“Looking beyond the cycle”

Deutsche Bank Metals and Mining Conference5 November 2014

Floriana MichalowskaFresnillo plc

LSE: FRES BMV: FRESwww.fresnilloplc.com

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, theirnegative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, futureevents or intentions. These forward-looking statements include all matters that are not historical facts. They appear in anumber of places throughout this document and include, but are not limited to, statements regarding the Fresnillo

Disclaimer

number of places throughout this document and include, but are not limited to, statements regarding the FresnilloGroup’s intentions, beliefs or current expectations concerning, among other things, the Fresnillo Group’s results ofoperations, 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 andcircumstances. Forward-looking statements are not guarantees of future performance and the actual results of theFresnillo Group’s operations, financial position and liquidity, and the development of the markets and the industry inwhich the Fresnillo Group operates, may differ materially from those described in, or suggested by, the forward-lookingstatements contained in this document. In addition, even if the results of operations, financial position and liquidity, andthe 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 ordevelopments in subsequent periods. A number of factors could cause results and developments to differ materiallyfrom those expressed or implied by the forward-looking statements including, without limitation, general economic andbusiness 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 ordevelop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources

2

develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resourcesor 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 inthis document speak only as of the date of this document, reflect the Fresnillo Group’s current view with respect tofuture events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating tothe Fresnillo Group’s operations, results of operations, growth strategy and liquidity. Investors should specificallyconsider the factors identified in this document which could cause actual results to differ before making an investmentdecision. Subject to the requirements of the Prospectus Rules, the Disclosure and Transparency Rules and the ListingRules or applicable law, the Fresnillo Group explicitly disclaims any obligation or undertaking publicly to release theresult of any revisions to any forward-looking statements in this document that may occur due to any change in theCompany’s expectations or to reflect events or circumstances after the date of this document.

Fresnillo at a glance

Location Key Highlights

� World’s largest silver producer and Mexico’s second largest � World’s largest silver producer and Mexico’s second largest gold producer

� Market cap of US$8 billion*

� Mining concessions of 2.1m hectares in Mexico and almost 90 thousand hectares in Peru

� Cash costs and AISC amongst the lowest in the industry

� Production target of 65 moz of silver and 750 koz of gold by 2018

Substantial, high quality project pipeline and strong

HERRADURA DISTRICT

CIÉNEGADISTRICT

FRESNILLO DISTRICT

ORISYVO

SAN JULIÁN

3

� Substantial, high quality project pipeline and strong commitment to disciplined and sustainable growth

� Strategy of consolidating districts – acquisition of Newmont Mining’s 44% in Penmont JV with assets in prospective Herradura region

� Focus on projects that can be developed into low-cost, world-class mines

* As at 3 November 2014

Fresnillo plc mines (6 and a satellite mine)

Development projects (2)

Advanced exploration projects (4)

Prospects in drilling

Prospects at an early stage

SOUTH PERU

Our strategy - four pillarsto create value

1. Maximise potential of existing operations

• Operate at 100% capacity• Low-cost producer• Low-cost producer• Optimise mining method and metallurgy to maintain high recovery rates

2. Deliver growth through development projects

• Track record of delivery on time and on budget• Focus on CAPEX control • Specialised Engineering and Construction team

3. Extend the growth pipeline

• Evaluate early-state acquisitions• Maintain reserves for 10 years• Ensure organic growth and assess key acquisition

4

• Ensure organic growth and assess key acquisition opportunities

4. Advance sustainable development

• Improve general health• Reinforce safety • Minimise the environmental impact• Maintain sound relations with communities

Production overview

2013 PRODUCTION 2012 PRODUCTION

SILVER(Koz)

GOLD(Oz)

SILVER(Koz)

GOLD(Oz)(Koz) (Oz) (Koz) (Oz)

Fresnillo mine Silver underground mine 22,764 33,079 26,383 29,573

Saucito mine Silver underground mine 11,581 45,177 7,054 45,246

Ciénega mineSan Ramón satellite mine

Gold-Silver underground mines

4,240 112,053 3,329 125,275

Herradura mine* Gold open pit mine 167 148,155 136 176,146

Soledad-Dipolos mine* Gold open pit mine 17 26,480 29 60,104

Noche Buena mine* Gold open pit mine 28 60,888 8 36,690

Subtotal 38,798 425,831 36,938 473,034

Silverstream Sabinas underground mine (operated by Peñoles)

3,945 N/A 4,035 N/A

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(operated by Peñoles)

Total 42,743 425,831 40,973 473,034

*Attributable production shown for 2013 and 2012

On track to meet 2018 silver production guidance of 65 moz silver (incl. Silverstream) and revised 750,000oz gold production guidance

2013 highlights

• 2013 Silver production of 42,743 koz and Gold production of 425,831 oz• 2013 Silver production of 42,743 koz and Gold production of 425,831 oz

• Revenues: US$1.6 billion

• Continued focus on cost control

• Operating profit: US$488.1 million

• Total assets: US$4.1 billion

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• Capital invested in exploration: US$233.3 million

• Total workforce: 6,412 (50.9% unionised employees and 49.1% contractors)

1H14 highlights

• Production:

– Attributable silver production, including the Silverstream), of 21.3moz up 1.7% due to higher ore processed at

Saucito and increased production from the SilverstreamSaucito and increased production from the Silverstream

– Attributable gold production decreased by 18.9% as a result of temporary disruptions at Herradura which ended in

March 2014 and suspension at Soledad-Dipolos

– Lower silver grades at the Fresnillo mine. Several measures are being taken to stabilise the ore grade, including

adjusting the mining method and conducting more infill drilling to increase certainty of our geological model

– Cost reductions initiatives and improvements to our process continued over the period, increasing ore throughput

and containing cost per tonne at some of our mines

• Projects:

– Successful start-up of the dynamic leaching plant at Herradura in March 2014

– Construction of Saucito II remains on track to be completed in 4Q14. Construction of the leaching plant at San

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– Construction of Saucito II remains on track to be completed in 4Q14. Construction of the leaching plant at San

Julián commenced and is on track to start production in 2H15.

• Exploration:

– Interesting exploration results were obtained at San Ramón (Ciénega), Cardones (Guanajuato) and Pilarica (Peru)

and we expect to report an increase in resources at these projects at year end. Drilling results were encouraging in

the Mega Centauro and Centauro Deep projects at Herradura.

– Resource and reserve estimates will be updated and audited by SRK at year end.

Q3 production report highlights

• Production:

– Quarterly and YTD attributable silver production (including the Silverstream) remained at similar levels to the

comparable periods of 2013, mainly due to higher ore volumes processed at Saucito and increased production comparable periods of 2013, mainly due to higher ore volumes processed at Saucito and increased production

from the Silverstream, which compensated for the lower ore grade at the Fresnillo mine

– Quarterly attributable gold production decreased 4.4% when compared to 3Q13, primarily due to the stoppage at

Soledad-Dipolos. YTD attributable gold production decreased 14.1% when compared to the equivalent period of

2013, due to the stoppage at Soledad-Dipolos and the temporary disruptions at Herradura (ended March 2014)

• Projects:

– Construction of Saucito II remains on track for production to commence in 4Q14, with the plant currently in testing

– Construction of the leaching plant at San Julián continues and is on track to start production in 2H15

• Exploration:

– Additional drill rigs added to exploration programmes at Bellavista and Tajitos (at the Herradura Corridor in

8

– Additional drill rigs added to exploration programmes at Bellavista and Tajitos (at the Herradura Corridor in

Sonora), Rodeo (Durango), Fresnillo (Zacatecas) and Guanajuato (Guanajuato). The option to acquire 100% of

the Candameña project in Chihuahua was exercised & drilling has resumed on this open pittable gold-silver target

• Other:

– 2014 guidance of 43 million silver ounces, including the Silverstream. 2014 consolidated attributable gold

production guidance of 590,000 ounces, reflecting the previously announced issue at Herradura, post the

consolidation of the Penmont assets

– One-off phased hedging programme implemented on up to 44% of the Penmont JV gold production recently

acquired to protect investment whilst retaining partial exposure to gold prices. Broader group hedging policy

remains unchanged

Penmont acquisition

Acquisition• Acquisition of Newmont Mining’s 44% interest in the Penmont Joint Venture • Fresnillo previously held a 56% interest in JV and holds 100% post completion

Highlights• Consolidates control of producing and exploration assets already operated by Fresnillo• Builds on the Company’s leading position in the Herradura Corridor, one of Mexico’s most

prospective gold belts

Transaction Value • Total cash consideration of US$450 million

Assets included in

Mines• Herradura - 2014-2019 annual average gold production of 350 koz

- Total reserves: 2.7 Moz• Noche Buena - 2014-2019 annual average gold production of 165 koz

- Total reserves: 1.1 Moz• Soledad-Dipolos

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Assets included in JV • Soledad-Dipolos

Advanced exploration projects• Mega Centauro and Centauro Deep

Exploration projects• Tajitos, Bellavista and Las Norias and multiple additional exploration targets

Approval & Timing• Acquisition completed 6 October 2014 post shareholder approval at GM and all conditions

precedent to completion having been satisfied or waived

Strategic rationale for acquisition

� Full control of the Penmont assets enables Fresnillo to maximize the value of current producing mines, develop quality assets in a key growth area and current producing mines, develop quality assets in a key growth area and continue aggressive regional exploration programme

� Fresnillo has both extensive experience of operating in the Herradura Corridor and a strong track record of exploration success in this highly prospective region

� Consistent with Fresnillo's previously announced growth strategy and meets Fresnillo’s key acquisition criteria

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Fresnillo’s key acquisition criteria

� As a conservatively managed business, Fresnillo is able to take advantage of long-term value opportunities by investing through the commodity price cycle

High quality portfolio supports long-term growth

Mine Operations

Fresnillo Saucito

Herradura Mine Operations

Development Projects

Prospects in drilling

Advanced Exploration

Herradura (DLP)

Soledad NocheBuena

Ciénega - San Ramón

Saucito II San Julián

Mega Centauro Centauro Deep

Pyrites Plant Juanicipio

Cluster Cebollitas Orisyvo

Guachichil Fresnillo District Lucerito Tajitos Candameña Guanajuato Rodeo

San Nicolás Coneto Cebadillas La Yesca

Cairo Dátil Amata (Perú) Pilarica (Perú)

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Systematic Project Generation

Early stage Exploration

Cairo Dátil Amata (Perú) Pilarica (Perú)

Sonora and Sinaloa : San Javier Norias Nudo Carina

Cerritos Dorado Rosario Bellavista Olivos Chihuahua: S. Brígida Rosetillas SJPinal Lucero

Durango: Pereñita La Huerta El Carmen

Zacatecas: Urite Atotonilco Corredor Concha-Nieves Argentum Coyotes Villa García Plateros

Michoacán: Otzumatlán Perú: Huacravilca Sto. Domingo Las Pampas

YEAR

PROJECT

Medium Low

235 8.4 mill Oz Ag & 35 thds Oz Au SAUCITO II

Risk Investment (US$ million)

Expected Production

2014

CONSTRUCTION

2015 2016 2017 2018

PRODUCTION

Significant group growth profile

(2)(1)

Low235 35 thds Oz Au SAUCITO II

Medium 515 10.3 mill Oz Ag & 44 thds Oz

AuSAN JULIÁN

Low 55 15 thds Oz Au & 1.3 mill Oz Ag

CIENEGA 5,000 TPD (Optimization project)

Low 105 8 mill Oz AgFRESNILLO 10,000 TPD (Optimization project)

Medium 140 5 mill Oz Ag & 18 thds Oz Au

PYRITES PLANT (Optimization project)

CONSTRUCTION

PRODUCTIONCONSTRUCTIONDETAILED

ENGINEERING

PRODUCTION

PRODUCTIONCONSTRUCTION & DEVELOPMENT

BASIC & DETAILED

ENGINEERINGCONSTRUCTION

DETAILED

ENGINEERING

PRODUCTION

12

Medium 150 200 thds Oz

AuMEGA CENTAURO PIT

Medium High

365 225 thds Oz

AuCENTAURO DEEP

Medium Low

300 10 mill Oz Ag & 30 thds Oz Au JUANICIPIO

High 350 136 thds Oz

AuORISYVO

DEVELOPMENT

CONSTRUCTIONBASIC ENGINEERINGDETAILED

ENGINEERINGPRODUCTION

PRODUCTION

DETAILED

ENGINEERINGPRODUCTION

FEASIBILITY

CONSTRUCTION

PRODUCTION

EXPLORATION &

DETAILED

ENGINEERING

DEVELOPMENT

(1) Estimated. (2) Total average annual production.

90,000

Achieving 65moz silver by 2018

Million Oz

40,000

50,000

60,000

70,000

80,000

90,000

Juanicipio - 56%

Pyrites plant

San Julián

Saucito II

Saucito I

Ciénega expansion

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-

10,000

20,000

30,000

2013 2014 2015 2016 2017 2018

Ciénega expansion

Ciénega

Fresnillo expansion

Fresnillo

Note: Attributable silver production. Silverstream not included.

1,300

1,400

Thousand Oz

Orisyvo

Centauro Deep

New target of 750koz gold by 2018

500

600

700

800

900

1,000

1,100

1,200

1,300

Mega Centauro

Juanicipio - 56%

Soledad&Dipolos

San Julián

Pyrites Plant

Saucito II

Saucito I

Dynamic Leaching

14

-

100

200

300

400

2013 2014 2015 2016 2017 2018

Dynamic Leaching

Nochebuena

Herradura

Cienega expansion

Ciénega

Fresnillo

Note: Attributable gold production.

“Looking beyond the cycle”

OutlookOutlook

Outlook: balancing growth & returns

� Ongoing efficiency gains at operations, investing in productivity and controlling

costs to maintain our cost position and world-class margins

� Focus on managing ore grades at Fresnillo

� Start up of Saucito II in Q4 2014 and San Julián in 2H 2015

� Acquisition of Newmont minority interest to consolidate position in the Herradura

region

� Mega Centauro and Centauro Deep in advanced exploration stage

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� Balance investment in future growth with shareholder returns to create long term

value throughout commodity price cycles

� On track to achieve our long-term goals of producing 65 million ounces of silver

and 750,000 ounces of gold a year by 2018

“Looking beyond the cycle”

AppendixAppendix

Fresnillo district – 1H 2014 Highlights

Saucito:

• 6.3moz silver produced in 1H 14 up 12.2% due to

Fresnillo:

• 10.5moz silver produced in 1H 14 down 5.8%

increased ore processed

• Silver ore grades expected to remain within guided

range of 320-325 g/t for 2014

due to lower ore grades

• Approaching average grade of the deposit of

255 g/t leads to confidence of grade stability

at this level

• Working to optimise the mine plan

• Conducting more infill drilling to increase

certainty of our geological model

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Ciénega district – 1H 2014 Highlights

Silver:

• 2.1moz silver produced down 5.3% due to lower

Gold:

• 53,984oz gold produced in 1H 14 down 9.5% due

ore grades

• Ore grade guidance of 120-125 g/t remains

• Higher throughput partially mitigated lower silver

grades

to expected decline in ore grades

• Ore grade guidance of 2.0-2.5 g/t remains

• Milling capacity of 3,600 tpd mitigated lower gold

grades

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Herradura district – 1H 2014 Highlights

Herradura:

• 58,532oz attributable gold produced in 1H 14

Noche Buena:

• 36,099oz attributable gold produced in 1H 14 up

down 35.8% due to the disrupted operations

following temporary suspension of explosives

permits, which was resolved in March

• Process of depositing mineral on the leaching

pads was normalised in 2Q14

• Recovery cycles to reach regular levels in 2H14

• Ore grade guidance of 0.75-0.80 g/t remains

33.5% due to higher ore deposited and recovery

rates

• On track to achieve expanded capacity of

75,000ozpa (attributable)

• Ore grade guidance of 0.50-0.53 g/t remains

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Saucito II Project

Average Annual Silver Production 8.4 Million Oz

Average Annual Gold Production 35.0 Thousand Oz

Pre-operative CAPEX US$235.0 Million

Project Highlights

� Detailed engineering works concluded

* Feasibility study approved 6 March 2013

Pre-operative CAPEX US$235.0 Million

Life of mine 22 years

Processing Capacity 3,000 TPD

Expected Start-up 4Q14

IRR @ Ag:US$22.0 /oz* 32.1%

Traditional cash cost* US$2.54/oz

All-in cash cost* US$3.70/oz

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� Detailed engineering works concluded

� Mills and flotation cells structures assembled

� Mine development ahead of schedule and ontrack for start up in Q4 2014

San Julián Project

Average Annual Silver Production 10.3 Million Oz

Average Annual Gold Production 43.9 Thousand Oz

Pre-operative CAPEX US$515.0 Million

Project Highlights*

* Revised 31 December 2013

Pre-operative CAPEX US$515.0 Million

Life of mine 13 years

Disseminated Processing Capacity 6,000 TPD

Veins Processing Capacity 3,000 TPD

Expected Start-up 2H 15

IRR @ Ag:US$22.0/oz 17.4%

Traditional cash cost US$7.77/oz

All-in cash cost US$9.33/oz

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� Development of vein system continued

� Additional orders for equipment placed

� Surface land acquired

� Construction of leaching plant commenced

� On track for 2H 2015 start up

C O N C E P T 1H 2014 % 1H 2013 % $ %

ADJUSTED REVENUES 750.4 982.3 (231.9) (23.6) HEDGING (METALS) 0.0 0.1 (0.1) (92.2) TREATMENT AND REFINING CHARGES (73.3) (56.5) (16.8) 29.8 REVENUES 677.1 100.0 925.9 100.0 (248.8) (26.9)

CHANGEACCUM JUNE

INCOME STATEMENT (IFRS)

(Million USD)

ADJUSTED PRODUCTION COST (291.3) (43.0) (339.0) (36.6) 47.7 (14.1) PROFIT SHARING (8.6) (1.3) (8.8) (1.0) 0.2 (2.1) DEPRECIATION (133.3) (19.7) (114.3) (12.3) (19.1) 16.7 HEDGING (EXCHANGE RATE) (0.2) (0.0) 4.1 0.4 (4.3) N/A CHANGE IN INVENTORIES 60.8 9.0 51.0 5.5 9.8 19.2 UNPRODUCTIVE COST (9.2) (1.4) - 0.0 (9.2) N/A COST OF SALES (382.0) (56.4) (407.0) (44.0) 25.0 (6.1)

GROSS PROFIT 295.1 43.6 518.9 56.0 (223.8) (43.1)

ADMINISTRATIVE EXPENSES (15.4) (2.3) (14.5) (1.6) (0.9) 6.4 CORPORATE EXPENSES (14.5) (2.1) (14.1) (1.5) (0.3) 2.3 EXPLORATION EXPENSES (69.0) (10.2) (114.7) (12.4) 45.7 (39.9) OTHER INCOME (EXPENSE) (7.8) (1.1) (0.8) (0.1) (7.0) 894.0 SELLING EXPENSES (5.1) (0.7) (3.5) (0.4) (1.5) 43.1

PROFIT FROM CONTINUING OPERATIONS 183.4 27.1 371.3 40.1 (187.9) (50.6)

SILVERSTREAM REVALUATION 47.3 7.0 (112.5) (12.1) 159.8 N/A

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SILVERSTREAM REVALUATION 47.3 7.0 (112.5) (12.1) 159.8 N/A FINANCE INCOME / (EXPENSE) (24.5) (3.6) (3.7) (0.4) (20.8) 565.0 FOREIGN EXCHANGE GAIN / (LOSS) 2.0 0.3 (5.3) (0.6) 7.3 N/A

PROFIT BEFORE INCOME TAX 208.2 30.8 249.8 27.0 (41.6) (16.6)

MINING RIGHT (13.1) (1.9) - - (13.1) N/A INCOME TAX EXPENSE (58.1) (8.6) (73.0) (7.9) 14.9 (20.4)

PROFIT FOR THE PERIOD 137.1 20.2 176.8 19.1 (39.7) (22.5)

ATTRIBUTABLE TO:

EQUITY SHAREHOLDERS OF THE GROUP 130.1 19.2 144.7 15.6 (14.6) (10.1)

MINORITY INTEREST 7.0 1.0 32.0 3.5 (25.1) (78.3)

137.1 20.2 176.8 19.1 (39.7) (22.5)

EBITDA 324.5 47.9 486.3 52.5 (161.8) (33.3)

C O N C E P T (US $ millions) YTD 2014 YTD 2013 $ %

CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL 336.7 496.4 (159.7) (32.2)

WORKING CAPITAL (71.5) (53.0) (18.5) 35.0

CHANGE

CASH FLOW (IFRS)

WORKING CAPITAL (71.5) (53.0) (18.5) 35.0

INCOME TAX AND PROFIT SHARING PAID (110.5) (254.5) 144.0 (56.6)

NET CASH FROM OPERATING ACTIVITIES 154.7 188.9 (34.2) (18.1)

OTHER PROCEEDS

SILVERSTREAM CONTRACT 31.4 37.3 (5.9) (15.8)

PROCEEDS FROM THE SALE OF PROPERTY, PLANT AND EQUIPMENT 5.3 6.5 (1.3) (19.5)

CAPITAL CONTRIBUTION 1.6 1.2 0.4 37.0

OTHERS 2.6 1.8 0.8 N/A

PLACEMENT OF NEW ORDINARY SHARES - 346.1 (346.1) N/A

TOTAL OTHER PROCEEDS 40.9 392.9 (352.0) (89.6)

PURCHASE OF PROPERTY, PLANT AND EQUIPMENT (212.0) (324.1) 112.2 34.6

DIVIDENDS PAID (50.1) (304.1) 254.0 (83.5)

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DIVIDENDS PAID (50.1) (304.1) 254.0 (83.5)

NET INTEREST RECEIVED (PAID) (19.4) 2.7 (22.1) N/A

USES OF CASH (281.4) (625.6) 344.1 (55.0)

NET INCREASE / (DECREASE) IN CASH DURING THE PERIOD (85.9) (43.8) (42.1) 96.2

EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (1.5) 0.8 (2.3) N/A

CASH AND CASH EQUIVALENTS AT 01 JANUARY 1,251.7 613.8 637.9 103.9

CASH, CASH EQUIVALENTS AND SHORT TERM INVESTMENTS AT 30 JUNE 1,164.3 570.8 593.4 104.0

Consolidated Cost Inflation 2014(USD Based)

Unit Price Weighted

Increase % Weight (*) Average

Consolidated

Labour Unionized Personnel 1.0% 7.9% 0.08%

Employees 0.1% 3.0% 0.00%

Weighted 0.8%

Operating Materials -1.6% 20.4% -0.33%

Energy Electric Energy 1.6% 9.5% 0.15%

Diesel 6.2% 8.4% 0.52%

Fuel 7.5% 1.3% 0.10%

Weighted 4.0%

Contractors 0.5% 30.0% 0.15%

25

Maintenance 0.2% 13.0% 0.03%

Freights 1.9% 1.0% 0.02%

Insurance -1.0% 1.3% -0.01%

Others 4.7% 4.2% 0.20%3.4%

TOTAL 100.0% 0.91%

(*) Not including Depreciation and Profit Sharing

Cost Per Tonne (IFRS)

CHANGE

1H 2014 1H 2013 % CHG.COST PER TONNE *

MINE UNIT

Fresnillo US$/TON 45.02 46.60 -3.4%

Saucito US$/TON 62.09 59.17 4.9%

Ciénega US$/TON 67.61 73.59 -8.1%

Herradura US$/TON 8.03 7.13 12.6%

Soledad & Dipolos US$/TON - 9.96 N/A

ACCUM JUN

**

26

Soledad & Dipolos US$/TON - 9.96 N/A

Noche Buena US$/TON 8.89 8.20 8.3%

* Cost per tonne is calculated as total production costs less depreciation, profit sharing and the exchange rate hedging effects.** Cost per tonne excluding unproductive costs.

All In Sustaining Cost (US$/Oz)

27

LIFE OF MINE

1H 2014 1H 2013 % CHG. WEIGHTED AVERAGECASH COST *

MINE UNIT

Fresnillo PER OZ. SILVER 9.93 9.45 5.1% 9.24(2025)

Saucito PER OZ. SILVER 7.66 6.83 12.2% 6.9

(2022)

Ciénega PER OZ. GOLD 594.58 463.50 28.3% 725(2025)

Herradura PER OZ. GOLD 839.51 735.83 14.1% 687

(2019)

27** All In cost is includes the aforementioned costs plus non sustaining exploration and capital expenditures and community costs not related to current operations.

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.

Soledad-Dipolos PER OZ. GOLD - 756.62 N/A 850

(2018)

Noche Buena PER OZ. GOLD 969.02 1,334.66 -27.4% 1,056.0

(2019)