Fresnillo PLC (LSE:FRES) shares climbed 1.4% on Friday afternoon as it became an undervalued proxy for precious metals amid renewed fears over US trade tariffs.
Over the week, silver has risen 4%, outpacing gold, the usual haven in times of economic and political turmoil.
That in turn buoyed demand for shares in Mexico-focused Fresnillo, one of the world's biggest miners of the metal.
Investors are retreating into physical investments after US President Donald Trump said countries would soon receive letters outlining new tariff rates, which will take effect from 1 August.
He warned levies could range from 10% to as much as 70%, exceeding the levels previously announced in April.
Analysts said the potential variation “would have significant economic implications” for affected nations.
Fresnillo shares were up 21p at 1,482p.