Fresnillo to Acquire Canada’s Probe Mining

Mexico-based silver leading producer Fresnillo entered into a definitive agreement to acquire Canada-based Probe Gold for over CA$780 million (US$560 million).

Fresnillo reported that the purchase price for Probe Gold was CA$3.65 per share, which represents a 24% premium to Probe Gold's 30-day volume-weighted average trading price on the Toronto Stock Exchange (TSX) for the period ending Oct. 30, 2025. Fresnillo plans to finance the acquisition with its existing cash on hand.

This acquisition marks Fresnillo's strategic entry into Canada. The primary asset in the transaction is Probe's 100%-owned Novador Gold Project in Quebec, which has a resource base of 8Moz of gold and the potential to produce over 200,000oz/y for more than 10 years. The deal also includes an underexplored land package of approximately 1,798km². "This acquisition is consistent with our disciplined approach to M&A. It meets our strict criteria of having a sizeable resource base with upside optionality in a region with mining history, skilled personnel, and existing infrastructure. While Mexico will remain central to our operating and growth strategy, Probe’s assets will meaningfully complement our existing pipeline of projects and prospects." said Octavio Alvídrez, CEO, Fresnillo.

The transaction is subject to approval by Probe's shareholders at a special meeting expected to be held in January 2026. Directors and executive officers of Probe, along with Eldorado Gold Corporation, who collectively represent 12% of Probe's outstanding shares, have entered into agreements to vote in favor of the deal. Subject to shareholder and court approvals, the transaction is anticipated to be completed in 1Q26. Upon closing, Probe's shares are expected to be delisted from the TSX.