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Fresnillo plc Interim Results 2008

August 19, 2008

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Disclaimer

This document includes statements that are, or may be deemed to be, ―forward-looking statements‖. These forward-looking statements can be identified by

the use of forward-looking terminology, including the terms ―believes‖, ―estimates‖, ―plans‖, ―projects‖, ―anticipates‖, ―expects‖, ―intends‖, ―may‖, ―will‖, or

―should‖ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or

intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this document and

include, but are not limited to, statements regarding the Fresnillo Group‘s intentions, beliefs or current expectations concerning, among other things, the

Fresnillo Group‘s results of operations, financial position, liquidity, prospects, growth, strategies and the silver and gold industries.

By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements

are not guarantees of future performance and the actual results of the Fresnillo Group‘s operations, financial position and l iquidity, and the development of the

markets and the industry in which the Fresnillo Group operates, may differ materially from those described in, or suggested by, the forward-looking

statements contained in this document. In addition, even if the results of operations, financial position and liquidity, and the development of the markets and

the industry in which the Fresnillo Group operates are consistent with the forward-looking statements contained in this document, those results or

developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ

materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions,

industry trends, competition, commodity prices, changes in regulation, currency fluctuations (including the US dollar and Mexican Peso exchange rates), the

Fresnillo Group‘s ability to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into

resources or reserves, changes in its business strategy, political and economic uncertainty.

Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document speak only as of the

date of this document, reflect the Fresnillo Group‘s current view with respect to future events and are subject to risks relating to future events and other risks,

uncertainties and assumptions relating to the Fresnillo Group‘s operations, results of operations, growth strategy and liquid ity. Investors should specifically

consider the factors identified in this document which could cause actual results to differ before making an investment decision. Subject to the requirements of

the Prospectus Rules, the Disclosure and Transparency Rules and the Listing Rules or applicable law, the Fresnillo Group explicitly disclaims any obligation or

undertaking publicly to release the result of any revisions to any forward-looking statements in this document that may occur due to any change in the

Company‘s expectations or to reflect events or circumstances after the date of this document.

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Agenda

1H08 Highlights Jaime Lomelin

Development Projects and Exploration David Giles

Financial Review Mario Arreguin

Conclusion Jaime Lomelin

Q and A

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Committed to double production, on a silver equivalent basis, within the next 10 years

1H 2008 Highlights

Increased EBITDA and Cash Flow levels

– Stable Production in line with mining plan, Cost Control

– Higher price environment

Delivering on growth

– Resource upgrades

• 22% contained silver ounces at Fresnillo

• 11% contained gold ounces at Herradura

• 6% contained gold ounces at Cienega

– Development projects on schedule

– Two new veins at Fresnillo II discovered

– Exploration success

Strong balance sheet with no bank debt

Maiden interim dividend of US$0.059 (5.9 cents) per share

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Financial Highlights

1 Fresnillo attributable production 2 The weighted average number of shares for 1H 2008 was 656,131,000. For 2007, the EPS calculation has assumed that the ordinary shares in issue, pursuant to the Merger agreement dated 18 April 2008, had been in issue throughout the period.

US$ million

1H 2008 1H 2007 % change

Silver Production

(koz)

17,437 17,425 0.1

Gold Production1 (koz)

140 145 (3.6)

Total Revenue

424.21 311.62 36.1

Adjusted Revenue

493.83 382.89 29.0

EBITDA

212.06 144.97 46.3

Attributable Profit

140.97 90.11 56.4

Net Operating Cashflow

264.3 192.1 37.6

EPS (USD)

0.215 0.1422 51.2

DPS (USD)

0.059

0

50

100

150

200

250

300

350

400

450

Tota

l Revenue

EBIT

DA

Att

ributa

ble

Pro

fit

Net

Opera

ting

Cash F

low

1H08 1H07

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Highlights – Mines in Operation

Fresnillo Ciénega Herradura3

Attributable

Production

16.870Moz Ag, 12koz Au 5kt Pb, 6kt Zn

0.5Moz Ag, 64koz Au 5kt Pb, 6kt Zn

0.06Moz Ag, 64koz Au

Resources Growth1 05 ‗08 – 41.6Mt @ 465.0 g/t Ag 01 ‗08 – 32.6Mt @ 486.7 g/t Ag 22% increase in contained silver

ounces

05 ‗08 – 14.2Mt @ 4.81 g/t Au 01 ‗08 – 11.8Mt @ 5.48 g/t Au 6% increase in contained gold ounces

05 ‗08 – 170.5Mt @ 0.84 g/t Au 01 ‗08 – 165.3Mt @ 0.78 g/t Au 11% increase in contained gold ounces

Production Costs2 1H 08 US$38.83/tonne of ore 1H 07 US$35.47/tonne of ore

1H 08 US$60.26/tonne of ore 1H 07 US$51.28/tonne of ore

1H 08 US$5.61/tonne of ore 1H 07 US$5.02/tonne of ore

Cost efficiencies New shaft development approved

Sewage water treatment plant approved

Sink current shaft additional 300 metres Improve leach circuit to improve recoveries

Safety – Injury rate fell from 2.26 1H 07

to 1.44 1H 08

– Lost days decreased from 1.12 to 0.79

– No fatalities

– Injury rate increased from 0.75 to 1.13

due to personnel turnover

– Number of lost days decreased from 0.41 to 0.27

– No fatalities

– Injury rate decreased from 0.92 to

0.63

– Lost days decreased from 0.11 to 0.05

– No fatalities

– Awarded for 5th time Silver Helmet by Mining Chamber

Growth Potential / Asset Optimisation

Debottlenecking, increasing life of mine

Development and preparation of new stopes to mitigate lower grades, debottlenecking

More ore on pads, increase production to average 228koz per year for remaining life of mine.

1 Resources update from 1 January 2008 to 31 May 2008, latest data available 2 Cost incurred directly during the mining process such as labour, raw materials, contractors, energy, freight and maintenance 3 56% owned by Fresnillo plc

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Growth Pipeline – delivering on growth

Existing mining operations

Development projects

Exploration prospects

Target definition

Other claims

Prospect generation

Prospective gold-silver belts

Lucerito, Leones, San Ramon, San Javier, Garambullo, Tocayos, Casandra, Villagarcia,

Sianori, Jarros, Maguarichi, S. Brigida, Petlacala, Guanajuato, Carmen

Fresnillo II (Jarillas & Valdecañas) San Julián

Orisyvo San Juan

Fresnillo II (Saucito) Soledad & Dipolos in

the Herradura Corridor

Fresnillo Herradura Ciénega

Source: SRK Mineral Expert's Report

Stable production

Resources growth

Production cost control

Shaft and ramp progress

Resources definition

Soledad and Dipolos feasibility study in progress

Extension of mineralised zones

International Northair JV

Garambullo and Leones drill ready

Key developments in 1H08

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Agenda

1H08 Highlights Jaime Lomelin

Development Projects and Exploration David Giles

Financial Review Mario Arreguin

Conclusion Jaime Lomelin

Q and A

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Development Projects – Fresnillo II

7% increase in meters drilled

(29,800 m)

Resources increased at Fresnillo II.

Positive drilling results obtained on

the Jarrillas and Valdecañas Veins

Two new veins were discovered,

Madroño and Mezquite

Shaft extended to 530 meters, and

on target for completion to 570

meters at year end; ramp to 3000

meters

Operation in Saucito on schedule to

start in 2011

Operation in Jarillas and

Valdecañas East expected to start

2015

Fresnillo II

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Development Projects – Fresnillo II

Shaft

Shaft Project

Silver – Gold Veins

Fresnillo Mine

2 Km

Lote Juanicipio

V. Sto. Niño

Fresnillo II

FRESNILLO II

Minera Saucito (100% Fresnillo Plc)

Saucito Vein

Jarillas Vein

Extensión Valdecañas

Sta. Natalia Vein

Madroño Vein

Mezquite Vein

Minera Juanicipio (56% Fresnillo Plc)

Valdecañas Vein

Juanicipio Vein

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Infill drilling 67,600 metres reverse

circulation and 6,000 metres core

Resources upgraded to 606,000 oz

measured-indicated, plus 167,000 oz

inferred. Potential remains open.

Feasibility study in progress

Pre stripping expected to begin Q42008

On schedule to commence production in

Q42009, reaching a peak rate of approx

100koz of gold per year in 2010

Exploration activity continues with five

reverse circulation drill rigs

Soledad and Dipolos

Development Projects – Soledad and Dipolos

Tajo

Centauro

Soledad Dipolos

On target to commence production in 2009

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Mineralization Silver and Gold Gold Silver and Gold

Potential – Veins: 3 to 5 Mt at 250 to 450 g/t

silver eq

– Disseminated silver deposit: 10 to

20 Mt at 90 to 240 g /t silver eq.

– 50 to 100 Mt, 0.5 to 2.0 g/t gold – 2.0 to 4.0 Mt at 200 to 400 g/t silver

eq (Lorena area)

– Structure mapped along an

additional 10 kms

Drilling Diamond drilling increased 185%

(18,700m)

Diamond drilling increased 26%

(10,400m)

Diamond drilling 6000m

Results – Drill indicated resource on Todos

Santos vein: 284,000 oz gold eq (2.1 Au, 206 Ag)

– Ore-shoots discovered on La Dura

and Maria Antonieta veins

– Metallurgical tests in progress

– Holes 32 and 34 extended the

north oxide zone, 50m width @ 1.1 g/t gold

– Hole 44 intersected sulphide core

zone, 215m @ 2.9 g/t gold

– Metallurgical tests in progress

– 7 holes with economic gold – silver

grades in 2008, Lorena shoot extended 1000m to north

– 2 new mineralized areas discovered

in surface sampling

Advanced Exploration Prospects

San Julian, Chihuahua Orisyvo, Chihuahua San Juan, Durango

…plus JV option signed with Northair, at La India project

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San Julian

Exploration Success in 1H2008

New silver and gold discoveries

Orisyvo

500100 250

M e t e r s

0

Diamond drill hole

Diamond drill hole

L E G E N D

Au > 1.0 g/t

Au 0.5 - 0.9 g/t

(Program)

Gold deposit

NORTH OXIDE ZONE

CENTRAL ZONE CORE

0 1000

PIEDRA LARGA

DE SAN JULIAN

SAN JULIAN

78°

78°

EL BAJIO

500

M e t e r s

S c a l e

SILVER JM DISCOVERY

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1H08 Highlights Jaime Lomelin

Development Projects and Exploration David Giles

Financial Review Mario Arreguin

Conclusion Jaime Lomelin

Q and A

Agenda

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Jan-Jun CHG

Item (Million dollars) 2008 % 2007 % Amount %

Adjusted Revenue¹ 493.8 382.9 110.9 29.0

Treatment & Refining charges (47.2) (40.7) (6.5) 16.1

Hedging (22.4) (30.6) 8.2 (26.8)

Net Revenue 424.2 100.0 311.6 100.0 112.6 36.1

Cost of Sales (150.5) (35.5) (113.4) (36.4) (37.1) 32.7

Gross Profit 273.7 64.5 198.2 63.6 75.5 38.1

Administrative expenses (58.4) (13.8) (52.9) (17.0) (5.5) 10.4

Exploration expenses (25.0) (5.9) (23.9) (7.7) (1.1) 4.4

Other income 5.6 1.3 6.4 2.1 (0.8) (12.3)

Other expenses (1.7) (0.4) (0.8) (0.2) (0.9) 124.9

Profit before net finance cost and income tax 194.3 45.8 127.1 40.8 67.2 52.9

Finance income 4.8 1.1 9.7 3.1 (4.9) (50.5)

Finance costs (10.0) (2.4) (2.3) (0.7) (7.7) 100.0

Foreign Exchange gain 12.6 3.0 4.2 1.3 8.4 200.5

Profit before income tax 201.6 47.5 138.6 44.5 63.0 45.4

Income tax expense (43.5) (10.3) (38.6) (12.4) (5.0) 12.9

Profit for the period 158.1 37.3 100.0 32.1 58.0 58.0

Attributable to:

Equity shareholders of the group 141.0 33.2 90.1 28.9 50.9 56.4

Minority interest 17.1 4.0 9.9 3.2 7.2 72.3

158.1 37.3 100 32.1 58.0 58.0

Consolidated Income Statement

1. Adjusted revenue is revenue as disclosed in the income statement adjusted to exclude hedging effects and treatment and refining charges

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Consolidated Cash Flow Statement

For the six months ended 30 June

(in thousands of US dollars)

Item 2008 2007

Net cash from operating activities 264,276 192,062

Cash flows from investment activities

Purchase of property, plant and equipment (48,152) (31,502)

Silverstream contract 16,055 —

Repayments of loans granted to related parties 32,442 (77,502)

Sale of property, plant and equipment 9,137 10,972

Other proceeds 5,808 3,790

Net cash generated from/(used in) investing activities 15,290 (94,242)

Cash flows from financing activities

Shares issued and paid pursuant to global offer 901,081 —

Distribution to equity shareholders of the group (406,718) 4,694

Transaction cost associated with issue of shares (34,962) —

Net repayment of loans granted by related parties (455,450) (103,045)

Other proceeds/(uses) (8,483) (13,054)

Net cash used in financing activities (4,532) (111,405)

Net increase/(decrease) in cash during the period 275,034 (13,585)

Net foreign exchange difference 6,803 (1,241)

Cash and Cash equivalents at 1 January 4,802 39,277

Cash and Cash equivalents at 30 June 286,639 24,451

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Consolidated Balance Sheet

Item (Million dollars) Jun-08 Dec-07 Chg (%)

Assets

Cash and cash equivalents 286.6 4.8 5,869.2

Trade and other receivables 127.9 254.7 (49.8)

Inventories 30.3 36.5 (17.0)

Prepayments 337.1 360.8 (6.6)

Property, plant and equipment 383.5 357.7 7.2

Other assets (non-current assets) 33.2 32.5 2.3

Total Assets 1,198.7 1,046.9 14.5

Liabilities

Employee profit sharing 18.8 23.6 (20.2)

Other current liabilities 33.8 483.8 (93.0)

Provision for pension 3.2 2.6 23.8

Deferred tax liability 77.2 99.6 (22.5)

Other non-current liabilities 15.5 14.3 8.7

Total liabilities 148.5 623.8 (76.2)

Equity 969.3 360.2 169.1

Minority interest 80.9 62.9 28.6

Total equity 1,050.1 423.0 148.2

Total equity and liabilities 1,198.7 1,046.9 14.5

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Interim Dividend

Policy is to pay out between 33% and 50% of profits after tax

(excluding minorities)

One third at interim, and two thirds at final

Cash position as of 30 June 08: US$286.6 m

Interim dividend of US$42.31m, equivalent to 5.9 cents (US$0.059)

per share, to be paid on 19 September 2008

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Agenda

1H08 Highlights Jaime Lomelin

Development Projects and Exploration David Giles

Financial Review Mario Arreguin

Conclusion Jaime Lomelin

Q and A

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Conclusion – Delivering on Growth

Near term growth

Long term growth

Medium term

growth

Strong EBITDA and cash flow from operations

– Optimisation of existing mines = stable production and cost control

Strong balance sheet with no bank debt

Resource upgrade at all operating mines (22% silver ounces at Fresnillo, 6%

gold ounces at Ciénega and 11% gold ounces at Herradura)

Soledad and Dipolos on track for development; feasibility study in progress

Fresnillo II

– Increased resources and two new veins discovered

– Development on track for pre-feasibility during 1Q2009

Exploration success

– Mineralisation extended at San Juan, San Julian, Orisyvo

New Joint Venture with Northair

Drilling to commence at two properties: Garambullo and Leones

Committed to double production, on a silver equivalent basis, within the next 10 years

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Agenda

1H08 Highlights Jaime Lomelin

Development Projects and Exploration David Giles

Financial Review Mario Arreguin

Conclusion Jaime Lomelin

Q and A