Fresnillo plc

Good morning, everyone. Thank you for joining us today. My name is Octavio Alvidrez, and I'm the CEO of Fresnio PLC. Here with me this morning, we have Mario Arreguin, our CFO. I'm joined also by our Chief Operating Officers, Tomas Iturriaga of the Central Region, and Daniel Diaz of the Northern Region, and our Vice President of Exploration, Guillermo Gastelum. I would like to welcome to our full year results presentation. Before we begin, and as always, I would like to point out to a disclaimer, but I will quickly move to set out what we will cover in our presentation. I will take you through the investment proposition and some of the 2025 highlights and also our key recent HSECR initiatives. Guillermo then will go, well, before Guillermo, Tomas and Daniel will provide an operational update. from the respective regions. Mario will provide a financial update. Guillermo will talk us about resources and reserves. And then I will come back to close the presentation with some final comments and the outlook. I'm pleased with the performance of our business. As we have already reported, gold exceeded guidance and silver was in line with guidance. I believe this shows how we have stabilized our operations and are now in a strong position to capitalize on future growth opportunities. We remain, and this is going to be a continuous effort, very focused on control of the costs, and mitigate the first initial signs of inflation that we see in our operations. Let's remind that in 2025 we achieved cost savings for 46 million through a number of initiatives. Most of them and the majority of them in the Herradura district. But this will continue to be our focus in 2026. of course having the ounces and controlling the cost even decreasing for two years i would say 24 to 25 and having in the ounces we are enjoying the record prices and turning that into a record financial performance In 2025, we deliver also our mergers and acquisition strategy with the acquisition of Probe Gold in Canada. This is an outstanding asset, which added 10 million ounces of gold to our resource base, and we look forward to taking the right steps to develop this exciting project in due course. This goes along our strategy of acquiring quality assets, and in terms of exploration, we will see the probe gold acquisition to turn into a district for exploration for many years. Finally, we return $950 million to shareholders in dividend, a record amount. So turning to our investment proposition, we are still the largest producer of silver in the world and Mexico's leading gold miner. We benefit from a large portfolio of high-quality assets with over 2 billion ounces of silver resources and 44 million ounces of gold resources. Let's comment that this does not include the most recent acquisition of our project in Canada, as we closed that transaction in January of this year. We have strong EBITDA margins and low costs and remain very focused on running our operations efficiently. This approach has seen us generate significant free cash flow of over $2 billion, alongside very strong earnings per share, which has enabled us to reward our shareholders with strong returns in the form of dividends. As you can see, we have distributed 69% of earnings in 2025, well above our stated dividend policy. Though I should be clear, our policy remains in place. Some highlights on the financial performance. This is a record performance as we are announcing it today. Revenue was up strongly, but as you can see, our overall profitability was up sharply with significant margin improvements as we continue to focus on costs across the business so we can fully capitalize on the high precious metals price environment. and we have delivered considerable value to our shareholders while retaining an extremely strong balance sheet. I should state here, we believe the strong balance sheet is a competitive advantage. We have generated significantly cash flow, returning value to shareholders ahead of our stated dividend policy, but we also continue to look for opportunities which we believe will be value-enhancing in the long term. And our balance sheet gives us the flexibility to be able to act quickly. If we feel our shareholders will be better served by other uses of capital, then of course we will act on that accordingly. Some few comments on gold and silver markets. We continue to see strong fundamentals driving demand for both silver and gold. As we have seen sadly this weekend, global economic instability, geopolitical tensions and trade disputes have increased demand for safe haven assets like gold and silver. We are seeing growing interest in precious metals as an investment class which has boosted demand. Gold has hit record highs in the period reflecting geopolitical tensions, while we're also seeing a strong underlying support from central banks. We expect these themes or aspects to continue for the foreseeable future. We have also seen increased demand not just from traditional drivers such as jewelry for silver, but in particular in use in various industries, including electronic solar panels and automobiles. Increasing industrialization has contributed to rising silver prices. And as we can see on the silver graph, I mean, it is one trend from 2018 to 2020, but increasingly use and demand from 2020 till now. So that is quite a healthy market, I would say. increased because the scarcity of silver projects also increased the foundations for this market. Finally and most significantly, we are seeing supply constraints as I mentioned, not only in gold but also in silver. In short, we remain very confident in the outlook for silver and gold prices. Moving quickly to HSCCR highlights, safety is at the heart of everything we do. And as we can see in the graph, I mean the trend is quite possibly decreasing the long-term injury frequency rates as well as total recordable injury frequency rates. But still, the two fatalities we had this last year is a strong reminder that we should continue putting across all of our operations, our policy and protocols and our philosophy, I care, we care. So we continue and finally achieve a year with no fatalities. On the environment front, Our work on improving our carbon emission performance is also ongoing as we work towards decarbonizing our operations. improving water recycling rates, and upgrading our mining fleets. We achieved 78% renewable energy consumption in the period ahead of our target. As I said before, we are not still increasing that target, as we have some other mining projects that will increase our footprint. And therefore, that target remains at the same level that we that we have stated at 75%. On community relations, in particular, I would like to highlight local health campaigns where we have provided nearly 7,000 medical consultations and our new water initiatives in San Julian in partnerships with Metals for Humanity. As I have highlighted before, Our relationship with our communities is central to our license to operate, and we continue to make a huge contribution to our communities, both in terms of investment, employment, and taxes we pay. I now would like to turn the presentation to Tomasi Turriaga, and then after to Daniel. Do you want to present over there?

Yeah. Is it open? I have one here.

I have one here.