Fresnillo plc announced in late October 2025 a definitive agreement to acquire all outstanding shares of Probe Gold Inc. in an all-cash transaction. Under the terms, Probe shareholders received C$3.65 per share, representing a 39 percent premium to Probe's October 30, 2025 closing price. The total equity value of the transaction is approximately C$770 million on a fully diluted basis at completion.

The acquisition was implemented through a statutory plan of arrangement under the Business Corporations Act (Ontario) and closed on January 22, 2026, following shareholder, court, and regulatory approvals. The transaction was not subject to a financing condition, providing immediate liquidity and certainty of value to Probe shareholders.

The strategic acquisition provides Fresnillo with its entry into Canada and access to Probe's flagship Novador Gold Project in Quebec, which contains multimillion-ounce gold resources and is projected to produce over 200,000 ounces annually for more than a decade. Probe also holds an early-stage Detour Gold project in Quebec.

Canaccord Genuity Corp. and CIBC World Markets Inc. served as financial advisors to Probe, with Stikeman Elliott LLP acting as legal counsel. Goodmans LLP served as Canadian legal counsel to Fresnillo.