Probe Gold Inc. Acquired by Fresnillo plc for C$780 million
Probe Gold Inc. (TSX: PRB, OTCQB: PROBF) announced on 31 October 2025 that Fresnillo plc, the world’s largest primary silver producer, will acquire the Canadian precious‑metal explorer. The transaction is structured as a statutory plan of arrangement under the Business Corporations Act (Ontario) and will be completed when approved by the shareholders and regulatory authorities.
Transaction details
| Item | Value |
|---|---|
| Purchase price | CAD 3.65 per share (all‑cash) |
| Total consideration | Approximately CAD 780 million |
| Premium to closing price | 39 % (C$3.65 versus C$3.66 closing price on 30 Oct 2025) |
| Acquisition method | Statutory plan of arrangement; 100 % purchase of issued and outstanding shares |
| Shareholder vote | Board of Probe Gold unanimously recommends shareholders vote in favour of the transaction |
The acquisition gives Fresnillo strategic entry into Canada, particularly the Val d’Or mining camp in Quebec, which hosts the flagship Novador gold project that reportedly holds 10 million ounces of gold, including 8 million ounces at the flagship asset. The deal is expected to enhance Fresnillo’s gold portfolio and leverage the existing Canadian infrastructure and skilled workforce.
Probe Gold’s profile
- Sector: Materials – Metals & Mining
- Primary exchange: Toronto Stock Exchange (TSX)
- Market capitalization: CAD 746 640 000 (as of 30 Oct 2025)
- Price‑to‑earnings ratio: –30.96 (negative earnings)
- 52‑week range: 1.44 – 3.74 CAD
- Recent close: 3.66 CAD on 30 Oct 2025
Probe Gold’s operations focus on exploration and development of gold projects in Canada. The company has historically pursued high‑quality assets and maintains a portfolio that includes significant gold resources.
Impact on shareholders
Shareholders who hold Probe Gold shares will receive CAD 3.65 per share upon completion of the transaction. The offer represents a 39 % premium over the last closing price, providing a substantial upside. The board’s unanimous recommendation signals strong confidence that the all‑cash deal aligns with the best interests of shareholders.
Regulatory and procedural steps
The transaction is subject to approval by the shareholders of Probe Gold and relevant regulatory bodies, including the Ontario Securities Commission. The statutory plan of arrangement will be filed with the Ontario Corporate Registry, and the acquisition will be announced to the public through a filing on the TSX and a press release. Upon approval, Fresnillo will assume full ownership of Probe Gold’s assets and operations.
Market reaction
Following the announcement, Probe Gold’s share price traded close to the offer price, reflecting the premium and the certainty of the transaction. The market has reacted positively to the strategic implications for Fresnillo, which is expanding its presence in the gold sector and reinforcing its position as a global precious‑metal producer.
The completion of this acquisition marks a significant shift for both companies, positioning Fresnillo as a more diversified producer while providing Probe Gold shareholders with a premium return on their investment.
