REG - Fresnillo PLC - AGM Statement

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RNS Number : 7660E  Fresnillo PLC  19 May 2026

 
 
                                   Fresnillo plc

21 Upper Brook Street

London W1K 7PY

United Kingdom

www.fresnilloplc.com (http://www.fresnilloplc.com)

 

19 May 2026

 

Fresnillo plc - AGM Statement

 

Fresnillo plc will hold its Annual General Meeting today. Chairman Mr
Alejandro Baillères will make the following statement:

 

"Good morning and thank you for joining us today. I continue to consider it a
privilege to be presenting to you as your Chairman.

2025 was an exceptional year for Fresnillo.

We delivered a significant increase in profitability as our efforts to boost
performance and reduce costs were complemented by a positive price environment
for precious metals. While we initially expected 2025 to be a challenging year
to surpass the achievements of 2024, I am delighted to report that several key
factors converged to generate one of the most rewarding periods in Fresnillo's
history.

Silver production was in line with our guidance, supported by performances
above expectations at Juanicipio and San Julián Veins, while gold production
was ahead of guidance, driven by the expertise of the team at Herradura who
continue to execute our plans with great consistency.

The team has worked extremely hard to improve the operating performance of our
mine sites, and I would like to recognise their outstanding efforts. Our focus
on operational efficiencies and cost discipline, supported by a devaluation of
the Mexican peso, has allowed us to capitalise on the significant tailwinds
provided by higher gold and silver prices.

We achieved US$4.6 billion in adjusted revenue during the year, up nearly 28%.
Gross profit more than doubled, increasing 113.8% to over US$2.6 billion.
These results demonstrate our ability to grow our cash position while managing
inflationary headwinds.

For 2025, we declared an interim dividend of 20.8 US cents per share and a
final dividend of 108.12 US cents per share, bringing the total for the year
to 128.92 US cents per share.

Furthermore, our strong balance sheet and healthy cash generation provided the
flexibility to pursue strategic growth, leading to our proposal to acquire
Probe Gold Inc. in Canada, a deal we successfully concluded in January 2026.
This acquisition represents a disciplined entry into a Tier 1 mining-friendly
jurisdiction and adds a significant resource base to our portfolio.

During the year, we saw a positive shift in the political climate in Mexico
following the appointment of the government led by President Claudia
Sheinbaum. We have appreciated the receptive dialogue with the new
administration, which provides us with cautious confidence regarding the
future business environment and the certainty of mining concessions.

Alongside our performance initiatives, we are continuing to advance our
development pipeline. We have made good progress at Guanajuato, Orisyvo, Rodeo
and Tajitos, and I am pleased to welcome Lucerito into our advanced
exploration pipeline. We are also maintaining investment in our exploration
projects in Chile and Peru.

Our purpose is to contribute to the wellbeing of people through the
sustainable mining of silver and gold. However, while our underlying safety
metrics showed improvement, I must report with great sadness that we
experienced two fatal incidents during the year. This is a painful reminder
that our work is far from finished, and we must never be complacent in our
goal of zero harm.

We have continued to make advances in sustainability matters that are critical
to our business. We remain committed to our decarbonisation targets,
successfully sourcing over 75% of our energy from renewable sources, and we
continue to prioritise the safeguarding of water resources in the communities
where we operate.

I would also like to provide a short update on your Board. While there were no
changes during the 2025 financial year, we are proposing the re-election of
Alberto Tiburcio for one further year to ensure continuity as we navigate
several ongoing developments within the Audit Committee, and Dame Judith
Macgregor, as we believe it would be highly beneficial to the Company for her
to continue in her role as Senior Independent Director for an additional year.
I look forward to their continued guidance.

I would like to conclude by again congratulating our team on an exceptional
performance in 2025. Looking ahead, geopolitical instability remains a global
concern, but I am encouraged by the more business-friendly environment in
Mexico and our expansion into Canada.

The longer-term outlook is positive. We anticipate that at least one of our
advanced prospects will join our development portfolio in the coming two to
three years. With demand for silver and gold forecasted to exceed supply,
driven by the green energy transition and the safe-haven status of gold,
Fresnillo is well-positioned to capitalise on the opportunities ahead.

Finally, I would like to thank my Board colleagues, the management team, and
our employees for their dedication, and our shareholders for your ongoing
support."

 

 

-Ends-

 

 

For further information, please visit our website www.fresnilloplc.com
(http://www.fresnilloplc.com) or contact:

 FRESNILLO PLC

 London Office                                                            Tel: +44 (0)20 7399 2470

 Gabriela Mayor, Head of Investor Relations

 Mark Mochalski

 Mexico City Office                                                       Tel: +52 55 52 79 3206

 Ana Belem Zárate

 SODALI                                                                   Tel: +44 (0)7793 858 211

 Peter Ogden

 

ABOUT FRESNILLO PLC

Fresnillo plc is the world's largest primary silver producer and Mexico's
largest gold producer, listed on the London and Mexican Stock Exchanges under
the symbol FRES.

Fresnillo plc has eight operating mines, all of them in Mexico - Fresnillo,
Saucito, Juanicipio, Ciénega, Herradura, Soledad-Dipolos(1), Noche Buena and
San Julián Veins and five advanced exploration projects - Orisyvo, Rodeo,
Guanajuato, Tajitos and Novador as well as a number of other long term
exploration prospects.

Fresnillo plc has mining concessions and exploration projects in Mexico, Peru
and Chile.

Fresnillo plc's goal is to maintain the Group's position as the world's
largest primary silver company and Mexico's largest gold producer.

( )

(1) Operations at Soledad-Dipolos are currently suspended.

 

 

FORWARD-LOOKING STATEMENTS

Information contained in this announcement may include 'forward-looking
statements'. All statements other than statements of historical facts included
herein, including, without limitation, those regarding the Fresnillo Group's
intentions, beliefs or current expectations concerning, amongst other things,
the Fresnillo Group's results of operations, financial position, liquidity,
prospects, growth, strategies and the silver and gold industries are
forward-looking statements. Such 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
exchanges 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 and political and economic uncertainty.

 

 

 

 

 

 

 

 

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