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LSE: FRES BMV: FRES www.fresnilloplc.com FRESNILLO PLCMINING FORUM AMERICAS 2026
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DISCLAIMERThis document includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will”, or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this document and include, but are not limited to, statements regarding the Fresnillo Group’s intentions, beliefs or current expectations concerning, among other things, the Fresnillo Group’s results of operations, financial position, liquidity, prospects, growth, strategies and the silver and gold industries.By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the actual results of the Fresnillo Group’s operations, financial position and liquidity, and the development of the markets and the industry in which the Fresnillo Group operates, may differ materially from those described in, or suggested by, the forward-looking statements contained in this document. In addition, even if the results of operations, financial position and liquidity, and the development of the markets and the industry in which the Fresnillo Group operates are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in regulation, currency fluctuations (including the US dollar and Mexican Peso exchange rates), the Fresnillo Group’s ability to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves, changes in its business strategy, political and economic uncertainty.Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document speak only as of the date of this document, reflect the Fresnillo Group’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Fresnillo Group’s operations, results of operations, growth strategy and liquidity. Investors should specifically consider the factors identified in this document which could cause actual results to differ before making an investment decision. Subject to the requirements of the Prospectus Rules, the Disclosure and Transparency Rules and the Listing Rules or applicable law, the Fresnillo Group explicitly disclaims any obligation or undertaking publicly to release the result of any revisions to any forward-looking statements in this document that may occur due to any change in the Company’s expectations or to reflect events or circumstances after the date of this document. 2
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FRESNILLO AT A GLANCE
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4 1 Au:Ag ratio of 1:80 2 Represents start of commercial production. 3 Operations at Soledad-Dipolos are currently suspended. 4 As of 30 April 2025.5 As of 31 December 20256 Juanicipio shown on a 100% basis, 56% attributable to Fresnillo7. Novador is in Quebec, Canada. Resources as per acquisitions announcement on 31 October 2025 Operating MineAssetTypeMain metalReserves (Silver)4Reserves (Gold)4Year2 FresnilloUndergroundSilver primary131.9 moz353 koz1554SaucitoUndergroundSilver primary119.5 moz509 koz2011JuanicipioUndergroundSilver primary74.1 moz529 koz2022San JuliánUndergroundSilver primary21.6 moz146 koz2016CiénegaUndergroundGold/Silver15.4 moz267 koz1992HerraduraOpen pitGold5,963 koz1997Soledad-Dipolos3 Open pitGoldExcluded in 20252010Noche BuenaOpen pitGold–2012 Advanced Exploration ProjectsAssetMain metalResources (Silver)5Resources (Gold)5 OrisyvoGold12.7 moz9,575 kozGuanajuatoSilver/Gold388.2 moz3,393 kozRodeo Gold24.5 moz2,281 kozTajitosGold 1,096 kozNovador7 Gold 8,000 koz 12345678 9101112 Herradura167.6 kozGold produced in 1H26 Noche Buena6.3 kozGold produced in 1H26 San Julián5.3 mozSilver equivalent1 produced in 1H26 Fresnillo8.2 mozSilver equivalent1 produced in 1H26Ciénega2.8 mozSilver equivalent1 produced in 1H26 Juanicipio10.3 mozSilver equivalent1,6 produced in 1H26 Saucito8.7 mozSilver equivalent1 produced in 1H26 MINING FORUM AMERICAS 2026 – FRESNILLO AT A GLANCE 13
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5MINING FORUM AMERICAS 2026 – DISCIPLINED APPROACH TO DEVELOPMENT 1996 2008 2010 2011 2012 2013 2014 2017 2018 2020 2023 2025 2025 2026 EXPANSION AT SOLEDAD - DIPOLOS SAUCITO I COMMISSIONING EXPANSION TO NOCHE BUENA HERRADURA DLP I COMMISSIONING SAUCITO II COMMISSIONING SAN JULIAN I & II COMMISSIONING PYRITES PLANT PHASE I PYRITES PLANT PHASE II JUANICIPIO PLANT COMPLETION CARLOS SHAFT COMMISIONING PROBE GOLD INC ACQUISITION SINDA PROJET INVESTMENT FRESNILLO plc LISTING PEÑOLES ACQUISITION Peñoles acquired 60% interest of Fresnillo in 1961 & the remaining in 1996 Fresnillo plc commenced trading on the London Stock Exchange in May 2008 Commercial production at Soledad- Dipolos began Saucito I commissioning Commercial production at Noche Buena began DLP I commissioning at Herradura. Bond issuance of US$800m at 5.5% Saucito II commisioning San Julian Phase I commissioning in 2016 & Phase II commissioning in 2017 Pyrites Plant phase I commissioning at Saucito & DLP II commissioning at Herradura Pyrites Plant phase II commissioned at Fresnillo. Bought back 60% of 2013 bond. Issued an US$850m at 4.25% Juanicipio project completed in 4Q21. Ramp up & commissioning of plant in 2023 The deepened Carlos shaft was optimised in 1Q25 following its commissioning in 4Q24 Announced the acquisition of Probe Gold Inc, Canada for US$550m Announced investment in Sinda at IPO to hold 5% of common shares Our disciplined approach to development and capital allocation continues to drive long term value creation
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6 HIGH QUALITY MINING ASSETS1 2.06BozSilver Resources in 202544.0MozGold Resourcesin 2025 WORLD’S #1 SILVER PRODUCER22.0 mozof silver in 1H26 SIZEABLE GOLD PRODUCTION290.9 kozof gold in 1H26 STRONG MARGINS1H26 EBITDA margin 69.5% +12.6ppts vs 1H25 EARNINGS DISTRIBUTED2 43.4US¢ / shareEquivalent to US$319.8M+109% vs 1H25 CASH & CASH EQUIVALENTSOver US$2.5bnat 30 Jun 2026 1.Resources exclude Probe Gold2.Interim Dividend as disclosed with interim results MINING FORUM AMERICAS 2026 – INVESTMENT PROPOSITIONDELIVERING LONG-TERM VALUE – OPERATIONAL AND FINANCIAL HIGHLIGHTS
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7 US$m REVENUES GROSS PROFIT AND GROSS PROFIT MARGIN CASH AND CASH EQUIVALENTS1 DIVIDENDS2 US$mUS$bn Dividend Cumulative Dividend 1,125 1,543 1,349 1,431 1,560 1,983 3,4131,305 1,160 1,084 1,274 1,957 2,578 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2020 2021 2022 2023 2024 2025 2026 Total Revenue 1H Total Revenue 2H 1.07 1.24 0.97 0.54 1.29 2.76 2.50 0.00 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 2.25 2.50 2.75 3.00 2020 2021 2022 2023 2024 2025 1H26 321 609 366 283 392 1,022 2,359 558 328 170 220 858 1,642 36% 35% 22% 19% 36% 58% 70% 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 500 1,000 1,500 2,000 2,500 2020 2021 2022 2023 2024 2025 2026 1H Gross Profit 2H Gross Profit Ma rg in MINING FORUM AMERICAS 2026 – STRONG BALANCE SHEET, UNDERLINED BY DEMONSTRATED FINANCIALS - 1,000 2,000 3,000 4,000 5,000 6,000 - 100 200 300 400 500 600 700 800 900 1,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1. 2026 cash and cash equivalents reflects position at end of 1H26 2. 2026 dividend reflects the interim dividend disclosed in the 1H26 Results Report only. FY margin except 2026 which is 1H 1H26
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$0$20$40$60$80$100$120$140 2020202120222023202420252026202720282029 $0$1,000$2,000$3,000$4,000$5,000$6,000$7,000 2020202120222023202420252026202720282029 8MINING FORUM AMERICAS 2026 – SILVER & GOLD MARKETS FORECASTS SUGGEST A HIGHER LONG - TERM PRICE ENVIRONMENT ANALYST SILVER PRICE FORECAST ($/oz) ANALYST GOLD PRICE FORECAST ($/oz)Analyst Gold Price ForecastAverage Analyst Forecast Average Annual Gold Price (Historical)Spot Price•Gold prices remain significantly above historical levels despite a recent pullback from record highs•Analyst forecasts continue to point to structurally higher future price levels, with a 2026 average of c.US$4,749/oz•Supportive macroeconomic and geopolitical conditions are expected to sustain favourable long-term pricing •Silver prices have also moderated from recent highs and have seen increased price volatility•Analysts continue to expect structurally higher prices, with an average forecast for 2026 of c.US$76/oz Source: CIBC compiled analyst price consensus using forecasts from 28/26 banks for gold/silver resp. taken at 01/07/2026Actual average prices 2020-2025, forecast prices 2026-2029. Spot price as at 07/09/2026 Analyst Silver Price ForecastAverage Analyst Forecast Average Annual Silver Price (Historical)Spot Price
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OUR OPERATIONS
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10Fresnillo•Gold production increased 47.6%, while silver production fell 5.8%, reflecting changing grades at greater depth •Mine development increased 13.3% to 3,435m/month, supported by higher equipment availability 1H261H25Silver production – moz4.95.2Gold production – koz29.319.8AISC – US$/eq. oz of Ag 32.922.2 Saucito•Silver and gold production decreased 7.5% and 4.7%, respectively, reflecting lower ore processed•Jarillas shaft connection due 3Q26, reducing truck haulage and supporting lower costs Juanicipio•Silver production decreased 9.0% on lower grades, while gold increased 19.1% due to higher grades•Underground conveyor due 3Q26, expected to improve mining costs 1H261H25Silver production – moz6.26.7Gold production – koz29.931.4AISC – US$/eq. oz of Ag 29.317.2 1H261H25Silver production – moz7.98.7Gold production – koz24.020.3AISC – US$/eq. oz of Ag 15.811.4Juanicipio shown on a 100% basis, 56% attributable to Fresnillo MINING FORUM AMERICAS 2026 – OPERATIONAL PERFORMANCE HIGHLIGHTS
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11 Cienega•Gold production increased 15.3%, driven by accelerated development of the newly discovered Victoria area, bringing production forward •Silver production decreased 26.3%, reflecting lower grades and recovery rates from processing a higher proportion of oxidesSan Julian•Gold and silver production decreased 14.4% and 5.8%, due to lower grades and slightly higher dilution, partly offset by increased throughput•Continued mine infrastructure development and exploration drilling support improved efficiencies and mine-life extension Herradura•Gold production decreased 15.1% on planned lower head grades; softer H2 expected due to Plant 1 maintenance, but FY26 remains above plan •Leaching Pad XV and CIC plant commissioned, with broader structural projects delivered on budget 1H261H25Gold production – koz167.6197.4 Silver production – moz0.30.3AISC – US$/eq. oz of Au 1,790.61,371.8 1H261H25Gold production – koz20.417.7Silver production – moz1.21.7AISC – US$/eq. oz of Au2,007.52,341.6 1H261H25Gold production – koz22.225.9Silver production – moz4.04.2AISC – US$/eq. oz of Ag25.216.8 MINING FORUM AMERICAS 2026 – OPERATIONAL PERFORMANCE HIGHLIGHTS
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SOLID PROJECT PIPELINE FOR THE FUTURE VALLES (GOLD) - Underground • Detailed engineering completed, operational model refined, delivering a strong mine plan and life of mine of 10 years (extended from original 7 years). • Main contractor in place, rehabilitation works and mine development already started. First development ore is expected in 4Q26, followed by production ramp-up in 2027. • Expected production 50 – 90 koz Au/yr, with average of 65 koz Au / yr. • Low capital intensity, ore to be processed in current Herradura processing plant. TAJITOS (GOLD) – Open Pit • Metallurgical investigation in main pit area being refined, expected to be finalised during 2H26 and to start revised PEA in 1Q27. • Drilling campaign progressing in new high grade / veins area to potentially complement current resource base of 1.1 Moz Au. During 1H26 12,157 meters were drilled. NOCHE BUENA (GOLD) - Open Pit • Continued re-leaching of old heaps, delivering 6,321 oz of Au during 1H26. • Restart of operation is ongoing, with early works progressing and mine contractor mobilising in early 4Q26 to start pre-stripping activities. • Ore mining expected to start in 2Q27, with leaching and fresh production expected to start in 3Q27. • Expected average production: 40- 50 koz Au/yr with life of mine of 8 years. HERRADURA UNDERGROUND (GOLD) – Underground • Conceptual studies completed, indicating expected production range of 120 – 160 koz Au / yr. • Exploration for 2027 being finalised to improve resource model resolution. • PEA scheduled for development in 2027 as part of the overall Herradura District Optimisation (OP / UG transition). • Preliminary schedule indicates possible start of production by end of 2032. BROWNFIELD 12 MINING FORUM AMERICAS 2026 – PROJECTS
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SOLID PROJECT PIPELINE FOR THE FUTURE GREENFIELD RODEO (GOLD) – Open Pit • Priority infill drilling for PFS already started, 5,319m completed during 1H26. • Advanced PEA almost completed, confirming life of mine and increasing expected production range from 75-90 koz Au / yr to 90-110 koz Au / yr. • Permitting process and engagement with relevant authorities to start during 2H26. • According to plan, production expected to start by late 2029 / early 2030, subject to permitting process. NOVADOR (GOLD) – Open Pit • Updated PFS study ongoing, expected to be completed during 3Q26. • 37,550 meters of condemnation, extension and infill drilling completed during 1H26 with positive results. • Project activities continue to advance in accordance with applicable requirements, although there have been delays in obtaining the necessary permits. • According to preliminary figures, production i s expected to be >200 koz Au/yr starting by 2033. GUANAJUATO SUR (SILVER / GOLD) – Underground • 1H26 exploration drilling continues to deliver positive results, totalling 32,844 meters of infill. Additional drill rigs being mobilised to accelerate pace in 2H26. • PFS level studies progressing according to plan, indicating expected silver production to range 15 – 17 Moz Ag / yr, starting in 2033. • Early works (main shaft and decline) expected to start by 2H27, subject to permit s approval. ORISYVO (GOLD) – Underground • PFS-B advanced during 1H26 focusing on definition of the main enabling projects. • Work to continue over 2H26. • Land acquisition strategy and government and community engagement programmes continue to operate in the region. • Expected average production: 180 – 220 koz Au / yr to start by 2033. 13 MINING FORUM AMERICAS 2026 – PROJECTS
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Note: Subject to pre-feasability and feasability assessment, final feasibility assessment and board approval MINING FORUM AMERICAS 2026 – PROJECT TIMELINE14 BF = BrownfieldGF = Greennfield
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CONCLUSION
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16 Safety & responsibilityTrending improvement in workplace safety along with a focus on our environmental impact and ongoing interaction and dialogue with our communities Operational discipline1H production in line with expectations, supporting our confidence in full year guidance Cost focusRecord 1H financial performance, with high metals prices and ongoing focus on efficiency, as we continue to manage costs for all price environments Shareholder returnsHigher interim dividend reflects outstanding performance, while preserving capital for disciplined future growth opportunities Investing for growthContinue to invest in exploration across our existing sites in the near term and at our exploration projects to drive future growth MINING FORUM AMERICAS 2026 – CONCLUSION