22 November 2022

JUANICIPIO PROJECT UPDATE

Fresnillo plc ("Fresnillo") is providing an update on the success of the additional testing requested by the state-owned power company, CFE (Comisión Federal de Electricidad). The testing to verify compatibility between new and updated substation equipment installed by Fresnillo on behalf of Fresnillo and MAG Silver (together, "the JV Partners") as part of the Juanicipio Project ("the project") and existing older CFE infrastructure has been concluded successfully.

Specifically, Fresnillo can confirm that the main substation that will provide power to the project has been inspected and approved for use. This is a key milestone as the new components of the substation are now fully connected to the grid and the main transformer for the project has been energised. Tests on the downstream power distribution and control systems for final tie in to the national grid are continuing in line with the CFE requirements.

Fresnillo acknowledges and appreciates the significant contribution made by CFE and Centro Nacional de Control de Energía (CENACE) for their cooperation, support and engagement as we continue to work closely with them towards concluding this final process.

Fresnillo is very confident in the integrity of the new systems and that they will meet the stringent requirements of the regulator. In addition, we are confident in our ability to effect a rapid ramp-up of operations once all final elements are formally approved and full load commissioning at Juanicipio commences.

Mine development at Juanicipio is ongoing with a substantial stockpile built in anticipation of the commencement of milling operations, in the interim, ore will continue to be processed at our nearby Saucito and Fresnillo operations.

As a result, there is no impact on 2022 production, nor on our 2023 production expectations.

For further information, please visit our website: www.fresnilloplc.com or contact:

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 seven operating mines, all of them in Mexico - Fresnillo, Saucito, Ciénega (including Las Casas Rosario & Cluster Cebollitas), Herradura, Soledad-Dipolos1, Noche Buena and San Julián (Veins and Disseminated Ore Body), two development projects - the Pyrites Plant at Fresnillo and Juanicipio, both of which have been completed and are awaiting tie-ins of the plants to the national electricity grid; and three advanced exploration projects - Orisyvo, Rodeo and Guanajuato, 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.

Fresnillo plc 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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