11:07 AM EST, 11/03/2025 (MT Newswires) -- BMO Capital Markets on Monday downgraded its rating on the shares of Probe Gold ( PROBF ) to market perform, speculative risk, while cutting its price target to C$3.65 from an undisclosed prior level, matching the price Fresnillo is offering to acquire the company.

"Probe Gold ( PROBF ) announced its acquisition by Fresnillo for C$780M in an all-cash bid at a ~39% premium to yesterday's close with a Q1 2026 closing. A strong all cash deal is likely to discourage non-friendly bidders.We calculate a P/NAV take out multiple of 0.2x/0.3x, (BMO/Consensus) perhaps below the precedent valuations seen for more advanced assets.This transaction further reduces the number of quality assets not owned by producers. With this note we are reducing our price target to the takeover offer of $3.65 and rating to Market Perform," analyst Andrew Mikitchook wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 3.66, Change: -0.01, Percent Change: -0.14