The world's largest primary silver producer reported 11.4% less silver this half-year, and a third of those missing ounces are still being mined by somebody else. Attributable silver production came in at 22.0 million ounces against 24.9 million a year earlier, a decline of 11.4%, while revenue rose 74.7% and profit rose 213%. Over the contract's life Peñoles paid Fresnillo $882 million for roughly 52 million ounces. A high silver price does not keep them open, and it does not make them dig faster. Fresnillo held its full-year guidance at 42.0 to 46.5 million ounces against 47.6 million produced in 2025.