumes were 136koz versus our 135koz estimate,"analysts said Thursday. "The company has maintained its guidance for 2026-28E, with silver equivalent volumes for 2026 guided to 82-91moz."

As such, the stock's hold rating and price target of 34 pounds sterling were unchanged.

Looking ahead, Berenberg expects management to prioritize shareholder returns, citing Fresnillo's "solid"free cash flow. However, it believes that potential bumper payouts could be limited by certain longer-dated growth projects at the company.