Fresnillo (FRES) Status update summary

Operational performance and production highlights

• Achieved solid operational performance in Q2 2026, maintaining focus on discipline and efficiency.

• Gold production rose 13.8% quarter-on-quarter, but first-half gold output fell 7.3% year-on-year due to lower grades at Herradura.

• Silver production decreased 1.7% quarter-on-quarter and 12.6% year-on-year, mainly from lower grades and the end of the Silverstream agreement.

• By-product lead and zinc production increased 13.3% and 5.9% quarter-on-quarter, respectively, with lead up 15.1% year-on-year.

• Safety remains a top priority, with ongoing training and risk prevention initiatives.

Mine-specific production trends

• Fresnillo mine saw a 4.9% increase in quarterly silver production and a 40.1% rise in gold, driven by higher ore grades and volumes.

• Saucito mine's silver output fell 4.6% quarter-on-quarter and 14.3% year-on-year due to lower grades, partially offset by higher processed volumes.

• Juanicipio's silver production was stable quarter-on-quarter but down 5.8% year-on-year; gold output increased 10.7% quarter-on-quarter.

• Ciénega mine's gold production rose 3.7% quarter-on-quarter and 8.8% year-on-year, while silver output declined due to lower grades and recovery rates.

• San Julián Veins experienced declines in both gold and silver production due to lower grades, partially offset by higher processed volumes.

Outlook and guidance

• 2026 production guidance reaffirmed: silver 42.0–46.5 moz, gold 500–550 koz, lead 54–59 kt, zinc 85–95 kt.

• Total silver equivalent production expected at 82–91 million ounces.

• Production expectations for 2027 and 2028 remain unchanged.

• Interim results to be announced on 4 August 2026.