Equity Snap: Fresnillo Plc (FRES LN): 2Q26 production above HSBCe; FY26 guidance unchanged

Research evidence excerpt

Equity Snap: Fresnillo Plc (FRES LN): 2Q26 production above HSBCe; FY26 guidance unchanged

22 July 2026

Equity Snap: Fresnillo Plc (FRES Equities Metals & Mining

LN)

2Q26 production above HSBCe; FY26 guidance

unchanged United Kingdom

◆ 2Q26 gold and silver production above HSBCe; 2026-28e Jonathan Brandt, CFA

production guidance remains unchanged Analyst, GEMs ex-Asia Metals & Mining,Pulp & Paper HSBC Securities (USA) Inc.

jon.brandt@us.hsbc.com

+1 212 525 4499

Fresnillo Plc (FRES LN, GBp2,566, Hold, TP GBp2,750)

Gustavo Hwang*, CFA

(Priced as of 21 Jul 2026) Analyst, GEMs ex-Asia Metals & Mining,Pulp & Paper

Banco HSBC S.A.

2Q26 attributable gold production of c154.8koz (-1.9% y-o-y, +13.8% q-o-q) was gustavo.hwang@hsbc.com

above consensus and HSBC expectations by 14% primarily driven by strong +55 11 2802 3257

production at Fresnillo mine. The y-o-y decrease in production was mainly driven by Ishan Jain*

Analyst, Metals & Mining, Pulp & Paper

lower ore grade at Herradura and San Julián Veins. HSBC Securities and Capital Markets (India) Private

Limited

2Q26 attributable silver production of 10,928koz (-12.6% y-o-y, -1.7% q-o-q) was ishanjain@hsbc.co.in

+91 80 4550 3767

below consensus but above HSBC expectation by 7%. The company attributed y-

o-y production decline to i) lower ore grade and decreased volume of ore processed

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

at Saucito, ii) lower ore grades at San Julián Veins and Juanicipio, iii) lower ore not registered/ qualified pursuant to FINRA regulations

grade, decreased volume of ore processed and lower recovery rate at Ciénega and

iv) end of contribution from Silverstream in 4Q25.

2Q26 attributable production for lead and zinc was also above expectations.