#1FULL YEAR PRELIMINARY RESULTS 08 MARCH 2022 20211 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 Ν 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 2021 highlights 04 Operational performance & development projects 05 Reserves, resources & exploration update 06 Financial performance 07 2022 outlook 3#4JUANIK OVIR INVESTMENT PROPOSITION OCTAVIO ALVÍDREZ FRESNILLOⓇ#52021 PRELIMINARY RESULTS INVESTMENT PROPOSITION OUR KEY COMPETITIVE ADVANTAGES POSITION US TO MEET NEAR-TERM COMMITMENTS AND DRIVE LONG-TERM VALUE HIGH QUALITY ASSETS 2.3 BNOZ SILVER RESOURCES 39 MOZ GOLD RESOURCES LONG LIFE ASSETS 1 As of 4th March 2022 HEALTHY MARGINS SUPPORTED BY A FOCUS ON COST EBITDA MARGINS OF 45% CONSOLIDATED SILVER AISC OF US$15.2 / OZ VS. SPOT¹ OF US$25.6 / OZ CONSOLIDATED GOLD AISC OF US$1,096 / OZ VS. SPOT¹ OF US$1,965 / OZ DISCIPLINED APPROACH TO DEVELOPMENT JUANICIPIO CONSTRUCTION COMPLETED - MID-2022 RAMP UP CONSTRUCTION OF PYRITES PLANT (PHASE II) COMPLETED - MID-2022 RAMP UP SOLID PROJECT PIPELINE COMMITMENT TO SUSTAINABLE BUSINESS PRACTICES CONVERTED OUR HAULAGE FLEET TO A DUAL FUEL SYSTEM (LNG & DIESEL) STRONG FOCUS ON ENGAGING OUR LOCAL COMMUNITIES IN STEM CAREERS & TALENT DEVELOPMENT -50% OF OUR ENERGY SUPPLIED FROM RENEWABLE SOURCES 5 m STRONG BALANCE SHEET LTM NET DEBT TO EBITDA OF -0.06x US$1,235.3M CASH AND OTHER LIQUID FUNDS AS OF 31 DECEMBER 2021 POSITIVE FREE CASH FLOW OF US$269.5M IN 2021 CONSISTENT DIVIDEND POLICY OF 33-50% OF PROFIT AFTER TAX EACH YEAR, US$1BN PAID OVER THE LAST FIVE YEARS#6FRESNILLO HSECR OCTAVIO ALVÍDREZ FRESNILLOⓇ#72021 PRELIMINARY RESULTS - HSECR SUSTAINABILITY AT THE CORE OF OUR PURPOSE HEALTH & SAFETY SAFETY CULTURE BASED ON CARING FOR OUR PEOPLE ~85,000 Covid-19 PCR, antibody and antigen tests were carried out on our people during 2021 78% of our workforce have been fully vaccinated In 2022, we plan to open a new training centre with a focus on preparing, assessing and certifying our workforce 26.84 7.51 2015 16.93 5.99 2016 23.22 8.14 2017 20.47 8.64 2018 18.67 7.63 2019 13.88 6.18 2020 Lost Time Injury Frequency Rates (LTIFR) Total Recordable Injury Frequency Rates (TRIFR) 10.42 5.76 2021 ENVIRONMENT OPTIMISING OUR USE OF RESOURCES AND BEING TRANSPARENT AND ACCOUNTABLE ARE CRUCIAL ELEMENTS OF SUSTAINABLE MINING Concluded the conversion of our target haulage fleet at la Herradura to a dual fuel system, reducing our carbon footprint by ~20% per truck and already recovered 35% of our investment Supplied 49.7% of our electricity from renewable sources. Targeting 75% by 2030 Water reuse efficiency of 79% in the year Completed a comprehensive upgrade of our approach to tailings storage facilities Making strong progress towards our science based targets, due to be published in the near term COMMUNITY RELATIONS OUR COMMUNITIES ARE OUR STRATEGIC PARTNERS 71% of our workforce are from the region (State) 7 Generated an economic impact of US$2,120 million in 2021 through wages, taxes and payments to suppliers Collaboration with health authorities to support vaccination in remote communities neighbouring la Ciénega, San Julian and Penmont, totalling 9,889 vaccine shots#8199 (1) to Lantad Mochis A. de CA 2021 HIGHLIGHTS OCTAVIO ALVÍDREZ FRESNILLOⓇ#92021 PRELIMINARY RESULTS - OPERATIONAL PERFORMANCE HIGHLIGHTS ATTRIBUTABLE FULL YEAR SILVER PRODUCTION 53.1 MOZ +0.1% ATTRIBUTABLE FULL YEAR GOLD PRODUCTION 751.2Koz -2.4% ATTRIBUTABLE SILVER RESOURCES 2.3BNOZ +1.2% ATTRIBUTABLE GOLD RESOURCES 39.0MOZ +0.1% JUANICIPIO MECHANICAL COMPLETION CONCLUDED IN 4Q 2021 APPROVAL FOR TIE IN TO ELECTRICAL GRID EXPECTED IN 1H22 CONSTRUCTION OF BOTH THE PYRITES PLANT & FRESNILLO PLANT OPTIMISATION COMPLETED ATTRIBUTABLE SILVER RESERVES 419.8MOZ -8.2% ATTRIBUTABLE GOLD RESERVES 7.8MOZ -7.1% OPERATIONAL HIGHLIGHTS ● ● ● ● Attributable silver production of 53.1 moz (including Silverstream), flat year-on-year and attributable gold production of 751.2 koz, down 2.4% year-on-year Silver reserves decreased 8.2% vs. 2020, while gold reserves decreased 7.1% vs. 2020, primarily driven by depletion of both metals Labour reform came into effect from 1st September 2021 resulting in the requirement to internalise a high proportion of our contractor workforce 9 We have taken actions to mitigate the impact of the new labour reform through new recruitment campaigns, training and investment in new equipment. A one off purchase of new equipment in 2022 will substitute for the loss of contractor equipment following the labour reform, expected to be offset through lower contractors costs in the mid-term Similar grid tie-in delays for the Pyrites Plant at Fresnillo impacted the start-up of the plant, with the commissioning timeline also extended by approximately six months CO The construction of the Juanicipio plant was completed in 4Q21. Permits to connect to the power grid were not granted in 4Q 2021 as anticipated, as a result, the mill commissioning timeline was extended by approximately six months Increased exploration budget for 2021 supported an intensive programme across all our operations#102021 PRELIMINARY RESULTS - FINANCIAL PERFORMANCE HIGHLIGHTS GROSS PROFIT (US$) 936.9M +6.5% OPERATING PROFIT (US$) 666.7M + 2.6% EBITDA (US$) 1,206.3M +3.2% PROFIT FOR THE PERIOD (US$) 438.5M +16.8% ADJUSTED EPS* (US CENTS PER SHARE) 57.2us¢ per share +30.0% POSITIVE FREE CASH FLOW (US$) 269.5M CASH ON HAND AT 31 DECEMBER 2021 (US$) 1,235.3M FINAL DIVIDEND (US CENTS PER SHARE) 24.0usc per share EQUIVALENT TO US$176.9M FINANCIAL HIGHLIGHTS ● ● ● Adjusted revenue of US$2,847.9m, up 9.2% over 2020 primarily due to a higher silver price Adjusted production costs increased mainly as a result of a 9.6% cost inflation combined with the 5.6% average revaluation of the Mexican peso vs. US dollar Gross profit rose year-on-year by 6.5% to US$936.9m due to higher realised silver, lead and zinc prices and from processing development ore from Juanicipio EBITDA of US$1,206.3m, up 3.2% and an EBITDA margin of 44.6% ● ● ● Cash generated from operations, before changes in working capital, of US$1,208.3m, up 3.4% 10 Maintained a strong balance sheet with cash and other liquid funds as at 31 December 2021 of US$1,235.3m Invested US$592.1 million in capex and US$130.3 million on exploration expenses to underpin our future growth Final dividend of US$176.9m (24.0 US cents per share) Payout ratio of ~50% after adjustments, in line with our stated dividend policy * Prior to Silverstream valuation effects Free cash flow calculated as net cash from operating activities plus Silverstream contract, proceeds from the sale of PPE and the layback agreement, less purchase of PPE, capital contributions and financial expenses & foreign exchange effects. Adjusted production costs are calculated as cost of sales less depreciation, profit sharing, hedging, change in inventories and unproductive costs#11OPERATIONAL & PROJECTS PERFORMANCE TOMÁS ITURRIAGA FRESNILLOⓇ#12● ● ● 2021 PRELIMINARY RESULTS Fourth wave of Covid-19 reached Mexico We began to see the impact of this in terms of staff absenteeism from the 2nd week of December and this accelerated throughout the first few weeks of 2022 Strict protocols and preventive measures remain in place across the operations In line with the WHO guidelines, we reduced the required isolation period from 14 to 7 days 4000 3000 COVID-19 2000 1000 0 7/17 September Number of Covid cases across Fresnillo October November December January February - ● ● ● ● LABOUR SHORTAGE VACANCIES New labour reform in Mexico came into effect from 1st September 2021, restricting our ability to subcontract labour, impacting the availability of mining personnel & availability and utilisation of associated equipment Underground operations experienced a greater impact while open pit operations now close to fully staffed. We are planning for three quarters of disruption before recovery in 4Q22 Further exacerbated by the existing skills shortage in Mexico's mining sector, we saw an increase in vacancies and rotation levels We are implementing intensive recruitment campaigns, increasing our focus on training and launching initiatives to improve workforce retention % 20 16 12 8 4 0 July Rotation as % of workforce at Fresnillo & Saucito August October September November December 500 400 300 200 Fresnillo Saucito 100 0 Total number of contractor & unionised vacancies at Fresnillo & Saucito www May June July August September October 12 November December Fresnillo Saucito#132021 PRELIMINARY RESULTS - OPERATIONS FRESNILLO KEY ACTIONS New pumping station now operating San Carlos shaft deepening concluded, final infrastructure and equipment instillation ongoing - expected to be concluded this year . ● ● ● ● Implementing intensive recruitment campaigns, increasing our focus on training & launching initiatives to improve workforce retention Expect to regain a development rate of 2,900 to 3,100 m per month on average during 1H22 Subject to permits being obtained, ramp up the Pyrites Plant at Fresnillo *Includes production from Phase II of the Pyrites Plant **As of 31 May 2021 Production Million Ounces 20 15 5 0 2018 KEY OPERATING HIGHLIGHTS Silver production - moz Gold production - koz Cash cost - US$/oz of Ag AISC - US$/oz of Ag Reserves 2021 ** 2019 Resources 2021 ** 2020 2021 Silver Production Silver Ore Grade Production guidance range 2021 12.0 33.7 5.4 16.3 2022e* Grade 300 250 200 150 13 100 Grams/tonne 2020 13.1 38.4 5.9 12.9 99.5 moz Ag, 305 koz Au 796.7 moz Ag, 1,750 koz Au#14KEY ACTIONS Continue the installation of geomechanical monitoring equipment in areas of increased seismicity ● ● 2021 PRELIMINARY RESULTS OPERATIONS SAUCITO ● Implementing intensive recruitment campaigns, increasing our focus on training & launching initiatives to improve workforce retention Target a return to an average development rate of more than 3,000 metres a month Increase volumes of ore processed to nameplate capacity Undertake a pilot third-party review of full planning cycle (short, mid and long term) *Includes production from Phase I of the Pyrites Plant **As of 31 May 2021 Production Million Ounces 20 15 LO 5 0 2018 KEY OPERATING HIGHLIGHTS Silver production* - moz Gold production* - koz Cash cost US$/oz of Ag AISC - US$/oz of Ag Reserves 2021 ** 2019 Resources 2021 ** 2020* Silver Production Silver Ore Grade Production guidance range H 2021* 2021 13.0 90.7 (0.79) 9.5 2022e* 350 300 250 200 150 100 14 Grade Grams/tonne 2020 16.5 88.3 0.76 6.9 124.9 moz Ag, 586 koz Au 505.3 moz Ag, 2,182 koz Au#15SAN JULIÁN ● ● ● ● ● CIÉNEGA Operationally in-line with expectations Labour reform impacted development rates and equipment availability in 2H21 Lower volume of ore processed impacted by an electrical outage during the year ● 2021 PRELIMINARY RESULTS - OPERATIONS OTHER OPERATIONS ● HERRADURA Strong operational performance As the scope of the Carbon in Column project increased, construction will now be finished in mid 2022 Concluded the conversion of our haulage fleet to the dual fuel system ● Strong operational performance Higher than expected ore grade at the DOB Operational continuity of the DOB mine was maintained, with no geotechnical issues detected Lower volume of ore processed driven by two electricity outages during the year ● NOCHE BUENA The mine closure plan commenced, with ore extraction from the pit expected to end mid- 2022 15#16● ● ● ● ● 2021 PRELIMINARY RESULTS JUANICIPIO (JV WITH MAG SILVER. FRESNILLO: 56%) The construction of the Juanicipio plant was delivered on schedule during 4Q21 Now focusing on complying with the new requirements from the state owned electricity company and the energy regulator to complete the tie-in to the national power grid. As a result, the mill commissioning timeline was extended by approximately six months Two of the four power shutdowns completed, two more to go before the tie-in To mitigate potential adverse effects, Fresnillo will make available any unused plant capacity at its Fresnillo and Saucito operations to process material produced at Juanicipio The plant is expected to achieve 85-90% of nameplate capacity by the end of 2022 Commissioning of Juanicipio will drive increased silver production and lower consolidated group costs PROJECTS Beneficiation plant Milling area ▬ Flotation cell lines - Lead and Zinc Electrical sub-station 16#1725 RESERVES, RESOURCES & EXPLORATION UPDATE GUILLERMO GASTÉLUM FRESNILLOⓇ#18RESERVES & RESOURCES STRONG SILVER RESOURCE & RESERVES BASES SILVER RESOURCES 2,320Moz 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 600,000 500,000 400,000 300,000 200,000 100,000 2,292,509 0 Resources 2020 79,723 12,682 SILVER RESERVES 419,825Koz 457,518 Tonnes: -1.2% Ag grade: +12.7% 2021 Ag resources: 797 moz (+11.1%) Fresnillo Reserves 2020 San Julián Veins 18,782 7,831 San Julián Veins Lucerito 894 4,973 Tonnes: 52.2% Ag grade: 19.6% 2021 Ag reserves: 41.6 moz (+82.3%) Ciénega Total silver resources 3,853 Guanajuato Pilarica 2,992 -1,404 Others Total silver reserves -9,818 2020 Juanicipio 2,292,509 2,319,687 27,179 -2,382 -9,538 -12,118 -60,199 Tonnes: -7.2% Ag grade: -3.7% 2021 Ag resources: 505 moz (-10.6%) Cienega 2020 457,518 2021** -14,660 Juanicipio San Julián DOB Saucito San Julián DOB 2021** 419,825 -31,486 Tonnes: -14.1% Ag grade: -11.7% 2021 Ag reserves: 99.5 moz (-24.0%) Koz Fresnillo CHANGE Saucito 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 1.20). *For Resources: At 2021 group production levels using only Measured and Indicated Resources, for Reserves: At 2021 group production levels. ** Using a cut-off date of 31st May 2021 for all mines except Juanicipio, which used a cut-off date of 31 December 2021. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Koz -37,693 % +1.2% 2,319,687 CHANGE Resources 2021 419,825 Reserves 2021 % -8.2% RESOURCES ● ● ● ● Total of 2,320 moz silver resources (23.6 years of equivalent production*) RESERVES Resources increased 1.2% vs. 2020, primarily due to successful exploration at Fresnillo and San Julián (Veins), partly offset by depletion and a higher cut off grade at Saucito and San Julián (DOB) ● 18 Majority of the decrease seen at Saucito was from the inferred category Reserves decreased 8.2% vs. 2020 • Total of 419.8 moz silver reserves (8.4 years of equivalent production*) • Reduction of reserves mainly due to depletion and infill drilling results below expectations at Fresnillo, and depletion at Saucito and San Julián (DOB), mitigated by exploration at San Julián (veins) Majority of drilling focused on infill, certifying the reserves rather than step-out, increasing reserves#19RESERVES & RESOURCES STRONG GOLD RESOURCE & RESERVE BASES GOLD RESOURCES 39.0Moz 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 10,000 8,000 GOLD RESERVES 7,834koz 6,000 4,000 2,000 551 38,925 0 8,473 194 85 Tonnes: +111.6% Au grade: -4.1% 2021 Au resources: 1,093 koz (+101.7%) 94 73 29 Resources Tajitos Guanajuato Fresnillo Lucerito Centauro Candamena Rodeo 2020 Profundo 67 -5 41 Reserves San Julián Juanicipio San Julián 2020 Veins DOB Total gold resources -12 31 22 Others -25 -35 Saucito Orisyvo Total gold reserves -73 2020 38,926 38,975 -104 Fresnillo -119 2021** 2020 Tonnes: +0.7% Au grade: -8.2% 2021 Au resources: 7,597 koz (-6.8%) 8,437 -110 -201 Noche Buena 2021** 7,834 Tonnes: -4.0% Ag grade: -3.9% 2021 Au reserve: 5,638 koz (-8.2%) Saucito Cienega Noche Herradura Reources Buena 2021 -501 Koz 51 CHANGE -555 Koz Cienega Metal prices used for 2021 estimation: All open pit mineral resources are reported within pit shells run at a US$1,600/oz Au, Silver (US$/oz 18.50), Lead (US$/lb 0.90) and Zinc (US$/lb 1.20). *For Resources: At 2021 group production levels using only Measured and Indicated Resources, for Reserves: At 2021 group production levels. ** Using a cut-off date of 31st May 2021 for all mines except Juanicipio, which used a cut-off date of 31 December 2021. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. % -603 +0.1% CHANGE 38,975 % -7.1% 7,834 Herradura Reserves 2021 RESOURCES • Total of 39.0 moz silver resources (37 years of equivalent production*) Resources remained stable year-on-year RESERVES Reserves decreased 7.1% vs. 2020 • Total of 7,834 koz gold reserves (10.4 years of equivalent production*) 19 • Reduction of reserves primarily due to depletion at Herradura and Noche Buena Proven reserves reported at our open pit operations#202021 PRELIMINARY RESULTS - PROJECTS STRONG PROJECTS FOR THE FUTURE - ORISYVO, RODEO & GUANAJUATO ORISYVO (GOLD) ● ● ● ● In 2021, we concluded a detailed metallurgical investigation, confirming good recoveries in the oxide zone and improving recovery rates in the sulphides. 70% progress in geotechnical drill programme Conceptual mining and ore processing scenarios in study. Prefeasibility study scheduled to be completed in 2023 Baseline environmental, social, energy, hydrological studies, amongst others, are on-going Expected avg. annual gold production: 140-165 koz Resource: 9.6 moz Au (based on an open pit shell) RODEO (GOLD) In 2021, we refined the preliminary economic assessments. Detailed metallurgical investigation, infrastructure and hydrological studies are on-going ● ● ● Strengthened a region-wide community relations programme In 2022, we aim to reach agreements with local communities regarding access to land Expected avg. annual gold production: 130-150 koz Resources of 1.3 moz Au, 13.8 moz Ag GUANAJUATO (SILVER / GOLD) ● ● ● ● 20 49,047 metres of core drilling was completed in 2021 Both the total and the indicated resources have increased and are approaching a critical mass which will be best evaluated in an updated PEA expected to be completed in 2023 Central Zone Resources of 1,013 koz Au, 37.9 moz Ag North Zone Resources of 437 koz Au, 19.7 moz Ag South Zone - Resources of 243 koz Au, 43.0 moz Ag#212021 PRELIMINARY RESULTS - EXPLORATION UPDATE Fresnillo Saucito Herradura Nochebuena Soledad & Dipolos* Mine San Julián Ciénega Operations 55 % Development Projects (Juanicipio) PEA - Feasibility (Orisyvo, Rodeo, Guanajuato) 2022 Budget: US$ 180m 19% Advanced Exploration (Tajitos, Pilarica/Perú, San Juan, Candameña) * Operations at Soledad & Dipolos are currently suspended. Early stage drilling (18) (Mex. Nuevo, M. Cristo, Capricornio/Chile, Supaypacha/Perú) 20% Prospecting and drill target generation (32) (Santo Domingo/Perú, Pencahue/Chile, Urite, Buenavista, Morita) Systematic Project Generation ↑↑ 6% 2021 Highlights: ■ I I ■ ■ Proven reserves reported at open pit operations Additional gold and silver-bearing veins discovered at Fresnillo, San Julián and Guanajuato Districts 2022 Targets I ■ ■ 21 " N Invested US$140.1 million in risk capital in exploration during the year Drilled a total of 835,396 metres, 91% of which was focused on brownfield Upgrade mineral resources into ore reserves at all our operating mines Aim to report proven reserves for all operating assets Complete geotechnical drilling at Orisyvo and baseline studies in order to update the Pre-feasibility study Reach agreements for land access at Rodeo and start an intensive, multipurpose drill programme Increase the rate of drilling in the Guanajuato District, focusing on both high grade gold-silver veins and lower grade ores amenable to underground bulk mining Advance the drilling programmes in the priority advanced and early stage exploration projects; conduct first round of drilling in new prospects#22BRINDA mineARC ELTEMS MARA DE LIGIO nesAFE FINANCIAL PERFORMANCE MARIO ARREGUÍN FRESNILLOⓇ#232021 PRELIMINARY RESULTS - INCOME STATEMENT (IFRS) (MILLION USD) CONCEРТ 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 ADMINISTRATIVE EXPENSES CORPORATE 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 SPECIAL MINING RIGHTS INCOME TAX EXPENSE PROFIT FOR THE PERIOD ATTRIBUTABLE TO: EQUITY SHAREHOLDERS OF THE GROUP MINORITY INTEREST EBITDA ACCUM DECEMBER 2021 2,847.9 (1.4) (143.5) 2,703.1 (1,255.1) (15.6) (528.2) 3.8 29.6 (0.8) (1,766.2) 936.9 (61.2) (42.3) (130.3) (11.3) (25.0) 666.7 (0.4) (52.9) (1.9) 611.5 (16.6) (156.5) 438.5 421.2 17.3 438.5 1,206.3 % 100.0 100.0 (44.4) (0.8) (20.8) 0.2 2.7 (0.7) (0.0) (65.3) (1,550.7) (63.8) 36.2 34.7 (46.4) (1,079.1) (0.6) (19.5) 0.1 1.1 (18.7) (505.4) 4.1 (2.3) (1.6) (4.8) (0.4) (0.9) 24.7 0.0 (2.0) (0.1) 22.6 (0.6) (5.8) 16.2 15.6 0.6 2020 16.2 2,608.1 2.4 (180.4) 2,430.1 44.6 66.4 (18.0) 879.4 (56.5) (36.9) (107.3) (4.8) (24.1) 649.7 71.0 (129.1) (40.3) 551.3 (35.0) (140.6) 375.6 374.1 1.5 375.6 % 1,169.1 (2.3) (1.5) (4.4) (0.2) (1.0) 26.7 2.9 (5.3) (1.7) 22.7 (1.4) (5.8) 15.5 15.4 0.1 15.5 48.1 $ CHANGE 239.8 (3.7) 36.9 273.0 (176.0) 3.2 (22.8) (0.3) (36.7) 17.2 (215.5) 57.6 (4.7) (5.5) (23.0) (6.5) (0.9) 17.1 (71.4) 76.2 38.4 60.3 18.5 (15.8) 62.9 47.1 15.8 62.9 37.2 % 9.2 N/A 20.5 11.2 (16.3) 17.0 (4.5) (7.7) (55.3) 95.6 (13.9) 6.5 (8.3) (14.8) (21.4) (134.0) (3.9) 2.6 N/A 59.0 95.3 10.9 52.7 (11.3) 16.8 12.6 1,087.7 16.8 3.2 23#242021 PRELIMINARY RESULTS - CONSOLIDATED COST INFLATION 2021 (USD BASED) Labour Operating Materials Energy Contractors Freights Maintenance Insurance Unionized Personnel Employees Weighted Others TOTAL Electric Energy Diesel Gasoline Weighted Unit Price Increase % (*) Not including Depreciation and Profit Sharing 12.9% 10.2% 12.0% 6.4% 12.6% 21.8% 18.3% 18.0% 9.5% 4.5% 7.0% 15.3% Consolidated -0.3% Weight (*) 6.4% 3.2% 17.6% 7.0% 9.8% 1.7% 32.0% 15.8% 0.9% 0.8% 4.7% Weighted Average 0.8% 0.3% 1.1% 0.9% 2.1% 0.3% 3.1% 0.7% 0.1% 0.1% 0.0% 9.55% Note: Excluding the effect of the revaluation of the MXP/USD on peso denominated costs, inflation would have been 6.0% 24#252021 PRELIMINARY RESULTS - ADJUSTED PRODUCTION COST ANALYSIS (CONSOLIDATED) USD MILLION 250.0 225.0 200.0 175.0 150.0 125.0 100.0 75.0 50.0 25.0 0.0 66.20 Cost inflation excluding the MXP/USD revaluation effect Adjusted Production Cost Change in inventories and others Depreciation PTU Hedging (Exchange Rate) Cost of Sales O 36.04 MXP/USD Revaluation effect (5.6%) 41.16 Increased haulage and infrastructure contractors, maintenance and repairs, operating materials and additional personnel 3 12.10 Higher stripping at Herradura 4 2021 1,255.1 -28.9 528.2 15.6 -3.8 1,766.2 32.05 Higher volume moved at Herradura (COVID-19 effects 2020) 19.72 Higher volume moved at Noche Buena 6 2020 1,079.1 -48.4 505.4 18.7 -4.1 1.550.7 14.04 Costs at Juanicipio due to start of operations $ +176.0* +19.5 +22.8 -3.2 +0.3 +215.5 (1.81) Others CHANGE 8 % +16.3 +40.3 +4.5 -17.0 +7.7 +13.9% (43.50) Lower volume processed at Saucito (-12%), Fresnillo (-5%), San Julián (DOB -7% and Veins -4%) and Ciénega (-3%) 176.00 Increase in Adj. Production Cost 10) 25#26نما s 00 N Higher Metal Prices New Juanicipio Operation 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0 Lower treatment and refining charges Others Higher stripping at Herradura Higher volume moved at Herradura (COVID-19 effects 2020) Higher depreciation Net effect of lower volume processed Increased haulage and infrastructure contractors, maintenance and repairs, operating materials and additional personnel Reassessment of gold inventory at Herradura leaching pads Cost inflation including the MXP/USD revaluation effect YTD21 Gross Profit 57.56 (102.23) (57.95) 253.38 (41.16) 53.45 (22.83) (40.89) 36.93 (32.05) 23.02 (12.10) USD MILLION Gross Profit 936.9 2021 879.4 2020 $ +57.6* +6.5% % (CONSOLIDATED) CHANGE 2021 PRELIMINARY RESULTS - GROSS PROFIT ANALYSIS 26#272021 PRELIMINARY RESULTS - INCOME STATEMENT (IFRS) ACCUM DECEMBER (MILLION USD) 2021 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 ADMINISTRATIVE EXPENSES CORPORATE 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 SPECIAL MINING RIGHTS INCOME TAX EXPENSE PROFIT FOR THE PERIOD ATTRIBUTABLE TO: EQUITY SHAREHOLDERS OF THE GROUP MINORITY INTEREST EBITDA 2,847.9 (1.4) (143.5) 2,703.1 (1,255.1) (15.6) (528.2) 3.8 29.6 (0.8) 936.9 (46.4) (1,079.1) (0.6) (18.7) (19.5) (505.4) 0.1 4.1. 1.1 66, (0.0) (1,766.2) (65.3) (0.4) (52.9) (1.9) 611.5 (16.6) (156.5) (61.2) (42.3) FUT (1.5) (130.3) (4.8) (107.3) (4.4) (11.3) (0.4) (4.8) (0.2) (0.9) (24.1) (1.0) (25.0) 666.7 438.5 % 421.2 17.3 438.5 1,206.3 2,608.1 2.4 (180.4) 100.0 2,430.1 100.0 (44.4 34.7 24.7 0.0 (2.0) (0.1) 22.6 (0.6) (5.8) 2020 % 16.2 15.6 0.6 16.2 44.6 649.7 71.0 2.9 (129.1) (5.3) (40.3) (1.7) 551.3 (35.0) (140.6) 375.6 374.1 1.5 375.6 26.7 1,169.1 22.7 (1.4) (5.8) 15.5 15.4 0.1 15.5 48.1 7 > Fresnillo Saucito Ciénega ACCUM DEC 2021 Operating Units > ➤ San Julián > Herradura > Noche Buena > San Ramón Projects ➤ ► Juanicipio 7 Guanajuato ➤ Valles > Orisyvo > Centauro Deep Prospects 7 Sonora ➤ Chile > Zacatecas - Perú Durango > Nayarit > Chihuahua Regional Prospecting Mining Rights Fixed Assets Parreña Total Risk Cap. Inv. Exp. Capitalized Exp. Total Exploration Exp. CF CPTS 6.1 15.0 6.4 22.6 6.1 1.0 0.3 57.4 8.1 9.1 5.1 5.3 0.2 27.9 1.4 8.2 8.4 2.9 0.9 0.1 0.2 22.1 10.7 21.5 0.6 140.1 (9.8) 130.3 27#282021 PRELIMINARY RESULTS - CASH FLOW (IFRS) (MILLION USD) CASH FLOW (USD MILLION) CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL WORKING CAPITAL INCOME TAX AND PROFIT SHARING PAID NET CASH FROM OPERATING ACTIVITIES OTHER PROCEEDS PROCEEDS FROM THE LAYBACK AGREEMENT SILVERSTREAM CONTRACT PROCEEDS FROM THE SALE OF PROPERTY, PLANT AND EQUIPMENT DEBT RESTRUCTURING CAPITAL CONTRIBUTIONS / LOANS BY MINORITY SHAREHOLDERS OTHERS TOTAL OTHER PROCEEDS PURCHASE OF PROPERTY, PLANT AND EQUIPMENT DIVIDENDS PAID TRANSACTIONS COSTS SENIOR NOTES FINANCIAL EXPENSES AND FOREIGN EXCHANGE EFFECTS 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 ACCUM DECEMBER 2021 1,208.3 58.0 (371.1) 895.1 25.0 49.0 6.0 0.0 73.6 (6.5) 147.2 (592.1) (245.6) 0.0 (39.9) (877.5) 164.9 1,070.4 1,235.3 2020 1,168.7 (129.8) (121.3) 917.7 0.0 33.7 0.3 350.0 63.8 (5.8) 442.0 (412.3) (104.7) (64.7) (44.1) (625.8) 733.8 336.6 1,070.4 CHG. YTD 2020 $ % 39.5 187.8 (249.9) (22.5) 25.0 15.3 5.8 (350.0) 9.9 (0.7) (294.8) (179.7) (140.9) 64.7 4.3 (251.7) (569.0) 733.8 164.9 3.4 N/A (206.0) (2.5) N/A 45.3 2,173.5 N/A 15.5 (12.0) (66.7) (43.6) (134.6) N/A 9.7 (40.2) (77.5) 218.0 15.4 28#292021 PRELIMINARY RESULTS - CASH (MILLION USD) CASH FLOW (IFRS) CASH FLOW (USD MILLION) CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL WORKING CAPITAL INCOME TAX AND PROFIT SHARING PAID NET CASH FROM OPERATING ACTIVITIES OTHER PROCEEDS PROCEEDS FROM THE LAYBACK AGREEMENT SILVERSTREAM CONTRACT PROCEEDS FROM THE SALE OF PROPERTY, PLANT AND EQUIPMENT DEBT RESTRUCTURING CAPITAL CONTRIBUTIONS / LOANS BY MINORITY SHAREHOLDERS OTHERS TOTAL OTHER PROCEEDS PURCHASE OF PROPERTY, PLANT AND EQUIPMENT DIVIDENDS PAID TRANSACTIONS COSTS SENIOR NOTES FINANCIAL EXPENSES AND FOREIGN EXCHANGE EFFECTS 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 ACCUM DECEMBER 2021 1,208.3 58.0 (371.1) 895.1 25.0 49.0 6.0 0.0 73.6 (6.5) 147.2 (592.1) (245.6) 0.0 (39.9) (877.5) 164.9 1,070.4 1,235.3 2020 1,168.7 (129.8) (121.3) 917.7 0 33 442 (412 (104 (64 (44 (625 733 336 1,070.4 . CHG. YTD 2020 $ % 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 . 39.5 187.8 (249.9) (22.5) ● 3.4 N/A (206.0) (2.5) > 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 Pu hase of in-mine equipment Tailings dam construction > 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$248.2 million ➤ Others US $0.7 29#302021 PRELIMINARY RESULTS - Concept Assets Cash and Investments Trade and Other Receivables Inventories Prepaid Expenses Silverstream Derivative Financial Instruments Property, Plant and Equipment Other Assets (Long term) Total Assets Liabilities Profit Sharing Other Liabilities (Short term) Retirement and Pension Plan Reserves Deferred Taxes Senior Notes Other Liabilities (Long term) Total Liabilities Share Capital and Share Premium Share Capital Subscribed Retained earnings Other Accounts BALANCE SHEET (IFRS) Stockholder's Equity Minority Interest Total Stockholder's Equity Total Liabilities and Stockholder's Equity 31-DEC-21 1,235.3 401.4 487.8 20.3 529.5 0.1 2,799.1 294.0 5,767.5 16.5 444.4 6.5 68.7 1,157.5 271.1 1,964.8 1,153.8 368.5 2,543.1 (447.3) 3,618.1 184.5 3,802.7 5,767.5 31-DEC-20 1,070.4 512.9 443.2 18.2 576.1 6.3 2,708.2 336.7 5,672.1 21.5 313.3 12.0 295.6 1,156.7 258.4 2,057.5 1,153.8 368.5 2,363.3 (406.6) 3,479.0 135.6 3,614.6 5,672.1 Change % 15.4 (21.7) 10.1 11.4 (8.1) (98.5) 3.4 (12.7) 1.7 (23.5) 41.9 (45.7) (76.7) 0.1 4.9 (4.5) 0.0 0.0 7.6 10.0 4.0 36.1 5.2 1.7 30#312022 OUTLOOK OCTAVIO ALVÍDREZ FRESNILLOⓇ#322021 PRELIMINARY Production guidance range +/- 5% Million Oz 70 60 50 40 30 20 10 0 Thousand Tons 80 70 60 50 40 30 20 10 0 2021 * Including Silverstream production. RESULTS EXPECTED ATTRIBUTABLE PRODUCTION PROFILE 2021 Silver 2022 * Lead 2022 2023 2023 2024 2024 Thousand Oz 800 700 600 500 400 300 200 100 0 Thousand Tons 120 100 80 60 40 20 2021 0 Gold 2021 2022 Zinc 2023 0000 2022 2024 2023 2024 32#332021 PRELIMINARY RESULTS - CAPEX SPEND EXPECTATIONS Forecast 2022 Sustaining (Operations) Fresnillo Saucito Ciénega San Julián Herradura Noche Buena Others Projects Approved Juanicipio Pyrites Plant Fresnillo Adequation US$ Million 115.0 M 154.9 M 50.8 M 67.9 M 170.8 M 1.2 M 8.7 M 112.2 M 6.2 M 1.1 M *Projects not approved are not considered. Million Usd 900 800 700 600 500 400 300 200 100 0 595 2021 690 2022 Sustaining (Operations) 33 Increase in sustaining capex seen in 2022 driven by a one off purchase of equipment to substitute for loss of contractor equipment following labour reform. Expected to be offset through lower contractors costs in the mid-term 535 2023 490 2024 New Projects Approved#342021 PRELIMINARY RESULTS - CONSOLIDATED OUTLOOK I I I 1 Investment (US$ million) 155 440* 3 Expected Avg. Annual Production 3.5 moz Ag & 13 koz Au 2 11.7 moz Ag & 43 koz Au 130-150 koz Au 140 165 koz Au APPROVED BY THE BOARD PROJECT PYRITES PLANT (Optimization project) JUANICIPIO RODEO YEAR ORISYVO 2021 SUBJECT TO ONGOING INTERNAL REVIEW (SUBJECT TO BOARD APPROVAL) ENERGY SUPPLY MINE DEVELOPMENT & CONSTRUCTION 2022 1. Estimated. 2. Total average annual production. 3. Total investment (of which 56% Fresnillo plc; 44% MAG Silver) as of 1st January 2018. ENERGY SUPPLY 2023 INFILL DRILLING EXPLORATION, FEASIBILITY, DEVELOPMENT & CONSTRUCTION 2024 SUBJECT TO PRE-FEASIBILITY & FEASABILITY ASSESSMENT PRODUCTION PRODUCTION FINAL METALLURICAL TESTING, FEASABILITY, DEVELOPMENT & CONSTRUCTION 2025 2026 PRODUCTION PRODUCTION 34#352021 PRELIMINARY RESULTS - CONCLUDING REMARKS WORLD-CLASS ASSETS JUANICIPIO PRIMED TO ADD SIGNIFICANT SILVER PRODUCTION, DESPITE SHORT TERM GRID CONNECTION DELAYS SIZEABLE RESOURCES CONSIDERABLE SCOPE FOR MEDIUM-TERM GROWTH WITH HIGH POTENTIAL PROJECTS SAFETY, ENVIRONMENTAL CARE AND COMMITMENT TO OUR LOCAL COMMUNITIES CENTRAL TO EVERYTHING WE DO A CLEAR PLAN TO RESOLVE OPERATIONAL CHALLENGES ADAPTED BUSINESS MODEL TO DEAL WITH LABOUR REFORM 35 STRONG EXPLORATION POTENTIAL, BACKED BY PROSPECTIVE LAND CONCESSIONS - MEXICO, CHILE AND PERU#36al 记 APPENDIX FRESNILLOⓇ#37GRADE EXPECTATIONS FOR 2022 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 Herradura Noche Buena 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 Open pit gold Open pit gold FY 2022e 0.50-0.70 1.10-1.20 1.35-1.55 1.20-1.40 0.65-0.75 0.40-0.50 FY 2022e 190-210 175-195 120-130 150-170 145-155 37 2021 0.68 1.46 1.42 0.10 1.27 0.76 0.59 2021 186 183 119 221 153 2.05 0.19#382021 PRELIMINARY RESULTS - OPERATIONS FRESNILLO 2021 SUMMARY . ● Performance improved in 1H20, although operational challenges & the labour reform limited progress and necessitated a change in priorities Development rates and equipment availability were both impacted by the labour reform in 2H 2021 • Automated drilling averaged 215 holes a month, a 119% increase YoY • Connection of the new lead and zinc circuit at the Fresnillo flotation plant was completed in early 2021 • San Carlos shaft deepening concluded, final infrastructure and equipment instillation ongoing *Includes production from Phase II of the Pyrites Plant **As of 31 May 2021 ● The start-up of the pyrites plant was delayed to mid 2022 due to new requirements to complete the tie-in to the power grid 2022 PRIORITIES • Maintain strict safety protocols Mitigate the impact of the labour reform • Conclude the deepening of the San Carlos shaft project ● Regain a rate of 2,900 to 3,100 m per month on average during 1H22 • Subject to permits being obtained, start up the pyrites plant at Fresnillo and ramp up to nameplate capacity Production Million Ounces 20 15 5 0 2018 KEY OPERATING HIGHLIGHTS Silver production - moz Gold production - koz Cash cost US$/oz of Ag AISC - US$/oz of Ag Reserves 2021 ** 2019 Resources 2021 ** Silver grade in reserve 2020 2021 Silver Production Silver Ore Grade Production guidance range 2021 12.0 33.7 5.4 16.3 2022e* Grade 300 250 200 150 38 100 Grams/tonne 2020 13.1 38.4 5.9 12.9 99.5 moz Ag, 305 koz Au 796.7 moz Ag, 1,750 koz Au 234 g/t 265 g/t#392021 PRELIMINARY RESULTS SAUCITO 2021 SUMMARY Labour reform impacted development rates and equipment availability in 2H21 ● ● Increased seismicity in the Jarillas vein limited access to higher ore grade areas, requiring additional development to recapture operational flexibility • The deepening of the shaft advanced, though at a slower than expected pace *Includes production from Phase I of the Pyrites Plant **As of 31 May 2021 2022 PRIORITIES Maintain strict safety protocols Mitigate the impact of the labour reform Target a return to an average development rate of more than 3,000 metres a month Continue the implementation of projects to improve infrastructure including the deepening of the Jarillas shaft, ventilation and pumping infrastructure ● ● OPERATIONS ● • Increase volumes of ore processed to nameplate capacity towards 4Q22 Complete third-party review of full planning cycle (short, mid and long term) Production Million Ounces 20 15 LO 5 0 ||| 2019 2018 KEY OPERATING HIGHLIGHTS Silver production* - moz Gold production* - koz Cash cost - US$/oz of Ag AISC - US$/oz of Ag Reserves 2021 ** Resources 2021 ** Silver grade in reserve 2020* Silver Production Silver Ore Grade Production guidance range H 2021* 2021 13.0 90.7 (0.79) 9.5 2022e* 350 300 250 200 150 100 39 Grade Grams/tonne 2020 16.5 88.3 0.76 6.9 124.9 moz Ag, 586 koz Au 505.3 moz Ag, 2,182 koz Au 219 g/t 303 g/t#402021 PRELIMINARY RESULTS SAN JULIÁN (VEIN SYSTEM) KEY OPERATING HIGHLIGHTS Gold production - koz Silver production moz Cash cost US$/oz of Ag AISC - US$/oz of Ag Reserves 2021 * Resources 2021 Silver grade in reserve 2021 SUMMARY Higher than expected ore grade at the DOB Operational continuity of the DOB mine was maintained, with no geotechnical issues detected ● ● * • Semi-autonomous drilling represented 63% of the total metres drilled during the year, versus 41% in 2020 *As of 31 May 2021 OPERATIONS SAN JULIÁN (DISSEMINATED ORE BODY) 2021 2020 KEY OPERATING HIGHLIGHTS 51.8 61.8 Gold production - koz 4.2 4.0 Silver production - moz 1.8 (6.0) Cash cost US$/oz of Ag 14.0 AISCUS$/oz of Ag 5.0 41.6 moz Ag, 293 koz Au Reserves 2021 * 122.9 moz Ag, 1,040 koz Au 244 g/t Resources 2021 Silver grade in reserve 204 g/t • Lower volume of ore processed driven by two electricity outages during the year 2022 PRIORITIES • Maintain strict safety protocols Mitigate the impact of the labour reform ● ● Continue exploration in the region, targeting a similar disseminated ore body 2021 2020 3.1 9.3 7.0 8.9 33.0 moz Ag, 18 koz Au 64.2 moz Ag, 38 koz Au 162 g/t 167 g/t 40 4.0 12.5 4.8 6.3 • Conclude a pilot project to confirm the feasibility for the extraction of ore panels under paste fill. Begin the construction of the third phase of the tailings dam#412021 PRELIMINARY RESULTS - OPERATIONS CIÉNEGA 2021 SUMMARY • Labour reform impacted development rates, equipment availability, tonnage and grade in 2H21 Lower volume of ore processed impacted by an electrical outage during the year Construction of stage one of the third tailings dam was concluded *As of 31 May 2021 2022 PRIORITIES • Maintain strict safety protocols Mitigate the impact of the labour reform • Advance exploration programmes to generate resources ● KEY OPERATING HIGHLIGHTS Silver production - moz Gold production - koz Cash cost - US$/oz of Au AISC - US$/oz of Au Reserves 2021 * Resources 2021 * Gold grade in reserve Silver grade in reserve 2021 5.4 48.8 (523.1) 656.1 41 2020 5.8 64.1 (276.2) 618.3 34.6 moz Ag, 330.8 koz Au 142.1 moz Ag, 1,647 koz Au 1.03 g/t 2.36 g/t 199 g/t 232 g/t#422021 PRELIMINARY RESULTS - OPERATIONS HERRADURA 2021 SUMMARY • As the scope of the Carbon in Column project increased, construction will be finished in mid-2022 ● Concluded the conversion of our haulage fleet to the dual fuel system Construction of the 14th leaching pad was concluded • Several initiatives to reduce dust at loading bays were implemented . Despite the implementation of the labour reform, utilisation rates of our haulage fleet increased * As of 31 May 2021 TTI 2022 PRIORITIES • Maintain strict safety protocols Commission and ramp up the Carbon in Column project Begin to implement recommendations from the pit slope optimisation study Advance the construction of the 15th leaching pad KEY OPERATING HIGHLIGHTS Silver production - moz Gold production - koz Cash cost - US$/oz of Au AISC - US$/oz of Au Reserves 2021 * Resources 2021 Gold grade in reserve 2021 0.9 421.5 900.4 1,100.2 0.73 g/t 42 2020 1.3 425.3 727.9 881.9 5,638 koz Au 7,597 koz Au 0.76 g/t#432021 PRELIMINARY RESULTS OPERATIONS NOCHE BUENA 2021 SUMMARY • Cash cost decreased 11.1% The mine closure plan commenced, with ore extraction from the pit expected to end mid-2022 • The Carbon in Column plant continued to operate as expected ● * As of 31 May 2021 - 2022 PRIORITIES • Maintain strict safety protocols Close the open pit operation once reserves have been fully depleted Continue to extract ore from the leaching pads Conclude condemnation drilling to establish the absence of any further economical mineralisation KEY OPERATING HIGHLIGHTS Silver production - moz Gold production - koz Cash cost - US$/oz of Au AISC - US$/oz of Au Reserves 2021 * Resources 2021 Gold grade in reserve 2021 0.0 96.8 1,029.5 1,122.2 0.49 g/t 43 2020 0.0 88.0 1,158.5 1,502.9 215.6 koz Au 370.2 koz Au 0.51 g/t#442021 PRELIMINARY RESULTS TAILINGS STORAGE FACILITIES UPDATE We have completed a comprehensive upgrade of our approach to design, construction, operation and closure of our Tailings storage facilities (TSFs) Made up of internationally renowned experts, our Independent Tailings Review Panel (ITRP) advises on all aspects of our TSFs, meeting with the Company every two months and annually conducting four virtual and two field visits. Findings are presented to senior management for follow-up Focus is now moving from initial implementation to the documentation and institutionalisation of our governance framework in our Tailings Policy, which we expect to release in 2022 In 2021, the Company invested US$70 million on engineering studies and designs, construction of new TSF, buttressing of some of our TSF's, instrumentation, monitoring and surveillance Site Management • Mine Manger ● Regional Tailings Manager Engineer of Record • Accountable Executive ● Tailings Mangement & Stewardship Team ● Corporate Tailings Specialist Corporate Tailings Manager External Reviews • Independent Tailings Review Panel ● Dam Safety Inspections Dam Safety Reviews Governance of TSF's Tailings facilities at Saucito Group-level Oversight TSF Review Executive Committee 44#452021 PRELIMINARY RESULTS - CONTRIBUTION BY MINE AND BY METAL TO ADJUSTED REVENUES 2021 2021 ADJUSTED REVENUES 1: US$2,847.9 M By mine 7% 3% Gold Silver Lead Zinc TOTAL 6% Fresnillo Noche Buena Fresnillo 12% 27% Saucito San Julián DOB 16% Ciénega San Julián Veins Herradura 8% Ciénega 61.77 11.3% 345.73 63.5% 81.21 35.6% 122.02 53.6% 40.79 7.5% 7.97 3.5% 96.37 17.7% 16.60 7.3% 544.66 100% 227.80 100% 770.82 100% 1 Adjusted Revenue is revenue as disclosed in the income statement adjusted to exclude treatment and refining charges. 747.35 97.0% 23.47 3.0% 21% Saucito Herradura Juanicipio 150.29 25.1% 300.80 50.3% 50.34 8.4% 96.29 16.1% 597.71 100% Noche Buena 169.59 99.8% 0.35 0.2% 41% San Julián (DOB) 169.94 100% 9% By metal 4% Silver Lead San Julián Veins 3.82 1.1% 270.28 78.4% 18.35 5.3% 52.08 15.1% 344.54 100% 91.19 47.4% 101.28 52.6% 192.47 100% Gold Zinc 46% Consol 1,305.22 1,163.94 117.45 261.34 2,847.94 45.8% 40.9% 4.1% 9.2% 100% 45#462021 PRELIMINARY RESULTS - ADJUSTED PRODUCTION COST - 2021 2021 ADJUSTED PRODUCTION COST: US$1,255.1 M Maintenance & repairs 18% Own 16 % Ctrt. 2% Operating Materials 25% Own 18% Ctrt. 7% Personnel 17% Own 10% Ctrt. 7% Energy 20% Own 18% Ctrt. 2% Others 10% Own 9% Ctrt. 1% Equipment Ctrt. 10% * Includes: Freights, Taxes & Licenses, Insurance Costs, Computeer Leasing, Fees and Others. Costs from Contractors = 29% = US$372.8 M * 46#472021 PRELIMINARY RESULTS - GROSS PROFIT- 2021 2021 GROSS PROFIT: US$936.9M SAN JULIAN VEINS 1.2% SAN JULIAN DOB 17.3% NOCHE BUENA 2.5% HERRADURA 30.0% OTHERS 7.6% FRESNILLO 14.6% CIENEGA 4.5% SAUCITO 22.3% 47#482021 PRELIMINARY RESULTS - COSTS SUMMARY Cost per Tonne Mine Fresnillo Saucito San Julián Veins San Julián DOB Ciénega Herradura Noche Buena US$/Tonne ** 2021 84.69 89.80 81.46 39.20 US$/Tonne 86.11 21.70 10.97* * 2020 69.87 71.99 71.83 39.01 76.74 18.26 10.78 Consolidated * Change 21.2% 24.7% 13.4% 0.5% % Change 12.2% 18.9% 1.8% Per Gold Ounce Equivalent Gold Equivalent Ounces (Koz) Per Silver Ounce Equivalent Silver Equivalent Ounces (Moz) COSTS SUMMARY (IFRS) Cash Cost US$/ Silver Ounce 2021 5.44 (0.79) 1.83 4.84 2021 752.40 1,330.31 US$/ Gold Ounce (523.13) (276.20) 900.44 727.94 1,158.52 1,029.52 10.45 95.82 Cost per tonne is calculated total adjusted production costs divided by total volume of ore processed. Cost per tonne excluding unproductive costs. By-product 2020 ** 5.94 0.76 (5.95) 6.99 Cash Cost 2020 746.82 1,271.52 8.87 107.02 ** Change % -8.3% -204.2% -130.8% -30.8% Change -89.4% 23.7% -11.1% % 0.7% 4.6% 17.7% -10.5% US$/ Silver Ounce 2021 16.34 9.53 14.04 6.34 2021 AISC 1,095.59 1,330.31 US$/ Gold Ounce 656.11 1,100.20 1,122.21 15.21 95.82 2020 12.92 6.94 5.04 8.85 618.32 881.92 1,502.92 AISC 2020 1,045.29 1,271.52 12.42 107.02 Change % 26.5% 37.3% 178.4% -28.3% Change 6.1% 24.8% -25.3% % 4.8% 4.6% Cash cost per ounce is calculated as total cash cost (cost of sales plus treatment and refining charges less depreciation) less revenues from by-products divided by the silver or gold ounces sold. Note: All In sustaining cost is calculated as traditional cash cost plus on-site general, corporate and administrative costs, community costs related to current operations, capitalised stripping & underground mine development, sustaining capital expenditures and remediation expenses. 22.5% -10.5% 48#49NOTES 49