Announcement • Jan 22
Fresnillo plc (LSE:FRES) completed the acquisition of Probe Gold Inc. (TSX:PRB) from Eldorado Gold Corporation (TSX:ELD), directors and officers of Probe and others. Fresnillo plc (LSE:FRES) entered into a definitive arrangement agreement to acquire Probe Gold Inc. (TSX:PRB) from Eldorado Gold Corporation (TSX:ELD), directors and officers of Probe and others for approximately CAD 760 million on October 30, 2025. The consideration consists of CAD 3.65 per Share in cash. The total equity value of the Transaction is approximately CAD 780 million on a fully diluted basis. Fresnillo expects to finance the acquisition with existing cash on hand. Upon closing of the Transaction, it is expected that the Shares will be delisted from the TSX and that Probe will cease to be a reporting issuer under applicable Canadian securities laws. The Arrangement Agreement provides for a termination fee of CAD 31 million payable by Probe if it accepts a superior proposal and in certain other specified circumstances.
The board of directors of Fresnillo and Probe have unanimously approved the Transaction. The Transaction will be subject to the approval of Probe shareholders. In addition to shareholder approval, the Transaction is also subject to the receipt of the approval of the Ontario Superior Court of Justice, rights of dissent and other closing conditions customary in transactions of this nature. The Transaction is expected to be completed in Q1 2026. As of December 31, 2025, Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC have each recommended that the Probe shareholders approve the plan of arrangement. As of January 13, 2026, Probe Gold shareholders approved the deal.
Canaccord Genuity Corp. and CIBC World Markets, Inc. acted as financial advisor and fairness opinion provider to Probe. Amanda Linett and John Lee of Stikeman Elliott LLP acted as legal advisor to Probe. Macquarie Capital acted as financial advisor, Michael Partridge and Hari Marcovici of Goodmans LLP acted as legal advisor to Fresnillo. TSX Trust Company acted as depository to Probe Gold Inc. The Laurel Hill Advisory Group LLC acted as information agent for Probe Gold Inc with a fee of CAD 85,000.
Fresnillo plc (LSE:FRES) completed the acquisition of Probe Gold Inc. (TSX:PRB) from Eldorado Gold Corporation (TSX:ELD), directors and officers of Probe and others on January 21, 2026. Shares of Probe will be delisted from the Toronto Stock Exchange on or about January 22, 2026. Probe will also apply to cease to be a reporting issuer under applicable Canadian securities laws. Price Target Changed • Nov 02
Price target decreased by 8.0% to CA$4.83 Down from CA$5.25, the current price target is an average from 5 analysts. New target price is 32% above last closing price of CA$3.66. The company is forecast to post a net loss per share of CA$0.13 next year compared to a net loss per share of CA$0.14 last year. Announcement • Oct 31
Fresnillo plc (LSE:FRES) entered into a definitive arrangement agreement to acquire Probe Gold Inc. (TSX:PRB) from Eldorado Gold Corporation (TSX:ELD), directors and officers of Probe and others for approximately CAD 760 million. Fresnillo plc (LSE:FRES) entered into a definitive arrangement agreement to acquire Probe Gold Inc. (TSX:PRB) from Eldorado Gold Corporation (TSX:ELD), directors and officers of Probe and others for approximately CAD 760 million on October 31, 2025. The consideration consists of CAD 3.65 per Share in cash. The total equity value of the Transaction is approximately CAD 780 million on a fully diluted basis. Fresnillo expects to finance the acquisition with existing cash on hand. Upon closing of the Transaction, it is expected that the Shares will be delisted from the TSX and that Probe will cease to be a reporting issuer under applicable Canadian securities laws. The Arrangement Agreement provides for a termination fee of CAD 31 million payable by Probe if it accepts a superior proposal and in certain other specified circumstances.
The board of directors of Fresnillo and Probe have unanimously approved the Transaction. The Transaction will be subject to the approval of Probe shareholders. In addition to shareholder approval, the Transaction is also subject to the receipt of the approval of the Ontario Superior Court of Justice and other closing conditions customary in transactions of this nature. The Transaction is expected to be completed in Q1 2026.
Canaccord Genuity Corp. and CIBC World Markets, Inc. acted as financial advisor and fairness opinion provider to Probe. Stikeman Elliott LLP acted as legal advisor to Probe. Macquarie Capital acted as financial advisor and Goodmans LLP acted as legal advisor to Fresnillo. 
