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1 CORPORATE PRESENTATION AS OF SEPTEMBER 2025 DEEPENING OUR TRANSFORMATIONAL PROCESS TO STRENGTHEN PERFORMANCE.
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2 OPERATING HIGHLIGHTS OF 3Q’25 METALS Gold production rose by 4.0% due to higher processing of doré and rich materials at the silver refinery. Lead production increased 2.7% due to higher volume of concentrates and materials treated at the smelter with better grades and reduction of in-process inventory. Silver production declined 5.9% due to lower grades in the concentrates treated and reduced receipt and processing of lead-silver cement from the zinc plant. Zinc production fell 23.9% due to lower concentrate volumes processed from reduced mine output and operational issues in the Roasting and Electrolysis areas. CHEMICALS Sodium sulfate production volume declined (-1.9%) due to inventory control measures amid seasonal demand contraction from some customers in the detergent sector and certain power supply disruptions. Magnesium oxide production increased by 7.5%, driven by a rebound in demand for some of its varieties, particularly the refractory grade. Magnesium sulfate production remained nearly unchanged, while ammonium sulfate, a by-product, recorded a 34.5% decrease in production, as the strategy to reduce and redirect sulfuric acid toward more profitable products continued. MINING Gold production decreased by 2.9% due to lower volumes of ore deposited and processed in Herradura and Fresnillo, respectively, with lower head grades, lower production in Tizapa, and lower processing volumes at Saucito. This was partially offset by higher ore grades at Ciénega. Silver production decreased 14.5% mainly due to the depletion of the San Julián disseminated ore body in 2024, lower ore grades, reduced processing volumes, and lower recovery rates in Ciénega, Saucito, Juanicipio, and San Julián (Veins). This was partially offset by higher production at Capela and at Herradura, driven by better ore grades and recovery rates. Lead production also decreased 5.5%, due to lower grades, reduced volume processed, and San Julián (disseminated ore body) shutdown. This was partly offset by higher grades and processing volumes at Juanicipio, Saucito, Capela, and Sabinas. Zinc production decreased 11.3% due to lower ore grades, reduced mineral processing, partly offset by higher grades and recoveries at Juanicipio, Capela, Saucito, and Sabinas. Copper production decreased 17.4%, mainly due to lower grades and recoveries at Sabinas and Capela, partly offset by better performance at Velardeña, while copper cathode production was affected by lower mineral and grade at Milpillas. Production 3Q'25 3Q'24 % Var YTD 2025 YTD 2024 % Var Milled Ore (Mton) 5,051 5,610 -10.0 14,632 16,544 -11.6 Ore Deposited (*) (Mton) 4,017 5,217 -23.0 12,182 13,747 -11.4 Ore Processed (Mton) 9,068 10,827 -16.2 26,814 30,291 -11.5 Gold (oz) 163,273 168,194 -2.9 489,964 470,392 4.2 Silver (koz) 15,489 18,112 -14.5 45,794 54,263 -15.6 Lead (ton) 22,196 23,490 -5.5 61,595 68,376 -9.9 Zinc (ton) 63,166 71,234 -11.3 181,012 209,692 -13.7 Copper (ton) 2,417 2,925 -17.4 7,162 7,778 -7.9 Copper Cathodes (ton) 2,897 3,721 -22.2 8,429 10,105 -16.6 Production 3Q'25 3Q'24 % Var YTD 2025 YTD 2024 % Var Gold (oz) 214,301 206,032 4.0 683,712 631,172 8.3 Silver (koz) 17,268 18,344 -5.9 54,983 55,724 -1.3 Lead (ton) 28,000 27,277 2.7 85,247 82,598 3.2 Zinc (ton) 45,517 59,803 -23.9 141,219 181,721 -22.3 Production 3Q'25 3Q'24 % Var YTD 2025 YTD 2024 % Var Sodium sulfate (ton) 185,824 189,354 -1.9 541,233 544,728 -0.6 Magnesium oxide (ton) 19,314 17,971 7.5 50,421 50,064 0.7 Ammonium sulfate (ton)* 18,015 27,519 -34.5 47,863 80,397 -40.5 Ammonium bisulfite (ton) 8,547 3,497 144.4 22,273 7,558 194.7 Magnesium sulfate (ton) 17,481 17,530 -0.3 50,564 49,143 2.9 *Does not include maquila.
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3Notes: 1/Net Leverage Ratio is defined as Net Debt/EBITDA for LTM. 2/Coverage Ratio is defined as EBITDA/Int Expense for LTM. 3/Includes Hedging results. KEY FINANCIAL METRICS SALES DEBT RATIOS EBITDA CASH FLOW FROM OP. US$ 2.0 bn US$ 726.6 M 3Q’25 3Q’25 US$ 423.9 mm 3Q’25 ̴ 0.1 x Net Leverage Ratio 1 ̴ 16.7 x Coverage Ratio 2 REVENUE BY PRODUCT AND MARKET3 LEVERAGE & LIQUIDITY 3Q 2024 US$1,732 mm 3Q 2025 US$1,979 mm US$ 7.7 bn LTM US$ 2,690.0 M LTM US$ 2,164.2 mm LTM US$ 2.7 bn Cash and equivalents US$ 3.0 bn Financial debt
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4 Notes: Inflation rate: Mexican Consume Price Index (NCPI) ECONOMIC ENVIRONMENT AND METALS PRICES In the third quarter of 2025, the average prices of metals registered significant increases compared to the same quarter of the previous year for gold (+39.7%), silver (+34.4%), copper (+6.4%), and zinc (+1.6%); lead being the only metal in our portfolio whose price was lower (-3.8%) than in 3Q24. Gold was driven by persistent factors such as central bank purchases, geopolitical tensions, and uncertainty stemming from U.S. trade and tariff policies. Silver, in addition to its role as a safe-haven asset, found support in its industrial component and in reports of supply deficits. Copper and zinc, although affected by the economic slowdown in China, received support from supply shortage concerns. Lead, on the other hand, came under pressure from reports of high inventory levels. GOLD London SILVER Comex LEAD LME ZINC LME SHG COPPER LME USD/oz USD/oz USDcts/lb USDcts/lb USDcts/lb 3Q'25 3Q'24 %Chng YTD 2025 YTD 2024 %Chng Inflation rate for the Period (%): 0.56 1.10 2.35 2.80 Exchange Rate (peso-dollar): Close 18.3825 19.6290 -6.4 Average 18.6456 18.9229 -1.5 19.5381 17.7099 10.3
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5 OPERATING RESULTS
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6Notes: 1/ Includes 100% of Fresnillo plc payable production, */Includes copper cathodes CONTRIBUTION BY MINE TO METAL PRODUCTION (2025)1 GOLD SILVER LEAD ZINC COPPER* 15,591 Ton61,595 Ton 45,794 kOz489,964 Oz 181,012 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) Juanicipio 2 2 AISC3
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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 SULFATE 1 MAGNESIUM SULFATE
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13 FINANCIAL RESULTS
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INCOME STATEMENT HIGHLIGHTS 3Q’2025 Net Sales revenue increased, driven by higher average prices for gold and silver and better realization prices on the sale of concentrates and other products, which offset lower volumes sold, mainly of concentrates, silver, zinc, and lead. Cost of sales recorded a slight increase, primarily in the cost of metal due to higher volumes sold of the by-product copper matte, higher gold and silver prices, and volumes of these metals purchased from third-party shippers. This was partially offset by a decline in production costs due to lower ore processing volumes at the mining units, largely resulting from the cessation of activities at San Julián (disseminated ore body), and by an inventory movement credit at the subsidiary Bal Holdings. General expenses increased in exploration due to a higher pace of work carried out, and administrative expenses rose mainly in IT and professional fees. 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. 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 Sept 30, 2023, and Sept 30, 2024: 397,475,747. 3/ Does not include other income (expense) FINANCIAL HIGHLIGHTS – INCOME STATEMENT INCOME STATEMENT 3Q'25 3Q'24 % Chg. 2025 YTD 2024 YTD % Chg. + Gross sales 1,978.5 1,732.2 14.2 5,855.2 4,762.9 22.9 + Hedging results 0.0 0.0 -100.0 0.0 0.2 -100.0 Net Sales 1,978.5 1,732.2 5,855.2 4,763.1 - Cost of Sales 1,239.7 1,208.8 2.6 3,798.7 3,662.3 3.7 Gross Profit (Loss) 738.8 523.4 41.2 2,056.5 1,100.8 86.8 - General expenses (1) 186.9 173.6 7.7 532.2 521.6 2.0 Operating Profit (Loss) 551.9 349.8 57.8 1,524.3 579.2 163.2 + Net Financial Income (Expense) -16.0 -32.6 50.9 -73.8 -114.8 35.7 + Profit after Net Finanancial Income (Expense) 535.9 317.2 68.9 1,450.5 464.4 212.3 + Other Income (Expense) -10.4 16.9 -161.3 -24.7 31.1 -179.3 Profit (Loss) before Taxes 525.6 334.1 57.3 1,425.8 495.6 187.7 + Taxes -102.0 -251.1 59.4 -335.2 -406.2 17.5 After Tax Income (Loss) 423.6 83.1 410.0 1,090.7 89.4 1120.3 Non-Controlling Interest in Net Income and Share of Associates and JV 122.1 43.0 184.1 270.0 111.5 142.2 Controlling Interest in Net Income (Loss) 301.5 40.1 652.5 820.7 -22.1 3809.4 Earnings (loss) per share (2) 0.76 0.10 652.5 2.06 n.a EBITDA (3) 726.6 569.9 27.5 2,036.4 1,187.5 71.5
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US$ 2,564.8 mm 15Notes: FINANCIAL HIGHLIGHTS – COST OF PRODUCTION COST OF PRODUCTION - QUARTERLY BREAKDOWN US$ 2,279.3 mm COST OF PRODUCTION - YTD BREAKDOWN US$ 790.5 mm US$ 823.1 mm Lower Production Cost in 3Q’25 is derived from: i. Lower volume of ore processed in mining operations, mainly related to the cessation of activities in San Julián (DOB) due to depletion, which also led to a higher depreciation charge during the same quarter of the previous year. ii. Lower cost of energy primarily due to lower diesel consumption at Herradura, and of low-value leases.
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16Notes:.1/ Includes variation in hedging results. 2/ Financial expenses include Exchange result. 3/ Net of Revenue from Treatment Charges, Income on inventories and other items. 4/ Includes variation for other products and services FINANCIAL HIGHLIGHTS – QUARTERLY NET INCOME ANALYSIS (US$M) Higher metal prices, especially gold and Silver, and the better realization price in the sale of concentrates and copper matte, copper, sodium sulfate and lead. Lower sales volumes of concentrates, silver, zinc, lead, and gold.
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17Notes:.1/ Includes variation in hedging results. 2/ Financial expenses include Exchange result. 3/ Includes variation for other products and services. 4/ Net of Revenue from Treatment Charges, Income on inventories and other items. FINANCIAL HIGHLIGHTS – YTD 2024 NET INCOME ANALYSIS (US$M)
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18Notes: 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 3Q'25 3Q'24 %Chng YTD 2025 YTD 2024 %Chng Gold Oz 201,826 205,544 -1.8 679,555 642,383 5.8 Silver Koz 16,539 18,957 -12.8 54,931 56,892 -3.4 Lead Ton 29,423 35,388 -16.9 88,910 92,640 -4.0 Zinc Ton 49,929 62,933 -20.7 158,892 196,988 -19.3 Copper Ton 4,512 3,633 24.2 8,774 9,724 -9.8 Copper matte Ton 4,100 1,602 156.0 20,348 7,824 160.1 Concentrates Ton 63,417 107,609 -41.1 198,256 252,067 -21.3 Sodium sulfate Ton 189,211 186,828 1.3 562,174 552,970 1.7 Magnesium oxide 1 Ton 18,002 14,669 22.7 54,539 46,085 18.3 Ammonium sulfate 2 Ton 10,255 32,105 -68.1 58,456 139,566 -58.1 Magnesium sulfate Ton 14,542 14,427 0.8 50,762 46,205 9.9
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BALANCE SHEET As of: Sep'25 Dec'24 % Chg. Current liabilities 1,824.7 1,381.6 32.1 Interest-bearing loans 505.0 489.6 3.1 Other liabilities 224.1 177.0 26.6 Trade and other payables 568.3 406.6 39.8 Income tax payable 431.2 220.5 95.6 Lease liabilities 22.1 12.9 71.7 Other provisions 74.0 75.2 -1.5 Non-current liabilities 3,225.7 3,255.4 -0.9 Interest-bearing loans 2,507.3 2,515.6 -0.3 Lease liabilities 70.7 86.1 -17.9 Pensions and other post-employment benefit plans 66.9 54.1 23.7 Deferred tax liability 121.1 176.3 -31.3 Other provisions 459.6 423.3 8.6 Total Liabilities 5,050.5 4,637.0 8.9 Capital and reserves attributable to shareholders of the Company Share capital 401.4 401.4 0.0 Non -Controlling Interest 1,444.8 1,357.2 6.5 Retained earnings 4,797.2 3,908.3 22.7 Other reserves 95.9- 34.5- -177.9 Total Capital 6,547.5 5,632.3 16.2 Total equity and liabilities 11,598.0 10,269.3 12.9 19 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 (US$M) BALANCE SHEET As of: Sep'25 Dec'24 % Chg. Current assets 6,234.6 4,786.5 30.3 Inventories 2,332.5 2,119.2 10.1 Trade and other accounts receivable 564.3 656.5 -14.0 Cash and cash equivalents 2,719.3 1,679.4 61.9 Other current assets 618.6 331.4 86.7 Non-current assets 5,363.4 5,482.9 -2.2 Property, plant and equipment, net 4,037.0 4,219.1 -4.3 Deferred tax asset 1,014.3 873.0 16.2 Inventories 69.8 69.8 0.0 Other accounts receivable 45.9 9.0 410.6 Other non-current assets 196.4 312.0 -37.0 Total Assets 11,598.0 10,269.3 12.9
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20 Notes: Figures are expressed in millions of US dollars FINANCIAL HIGHLIGHTS – CASH FLOW (US$M) CASH FLOW As of: YTD'25 YTD'24 % Chg. Profit for the period 1,089.3 94.9 1048 Cash generated from operations 1,022.6 921.2 11 Income tax paid -340.2 -108.3 -214 Net cash from operating activities 1,771.7 907.8 95 Cash flows from investing activities Purchase of property, plant and equipment -321.7 -283.4 -14 Proceeds from the sale of property, plant and equipment 6.2 3.2 92 Interest received 8.4 56.5 -85 Proceeds from the repayment of advances and loans granted to third parties 10.0 -7.1 240 Others -35.7 -1.5 -2333 Net cash used in investing activities -331.1 -232.2 -43 Cash flows from investing activities Interest-bearing loans; Net -28.1 37.6 -175 Lease payments -21.9 -16.7 -31 Dividends paid -224.6 -28.2 -698 Capital contribution 0.2 0.0 Interest paid -135.6 -130.1 -4 Others 7.2 -64.6 111 Net cash generated (used in)/from financing activities -402.7 -201.9 -99 Net increase in cash and cash equivalents during the period 1,038.0 473.6 119 Effect of exchange rate on cash and cash equivalents 1.9 -11.9 116 Cash and cash equivalents at 1 January 1,679.4 1,040.2 61 Cash and cash equivalents at 30 September 2,719.3 1,501.9 81 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 512.0 609.3 -16 Income tax expense / (credit) 335.2 406.2 -17 Net finance cost 143.6 91.9 56 Foreign exchange loss 34.0 7.6 350 Impairments 0.0 0.0 (Gain)/loss on the sale of property, plant and equipment and other assets -3.3 -1.8 -90 Non-cash movements and other provisions 49.1 20.4 140 TOTAL 1,070.6 1,133.6 -6 Working capital adjustments Decrease/(Increase) in trade and other receivables -7.9 166.3 -105 Decrease/(Increase) in inventories -216.6 -219.4 1 (Decrease) / Increase in trade and other payables 176.5 -159.3 211 TOTAL -48.0 -212.4 77 Cash generated from operations 1,022.6 921.2 11
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21 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