Fresnillo to acquire Probe Gold in C$780 million all-cash transaction

Goodmans LLP acted for Fresnillo plc (“Fresnillo”) in connection with its entering into of a definitive arrangement agreement with Probe Gold Inc. (“Probe”), pursuant to which a wholly-owned subsidiary of Fresnillo will acquire 100% of the issued and outstanding Probe shares pursuant to a statutory plan of arrangement under the Business Corporations Act (Ontario) for an all cash consideration of C$3.65 per share. The total equity value of the Transaction is approximately C$780 million on a fully diluted basis.

Fresnillo is the world’s largest primary silver producer and Mexico’s largest gold producer, listed on the London and Mexican Stock Exchanges (FRES). The company operates eight mines and four advanced exploration projects in Mexico, with additional exploration interests in Peru and Chile. Building on a strong track record of discovering and developing successful mines, Fresnillo aims to strengthen its position as a leading global precious metals company while expanding its project pipeline beyond Mexico.

Probe is a leading Canadian exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. It is the 100% owner of the multimillion-ounce Novador Gold Project, as well as an early-stage Detour Gold project, both located in Quebec.