Fresnillo (FRES) Status Update summary

Production performance

• Attributable silver production for Q2 2025 was 12.5 moz, up 1.0% vs. Q1 2025, but down 14.7% vs. Q2 2024, mainly due to lower grades and cessation of mining at San Julián DOB.

• Attributable gold production for Q2 2025 was 157.7 koz, up 1.0% vs. Q1 2025 and up 21.3% vs. Q2 2024, driven by higher grades and processed inventories at Herradura.

• By-product lead and zinc production increased slightly vs. Q1 2025 but declined year-on-year due to lower grades and the end of mining at San Julián DOB.

• Silverstream production fell 7.4% vs. Q1 2025 and 26.7% vs. Q2 2024 due to lower ore grades and processed volumes.

Mine-specific highlights

• Saucito saw an 11.4% quarterly increase in silver output due to higher ore grades and processed volumes, while gold output rose 28.6% quarter-on-quarter.

• Juanicipio's silver and gold production decreased slightly vs. Q1 2025 but gold output rose 7.7% year-on-year; pyrite concentrate production began in Q2.

• Ciénega's gold output rose 17.1% quarter-on-quarter, but silver output dropped 14.1% due to lower grades and recovery rates.

• San Julián Veins achieved double-digit quarterly growth in both gold and silver production, benefiting from higher ore grades and improved maintenance.

• Herradura's gold output decreased 5.3% vs. Q1 2025 but increased 50.9% year-on-year, supported by higher ore grades and inventory processing.

Safety and operational updates

• Two fatal incidents occurred in Q2 and July, prompting immediate investigations and renewed safety measures.

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

• Noche Buena continued its closure plan, with gold production from leaching pads declining year-on-year.