Company Overview

Fresnillo plc is a precious metals mining company primarily engaged in the exploration, development, and production of silver and gold, operating within the global mining and metals industry. It is recognized as the world’s largest primary silver producer and one of Mexico’s leading gold producers by output. The company’s revenues are largely driven by the sale of silver and gold concentrates and doré, with silver historically accounting for the majority of production volumes.

The company’s strategic positioning is centered on long-life, low-cost mining assets, a strong reserve base, and operational expertise in epithermal and vein-type deposits. Fresnillo plc was incorporated in 2007 following the spin-off of precious metals assets from Industrias Peñoles, S.A.B. de C.V., which remains its majority shareholder. Since its listing on the London Stock Exchange, the company has focused on disciplined growth, reserve replacement, and maintaining industry-leading safety and sustainability standards.

Business Operations

Fresnillo plc operates through a portfolio of wholly owned and majority-owned mining units that collectively form its core operating segments, primarily silver mining and gold mining. Key operating assets include Fresnillo Mine, Saucito Mine, Juanicipio Mine, Herradura Mine, Soledad-Dipolos Mine, and Cienega Mine. Revenue is generated through the production and sale of silver and gold, with by-product credits from lead and zinc at certain operations.

Operations are concentrated in Mexico, where the company controls extensive mineral concessions, processing plants, and related infrastructure. Fresnillo plc leverages proprietary geological expertise, advanced underground mining techniques, and centralized processing and refining capabilities. A notable partnership is its joint venture in Juanicipio Mine with MAG Silver Corp., which represents one of the most significant high-grade silver discoveries globally in recent decades.

Strategic Position & Investments

The company’s strategic direction emphasizes organic growth through brownfield expansions, mine optimization, and ongoing exploration aimed at reserve and resource replacement. Fresnillo plc consistently invests in exploration programs around existing districts, which historically have delivered a high conversion rate from resources to reserves.

Capital investments have focused on productivity improvements, underground development, and sustainability initiatives, including water management and energy efficiency. While the company has historically favored organic growth over large-scale mergers and acquisitions, it maintains a pipeline of development and advanced exploration projects that support long-term production visibility. Emerging focus areas include automation in underground mining and enhanced environmental technologies, though the financial impact of these initiatives remains incremental based on available public disclosures.

Geographic Footprint

Fresnillo plc’s operations are almost entirely located in Mexico, which serves as both its operational base and strategic core market. The company’s headquarters are in Mexico City, while its registered office is in London, United Kingdom, reflecting its UK incorporation and premium listing status.

Within Mexico, the company maintains a strong presence across Zacatecas, Sonora, Durango, and Chihuahua, regions known for prolific precious metals mineralization. Although Fresnillo plc does not currently operate producing mines outside Mexico, it has historically conducted early-stage exploration activities in other parts of Latin America, reinforcing its regional geological expertise and optionality.

Leadership & Governance

Fresnillo plc is governed by a board and executive team with extensive experience in mining operations, geology, finance, and corporate governance. The company’s leadership philosophy emphasizes operational discipline, long-term value creation, and responsible mining practices aligned with its majority shareholder, Industrias Peñoles, S.A.B. de C.V.

Key executives include:

• Octavio Alvídrez – Chief Executive Officer
• Patricia Ávila – Chief Financial Officer
• Luis Peniche – Executive Vice President, Exploration
• Jorge Vázquez – Executive Vice President, Operations
• James Smith – Independent Non-Executive Chairman

The leadership team maintains a strategic vision focused on sustaining Fresnillo plc’s position as a leading global silver producer while balancing growth, shareholder returns, and environmental and social responsibilities.