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1 CORPORATE PRESENTATION AS OF SEPTEMBER 2026 SOLID RESULTS WITH A SUSTAINABLE VISION
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2 OPERATING HIGHLIGHTS OF 3Q’26 vs 3Q’25 METALS Lower gold, silver, and lead production reflected unscheduled smelter stoppages, reduced processing of secondary materials and lead-silver cement, lower bullion treatment at the silver refinery, and fewer purchases of precious-metal- rich materials, mainly from third parties Refined zinc production increased due to higher concentrate throughput, compared with 3Q25, when operational failures in the roasting and electrolysis areas resulted in several stoppages. CHEMICALS Sodium sulfate production decreased slightly, primarily due to crystallization disruptions associated with elevated humidity from heavy rainfall. Magnesium oxide production decreased, reflecting the annual maintenance shutdown, which was conducted in the second quarter in 2025. Magnesium sulfate production declined due to lower brine concentration following heavy rainfall and reduced sulfuric acid availability. Ammonium sulfate production increased on stronger fertilizer demand. Nevertheless, the strategy to reduce production and allocate plant capacity to higher-margin products remained in place. MINING Ore placed on leach pads decreased due to pumping system failures and limited personnel and equipment availability at Milpillas. Gold production decreased, primarily due to lower processing volumes and ore grades at Herradura, partially offset by higher production at Fresnillo and Tizapa, supported by improved ore grades and recoveries. Silver production decreased, mainly due to lower ore grades at Juanicipio; lower recoveries at Saucito, Ciénega, and Herradura; lower ore processing at San Julián Veins; and lower processed volumes at Velardeña. Lead production increased, supported by improved ore grades and recoveries at Fresnillo, Sabinas, and Tizapa. Zinc production also increased, driven primarily by the contribution from Tizapa, which more than offset lower production at Capela, Velardeña, and Juanicipio resulting from lower ore processing volumes and grades. Copper in concentrates increased, driven by stronger performance at Capela, Tizapa, and Sabinas. Copper cathode production declined, reflecting lower ore placement and recovery at Milpillas. Production 3Q'26 3Q'25 % Var YTD 2026 YTD 2025 % Var Milled Ore (Mton) 5,044 5,051 -0.1 15,015 14,632 2.6 Ore Deposited (*) (Mton) 3,697 4,017 -8.0 11,145 12,182 -8.5 Ore Processed (Mton) 8,742 9,068 -3.6 26,160 26,814 -2.4 Gold (oz) 155,283 163,273 -4.9 482,409 489,964 -1.5 Silver (koz) 14,922 15,489 -3.7 46,067 45,794 0.6 Lead (ton) 24,549 22,196 10.6 73,673 61,595 19.6 Zinc (ton) 66,181 63,166 4.8 201,572 181,012 11.4 Copper (ton) 3,201 2,417 32.4 9,123 7,162 27.4 Copper Cathodes (ton) 1,672 2,897 -42.3 5,540 8,429 -34.3 (*) Herradura, Noche Buena (open-pit mines) and Milpillas. Production 3Q'26 3Q'25 % Var YTD 2026 YTD 2025 % Var Gold (oz) 139,453 214,301 -34.9 497,612 683,712 -27.2 Silver (koz) 11,507 17,268 -33.4 41,478 54,983 -24.6 Lead (ton) 26,403 28,000 -5.7 75,486 85,247 -11.4 Zinc (ton) 51,158 45,517 12.4 134,816 141,219 -4.5 Production 3Q'26 3Q'25 % Var YTD 2026 YTD 2025 % Var Sodium sulfate (ton) 182,236 185,824 -1.9 554,284 541,233 2.4 Magnesium oxide (ton) 18,090 19,314 -6.3 55,398 50,421 9.9 Ammonium sulfate (ton)* 24,820 18,015 37.8 90,221 47,863 88.5 Ammonium bisulfite (ton) 5,560 8,547 -34.9 14,286 22,273 -35.9 Magnesium sulfate (ton) 16,698 17,481 -4.5 47,472 50,564 -6.1 *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/Interest Expense for LTM.3/Includes Hedging results. KEY FINANCIAL METRICS SALES DEBT RATIOS EBITDA CASH FLOW FROM OP. US$ 2,364.9 mm US$ 1,080.5 mm 3Q’26 3Q’26 US$ 861.7 mm 3Q’26 ̴ -0.3 x Net Leverage Ratio 1 ̴ 36.0 x Coverage Ratio 2 REVENUE BY PRODUCT AND MARKET3 3Q 2025 US$ 11,488.4 mm LTM US$ 5,374.4 mm LTM US$ 3,403.5 mm LTM 3Q 2026 US$ 2,365mm LEVERAGE & LIQUIDITY US$ 4.2 bn Cash and equivalents US$ 2.6 bn Financial debt US$1,979 mm
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4 ECONOMIC ENVIRONMENT AND METALS PRICES During 3Q26, average precious metal prices remained elevated, despite declining toward the end of September. Compared with 3Q25, average silver and gold prices increased 59% and 23%, respectively, supported by safe-haven demand, although higher U.S. interest rates, a stronger U.S. dollar, and higher energy costs limited further gains. Among industrial metals, copper increased 44%, supported by demand expectations related to electrification, while zinc increased 35% amid supply constraints. In contrast, lead declined 6%, reflecting weaker market conditions and higher inventories. GOLD London SILVER Comex LEAD LME ZINC LME SHG COPPER LME USD/oz USD/oz USDcts/lb USDcts/lb USDcts/lb 3Q'26 3Q'25 %Chng Inflation rate for the Period (%): 0.65 0.56 Exchange Rate (peso-dollar): Close 17.8413 18.3825 -2.9 Average 17.2497 18.6456 -7.5
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5 OPERATING RESULTS
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6 Notes: 1/ Includes 100% of Fresnillo plc payable production, */Copper cathodes CONTRIBUTION BY MINE TO METAL PRODUCTION ( AS OF 3Q’2026)1 GOLD SILVER LEAD ZINC COPPER* 14,663 Ton482,409 Ton 46,067 kOz482,409 Oz 201,572Ton
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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. PEÑOLES’ CASH COSTS TRENDS Tizapa Sabinas Velardeña Capela 1 2
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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 SULFATE1 MAGNESIUM SULFATE
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13 FINANCIAL RESULTS
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INCOME STATEMENT HIGHLIGHTS 3Q’2026 vs 3Q’2025 Net Sales increased, primarily driven by higher realized prices for silver, concentrates, and gold, followed by zinc and copper matte, which more than offset lower lead prices. Cost of sales decreased: Lower metal costs due to reduced purchases of concentrates and other third- party materials for metallurgical operations. Metal costs also benefited from inventory gains associated with higher metal prices and higher treatment charges, both recognized as credits to metal costs. These effects were partially offset by higher costs associated with copper matte sales. Provision for income taxes increased, primarily reflecting higher current taxes associated with the stronger financial results for the period. Deferred taxes were adversely affected by foreign exchange effects in 3Q26, partially offset by the inflationary adjustment to the tax basis of the Company’s assets and liabilities. By comparison, peso appreciation in 3Q25 had a favorable effect 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 June 30, 2025, and June 30, 2026: 397,475,747. 3/ Does not include other income (expense) FINANCIAL HIGHLIGHTS – INCOME STATEMENT INCOME STATEMENT 3Q'26 3Q'25 % Chg. 2026 YTD 2025 YTD % Chg. + Gross sales 2,364.1 1,978.5 19.5 8,682.9 5,855.2 48.3 + Hedging results 0.8 0.0 n/a 13.4 0.0 n/a Net Sales 2,364.9 1,978.5 8,696.4 5,855.2 - Cost of Sales 1,207.1 1,239.7 -2.6 4,306.6 3,798.7 13.4 Gross Profit (Loss) 1,157.8 738.8 56.7 4,389.8 2,056.5 113.5 - General expenses (1) 242.5 186.9 29.7 710.9 532.2 33.6 Operating Profit (Loss) 915.3 551.9 65.8 3,678.9 1,524.3 141.3 + Net Financial Income (Expense) -10.3 -16.0 35.7 -47.7 -73.8 35.3 + Profit after Net Financial Income (Expense) 905.0 535.9 68.9 3,631.2 1,450.5 150.3 + Other Income (Expense) -13.8 -10.4 -33.4 -7.6 -24.7 69.3 Profit (Loss) before Taxes 891.2 525.6 69.6 3,623.6 1,425.8 154.1 + Taxes -342.5 -102.0 -235.9 -1,200.3 -335.2 -258.1 After Tax Income (Loss) 548.8 423.6 29.5 2,423.3 1,090.7 122.2 Non-Controlling Interest in Net Income and Share of Associates and JV 217.8 122.1 78.3 785.3 270.0 190.8 Controlling Interest in Net Income (Loss) 331.0 301.5 9.8 1,638.0 820.7 99.6 Earnings (loss) per share (2) 0.83 0.76 9.8 4.12 2.06 99.6 EBITDA (3) 1,080.6 726.6 48.7 4,160.4 2,036.4 104.3
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15 FINANCIAL HIGHLIGHTS – COST OF PRODUCTION COST OF PRODUCTION – QUARTERLY BREAKDOWN The increase in production costs in 3Q26 primarily reflected: i. The adverse impact of Mexican peso appreciation on peso- denominated costs, which represent approximately 50% of production costs, together with operating input inflation. ii. ii. Costs associated with the restart of operations at Tizapa following the labor strike that ended in June 2025. iii. iii. Higher personnel costs, reflecting salary increases and enhanced employee benefits. iv. iv. Higher energy costs, driven by increased diesel and electricity consumption US$ 790.5 mmUS$ 905.6 mm COST OF PRODUCTION – YTD BREAKDOWN US$ 2,590.4 mm US$ 2,279.3 mm
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16 FINANCIAL HIGHLIGHTS – QUARTERLY NET INCOME ANALYSIS Higher taxable income for the period, combined with the higher provision for deferred taxes Higher metal prices, especially gold and Silver, and the better realization price in the sale of concentrates, zinc and copper matte Notes: 1/ Includes the effect of metal prices on Sales and Cost of Metal, as well as variations in hedging results. 2/ Cost of Metal is presented net of treatment fee, profit on inventories and other items, represents the volume effect. 3/ Financial expenses and foreign exchange result. 4/ Includes impairment of long-lived assets. 5/ Includes variation from the sale of other products and services.
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17Notes: 1/ Includes refractory, caustic, electro-fused and hydroxide grades. 2/ Excludes toll treatment. SALES VOLUME TREND SALES VOLUME GOLD (Oz) SILVER (koz) ZINC (Ton) LEAD (Ton) CONCENTRATES (Ton) Units 3Q'26 3Q'25 %Chng YTD 2026 YTD 2025 %Chng Gold Oz 139,445 201,826 -30.9 512,501 679,555 -24.6 Silver Koz 12,073 16,539 -27.0 41,766 54,931 -24.0 Lead Ton 29,793 29,423 1.3 79,148 88,910 -11.0 Zinc Ton 52,327 49,929 4.8 150,098 158,892 -5.5 Copper Ton 1,605 4,512 -64.4 5,675 8,774 -35.3 Copper matte Ton 3,646 4,100 -11.1 15,214 20,348 -25.2 Concentrates Ton 101,265 63,417 59.7 337,550 198,256 70.3 Sodium sulfate Ton 187,864 189,211 -0.7 571,606 562,174 1.7 Magnesium oxide 1 Ton 18,629 18,002 3.5 57,569 54,539 5.6 Ammonium sulfate 2 Ton 7,496 10,255 -26.9 42,628 58,456 -27.1 Magnesium sulfate Ton 15,982 14,542 9.9 51,764 50,762 2.0
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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. 2/ Includes the acquisition of Probe Gold, Inc. by the Fresnillo subsidiary. FINANCIAL HIGHLIGHTS – BALANCE SHEET BALANCE SHEET As of: Sep'26 Dec'25 % Chg. Current assets 8,036.2 7,316.9 9.8 Inventories 2,750.6 2,627.7 4.7 Trade and other accounts receivable 823.3 787.1 4.6 Cash and cash equivalents 3,608.4 3,483.8 3.6 Other current assets 853.8 418.4 104.1 Non-current assets 6,278.1 5,756.8 9.1 Property, plant and equipment, net 4,567.8 4,086.6 11.8 Deferred tax asset 1,280.8 1,346.5 -4.9 Inventories 69.8 69.8 0.0 Other accounts receivable 46.3 46.2 0.2 Other non-current assets 313.5 207.9 50.8 Total Assets 14,314.3 13,073.8 9.5 BALANCE SHEET As of: Sep'26 Dec'25 % Chg. Current liabilities 1,449.8 2,312.1 -37.3 Interest-bearing loans 65.0 514.4 -87.4 Other liabilities 252.6 318.3 -20.6 Trade and other payables 574.4 744.6 -22.9 Income tax payable 458.2 638.9 -28.3 Lease liabilities 16.2 15.8 2.7 Other provisions 83.4 80.1 4.0 Non-current liabilities 3,754.8 3,472.3 8.1 Interest-bearing loans 2,509.3 2,511.2 -0.1 Lease liabilities 71.0 76.7 -7.5 Pensions and other post-employment benefit plans 70.2 56.6 24.1 Deferred tax liability 580.2 343.4 68.9 Other provisions 524.1 487.7 7.5 Total Liabilities 5,204.6 5,784.4 -10.0 Capital and reserves attributable to shareholders of the Company Share capital 401.4 401.4 0.0 Non -Controlling Interest 1,909.2 1,629.1 17.2 Retained earnings 6,847.0 5,348.3 28.0 Other reserves 48.0- 89.5- 46.4 Total Capital 9,109.6 7,289.3 25.0 Total equity and liabilities 14,314.3 13,073.8 9.5 2
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19 Notes: Figures are expressed in millions of US dollars FINANCIAL HIGHLIGHTS – CASH FLOW CASH FLOW As of: YTD'26 YTD'25 % Chg. Adjustments to reconcile profit for the period to net cash inflows from operating activities: Depreciation and amortisation 481.4 512.0 -6 Income tax expense / (credit) 1,200.3 335.2 258 Net finance cost 28.2 143.6 -80 Foreign exchange loss 22.6 34.0 -34 Impairments 0.0 0.0 (Gain)/loss on the sale of property, plant and equipment and other assets 1.5 -3.3 144 Non-cash movements and other provisions 27.0 49.1 -45 TOTAL 1,761.0 1,070.6 64 Working capital adjustments Decrease/(Increase) in trade and other receivables -126.7 -7.9 -1496 Decrease/(Increase) in inventories -132.7 -216.6 39 (Decrease) / Increase in trade and other payables -140.9 176.5 -180 TOTAL -400.2 -48.0 -733 Cash generated from operations 1,360.7 1,022.6 33 CASH FLOW As of: YTD'26 YTD'25 Profit for the period 2,424.9 1,089.3 Cash generated from operations 1,360.7 1,022.6 Income tax paid -1,102.1 -340.2 Net cash from operating activities 2,683.5 1,771.7 Cash flows from investing activities Purchase of property, plant and equipment -941.0 -321.7 Proceeds from the sale of property, plant and equipment 0.6 6.2 Interest received 116.2 8.4 Proceeds from the repayment of advances and loans granted to third parties 9.7 10.0 Others -438.1 -35.7 Net cash used in investing activities -1,252.6 -331.1 Cash flows from financing activities Interest-bearing loans; Net -499.2 -28.1 Lease payments -27.4 -21.9 Dividends paid -661.6 -224.6 Interest paid -120.6 -135.6 Others 1.1 7.2 Net cash generated (used in)/from financing activities -1,307.6 -402.7 Net increase in cash and cash equivalents during the period 123.4 1,038.0 Effect of exchange rate on cash and cash equivalents 1.2 1.9 Cash and cash equivalents at 1 January 3,483.8 1,679.4 Cash and cash equivalents at 30 September 3,608.4 2,719.3
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20 Disclaimer This presentation contains certain calculations and forward-looking information regarding 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, performanceorachievementsofPeñolestobemateriallydifferentat anytime.Duetosuchrisksandfactors,actualresultsmaymaterially differfromtheestimatesdescribedherein,forwhichreasonPeñoles does not assume any obligation nor responsibility with respect to suchvariationsortoinformationprovidedbyofficialsources. CONTACT Mauricio García, CFO. Mauricio_Garcia@penoles.com.mx Investor Relations Investor_Relations@penoles.com.mx www.penoles.com.mx