Slides
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LSE: FRES BMV: FRES www.fresnilloplc.com HALF YEARINTERIM RESULTS04 AUGUST 2026
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This 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. 2DISCLAIMER
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AGENDA011H26 Highlights 02Operational Performance 03Financial Performance 04Outlook 05Appendix 33
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1H26 HIGHLIGHTSOCTAVIO ALVÍDREZ
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1H26 INTERIM RESULTS – OPERATIONAL PERFORMANCE HIGHLIGHTS5 •Solid operational performance across the portfolio driven by consistent execution •Strong sequential momentum in gold production, silver in line with our expectations•Operational discipline remains key and we are on track to meet our full-year production guidance •Continued focus on managing costs through the recent high-price environment, subsequent moderation in prices and continued strength of the Mexican Peso•Continued progress to improve safety with trending reductions in injury frequency rates and an ongoing commitment to zero fatalities 1. Resources exclude Probe Gold 2. As of 30 April 2025 WORLD’S #1 SILVER PRODUCER22.0Mozof silver in H1 26 SIZEABLE GOLD PRODUCTION290.9kozof gold in H1 26 HIGH QUALITY MINING ASSETS12.06BozSilver Resources in 20252 44.0MozGold ResourcesIn 20252
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EBITDA (US$)2,349.7M+113.2% vs 1H25 6TOTAL REVENUE (US$)3,382.6M+74.7% vs 1H25 GROSS PROFIT (US$)2,359.4M+130.7% vs 1H25 1 At 30 June 2026 CASH & CASH EQUIVALENTS1 (US$)2,503.1M+37.3% vs 1H25 PROFIT FOR THE PERIOD (US$)1,463.4M+213.0% vs 1H25 INTERIM DIVIDEND (US¢ PER SHARE)43.4US¢ / shareEQUIVALENT TO US$319.8M EBITDA MARGIN (%) 69.5%+12.6ppts vs 1H25 EPS (US$ PER SHARE)1.751US$ / share+227.9% vs 1H25 1H26 INTERIM RESULTS – FINANCIAL PERFORMANCE HIGHLIGHTS
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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$7,000 2020202120222023202420252026202720282029 71H26 INTERIM RESULTS – SILVER & GOLD MARKETS FORECASTS SUGGEST A HIGHER LONG-TERM PRICE ENVIRONMENT ANALYST SILVER PRICE FORECAST ($/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$76/oz Source: CIBC compiled analyst price consensus using forecasts from 28/26 banks for gold/silver resp. taken at 01/07/2026Actual average prices 2020-2025, forecast prices 2026-2029. Spot price as at 03/08/2026 Analyst Silver Price ForecastAverage Analyst Forecast Average Annual Silver Price (Historical)Spot Price
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OPERATIONAL PERFORMANCEOCTAVIO ALVÍDREZ & DANIEL DIEZ
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KEY OPERATING HIGHLIGHTS 1H261H25Silver production – moz 4.95.2Gold production – koz 29.319.8Total volume sold in silver eq. moz8.28.7Cost per tonne - US$ 150.7123.1Cash cost - US$/eq. oz of Ag 21.115.4AISC – US$/eq. oz of Ag 32.922.2Reserves 2025 *131.9 mozAg, 353.0 kozAuResources 2025 *502.6 mozAg, 1.2 mozAu 050100150200 0 5 10 15 2019202020212022202320242025 Grams/tonne Million Ounces 9Production GradeKEY DEVELOPMENTS•Gold production increased 47.6% vs 1H25, mainly due to the higher ore grade.•Silver production decreased 5.8% vs 1H25, mainly due to lower silver ore grade, with greater dilution in narrower veins, as well as ground conditions in long-hole stopes.•Drilling at greater depth has produced higher gold grades and lower silver grades and work is underway to determine whether this trend is likely to persist at lower levels.•Mine development rates increased 13.3% vs 1H25 to an average of 3,435m per month primarily due to higher equipment availability.•For FY26, the silver ore grade is expected to be in a range of 160 to 180 g/t, while the gold ore grade is estimated at between 0.80 and 1.00 g/t. 1H26 INTERIM RESULTS – OPERATIONSFRESNILLO *As of 30 April 2025 Silver ProductionSilver Ore Grade
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KEY OPERATING HIGHLIGHTS 1H261H25Silver production – moz 6.26.7Gold production – koz 29.931.4Total volume sold in silver eq. moz8.710.7Cost per tonne - US$ 151.3107.3Cash cost - US$/eq. oz of Ag 20.511.7AISC – US$/eq. oz of Ag 29.317.2Reserves 2025 *119.5 mozAg, 509.0 kozAuResources 2025 *336.9 mozAg, 1.5 mozAu 10 KEY DEVELOPMENTS•Silver production decreased 7.5% vs 1H25, partly due to the lower volume of ore processed from the Natalias, Mezquite and Central areas, as well as the temporary suspension of the Jarillas shaft to interconnect the two parts.•The connection works are due to be completed in 3Q26, bringing a reduction in costs, since haulage is currently done by truck.•Gold production decreased 4.7% vs 1H25, due to a lower ore grade and a reduction in the volume of ore processed.•For FY26, the silver ore grade is expected to be in a range of 200 to 220 g/t, while the gold ore grade is estimated at between 0.95 and 1.15 g/t. Production 1H26 INTERIM RESULTS – OPERATIONSSAUCITO *As of 30 April 2025 Grade 060120180240 05101520 2019202020212022202320242025 Grams/tonne Million Ounces Silver ProductionSilver Ore Grade
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11 1H26 INTERIM RESULTS – OPERATIONSJUANICIPIO KEY OPERATING HIGHLIGHTS 1H261H25Silver production – moz 7.98.7Gold production – koz 24.020.3Total volume sold in silver eq. moz10.311.2Cost per tonne - US$ 123.5110.1Cash cost - US$/eq. oz of Ag 9.67.7AISC – US$/eq. oz of Ag 15.811.4Reserves 2025 *74.1 mozAg, 529.0 kozAuResources 2025 *119.9 mozAg, 721.0 kozAuShown on a 100% basis, 56% attributable to Fresnillo KEY DEVELOPMENTS•1H26 silver production decreased 9.0% vs 1H25 due to the expected lower ore grade.•In contrast, 1H26 gold production increased 19.1% vs 1H25 due to higher ore grade.•Work progresses on the underground conveyor, with completion expected in 3Q26 leading to improved mining costs.•For FY26, silver ore grade is expected to be in the range 320 to 370 g/t, while gold ore grade is estimated to be between 1.10 to 1.30 g/t. *As of 30 April 2025
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121H26 INTERIM RESULTS – OPERATIONSHERRADURA GradeProduction KEY OPERATING HIGHLIGHTS 1H261H25Gold production – koz 167.6197.4Silver production – moz 0.30.3Cost per tonne deposited - US$25.520.4Cash cost - US$/eq. oz of Au 1,397.41,148.4AISC – US$/eq. oz of Au 1,790.61,371.8Reserves 2025 *6.0 mozAuResources 2025 *9.6 mozAu *As of 30 April 2025 KEY DEVELOPMENTS•As expected, gold production decreased 15.1% year on year mainly due to the decrease in head grades, according to plan.•Slightly softer production expected in H2, due to maintenance repair programmed to replace ball mill in Plant 1 (PLD1). Production still expected above plan for FY26.•Structural projects for Herradura District delivered on budget. Leaching Pad XV and CIC plant already commissioned and in operation, while ADR and Sulphides Crushing Circuit being engineered.•For FY26, gold ore grade is expected to be in the range of 0.50 to 0.70 g/t. 00.10.20.30.40.50.60.70.80.91 0123456 2019202020212022202320242025 Grams/tonne Thousand Ounces Gold ProductionGold Ore Grade
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KEY OPERATING HIGHLIGHTS 1H261H25Gold production – koz 20.417.7Silver production – moz 1.21.7Total volume sold in gold eq. koz 38.730.6Cost per tonne - US$ 125.9113.5Cash cost - US$/eq. oz of Au 1,550.31,843.6AISC – US$/eq. oz of Au2,007.52,341.6Reserves 2025 *15.4 mozAg, 267 kozAuResources 2025 *74.0 mozAg, 925 kozAu 13 1H26 INTERIM RESULTS – OPERATIONSCIÉNEGA *As of 30 April 2025 KEY DEVELOPMENTS•Gold production increased 15.3% due to the accelerated development of the newly discovered Victoria area, allowing production from this area to be bought forward.•Silver production decreased 26.3% due to lower grades and lower recovery rates from processing a higher proportion of oxides, as expected.•The gold and silver ore grades for 2026 are estimated to be in ranges of 1.5 to 1.7 g/t and 110 to 130 g/t respectively.
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KEY OPERATING HIGHLIGHTS 1H261H25Gold production – koz 22.225.9Silver production – moz 4.04.2Total volume sold in silver eq. moz5.36.4Cost per tonne - US$ 131.7128.3Cash cost - US$/eq. oz of Ag 16.612.4AISC – US$/eq. oz of Ag 25.216.8Reserves 2025 *21.6 mozAg, 146 kozAuResources 2025 *63.0 mozAg, 495 kozAu 141H26 INTERIM RESULTS – OPERATIONSSAN JULIÁN (VEIN SYSTEM) *As of 30 April 2025 KEY DEVELOPMENTS•Gold and Silver production decreased 14.4% and 5.8% respectively, due to lower ore grades and a slight increase in dilution year on year. •Higher throughput compared to 1H25 mitigated the decrease in ore grades.•Mine infrastructure development as well as increased exploration drilling continue to build on mine efficiencies and extension of mine life. •The silver and gold grades for FY26 are expected to be in ranges of 210 to 230 g/t and 0.90 to 1.10 g/t respectively.
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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 with production expected to commence in 3Q26.•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 15 1H26 INTERIM RESULTS – PROJECTS
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SOLID PROJECT PIPELINE FOR THE FUTUREGREENFIELDRODEO (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 is 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 permits 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. 16 1H26 INTERIM RESULTS – PROJECTS
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FINANCIAL PERFORMANCEMARIO ARREGUÍN
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18(USD MILLION)1H26 INTERIM RESULTS – INCOME STATEMENT (IFRS)
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19 1Adjusted Revenue is revenue as disclosed in the income statement adjusted to exclude treatment and refining charges. 1H26 INTERIM RESULTS – CONTRIBUTION BY METAL TO ADJUSTED REVENUES1H26 ADJUSTED REVENUES1 : US$3,413.2M(USD MILLION) P R O D U C T 2026 2025 VOLUMEPRICETOTAL GOLD 1,321.1 959.8 (72.7) 434.0 361.2 SILVER 1,842.2 827.7 (18.2) 1,032.8 1,014.6 LEAD 69.3 59.6 11.2 (1.5) 9.7 ZINC 180.5 135.9 7.2 37.5 44.7 ADJUSTED REVENUES 3,413.2 1,982.9 (72.6) 1,502.8 1,430.2 ACCUM JUNE CHANGE BY:
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201H26 INTERIM RESULTS – ADJUSTED PRODUCTION COST ANALYSIS (CONSOLIDATED, USD MILLION) C O N C E P T 20262025$ % ADJUSTED PRODUCTION COST811.9 673.5 138.4 20.5 PROFIT SHARING 10.1 7.9 2.3 28.7 DEPRECIATION 214.8 241.4 (26.6) (11.0) HEDGING (MXP/USD EXCHANGE RATE)0.0 0.0 0.0N/A CHANGE IN INVENTORIES(13.6) (9.6) (4.0) (42.1) UNPRODUCTIVE COST 0.0 0.0 0.0N/A COST OF SALES 1,023.2 913.2 110.0 12.0 ACCUM JUNECHANGE 4 5 62 3 USD MILLION 1External effects. 7 58.5 33.2 15.2 11.4 10.5 9.5 138.4 0. 031 .062 .093 .012 4. 015 5. 0 MXP/U SD R evaluationeffect (-12.5% ) Cost inflation (+3.5%)excl udi ng the Mxp/USDrevaluation effect Higher maintenance Higher stripping andlonger haulage distancesat Herradura Increase in operatingcosts from the tem poraryuse of contractors atSaucito Others Incr. in Adj. Prod.Cost
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1,502.8 26.6 16.3 5.6 ( 79.1 )( 135.6 )1,336.5 0. 030 0. 060 0. 090 0. 01, 20 0.01, 50 0.01, 80 0.0 Higher Metal Prices (Ag+125.6%, Au +46.6%, Zn +27.0%and P b -2.3%) Lower depreciation Lower treatment and refiningcharges Others Net decrease in ore grad es andrecoveries Higher Cost Effects YTD26 Gross Profi t 211H26 INTERIM RESULTS – GROSS PROFIT ANALYSIS(CONSOLIDATED, USD MILLION) NotesA.Lower ore grades (-US$167.3M): at Herradura (DLP), San Julián Veins and Saucito and lower recovery at Herradura (HL); net of higher ore grades: (+US$88.2M) at Fresnillo, Juanicipio and Ciénega and higher recovery rates at Noche Buena and Fresnillo Pyrites Plant.B.Considers the effects described in the adjusted production cost mentioned in the previous slide (mainly in bars 1, 2, 3, 4 and 5). ACUM JUNE 26ACUM JUNE 25$%GrossProfit2,359.41,022.9+1,336.5+130.7% CHANGE USD MILLION External effects. 3 4 5 6 71 2 *A *B
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221H26 INTERIM RESULTS – INCOME STATEMENT (IFRS)(USD MILLION) OperatingUnitsØFresnillo9.1ØSaucito7.0ØCiénega3.9ØSanJulián8.0ØHerradura2.6ØJuanicipio2.4ØNocheBuena1.5Ø 34.5ØProjectsØGuanajuatoSur7.2ØGuanajuato2.8ØValles4.2ØOrisyvo5.7ØCentauroDeep0.3ØRodeo3.3ØNovador9.7ØYastai5.939.2ProspectsØSonora3.4ØChile2.5ØZacatecas5.1ØPerú2.1ØDurango1.7ØChihuahua0.7ØNayarit0.3Ø 15.8RegionalProspecting9.4MiningRights16.4OtherFixedAssets0.1TotalRiskCap.Inv.Exp.115.4Capitalised Exp.(6.1) Total ExplorationExp. 109.3
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231H26 INTERIM RESULTS – CASH FLOW (IFRS)(USD MILLION) * Capitalised cost transactions of US$4.7 million have been excluded, as they are classified within the "Others" category** Including Short-term Investments of US$1.9 million (2025:US$92.7 million) C O N C E P T 2026 2025$ %CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL2,364.7 1,103.6 1,261.0114.3 WORKING CAPITAL 18.6 191.9 (173.3)(90.3) INCOME TAX, SPECIAL MINING RIGHTS AND PROFIT SHARING PAID(890.0) (255.4) (634.6)(248.4) NET CASH FROM OPERATING ACTIVITIES1,493.3 1,040.1 453.243.6 OTHER PROCEEDS FINANCIAL EXPENSES AND FOREIGN EXCHANGE EFFECTS32.2 22.010.246.5 SILVERSTREAM CONTRACT 0.0 34.3 (34.3)N/A SHARES TRADED AND DIVIDENDS RECEIVED FROM THIRD PARTIES0.0151.2 (151.2)N/A PROCEEDS FROM THE SALES OF MINING CONCESSIONS1.0 0.0 1.0N/A PROCEEDS FROM THE SALE OF PROPERTY, PLANT AND EQUIPMENT0.3 0.3 0.00.3 TOTAL OTHER PROCEEDS 33.4 207.7 (174.2) (83.9) PROBE GOLD ACQUISITION (NET OF ACQUIRED CASH) (547.8) 0.0(547.8)N/A PURCHASE OF PROPERTY, PLANT, EQUIPMENT AND MINING WORKS(236.2) (157.9) (78.3)(49.6) NET CAPITAL CONTRIBUTIONS / LOANS BY MINORITY SHAREHOLDERS AND DIVIDENDS(191.7) (61.5)(130.3)(212.0) OTHERS (7.1) (2.3) (4.8)(208.7) DIVIDENDS PAID (797.4) (501.0) (296.4)(59.2) USES OF CASH (1,780.1) (722.6) (1,057.5) (146.3) NET INCREASE / (DECREASE) IN CASH DURING THE PERIOD(253.4) 525.1 (778.5)N/A CASH AND CASH EQUIVALENTS AT 01 JANUARY2,756.5 1,297.8 1,458.7112.4 CASH AND CASH EQUIVALENTS AT 30 JUNE *2,503.1 1,823.0 680.237.3 YEAR TO DATECHANGE * *
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241H26 INTERIM RESULTS – CASH FLOW (IFRS)(USD MILLION)C O N C E P T 2026 2025$ %CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL2,364.7 1,103.6 1,261.0114.3 WORKING CAPITAL 18.6 191.9 (173.3)(90.3) INCOME TAX, SPECIAL MINING RIGHTS AND PROFIT SHARING PAID(890.0) (255.4) (634.6)(248.4) NET CASH FROM OPERATING ACTIVITIES1,493.3 1,040.1 453.243.6 OTHER PROCEEDS FINANCIAL EXPENSES AND FOREIGN EXCHANGE EFFECTS32.2 22.010.246.5 SILVERSTREAM CONTRACT 0.0 34.3 (34.3)N/A SHARES TRADED AND DIVIDENDS RECEIVED FROM THIRD PARTIES0.0151.2 (151.2)N/A PROCEEDS FROM THE SALES OF MINING CONCESSIONS1.0 0.0 1.0N/A PROCEEDS FROM THE SALE OF PROPERTY, PLANT AND EQUIPMENT0.3 0.3 0.00.3 TOTAL OTHER PROCEEDS 33.4 207.7 (174.2) (83.9) PROBE GOLD ACQUISITION (NET OF ACQUIRED CASH) (547.8) 0.0(547.8)N/A PURCHASE OF PROPERTY, PLANT, EQUIPMENT AND MINING WORKS(236.2) (157.9) (78.3)(49.6) NET CAPITAL CONTRIBUTIONS / LOANS BY MINORITY SHAREHOLDERS AND DIVIDENDS(191.7) (61.5)(130.3)(212.0) OTHERS (7.1) (2.3) (4.8)(208.7) DIVIDENDS PAID (797.4) (501.0) (296.4)(59.2) USES OF CASH (1,780.1) (722.6) (1,057.5) (146.3) NET INCREASE / (DECREASE) IN CASH DURING THE PERIOD(253.4) 525.1 (778.5)N/A CASH AND CASH EQUIVALENTS AT 01 JANUARY2,756.5 1,297.8 1,458.7112.4 CASH AND CASH EQUIVALENTS AT 30 JUNE *2,503.1 1,823.0 680.237.3 YEAR TO DATECHANGE * * • Decrease in trade and other accounts receivables • +US$65.2M:Trade receivables from related parties • +US$78.5 million, VAT -US$13.0 million and Others • -US$0.3 million• Decrease in trade and other payables -US$28.9 million• Increase in prepayments and other assets -US$2.3 million • Increase in inventories -US$15.4 million ØFresnillo US$64.0 million•Mine development and mining works•Purchaseofmine equipmentØSaucito US$50.3 million•MiningWorks•Purchaseofmine equipmentØHerradura US$45.4 million•Purchaseofmine equipment•LeachingpadsconstructionØSan Julián US$27.8 million•MiningWorks•Purchaseofmine equipmentØCiénega US$6.8 million•MiningWorks• Purchase of mine equipment •TailingsdamconstructionØJuanicipioUS$40.9 million•Purchaseofmine equipment•Miningworks * Capitalised cost transactions of US$4.7 million have been excluded, as they are classified within the "Others" category** Including Short-term Investments of US$1.9 million (2025:US$92.7 million)
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251H26 INTERIM RESULTS – BALANCE SHEET (IFRS)(USD MILLION)Concept 30-JUN-2631-DEC-25% Assets Cash and Investments 2,503.1 2,756.5 (9.2) Trade and Other Receivables 750.9 830.6 (9.6) Inventories 518.0 502.6 3.1 Prepaid Expenses 35.8 33.4 7.1 Silverstream 0.0 0.0 N/ADerivative Financial Instruments 0.0 0.1 N/AProperty, Plant and Equipment3,026.6 2,466.0 22.7 Other Assets (Long term) 618.5 690.0 (10.4) Total Assets 7,453.0 7,279.3 2.4 Liabilities Profit Sharing 12.5 18.9 (33.7) Other Liabilities (Short term) 566.4 903.8 (37.3) Retirement and Pension Plan Reserves19.6 17.7 10.8 Deferred Taxes 170.1 145.5 16.9 Senior Notes 840.0 839.9 0.0 Other Liabilities (Long term) 300.0 278.7 7.7 Total Liabilities 1,908.8 2,204.6 (13.4) Share Capital and Share Premium1,153.8 1,153.8 0.0Share Capital Subscribed 368.5 368.5 0.0Retained earnings 4,112.6 3,619.3 13.6 Other Accounts (513.8) (508.8) 1.0 Stockholder's Equity 5,121.2 4,632.9 10.5 Minority Interest 423.0 441.8 (4.3) Total Stockholder´s Equity 5,544.1 5,074.7 9.3 Total Liabilities and Stockholder's Equity7,453.0 7,279.3 2.4 Change
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OUTLOOKOCTAVIO ALVÍDREZ
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Production guidance range +/- 5% 271H26 INTERIM RESULTS – EXPECTED ATTRIBUTABLE PRODUCTION PROFILE 0102030405060 Real2025Guidance2026Expected2027Expected2028 SilverMillionOz 010 020 030 040 050 060 070 0 Real2025Guidance2026Expected2027Expected2028 GoldThousandOz 010203040506070 Real2025Guidance2026Expected2027Expected2028 LeadThousand Tons 0204060 8010 012 0 Real2025Guidance2026Expected2027Expected2028 ZincThousandTons
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28 4 1H26 INTERIM RESULTS – CAPEX SPEND EXPECTATIONS 4•Total capex for 2026 expected to be US$500 - 550 million •Disciplined exercise to review capex needs ongoing, with capex rationalisation opportunities identified 400 500-550530-580550-600 0 100 200 300 400 500 600 700 2025202620272028 Million Usd Capex range
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Note: Subject to pre-feasability and feasability assessment, final feasibility assessment and board approval 1H26 INTERIM RESULTS – PROJECT TIMELINE29 BF = BrownfieldGF = Greennfield
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30 Safety & responsibilityTrending improvement in workplace safety along with a focus on our environmental impact and ongoing interaction and dialogue with our communities Operational disciplineH1 production in line with expectations, supporting our confidence in full year guidance Cost focusRecord H1 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 1H26 INTERIM RESULTS – CONCLUSION
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APPENDIX
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32 * Operations at Soledad & Dipolos are currently suspended.SystematicProject Generation Mine OperationsDevelopment Projects PEA Feasibility Advanced exploration(Lucerito, San Juan, Candameña, Pilarica/Perú)Early stage drilling (14)(Mexico Nuevo, Urite, M. Cristo, San Julián South, Capricornio/Chile, Supaypacha/Perú, MacKenzie/Canada)Prospecting and drill target generation (37) (Santiago and La Zarca/Perú, Detour belt/Canada, Olivos, Escritorio, La Yesca) (Rodeo, Herradura UG, Guanajuato, Tajitos)(Orisyvo, Novador/Canada) Concession hectares:Mexico: 1.32mPeru: 290kChile: 190kCanada: 181k 1H26 Highlights:•Explorationexpenses of US$109.3m, up 42.5% and in line with the increased guidance to intensifyexplorationactivities at several operations and advancedexplorationprojects.•Explorationdrilling meterage completed in 1H26 amounted to 468,878 metres, an increase of 30% with respect to 1H 2025. •75% of the drilled metres were devoted to brownfield targets. The mineexplorationteam’s focus is on infill drilling to upgrade the resources category from inferred toindicated, to support reserve replenishment, and on infill drilling of reserves to improve certainty for short and medium-termmineplanning•Investment of $95 million1 in Sinda enhances exposure to attractive geological silver district complementary to our organic portfolio 1H26 INTERIM RESULTS – DISCIPLINED APPROACH TO DEVELOPMENT (Valles, Noche Buena) 1 Closing occurred after 30 June 2026
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33GRADE EXPECTATIONS FOR 2026GOLD (G/T)MINE MINE TYPE FY 2026eFY 2025FresnilloUnderground silver 0.80 – 1.000.82Saucito Underground silver 0.95 – 1.151.24JuanicipioUnderground silver1.10 – 1.301.27San JuliánUnderground silver & gold0.90 – 1.101.31Ciénega Underground gold & silver 1.50 – 1.701.39HerraduraOpen pit gold 0.50 - 0.700.69 SILVER (G/T)MINE MINE TYPE FY 2026eFY 2025FresnilloUnderground silver 160 - 180168Saucito Underground silver 200 - 220213JuanicipioUnderground silver320 - 370423San JuliánUnderground silver & gold 210 - 230225Ciénega Underground gold & silver 110 - 130125
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1H26 INTERIM RESULTS – CONSOLIDATED COST INFLATION YTD(USD BASED) 34 Note: Excluding the effect of the revaluation of the MXP/USD on peso denominated costs, inflation would have been 3.5% Unit Price WeightedIncrease %Weight (*) Average LabourUnionized Personnel22.3% 10.0% 2.2%Employees 20.6% 5.3% 1.1%Weighted 21.7% Operating Materials6.6% 15.9% 1.1% EnergyElectric Energy 5.4% 5.3% 0.3%Diesel 20.5% 8.3% 1.7%Gasoline 18.7% 1.2% 0.2%Weighted 15.0% Contractors 11.9% 22.8% 2.7% Maintenance 12.3% 20.4% 2.5% Freights 19.6% 2.0% 0.4% Insurance 14.7% 0.9% 0.1% Others 30.8% 7.9% 1.4%29.2%TOTAL 100%13.76% (*) Not including Depreciation and Profit Sharing Consolidated
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351H26 INTERIM RESULTS – CONTRIBUTION BY MINE AND BY METAL TO ADJUSTED REVENUES FresnilloCiénegaHerraduraSaucitoNoche BuenaSan Julián JuanicipioConsol Gold 119.1 19.5%90.3 49.9%749.4 96.8%129.8 19.7%30.0 99.8%102.9 25.8%99.5 13.1%1,321.1 38.7%Silver396.5 64.8%89.9 49.7%24.7 3.2%463.1 70.2%0.1 0.2%295.6 74.2%572.3 75.5%1,842.2 54.0%Lead22.7 3.7%0.7 0.4%- 20.2 3.1%- - 0.0%25.7 3.4%69.3 2.0%Zinc 73.4 12.0%- 0.0%- 46.7 7.1%- - 0.0%60.4 8.0%180.5 5.3%TOTAL611.8 100%180.9 100%774.1 100%659.8 100%30.1 100%398.4 100%758.0 100%3,413.2 100%1AdjustedRevenueis revenueas disclosedin the incomestatementadjustedtoexcludetreatment and refiningcharges. 2026 AdjustedRevenues : US$3,413.2 mBymetalBymine 1 FresnilloSaucitoCiénegaNoche Buena SilverGoldZincLeadSan Julián HerraduraJuanicipio 18% 19% 5%23% 1% 12% 22% 39% 54% 5%2%
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* Cost per tonne is calculated as total adjusted production costs divided by total volume of ore processed.** Cost per tonne excluding unproductive costs. 361H26 INTERIM RESULTS – COST PER TONNE (IFRS)CHANGE 2026 2025 % CHG. COST PER TONNE * MINE UNIT Fresnillo US$/TON 150.7 123.1 22.4% Saucito US$/TON 151.3 107.3 41.1% Ciénega US$/TON 125.9 113.5 11.0% San Julián US$/TON 131.8 128.3 2.7% Juanicipio US$/TON 123.5 110.1 12.2% Herradura US$/TON 25.5 ** 20.4 ** 24.8% Total Vol. Hauled Charged to Costs US$/TON 5.5 4.8 13.2% Noche Buena US$/TON N/A** N/A** N/A Total Vol. Hauled Charged to Costs US$/TON N/A N/A N/A ACCUM JUNE
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* Cash cost per ounce is calculated as total cash cost (cost of sales plus treatment and refinning charges less depreciation).Equivalentouncesratios includesubproduct sales ofPb, Zn and dependingoneachcase alsoAu orAg. 371H26 INTERIM RESULTS – CASH COST (IFRS)CHANGE 2026 2025 % CHG. CASH COST MINE UNIT Fresnillo PER OZ. SILVER (Equiv.)21.1 15.4 37.1% Saucito PER OZ. SILVER (Equiv.)20.5 11.7 75.2% Ciénega PER OZ. GOLD (Equiv.)1,550.3 1,843.6 -15.9% San Julián PER OZ. SILVER (Equiv.)16.6 12.4 34.6% JuanicipioPER OZ. SILVER (Equiv.)9.6 7.7 24.9% HerraduraPER OZ. GOLD (Equiv.)1,397.4 1,148.4 21.7% Noche BuenaPER OZ. GOLD (Equiv.)1,394.1 2,340.2 -40.4% CONSOLIDATED PER OZ. GOLD EQ. 1,232.1 1,274.1 -3.3%Gold Eq.Oz (Koz) 680.7 564.1 20.7% PER OZ. SILVER EQ. 20.2 13.6 48.8%Silver Eq. Oz (Moz) 41.5 52.9 -21.6% ACCUM JUNE
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Equivalentouncesratios includesubproduct sales ofPb, Zn and dependingoneachcase alsoAu orAg. 381H26 INTERIM RESULTS – ALL IN SUSTAINING COST (US$/OZ)2026 2025 % CHG.CASH COST * MINE UNIT Fresnillo PER OZ. SILVER (Equiv.)32.9 22.2 48.3% Saucito PER OZ. SILVER (Equiv.)29.3 17.2 70.6% Ciénega PER OZ. GOLD (Equiv.)2,007.5 2,341.6 -14.3% San Julián PER OZ. SILVER (Equiv.)25.3 16.9 50.2% Juanicipio PER OZ. SILVER (Equiv.)15.8 11.3 39.4% Herradura PER OZ. GOLD (Equiv.)1,790.6 1,371.8 30.5% Noche BuenaPER OZ. GOLD (Equiv.)2,041.9 2,832.0 -27.9% CONSOLIDATEDPER OZ. GOLD EQ.1,776.0 1,580.5 12.4%Gold Eq.Oz (Koz) 680.7 564.1 20.7% PER OZ. SILVER EQ.29.1 16.9 72.9%Silver Eq. Oz (Moz) 41.5 52.9 -21.6% ACCUM JUNE
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391H26 INTERIM RESULTS – INCOME STATEMENT AND CASH FLOW HIGHLIGHTS PER OPERATING UNIT
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40 4 1H26 INTERIM RESULTS - NOTES