Report on Payments to Governments 2025

Fresnillo PLC

15 June 2026

 

Fresnillo plc

21 Upper Brook Street

London W1K 7PY

United Kingdom

www.fresnilloplc.com

 15 June 2026

Fresnillo plc - Report on Payments to Governments for the year 2025

Background

This Report provides an overview of the payments to governments made by Fresnillo plc and its subsidiaries for the year ended 31 December 2025, as required under the UK Reports on Payments to Governments Regulation 2014 and its amendment in December 2015 (the UK Regulations). This Report is also intended to satisfy the requirements of the Disclosure and Transparency Rules of the Financial Conduct Authority in the United Kingdom.

This Report is available for download from https://www.fresnilloplc.com/investors/regulatory-announcements/

The 'Basis of Preparation' section below contains information about the content of the Report, the types of payments included, and the principles that have been applied in preparing the Report.

Basis for preparation - Report on Payments to Governments for the year 2025

Reporting entities

Under the UK Regulations, this Report includes payments to the government made by Fresnillo plc and its subsidiary undertakings (Fresnillo).

Activities

Payments made by Fresnillo to governments arising from activities involving the exploration, prospection, discovery, development, and extraction of minerals (extractive activities) are disclosed in this Report. When payments cover both extractive and processing activities and cannot be split, the payment has been disclosed in full. 

Government

Government includes any national, regional, or local authority of a country to which Fresnillo has made a payment related to these regulations, and any department, agency, or entity controlled by such authority.

Project

Payments are reported at the project level, except for payments that are not attributable to a specific project, which are reported at the entity level. Within the UK Regulations, a project is defined as the operational activities governed by a single contract, licence, lease, concession, or a similar legal agreement, and forms the basis for payment liabilities with a government. If agreements of this kind are substantially interconnected (i.e., forming a set of operationally and geographically integrated contracts, licenses, leases or concessions), these are treated for these Regulations as a single project. Indicators of integration include geographic proximity and common operational management. For some payments that cannot be attributed to a specific project, they were indicated at an entity level.

Materiality

In line with the UK Regulations, where a payment or a series of related payments have not exceeded £86,000 (US$113,407[1]), they have not been disclosed.

Reporting currency

Payments disclosed in this report have been disclosed in US Dollars. Where actual payments have been made in a currency other than US Dollars, i.e. Mexican pesos (MXN), they have been translated using the annual average exchange rate MXN / USD issued by The Central Bank of Mexico[2].

Type of payments

a)    Taxes. There are taxes paid by Fresnillo on its income, including special mining rights. Payments are reported net of refunds. Under the UK Regulations, payments made concerning consumption, sales, or employee taxes were excluded.

b)    Royalties.

c)    License fees, rental fees, entry fees, and other considerations for licenses or concessions. These are fees paid as consideration for acquiring a license to gain access to an area where extractive activities are performed.

Payments reported are on a cash flow basis, and refunds are included in the year received (i.e., 2025).

Other types of payments that are required to be disclosed under the UK Regulations are the following; however, for the year ended 31 December 2025, there were no such reportable payments made by Fresnillo to a government:

-      Production entitlements

-      Dividends

-      Signature, discovery, and production bonuses

-      Infrastructure improvements

REPORT ON PAYMENTS TO GOVERNMENTS 2025
SUMMARY REPORT PER COUNTRY (IN USD)
	Production entitlements	Taxes (1)	Royalties	Dividends	Bonuses	Licenses & concessions fees	Infrastructure improvements	Total
MEXICO	0	372,136,027	402,299	0	0	41,711,652	0	414,249,978
PERU	0	0	0	0	0	1,164,865	0	1,164,865
Total	0	372,136,027	402,299	0	0	42,876,517	0	415,414,843
MEXICO
GOVERNMENT REPORT (IN USD)
NATIONAL LEVEL	Production entitlements	Taxes	Royalties	Dividends	Bonuses	Licenses & concessions fees	Infrastructure improvements	Total
Ministry of Economics	0	79,107,500	402,299	0	0	34,992,076	0	114,501,874
Ministry of Finance and Public Credit	0	293,028,527	0	0	0	0	0	293,028,527
National Water Commission	0	0	0	0	0	1,120,383	0	1,120,383
REGIONAL LEVEL
Ministry of Security and Citizen Protection (2)	0	0	0	0	0	5,599,193	0	5,599,193
Total	0	372,136,027	402,299	0	0	41,711,652	0	414,249,978
PROJECT REPORT (IN USD)
	Production entitlements	Taxes	Royalties	Dividends	Bonuses	Licenses & concessions fees	Infrastructure improvements	Total
PROJECT
Ciénega	0	3,870,123	0	0	0	3,310,521	0	7,180,644
Fresnillo	0	51,070,908	0	0	0	4,810,172	0	55,881,079
Herradura / Nochebuena	0	42,863,446	0	0	0	25,085,453	0	67,948,899
Juanicipio (3)	0	135,213,578	0	0	0	177,604	0	135,391,182
San Julián	0	34,495,882	402,299	0	0	7,439,863	0	42,338,044
Saucito	0	60,162,112	0	0	0	772,295	0	60,934,407
ENTITY LEVEL
Comercializadora de Metales Fresnillo, S.A. de C.V.	0	22,533,963	0	0	0	0	0	22,533,963
Exploraciones Mineras Parreña S.A. de C.V.	0	3,556,019	0	0	0	0	0	3,556,019
Exploraciones y Desarr. Mineros Coneto, SAPI de CV	0	0	0	0	0	115,743	0	115,743
Fresnillo plc	0	16,392,458	0	0	0	0	0	16,392,458
Operaciones Fresnillo, S.A. de C.V.	0	1,048,891	0	0	0	0	0	1,048,891
Servicios Administrativos Fresnillo, S.A. de C.V.	0	928,647	0	0	0	0	0	928,647
Total	0	372,136,027	402,299	0	0	41,711,652	0	414,249,978
PERU
GOVERNMENT REPORT (IN USD)
	Production entitlements	Taxes	Royalties	Dividends	Bonuses	Licenses & concessions fees	Infrastructure improvements	Total
Ministry of Energy and Mining	0	0	0	0	0	1,164,865	0	1,164,865
Total	0	0	0	0	0	1,164,865	0	1,164,865
PROJECT REPORT (IN USD)
	Production entitlements	Taxes	Royalties	Dividends	Bonuses	Licenses & concessions fees	Infrastructure improvements	Total
ENTITY LEVEL
Fresnillo Perú, S.A.C.	0	0	0	0	0	1,164,865	0	1,164,865
Total	0	0	0	0	0	1,164,865	0	1,164,865
Notes:
1: All tax payments made in 2025 to the Ministry of Finance and Public Credit (the Mexican tax authorities) are shown net of refunds received in 2025.
2: In 2025, security service fees, which are properly provided for in state legislation, were paid to regional authorities in Sonora and Chihuahua due to increased security incidents and attention.
3: Represents 100% of the payments related to Juanicipio (56% Fresnillo plc, 44% MAG Silver)

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[1] Bloomberg 2025 average exchange rate 1.3186 USD/GBP

[2] Banco de México 2025 FIX average exchange rate 19.1995 MXN/USD

 

END