#1FULL YEAR PRELIMINARY RESULTS 07 MARCH 2023 2022 FRESNILLO LSE: FRES BMV: FRES www.fresnilloplc.com#2DISCLAIMER 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. 2 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.#3AGENDA 01 Investment proposition 02 HSECR 03 2022 highlights 04 Operational & projects performance 05 Reserves, resources & exploration update 06 Financial performance 07 2023 outlook * 3#401 INVESTMENT PROPOSITION OCTAVIO ALVÍDREZ FRESNILLOⓇ#52022 PRELIMINARY RESULTS - INVESTMENT PROPOSITION OUR KEY COMPETITIVE ADVANTAGES POSITION US TO MEET NEAR-TERM COMMITMENTS AND DRIVE LONG-TERM VALUE WORLD'S #1 SILVER PRODUCER 53.7 Moz of silver in 2022 HEALTHY MARGINS, WITH A COST FOCUS 31% EBITDA Margin POSITIVE ECONOMIC IMPACT $2.2BN USD in 2022 through wages, taxes and payments to suppliers ATTRACTIVE RETURNS 16.7US¢ Total dividend per share for 2022 HIGH QUALITY MINING ASSETS 2.2 Boz Silver Resources 39.1 Moz Gold Resources STRONG BALANCE SHEET 0.26x LTM Net debt to EBITDA UNDERPINNED BY OUR SOLID PROJECT PIPELINE Projects in good mining jurisdictions to sustain production into the future 5#602 HSECR OCTAVIO ALVÍDREZ FRESNILLOⓇ#72022 PRELIMINARY RESULTS HSECR SUSTAINABILITY IS CORE TO OUR PURPOSE: "TO CONTRIBUTE TO THE WELLBEING OF PEOPLE THROUGH THE SUSTAINABLE MINING OF SILVER AND GOLD" HEALTH & SAFETY SAFETY CULTURE BASED ON CARING FOR OUR PEOPLE We established the 'I care, we care' operational committee to assist the Executive Committee in risk management and to promote uniform implementation of our philosophy across operations. It comprises general operational superintendents, relevant service area leaders, technical specialists, and safety leaders 23.22 8.14 2017 ■Total Recordable Injury Frequency Rates (TRIFR) Lost Time Injury Frequency (LTIFR) 20.47 8.64 2018 18.67 7.63 2019 13.88 6.18 2020 10.42 5.76 2021 10.26 5.44 2022 - ENVIRONMENT OPTIMISING OUR USE OF RESOURCES AND BEING TRANSPARENT AND ACCOUNTABLE ARE CRUCIAL ELEMENTS OF SUSTAINABLE MINING Supplied 35.6% of our electricity from renewable sources. We continue to target 75% by 2030 Water reuse efficiency of 82% in the year Converted our target haulage fleet at Herradura to a dual fuel system, reducing our carbon footprint by ~20% per truck Continued to implement best practice governance and engineering to manage our Tailings Storage Facilities (TSF). TSF at Juanicipio became our first facility to fully meet Canadian Dam Association, Mining Association of Canada, International Commission on Large Dams and International Council on Mining and Metals principles from the earliest days of its development, design and construction COMMUNITY RELATIONS 7 OUR COMMUNITIES ARE OUR STRATEGIC PARTNERS - COMMITMENT TO UN SUSTAINABLE DEVELOPMENT GOALS We provided free dental care, eye care and physical therapy in 125 communities, benefiting almost 8,000 people We are working to improve how Science, Technology, Engineering, and Mathematics (STEM) education can help students in the Fresnillo District understand and respond to climate change We are financing half of the cost of a new programme that will provide 20 hours of face- to-face training to 800 teachers, benefiting an estimated total of 24,000 students from grades 5 and 6, and junior high school#803 2022 HIGHLIGHTS OCTAVIO ALVÍDREZ FRESNILLOⓇ#92022 PRELIMINARY RESULTS OPERATIONAL PERFORMANCE HIGHLIGHTS OPERACIONES ATTRIBUTABLE FULL YEAR SILVER PRODUCTION 53.7 MOZ +1.2% ATTRIBUTABLE FULL YEAR GOLD PRODUCTION 635.9KOZ -15.3% 14 ATTRIBUTABLE SILVER RESOURCES 2.2 BNOZ -5.0% ATTRIBUTABLE GOLD RESOURCES 39.1 MOZ +0.3% TIE IN OF JUANICIPIO TO THE NATIONAL GRID COMPLETED IN 4Q 2022 WITH COMMISSIONING UNDERWAY TIE IN OF THE PYRITES PLANT BY 2Q 2023 AT FRESNILLO ATTRIBUTABLE SILVER RESERVES 396.1 MOZ -5.6% ATTRIBUTABLE GOLD RESERVES 8.2MOZ +4.4% 0.30 ATMEG WITH CONTINUED PROGESS IN ADVANCED EXPLORATION PROJECTS... INCREASE IN SILVER RESOURCES +51% AT GUANAJUATO FULLY DELINEATE THE ORE BODIES BY 2Q 2023 AT TAJITOS 9#102022 PRELIMINARY RESULTS FINANCIAL PERFORMANCE HIGHLIGHTS TOTAL REVENUE (US$) 2,433.0M OPERATING PROFIT (US$) 283.6M EBITDA (US$) 751.1M PROFIT FOR THE PERIOD (US$) 308.3M - ADJUSTED EPS* (US CENTS PER SHARE) 0.35us& per share EBITDA MARGIN 31% CASH ON HAND AT 31 DEC 2022 (US$) 969.1M FINAL DIVIDEND (US CENTS PER SHARE) 13.3usc per share EQUIVALENT TO US$98M 10#1104 OPERATIONAL & PROJECTS PERFORMANCE TOMÁS ITURRIAGA FRESNILLOⓇ#12KEY ACTIONS Silver production increased 13% year on year Recruitment and training campaigns continued with the mine well staffed; new equipment being delivered ● 2022 PRELIMINARY RESULTS - OPERATIONS FRESNILLO ● Deepening of the San Carlos shaft progressed at a slower pace due to a tight labour market and the introduction of modifications to improve its functionality once in operation. Commissioning expected in 2Q 2023 Development rates averaged 2,929m/m and we expect to maintain a development rate of c. 3,000m/m for the foreseeable future Production 20 Million Ounces 15 0 2019 KEY OPERATING HIGHLIGHTS Silver production - moz Gold production - koz Cost per tonne - US$ Cash cost - US$/oz of Ag AISC - US$/oz of Ag Reserves 2022 ** Resources 2022 2020 ** 2021 2022 Silver Production Silver Ore Grade FY22 13.6 34.4 91.5 5.7 16.3 2023e* Grade 300 250 200 150 12 100 Grams/tonne FY21 12.0 33.7 84.7 5.4 16.3 91.6 moz Ag, 291 koz Au 706.7 moz Ag, 1.63 moz Au * Includes production from Phase II of the Pyrites Plant **As of 31 May 2022#13● KEY ACTIONS • Recruitment and training progressed with the mine well staffed by year end; invested in new equipment ● ● 2022 PRELIMINARY RESULTS OPERATIONS SAUCITO ● - Development rates stabilised but continued to be impacted by the residual effects of the labour reform Deepening of the Jarillas shaft, including horizontal development continued; projects to improve ventilation and pumping progressed as expected Ore throughput decreased by 14.8% due to lower productivity given the recruitment of personnel new to mining, and also due to changes in the short term planning methodologies Silver ore grade increased 9.8% year on year We expect volumes of ore processed to increase to the optimal run rate of c. 7,000 tpd in 2023 Production Million Ounces 20 15 0 H 2019 KEY OPERATING HIGHLIGHTS Silver production - moz Gold production - koz Cost per tonne - US$ Cash cost - US$/oz of Ag AISC - US$/oz of Ag Reserves 2022 ** Resources 2022 2020 ** 2021 2022 Silver Production Silver Ore Grade FY22 12.5 75.5 119.5 4.5 16.8 2023e Grade 350 300 250 200 150 13 100 Grams/tonne FY21 13.0 90.7 89.8 (0.8) 9.5 115.9 moz Ag, 516 koz Au 428.4 moz Ag, 1.9 moz Au * Includes production from Phase I of th Pyrites Plant **As of 31 May 2022#142022 PRELIMINARY RESULTS OPERATIONS JUANICIPIO (JV WITH MAG SILVER. FRESNILLO: 56%) - A KEY ACTIONS 14 Completed the tie in of the flotation plant to the national grid Despite the delay, mineralised material from development and initial production stopes was processed at the Fresnillo and Saucito beneficiation plants during the year Development of the mine continued to advance, reaching almost 58km by the end of the year Commissioning and tests with low ore grade material are underway Ramp up of production expected to progress smoothly, with the objective of achieving nameplate capacity by 3Q23 Once at full capacity, the average silver ore grade is expected to be around 400 g/t, with the gold ore grade expected to average 1.0 g/t#152022 PRELIMINARY RESULTS OPERATIONS OTHER OPERATIONS SAN JULIÁN Silver production at San Julián veins saw a higher ore grade due to the prioritisation of extraction from wider veins of the mine with higher silver content but lower gold ore grade Exploration continued in the area, increasing silver resources at San Julián veins and DOB Construction of the third phase of the tailings dam commenced CIÉNEGA 146 • Ongoing workforce rotation, together with lower equipment availability from contractors, continued impacting productivity 87,503 metres drilled during the year, although higher costs and cut off grades resulted in a decrease in silver and gold resources by 10.8% and 14.3% respectively Mo Construction of the second stage of the third tailings dam commenced 15 HERRADURA As the scope of the Carbon in Column project was increased to improve its efficiency, construction will be completed in mid-2023 The pit slope optimisation study was concluded and recommendations are being tested in different geotechnical domains of the pit echnical Construction of the 14th phase B leaching pad was concluded ● NOCHE BUENA Additional mineralisation was found through the condemnation drilling and mining was extended for a few additional months Productivity increased due to the increase in tonnes hauled shorter distances by a reduced number of employees The mine closure plan underway#162022 PRELIMINARY RESULTS - COSTS A FOCUS ON COST CONTROL AND MITIGATIONS FULL SCALE APPRAISAL OF COSTS RESULTING IN DOZENS OF ONGOING INITIATIVES TO REDUCE NON-ESSENTIAL COSTS, INCLUDING: Optimisation of staffing plans, including rationalisation of contractor roles, to increase productivity and improve efficiency An assessment in 2023 across all mines to confirm the optimal development rate FRESNILLO New pumping station commissioned which improves extraction efficiency Deepening of the San Carlos shaft leading to reduced haulage costs SAUCITO ● Modifications to mine plan resulting in improved logistics within the mine HERRADURA Optimisation of slopes leading to lower stripping and haulage costs Installation of duel fuel systems on trucks to reduce diesel consumption Modifications to mine plan resulting in improved logistics within the mine ETHANE 0198-767 and RIBEX 16#1705 RESERVES RESOURCES & EXPLORATION UPDATE GUILLERMO GASTÉLUM FRESNILLOⓇ#18RESERVES & RESOURCES STRONG SILVER RESOURCE & RESERVE BASES SILVER RESOURCES 2,204Moz 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 500,000 400,000 SILVER RESERVES 396,112Koz 300,000 200,000 100,000 2,319,687 0 Resources 2021 419,825 Reserves 2021 51,684 Guanajuato 6,375 Tonnes: +33.0% Ag grade: +13.8% 2022 Ag resources: 152.3 moz (+51.3%) 4,076 San Julián Veins -2,881 6,251 San Julián DOB Tonnes: +6.0% Ag grade: +3.3% to 252 g/t 2022 Ag reserves: 45.7 moz (+9.9%) San Julián Juanicipio Veins Total silver resources 2,013 -2,998 Tonnes: -19.0% Ag grade: +4.8% 2022 Ag resources: 428 moz (-15.2%) Others Cienega -15,381 Total silver reserves -5,030 Ciénega Tonnes: -10.9% Ag grade: +3.4% to 242 g/t 2022 Ag reserves: 92 moz (-7.9%) 2022** San Julián DOB 2,203,872 2,319,687 -76,824 Saucito 2022** -7,928 2021 396,112 Tonnes: -11.2% Ag grade: Unchanged 2022 Ag resources: 707 moz (-11.3%) 2021 -89,917 419,825 -115,814 Fresnillo -8,953 Koz Tonnes: -22.9% Ag grade: +20.5% to 264 g/t 2022 reserves: 116 moz (-7.2%) Fresnillo Saucito CHANGE Koz Metal price assumptions considered for the calculation of metal equivalent grades are: Gold (US$/oz 1,450.00), Silver (US$/oz 18.50), Lead (US$/lb 0.90) and Zinc (US$/lb 1.15). *For Resources: At 2022 group production levels using only Measured and Indicated Resources, for Reserves: At 2022 group production levels. ** Using a cut-off date of 31st May 2022 for all mines. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. % 2,203,872 Resources 2022 -23,713 -5.0% CHANGE 396,112 % -5.6% Reserves 2022 RESOURCES ● RESERVES ● Resources decreased 5% vs. 2021, primarily due to depletion and higher costs and cut-off grades and a more conservative approach to resource estimation at Fresnillo and Saucito, partly offset by positive exploration results at San Julián and the Guanajuato exploration project ● 18 Reserves decreased 5.6% vs. 2021 • Total of 396.1 moz silver reserves (7.4 years of equivalent production*) Reduction of reserves mainly due to depletion and higher costs and higher cut-off grades at Fresnillo and Saucito, and depletion at San Julián (DOB), partly mitigated by exploration at San Julián (Veins)#19RESERVES & RESOURCES STRONG GOLD RESOURCE & RESERVE BASES GOLD RESOURCES 39.1 Moz 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 10,000 8,000 6,000 GOLD RESERVES 8,179 koz 4,000 2,000 38,975 0 509 7,834 Reserves 2021 222 126 Tonnes: +33.0% Au grade: -2.2% 2022 Au resources: 2,202 koz (+30.0%) 587 Resources Guanajuato Herradura Soledad & Ciénega Centauro San Julián 2021 Dipolos (Satellite) Profundo DOB 92 1 Herradura San Julián Veins 1 Tonnes: stable at 240.6M Au grade: +9.6% to 0.8 g/t 2022 Au reserve: 6,225 koz (+10.7%) 38 15 -1 Juanicipio San Julián DOB 3 Total gold resources Others -37 Lucerito -47 -14 Total gold reserves Fresnillo San Julián Veins Tonnes: -11.9% Au grade: +8.5% 2022 Au resources: 1,412 Koz (-14.3%) -36 2022** Cienega -118 39,109 38,975 +133.2 -177 2022** 2021 8,179 Tonnes: -19.0% Au grade: +8.5% 2022 Au resources: 1,924 koz (-13.6%) -71 Saucito ** Using a cut-off date of 31st May 2022 for all mines. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. -235 Fresnillo Noche Ciénega Saucito Buena 2021 CHANGE Koz 7,834 -123 -259 Noche Buena Koz % +344 +0.3% 39,109 CHANGE Reources 2022 % +4.4% 8,179 Reserves 2022 RESOURCES ● ● ● RESERVES ● Resources remained stable year on year ● Increase at Guanajuato exploration project and upgrade to indicated resources at Centauro Profundo Reserves increased 4.4% vs. 2021 Total of 8,179 koz gold reserves (12.9 years of equivalent production*) Metal prices used for 2022 estimation: All open pit mineral resources are reported within pit shells run at a US$1,600/oz. All open pit reserves are reported Metal price assumptions considered for the calculation of metal equivalent grades in reserves are: Gold (US$/oz 1,450.00) *For Resources: At 2022 group production levels using only Measured and Indicated Resources, for Reserves: At 2022 group production levels. 19 Increase in reserves primarily due to resource model improvements at Herradura, partly offset by mine depletion at Noche Buena#202022 PRELIMINARY RESULTS - PROJECTS STRONG PROJECTS FOR THE FUTURE - ORISYVO, RODEO & GUANAJUATO ORISYVO (GOLD) Good progress towards pre-feasibility with several PFS level studies advancing as scheduled, together with additional land acquisition and a strengthened community engagement plan Expected avg. annual gold production: 140 165 koz Resources of 9.6 moz Au, 13 moz Ag RODEO (GOLD) We have strengthened a region-wide community relations programme and advanced negotiations with private landowners ● ● Metallurgical, hydrological, infrastructure, environmental and social studies are underway Expected avg. annual gold production of 130-150 koz Resources of 1.3 moz Au, 14 moz Ag, with potential for further growth GUANAJUATO (SILVER / GOLD) 66,589 metres of core drilling completed Exploration drilling was intensified at several targets of the District with good results, both in vein and in bulk-mineable lower grade ore bodies A significant increase in both indicated and inferred gold and silver resources was achieved at several veins in the district Resources of 2.2 moz Au, 152 moz Ag, with potential for further growth 20 TAJITOS (GOLD) Claim consolidation and land purchase were completed ● Core and reverse circulation drilling resumed, aiming to fully delineate the ore bodies by 2Q 2023 19,536 metres of core and reverse circulation drilling have been carried out so far Resources of 1.1 moz Au, with potential for further growth#212022 PRELIMINARY RESULTS EXPLORATION UPDATE Fresnillo Saucito Herradura Nochebuena Soledad & Dipolos* San Julián Ciénega Juanicipio Mine Operations 51% Development Projects 11 PEA - Feasibility (Orisyvo, Rodeo, Guanajuato, Tajitos) 2023 Budget: US$175m Advanced exploration (Pilarica/Perú, San Juan, Candameña, Lucerito) Early stage drilling (14) (Mexico Nuevo, Urite, M. Cristo, San Julián South, Capricornio/Chile, Santo Domingo/Perú) 24% Prospecting and drill target generation (37) (Supaypacha, Zapallo/Perú, Pencahue/Chile, Ceniza, Buenavista, San Manuel, San Jose Pinal) 11 Systematic Project Generation * Operations at Soledad & Dipolos are currently suspended. 18% 7% 2022 Highlights: ▪ Invested US$167.6 million, up 19.6%, in exploration during FY22 Drilled a total of 955,798 metres, 89% of which was focused on brownfield ■ 21 ■ New veins discovered at the San Julián, Guanajuato and Ciénega districts. Good progress on infill and step-out and resource conversion at all of our mines. Programs progressing as scheduled at several advanced and early stage projects 2023 Targets Invest a further US$175 million during the year, with a continued focus on our Fresnillo and San Julián operations, as well as on the Rodeo, Orisyvo, Guanajuato, and Tajitos advanced projects Continue our exploration and development activities to upgrade mineral resources into ore reserves at all our operating mines Further develop and strengthen the mineral resource modelling and ore reserve engineering activities initiated previously, with the aim of reporting proven reserves for all operating assets#2206 FINANCIAL PERFORMANCE MARIO ARREGUÍN FRESNILLOⓇ#232022 PRELIMINARY RESULTS - (MILLION USD) CONCEPT ADJUSTED REVENUES HEDGING (METALS) TREATMENT AND REFINING CHARGES REVENUES ADJUSTED PRODUCTION COST PROFIT SHARING DEPRECIATION HEDGING (MXP/USD EXCHANGE RATE) CHANGE IN INVENTORIES UNPRODUCTIVE COST COST OF SALES GROSS PROFIT CORPORATE AND ADMINISTRATIVE EXPENSES EXPLORATION EXPENSES OTHER INCOME (EXPENSE) SELLING EXPENSES PROFIT FROM CONTINUING OPERATIONS SILVERSTREAM EFFECTS FINANCE INCOME / (EXPENSE) FOREIGN EXCHANGE GAIN / (LOSS) PROFIT BEFORE INCOME TAX INCOME STATEMENT (IFRS) ACCUM DECEMBER 2022 % MINING RIGHTS INCOME TAX EXPENSE PROFIT FOR THE PERIOD ATTRIBUTABLE TO: EQUITY SHAREHOLDERS OF THE GROUP MINORITY INTEREST EBITDA 2,597.2 (3.8) (160.5) 2,433.0 (1,445.8) (9.6) (500.6) 0.0 61.6 (2.6) (1,897.0) 536.0 (94.1) (165.8) 33.1 (25.6) 283.6 18.8 (55.2) 1.4 248.6 (7.7) 67.4 308.3 271.9 36.4 308.3 751.1 0.0 100.0 (59.4) (1,255.1) (0.4) (20.6) 22.0 (3.9) (6.8) 1.4 (1.1) 11.7 2.5 (0.1) (78.0) (1,766.2) 0.8 (2.3) 0.1 10.2 (0.3) 2.8 12.7 2021 11.2 1.5 12.7 30.9 2,847.9 (1.4) (143.5) 2,703.1 100.0 (46.4) (0.6) (15.6) (528.2) (19.5) 0.1 3.8 29.6 (0.8) 936.9 666.7 (0.4) (52.9) (1.9) (103.5) (3.8) (130.3) (4.8) (11.3) (0.4) (25.0) (0.9) 24.7 611.5 (16.6) (156.5) % 438.5 421.2 17.3 438.5 1,206.3 1.1 (0.0) (65.3) 34.7 (0.0) (2.0) (0.1) 22.6 (0.6) (5.8) 16.2 15.6 0.6 16.2 44.6 $ CHANGE (250.7) (2.4) (17.0) (270.1) (190.7) 5.9 27.6 (3.8) 32.0 (1.8) (130.8) (400.9) 9.4 (35.5) 44.4 (0.6) (383.1) 19.2 (2.3) 3.3 (363.0) 8.9 223.8 (130.2) (149.3) 19.1 (130.2) (455.2) % (8.8) (179.0) (11.8) (10.0) (15.2) 38.2 5.2 N/A 107.8 (227.4) (7.4) (42.8) 9.1 (27.2) N/A (2.3) (57.5) N/A (4.3) N/A (59.4) 53.8 N/A (29.7) (35.4) 110.5 (29.7) (37.7) 23#242022 PRELIMINARY RESULTS (USD BASED) Labour Operating Materials Energy Contractors Maintenance Freights Insurance Others Unionized Personnel Employees Weighted TOTAL Electric Energy Diesel Gasoline Weighted CONSOLIDATED COST INFLATION 2022 (*) Not including Depreciation and Profit Sharing Unit Price Increase % 8.5% 6.8% 7.9% 19.8% 5.9% 4.0% 8.3% 5.1% 4.9% 3.4% 13.6% 8.8% 12.0% Consolidated Weight (*) 7.7% 3.7% 18.6% 6.1% 8.2% 1.6% 28.4% 17.5% 0.9% 0.8% 6.5% Weighted Average 0.7% 0.3% 3.7% 0.4% 0.3% 0.1% 1.4% 0.6% 0.1% 0.1% 0.8% 8.37% Note: Excluding the effect of the revaluation of the MXP/USD on peso denominated costs, inflation would have been 7.9% 24#252022 PRELIMINARY RESULTS ADJUSTED PRODUCTION COST ANALYSIS (CONSOLIDATED) USD MILLION 320.0 288.0 256.0 224.0 192.0 160.0 128.0 96.0 64.0 32.0 0.0 MXP/USD (84%) including the revaluation effect Adjusted Production Cost Change in inventories and others Depreciation 101.2 Cost inflation PTU Hedging (Exchange Rate) Cost of Sales 85.7 Costs at Juanicipio due to start of operations 79.4 Increase in the use of contractors maintenance (mechanical, electric and repairs), operating materials and diesel YTD 22 1,445.8 -59.0 500.6 9.6 0.0 1,897.0 21.7 Higher ore vol. processed at Fresnillo and San Julián DOB 4 3.7 Others YTD 21 1,255.1 -28.9 528.2 15.6 -3.8 1,766.2 (47.5) Lower ore vol. processed at Saucito, Ciénega and San Julián Veins CHANGE $ +190.7* -30.2 -27.6 -5.9 +3.8 +130.8 (53.5) (Lower stripping to cost effect (-38%) at Herradura % +15.2 -104.6 -5.2 -38.2 N/A +7.4% 190.7 Incr. in Adj. Prod.Cost * 25#26+ ∞ New Juanicipio Operation Lower stripping to cost effect (-38%) at Herradura (420.0) (336.0) (252.0) (168.0) (84.0) 0.0 84.0 168.0 252.0 336.0 420.0 Others Higher Metal Prices (Zn +9.5% and Au +0.2%) Higher ore vol. processed at Underground mines (Fresnillo and San Julián DOB) Lower ore vol. processed at Underground mines (Saucito, Ciénega and San Julián Veins) and Noche Buena Increase in the use of contractors, maintenance (mechanical, electric and repairs), operating materials and diésel Net effect of lower ore grades excluding Herradura Cost inflation (+8.4%) including the MXP/USD revaluation effect (-0.8%) Lower ore grade and recovery at Herradura (net of higher vol. deposited) Lower Metal Prices (Ag -12.6% and Pb 3.8%) YTD22 Gross Profit (156.8) (135.7) (101.2) (400.9) 98.8 (88.6) 53.5 (79.4) 37.6 27.8 18.5 (75.3) USD MILLION Gross Profit 536.0 YTD 22 936.9 YTD 21 -400.9* $ % -42.8% (CONSOLIDATED) CHANGE 2022 PRELIMINARY RESULTS GROSS PROFIT ANALYSIS 26#272022 PRELIMINARY RESULTS (MILLION USD) CONCEPT (Million USD) ADJUSTED REVENUES HEDGING (METALS) TREATMENT AND REFINING CHARGES REVENUES ADJUSTED PRODUCTION COST PROFIT SHARING DEPRECIATION HEDGING (MXP/USD EXCHANGE RATE) CHANGE IN INVENTORIES UNPRODUCTIVE COST COST OF SALES GROSS PROFIT OTHER INCOME (EXPENSE) SELLING EXPENSES CORPORATE AND ADMINISTRATIVE EXPENSES EXPLORATION EXPENSES PROFIT FROM CONTINUING OPERATIONS SILVERSTREAM EFFECTS FINANCE INCOME / (EXPENSE) FOREIGN EXCHANGE GAIN / (LOSS) - PROFIT BEFORE INCOME TAX MINING RIGHTS INCOME TAX EXPENSE PROFIT FOR THE PERIOD ATTRIBUTABLE TO: EQUITY SHAREHOLDERS OF THE GROUP MINORITY INTEREST EBITDA INCOME STATEMENT (IFRS) ACCUM DECEMBER 2022 2,597.2 (3.8) (160.5) 2,433.0 (1,445.8) (9.6) (500.6) 0.0 61.6 (2.6) (1,897.0) 536.0 (94.1) (165.8) 33.1 (25.6) 283.6 18.8 (55.2) 1.4 248.6 (7.7) 67.4 308.3 271.9 36.4 308.3 751.1 % 0.0 2.5/ 100.0 (59.4) (1 (0.4) (20.6) (0. (78 (6.8) 1.4 (1.1) 11.7 0.8 (2.3) 0.1 10.2 (0.3) 2.8 12.7 11.2 1.5 12.7 2,8 30.9 (1 2,7) 6 (1 4 41 ACCUM DIC 2022 Operating Units > Fresnillo > Saucito > Ciénega ➤ San Julián > Herradura > Noche Buena ► Juanicipio Projects > Taspana > Guanajuato ➤ Valles ► Orisyvo > Centauro Deep Rodeo 1,206.3 Prospects > Sonora ➤ Chile > Zacatecas ➤ Perú ➤ Durango > Sinaloa > Chihuahua Regional Prospecting Mining Rights Fixed Assets Parreña Total Risk Cap. Inv. Exp. Capitalized Exp. Total Exploration Exp. 44.0 (433.2) 12.3 12.0 7.2 24.6 4.8 1.4 11.7 74.0 1.2 12.6 5.8 4.0 0.5 1.1 25.2 5.0 7.7 8.2 5.1 2.7 0.1 1.4 30.1 14.1 23.3 0.8 167.6 (1.8) 165.8 गग 27#282021 PRELIMINARY RESULTS CASH FLOW (IFRS) (MILLION USD) CONCEPT CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL WORKING CAPITAL INCOME TAX AND PROFIT SHARING PAID NET CASH FROM OPERATING ACTIVITIES OTHER PROCEEDS CAPITAL CONTRIBUTIONS / LOANS BY MINORITY SHAREHOLDERS PROCEEDS FROM THE LAYBACK AGREEMENT SILVERSTREAM CONTRACT FINANCIAL EXPENSES AND FOREIGN EXCHANGE EFFECTS PROCEEDS FROM THE SALE OF PROPERTY, PLANT AND EQUIPMENT TOTAL OTHER PROCEEDS PURCHASE OF PROPERTY, PLANT AND EQUIPMENT DIVIDENDS PAID OTHERS USES OF CASH NET INCREASE / (DECREASE) IN CASH DURING THE PERIOD CASH AND CASH EQUIVALENTS AT 01 JANUARY CASH AND CASH EQUIVALENTS AT 31 DECEMBER 2022 743.1 (66.1) (174.7) 502.2 18.3 15.0 33.4 (36.5) 1.4 31.5 (592.1) (202.0) (5.8) (799.9) (266.2) 1,235.3 969.1 2021 1,208.3 58.0 (371.1) 895.1 73.6 25.0 49.0 (39.9) 6.0 113.8 (592.1) (245.6) (6.5) (844.1) 164.9 1,070.4 1,235.3 CHANGE (465.2) (124.1) 196.4 (393.0) % (431.1) 164.9 (266.2) (38.5) N/A 52.9 (43.9) (55.4) (75.2) (10.0) (40.0) (15.6) (31.9) 3.4 8.5 (4.7) (82.3) (0.1) 43.6 0.6 44.2 (77.5) (72.3) (0.0) 17.8 9.7 5.2 N/A 15.4 (21.6) 28#292021 PRELIMINARY RESULTS CASH FLOW (IFRS) (MILLION USD) CONCEPT CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL WORKING CAPITAL INCOME TAX AND PROFIT SHARING PAID NET CASH FROM OPERATING ACTIVITIES OTHER PROCEEDS CAPITAL CONTRIBUTIONS / LOANS BY MINORITY SHAREHOLDERS PROCEEDS FROM THE LAYBACK AGREEMENT SILVERSTREAM CONTRACT FINANCIAL EXPENSES AND FOREIGN EXCHANGE EFFECTS PROCEEDS FROM THE SALE OF PROPERTY, PLANT AND EQUIPMENT TOTAL OTHER PROCEEDS PURCHASE OF PROPERTY, PLANT AND EQUIPMENT DIVIDENDS PAID OTHERS USES OF CASH NET INCREASE / (DECREASE) IN CASH DURING THE PERIOD CASH AND CASH EQUIVALENTS AT 01 JANUARY CASH AND CASH EQUIVALENTS AT 31 DECEMBER 2022 743.1 (66.1) (174.7) 502.2 18.3 15.0 33.4 (36.5) 1.4 31.5 (592.1) (202.0) (5.8) (799.9) (266.2) 1,235.3 969.1 • Increase in inventories -US$99.6 million • Increase in prepayments and other assets -US$14.1 million • Increase in trade and other payable +US$40.3 million • Decrease in trade and other accounts receivables (+US$7.2M):Trade receivables from related parties -US$10.4 million, VAT +US$15.2 million, Exchange rate effect +US$4.4 million and Others -US$2.0 million 2,065,436.8 silver payable ounces from the silverstream contract, which do not go through the Income Statement * • Fresnillo US$103.7 million Mine development and mining works Construction of the Fe Flotation Plant Purchase of in-mine equipment Saucito US$100.2 million Mining Works Purchase of in-mine equipment Tailings dam construction Herradura US$54.6 million Purchase of in-mine equipment Leaching pads construction San Julián Veins US$39.1 million Mining Works Purchase of in-mine equipment Ciénega US$41.2 million Mining Works Purchase of in-mine equipment San Julian JM US$3.7 Purchase of in-mine equipment Mining Works Noche Buena US$0.7 million Purchase of in-mine equipment Leaching pads construction Juanicipio US$248.2million Others US$0.7 29#302022 PRELIMINARY RESULTS - BALANCE SHEET (IFRS) (MILLION USD) Concept Assets Cash and Investments Trade and Other Receivables Inventories Prepaid Expenses Silverstream Derivative Financial Instruments Property, Plant and Equipment Other Assets (Long term) Total Assets Liabilities Profit Sharing Other Liabilities (Short term) Retirement and Pension Plan Reserves Deferred Taxes Senior Notes Other Liabilities (Long term) Total Liabilities Share Capital and Share Premium Share Capital Subscribed Retained earnings Other Accounts Stockholder's Equity Minority Interest Total Stockholder's Equity Total Liabilities and Stockholder's Equity 31-DEC-22 969.1 404.5 587.4 34.4 511.5 0.2 2,862.6 544.7 5,914.3 10.3 667.6 9.5 111.1 936.5 262.3 1,997.3 1,153.8 368.5 2,610.6 (447.2) 3,685.7 231.2 3,916.9 5,914.3 31-DEC-21 1,235.3 401.4 487.8 20.3 529.5 0.1 2,799.1 294.0 5,767.5 16.5 444.4 6.5 68.7 1,157.5 271.1 1,964.8 1,153.8 368.5 2,543.1 (447.3) 3,618.1 184.5 3,802.7 5,767.5 Change % (21.6) 0.8 20.4 69.8 (3.4) N/A 2.3 85.3 2.5 (37.3) 50.2 45.4 61.6 (19.1) (3.2) 1.7 0.0 0.0 2.7 (0.0) 1.9 25.3 3.0 2.5 30#3107 2023 OUTLOOK OCTAVIO ALVÍDREZ FRESNILLOⓇ#32x 2022 PRELIMINARY RESULTS - EXPECTED ATTRIBUTABLE PRODUCTION PROFILE /////// Production guidance range +/- 5% Potential additional production related to initiatives under development Million Oz Silver* Including Silverstream production. 80 70 60 50 40 30 20 10 0 2022 Thousand Tons 80 70 60 50 40 30 20 10 0 2022 2023 2023 Lead 2024 2024 2025 2025 Thousand Oz 700 600 500 400 300 200 100 0 2022 Thousand Tons 140 120 100 80 60 40 20 0 2022 2023 2023 Gold Zinc 2024 2024 2025 2025 32#332022 PRELIMINARY RESULTS - CAPEX SPEND EXPECTATIONS ● Total sustaining capex for 2023 for all of the mines, along with a small part for new projects approved, is expected to be US$630m Part of the expected capex for 2022 has been transferred to 2023 Projects not approved are not considered Million Usd 900 800 700 600 500 400 300 200 100 0 592 2022 630 2023 Sustaining (Operations) 530 2024 505 2025 ☐New Projects Approved 33#342022 PRELIMINARY RESULTS - CONSOLIDATED OUTLOOK Investment (US$ million) 155 440* Expected Avg. Annual Production 3.5 moz Ag & 13 koz Au 11.7 moz Ag & 43 koz Au 130 - 150 koz Au 140 - 165 koz Au RESOURCES 1.1 moz gold 2.2 moz gold 152 moz silver PROJECT PYRITES PLANT (Optimization project) JUANICIPIO RODEO YEAR ORISYVO TAJITOS GUANAJUATO 2021 ENERGY SUPPLY MINE DEVELOPMENT & CONSTRUCTION 2022 ENERGY SUPPLY (1) Estimated. (2) Total average annual production. (3) Total investment (of which 56% Fresnillo plc; 44% MAG Silver) as of 1st January 2018. 2023 PRODUCTION PRODUCTION 2024 INFILL DRILLING EXPLORATION, FEASABILITY, DEVELOPMENT & TRUCTION FINAL METALLURGICAL TESTING, FEASABILITY, DEVELOPMENT & CONSTRUCTION 2025 EXPLORATION TO INCREASE RESOURCES, UPDATE THE PEA, START PFS LEVEL STUDIES 2026 2027 PRODUCTION EXPLORATION TO INCREASE RESOURCES, UPDATE THE PEA, START PFS LEVEL STUDIES, REFINE CONCEPTUAL DEVELOPMENT SCENARIOS PRODUCTION SUBJECT TO INTERNAL ONGOING REVIEW (SUBJECT TO BOARD APPROVAL) I SUBJECT PRE-FEASABILITY AND FEASABILITY ASSESSMENT I I 34#352022 PRELIMINARY RESULTS - CONCLUDING REMARKS RESILIENT OPERATING FOCUS ON COSTS THROUGH COST SAVING INITIATIVES, PERFORMANCE IN LINE WITH GUIDANCE INCREASING PRODUCTIVITY AND IMPROVING EFFICIENCY CONTINUING TO ADVANCE AND ENHANCE THE SUSTAINABILITY OF OUR OPERATIONS DELIVERING GROWTH THROUGH DEVELOPMENT PROJECTS AND ADVANCING PROJECT PIPELINE 35 CONFIDENCE IN THE LONG-TERM FUTURE OF THE BUSINESS#3609 APPENDIX FRESNILLOⓇ#37GRADE EXPECTATIONS FOR 2023 GOLD (G/T) MINE Fresnillo Saucito San Julián (veins) San Julián (disseminated) Ciénega Herradura Noche Buena SILVER (G/T) MINE Fresnillo Saucito San Julián (veins) San Julián (disseminated) Ciénega MINE TYPE Underground silver Underground silver Underground silver & gold Underground silver Underground gold & silver Open pit gold Open pit gold MINE TYPE Underground silver Underground silver Underground silver & gold Underground silver Underground gold & silver FY 2023e 0.50-0.70 1.20-1.40 1.20-1.30 1.00-1.10 0.65-0.75 0.40-0.50 FY 2023e 185-205 190-210 130-140 130-140 150-160 FY 2022 0.61 1.40 1.21 0.08 1.14 0.69 0.53 FY 2022 189 201 135 168 152 37#382022 PRELIMINARY RESULTS OPERATIONS SAN JULIÁN (VEIN SYSTEM) KEY OPERATING HIGHLIGHTS Gold production - koz Silver production - moz Cost per tonne - US$ Cash cost - US$/oz of Ag AISC - US$/oz of Ag Reserves 2022 Resources 2022 Silver grade in reserve * KEY ACTIONS ● Implement cost reduction initiatives 2022 43.4 4.6 91.0 7.1 21.8 - 2021 51.8 4.2 81.5 1.8 14.0 45.7 moz Ag, 294 koz Au 129.3 moz Ag, 993 koz Au 252 g/t 244 g/t Continue exploration in the region, targeting a similar disseminated ore body SAN JULIÁN (DISSEMINATED ORE BODY) KEY OPERATING HIGHLIGHTS Gold production - koz Silver production - moz Cost per tonne - US$ Cash cost - US$/oz of Ag AISC - US$/oz of Ag Reserves 2022 * Resources 2022 Silver grade in reserve Conclude the pilot project to confirm the feasibility for the extraction of ore panels under paste fill * 2022 3.3 9.6 44.8 6.9 8.8 2021 4.0 12.5 39.2 4.8 6.3 27.9 moz Ag, 17 koz Au 70.4 moz Ag, 53 koz Au 162 g/t 38 148 g/t **As of 31 May 2022#39KEY ACTIONS • O 2022 PRELIMINARY RESULTS OPERATIONS CIÉNEGA • Decrease personnel rotation - Increase productivity and implement efficiency and cost reduction initiatives Advance exploration programmes to generate resources KEY OPERATING HIGHLIGHTS Silver production - moz Gold production - koz Cost per tonne - US$ Cash cost - US$/oz of Au AISCUS$/oz of Au Reserves 2022 * Resources 2022 * Gold grade in reserve Silver grade in reserve 2022 4.7 37.5 116.3 518.5 2,011.1 39 2021 5.4 48.8 86.1 (523.1) 656.1 31.6 moz Ag, 0.3 moz Au 126.7 moz Ag, 1.4 moz Au 1.96 g/t 1.90 g/t 211 g/t 199 g/t **As of 31 May 2022#402022 PRELIMINARY RESULTS OPERATIONS HERRADURA KEY ACTIONS Develop pit slope optimisation pilot programme Initiate the construction of the 15th leaching pad KEY OPERATING HIGHLIGHTS Silver production - moz Gold production - oz Cost per tonne - US$ Cash cost - US$/oz of Au AISCUS$/oz of Au Reserves 2022 * Resources 2022 * Gold grade in reserve 2022 0.8 349.7 19.7 1,155.5 1,527.4 0.80 g/t 40 2021 0.9 421.5 21.7 900.4 1,100.2 6.2 moz Au 7.8 moz Au 0.73 g/t **As of 31 May 2022#412022 PRELIMINARY RESULTS OPERATIONS NOCHE BUENA KEY ACTIONS Close the open pit operation once reserves have been fully depleted Continue to extract gold from the leaching pads Expenditure in 2023 will again primarily be for sustaining capex KEY OPERATING HIGHLIGHTS Silver production - koz Gold production - koz Cost per tonne - US$ Cash cost - US$/oz of Au AISCUS$/oz of Au Reserves 2022 * Resources 2022 * Gold grade in reserve 2022 20 79.7 13.9 1,269.9 1,359.6 0.48 g/t 41 2021 32 96.8 11.0 1,029.5 1,122.2 92 koz Au 193 koz Au 0.49 g/t **As of 31 May 2022#422022 PRELIMINARY RESULTS CONTRIBUTION BY MINE AND BY METAL TO ADJUSTED REVENUES 2022 2022 ADJUSTED REVENUES: US$2,597.2M PRODUCT (Million USD) GOLD SILVER LEAD ZINC ADJUSTED REVENUES ACCUM DECEMBER 2022 1,114.2 1,089.2 106.6 287.2 2,597.2 2021 1,305.3 1,163.9 117.4 261.3 2,847.9 VOLUME (194.0) 77.8 (6.5) 1.0 (121.7) CHANGE BY: PRICE 2.9 (191.1) (152.5) (4.4) TOTAL 24.9 (74.7) (10.8) 25.9 (129.0) (250.7) 42#432022 PRELIMINARY RESULTS CONTRIBUTION BY MINE AND BY METAL TO ADJUSTED REVENUES 2022 2022 ADJUSTED REVENUES 1: US$2,597.2M By mine 10% Gold Silver Lead Zinc TOTAL 9% Fresnillo 6% Fresnillo Noche Buena 7% 24% Saucito San Julián DOB 18% 7% Ciénega San Julián Veins Herradura 19% Herradura Saucito Juanicipio Ciénega 50.59 10.6% 35.2% 617.82 97.3% 63.56 94.78 52.6% 17.04 2.7% 122.23 25.2% 143.57 99.9% 249.71 51.4% 264.74 55.6% 0.20 0.1% 41.71 8.8% 6.98 3.9% 34.31 7.1% 118.77 25.0% 15.00 8.3% 79.61 16.4% 475.81 100% 180.32 100% 634.86 100% 485.87 100% 143.77 100% 1 Adjusted Revenue is revenue as disclosed in the income statement adjusted to exclude treatment and refining charges. 42% Noche Buena San Julián (DOB) 11% By metal 4% 2.77 1.1% 174.96 72.2% 14.21 5.9% 50.53 20.8% 242.48 100% Silver Lead San Julián Veins 76.62 43.8% 98.49 56.2% 175.11 100% Gold Zinc 43% Juanicipio 37.01 14.3% 1,114.17 42.9% 189.26 73.1% 1,089.19 41.9% 9.42 3.6% 106.64 4.1% 23.31 9.0% 287.21 11.1% 259.00 100% 2,597.21 100% Consol 43#442022 PRELIMINARY RESULTS - ADJUSTED PRODUCTION COST - 2022 2022 ADJUSTED PRODUCTION COST: US$1,445.8M Maintenance & repairs 19% Own 17 % Ctrt. 2% Operating Materials 25% Own 19% Ctrt. 6% Personnel 18% Own 11% Ctrt. * Includes: Freights, Taxes & Licenses, Insurance Costs, Computeer Leasing, Fees and Others. Energy 17% Own 16% Ctrt. 1% Others 12% * Own 11% Ctrt. 1% Equipment Ctrt. 8% 44 Costs from Contractors = 25% = US$362.8 M#45NOTES 45