Fresnillo 1Q26 Production Report

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# Fresnillo 1Q26 Production Report

Source: https://www.fresnilloplc.com/media/jbjppo05/220426-1q26-production-report.pdf
Published: 2026-04-22T00:00:00+00:00
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# Fresnillo 1Q26 Production Report
Source: https://www.fresnilloplc.com/media/jbjppo05/220426-1q26-production-report.pdf
Published: 2026-04-22
Fresnillo plc
21 Upper Brook Street
London W1K 7PY
United Kingdom
www.fresnilloplc.com
22 April 2026
FIRST QUARTER PRODUCTION REPORT
FOR THE THREE MONTHS ENDED 31 MARCH 2026
Octavio Alvídrez, Chief Executive Officer, said:
“We have started 2026 in line with our expectations, with production across our operations consistent with the guidance
set at the beginning of the year. Our operational plans are progressing well. In particular, commissioning of the new
leaching pad at Herradura is complete and ore depositing has begun while the interconnection of the Jarillas shaft at Saucito
is on track to be completed later this year.
“With ongoing global volatility, we continue to monitor costs closely and note that precious metals prices remain resilient.
The safety of our people and the well-being of our communities remain, as always, our key priority.”
HIGHLIGHTS
Silver
• Quarterly attributable silver production of 11.1 moz decreased 8.5% vs. 4Q25 mainly due to the lower ore grades and
decreased volumes of ore processed at Saucito, Fresnillo and Juanicipio, partly offset by the increased ore throughput
and higher ore grade at Ciénega.
• Quarterly attributable silver production down 6.5% vs. 1Q25, mainly due to the end of the contribution from the
Silverstream in 4Q25, the lower ore grade, decreased volume of ore processed and lower recovery rates at Fresnillo
and Ciénega, and the lower ore grade and recovery rate at Juanicipio.
Gold
• Quarterly attributable gold production of 136.1 koz, up 0.7% vs. 4Q25, primarily due to the higher ore grade and
recovery rate at Herradura and, to a lower extent, at Fresnillo, and the higher volume of ore processed and increased
ore grade at Ciénega. This was partly offset by the lower ore grade at Saucito and San Julián Veins, and the lower
contribution from Noche Buena.
• Quarterly attributable gold production decreased 12.8% vs. 1Q25 primarily due to the decrease in the volume of ore
processed and lower ore grade and recovery rate at Herradura. In contrast, gold production in 1Q25 was supported
by the higher ore grades from planned mining areas and additional gold inventories processed.
By-Products
• Quarterly attributable by-product lead production decreased by 6.9% vs. 4Q25, mainly driven by the lower ore grade
and decrease in ore throughput at Saucito and Fresnillo, mitigated by the higher ore grade at Juanicipio.
• Quarterly attributable by-product lead production increased by 2.4% vs 1Q25 due to the higher ore grade at Juanicipio,
partly offset by the lower ore grade and decrease in volumes of ore processed at Fresnillo and Saucito.
• Quarterly attributable by-product zinc production decreased 5.1% vs. 4Q25 mainly due to lower ore grade at Fresnillo
and decreased volumes of ore processed at Saucito, partly mitigated by the higher ore grade at Juanicipio.
• Quarterly attributable by-product zinc production increased 3.5% vs. 1Q25, driven by the higher ore grade at Juanicipio
and Fresnillo, partially offset by the lower ore grade and decreased ore throughput at Saucito, and the cessation of
production of zinc concentrate at Ciénega from 3Q25.
1Q26 4Q25 % Change 1Q25 % Change
Silver (koz) 11,121 12,160 -8.5 11,889 -6.5
Silverstream (koz) 0 0 N/A 488 -100.0
Total Silver (koz) 11,121 12,160 -8.5 12,377 -10.1
Gold (oz) 136,074 135,192 0.7 156,105 -12.8
Lead (t) 15,390 16,535 -6.9 15,030 2.4
Zinc (t) 26,126 27,528 -5.1 25,249 3.5
SAFETY PERFORMANCE
Our priority is ensuring the wellbeing and safety of our entire workforce. We are dedicated to embedding an authentic
safety culture throughout every level of our operations and remain focused on achieving our goal of zero fatalities. We
prioritise training and rigorous compliance with our safety policies, with a focus on preventive measures for a secure
working environment for all our people.
OUTLOOK
• Our 2026 outlook is in line with previous guidance and the 2027 and 2028 expected production remains
unchanged:
GUIDANCE 2026 EXPECTED 2027 EXPECTED 2028
Attributable silver production (moz) 42 to 46.5 45 to 51 45 to 51
Attributable gold production (koz) 500 to 550 535 to 595 535 to 595
Attributable lead production (kt) 54 to 59 51 to 57 56 to 62
Attributable zinc production (kt) 85 to 95 93 to 103 100 to 112
11
Silver eq. (moz) 82 to 91 88 to 99 88 to 99
1 Silver eq. ounces are calculated converting only gold into silver ounces with an Au:Ag ratio of 80:1. Lead and zinc production is not included in
silver eq. ounces.
For further information, please visit our website www.fresnilloplc.com or contact:
FRESNILLO PLC Tel: +44 (0)20 7399 2470
London Office
Gabriela Mayor, Head of Investor Relations
Mark Mochalski
Mexico City Office Tel: +52 55 52 79 3206
Ana Belem Zárate
SODALI Tel: +44 (0)7793 858 211
Peter Ogden
MINING OPERATIONS
FRESNILLO MINE PRODUCTION
1Q26 4Q25 % Change 1Q25 % Change
Ore Processed (t) 510,424 524,563 -2.7 518,474 -1.6
Production
Silver (koz) 2,369 2,706 -12.5 2,733 -13.3
Gold (oz) 12,193 11,326 7.7 10,685 14.1
Lead (t) 5,437 5,883 -7.6 5,698 -4.6
Zinc (t) 11,376 12,775 -11.0 11,096 2.5
Ore Grades
Silver (g/t) 161 178 -9.6 181 -11.0
Gold (g/t) 1.00 0.91 9.9 0.86 16.3
Lead (%) 1.27 1.32 -3.8 1.29 -1.6
Zinc (%) 2.98 3.25 -8.3 2.92 2.1
Pyrite Concentrates Processed (t) 24,095 24,022 0.3 16,937 42.3
Production
Silver (koz) 378 415 -8.9 346 9.2
Gold (oz) 597 740 -19.3 433 37.9
Ore Grades
Silver (g/t) 734 740 -0.8 869 -15.5
Gold (g/t) 2.49 2.45 1.6 2.77 -10.1
Quarterly silver production decreased 12.5% and 13.3% vs 4Q25 and 1Q25, respectively, mainly driven by the lower silver
ore grades at the San Alberto and Candelaria areas, and increased dilution in narrower veins at several cut and fill stopes.
Additional measures have been implemented, including enhanced supervision of the marking of drilling patterns and
mucking line control, as well as stricter adherence to the mine plan in narrower vein areas.
Quarterly silver production was also impacted by a decrease in volumes of ore processed as a result of slower mining
cycles in the San Mateo and Santa Elena areas due to lower availability of anchoring equipment in March, and structural
faults at San Alberto, which limited the areas mined while additional ground support was concluded.
Mine development rates remained broadly stable at an average of 3,513m per month in 1Q26 (3,565m per month in
4Q25).
Quarterly gold production increased 7.7% and 14.1% vs. 4Q25 and 1Q25, respectively, driven by the higher than expected
gold ore grade in the areas mined, partly offset by the lower volumes of ore processed.
The silver ore grade in 2026 is expected to be in the range of 160 to 180 g/t, while the gold ore grade is estimated to be
between 0.55 to 0.65 g/t.
SAUCITO MINE PRODUCTION
1Q26 4Q25 % Change 1Q25 % Change
Ore Processed (t) 550,106 567,341 -3.0 563,068 -2.3
Production
Silver (koz) 3,187 3,670 -13.2 3,185 0.1
Gold (oz) 13,773 19,162 -28.1 13,754 0.1
Lead (t) 5,835 7,056 -17.3 6,368 -8.4
Zinc (t) 8,759 9,247 -5.3 9,449 -7.3
Ore Grades
Silver (g/t) 208 226 -8.0 199 4.5
Gold (g/t) 1.02 1.37 -25.5 1.01 1.0
Lead (%) 1.24 1.43 -13.3 1.31 -5.3
Zinc (%) 2.06 2.05 0.5 2.14 -3.7
Pyrite Concentrates Processed (t) 16,924 19,211 -11.9 18,338 -7.7
Production
Silver (koz) 104 125 -16.8 128 -18.8
Gold (oz) 285 477 -40.3 242 17.8
Ore Grades
Silver (g/t) 286 285 0.4 299 -4.3
Gold (g/t) 1.67 1.99 -16.1 1.58 5.7
Quarterly silver production decreased 13.2% vs 4Q25, mainly due to lower ore grade as a result of increased dilution at
the Alamitos area, and differences with the geological model. In addition, the expected decrease in volumes of ore
processed also contributed to the lower silver production. This was primarily due to the stoppage of the Jarillas shaft in
mid-March to interconnect its two sections, which required a switch to ore haulage via ramps. However, ramp haulage is
now increasing and is expected to normalise in 2Q26, thus reducing the volume of stockpiled ore in the mine.
Quarterly silver and gold production remained unchanged vs 1Q25 due to the higher ore grade as a result of dilution
control, offset by the decrease in volume of ore processed.
Quarterly gold production decreased 25.5% vs 4Q25, mainly due to lower ore grades, as explained above.
Mine development rates decreased to 2,273m per month in 1Q26 (4Q25: 2,493m per month) primarily due to lower
availability of trucks, as some units were temporarily reallocated to ore haulage when the shaft was stopped, and high
turnover among contractor personnel, which adversely impacted performance during the first quarter. However,
additional contractor personnel are being hired, and development rates are expected to improve in the coming months.
The connection of the two sections of the shaft is expected to be concluded in 4Q26.
The silver ore grade for 2026 is expected to be in the range of 200-220 g/t, while the gold grade is estimated to be between
0.95-1.15 g/t.
JUANICIPIO – ATTRIBUTABLE
1Q26 4Q25 % Change 1Q25 % Change
Ore Processed (t) 190,493 193,918 -1.8 188,730 0.9
Production
Silver (koz) 2,201 2,358 -6.7 2,503 -12.1
Gold (oz) 6,386 5,961 7.1 5,711 11.8
Lead (t) 3,881 3,385 14.7 2,686 44.5
Zinc (t) 5,990 5,506 8.8 4,291 39.6
Ore Grades
Silver (g/t) 389 420 -7.4 430 -9.5
Gold (g/t) 1.35 1.27 6.3 1.24 8.9
Lead (%) 2.22 1.94 14.4 1.61 37.9
Zinc (%) 3.92 3.51 11.7 2.90 35.2
Pyrite Concentrates Processed (t) 1,358 6,800 -80.0 0 N/A
Production
Silver (koz) 20 79 -74.7 0 N/A
Gold (oz) 24 149 -83.9 0 N/A
Ore Grades
Silver (g/t) 705 519 35.8 0 N/A
Gold (g/t) 1.75 1.74 0.6 0 N/A
Attributable quarterly silver production decreased 6.7% vs 4Q25, mainly due to the expected decrease in silver ore grades
as deeper areas are mined and, to a lesser extent, lower ore throughput.
Attributable quarterly silver production decreased 12.1% vs 1Q25 driven by the lower ore grade and recovery rate,
mitigated by the higher volume of ore processed due to the optimisation of the maintenance programme.
Attributable quarterly gold production increased 7.1% and 11.8% vs 4Q25 and 1Q25, respectively, due to the higher ore
grade and improved recovery rate.
The silver ore grade in 2026 is expected to be in the range of 320-370 g/t, while the gold grade is estimated to be between
1.1-1.3 g/t.
CIÉNEGA MINE PRODUCTION
1Q26 4Q25 % Change 1Q25 % Change
Ore Processed (t) 227,402 207,317 9.7 229,647 -1.0
Production
Gold (oz) 10,003 8,561 16.8 8,144 22.8
Silver (koz) 674 586 15.0 889 -24.2
Lead (t) 237 211 12.3 277 -14.4
Zinc (t) 0 0 N/A 413 -100.0
Ore Grades
Gold (g/t) 1.46 1.37 6.6 1.20 21.7
Silver (g/t) 131 121 8.3 140 -6.4
Lead (%) 0.27 0.25 8.0 0.24 12.5
Zinc (%) 0.30 0.31 -3.2 0.36 -16.7
Quarterly gold and silver production increased 16.8% and 15.0% vs 4Q25, respectively, mainly due to the increase in
volume of ore processed, driven by the timely preparation of long hole drilling stopes and optimised allocation of personnel
and equipment, and the higher ore grade as a result of increased dilution control.
Quarterly gold production increased 22.8% vs. 1Q25 mainly due to higher ore grades from Veta Victoria and Virginia areas
and to a lesser extent, partly offset by the lower volume of ore processed.
Quarterly silver production decreased 24.2% vs 1Q25 as a result of decreased recovery rate due to the higher portion of
oxides processed at the flotation plant following the depletion of sulphides from Taspana, lower ore grade and decreased
volumes of ore processed.
The gold and silver ore grades for 2026 are estimated to be in the ranges of 1.4-1.6 g/t and 110-130 g/t, respectively.
SAN JULIÁN MINE VEINS
1Q26 4Q25

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