Fresnillo plc

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Multi-mine, multi-country producer with mines permitted independently over years/decades; no single company-wide permit date exists. Row presence documents that current producing mines are, by definition, permitted. · Source
2. Construction decision (FID)

   Reached — date not disclosed · Same multi-mine caveat as PERMIT_GRANTED -- no single company-wide construction-decision date represents a multi-asset portfolio built up over years. · Source
3. Construction start

   Reached — date not disclosed · Same multi-mine caveat -- see the flagship-project-specific note in this miner's description/technicalReportNote for the best-documented individual mine build in the current portfolio. · Source
4. First pour / production

   Reached — date not disclosed · Row presence confirms current production status -- H1 2026 silver sales of 23.4 Moz and gold production of 290.9 koz, per Fresnillo's own H1 2026 results release. The Fresnillo mine itself has operated since the colonial era in various forms; no single meaningful modern first-production date exists across the 7-mine portfolio. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists across a multi-mine Mexican silver/gold portfolio (Fresnillo, Saucito, Juanicipio JV, Herradura, Noche Buena, San Julian, Cienega) built over decades (the Fresnillo mine itself has operated since the colonial era under various owners, with the modern Fresnillo plc entity formed 2008). Q2 2026 production results reported total silver production of 10,928 koz and gold production of 154,812 oz (up 13.8% q/q), with full-year 2026 guidance reiterated. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.