Fresnillo (OTCPK:FNLP.F) Earnings Call Presentation

Acquisition Overview - Fresnillo plc will acquire all outstanding common shares of Probe Gold Inc via a Plan of Arrangement[11] - The consideration is C$3.65 per share of Probe, payable in cash, totaling an equity value of approximately C$780 million (US$560 million)[11] - This represents a 24% premium based on Probe's 30-day VWAP[11] - The transaction is funded with Fresnillo's cash on hand, which was US$1.8 billion as of June 30, 2025[11] Probe Gold Inc Assets - Probe Gold Inc has a large resource base of 10 million ounces of gold, including 8 million ounces at its flagship asset Novador[10] - Novador has the potential to produce over 200,000 ounces of gold per annum over 10+ years[10] - Novador's total resources are 7,955 Koz Au (kilounces of gold) with a tonnage of 208 Mt (million tonnes) at 1.19 g/t (grams per tonne)[26] - Other Deposits total resources are 2,050 Koz Au with a tonnage of 31 Mt at 2.10 g/t[26] Strategic Rationale - The acquisition provides Fresnillo with a strategic entry into Canada, specifically the Val d'Or mining camp in Quebec[10] - Probe Gold Inc has a large, underexplored land package of approximately 1,798 km2[10] - The acquisition is expected to generate strong returns for Fresnillo and adds a high-quality development project to its pipeline[10]