Fresnillo plc

Good morning everyone. Thank you for joining us today. Welcome to the interim results presentation in what was an outstanding period for the company. My name is Octavio Alvidrez, CEO of Fresnillo, and this morning I'm joined by Mario Arreguin, our CFO, and Daniel Diez, Chief Operating Officer of the Northern Region. As always, I need to point out to a disclaimer before I begin, but let's move on to set what we will cover in our presentation. I will take you through the key operating and financial highlights. Daniel and I then provide an operational update, followed by Mario that will provide us a financial update. I will then conclude and provide some comments on the outlook. We then look forward to receiving your questions. So turning to the highlight for the first half. We delivered a strong operating performance in the first half, driven by consistent execution across our asset portfolio. Gold production showed strong sequential momentum, increasing 13.8% against the first quarter. However, as anticipated in our 2026 guidance, first half gold production decreased 7.3% year-on-year due to lower volume of ore process and recovery rate at Herradura. Our first half silver production reflects an anticipated year-on-year reduction primarily due to the planned end of the silver stream agreement alongside expected grade variability at Saucito and Juanisipio. We remain fully focused on managing costs in the face of continued inflation and moderation in the high price environment and the ongoing strength of the Mexican peso. Controllable costs rose by only 3.5% in first half 2026. Lastly, we continue to progress safety improvements, the priority of the group. We continue to see key injury and accident metrics trending downward with an ongoing commitment to zero fatalities. Some of the financial highlights. The first half of 26 was another record financial performance for the company and I have set the key highlights out here. In particular, we saw revenues up sharply driven by higher precious metal prices with gross profit and EBITDA more than doubling alongside a strong increase in margins. This financial strength has allowed us to more than double the interim dividends versus the prior year. Again, paying out in line with our long-standing dividend policy. We have returned over $2 billion to shareholders over the past five years, a record of which we are very proud. We have also used this balance sheet strength to selectively and strategically advance our business with the acquisition of probe gold at the beginning of the year, and more recently, an investment and the project CINDA. Like PROVE, CINDA meets our disciplined, strict and targeted criteria, giving us additional exposure to geological silver districts that complement our portfolio.

Turning to precious metal

In addition to our production, controlling of the cost, These pet metal prices give us further confidence in our strategy. Now turning to the performance of our mines. As you know, Tomasi Turriaga has stepped down from his role as COO of the central region, and so I will present the operational overview for the central mines. Gabriel Duran, a seasoned and experienced professional mining engineer who has been with the company for more than 30 years and he's been coordinating the tree for the central district for three years will temporarily assume responsibility for the region in addition reporting directly to me. Fresnillo saw A solid first half in line with expectations. In fact, we raised guidance on expected gold grade from the Fresnillo mine, as seen on the slide, where gold production increased 47.6% versus first half 25. It is worth noting the mine development rates increased 13.3% versus first half 25, supported by improved equipment availability. We are also closely managing costs. I would like to note here that the higher cost is primarily an arithmetic effect of our silver equivalent reporting under higher silver prices. But costs are a focus for us in the second half of the year. Turning on to Saucito was also in line with expectations. with both silver and gold slightly below last year. The key factor remains the ongoing Harillas-Chaft connection, which reduced ore volumes and increased haulage costs. This will be completed in the third quarter, improving operating efficiency and the cost profile going forward. While we optimize the mine sequence, we are reviewing the medium-term production outlook, although our 2026 guidance remains unchanged. Juan Ecipio continues to perform in line with our expectations with lower silver production, reflecting the planned mine sequence and expected ore grade. Gold production was in particular highlight increasing 19.1% year on year as a result of higher grades. Overall, Juan Ecipio continues to demonstrate his strong operational performance. I will now hand over to Daniel for him to give a short review on the rest of the operating assets, Herradura, Cienega, San Julian, but also the brownfield and greenfield development projects.