Fresnillo 2025 Annual Report and Accounts

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# Fresnillo 2025 Annual Report and Accounts

Source: https://www.fresnilloplc.com/media/jwggz1pk/fresnillo-annual-report-2025-web.pdf
Published: 2026-04-17T00:00:00+00:00
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## Content

# Fresnillo 2025 Annual Report and Accounts
Source: https://www.fresnilloplc.com/media/jwggz1pk/fresnillo-annual-report-2025-web.pdf
Published: 2026-04-17
Capitalising on today's
opportunities, focusing
on the future
2025 Fresnillo plc
Annual Report and Accounts 2025
We are the world’s
STRATEGIC REPORT
Performance highlights 1
Where we operate 2
Chairman’s statement 4
largest silver producer
Chief Executive’s statement 7
Business model 10
Our strategy 12
Our markets 18
and Mexico’s largest
Our stakeholders 20
Section 172 statement 27
Workforce engagement 28
Review of operations 30
gold producer.
Financial review 47
Letter from the Chairman of the HSECR
56
Committee
Sustainability at the core of our purpose 58
Independent practitioner’s assurance report 118
Managing our risks and opportunities 120
2025 Long-term viability statement 143
Our purpose is to contribute to the wellbeing of people Going concern statement 145
through the sustainable mining of silver and gold. Non-financial information statement 146
CORPORATE GOVERNANCE
It springs directly from how we operate as a business.
The Chairman’s letter on Governance 2026 147
It guides everything we do and how we do it, and Governance at a glance 149
ensures that we deliver for all our stakeholders, Board of Directors 150
including our teams, shareholders, local communities, Executive Committee 154
suppliers, the authorities and the environment. UK Corporate Governance code compliance
155
statement
We have worked hard on factors within our control to boost performance Board leadership and Company purpose 156
and reduce costs – and as expected these measures have borne fruit. At Board roles and responsibilities 160
the same time, factors beyond our control have led to significant increases Board performance review 162
in the prices of precious metals. And we have been able to capitalise on Nominations Committee report 163
this positive tailwind. Audit Committee report 167
Director’s Remuneration report 180
Together, our own efforts and the supportive market environment have Fresnillo plc directors’ report 2025 197
come together to generate an exceptional year for Fresnillo. Statement of Directors’ responsibilities 201
However, there is no room for complacency. Recently, we have invested in FINANCIAL STATEMENTS
order to expand our operations into exciting new territory and bolster our Independent auditor’s report 202
already promising pipeline. In addition, our performance and cost Consolidated income statement 214
reduction initiatives continue at pace – and these will help to underpin Consolidated statement of comprehensive
215
future performance regardless of external factors. income
Consolidated balance sheet 216
Consolidated statement of cash flows 217
Consolidated statement of changes in equity 218
Notes to the consolidated financial statements 219
Parent Company balance sheet 263
Parent Company statement of cash flows 264
Parent Company statement of changes in
265
equity
Notes to the Parent Company financial
266
statements
ADDITIONAL INFORMATION
Consolidated audited mineral resource
statement for underground operational 285
properties
Consolidated audited mineral resource
286
statement for Sonora properties
Consolidated audited mineral resource
statement of exploration projects and 287
prospects
Consolidated audited ore reserve statement
288
for underground operational properties
Consolidated audited ore reserve statement
289
for Sonora properties
Audited mineral resources for the Juanicipio
290
property
Audited ore reserves for the Juanicipio property 291
Operating statistics 292
Shareholder information 294
Find out more about us.
Download this Annual Report at
www.fresnilloplc.com
1
PERFORMANCE HIGHLIGHTS
Operational highlights
In 2025, we delivered solid production, underscoring our continued focus on consistency and
resilience across the portfolio. Combined with a reduced cost base, this enabled us to capitalise on
higher precious metals prices and deliver strong profitability for the year.
Attributable gold production Attributable gold resources Attributable gold reserves
600.3 koz (5.0%) 44.0 moz 14.3% 7.8 moz +7.4%
See pages 16-17 See pages 14-15 See pages 16-17
Attributable silver production (Silverstream) Attributable silver resources Attributable silver reserves
48.7 moz (13.5%) 2,058.4 moz (8.5%) 362.6 moz 9.4 %
See pages 16-17 See page 14-15 See pages 16-17
Electricity supply from renewable sources
77.8% 2024: 80.6%
See pages 16-17
Financial highlights
Revenue Adjusted revenue1 Adjusted production costs2
US$4,561.2m 30.5% US$4,645.3m 27.6% US$1,406.7m (11.1)%
2025 4,561.2 2025 4,645.3 2025 1,406.7
2024 3,496.4 2024 3,639.9 2024 1,582.2
Cost of sales Gross profit EBITDA3
US$1,897.1m (15.7%) US$2,664.1m 113.8% US$2,796.2m 80.7%
2025 1,897.1 2025 2,664.1 2025 2,796.2
2024 2,250.1 2024 1,246.3 2024 1,547.3
Basic and diluted earnings per share,
Profit from continuing operations
excluding post-tax Silverstream effects
US$2,292.5m
2025
142.4% US$2.058
2025
465.4%
2,292.5 2.058 For more information
2024 945.8 2024 0.364
see pages 47-55
1. Adjusted revenue is the revenue shown in the income statement adjusted to add back treatment and refining costs. The Company considers this a useful additional
measure to help understand underlying factors driving revenue in terms of volumes sold and realised prices. The reconciliation of Adjusted revenue to revenue as shown
in the income statement is provided on page 48.
2. Adjusted production costs are calculated as cost of sales less depreciation, profit sharing, change in inventories and unproductive costs. The Company considers this a
useful additional measure to help understand underlying factors driving production costs in terms of the different stages involved in the mining and plant processes,
including efficiencies and inefficiencies as the case may be, and other factors outside the Company’s control such as cost inflation or changes in accounting criteria.
3. Earnings before interest, taxes, depreciation and amortisation (EBITDA) is calculated as profit for the year from continuing operations before income tax, less finance
income, plus finance costs, less foreign exchange gain/(loss), less revaluation effects of the Silverstream contract and other operating income plus other operating
expenses and depreciation.
Fresnillo plc Annual Report and Accounts 2025
2
Strategic Report
WHERE WE OPERATE
Our core operations are in Mexico, a country with significant geological resources and
strong potential for continued growth. We benefit from Mexico’s skilled workforce and
solid infrastructure, and we are proud to continue playing an important part in a rich
mining tradition that stretches back more than 500 years. We maintain exploration offices
in Chile and Peru, and we have recently expanded our presence into Canada following the
acquisition of Probe Gold Inc.
OUR LOCATIONS
USA
Mexico
Herradura Noche Buena
356.1 koz
Gold produced in 2025
18.1 koz
Gold produced in 2025
Mining operations
Advanced exploration
Herradura
District San Julián
Orisyvo
District
12.3 moz
Silver equivalent1
produced in 2025
San Julián
District
Fresnillo
Ciénega Ciénega
13.5 moz
Silver equivalent1
5.8 moz
District produced in 2025
Fresnillo
Silver equivalent1 District
produced in 2025
Juanicipio 2 Saucito
11.6 moz 19.3 moz
Silver equivalent1 Silver equivalent1
produced in 2025 produced in 2025
1. Au: Ag ratio of 1:80.
2. Attributable.
Fresnillo plc Annual Report and Accounts 2025
3
Annual contribution to Mexico’s
Approximate mining concessions Total workforce economy
1.3m HA 18,273 US$2,174m¹
KEY ASSETS
Operating mines
Asset Ownership Type Main metal EBITDA Reserves (Silver) 4 Reserves (Gold) 4 Year 2 Mine life
Fresnillo 100% Fresnillo plc Underground Silver primary US$383.5m 131.9 moz 353 koz 1554 9.8 years
Saucito 100% Fresnillo plc Underground Silver primary US$602.5m 119.5 moz 509 koz 2011 7.7 years
56% Fresnillo plc
Juanicipio 44% Pan American Underground Silver primary US$706.9m 74.1 moz 529 koz 2022 8.6 years
Silver
San Julián 100% Fresnillo plc Underground Silver primary US$332.2m 21.6 moz 146 koz 2016 3.3 years
Ciénega 100% Fresnillo plc Underground Gold/Silver US$105.5m 15.4 moz 267 koz 1992 4.0 years
Herradura 100% Fresnillo plc Open pit Gold US$762.6m 5,963 koz 1997 11.4 years
Soledad-Dipolos 3 100% Fresnillo plc Open pit Gold Excluded in 2025 2010 –
Noche Buena 100% Fresnillo plc Open pit Gold US$30.4m – 2012 –
1. Total economic impact. This is considered to be a social performance measure. For more details see page 108.
2. Represents start of commercial production.
3. Operations at Soledad-Dipolos are currently suspended.
4. As of 30 April 2025.
Advanced exploration projects
Asset Main metal Resources (Silver) 5 Resources (Gold) 5
Orisyvo Gold 12.7 moz 9,575 koz
Guanajuato Silver/Gold 388.2 moz 3,393 koz
Rodeo Gold 24.5 moz 2,281 koz
Tajitos Gold 1,096 koz
5. As of 31 December 2025.
In addition, we have many further early-stage projects and prospects located in Mexico, Peru and Chile. The acquisition of Probe
Gold Inc. in early 2026 also added several gold ore deposits at various stages of exploration in the Val-d’Or area of Canada.
For more on our exploration projects
and prospects see pages 42-46
Fresnillo plc Annual Report and Accounts 2025
4
Strategic Report
CHAIRMAN'S STATEMENT
ALEJANDRO BAILLÈRES
Capitalising on today’s
opportunities, focusing on
the future
This was an exceptional year for and gold prices. Gross profit increased
Fresnillo. Our efforts to boost 113.8% year-on-year to US$2,664.1 million,
performance and reduce costs bore fruit mainly driven by higher adjusted
and enabled us to achieve production
and efficiency targets, while a positive
revenue and decreased costs, the latter
primarily due to lower volumes A number of key factors
price environment drove a significant
increase in revenue.
processed at some of our operations,
including at San Julián DOB following
came together during the
When we first looked ahead to 2025, our
its closure, the devaluation of the
average exchange rate between the
year to generate one of the
initial thoughts were that it could be
challenging to surpass the achievements
Mexican peso and US dollar, and cost
reduction initiatives and efficiencies.
most rewarding periods in
of 2024. However, a number of key
factors came together during the year to These factors partially offset inflationary
Fresnillo's history.”
generate one of the most rewarding headwinds during the year. Cash and
extraordinary needs for cash, such as
periods in Fresnillo’s history. other liquid funds increased from
the aforementioned acquisition, along
US$1,297.8 million to US$2,756.5 million
Our teams worked hard to address with the outlook for metals prices and
primarily driven by cash generated from
factors within our control, improving expected cash generation in future
our mining operations, which more
performance, reducing costs and periods.
than offset the use of funds in capital
achieving production goals. Meanwhile, expenditure, dividend payments, taxes For 2025, we declared an interim ordinary
external factors led to significant and mining rights. Please see pages 48 dividend of 20.8 US cents per share, with a
increases in the prices of precious to 56 for further details on our financial final ordinary dividend of 108.12 US cents
metals – and we have been able to performance. per share, bringing the total for the year to
capitalise on this positive tailwind.
128.92 US cents per share.
Through the good times as well as those
However, there is no room for that prove more difficult, our dividend Making the most of today’s
complacency. Towards the end of the policy has remain

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