Fresnillo Plc · LSE:FRES
Fresnillo — Merger or Acquisition (October 2025)
15 slides from Fresnillo's merger presentation, Oct 31, 2025
Slide 1: Fresnillo to Acquire Probe Gold
P O W E R I N G G R O W T H: F R E S N I L LO TO ACQUIRE PROBE GOLD 31 October 2025 LSE: FRES BMV: FRES www.fresnilloplc.com
Slide 2: Disclaimer
DISCLAIMER 2 This document includes statements that are, or may be deemed to be, “forward-looking A number of factors could cause results and developments to differ materially from those statements”. These forward-looking statements can be identified by the use of forward- expressed or implied by th
Slide 3: Call Participants
C A L L PA R T I C I PA N T S 3 Octavio Alvídrez Mario Arreguín Guillermo Gastélum Marcelo Ramos CEO CFO VP Exploration SVP of Business Development FRESNILLO PLC PROPOSED ACQUISITION OF PROBE GOLD INC A N N O U N C E M E N T P R E S E N T AT I O N
Slide 4: Transaction Highlights
TRANSACTION HIGHLIGHTS 4 ALL CASH ACQUISITION OF PROBE GOLD INC BY FRESNILLO PLC VIA A PLAN OF ARRANGEMENT Strategic entry into Canada The prolific Val d’Or mining camp in Quebec has a long-standing history of gold mining with skilled local workforce and existing infrastructure Large resource base 1
Slide 5: Transaction Summary
1 2 T R A N S A C T I O N S U M M A RY 5 ● Fresnillo plc (“Fresnillo”) to acquire all the outstanding common shares of Probe Gold Inc. (“Probe”) via a Proposed Transaction Plan of Arrangement ● C$3.65 per share of Probe payable in cash Consideration ● Total equity value of C$780 million (approx. US$
Slide 6: Large Land Package in the Prolific Val d'Or Mining Camp
L A R G E L A N D PA C K A G E I N T H E P R O L I F I C VA L D ’ O R M I N I N G C A M P 6 STELLA KIENA (WDO) Bermont ODYSSEY Claims (AEM) LAMAQUE (ELD) GOLDEX (AEM) CHIMO (ECR) AKASABA (AEM)
Slide 7: Overview of Novador
O V E R V I E W O F N O VA D O R 7 ● ~25km east of the city of Val-d’Or, a prominent mining hub in Quebec Location ● District-scale land package comprising 436km2 ● Property is in close proximity to the TransCanada Highway (Highway 117) and other Infrastructure significant gold operations ● Situated
Slide 8: Exploration Upside and Optimisation Work
E X P L O R AT I O N U P S I D E A N D O P T I M I S AT I O N W O R K 8 Excellent resource growth potential has been confirmed after lengthy and thorough due diligence Exploration Upside Optimisation Work Exploration is one of Fresnillo’s longstanding core PFS advancing well with ongoing geotech
Slide 9: Transaction Timeline
TRANSACTION TIMELINE 9 31 October 2025 Transaction announced Probe Management Information December 2025 Circular to be mailed to Probe shareholders January 2026 Probe shareholder vote Q1-2026 Anticipated closing of Transaction
Slide 10: Conclusion
CONCLUSION 10 STRATEGIC ENTRY A HIGH QUALITY AND INTO CANADA ADVANCED GOLD LARGE RESOURCE PROJECT BASE SUBSTANTIAL ATTRACTIVE EXPLORATION UPSIDE RETURNS FOR FRESNILLO FRESNILLO RETAINS HEALTHY CASH BALANCE POST TRANSACTION AND MAINTAINS ITS LONG STANDING DIVIDEND POLICY
Slide 11: Appendix
APPENDIX OTHER INFORMATION ON PROBE
Slide 12: Mineral Resources and Reserves
MINERAL RESOURCES AND RESERVES 12 Novador R&R Statement Tonnage Au Au Category (Mt) (g/t) (Koz) Novador 122 1.50 5,898 Novador - low-grade material 56 0.28 507 M&I 178 1.12 6,405 Novador 23 2.03 1,482 Novador - low-grade material 8 0.28 69 Inferred 30 1.59 1,550 Total Resources 208 1.19 7,955 Other
Slide 13: Mining Project Main Deposits
MINING PROJECT MAIN DEPOSITS 13 O P E N I N A L L D I R E C T I O N S , S I G N I F I C A N T U N TA P P E D D E P T H P O T E N T I A L 2024 MONIQUE TREND DEPOSITS2 2024 PASCALIS TREND DEPOSITS2 2024 COURVAN TREND DEPOSITS2 Measured & Indicated: 3,559,600 oz Au Measured & Indicated: 1,418,700 oz Au
Slide 14: Mining Project Satellite Deposits
M I N I N G P R O J E C T S AT E L L I T E D E P O S I T S 14 2024 BEAUFOR DEPOSITS2 2024 CROINOR DEPOSITS1 2024 MCKENZIE DEPOSITS1 Measured & Indicated: 355,900 oz Au Measured & Indicated: 323,600 oz Au Measured & Indicated: 1,453,400 oz Au Inferred: 149,300 oz Au Inferred: 34,300 oz Au Significant
Slide 15: Detour Quebec Project
DETOUR QUEBEC PROJECT 15