Fresnillo has signed a definitive agreement to acquire all issued and outstanding common shares of Probe Gold for approximately C$780m ($558.51m).
The transaction, executed through a statutory plan of arrangement under the Business Corporations Act (Ontario), will enable Fresnillo to expand its global precious metals portfolio beyond its core operations in Mexico.
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Probe shareholders will receive C$3.65 in cash for each share they own.
This offer reflects a 39% premium over Probe’s closing share price on the Toronto Stock Exchange (TSX) as of 30 October 2025, and a 26% premium over the volume-weighted average price of Probe shares on the TSX for the 20 trading days ending 30 October 2025.
The Board of Directors of Probe has unanimously recommended that the shareholders vote in favour of the transaction.
All directors and officers of Probe, together with Eldorado Gold, collectively holding around 12% of Probe’s shares, have entered voting support agreements with Fresnillo.
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By GlobalDataUnder these contracts, they have agreed, among other things, to vote in favour of the transaction.
Fresnillo, which is listed on the London and Mexican Stock Exchanges, is reputed to be the world’s largest primary silver producer and Mexico’s largest gold producer.
The company operates eight mines and four advanced exploration projects in Mexico, and has exploration interests in Peru and Chile.
Fresnillo seeks to reinforce its position as a leading global precious metals company and broaden its project pipeline beyond Mexico.
The transaction is contingent on various approvals and is expected to close in the first quarter of 2026.
Probe CEO and director David Palmer commented: “This transaction offers an attractive premium and represents an excellent outcome for our shareholders, which validates the tremendous efforts of the Probe team.
“After nine years of steady progress advancing the Novador project, we believe this is an opportune moment to transfer the project to an experienced operator with the expertise to advance it through permitting and into construction.”
In November last year, Fresnillo secured a notice over operational issues at Industrias Peñoles’ Sabinas mine, affecting silver output.
