Full Year 2018

Preliminary results

Tuesday 26th February 2019

DISCLAIMER 2

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. 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.
AGENDA 3

• Strategic Performance

• HSECR

• 2018 Highlights

• Operational Performance

• Exploration Results

• Financials

• 2019 Outlook
INVESTMENT PROPOSITION 4

OUR KEY COMPETITIVE ADVANTAGES POSITION US TO MEET NEAR-TERM COMMITMENTS AND DRIVE LONG-TERM VALUE

HIGH QUALITY ASSETS LOW COST AND FLEXIBLE DISCIPLINED APPROACH TO COMMITMENT TO SUSTAINABLE STRONG BALANCE SHEET
OPERATIONS DEVELOPMENT BUSINESS PRACTICES

2.2 BNOZ OF SILVER

RESOURCES DEDICATED TEAMS
1ST QUARTILE ON THE WORLD CLASS PROJECT NET DEBT TO EBITDA OF
FOCUSED ON PROMOTING
SILVER COST CURVE PIPELINE 0.26X
39.1 MOZ OF GOLD AND SUPPORTING LOCAL
RESOURCES. COMMUNITIES
 COMMITMENT TO SUSTAINABLE BUSINESS PRACTICES 5

We believe that responsible mining is compatible with high stakeholder expectations in terms of ethical, social and environmental
performance, and recognise that our social licence to operate is dependent upon being trusted by our stakeholders.

HEALTH SAFETY ENVIRONMENT COMMUNITY RELATIONS

Occupational Health programme
ongoing – Over 70% reduction of new
cases year on year
Health weeks across our mining
districts benefitting 11,000 people
annually
Difficult year in terms of safety
“I care, we care” programme being
implemented across all of our
operations
Just under 10,000 employees received
training courses in 2018
Regret to report 5 fatalities in the
period
60% of electricity consumption comes
from wind power, aim to get to 75% by
the end of the year
Herradura and Saucito obtained the
Environmental Excellence Award
granted by the Federal Attorney for
Environmental Protection recognising
the highest level of environmental
compliance
We partner with the NGO
International Board on Books for
Young People, currently benefitting
8,186 children in 66 schools.
Community projects include working
in partnership with health
authorities to foster a preventive and
self-care culture.

For a second year, we are proud that our Environment, Social and Governance (ESG) performance was recognised by the inclusion of Fresnillo in the
FTSE4 GOOD UK 50 ranking
 TAILING SAFETY MANAGEMENT
Programme in
Place
Fresnillo plc has a programme in
place to review all its tailings dams.
Prior to the construction of a dam, a
number of studies are undertaken by
the company and CNA (National
Commission for Water) to confirm an
area is suitable.
6
Peer reviewed by Tailing Dams in
international specialists our Portfolio
In 2016, all dams were independently Fresnillo plc has a mix of upstream and
audited. downstream dams, all of which comply
with both Mexican & Canadian standards.
International consultancy group appointed
in 2018, to conduct an on-going audit of all Fresnillo district – upstream method.
dams.
Ciénega, Herradura and San Julián districts
The CNA periodically reviews all dams on - downstream method.
an on-going basis.
Mass movement scenario analysis also
undertaken at all each units.
2018 FULL YEAR RESULTS - HIGHLIGHTS 7

SILVER PRODUCTION
80
Operational Highlights

Production (moz)
60
40
• Record annual silver production of 61.8 moz (including Silverstream) up 5.3% vs. 2017.
20

• Annual gold production of 922.5 koz, up 1.3% vs. 2017. 0

2015 2016 2017 2018

• Commissioned 1st Stage of Pyrites plant and the 2nd DLP at Herradura.
GOLD PRODUCTION
1000
• Exploration spend of US$172.8 million, up 22.5% YoY with good results at the Guanajuato and Rodeo projects,

Production
as well as positive steps taken at two projects in Chile.

(koz)
500

• Silver resources of 2.2 billion ounces and gold resources of 39.1 million ounces. 0
2015 2016 2017 2018

• New COO & Assistant Vice President of Project Development

CASH FLOW
1500

US$ Million
Financial Highlights 1000

• Gross profit and EBITDA of US$780.7 million and US$915.1 million, down 15.6% and 13.7% respectively, albeit 500

maintaining healthy profit margins (37.1% and 43.5%, respectively). 0

2015 2016 2017 2018
• Higher Adjusted Production costs driven mainly by stripping ratio at Herradura.
DIVIDENDS PAID
300
• Strong balance sheet and low leverage ratio, cash and other liquid funds of US$560.8 million, as at December

US$ Million
2018. 200

100
• 2018 final dividend of US$16.7 cents per share, equivalent to approximately US$123.1 million.
0
2015 2016 2017 2018
OPERATING PERFORMANCE 8

Operating Performance
 OPERATIONS 9

FRESNILLO
KEY OPERATING STATISTICS FY 18 FY 17
Silver production – moz 15.1 16.5
Gold production – koz 42.3 38.8
Cost per tonne – US$/t 49.4 47.5
Cash cost - US$/oz of Ag 0.5 0.7
AISC – US$/oz of Ag 8.9 8.2
Reserves 2018 * 176.7 moz Ag, 0.6 moz Au

Resources 2018 * 811.9 moz Ag, 1.8 moz Au

2018 SUMMARY
ANNUAL SILVER PRODUCTION & GRADE
• Silver grade of 214 g/t.
• Development rates declined. Production Grade
• New contractor hired during the year. 20 300
• 70,322 metres of in-fill drilling carried out.
• Deepening the San Carlos shaft continued .
15 250
Million Ounces

Grams/tonne
2019 PRIORITIES
10 200
• Infill drilling programme to continue.
• Management control of the development rates to be enhanced.
• Tunnel boring machine to commence in 2H19. 5 150
• Deepening of the San Carlos shaft to continue, expected to be commissioned in 2020.
• Construction of the tailings flotation plant to continue. 0 100
• Install flotation cells at the beneficiation plant, 2nd stage of the expansion. 2015 2016 2017 2018 2019e

*As of December 2018

OPERATIONS 10

SAUCITO
KEY OPERATING STATISTICS FY 18 FY 17
Silver production – moz 19.8 21.2
Gold production – koz 86.1 69.9
Cost per tonne – US$/t 60.1 47.6
Cash cost - US$/oz of Ag 1.0 1.5
AISC – US$/oz of Ag 8.6 7.1
Reserves 2018 * 130.3 moz Ag, 0.7 moz Au

Resources 2018 * 428.2 moz Ag, 1.9 moz Au

2018 SUMMARY
• FY18 silver grade of 257 g/t. ANNUAL SILVER PRODUCTION
• Development rates lower year on year.
Production Grade
• 107,111 metres of infill drilling carried out.
• Concluded construction of the Pyrites plant. 25 350
• Initiated Jarillas shaft deepening.
20 300
2019 PRIORITIES Million Ounces

Grams/tonne
15 250
• Intensify parametric drilling and continue infill drilling programme.
• Targeting development rate increase of 20% by year end, prioritising the deepening of 5 main ramps in 10 200
the Jarillas Vein.
• Continue deepening of the Jarillas shaft. 5 150
• Dilution expected to decrease 5-7% in 2019.
• Expect further improvements in contractor performance. 0 100
2015 2016 2017 2018 2019e

*As of December 2018

 OPERATIONS 11

SAN JULIÁN (VEIN SYSTEM) SAN JULIÁN (DISSEMINATED ORE BODY)

KEY OPERATING STATISTICS FY 18 FY 17 KEY OPERATING STATISTICS FY 18 FY 17

Gold production – koz 79.2 82.8 Gold production – koz 3.1 1.8
Silver production – moz 5.4 5.9 Silver production – moz 9.2 4.6
Cost per tonne – US$/t 57.4 52.1 Cost per tonne – US$/t 36.2* NA
Cash cost - US$/oz of Ag (3.6) (4.3) Cash cost - US$/oz of Ag 5.7* NA
AISC – US$/oz of Ag 5.05 0.8 AISC – US$/oz of Ag 10.0* NA
Reserves 2018 ** 18.0 moz Ag, 0.2 moz Au Reserves 2018 ** 94.1 moz Ag, 0.1 moz Au
Resources 2018 ** 104.4 moz Ag, 1.2 moz Au Resources 2018 ** 105..2 moz Ag, 0.1 moz Au

2018 SUMMARY
• Sustainably operating both phases above their nameplate capacities, despite low water availability restricting processing capacity in 1H18.
• Indigenous consultation concluded, construction of the water reservoir began.
• Resources within the San Julián area of influence increased following an intensive exploration programme.
• Completed second stage of the expansion of tailings dam, a downstream structure.
• Full capacity achieved in 2H18 following low water availability in 1H18 – Initiatives taken to reduce risk going forward.
2019 PRIORITIES
• Conclude the construction of the water reservoir by year end.
• Ensure sufficient water is available to run the mine at full capacity during 2019 while the water reservoir is under construction.
• Continue preparation of the mine.
• Focus on converting resources to reserves, including exploring the district geological potential.
*Indicator may not be representative as it corresponds to the start-up period, when a significant volume of ore from stock pile is processed.
**As of December 2018
OPERATIONS 12

CIÉNEGA

KEY OPERATING STATISTICS FY 18 FY 17

Gold production – koz 66.9 71.9
Silver production – moz 6.0 5.4
Cost per tonne – US$/t 70.8 66.5
Cash cost - US$/oz of Au 25.9 -163.7
AISC – US$/oz of Au 1,413.9 691.4
Reserves 2018 * 56.9 moz Ag, 0.6 moz Au

Resources 2018 * 133.9 moz Ag, 1.3 moz Au

2018 SUMMARY 2019 PRIORITIES
• Contribution from the Taspana satellite mine increased from 15,000 to 30,000 tonnes per month while • Conduct an updated economic assessment for the expansion of the beneficiation plant at the
exploration continued, and the access ramp reached 1,473 metres. Ciénega plant.
• Construction of the third tailings dam, a downstream structure, continued, and is expected to be concluded • Intensify exploration at the Rosario Transversal fault and commence exploration to the west of the
in early 2019, in combination with the conclusion of the installation of a high compact thickener to optimise San Ramón vein.
water consumption. • Conclude the construction of the third tailings dam.
• Concluded a PEA for a 2,000 tpd expansion of the beneficiation plant at Ciénega – further evaluation • Secure permits and begin engineering for the fourth tailings dam.
required.
• One contractor company hired to develop new areas during the year.

*As of December 2018

 OPERATIONS 13

HERRADURA

KEY OPERATING STATISTICS FY 18 FY 17

Gold production – koz 474.2 473.6
Silver production – koz 1,523 551
Cost per tonne* – US$/t 13.2 8.0
Cash cost - US$/oz of Au 504.0 492.9
AISC – US$/oz of Au 806.7 807.7
Reserves 2018 ** 7.4 moz Au

Resources 2018 ** 10.2 moz Au

2018 SUMMARY 2019 PRIORITIES

• The second line at the DLP was commissioned at the end of 2018.
• 102,592 metres of exploration drilling to strengthen metrics for the Centauro Pit expansion.
• Tests undertaken on the leaching pads confirmed additional gold content, resulting in an increase
of 98.9 thousand ounces of gold as at 1 January 2018.
• The increase in resources/reserves led to a new pit design, resulting in the need to change from 2
to 1 components, resulting in an effect on costs.
• Pilot project to evaluate the use of dual fuel systems for haulage equipment.
• Installation of vibrating screens at the DLP Phase I.
• Ramp-up of the second line at the DLP.
• Conclude construction of leaching pad number 13.
• Continue infill drilling in the Centauro pit to re-assess pit expansion.
• Drilling and exploration to continue at Centauro Deep and areas of influence.
• Continue gradual conversion of haulage equipment to a dual fuel system.
• Installation of tails thickener at the Dynamic Leaching Plants.

*Cost per tonne excluding unproductive costs

** As of December 2018.
OPERATIONS 14

NOCHE BUENA
CASH COST

1,000

US$ /OZ. GOLD

900

KEY OPERATING STATISTICS FY 18 FY 17 800

Gold production – koz 167.2 172.3
700
Silver production – koz 52 31
600
Cost per tonne* – US$/t 6.8 7.5 2014 2015 2016 2017 2018

Cash cost - US$/oz of Au 735.4 793.5

• At time of acquisition in 2008, the project was estimated to produce 376,450 Au ounces over the 5 year life of
AISC – US$/oz of Au 1,029.7 870.1 mine
• To date, Noche Buena has produced 904,273 Au ounces
Reserves 2018 ** 0.6 moz Au • As of YE17, Measures & Indicated resources of 818,506 Au ounces remain

Resources 2018 ** 0.5 moz Au

2018 SUMMARY 2019 PRIORITIES

• Contained costs • Maximise production, maintain comparative low cash cost profile.
• Production was higher than expected due to a higher ore grade & higher volume of ore processed • Complete construction of leaching pad number 7.
• Continued to explore areas of influence, which continued to show limited upside • Implement the activated carbon project for the Merrill Crowe plant tailings to increase recovery.
• Construction of a Carbon in Column process facility commenced • Prepare mine closure plan.

*Cost per tonne excluding unproductive costs

** As of December 2018
 DISCLIPINED APPROACH TO DEVELOPMENT - PROJECTS 15

PYRITES PLANT PROJECT IN THE FRESNILLO DISTRICT

OVERVIEW

Expected avg. annual silver production 3.5 moz

Expected avg. annual gold production 13.0 koz
Expected cash cost (average LoM) $2.51 /oz
Expected IRR at US$20/oz Ag & US$1,200/oz Au 29.3%
Leaching plant at Saucito commissioned 2Q18
Fresnillo tailings flotation plant expected commissioning 2H 2020

• This project will improve overall recoveries of gold and silver by processing
historical and ongoing tailings from the Fresnillo and Saucito mines.
• The plant will froth float pyrite concentrates that will be leached in a 2,000 tpd
dynamic leaching plant and Merrill Crowe plant to produce precipitates.
• First stage completed on time: commissioned the leaching plant at Saucito in
2Q18, following a US$ 54.6 million investment.
• Second stage continues: Construction of the flotation plant at Fresnillo now due
in 2H 2020.
• Second stage was delayed due to a longer than anticipated permitting process.
 PROJECTS Cont. 16

2ND LINE OF DYNAMIC LEACHING PLANT PROJECT AT HERRADURA

OVERVIEW ORE TYPE

• Commissioned in 2H18
• The project enables sulphides occurring deeper in the pit to be processed more
efficiently
• At the time of analysis, this project was expected to extend the LOM at
Herradura to 12 years with an average annual gold production of 390 koz
• With current reserves and the above production rate, the LOM is just over 20 yrs

Oxide
Mixed
Sulphide
KEY METRIC ESTIMATES
Plant capacity 8,000 TPD
Pre-operative capex US$ 110m
Expected avg. increase in gold production per year 36 koz
Expected IRR at US$1,200/oz Au 14.7%
 PROJECTS Cont. 17

JUANICIPIO (JV WITH MAG SILVER. FRESNILLO: 56%)

OVERVIEW

8km from the Fresnillo mine

This project will be developed on a stand-alone basis

KEY METRIC ESTIMATES (100% BASIS)*

Expected avg. annual production
Indicated & inferred resources
Expected first production
• Feasibility study was concluded by AMC.
10moz silver
30koz gold • Currently in discussion with our joint venture partners in regards to the EPCM
agreement, being that Fresnillo will be constructing and operating this mine.
268.2 moz silver
1.54 moz gold • Discussions with suppliers of long term delivery equipment as well as
construction contractors continues.
2H 2020
• Exploration & development works continue as planned.

* According to PFS dated June 2012

 DISCLIPINED APPROACH TO DEVELOPMENT - PROJECTS 18

OTHER PROJECT & POTENTIAL PROJECTS – ORISYVO, GUANAJUATO & RODEO

OVERVIEW - ORISYVO

• Improved recoveries following metallurgy testing leading to a stronger project.

• Assessing a 8,000 TPD mine with a DLP processing facility; focusing on higher
grade zones of the gold resource base.
• PEA complete.
• Expected avg. annual gold production: 136 koz.
• Pre-operative CAPEX: US$ 350 million.
• Resource: 9.6 moz Au.
• First expected production: 2022.
OVERVIEW – RODEO OVERVIEW - GUANAJUATO

• This project is in close proximity to infrastructure, which could allow a fast
development.
• Its metallurgy is mainly composed of oxides.
• Once the land and the environmental permits are acquired, an aggressive
exploration programme is expected.
• Mine design, operation costs and CAPEX estimations are in progress, in order to
develop a preliminary economic assessment (PEA). This study is anticipated to
become a pre-feasibility study, once detailed engineering has been completed.
• The develop of this project includes 3 different areas.
• Central Zone – Has good geological potential, therefore OPEX and CAPEX
requirements are being estimated to produce a preliminary economic
assessment (PEA). Resources of 602 koz Au, 21.9 moz Ag.
• North Zone – The second area to be developed, currently under assessment to
determine the construction of the plant. Resources of 367 koz Au, 15.5 moz Ag.
• South Zone – An operation of 3,000 tpd. is expected through deep mining.
Resources of 240 koz Au, 42.3 moz Ag.
 EXPLORATION 19

STRONG ORGANIC GROWTH PIPELINE

Pipeline allows us to focus on projects that

have the potential to be developed into low
cost, world-class mines
 EXPLORATION 20

STRONG RESOURCE BASE

SILVER RESOURCES GOLD RESOURCES

2,204.0 moz 39.1 moz
- 116,566 koz, -5.0% vs 2017 +580 koz, 1.5% vs 2017

Metal prices used for 2018 resource estimation: Gold 1,250 US$/oz, Silver 17.0 US$/oz, 0.90 US/pound Lead and 1.1 US/pound Zinc. "Others" include decrease in mineral
resources in the Guachichil, Lucerito and Candameña projects (due lead and zinc prices change).
Resources at Guazapares are not included within these figures – 103 Koz of Au & 30.4 Moz Ag
 EXPLORATION 21

SEEKING FURTHER RESOURCE CONVERSION TO EXPAND RESERVE BASE

SILVER RESERVES GOLD RESERVES

475,991.5 moz 11,009.6 moz
- 25,671 koz, -5.1% vs 2017 - 701 koz, -6% vs 2017

Metal prices used for 2018 resource estimation: Gold 1,250 US$/oz, Silver 17.0 US$/oz, 0.90 US/pound Lead and 1.1 US/pound Zinc.
 EXPLORATION
MEXICO
• Drilling at the San Julián district increased
resources on the South veins. Mapping,
geochemical and airborne Versatem studies
were carried out over the district to prioritise
new drill targets.
• Drilling was also carried out at the Herradura,
Ciénega and Fresnillo districts, as well as the
Guanajuato, Orisyvo and San Juan exploration
projects. Land negotiations are in progress at
Rodeo and Candameña.
• Resources were increased in the exploration
areas at Tajitos, Fresnillo, Juanicipio,
Guanajuato and San Juan.
• Claims held, 1.8 million hectares.
• Mapping located interesting new targets
especially in the Fresnillo and Guanajuato
areas.
.
PERU
• Santo Domingo: Mapping delineated a large
vein system carrying gold-silver values.
Access permits were obtained from 2 local
communities and the indigenous people
consulting process is ongoing.
• Pilarica: Drilling upgraded the silver-gold
resource in mantos and veins in the open
pittable area. Other targets are currently being
evaluated in the district.
• Supaypacha: Mapping extended the gold-
copper values disseminated in a porphyry
intrusive. A community relations programme
was initiated together with surface land
negotiations.
• Claims held, 650,000 hectares.
22
CHILE
• Systematically prospecting the coastal silver-gold
belt.
• 120 districts have been evaluated and the top 2
have now been optioned.
• Claims were also staked in the Copiapo and
Chillan areas, and Fresnillo controls a total 10,000
hectares.
• Drilling was recently initiated to test multiple gold-
silver veins in a district with good access and
infrastructure. Permits for drilling are in process at
a second property.
FINANCIAL PERFORMANCE 23

Financial Performance
INCOME STATEMENT (IFRS) 24

CONCEPT (MILLION USD) ACCUM DECEMBER CHANGE

2018 % 2017 % $ %
ADJUSTED REVENUES 2,243.42 2,233.24 10.2 0.5%
HEDGING (METALS) 1.6 0.0 1.6 N/A

TREATMENT AND REFINING CHARGES (141.2) (139.9) (1.3) 0.9%

REVENUES 2,103.8 100 2,093.3 100 10.5 0.5

ADJUSTED PRODUCTION COST (952.0) (45.2) (769.2) (36.7) (182.8) 23.8
PROFIT SHARING (12.5) (0.6) (16.5) (0.8) 4.0 (24.1)
DEPRECIATION (411.8) (19.6) (367.6) (17.6) (44.2) 12.0
CHANGE IN INVENTORIES 53.6 2.5 (16.9) (0.8) 70.4 N/A
UNPRODUCTIVE COST (0.4) (0.0) 2.3 0.1 (2.7) N/A
COST OF SALES (1,323.1) (62.9) (1,167.9) (55.8) (155.2) 13.3
GROSS PROFIT 780.7 37.1 925.4 44.2 (144.7) (15.6)
ADMINISTRATIVE EXPENSES (51.2) (2.4) (42.3) (2.0) (8.9) 21.0
CORPORATE EXPENSES (32.1) (1.5) (30.4) (1.5) (1.7) 5.7
EXPLORATION EXPENSES (172.8) (8.2) (141.1) (6.7) (31.7) 22.5
OTHER INCOME (EXPENSE) 3.3 0.2 16.8 0.8 (13.5) (80.1)
SELLING EXPENSES (21.2) (1.0) (19.1) (0.9) (2.1) 11.1
PROFIT FROM CONTINUING OPERATIONS 506.7 24.1 709.3 33.9 (202.6) (28.6)
SILVERSTREAM AMORTIZATION 37.5 1.8 43.3 2.1 (5.9) (13.5)
SILVERSTREAM REVALUATION (22.5) (1.1) 70.3 3.4 (92.8) (132.0)
FINANCE INCOME / (EXPENSE) (29.6) (1.4) (75.1) (3.6) 45.4 (60.5)
FOREIGN EXCHANGE GAIN / (LOSS) (8.1) (0.4) (6.4) (0.3) (1.7) 26.3
PROFIT BEFORE INCOME TAX 483.9 23.0 741.49 35.4 (257.6) (34.7)
MINING RIGHT (13.3) (0.6) (27.2) (1.3) 13.9 (51.1)
INCOME TAX EXPENSE (120.6) (5.7) (153.5) (7.3) 32.8 (21.4)
PROFIT FOR THE PERIOD 350.0 16.6 560.8 26.8 (210.8) (37.6)

ATTRIBUTABLE TO:

EQUITY SHAREHOLDERS OF THE GROUP 349.8 16.6 560.6 26.8 (210.7) (37.6)
MINORITY INTEREST 0.1 0.0 0.2 0.0 (0.1) (47.6)

350.0 16.6 560.8 26.8 (210.8) (37.6)

EBITDA 915.1 43.50 1,060.1 50.64 (145.0) (13.7)

ADJUSTED REVENUES (IFRS) 25

MILLION USD
ACCUM DECEMBER CHANGE BY
2018 2017 VOLUME PRICE TOTAL

PRODUCT
Gold 1,118.5 1,125.3 (8.2) 1.4 (6.8)
Silver 815.5 844.7 51.8 (81.0) (29.2)
Lead 105.6 101.8 11.7 (7.9) 3.8

Zinc 203.9 161.4 53.1 (10.6) 42.5

ADJUSTED REVENUES 2,243.4 2,233.2 108.3 (98.2) 10.2
CONTRIBUTION BY MINE AND BY METAL TO THE ADJUSTED REVENUES 2018 26

12018 ADJUSTED REVENUES : US$2,243.4M

BY MINE BY METAL
8% 9%

Herradura 8%
5% Gold
Saucito 27%
Silver
Fresnillo Lead
Noche Buena 8% Zinc
Ciénega
San Julián DOB 50%
San Julián Veins
10%
36%

22%
17%

FRESNILLO CIÉNEGA HERRADURA SAUCITO NOCHE BUENA SAN JULIÁN DOB SAN JULIÁN VEINS CONSOL
Gold 46.35 12.3% 79.46 42.5% 585.04 96.2% 96.77 19.7% 211.25 99.9% 1.76 0.9% 97.53 54.5% 1,118.17 49.8%
Silver 216.55 57.2% 84.41 45.1% 23.17 3.8% 289.32 58.8% 0.12 0.1% 120.66 64.4% 81.55 45.5% 815.77 36.4%
Lead 39.92 10.6% 9.68 5.2% - 0.0% 43.39 8.8% - 0.0% 12.59 6.7% - 0.0% 105.58 4.7%
Zinc 75.46 19.9% 13.50 7.2% - 0.0% 62.55 12.7% - 0.0% 52.39 28.0% - 0.0% 203.90 9.1%
TOTAL 378.28 100% 187.05 100% 608.21 100% 492.03 100% 211.37 100% 187.40 100% 179.08 100% 2,243.42 100%
1 Adjusted Revenue is revenue as disclosed in the income statement adjusted to exclude treatment and refining charges.
DOB - Disseminated Ore Body
CONSOLIDATED COST INFLATION 2018 (USD BASED) 27

CONSOLIDATED

Unit price increase % Weight (*) Weighted average

LABOUR:
UNIONIZED
4.80% 6.10% 0.30%
PERSONNEL
EMPLOYEES 3.60% 2.50% 0.10%
WEIGHTED 4.50%
OPERATING
2.30% 20.10% 0.50%
MATERIALS
ENERGY:
ELECTRIC ENERGY -6.50% 6.50% -0.40%
DIESEL 7.70% 10.80% 0.80%
GASOLINE 13.90% 1.20% 0.20%
Important Note: Excluding
WEIGHTED 3.10%
the average devaluation
CONTRACTORS 2.90% 30.60% 0.90% effect (1.6%), cost inflation
would have been 3.4%
MAINTENANCE 0.70% 15.70% 0.10%
FREIGHTS 7.70% 1.00% 0.10%
INSURANCE -2.70% 0.60% 0.00%
OTHERS 1.80% 4.80% 0.10%
TOTAL 2.57%
(*) Not including Depreciation and Profit Sharing
ADJUSTED PRODUCTION COST – FY 2018 28

US$ 952.0 Million

Operating Materials
27% Costs from Contractors = 31%
Own 20%
Ctrt. 7%

Maintenance
& repairs 18%
Energy 20%
Own 16%
Own 18%
Ctrt. 2%
Ctrt. 2%

Others 11%
Own 7%
Ctrt. 4%

Equipment Ctrt.
Personnel 15% 9%
Own 8%
Ctrt. 7%

* Includes: Freights, Taxes & Licenses, Insurance Costs, Computer Leasing, Fees and Others.
 ADJUSTED PRODUCTION COST ANALYSIS (CONSOLIDATED) 29

CHANGE

YTD 18 YTD 17 $ %
ADJUSTED PRODUCTION COST 952.0 769.2 182.8 23.8
CHANGE IN INVENTORIES AND OTHERS -53.2 14.6 -67.8 N/A
DEPRECIATION 411.8 367.6 44.2 12.0
PTU 12.5 16.5 -4.1 -24.1
COST OF SALES 1,323.1 1,167.9 155.2 +13.3%
USD MILLION
230.0
21.85 ( 4.44 ) ( 4.86 ) ( 19.58 )
207.0
26.41 182.76
184.0
31.18
161.0
138.0 49.58

115.0
82.61
92.0
69.0
46.0
23.0
0.0

Lower volume.of ore processed

Cost Inflation

Change in criteria from 2 to 1 phase at

Increase in Adjusted Production Cost

Higher stripping at Herradura

Lower volume of ore processed from

Others

Efficiencies
Higher vol. processed at San Julián

(mainly Herradura Heap Leach)

development at Saucito

Herradura
DOB

1 2 3 4 5 6 7 8 9
DOB - Disseminated Ore Body
DOB - Disseminated Ore Body
241.7

48.4
193.4
290.1

0.0
145.0
96.7

(145.0)
(96.7)
(48.3)
USD MILLION

1
Reassessment of gold inventories at
Herradura

94.40

2
Higher ore grade and speed of recovery at
Herradura

68.42

3
Higher production at San Julián (DOB)
GROSS PROFIT

67.09
CONSOLIDATED GROSS PROFIT ANALYSIS

4
Higher recovery rate at Saucito
20.66

5
Others
(6.97)

6
Lower production at San Julían (Veins)
(19.47)

Change in criteria from 2 to 1 phase at

7
Herradura
YTD 18
780.7

(21.85)

8
Cost Inflation
(26.41)

Lower volume of ore processed from

9
development at Saucito
(31.18)
925.4
YTD 17

10
Higher Depreciation
(44.16)

Lower volume processed at Herradura Heap

11

Leach
(64.80)
$
-144.7
CHANGE

Higher Stripping at Herradura

12
(82.61)

Lower Metal Prices

13

(Mainly Silver)
(97.69)
-15.6%
%

14

YTD17 Gross Profit

(144.68)
30
INCOME STATEMENT (IFRS) 31

CONCEPT (MILLION USD) ACCUM DECEMBER CHANGE

2018 % 2017 % $ %
OPERATING UNITS
ADJUSTED REVENUES 2,243.42 2,233.24 10.2 0.5%
FRESNILLO 15.6
HEDGING (METALS) 1.6 0.0 1.6 N/A SAUCITO 16.3

TREATMENT AND REFINING CHARGES (141.2) (139.9) (1.3) 0.9% CIÉNEGA 16.4
SAN JULIÁN 12.2
REVENUES 2,103.8 100 2,093.3 100 10.5 0.5 HERRADURA 14.9
NOCHE BUENA 2.0
ADJUSTED PRODUCTION COST (952.0) (45.2) (769.2) (36.7) (182.8) 23.8
SAN RAMÓN 2.4
PROFIT SHARING (12.5) (0.6) (16.5) (0.8) 4.0 (24.1)
TOTAL OPERATING UNITS 79.8
DEPRECIATION (411.8) (19.6) (367.6) (17.6) (44.2) 12.0
PROJECTS
CHANGE IN INVENTORIES 53.6 2.5 (16.9) (0.8) 70.4 N/A TASPANA 0.2
UNPRODUCTIVE COST (0.4) (0.0) 2.3 0.1 (2.7) N/A CENTAURO DEEP 7.1
JUANICIPIO 4.8
COST OF SALES (1,323.1) (62.9) (1,167.9) (55.8) (155.2) 13.3
GUANAJUATO 18.0
GROSS PROFIT 780.7 37.1 925.4 44.2 (144.7) (15.6) ORISYVO 5.2
ADMINISTRATIVE EXPENSES (51.2) (2.4) (42.3) (2.0) (8.9) 21.0 SAN JAVIER 2.5
CARINA 4.0
CORPORATE EXPENSES (32.1) (1.5) (30.4) (1.5) (1.7) 5.7
CANELAS 1.4
EXPLORATION EXPENSES (172.8) (8.2) (141.1) (6.7) (31.7) 22.5 ROSARIO 0.1
OTHER INCOME (EXPENSE) 3.3 0.2 16.8 0.8 (13.5) (80.1) TOTAL PROJECTS 43.3

SELLING EXPENSES (21.2) (1.0) (19.1) (0.9) (2.1) 11.1 PROSPECTS

PROFIT FROM CONTINUING OPERATIONS 506.7 24.1 709.3 33.9 (202.6) (28.6) SONORA 5.2
CHILE 0.9
SILVERSTREAM AMORTIZATION 37.5 1.8 43.3 2.1 (5.9) (13.5)
CHIHUAHUA 4.6
SILVERSTREAM REVALUATION (22.5) (1.1) 70.3 3.4 (92.8) (132.0) ZACATECAS 2.9
FINANCE INCOME / (EXPENSE) (29.6) (1.4) (75.1) (3.6) 45.4 (60.5) GUERRERO 0.6
PERÚ 9.2
FOREIGN EXCHANGE GAIN / (LOSS) (8.1) (0.4) (6.4) (0.3) (1.7) 26.3
TOTAL PROSPECTS 23.4
PROFIT BEFORE INCOME TAX 483.9 23.0 741.49 35.4 (257.6) (34.7)
MINING RIGHT (13.3) (0.6) (27.2) (1.3) 13.9 (51.1)
REGIONAL PROSPECTING 15.3
INCOME TAX EXPENSE (120.6) (5.7) (153.5) (7.3) 32.8 (21.4) MINING RIGHTS 18.6
PROFIT FOR THE PERIOD 350.0 16.6 560.8 26.8 (210.8) (37.6) FIXED ASSETS PARREÑA (CAPITALISED) 0.8
TOTAL RISK CAP. INV. EXP. 181.2
ATTRIBUTABLE TO:
CAPITALISED EXP. (8.4)

EQUITY SHAREHOLDERS OF THE GROUP 349.8 16.6 560.6 26.8 (210.7) (37.6)
TOTAL EXPLORATION EXP. 172.8
MINORITY INTEREST 0.1 0.0 0.2 0.0 (0.1) (47.6)

350.0 16.6 560.8 26.8 (210.8) (37.6)

EBITDA 915.1 43.50 1,060.1 50.64 (145.0) (13.7)

CASH FLOW (IFRS) 32

YTD CHANGE
(USD MILLION) 2018 2017 $ %
CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING
930.7 1,073.9 (143.3) (13.3)
CAPITAL
WORKING CAPITAL (127.9) (2.9) (125.0) 4282.59
INCOME TAX AND PROFIT SHARING PAID (214.4) (309.3) 94.9 (30.7)
NET CASH FROM OPERATING ACTIVITIES 588.4 761.7 (173.3) (22.8)
OTHER PROCEEDS
SILVERSTREAM CONTRACT 36.3 43.3 (7.0) (16.3)
DEBT INSTRUMENTS IN INVESTMENT FUNDS 0.1 - 0.1 N/A
CAPITAL CONTRIBUTION 23.6 18.9 4.7 25.1
OTHERS 1.4 27.0 (25.6) (94.8)
TOTAL OTHER PROCEEDS 61.4 89.2 (27.8) (31.2)
PURCHASE OF PROPERTY, PLANT AND EQUIPMENT (668.7) (604.8) (63.9) 10.6
DIVIDENDS PAID (298.1) (236.6) (61.5) 26.0
FINANCIAL EXPENSES AND FOREIGN EXCHANGE EFFECTS (18.3) (25.4) 7.1 (28.1)
USES OF CASH (985.0) (866.7) (118.3) 13.6
NET INCREASE / (DECREASE) IN CASH DURING THE PERIOD (335.2) (15.9) (319.4) 2013.5
CASH AND CASH EQUIVALENTS AT 01 JANUARY 896.0 912.0 (15.9) (1.7)
CASH AND CASH EQUIVALENTS AT 30 DECEMBER 560.8 896.1 (335.3) (37.4)

FREE CASH FLOW OF US$ -36.5 MILLION IN 2018 (US$ 220.7 MILLION IN 2017)
 CASH FLOW (IFRS) 33

YTD CHANGE • Increase in inventories mainly at Herradura - US$63.9 million

• Increase in recoverable VAT - US$86.1 million
• Decrease in accounts receivables from Met - Mex US$12.8 million
(USD MILLION) 2018 2017 $ % • Decrease in other accounts receivables US$14.0 million
• Increase in clients –US$1.1 million
• Increase in other payable accounts US$8.1 million
CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL 930.7 1,073.9 (143.3) (13.3) • Increase in prepaid payments and other accounts –US$11.7 million

WORKING CAPITAL (127.9) (125.0) 4282.59 • 3.4 Moz in proceeds from the Silverstream contract, which do not go
(2.9) through the Income Statement
INCOME TAX AND PROFIT SHARING PAID (214.4) (309.3) 94.9 (30.7)
Herradura US$137.1 million
NET CASH FROM OPERATING ACTIVITIES 588.4 761.7 (173.3) (22.8) • Stripping
• Purchase of in-mine equipment
OTHER PROCEEDS • Construction of the Second Dynamic Leaching Plant
• Leaching pads construction
Saucito US$141.8 million
SILVERSTREAM CONTRACT 36.3 43.3 (7.0) (16.3) • Mining Works
• Purchase of in-mine equipment
DEBT INSTRUMENTS IN INVESTMENT FUNDS 0.1 - 0.1 N/A
• Fe concentrates leaching and flotation plant (Pyrites Plant
CAPITAL CONTRIBUTION 23.6 18.9 4.7 25.1 Project)
• Construction of the Jarillas shaft
OTHERS 1.4 27.0 (25.6) (94.8) Fresnillo US$120.8 million
• Mine development and mining works
TOTAL OTHER PROCEEDS 61.4 89.2 (27.8) (31.2) • Purchase of in-mine equipment
• Construction of the Fe Flotation Plant
PURCHASE OF PROPERTY, PLANT AND EQUIPMENT (668.7) (604.8) (63.9) 10.6 San Julián Veins US$45.8 million
• Mining Works
• Construction of tailings dam
DIVIDENDS PAID (298.1) (236.6) (61.5) 26.0 • Purchase of in-mine equipment
Ciénega US$75.4 million
• Mining Works
FINANCIAL EXPENSES AND FOREIGN EXCHANGE EFFECTS (18.3) (25.4) 7.1 (28.1) • Purchase of in-mine equipment
• Construction of tailings dam
USES OF CASH (985.0) (866.7) (118.3) 13.6 Noche Buena US$45.5 million
NET INCREASE / (DECREASE) IN CASH DURING THE PERIOD (335.2) (15.9) (319.4) 2013.5 • Stripping
• Purchase of in-mine equipment
• Leaching pads construction
CASH AND CASH EQUIVALENTS AT 01 JANUARY 896.0 912.0 (15.9) (1.7) San Julian DOB US$25.9 million
• Mining Works
• Purchase of in-mine equipment
CASH AND CASH EQUIVALENTS AT 30 DECEMBER 560.8 896.1 (335.3) (37.4) Others US$76.4million

DOB - Disseminated Ore Body

BALANCE SHEET (IFRS) 34

CONCEPT CHANGE

31-Dec-18 31-Dec-17 % CHG.

ASSETS

Cash and Investments 560.8 896.1 (37.4)

Trade and Other Receivables 462.0 402.1 14.9
Inventories 335.0 271.1 23.6
Prepaid Expenses 15.5 3.5 337.2
Silverstream 519.1 538.9 (3.7)
Derivative Financial Instruments 0.3 0.4 (17.7)
Property, Plant and Equipment 2693.1 2448.6 10.0
Other Assets (Long Term) 170.3 184.4 (7.6)
Total Assets 4,756.1 4,745.1 0.2

LIABILITIES

Profit Sharing 12.7 14.2 (10.4)

Other Liabilities (Short Term) 147.9 178.6 (17.2)
Retirement and Pension Plan Reserves 6.4 9.2 (30.6)
Deferred Taxes 470.9 491.7 (4.2)
Senior Notes 800.1 800.0 0.0
Other Liabilities (Long Term) 189.8 184.8 2.7
Total Liabilities 1,627.9 1,678.5 (3.0)
Share Capital and Share Premium 1,153.8 1,153.8 N/A
Share Capital Subscribed 368.5 368.5 N/A
Retained earnings 2,033.9 1,962.8 3.6
Other Accounts -506.9 -473.8 7.0
Stockholder’s Equity 3,049.3 3,011.3 1.3
Minority Interest 79.0 55.2 42.9
Total Stockholder’s Equity 3,128.3 3,066.6 2.0
Total Liabilities and Stockholder’s Equity 4,756.1 4,745.1 0.2
COST PER TONNE (IFRS) 35

ACCUM DECEMBER CHANGE

2018 2017 % CHG.
COST PER TONNE*
MINE UNIT
Fresnillo US$/TON 49.41 47.48 4.1%
Saucito US$/TON 60.05 47.60 26.1%
Ciénega US$/TON 70.83 66.53 6.5%
San Julián Veins US$/TON 57.37 52.09 10.1%
San Julián DOB US$/TON 36.22 31.88 13.6%
Herradura US$/TON 13.21** 7.97** 65.8%
Total Vol. Hauled Charged to Costs US$/TON 3.09 2.64 17.0%
Noche Buena US$/TON 6.75** 7.45** -9.4%
Total Vol. Hauled Charged to Costs US$/TON 2.10 1.69 24.2%

*Cost per tonne is calculated as total adjusted production costs divided by total volume of ore processed
** Cost per tonne excluding unproductive costs
DOB - Disseminated Ore Body
CASH COST (IFRS) 36

ACCUM DECEMBER CHANGE

2018 2017 % CHG.

CASH COST*
MINE UNIT
Fresnillo PER OZ. SILVER 0.46 0.71 -35.2%
Saucito PER OZ. SILVER 0.97 1.50 -35.6%
Ciénega PER OZ. GOLD (by-prod.) 25.88 -163.74 115.8%
PER OZ. GOLD (Co-prod.) 660.06 540.55 22.1%
PER OZ. SILVER (Co-prod.) 8.06 7.28 10.6%
PER OZ. GOLD (Equiv.) 739.73 656.25 12.7%
San Julián Veins PER OZ. SILVER -3.64 -4.30 15.4%
San Julián DOB PER OZ.SILVER 5.65** 3.89 45.1%
Herradura PER OZ. GOLD 504.00 492.86 2.3%
Noche Buena PER OZ. GOLD 735.41 793.48 -7.3%
CONSOLIDATED
PER OZ. GOLD EQ. 495.79 453.77 9.3%

Gold Eq. Oz (Koz) 1523.74 1554.17 -2.0%

PER OZ. SILVER EQ. 6.07 6.13 -1.0%

Silver Eq. Oz (Moz) 124.56 115.13 8.2%

* Cash cost per ounce is calculated as total cash cost (cost of sales plus treatment and refinning charges less depreciation)
less revenues from by-products divided by the silver or gold ounces sold.

**1) Start up period

2) Short operating period
3) Significant volume of ore processed from the stock pile

DOB - Disseminated Ore Body

 MARGINS BY MINE
37
(METAL PRICE – CASH COST)(FY18 VS FY17)

OUNCES SOLD OUNCES SOLD

15.2 Moz. 13.9 Moz. 19.6 Moz. 18.6 Moz. 5.8 Moz. 5.3 Moz. 3.5 Moz. 7.8 Moz. 66.8 Koz. 62.7 Koz. 471.4 Koz. 459.8 Koz. 170.2 Koz. 166.7 Koz.
Chg. -8.3 % Chg. -5.0 % Chg. -9.0 % Chg. -125.6 % Chg. -6.2% Chg. -2.4% Chg. -2.1%

DOB - Disseminated Ore Body

ALL IN SUSTAINING COST (US$/OZ) 38

ACCUM JUNE CHANGE

2018 2017 % CHG.

MINE UNIT
Fresnillo PER OZ. SILVER 8.92 8.20 8.7%
Saucito PER OZ. SILVER 8.64 7.09 21.9%
San Julián Veins PER OZ. SILVER 5.05 0.83 508.9%
San Julián DOB PER OZ. SILVER 10.01 7.88* 26.9%
Ciénega PER OZ. GOLD 1,413.87 691.43 104.5%
Herradura PER OZ. GOLD 806.73 807.66 -0.1%
Noche Buena PER OZ. GOLD 1,029.68 870.05 18.3%
CONSOLIDATED
PER OZ. GOLD EQ. 899.63 765.88 17.5%
Gold Eq. Oz (Koz) 1,523.74 1,554.17 -2.0%
PER OZ. SILVER EQ. 11.01 10.34 6.4%
Silver Eq. Oz (Moz) 124.56 115.13 8.2%

*1) Start up period

2) Short operating period
3) Significant volume of ore processed from the stock pile

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.
DOB - Disseminated Ore Body
 MARGINS BY MINE
39
(METAL PRICE – ALL IN SUSTAINING COST) (FY18 VS FY17)

OUNCES SOLD OUNCES SOLD

15.2 Moz. 13.9 Moz. 19.6 Moz. 18.6 Moz. 5.8 Moz. 5.3 Moz. 3.5 Moz. 7.8 Moz. 66.8 Koz. 62.7 Koz. 471.4 Koz. 459.8 Koz. 170.2 Koz. 166.7 Koz.
Chg. -8.3 % Chg. -5.0 % Chg. -9.0 % Chg. 125.6 % Chg. -6.2% Chg. -2.4% Chg. -2.1%

DOB - Disseminated Ore Body

OUTLOOK 40

Outlook 2019
 EXPECTED DELIVERY OF GROWTH 41

1 2
Expected Avg.
Investment (US$ YEAR
million)
Annual 2018 2019 2020 2021 2022 2023 2024
Production
PROJECT
LEACHING
3.5 moz Ag & 13 PYRITES PLANT PLANT
155 koz Au
PRODUCTION
(Optimization project) CONSTRUCTION TAILINGS FLOTATION

FRESNILLO 9,000 TPD

30 3 moz Ag DEVELOPMENT & CONSTRUCTION PRODUCTION
(Optimization project)

3 10 moz Ag & 30
305 koz Au
JUANICIPIO DEVELOPMENT & CONSTRUCTION PRODUCTION

15 koz Au & 1.3 CIENEGA 5,000 TPD

55 moz Ag
DEVELOPMENT & CONSTRUCTION PRODUCTION
(Optimization project)

350 136 koz Au ORISYVO OPTIMISATION - PRE FEASIBILITY STUDY - DEVELOPMENT & CONSTRUCTION PRODUCTION

360 Extended Pit CENTAURO PIT PRE-STRIPPING & CONSTRUCTION PRODUCTION

LoM of 470 koz EXPANSION /
EXPLORATION
Au & UG 65 Koz CENTAURO
130 Au UNDERGROUND CENTAURO UNDERGROUND DEVELOPMENT

(1) Estimated (2) Total average annual production (3) Total investment (of which 56% Fresnillo plc; 44% MAG Silver) according to PFS dated June 2012.
EXPECTED ATTRIBUTABLE PRODUCTION PROFILE 42

Million Oz Thousand Oz
ATTRIBUTABLE SILVER* ATTRIBUTABLE GOLD
80 1,000
70 900
60 800
700
50 600
40 500
30 400
20 300
200
10 100
0 0
2018 2019 2020 2021 2018 2019 2020 2021

*Including Silverstream

Thousand Tons Thousand Tons

ATTRIBUTABLE BY-PRODUCT LEAD ATTRIBUTABLE BY-PRODUCT ZINC
90 140
80
120
70
60 100
50 80
40 60
30
40
20
10 20
0 0
2018 2019 2020 2021 2018 2019 2020 2021
CAPEX SPEND EXPECTATIONS 43

2019 US$ Million MILLION USD

900

SUSTAINING (OPERATIONS) 800

730
FRESNILLO 134.4M 710
700 670
SAUCITO 114.5M
HERRADURA 52.8M 600
540
CIÉNEGA 71.0M
500
NOCHE BUENA 13.0M
400
SAN JULIÁN 70.1M
OTHERS 11.5M 300
PROJECTS APPROVED
200
SAN JULIÁN 12.3M
PYRITES PLANT 47.7M 100

CENTAURO EXTENSION 6.1M

0
PROJECTS FOR APPROVAL 2018 2019 2020 2021

FRESNILLO OPTIMISATION 24.7M

Sustaining CAPEX New Projects - Preoperative CAPEX
JUANICIPIO & OTHERS 151.6M
 OUTLOOK 44

PRIORITISE SAFETY, CONTINUED CREATE VALUE

SUPPORT OF THE OPERATIONAL FOCUS TO THROUGH DISCIPLINED
WORKFORCE AND MAXIMISE POTENTIAL OF GROWTH, EXPLORATION
ENVIRONMENT OUR EXISTING MINES & DEVELOPMENT

PRODUCTION (Eq Ag oz)

140 200
PRODUCTION (EQ AG OZ) PER THOUSAND SHARES 180
PRODUCTION EQ AG MOZ)

PRODUCTION (EQ AG OZ)

PER THOUSAND SHARES
120
160
100 140
80 120
100
60 80
40 60
40
20
20
- -
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E

Silver : Gold
74 : 1 RESOURCES HAVE GROWN IN TANDEM WITH PRODUCTION
APPENDIX
GRADE EXPECTATIONS FOR 2019 46

GOLD (OZ)
MINE MINE TYPE 2018 2019E
FRESNILLO UNDERGROUND SILVER 0.70 0.60-0.65
SAUCITO UNDERGROUND SILVER 1.25 ~1.30
CIÉNEGA UNDERGROUND GOLD & SILVER 1.60 1.60-1.70
HERRADURA OPEN PIT GOLD 0.76 0.70-0.75
NOCHE BUENA OPEN PIT GOLD 0.52 ~0.55
SAN JULIÁN (VEINS) UNDERGROUND SILVER & GOLD 2.00 1.60-1.70
SAN JULIÁN (DISSEMINATED) UNDERGROUND SILVER & GOLD 0.10 0.09-0.10

SILVER (KOZ)
MINE MINE TYPE 2018 2019E
FRESNILLO UNDERGROUND SILVER 214 210-220
1
SAUCITO UNDERGROUND SILVER 258 210-220
CIÉNEGA UNDERGROUND GOLD & SILVER 164 150-160
HERRADURA OPEN PIT GOLD - -
NOCHE BUENA OPEN PIT GOLD - -
SAN JULIÁN (VEINS) UNDERGROUND SILVER & GOLD 144 155-165
SAN JULIÁN (DISSEMINATED) UNDERGROUND SILVER & GOLD 154 160-170
 HIGH QUALITY ASSETS 47

• District consolidation strategy enables us to leverage local knowledge and shared infrastructure
• Portfolio contains over 2,204 moz of attributable silver resources and 39.1 moz of gold resources

GOLD (OZ)
MINE MINE TYPE 2018 2017
FRESNILLO UNDERGROUND SILVER 42,290 38,784
SAUCITO* UNDERGROUND SILVER 89,648 69,948
CIÉNEGA UNDERGROUND GOLD & SILVER 66,869 71,947
HERRADURA OPEN PIT GOLD 474,168 473,638
NOCHE BUENA OPEN PIT GOLD 167,208 172,282
SAN JULIÁN UNDERGROUND SILVER & GOLD 82,344 84,532
TOTAL 922,527 911,132

SILVER (KOZ)
MINE MINE TYPE 2018 2017
FRESNILLO UNDERGROUND SILVER 15,117 16,512
1
SAUCITO* UNDERGROUND SILVER 20,758 21,215
CIÉNEGA UNDERGROUND GOLD & SILVER 5,999 5,394 (1)

HERRADURA OPEN PIT GOLD 1,523 551

NOCHE BUENA OPEN PIT GOLD 52 31
SAN JULIÁN UNDERGROUND SILVER & GOLD 14,630 10,534
SILVERSTREAM SABINAS POLYMETALIC - OPERATED BY PENOLES 3,725 4,435
TOTAL 61,804 58,673 1 Operations at Soledad-Dipolos are currently suspended

*Includes production from the first phase of the Pyrites Plant

 LOW COST AND FLEXIBLE OPERATIONS 48

• Asset quality enables us to extract mineral profitably across metal price cycles
• Maximise the potential of each operation by customising mine plans, leveraging technology and sharing personnel, expertise and plant capacity across districts
• Continual quest for improvement to maintain our position as a low cost producer

CASH COST AISC

600 12 1,000 15

500 10
800 12

Au 400 8
Ag Au Ag
US$/oz US$/oz US$/oz US$/oz
600 9

300 6

400 6
200 4

200 3
100 2

- - - -
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Cash cost of sales per Au oz (by-product) (US$/Oz) (LHS) All In Sustaining cost of sales per Au oz (by-product) (US$/Oz) (LHS)
Cash cost of sales per Ag oz (by-product) (US$/Oz) (RHS) All In Sustaining cost of sales per Ag oz (by-product) (US$/Oz) (RHS)