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1 CORPORATE PRESENTATION AS OF JUNE 2025 DEEPENING OUR TRANSFORMATIONAL PROCESS TO STRENGTHEN PERFORMANCE.
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2 Notes: OPERATING HIGHLIGHTS OF 2Q’25 METALS Gold production was favoured from a higher volume of rich materials processed at the silver refinery—mainly doré and carbon from Herradura. Refined silver and lead production for the quarter was negatively impacted by variations in quality of concentrates, which made processing at the Smelter more difficult, as well as a lower volume of lead-silver cements produced at the zinc plant. In the zinc circuit, there was a lower volume of concentrates processed due to various failures in the roasting and leaching areas, negatively affecting refined zinc production compared to 2Q24. CHEMICALS Quarterly production of sodium sulfate was higher due to greater operational stability at the plants. Magnesium oxide contracted (-10%) due to the maintenance shutdown at the magnesium plant in June, as well as a contraction in demand for its main varieties. Ammonium sulfate recorded lower quarterly volume due to strategies to reduce its production considering the high cost of ammonia and to focus the use of sulfuric acid on more profitable products. Magnesium sulfate volume increased due to stable operations and higher production via dams due to good magnesium concentration during the months of solar evaporation. MINING The volume of ore processed decreased compared to 2Q24, mainly due to selective mining at Herradura and the lack of production at Tizapa and San Julián (DOB). Gold production increased due to improved recovery rate and higher grade in Herradura, and higher volume processed with better ore grade in San Julián (Veins). Silver production The decline is 68% attributable to lack of production at Tizapa and San Julián (DOB). There was also lower production in Juanicipio and Ciénega due to lower ore grades and recovery rates, in Fresnillo and Sabinas due to lower volumes of ore processed, and in the case of Sabinas also due to lower ore grade, in addition to lower milling and recovery in Saucito.. Lead and zinc production also recorded decreases of 15% and 16%, in both cases mainly attributable to the lack of production from Tizapa and San Julián. Production 2Q'25 2Q'24 % Var YTD 2025 YTD 2024 % Var Milled Ore (Mton) 4,791 5,581 -14.2 9,582 10,934 -12.4 Ore Deposited (*) (Mton) 4,095 4,728 -13.4 8,165 8,530 -4.3 Ore Processed (Mton) 8,886 10,309 -13.8 17,746 19,464 -8.8 Gold (oz) 164,377 147,381 11.5 326,692 302,198 8.1 Silver (koz) 15,210 18,837 -19.3 30,305 36,151 -16.2 Lead (ton) 19,915 23,453 -15.1 39,399 44,886 -12.2 Zinc (ton) 60,148 71,476 -15.8 117,846 138,458 -14.9 Copper (ton) 2,338 2,608 -10.4 4,744 4,852 -2.2 Copper Cathodes (ton) 2,973 3,189 -6.8 5,533 6,383 -13.3 Production 2Q'25 2Q'24 % Var YTD 2025 YTD 2024 % Var Gold (oz) 231,007 207,856 11.1 469,410 425,140 10.4 Silver (koz) 18,726 19,436 -3.7 37,715 37,380 0.9 Lead (ton) 26,460 30,165 -12.3 57,247 55,322 3.5 Zinc (ton) 53,729 63,041 -14.8 95,703 121,919 -21.5 Production 2Q'25 2Q'24 % Var YTD 2025 YTD 2024 % Var Sodium sulfate (ton) 182,932 175,198 4.4 355,409 355,374 0.0 Magnesium oxide (ton) 15,859 17,524 -9.5 31,107 32,094 -3.1 Ammonium sulfate (ton)* 13,514 26,694 -49.4 29,847 52,878 -43.6 Magnesium sulfate (ton) 17,924 17,195 4.2 33,083 31,614 4.6
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3 KEY FINANCIAL METRICS SALES DEBT RATIOS EBITDA CASH FLOW FROM OP. US$ 2.1 bn US$ 680.2 mm 2Q’25 2Q’25 US$ 1,347.8 mm 2Q’25 ̴ 0.2 x Net Leverage Ratio 1 ̴ 15.87 x Coverage Ratio 2 REVENUE BY PRODUCT AND MARKET3 2Q 2024 US$1,634 mm US$ 7.5 bn LTM US$ 2,533.4 mm LTM US$ 2,237.4 mm LTM 2Q 2025 US$2,079 mm LEVERAGE & LIQUIDITY US$ 2.3 bn Cash and equivalents US$ 2.9 bn Financial debt
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4 Notes: Inflation rate: Mexican Consume Price Index (NCPI) ECONOMIC ENVIRONMENT AND METALS PRICES Precious metals prices consolidated their strength in the second quarter of 2025 due to growing global uncertainty over the US government's tariff policies and geopolitical conflicts. Demand for gold strengthened significantly, driven by sustained purchases by central banks, setting successive records to reach an all-time high of US$3,500 per ounce in April, and an average increase of 40% compared to the same quarter of last year. While silver hit its highest level in 13 years, surpassing US$37 per ounce toward the end of the quarter; its price also increased +16%. New US tariff threats were a determining factor in the performance of base metals. Volatility, supply and demand made the second quarter of 2025 a key period for strategic repositioning, both for speculative positions and industrial demand. Base metals prices declined on average: zinc (-7%), copper (-2%) and lead (-10%). GOLD London SILVER Comex LEAD LME ZINC LME SHG COPPER LME USD/oz USD/oz USDcts/lb USDcts/lb USDcts/lb 2Q'25 2Q'24 %Chng YTD 2025 YTD 2024 %Chng Inflation rate for the Period (%): 0.89 0.39 1.78 1.68 Exchange Rate (peso-dollar): Close 18.8928 18.3773 2.8 Average 19.5453 17.2106 13.6 19.9844 17.1034 16.8
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5 OPERATING RESULTS
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6Notes: 1/ Includes 100% of Fresnillo plc payable production, */Copper cathodes CONTRIBUTION BY MINE TO METAL PRODUCTION (2025)1 GOLD SILVER LEAD ZINC COPPER* 10,277 Ton39,399 Ton 30,305 kOz326,692 Oz 117,846 Ton
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7Notes: HISTORICAL MINE PRODUCTION GOLD SILVER LEAD ZINC COPPER
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8Notes: HISTORICAL REFINED PRODUCTION GOLD LEAD SILVER ZINC Contribution to refined production from:
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9Notes: 1/ Cash cost = [Cost of goods sold (production cost minus depreciation +- change in inventories) + sales expense (treatment fees, shipping and write-downs, extraordinary ore rights)]/pounds of zinc equivalent. 2/ All-in = CC1 + corporate and administrative costs + community costs related to current operations + mine development + sustaining capital expenditures and remediation expenses. 3/ This mining unit halted production due to a strike that commenced on August 2024. PEÑOLES’ CASH COSTS TRENDS Tizapa Sabinas Velardeña Capela 1 2 3
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10Notes: 1/Disseminated Ore Body. 2/Cash cost = {total cash cost (cost of sales plus treatment and refining charges, less depreciation) - revenue from by-products }/ silver or gold ounces sold. 3/cash cost plus on-site general, corporate and administrative costs, community costs related to current operations, capitalized stripping and underground mine development, sustaining capital expenditures and remediation expenses. FRESNILLO’S CASH COSTS TRENDS Fresnillo Saucito San Julián (Veins) 2 2 AISC3 Juanicipio
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11Notes: 1/Disseminated Ore Body. 2/Cash cost = {total cash cost (cost of sales plus treatment and refining charges, less depreciation) - revenue from by-products }/ silver or gold ounces sold. 3/cash cost plus on-site general, corporate and administrative costs, community costs related to current operations, capitalized stripping and underground mine development, sustaining capital expenditures and remediation expenses. FRESNILLO’S CASH COSTS TRENDS Ciénega Herradura 2 2 AISC3
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12Notes: 1/Maquila not included. HISTORICAL CHEMICALS PRODUCTION (ton) SODIUM SULFATE MAGNESIUM OXIDE AMMONIUM SULFATE1 MAGNESIUM SULFATE
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13 FINANCIAL RESULTS
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INCOME STATEMENT HIGHLIGHTS 2Q’2025 Net Sales increased due to higher gold and silver prices, copper matte, copper, concentrates and sodium sulfate realization prices, offsetting lower realization prices for zinc, lead, and magnesium oxide, along with higher sales volumes of gold, copper matte, sodium sulfate, and magnesium oxide, which offset lower volumes of concentrates, zinc, copper, lead, and to a lesser extent silver. Cost of sales increased due to higher Cost of Metal, mainly due to higher sales volumes of by-products (copper matte) and lower treatment revenues (recorded as a credit to the cost of metal). This was offset by lower production cost. Provision for income taxes decreased due a favorable adjustment on deferred taxed due to the exchange rate effect, as a result of the appreciation of the exchange rate during the quarter, and inflation on the tax value of the Company's assets and liabilities. In contrast, during 2Q24, the depreciation of the peso against the dollar had a negative impact on deferred taxes, although this effect was mitigated by lower inflation. 14Notes: Figures in millions of US dollars, except earnings per share that are in US dollars. 1/ Administrative, Exploration and Market expenses. 2/ Shares outstanding on March 31, 2023, and March 31, 2024: 397,475,747. 3/ Does not include other income (expense) FINANCIAL HIGHLIGHTS – INCOME STATEMENT INCOME STATEMENT 2Q'25 2Q'24 % Chg. 2025 YTD 2024 YTD % Chg. + Gross sales 2,078.6 1,634.4 27.2 3,876.7 3,030.7 27.9 + Hedging results 0.0 0.0 -100.0 0.0 0.2 -100.0 Net Sales 2,078.6 1,634.5 3,876.7 3,030.9 - Cost of Sales 1,373.9 1,228.1 11.9 2,559.0 2,453.5 4.3 Gross Profit (Loss) 704.8 406.3 73.4 1,317.7 577.4 128.2 - General expenses (1) 192.4 182.8 5.3 345.2 348.0 -0.8 Operating Profit (Loss) 512.3 223.5 129.2 972.4 229.4 323.9 + Net Financial Income (Expense) -26.1 -41.8 37.5 -57.8 -82.2 29.7 + Profit after Net Finanancial Income (Expense) 486.2 181.8 167.5 914.6 147.2 521.5 + Other Income (Expense) -7.7 11.7 -166.2 -14.3 14.2 -200.6 Profit (Loss) before Taxes 478.5 193.4 147.4 900.3 161.4 457.7 + Taxes -73.0 -169.8 57.0 -233.2 -155.1 -50.4 After Tax Income (Loss) 405.6 23.6 1615.7 667.1 6.3 10447.4 Non-Controlling Interest in Net Income and Share of Associates and JV 72.3 46.8 54.4 147.9 68.5 115.8 Controlling Interest in Net Income (Loss) 333.3 -23.2 1537.7 519.2 -62.2 934.8 Earnings (loss) per share (2) 0.84 n.a 1.31 n.a EBITDA (3) 680.2 420.9 61.6 1,309.8 617.6 112.1
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15 FINANCIAL HIGHLIGHTS – COST OF PRODUCTION COST OF PRODUCTION - QUARTERLY BREAKDOWN Lower Production Cost in 2Q’25 is derived from: i. lower volume of ore processed in mining operations, mainly due to the cessation of activities in San Julián (DOB) due to depletion, the lack of production in Tizapa as a result of the strike, and the optimization of mining in Herradura ii. lower electricity consumption, mainly due to lower volume processed at the zinc plant, in addition to lower electricity prices in the Wholesale Electricity Market and improved operation of Termoeléctrica Peñoles (TEP) this year iii. the favorable effect of the depreciation of the peso against the US dollar on costs denominated in pesos (approximately 57% of production costs are denominated in the local currency) iv. lower maintenance costs. US$ 893.9 mmUS$ 778.5 mm COST OF PRODUCTION - YTD BREAKDOWN US$ 1,488.7 mm US$ 1,741.8 mm
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16 FINANCIAL HIGHLIGHTS – QUARTERLY NET INCOME ANALYSIS Higher sales volumes of by-products (copper matte) and lower treatment revenues (recorded as a credit to the cost of metal). Higher metal prices, especially gold and Silver, and the better realization price in the sale of copper matte, copper, concentrates, and sodium sulfate. Notes:.1/ Includes variation in hedging results.2/ Includes variation from the sale of other products and services. 3/ Financial expenses and foreign exchange result.4/ Cost of Metal is presented net of treatment fee, profit on inventories and other items.
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17Notes: 1/ Includes refractory, caustic, electro-fused and hydroxide grades. 2/ Maquila not included. SALES VOLUME TREND SALES VOLUME GOLD (Oz) SILVER (koz) ZINC (Ton) LEAD (Ton) CONCENTRATES (Ton) Units 2Q'25 2Q'24 %Chng YTD 2025 YTD 2024 %Chng Gold Oz 242,961 213,601 13.7 477,729 436,839 9.4 Silver Koz 19,697 19,723 -0.1 38,392 37,935 1.2 Lead Ton 28,102 28,914 -2.8 59,487 57,252 3.9 Zinc Ton 52,429 62,145 -15.6 108,963 134,054 -18.7 Copper Ton 2,119 2,992 -29.2 4,262 6,091 -30.0 Copper matte Ton 12,456 2,774 349.0 16,249 6,223 161.1 Concentrates Ton 52,301 85,772 -39.0 134,839 144,458 -6.7 Sodium sulfate Ton 189,425 179,636 5.4 372,963 366,142 1.9 Magnesium oxide 1 Ton 17,927 16,715 7.2 36,537 31,417 16.3 Ammonium sulfate 2 Ton 12,905 50,737 -74.6 34,025 91,041 -62.6 Magnesium sulfate Ton 18,935 16,410 15.4 36,220 31,779 14.0
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18 Notes: : 1/Net Leverage Ratio is defined as Net Financial Debt/EBITDA for LTM. Figures are expressed in millions of US dollars. FINANCIAL HIGHLIGHTS – BALANCE SHEET BALANCE SHEET As of: Jun'25 Dec'24 % Chg. Current assets 5,508.1 4,786.5 15.1 Inventories 2,073.0 2,119.2 -2.2 Trade and other accounts receivable 527.8 656.5 -19.6 Cash and cash equivalents 2,338.1 1,679.4 39.2 Other current assets 569.2 331.4 71.8 Non-current assets 5,272.9 5,482.9 -3.8 Property, plant and equipment, net 4,077.8 4,219.1 -3.4 Deferred tax asset 871.0 873.0 -0.2 Inventories 69.8 69.8 0.0 Other accounts receivable 48.0 9.0 433.9 Other non-current assets 206.4 312.0 -33.9 Total Assets 10,781.0 10,269.3 5.0 BALANCE SHEET As of: Jun'25 Dec'24 % Chg. Current liabilities 1,457.8 1,381.6 5.5 Interest-bearing loans 344.5 489.6 -29.6 Other liabilities 200.1 177.0 13.1 Trade and other payables 535.3 406.6 31.7 Income tax payable 286.4 220.5 29.9 Lease liabilities 21.5 12.9 67.3 Other provisions 69.9 75.2 -7.0 Non-current liabilities 3,164.4 3,255.4 -2.8 Interest-bearing loans 2,511.7 2,515.6 -0.2 Lease liabilities 70.0 86.1 -18.7 Pensions and other post-employment benefit plans 62.2 54.1 15.1 Deferred tax liability 69.7 176.3 -60.5 Other provisions 450.7 423.3 6.5 Total Liabilities 4,622.2 4,637.0 -0.3 Capital and reserves attributable to shareholders of the Company Share capital 401.4 401.4 0.0 Non -Controlling Interest 1,348.0 1,357.2 -0.7 Retained earnings 4,488.5 3,908.3 14.8 Other reserves 79.1- 34.5- -129.0 Total Capital 6,158.8 5,632.3 9.3 Total equity and liabilities 10,781.0 10,269.3 5.0 Dividends per share 0.0 0.0
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19 Notes: Figures are expressed in millions of US dollars FINANCIAL HIGHLIGHTS – CASH FLOW CASH FLOW As of: YTD'25 YTD'24 % Chg. Profit for the period 666.5 8.0 8249 Cash generated from operations 969.7 521.3 86 Income tax paid -288.4 -118.6 -143 Net cash from operating activities 1,347.8 410.7 228 Cash flows from investing activities Purchase of property, plant and equipment -185.6 -183.5 -1 Proceeds from the sale of property, plant and equipment 1.6 2.4 -34 Interest received 5.9 31.0 -81 Proceeds from the repayment of advances and loans granted to third parties 0.0 2.2 -100 Others -57.8 -1.6 -3450 Net cash used in investing activities -234.1 -149.6 -57 Cash flows from investing activities Interest-bearing loans; Net -176.9 102.5 -273 Lease payments -13.3 -11.2 -19 Interest paid -83.7 -79.4 -5 Others 4.8 -43.4 111 Net cash generated (used in)/from financing activities -455.5 -49.1 -828 Net increase in cash and cash equivalents during the period 658.1 212.0 210 Effect of exchange rate on cash and cash equivalents 0.6 -6.4 110 Cash and cash equivalents at 1 January 1,679.4 1,040.2 61 Cash and cash equivalents at 30 Jun 2,338.1 1,245.9 88 CASH FLOW As of: YTD'25 YTD'24 % Chg. Adjustments to reconcile profit for the period to net cash inflows from operating activities: Depreciation and amortisation 337.4 388.9 -13 Income tax expense / (credit) 233.2 155.1 50 Net finance cost 95.5 64.5 48 Foreign exchange loss 56.5 9.9 472 (Gain)/loss on the sale of property, plant and equipment and other assets -0.8 -1.1 34 Non-cash movements and other provisions 37.8 13.9 173 TOTAL 759.6 631.1 20 Working capital adjustments Decrease/(Increase) in trade and other receivables 44.4 171.1 -74 Decrease/(Increase) in inventories 43.9 -195.9 122 (Decrease) / Increase in trade and other payables 121.7 -85.0 243 TOTAL 210.1 -109.8 291 Cash generated from operations 969.7 521.3 86
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20 Disclaimer This presentation contains certain calculations and forward-looking information regarding to Industrias Peñoles, S.A.B. de C.V. (Peñoles) and its subsidiaries that are based on assumptions made by its management. Such information, as well as the statements with respect to future events and expectations are subject to certain risks, uncertainties and factors that could cause the actual results, performance or achievements of Peñoles to be materially different at any time. Due to such risks and factors, actual results may materially differ from the estimates described herein, for which reason Peñoles does not assume any obligation nor responsibility with respect to such variations or to information provided by official sources. CONTACT Mauricio García, CFO. Mauricio_Garcia@penoles.com.mx Investor Relations Investor_Relations@penoles.com.mx www.penoles.com.mx