Probe Gold

Canaccord Genuity Acts as Financial Advisor to Probe Gold on its Pending Sale to Fresnillo for C$780 Million

Canaccord Genuity is pleased to announce that, on October 31, 2025, its client, Probe Gold Inc. (“Probe” or the "Company") (TSX:PRB), entered into a definitive agreement pursuant to which Fresnillo plc (“Fresnillo”) (LSE:FRES) has agreed to acquire all of the issued and outstanding common shares of Probe by way of a statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Transaction”). Under the terms of the Transaction, Probe shareholders will receive C$3.65 per Probe share payable in cash (the “Consideration”), which implies an equity value of approximately C$780 million on a fully-diluted basis.

The Consideration represents a 39% premium to the closing price of Probe’s shares on the Toronto Stock Exchange (the “TSX”) as at October 30, 2025 and a 26% premium to the volume-weighted average price of Probe’s shares on the TSX over the 20 trading days during the same period.

Canaccord Genuity acted as financial advisor to the management team and Board of Directors of the Company, and provided a fairness opinion to the Board of Directors of the Company.

Probe is a gold development company focused on advancing its 100% interest in the multimillion-ounce Novador gold project in the Val-d’Or mining region in Québec, Canada. Probe also owns the early-stage Detour Gold Québec project and controls a land package of approximately 1,798-square-kilometres of exploration ground within some of the most prolific gold belts in Québec.

Fresnillo is the world’s largest primary silver producer and Mexico’s largest gold producer. Fresnillo operates eight mines and four advanced exploration projects in Mexico, with additional exploration interests in Peru and Chile.