REG - Fresnillo Plc - Fresnillo completes acquisition of Probe Gold

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RNS Number : 8661P  Fresnillo PLC  22 January 2026

 
 
        Fresnillo plc

21 Upper Brook Street

London W1K 7PY

United Kingdom

www.fresnilloplc.com (http://www.fresnilloplc.com)

 

22 January 2026

 

Fresnillo plc Completes Acquisition of Probe Gold Inc.

Fresnillo plc ("Fresnillo" or "the Company") is pleased to announce the
successful completion of its acquisition ("Transaction") of Probe Gold Inc.
("Probe") following receipt of all required shareholder, court and regulatory
approvals.

Fresnillo has paid approximately CAD$770 million (approx. US$555 million) in
settlement of the transaction consideration funded with existing cash on hand.

Transaction Highlights

Entry into Canada - provides immediate access to the prolific Val d'Or
district in Quebec, a world-class mining jurisdiction with established
infrastructure and a skilled workforce.

Scale and growth - adds a 10 million oz gold resource base, led by the
flagship Novador project - an advanced asset capable of producing 200,000+
oz/year for over a decade.

Exploration upside - includes a 1,798 km(2) land package with significant
growth potential, including the Detour Gold Quebec project, which will
leverage Fresnillo's technical expertise.

Strategic alignment - fits Fresnillo's disciplined M&A strategy by
acquiring value-driven, early-stage and advance precious metals exploration
projects that complement core operations and the existing portfolio.

The Company maintains its strong financial position and there is no change to
Fresnillo's dividend policy as a result of this acquisition.

Octavio Alvídrez, Chief Executive Officer of Fresnillo, commented:

"We are delighted to complete the acquisition of Probe. As we announced
previously, this acquisition is consistent with our disciplined approach to
M&A and meets our strict criteria of having a sizeable resource base with
upside optionality in a region with mining history, skilled personnel, and
existing infrastructure. We are excited that our first project outside of
Mexico is in Canada, an outstanding mining jurisdiction with a global
reputation for responsible development, and in the Val d'Or region with its
proud history of mining. We look forward to ongoing engagement with all
stakeholders to ensure shared value creation and success at Novador and our
other early-stage exploration projects."

Fresnillo will now commence work to advance development of the Novador
project, leveraging its proven track record of building and operating
successful gold and silver mines. The Company will also continue to explore
Probe's extensive land package, including the early-stage Detour Gold Quebec
project, to unlock further value for stakeholders.

Advisors

Fresnillo was advised by Macquarie Capital (financial advisor) and Goodmans
LLP (legal advisor).

About Fresnillo

Fresnillo plc is the world's largest primary silver producer and Mexico's
largest gold producer, listed on the London and Mexican Stock Exchanges under
the symbol FRES.

Fresnillo plc has eight operating mines, all of them in Mexico - Fresnillo,
Saucito, Juanicipio, Ciénega, Herradura, Soledad-Dipolos¹, Noche Buena and
San Julián Veins - and four advanced exploration projects: Orisyvo, Rodeo,
Guanajuato and Tajitos, as well as a number of other long-term exploration
prospects.

Fresnillo plc has mining concessions and exploration projects in Mexico, Peru
and Chile.

Fresnillo plc strives to strengthen its leadership in the global precious
metals industry, building on its position as the world's largest primary
silver producer and Mexico's top gold producer.

¹ Operations at Soledad-Dipolos are currently suspended.

For Further Information:

Fresnillo plc

London Office: +44 (0)20 7399 2470

Gabriela Mayor, Head of Investor Relations

Mark Mochalski

Mexico City Office: +52 55 52 79 3206

Ana Belem Zárate

Sodali

Tel: +44 (0)20 7549 0997

Peter Ogden

 

 

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