Fresnillo Plc

21 Upper Brook Street

London W1K 7PY

United Kingdom

www.fresnilloplc.com

9 May 2023

Update on new Mexican Mining Law

Further to the last update provided by Fresnillo plc ("Fresnillo" or the "Company") in its production report on 26 April 2023, the Company is today providing an update on the reform to Mexico's Federal Mining Law (the "Reform"), which has now been enacted.

Fresnillo continues to analyse the Reform in detail; however, at this stage, the Company does not believe it will have any material impact on its current operations or advance exploration projects. Specifically:

1. Concessions for current operating mines.

Regarding mining concessions for current operations, none of the Company's current operations are expected to be impacted as a consequence of the new law, since the Company has all necessary concessions currently in place to permit its operations on an ongoing basis.

Furthermore, the average remaining term of such concessions is 28 years and would, in any case, each be subject to renewal at the end of their respective terms.

2. Concessions for current advance exploration projects.

Regarding concessions for Fresnillo's main advance exploration projects Orisyvo and Rodeo, Fresnillo currently holds all concession permits which have an average term of 33 years, and which are in any case subject to renewal at the end of their respective terms.

3. Regarding tailings dams.

Fresnillo continues to analyse any possible implications regarding new requirements for the deposit of tailings or industrial residues. However, no significant adverse impact is currently anticipated.

4. Environmental and social aspects.

Fresnillo notes that the new legislation places greater emphasis on environmental and social obligations. Consistent with its purpose to contribute to the wellbeing of people through the sustainable mining of silver and gold, Fresnillo will continue to comply with environmental and social best practices and obligations in the places where it operates.

5. Additional regulations to new law.

Fresnillo notes that certain aspects of the new law may require additional clarifications from the regulator. This would be accomplished either through guidance and/or complementary regulation ("leyes reglamentarias") that is yet to be issued. Fresnillo will continue to engage with all relevant stakeholders to ensure it is meeting the requirements on the law.

Fresnillo will continue to review any potential aspects of the new law which may merit legal analysis in order to determine the best course of action, including potential challenges based on constitutional aspects, if any."

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-Dipolos¹, Noche Buena and San Julián (Veins and Disseminated Ore Body), one development project - the Pyrites Plant at Fresnillo, which has been completed and is awaiting tie-in of the plant to the national electricity grid, and four advanced exploration projects - Orisyvo, Rodeo, Guanajuato and Tajitos 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 has a strong and long tradition of exploring, mining, a proven track record of mine development, reserve replacement, and production costs in the lowest quartile of the cost curve for silver.

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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