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Rising to the Challenges, Moving Forward with Confidence

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Rising to the Challenges, Moving Forward with Confidence FRESNILLO PLC ANNUAL REPORT AND ACCOUNTS RISING TO THE CHALLENGES, Fresnillo plc Fresnillo MOVING FORWARD WITH Annual Report and Accounts 2019 CONFIDENCE A CHALLENGING YEAR Fresnillo plc is the world’s largest silver producer and Mexico’s largest gold producer, listed on the London and Mexican stock exchanges. OUR PURPOSE Our Purpose is to contribute to the wellbeing of people, through the sustainable mining of silver and gold. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 01 Performance highlights 108 Chairman’s letter 156 Independent auditor’s report 238 Consolidated audited mineral 02 Where we operate on Governance 2019 169 Consolidated income statement resource statement 06 Chairman’s statement 109 Our approach to governance 170 Consolidated statement of 239 Consolidated audited 10 Chief Executive’s statement 112 The Board of Directors comprehensive income mineral resource statement 14 Markets review 116 Executive Committee 171 Consolidated balance sheet of exploration projects 16 Business model 117 Board leadership and purpose 172 Consolidated statement and prospects 18 Relationships with key 120 Division of responsibilities of cash flows 240 Audited ore reserve statement stakeholders 122 Composition, succession 173 Consolidated statement 241 Audited ore reserve statement 22 Our strategy and evaluation of changes in equity for Minera Juanicipio 24 Progress against our strategy 123 Nominations Committee report 174 Notes to the consolidated 242 Operating statistics 30 Review of operations 126 Audit Committee report financial statements 244 Shareholder information 54 Financial review 136 Remuneration at a glance 216 Parent company statement 66 Letter from the Chairman 138 Directors’ remuneration report of comprehensive income of the HSECR 152 Directors’ report 217 Parent company balance sheet 67 Sustainability at the core 155 Statement of Directors’ 218 Parent company statement of our purpose responsibilities of cash flows 88 Managing our risks 219 Parent company statement and opportunities of changes in equity 102 2019 Viability statement 220 Notes to the parent company and going concern statement financial statements 104 Board’s approach to stakeholder engagement 104 Section 172 Companies statement 107 Non-financial information statement FRESNILLO PLC 01 ANNUAL REPORT AND ACCOUNTS 2019 PERFORMANCE HIGHLIGHTS Despite our failure to achieve our expected production volumes, REPORT STRATEGIC our commitment to delivering long-term benefits to the full range of our stakeholders is undiminished, and Fresnillo remains a compelling investment case. 1 2 SILVER PRODUCTION GOLD PRODUCTION ADJUSTED REVENUE EBITDA GOVERNANCE CORPORATE (US$) (US$) 54.6MOZ 875.9KOZ 2,270.2M 674.0M -11.6% -5.1% +1.2% -26.3% TOTAL ATTRIBUTABLE TOTAL ATTRIBUTABLE GROSS PROFIT PROFIT FROM CONTINUING SILVER RESOURCES GOLD RESOURCES (US$) OPERATIONS (US$) 2,256.7MOZ 39.0MOZ 461.7M 171.7M FINANCIAL STATEMENTS +2.4% -0.3% -40.9% -66.1% OPERATIONAL HIGHLIGHTS • The second phase of the beneficiation FINANCIAL HIGHLIGHTS • Silver production of 54.6 moz (including plant optimisation at Fresnillo also • Adjusted revenue 1 of US$2,270.2 million, Silverstream) down 11.6% vs. 2018, driven continued to progress. up 1.2% over 2018 due to higher gold by the lower ore grades at Saucito, • Silver resources increased 2.4%; gold and silver prices partially offset by lower Fresnillo and San Julián, both veins resources remained stable at 39.0 moz. precious metals production. and disseminated ore body. • Silver reserves increased 1.7% reflecting • Gross profit of US$461.7 million, down • Gold production of 875.9 koz down 5.1% the recognition of reserves at Juanicipio 40.9% mainly due to higher production ADDITIONAL INFORMATION vs. 2018 mainly due to the expected lower for the first time, offset by the decrease in costs and depreciation; EBITDA2 of production from Noche Buena and a lower reserves at the underground silver mines. US$674.0 million, down 26.3%. ore grade at San Julián Veins. • Gold reserves decreased 16.0% mainly • Profit from continuing operations before • Mine development at Juanicipio reached due to the exclusion of reserves at Soledad net finance costs and income tax of over 25 km, with ore from these activities & Dipolos following the absence of an US$171.7 million, down 66.1%. as well as from the initial production stopes agreement with the Ejido community, and • Capex of US$559.3 million, down 16.4% set to be processed at the Fresnillo the exclusion of a number of benches at primarily due to the commissioning of beneficiation plant from June 2020. Herradura resulting from the negative infill several projects in 2018, including the • Construction of the Juanicipio drilling results and revised calculations. Pyrites Plant at Saucito and the dynamic beneficiation plant has been delayed • We regret to report that two fatalities leaching plant at Herradura. by six months with commissioning now occurred during 2019. • Dividends of US$142.2 million paid, down expected in mid-2021. • We began work on defining a new 52.3% mainly due to lower profits for • Construction of the Pyrites Plant (phase II) programme to control costs and the period, in accordance with our at Fresnillo made good progress. increase productivity in 2H19. dividend policy. • Strong balance sheet and low leverage ratio; cash and other liquid funds3 of US$336.6 million, down 40.0% mainly due to the high level of capex and dividends albeit being lower 16.4% and 52.3% respectively vs. 2018. 1 Adjusted revenue is the revenue shown in the income statement adjusted to add back treatment and refining costs and gold, lead and zinc hedging. The Company considers this a useful additional measure to help understand underlying factors driving revenue in terms of volumes sold and realised prices. The reconciliation of Adjusted revenue to Revenue as shown in the income statement is provided on page 56. 2 Earnings before interest, taxes, depreciation and amortisation (EBITDA) is calculated as gross profit plus depreciation less administrative, selling and exploration expenses. The reconciliation of EBITDA to amounts determined in accordance with IFRS can be found on page 61. 3 Cash and other liquid funds are disclosed in note 30(c) to the consolidated financial statements. Find out more online at www.fresnilloplc.com FRESNILLO PLC 02 ANNUAL REPORT AND ACCOUNTS 2019 WHERE WE OPERATE Our core operations are in Mexico, a country with significant geological resources, strong potential for continued growth, a skilled workforce and solid infrastructure, and a mining history extending more than 500 years. In total, Fresnillo plc has mining concessions covering approximately 1.7 million hectares in Mexico, providing some 17,927 jobs and adding around US$1,752 million1 to the Mexican economy each year. 15 5 11 4 10 6 USA HERRADURA DISTRICT ORISYVO MEXICO 12 SAN JULIÁN DISTRICT Mining operations Development projects 7 Advanced exploration CIÉNEGA DISTRICT 3 3 14 FRESNILLO DISTRICT 1 8 9 2 8 13 6ADVANCED EXPLORATION DEVELOPMENT3 7OPERATING PROJECTS PROJECTS MINES See pages 30-34. See pages 35-37. See pages 38-53. 1 Economic Value Distributed. This is considered to be a social performance measure. For more detail see page 17. FRESNILLO PLC 03 ANNUAL REPORT AND ACCOUNTS 2019 KEY ASSETS REPORT STRATEGIC Asset Type Main metal Reserves (Silver) 3 Reserves (Gold) 3 Year 1 OPERATING MINES 1 Fresnillo Underground Silver primary 149.3 moz 483 koz 1554 2 Saucito Underground Silver primary 119.7 moz 500 koz 2011 3 Ciénega Underground Gold/Silver 38.6 moz 368 koz 1992 3 San Ramón (Ciénega satellite) Underground Gold/Silver Reported as part of Ciénega 2012 3 Underground Silver/Gold Reported as part of Ciénega 2019 Las Casas, Cebollitas Cluster 4 Herradura Open pit Gold 6,679 koz 1997 GOVERNANCE CORPORATE 5 Soledad-Dipolos 2 Open pit Gold Excluded in 2019 2010 6 Noche Buena Open pit Gold 493 koz 2012 7 San Julián Underground Silver primary 90.1 moz 287 koz 2016 1 Represents start of commercial production. Read more in our Review of Operations 2 Operations at Soledad-Dipolos are currently suspended. on pages 38-53. 3 As of 31 May 2019. DEVELOPMENT PROJECTS 8 Second stage of the Facility to process historical and ongoing tailings For more detail on the Pyrites Plant FINANCIAL STATEMENTS pyrites treatment plant from Fresnillo to increase metal recovery rates. project see page 35. Annual total production, including Saucito tailings, expected to average 3.5 moz silver and 13 koz gold once operating at full capacity. 8 Optimisation of the Project at the Fresnillo mine to process the For more detail on the project to optimise Fresnillo beneficiation plant higher lead and zinc grade at depth. the beneficiation plant see page 36. 9 Juanicipio Silver project in the Fresnillo District. For more detail on the Juanicipio Annual total production expected to project see page 37. average 11.7 moz silver and 43 koz of gold. 1 1 Asset Main metal Resources (Silver) Resources (Gold) ADDITIONAL INFORMATION EXPLORATION PROJECTS AND PROSPECTS 10 Centauro Deep Gold 2.2 moz Indicated & inferred gold resources. 11 Centauro Pit Expansion as part of Herradura Gold 9.8 moz Measured, indicated & inferred gold resources. 12 Orisyvo Gold 12.3 moz 9.6 moz 13 Guanajuato Silver/Gold 88.9 moz 1.4 moz 14 Rodeo Gold 11.5 moz 1.2 moz 15 Tajitos Gold 530.0 koz 1 As of 31 May 2019. For more on our exploration projects and prospects see pages 30-34. In addition, we have many further early stage projects and prospects located in Mexico, Peru and Chile. EXPECTED DELIVERY OF GROWTH PROJECT 2018 2019 2020 2021 2022 2023 2024 Investment 1 Expected avg. (US$m) annual production 2 3.5 moz Ag Pyrites Plant (Optimisation project) 155 & 13 koz Au Fresnillo Base Metals 4 30 3 moz Ag 11.7moz Ag 440 3 Juanicipio & 43 koz Au 15 koz Au 55 Ciénega 5,000 tpd (Optimisation project) & 1.3 moz Ag Orisyvo 430 182 koz Au 1 Estimated.
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