Slide 1: Full Year Preliminary Results
FULL YEAR P R E L I M I N A RY R E S U LT S 3 RD M A R C H 2 0 2 6 LSE: FRES BMV: FRES www.fresnilloplc.com
Slide 2: Disclaimer
DISCLAIMER 2 This document includes statements that are, or may be deemed to be, “forward-looking A number of factors could cause results and developments to differ materially from those statements”. These forward-looking statements can be identified by the use of forward- expressed or implied by th
Slide 3: Agenda
3 AGENDA 01 Investment Proposition & 2025 Highlights 02 HSECR 03 Operational Performance 04 Reserves, resources and exploration 05 Project Pipeline 06 Financial Performance 07 Outlook
Slide 4: Investment Proposition & 2025 Highlights
INVESTMENT PROPOSITION & 2025 HIGHLIGHTS OCTAVIO ALVÍDREZ
Slide 5: 2025 Preliminary Results – Key Messages
2 0 2 5 P R E L I M I N A RY R E S U LT S – K E Y M E S S A G E S 5 • Solid operational performance across the portfolio, with gold production exceeding guidance and silver production delivered in line with guidance • Continued focus on operational discipline and efficiency to ensure cost control, w
Slide 6: Delivering Long-Term Value – Operational and Financial Highlights
2 0 2 5 P R E L I M I N A RY R E S U LT S – I N V E S T M E N T P R O P O S I T I O N 6 DELIVERING LONG-TERM VALUE – OPERATIONAL AND FINANCIAL HIGHLIGHTS WORLD’S #1 SILVER SIZEABLE GOLD HIGH QUALITY PRODUCER PRODUCTION MINING ASSETS1 48.7 moz 600.3 koz 2.06Boz 44.0Moz of silver in 2025 of gold in 20
Slide 7: Financial Performance Highlights
2 0 2 5 P R E L I M I N A RY R E S U LT S – F I N A N C I A L P E R F O R M A N C E 7 HIGHLIGHTS TOTAL REVENUE (US$) GROSS PROFIT (US$) 4,561.2M +30.5% vs 2024 2,664.1M +113.8% vs 2024 OPERATING PROFIT (US$) EBITDA (US$) 2,292.5M +142.4% vs 2024 2,796.2M +80.7% vs 2024 ADJUSTED EPS 1 (US$ PER SHARE)
Slide 8: Silver & Gold Markets
2 0 2 5 P R E L I M I N A RY R E S U LT S - S I LV E R & G O L D M A R K E T S 8 DEMAND FOR SILVER AND GOLD HAS CONTINUED TO INCREASE GLOBAL DEMAND FOR GOLD (MOZ) 2025 Highlights: 180 +1.4% CAGR 160 • The price of gold hit record highs with ongoing political 140 120 uncertainty fuelling increased sa
Slide 9: HSECR
HSECR OCTAVIO ALVÍDREZ
Slide 10: Health & Safety Environment
2 0 2 5 P R E L I M I N A RY R E S U LT S – H S E C R 10 SUSTAINABILITY IS CORE TO OUR PURPOSE: “TO CONTRIBUTE TO THE WELLBEING OF PEOPLE THROUGH THE SUSTAINABLE MINING OF SILVER AND GOLD” HEALTH ENVIRONMENT COMMUNITY & SAFETY RELATIONS WE PRIORITISE OUR WORKFORCE’S WE OPTIMISE RESOURCE CONSUMPTION
Slide 11: Operational Performance
O P E R AT I O N A L PERFORMANCE TOMÁS ITURRIAGA & DANIEL DIEZ
Slide 12: Fresnillo
2 0 2 5 P R E L I M I N A RY R E S U LT S – O P E R AT I O N S 12 FRESNILLO Production Grade KEY DEVELOPMENTS 15 200 • Silver production remained broadly stable as the higher ore grade from the San Alberto and Candelaria areas was offset by the decrease in volume of ore processed 150 Million Ounces
Slide 13: Saucito
2 0 2 5 P R E L I M I N A RY R E S U LT S – O P E R AT I O N S 13 SAUCITO Production Grade 20 240 15 180 Million Ounces Grams/tonne 10 120 5 60 0 0 2019 2020 2021 2022 2023 2024 2025 KEY OPERATING HIGHLIGHTS 2025 2024 KEY DEVELOPMENTS Silver production – moz 13.8 14.5 • Silver production decreased s
Slide 14: Juanicipio
2 0 2 5 P R E L I M I N A RY R E S U LT S – O P E R AT I O N S 14 JUANICIPIO KEY DEVELOPMENTS • Attributable silver production decreased 7.3% YoY, mainly due to lower ore grades in line with the mine plan, partially offset by higher ore throughput • Attributable gold production increased, supported
Slide 15: Herradura
2 0 2 5 P R E L I M I N A RY R E S U LT S – O P E R AT I O N S 15 HERRADURA Gold Production Gold Ore Grade Production Grade KEY DEVELOPMENTS 6 1 • Annual gold production above expectations (target and guidance), slightly decreased 0.9 5 0.8 Thousand Ounces compared to previous year (1.2%) 0.7 4 Gram
Slide 16: Ciénega
2 0 2 5 P R E L I M I N A RY R E S U LT S – O P E R AT I O N S 16 CIÉNEGA KEY DEVELOPMENTS • Gold production in line with expectations with slight decrease YoY (5%) • Silver production decreased, reflecting lower volume, lower recovery rates on oxides and depletion of Taspana • Successful exploratio
Slide 17: San Julián (Vein System)
2 0 2 5 P R E L I M I N A RY R E S U LT S – O P E R AT I O N S 17 SAN JULIÁN (VEIN SYSTEM) KEY DEVELOPMENTS • Gold production increased YoY, driven by higher ore throughput following plant optimisation and improved maintenance programmes • Silver production decreased due to lower ore grades, partial
Slide 18: Reserves, Resources & Exploration
RESERVES, RESOURCES & E X P L O R AT I O N GUILLERMO GASTÉLUM
Slide 19: Reserves and Resources
2 0 2 5 P R E L I M I N A RY R E S U LT S – R E S E R V E S A N D R E S O U R C E S 19 Significant resources and reserves base underpins our growth potential RESOURCES 2.06 Boz 44.0 Moz Silver Gold -8.5%1 vs 2024 +14.3% vs 2024 RESERVES 362.6 Moz 7.8 Moz Silver Gold +9.4% vs 2024 +7.4% vs 2024 Note:
Slide 20: Acquisition of Probe Gold
2 0 2 5 P R E L I M I N A RY R E S U LT S – A C Q U I S I T I O N 20 • In January 2026, Fresnillo completed the acquisition of Probe Gold, located in Quebec, Canada • Adds c.10 Moz gold resource base, including c.8 Moz at the flagship Novador Gold Project • Novador is an advanced development asset w
Slide 21: Disciplined Approach to Development
2 0 2 5 P R E L I M I N A RY R E S U LT S – D I S C I P L I N E D A P P R O A C H T O 21 DEVELOPMENT Concession hectares: 2025 Highlights: Mexico: 1.34m • Exploration spend of US$176.1 million (US$165.0 Peru: 259k Mine million in 2024) Chile: 130k Operations • In 2025 we drilled a total of 800,434m,
Slide 22: Project Pipeline
PROJECT PIPELINE GUILLERMO GASTÉLUM, TOMÁS ITURRIAGA & DANIEL DIEZ
Slide 23: Solid Project Pipeline for the Future
2 0 2 5 P R E L I M I N A RY R E S U LT S – P R O J E C T S 23 SOLID PROJECT PIPELINE FOR THE FUTURE BROWNFIELD VALLES (GOLD) - Underground NOCHE BUENA (GOLD) - Open Pit • Detailed engineering completed, • Restart of operation assessment operational model defined and completed, low capex requirement
Slide 24: Solid Project Pipeline for the Future
2 0 2 5 P R E L I M I N A RY R E S U LT S – P R O J E C T S 24 SOLID PROJECT PIPELINE FOR THE FUTURE GREENFIELD RODEO GUANAJUATO SUR (GOLD) – Open Pit (SILVER / GOLD) – Underground • Metallurgical and extension drilling • Concluded conceptual level studies with successfully completed during 2025 exc
Slide 25: Financial Performance
FINANCIAL PERFORMANCE MARIO ARREGUÍN
Slide 26: Income Statement (IFRS)
2 0 2 5 P R E L I M I N A RY R E S U LT S – I N C O M E S TAT E M E N T ( I F R S ) 26 (USD MILLION)
Slide 27: Contributed Revenues by Mine and Metal
2 0 2 5 P R E L I M I N A RY R E S U LT S – C O N T R I B U T I O N B Y M I N E A N D B Y 27 M E TA L T O A D J U S T E D R E V E N U E S 2025 ADJUSTED REVENUES1 : US$4,645.3M (USD MILLION) PRODUCT 2025 2024 VOLUME PRICE TOTAL GOLD 2,071.2 1,514.7 (94.2) 650.7 556.5 SILVER 2,161.9 1,673.9 (293.4) 78
Slide 28: Consolidated Cost Inflation
2 0 2 5 P R E L I M I N A RY R E S U LT S – C O N S O L I D AT E D C O S T I N F L AT I O N 28 (USD MILLION) Consolidated Unit Price Weighted Increase % Weight (*) Average Labour Unionized Personnel 1.9% 9.8% 0.2% Employees 0.7% 5.4% 0.0% Weighted 1.5% Operating Materials 2.2% 17.0% 0.4% Energy Elec
Slide 29: Adjusted Product Cost Analysis
2 0 2 5 P R E L I M I N A RY R E S U LT S – A D J U S T E D P R O D U C T I O N C O S T 29 A N A LY S I S ACCUM DECEMBER CHANGE (CONSOLIDATED, USD MILLION) CONCEPT 2025 2024 $ % ADJUSTED PRODUCTION COST 1,406.7 1,582.2 (175.5) (11.1) PROFIT SHARING 15.7 12.3 3.3 26.8 DEPRECIATION 490.6 619.8 (129.1)
Slide 30: Gross Profit Analysis
2 0 2 5 P R E L I M I N A RY R E S U LT S – G R O S S P R O F I T A N A LY S I S 30 (CONSOLIDATED, USD MILLION) CHANGE ACUM DEC 25 ACUM DEC 24 $ % External effects. Gross Profit 2,664.1 1,246.3 +1,417.8 +113.8% USD MILLION 2,100.0 59.5 51.6 39.2 18.9 13.8 ( 45.8 ) 1,750.0 129.1 ( 286.4 ) 1,432.2 1,4
Slide 31: Exploration Expenditure
2 0 2 5 P R E L I M I N A RY R E S U LT S – I N C O M E S TAT E M E N T ( I F R S ) 31 (USD MILLION) Operating Units Ø Fresnillo 18.1 Ø Saucito 13.8 Ø Ciénega 7.1 7.1 Ø San Julián 14.8 Ø Herradura 4.3 Ø Juanicipio 5.0 Ø Noche Buena 0.4 Ø 63.5 Ø Projects ØGuanajuato 22.8 Ø Valles 2.8 Ø Orisyvo 8.8 Ø
Slide 32: Cash Flow (IFRS)
2 0 2 5 P R E L I M I N A RY R E S U LT S – C A S H F L O W ( I F R S ) 32 (USD MILLION)
Slide 33: Balance Sheet (IFRS)
2 0 2 5 P R E L I M I N A RY R E S U LT S – B A L A N C E S H E E T ( I F R S ) 33 (USD MILLION) * * Increase in Other Liabilities (Short term) is mainly due to the difference between provisional tax paid in 2025 and the amount expected to be paid in 2026 to meet the actual tax due for 2025.
Slide 34: Capital Allocation
2 0 2 5 P R E L I M I N A RY R E S U LT S – C A P I TA L A L L O C AT I O N 34 • Our dividend policy remains unchanged: A total dividend of between 33-50% of profit after tax each year, while making certain adjustments to exclude non-cash effects in the income statement • We have always paid a divid
Slide 35: Capital Allocation
2 0 2 5 P R E L I M I N A RY R E S U LT S – C A P I TA L A L L O C AT I O N 35 • Over the next 5 years we are prepared to invest around US$3 billion in growth projects to align with our project timeline • We will continue to analyse opportunistic acquisition targets with a long- term view and in acc
Slide 36: Outlook
OUTLOOK OCTAVIO ALVÍDREZ
Slide 37: Expected Attributable Production Profile
2 0 2 5 P R E L I M I N A RY R E S U LT S – E X P E C T E D AT T R I B U TA B L E 37 PRODUCTION PROFILE Production guidance range +/- 5% Silver Gold Million Oz Thousand Oz 60 700 50 600 500 40 400 30 300 20 200 10 100 0 0 Real Guidance Expected Expected Real Guidance Expected Expected 2025 * 2026 20
Slide 38: Capex Spend Expectations
2 0 2 5 P R E L I M I N A RY R E S U LT S – C A P E X S P E N D E X P E C TAT I O N S 38 • Total capex for 2026 expected to 4be US$765 million • Increased capex in 2026 at current operations and investment into projects
Slide 39: Project Timeline
2 0 2 5 P R E L I M I N A RY R E S U LT S – P R O J E C T T I M E L I N E 39 BF = Brownfield GF = Greennfield Subject to pre-feasability and feasability assessment, final feasibility assessment and board approval
Slide 40: Conclusion
2 0 2 5 P R E L I M I N A RY R E S U LT S – C O N C L U S I O N 40 Safety first Excellent performance Cost efficiency Investing for growth Shareholder distribution Redoubling efforts to Favourable metals Focus on identifying Advancing a dual-track Delivering robust ensure safety prices, alongside an
Slide 41: Appendix
APPENDIX
Slide 42: Grade Expectations
G R A D E E X P E C TAT I O N S F O R 2 0 2 6 42 GOLD (G/T) MINE MINE TYPE FY 2026 FY 2025 Fresnillo Underground silver 0.55 – 0.65 0.82 Saucito Underground silver 0.95 – 1.15 1.24 Juanicipio Underground silver 1.1 – 1.3 1.27 San Julián Underground silver & gold 0.9 – 1.1 1.31 Ciénega Underground go
Slide 43: Reserves & Resources
RESERVES & RESOURCES 43 STRONG SILVER RESOURCE & RESERVES BASES SILVER RESOURCES RESOURCES CHANGE 2,058Moz Total silver resources 2025 2,058,411 2024 2,250,464 Koz -192,053 % -8.5% • Silver in consolidated overall mineral resources decreased 8.5% to 2,058 moz, primarily driven by the implementation
Slide 44: Reserves & Resources
RESERVES & RESOURCES 44 STRONG GOLD RESOURCE & RESERVES BASES GOLD RESOURCES RESOURCES CHANGE 44.0 koz Total gold resources 2025 43,970 2024 38,470 Koz +5,500 % +14.3% • Gold in consolidated overall mineral resources increased 14% to 44.0 moz, primarily due to the favourable impact of the higher pri
Slide 45: Cash Flow (IFRS)
2 0 2 5 P R E L I M I N A RY R E S U LT S – C A S H F L O W ( I F R S ) 45 (MILLION USD) • Increase in trade and other accounts receivables • (-US$208.3M):Trade receivables from related parties • -US$211.3 million, VAT +US$4.5 million and Others • -US$1.5 million • Increase in trade and other payabl
Slide 46: Contributed Revenues by Mine and Metal
2 0 2 5 P R E L I M I N A RY R E S U LT S – C O N T R I B U T I O N B Y M I N E A N D B Y 46 M E TA L T O A D J U S T E D R E V E N U E S 2025 ADJUSTED REVENUES1 : US$4,645.3M By mine By metal 20% 16% 20% 11% 1% 5% 27% Fresnillo Saucito Ciénega Herradura Silver Gold Noche Buena San Julián Juanicipio
Slide 47: Cost Per Tonne
2 0 2 5 P R E L I M I N A RY R E S U LT S – C O S T P E R T O N N E ( I F R S ) 47 ACCUM DECEMBER CHANGE 2025 2024 % CHG. COST PER TONNE * MINE UNIT Fresnillo US$/TON 131.7 112.2 17.4% Saucito US$/TON 119.1 133.0 -10.5% Ciénega US$/TON 119.6 121.5 -1.6% San Julián Veins US$/TON 125.8 106.1 18.6% San
Slide 48: Cash Cost (IFRS)
2 0 2 5 P R E L I M I N A RY R E S U LT S – C A S H C O S T ( I F R S ) 48 ACCUM DECEMBER CHANGE 2025 2024 % CHG. CASH COST MINE UNIT Fresnillo PER OZ. SILVER (Equiv.) 18.0 15.4 16.6% Saucito PER OZ. SILVER (Equiv.) 13.0 13.6 -4.6% Ciénega PER OZ. GOLD (Equiv.) 1,697.5 1,440.2 17.9% San Julián Veins
Slide 49: All-In Sustaining Cost (US$/oz)
2 0 2 5 P R E L I M I N A RY R E S U LT S – A L L I N S U S TA I N I N G C O S T ( U S $ / O Z ) 49 ACCUM DECEMBER 2025 2024 % CHG. CASH COST * MINE UNIT Fresnillo PER OZ. SILVER (Equiv.) 27.0 22.0 23.0% Saucito PER OZ. SILVER (Equiv.) 18.9 18.6 2.0% Ciénega PER OZ. GOLD (Equiv.) 2,224.6 1,823.9 22.
Slide 50: Income Statement and Cash Flow Highlights Per Operating Unit
2 0 2 5 P R E L I M I N A RY R E S U LT S – I N C O M E S TAT E M E N T A N D C A S H F L O W 50 H I G H L I G H T S P E R O P E R AT I N G U N I T
Slide 51: Notes
NOTES 51 4