Fresnillo plc ("Fresnillo") is pleased to confirm the final testing of the downstream power distribution and control systems at the Juanicipio project is now complete.

This concludes the additional testing requested by the state-owned power company, CFE (Comisión Federal de Electricidad) 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.

As such, the entire system has now been energised, and commissioning of the project has formally begun. Ramp up will now be conducted at pace, with the objective of reaching full nameplate capacity in the second quarter of 2023. Once commissioning is concluded, ore will be processed at the Juanicipio plant and could also continue to be processed at our nearby Saucito and Fresnillo operations if required.

The Juanicipio mine is Fresnillo's next major growth project. From 2023 onwards, Juanicipio will be an increasingly major influence in its operations, with total average annual silver and gold production of 11.7 moz and 43.5 koz respectively over the life of mine.

Fresnillo again thanks the CFE and Centro Nacional de Control de Energía (CENACE) for their cooperation, support and engagement throughout this process.

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