Fresnillo (FRES) investor relations material

Q3 production

• Attributable silver production was 10.3 moz, down 5.5% QoQ and 11.6% YoY; YTD production was 32.4 moz, down 11.5% YoY, including the end of Silverstream contributions.

• Attributable gold production was 135.1 koz, down 12.8% QoQ and 10.7% YoY; YTD production was 425.9 koz, down 8.4% YoY.

• Q3 by-product lead and zinc output fell 5.9% and 10.0% QoQ, respectively; YTD lead rose 8.1% and zinc rose 0.4% YoY.

• Production was in line with expectations and full-year guidance; lower output reflected weaker grades at Juanicipio, Saucito and San Julián, plus lower throughput at Herradura and Ciénega.

2026 outlook

• Guidance remains unchanged: attributable silver 42.0–46.5 moz, gold 500–550 koz, lead 54–59 kt and zinc 85–95 kt; silver-equivalent production is expected at 82–91 moz.

• 2027–28 production expectations remain unchanged; a more detailed metal-by-metal update is planned with the Q4 production report.

• Full-year targets remain on track, with Q4 priorities including operational discipline, efficiency improvements and safety.

Mine performance

• Fresnillo mine Q3 gold output rose 74.9% YoY to 16,787 oz, supported by higher grades and improved recovery; YTD output increased 56.5%.

• Juanicipio Q3 silver output fell 25.8% YoY to 1.8 moz as grades declined; YTD gold output rose 6.1%, supported by processing higher-grade stockpiled ore.

• Herradura Q3 gold output fell 18.1% QoQ and 16.4% YoY, affected by lower throughput and grade; ball mill shell replacement is scheduled for Q4.

• Ciénega Q3 gold output fell 14.7% YoY, while YTD gold rose 3.7%; increased contribution from the Victoria area is expected to support Q4 grade and ore availability.

• Preparatory work continued to resume Noche Buena operations in 2027; Q3 recovered gold was 2,033 oz, down 58.7% YoY, and YTD output fell 38.6%.