Fresnillo Completes Acquisition of Probe Gold
Fresnillo Completes C$780M Takeover; Probe Gold Exits Trading at C$3.65 Cash.
On January 22, 2026, Fresnillo plc, through its subsidiary Fresnillo Quebec Acquisition Inc., announced the completion of the acquisition of all issued and outstanding shares of Probe Gold Inc. Under the terms of the arrangement, Probe Gold shareholders will receive C$3.65 per share in cash. * The transaction values Probe Gold at approximately C$780 million. * The shares are expected to be delisted from the TSX on or about January 22, 2026. * Probe Gold will cease to be a reporting issuer.
The impact of this news is Material - Positive and terminal for the company's public listing. * Liquidity Event: This marks the successful conclusion of the investment thesis for current shareholders, monetizing the asset at a fixed cash price. * Premium Realization: The C$3.65 price tag represents a significant premium (~39%) to the share price prior to the initial announcement on October 31, 2025 ($2.63 closing price). * Risk Elimination: All development, permitting, and construction risks associated with the Novador project (CAPEX inflation, technical hurdles, gold price volatility) are now transferred entirely to Fresnillo. * Execution: Management successfully executed the "Explore, Define, De-risk, Divest" model, avoiding the high-risk "Go-it-alone" construction phase.
- Company: Probe Gold was a Canadian precious metals exploration company focused on the Val-d'Or East district in Quebec.
- Flagship Project: Novador Project.
- Scale: Controlled ~10 million ounces of gold (M&I + Inferred) across the Pascalis, Courvan, and Monique trends.
- Geology: Bulk tonnage, open-pit potential with improving grades at depth.
- Status: The company was advancing towards a Pre-Feasibility Study (PFS) slated for year-end 2025 before the acquisition.
- Strategy: Consolidated a fragmented land package of past-producing mines (Beliveau, Bussiere, Monique) into a district-scale camp.