Fresnillo (FRES) Status Update summary

Operational performance

• Q1 2025 production aligned with expectations, maintaining 2025 guidance for all metals.

• Attributable silver production was 12.4 moz, down 9.7% vs. Q4 2024 and 8.4% vs. Q1 2024, mainly due to lower grades and San Julián DOB closure.

• Attributable gold production was 156.1 koz, down 23.5% vs. Q4 2024 but up 10.8% vs. Q1 2024, driven by Herradura and processed inventories.

• By-product lead and zinc production decreased vs. Q4 2024, with lead flat and zinc down 3.5% vs. Q1 2024.

• Cost discipline and favorable MXN/USD exchange rate supported financial performance.

Mine-specific highlights

• Fresnillo mine silver output rose 14.2% vs. Q4 2024 due to higher ore grade, despite lower processed volume.

• Saucito mine silver output fell 19.7% vs. Q4 2024 due to lower ore grade and equipment issues; gold output also declined.

• Juanicipio mine saw a 5% increase in silver and 12.8% in gold vs. Q4 2024, driven by higher grades and recovery.

• Ciénega mine gold and silver output dropped due to equipment delays and lower grades, but recovery expected in H2 2025.

• San Julián Veins production declined due to unplanned maintenance; DOB mining ceased in Nov 2024.

• Herradura gold output down 21.9% vs. Q4 2024 but up 29.9% vs. Q1 2024, reflecting planned grade variations and inventory processing.

2025 outlook and guidance

• 2025 guidance unchanged: silver 49–56 moz, gold 525–580 koz, lead 56–62 kt, zinc 93–103 kt.

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

• 2026 and 2027 production outlook remains stable.

• Mine-specific ore grade expectations provided for all major operations.