Fresnillo (FRES) Status Update summary

Production performance and trends

• Quarterly silver production fell 6.6% vs. 2Q25 and 19.1% vs. 3Q24, mainly due to lower grades and the cessation of mining at San Julián DOB.

• Quarterly gold production decreased 4.1% vs. 2Q25 and 3.5% vs. 3Q24, but year-to-date gold output rose 8.8% due to higher grades at Herradura.

• By-product lead output rose 1.4% vs. 2Q25, while zinc dropped 12.9%; both metals declined year-on-year due to lower grades and volumes.

• Herradura's year-to-date gold production increased 23.5% vs. YTD24, driven by operational optimization and higher ore grades.

• Saucito and Juanicipio saw mixed results, with Saucito's silver output down due to operational constraints, while Juanicipio's gold and silver production benefited from higher grades and volumes.

Operational highlights and safety

• Safety remains a top priority, with ongoing training and strict adherence to safety policies to achieve zero fatalities.

• Mine development rates improved at Fresnillo and Saucito due to better equipment availability and contractor efficiency.

• Ciénega ceased zinc concentrate production from 3Q25 after analysis showed minimal profitability contribution.

• Noche Buena continues its closure plan, with gold recovery from leaching pads declining as expected.

2025 outlook and guidance

• Full-year guidance reaffirmed: silver production expected at 47.5–54.5 moz, gold at 550–590 koz, lead at 56–62 kt, and zinc at 93–103 kt.

• Total production in silver equivalent ounces forecast at 91–102 million ounces.

• 2026 and 2027 production expectations remain unchanged.

• Ore grade expectations for 2025 provided for each mine, supporting operational planning.