On January 14, 2026, Citigroup elevated Fresnillo PLC (OTC:FNLPF) to a Buy rating, reflecting growing confidence in the company’s outlook. The bank set a new price target of 4,600 GBp, up from 4,000 GBp, citing sustained momentum in spot silver markets. Citigroup analysts highlighted Fresnillo’s operational leverage to rising silver prices and noted the miner’s leading position in Mexico, where it operates multiple high-grade silver and gold mines.

Citigroup projects average silver prices of $78 per ounce in 2026, with upside potential toward $100 per ounce if current trends continue. Under these assumptions, Fresnillo’s EBITDA is forecast to grow to approximately $4.9 billion, representing a 24% increase over prior estimates. This uplift is expected to enhance free cash flow generation materially, providing capacity for debt reduction, dividend increases or targeted capital investments in exploration and development.

Fresnillo’s market capitalization stands at around $37.2 billion, underscoring its status as the world’s largest primary silver producer. Trading volumes remain modest on the OTC exchange, suggesting limited liquidity compared with peers listed on major exchanges. Citigroup cautions that consensus earnings models have not fully captured the potential earnings upside from higher silver prices. Investors should monitor quarterly production updates and spot price movements closely, as any sustained rally in silver could trigger further multiple expansion for FNLPF shares.