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Looking Beyond the Cycle Annual Report 2013 Our Performance

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Looking Beyond the Cycle Annual Report 2013 Our Performance Looking beyond the cycle Annual report 2013 Our Performance Operational highlights Financial highlights Annual attributable silver production (including Silverstream) Financial performance under pressure from lower metal prices up 4.3% to 42.7 moz Market confidence in Group’s long-term strategy supported successful Annual attributable gold production down 10.0% to 425,831 oz due to the share issuance and bond placement Ejido El Bajío legal proceedings1 that resulted in disruptions at Minera Penmont Adjusted revenue2 of US$1,761.9 million, 23.0% lower Achieved US$27.4 million in operating efficiencies; productivity indicators Gross profit and EBITDA down 43.8% and 44.5% respectively, improved at Ciénega and Saucito to US$767.4 million and US$729.8 million Dynamic leaching plant at Herradura completed on schedule; rapid Profit from continuing operations of US$488.1 million, 54.0% lower progress at Saucito II with early commissioning planned; San Julián progressed but commissioning deferred for 12 months Basic and diluted earnings per Ordinary Share from continuing operations of US$0.329, 68.2% lower Total silver and gold resources increased; encouraging exploration results at San Julián, Centauro Deep, Noche Buena and in the Ciénega Adjusted EPS of US$0.381, 58.4% lower district; reserves declined due to lower prices used for calculation and conservative mine designs Final dividend of 6.8 US cents per Ordinary Share Advanced the maturity of our HSECR system; positive trends for several indicators, including a range of safety metrics; however, two fatalities in the year indicate more work is required Attributable silver production* Attributable gold production Adjusted revenue EBITDA Millions of ounces Thousands of ounces US$ million US$ million 42.7 425.8 1,761.9 729.8 41.3 42.1 41.9 41.0 42.7 276.6 369.0 448.9 473.0 425.8 944.0 1,473.9 2,307.4 2,287.2 1,761.9 496.6 945.0 1,538.5 1,315.3 729.8 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Total attributable silver resources Total attributable gold resources Adjusted EPS Gross profit Millions of ounces Millions of ounces US$ US$ million 2,134.5 28.4 0.381 767.4 1,289.0 1,472.7 1,811.1 2,033.1 2,134.5 13.9 20.1 23.5 27.0 28.4 0.430 0.740 1.098 0.916 0.381 532.3 979.4 1,563.5 1,364.6 767.4 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 * Graph illustrates silver production from our own mines, with shaded Profit from continuing operations Total dividends paid portion representing ounces relating to the Silverstream Contract. US$ million US cents 488.1 34.09 428.8 833.5 1,360.9 1,060.7 488.1 21.40 44.80 102.85 57.90 34.09 1 A summary overview of the legal proceedings can be found on page 11. 2 Adjusted revenue is the revenue shown in the income statement adjusted to add back treatment and refining costs and lead and zinc hedging. The Company considers this is a useful additional measure 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 to help understand underlying factors driving revenue in terms of volumes sold and realised prices. Fresnillo plc | Annual report 2013 www.fresnilloplc.com Fresnillo Strategic Corporate Financial Today Report Governance Statements Our Investment Case We are the world’s leading silver miner and one of Mexico’s largest gold producers. We see the enduring value of precious metals beyond the current cycle. We’re profitable and we’re investing in the future. Fresnillo plc has always taken Our aim is to produce 65 million the long-term view on precious ounces of silver and 500,000 metals, with a value creation ounces of gold by 2018. Today, strategy that allows for changing we affirm our commitment to marketplace dynamics. We seek delivering on that goal, profitably to balance shareholder returns with and sustainably. sustainable growth by focusing on operational excellence and the disciplined development of new projects, investing across price cycles in high potential exploration projects that position us to be a profitable, low-cost producer. For a more indepth look at our performance go to pages 54-103 www.fresnilloplc.com Fresnillo plc | Annual report 2013 1 Our Investment Case What Differentiates Us Consumption of explosives Consumption of steel balls for milling Kgs/tonne Kgs/tonne Operational excellence Q 2012 Q 2012 We deploy experienced personnel and advanced Q 2013 Q 2013 1.818 1.574 1.211 0.952 1.987 1.854 1.461 1.419 technology to optimise returns, with a focus on continuous improvement. Productivity and efficiency efforts in 2013 included improved drill patterns and blasting techniques, more effective maintenance schedules, and lower unit consumption of operating materials and energy. Ciénega Saucito Ciénega Saucito Silver cash cost curve Gold cash cost curve US$/oz US$/oz (as of September 2013) Competitive cash Q Saucito Silver price Q Ciénega Gold price Q Fresnillo Q Penmont cost performance Note: Data are based on 2012 costs, 30 but adjusted to reflect 2013s prices, 3500 smelter charges and exchange rates. Along with stringent investment criteria applied 25 3000 2500 at the earliest phases of exploration, we seek to 20 2000 15 further contain costs during project development 1500 10 and mine operation. Our cash costs in 2013, using 1000 both traditional and all-in calculation methodologies, 5 500 0 0 were amongst the lowest in the industry for most 0100 200 300 400 500 600 0 255075100 of our mines. Cumulative production (Moz) % of cumulative recovered gold (oz) Source: CRU Source: Thomson Reuters GFMS Balancing growth and returns US$ millions Financial strength Q Dividends Q Growth capex and flexibility 656.6 564.9 415.3 A conservative and efficient balance sheet and 251.2 careful management of assets and cash provides us with sufficient capital resources and operational 313.7 flexibility. We raised over US$345 million in 241.3 a secondary share issue and US$800 million in senior notes to fund long-term growth. 2012 2013 2 Fresnillo plc | Annual report 2013 www.fresnilloplc.com Fresnillo Strategic Corporate Financial Today Report Governance Statements World-class assets and strong organic growth pipeline We operate the world’s largest primary silver cycles. The Company’s rich resource base, and mine and a portfolio of low-cost silver and gold a proven ability to convert resources into reserves, mines, high potential development projects and supports our goal of producing 65 million ounces advanced exploration prospects. We are amongst of silver and 500,000 attributable ounces of gold the largest concession holders in mineral-rich by 2018, and to sustain that level of production Mexico, and invest in exploration across price for the next ten years. 2013-2018 Silver production profile* 2013-2018 Gold production profile Millions of ounces Millions of ounces 38,798 75,678 426 628 38,798 40,242 44,165 55,237 68,235 75,678 426 459 438 523 598 628 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 Q San Julián Q Pyrites plant Q Ciénega Q Centauro Deep – 56% Q Pyrites plant Q Noche Buena – 56% Q Juanicipio – 56% Q Saucito II Q Fresnillo expansion Q Juanicipio 56% Q Dynamic leaching – 56% Q Herradura – 56% Q Ciénega expansion Q Saucito I Q Fresnillo Q Ciénega expansion Q Saucito II Q Ciénega *Excluding Silverstream Q San Julián Q Saucito Q Fresnillo Conversion of resources into reserves – Fresnillo mine – Silver Conversion of resources into reserves – Cíenega mine – Gold Millions of ounces Millions of ounces 800.2 1.6 219.3 622.6 622.6 277.6 800.2 1.3 2.2 2.2 0.8 1.6 522.6 0.9 403.3 0.8 1.3 345.0 1.3 277.6 0.8 219.3 Reserves Reserves Ounces mined Reserves Resources Reserves Reserves Ounces mined Reserves Resources 2003 created from (2004-2013) as of 2013 as of 2013 2003 created from (2004-2013) as of 2013 as of 2013 resources resources and exploration and exploration (2004-2013) (2004-2013) www.fresnilloplc.com Fresnillo plc | Annual report 2013 3 Fresnillo Today Who We Are Attributable silver production by mine Attributable gold production by mine Pages 4-11 Fresnillo today Thousands of ounces Ounces Fresnillo plc is the world’s leading silver mining company and one 42,743 425,831 of Mexico’s largest gold producers. W Fresnillo 53.3% W Herradura 34.8% W Saucito 27.1% W Ciénega 26.3% Headquartered in Mexico City, W Ciénega 9.9% W Noche Buena 14.3% we are a FTSE 100 company with W Herradura 0.4% W Saucito 10.6% shares trading on the London W Noche Buena 0.1% W Fresnillo 7.8% W Soledad-Dipolos 0.0% W Soledad-Dipolos 6.2% and Mexican Stock Exchanges. W Silverstream 9.2% Pages 12-53 Strategy 1 2 We seek to create value for stakeholders across precious Maximise the potential Deliver growth through metal cycles, focusing on high of existing operations development projects potential silver and gold projects We strive to operate at full capacity, replenish Once projects meet stringent criteria for mineral that can be developed into low reserves each year, generate continuous content and embedded cost, they are advanced cost, world-class mines. improvements in productivity and cost controls, towards development, construction, start-up and leverage expansion opportunities.
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