06:51 AM EDT, 10/31/2025 (MT Newswires) -- Probe Gold ( PROBF ) on Friday said gold and silver producer Fresnillo agreed to acquire all of its issued and outstanding shares in a deal worth C$780 million.

Under the agreement, Probe shareholders will receive $3.65 per share payable in cash, representing a 39% premium based on the closing price on the Toronto Stock Exchange as of Oct. 30.

Probe's board unanimously recommended that the company's shareholders vote in favor of the transaction. All of Probe's directors and officers, as well as Eldorado Gold ( EGO ) , which collectively hold about 12% of the shares, have entered into voting support agreements with Fresnillo.

London- and Mexico-listed Fresnillo operates eight mines and four advanced exploration projects in Mexico, with additional exploration interests in Peru and Chile. Fresnillo is working to strengthen its position as a global precious metals company and expand its project pipeline beyond Mexico.

The deal is scheduled to close in the first quarter of 2026, subject to the receipt of necessary approvals.